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Wednesday November 8 1978 



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1975 


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TEL: fiUlLDFORO |0AS3} 76S>$ ftLL» *.5y4«.7 


DM 2.0; ITALY L 500: NETHERLANDS F| 2.0; NORWAY Kr J.S; PORTUGAL Eic 10: SPAIN Pta 40; SWEDEN Kr 3.15: SWITZERLAND Fr 2.0; EIRE 15p 



GENERAL 


BUSINESS 







foM 5.9; 



in 





1 

2 


• EQUITIES jqarkgts-saw re- 
fiewett setting pressure on pay 
and labour worries, and the FT 
ordinary index, down GJ> at 2 


F.T:- Actuaries-' 

SOOSharej 

Index 


Iran’s new military government 
‘ arrested ; the former had -6E" '£ 

' ' . SAVAK, .ihe secret -police, sis 

* - former Ministers aijd .a- string 

of senior offidati. 

- State radio "said 'a;. total of 22 

• - “people had bea^TTeated Ahd Theyl 

were being . held. In '.a Tehran, 

• ' army barracks: - The city itself 1 
: • was reported -quiet with most 

shops and offices* stiH-closod. 

_ -The SAVAKchlef, .General 

- • Nassiri, had been abused in the 
s " i-j- past of ordering. torture- and 
illegal arrests.- He- headed". the 
* * - security service for " 13 years. 

; _. • ' Back Page' 

Prices pledge 

- ' ^ 4.\ -1 paiu dosed Svf doWn at 469.5. 

Long qaenes.jfomcd^utside its lowest since JalyLd- - 
bread • shops . as - the '-bakery 'JL ... .iV/r , - 

workers* strike pegan but Master -^ GILTS were d all in th in tr ad- 
- • t - bakers, whose employees opt lug ; and the • Government 
: . affected, agreed to a reqbstif Am Securities index: -dosed. 1 . 0.17 

Prices -'Secretary '.-Rbr 'Bati'erStey;. down at 68-38. : : V" t 
_ ■ _ro bold prices at. pre-strike levels. . . *...-• ... 

■A Unigate ibilkriiah escaped ■-.• V STERLIN.G fell 45 ipoiitfs to 
■ . unbnft when -man . who be SliOTSSi and 4ts trade-w«^hted 

caught . stealing a. loaf -fired, two fniigx . closed at 62 Ji (62.8). 
r -shurs, fnnh.’-’an :airgtu>.. : .InBdpen-'- . ■ ' 

_ dent fetters; .Page * .. • GOLD rallied $5i to $2161 in 



Wilson denies 




sanctions 



BY RICHARD EVANS, LOBBY EDITOR 

Sir Harold Wilson, former Prime Minister, categorically denied yesterday any 
knowledge of sanctions breaking in Rhodesia by British oil companies. 


Queen’s 
Speech 
vote will 
be close 

6y Elinor Goodman, Lobby Staff 


THE GOVERNMENT appears to 
he sailing perilously close to the 

wind in the final vole in the 

Queen's Speech tomorrow niciht. 
Us survival will depnd on it call- 
ini' the bluff of the minonlv 
parties who were threatening; 
Ij*( m^tit to abstain or to sup- 


Sir Harold claimed in his lony- -.Sir Harold sucyesfecf that if was now for Lht- Cot eminent, the 
awaited Umimons speech on the Lord Thomson and his Commons ami the rounlrv tu port the Conservatives. 

Bingham revelations that having Ministerial colleagues at the Face up tn the implications of T . IlKari . . - nrv ,, . 

checked through the relevant time had known a limit sanction* [he Binahaui report. “There has 

Cabinet papers, it was “incon- breaking, the Cabinet ami the been no cover-up and there will Pu.. 1 J.Vl L '?,. l °n.^ 

cetvable that any of my Ministers G«ivernnicru's law oflii-crs would be no cover-up.” he insisted. 1 P.!*, * lun *py. r - , i )' ^»t, r 

knev/ about or colluded with have acted immediatel'-. None Describing the ^t'Jded after all 10 support the 

whai ainountod to a breakdown nf 
of the sanctions poliev.” a o 

‘li" S’L’TS. &» w PXirzjgz ssr- in *• - b - 

wrallh 8«a«Mr>.. that . he had jXSa'Skn* ' “taJSfrf'ISS' tS charS' 07 ™’^! ^ d^elt or m«a«t »f «ll,n B apacMnllr 

S^'J^’Ssr'LSS *•***“*«• .... 0L.™ «sr* pr,licies - 11 


•tvcrnnienis law on iters wouiu be no euvur-up. no insisted. Ltl . ll1li : ^'>, or ,n , ' ^o.r^.Vrt ,W«. 
ive acted immediately. None Describing the complexities fl nrtmlr\ - S n ThJVvP.f 

‘ Cafifnel records dfsefiiHNf racing different riou-rnmenLs in J r n men ?! hand lin^ of G the 
i.v hint that the- allegations had trying to prevent oil supplies econom ■ ‘ i n the h -M*of the 4rv 

?en n:t«erl tin however. from rem-hii. . Phr.rf«i, n. CCOnomi mine llgni Ot me ver> 


, _ f" ( r €tl ' ,,4ac lUl/fG Wti A/i 4T 

as they affected successive He ttas jeered hv hack- c° n d^in n s •..ovemment s I f he Government announces its 

Governments and civil servants benchers on r.i.vh Airies when he handime nf tnp economy tn revised monetary targets. Since 

after 1 i)KS. and thai the relevant added: "litre were honesi men ? en,?r: *' ; f * rms an ~ calls for an [ the- last Budgel. these are now 

i*.ahim*t papers should he made of succe.s-ivi- Governments 1 mined talc general election, its i being rolled over each six 

available. struggling with a .nav-ive pnli- ? er -' vagueness may also have rarin thR. 

lira! prublcm. seeking Hte best 2. 1 ' *9 a ' t,ul 3n eoiharTassingj The mam pointer to the Octn- 

T • - solution, bearing in mind all the T<,rr nn pa >' pohey. • fj er fio lires j s njven by a sharp 

1 OrV VItvV restraints and dmilaiions with- The Liberal's decision means; increase in the total eligible 


in wh : ch tb»: 

The official Conservative view, operate.” 


felt tbev 




.. Tarrcanla-hag. nioycd^p^o^iftdea , 

troops tQ : thg jrea wc^r pf. LakP . ^ Just. iiefore the 

. Victoria -ki -pfoparatron fer' ff -tloife.- 



in ; areas'- in 
regenecutieD. 

y V - • . 



■ Police-' haunting;: - vv ■ -- . ■ . -/ • ’> . ' . 

ihe Ionian who h sil3 toi^sve ® EPROFEAN/lnvestrafiit Bank 

. .cdmjjUedti^a^rta4ie<f4eatb 

■say she could oe wander) n^TGpundt 22l0m : over Hie aext ; fwo 
‘ around the opts^rts ^ of London- yeafe.fm^teveloping water. -and 
in a mental fyi dipturbed condi-, sewerage reso 
tion. The search was lanhcbea: 9^* of i»dus 
.after, a woman .was shot; dead at.. Fa ? e ? ,\' ' 
a hus stop. ' CBSC is hying Ihe sheet metal 

- . AimAi^eVielr ■’ stockholding business of Giynwed 

• • - - . " ' . '-ia n deal. w^Bth will cost the 

UK ^trayel agents i meeting in-corporattOTi ap to £5m. Page 7 

- juirports; could face the jrrospect la3 ^ e5t n £‘^ rica Jf. s T DUp ’ JL .|2 
V'of^t'l&ast-Rm passengers mpre *? one " for *r® 

I’ -ttoh'.thejr. could handle* by . the r »ghtSr3s«i^... Pk^e 34 
- Rift ^widens over ^ AUST1N-MOR.RIS car assembly 

• . js.dl a'- standstill wjtb' 20.0W) 

workers: idle following a stTike 
WB3.TlX--2tvWOrK by 3.500 workers at Drews Lane 

A Yotaldf- 270- people were killed steering: and suspension plant. 
anrimOQO injured in aeddeht's ^ 1 ™"}^ estimates suggest- 
at wock;- during, the first Si-v l^ at . 0 ? L has _, raore 
. nrt^ths the year. -DeathsVln than 20 per cent of the UK max- 
thei^tpddiiiaArter were 1-L2 [ per ^. e{ v, so * aT t ? ns r .™°P !b ’ - v l' 1 hl ]^ 
ceat higher.i than in the first. ^-?E? S - ®h ar ® ,n October fell to 
. '• . . ; lh.72 per-cent against 30.45 per 

*■: . - . chnt' last -year.- Back Page. Callag- 

han, silent on Ford sanctions. 
Page 16 


I former Minister of Inform a- African Government u* :Ls lead- Mulder to resign from his own ‘ ' . 
l. tonight resigned from thi ins ideologue, closely concerned colle.tgiies. womedthat he uii^lil W0ll . rl r 

iinet to the wake nf allege- in adapting the policy of racialty »pt-i Uic National Tarty if lie c»„ een -; Iaai , 

iation of separate development to meet fought in stay or., and even brine werk q jf tJl( , -p orv ament imen« 

is former black aspirations and resentment, down other leading figures iD his would be phrased in such a wav! 


■ere 

would probably abstain. 
Although the Liberals gave 
in ihe summer that they 
probably vote against the 
Queen s Speech, it Innked last 


DK. .CONNIE MULDER, the money to 
second, dtwst powerful man in projects, 
the -South : African. Government It »lso deprives 
and 
tion 

Cabinet . __ 

Uons ; of misappropriation 
public funds from his foi 

department. Dr. Mulder was due U) unveil a efforts. :1S , n niakl? it impossible for, 

In a" statement protesting his five-year plan for South Africa s Only this morning. Die Trans- them to support it. 1 

Innocence of any wrongdoing, black papulation in the coming t the oHicial newspaper of Tlw expectation was that it 
Dr, Mulder printed h« weeks. the National Party in the Trans- tt0 T J,d nnr inVx- crmden.n the 

resignation in order to assist . vaal Province where Dr. Mulder Government's handling of the 

^p'tHsTng^ 1 lilts' ^ ear conscience is party leader, urged him to economic silmtiion but put for- 


tngtft^Mlted 


A pp&5c ;fen 3 uiry at Buxton Into . Japanese car manufacturers 
tW ° l °r S haye^ promised to continue to 
pdakDistnct was aoaiu exercise prudence over the level 
" f ^ - ^ CT7 ^ e Inspector upheld of exports to the UK. rFage 7). 

localrambler At the same, time SMMT figures 
Z show a rise of 20.000 so far in 
port . ,had ^ fyled profitfly to 197S ih Japanese exports to Bri- 
. poople- about the inquiry. t a £n compared with the whole of 

Tb«Vs lovely 9,7 Pw5 

Ebbw ■^ne ; -the Welsh town hit .LABOUR 
.' by BritUfe Steel closures, has _ .. . . , ... nT r 

-attracted ^ ieore exoDc ray of * I f°S|, g ^ ses 
’ ' hopefia; its unemployed. English an i d -♦ a c J b “ d !-® .< fin^ e 
Graino Vis lo. establish a flm rejected the company s final 
‘ Iptory th make^roduets from W 
the Oriental, root ginseng. 9 ** r wnt - *** 8 

sit^grows, mainly in Korea • MASSEY FERGUSON plans to 
■ and China hut*w6rldwide sales of phase out 1,000 jobs at its KiL- 
" tablets, 'etixir'and tea made from marnock combine harvester plant 
' . f -Jt-isre-;aMwtag.* The factory will next year and concentrate pro- 
; employ ’50 people ini ti ally, half of auction in France in order- to 

* -’ them women ” Ginseng is said to . con tain losses. Back Page 

be ao aphrodislac. COMPANIES 

Briefly... •THREE-TIER system of com- 

" Ladbrokes- the- bookmakers make pmy. reporting based on com- 
■; Miss UK the 8-1 favourite for pwy size, is proposed by the 
. ”- the Misy World contest. DeparDuent of Ande. J’iuch wiU 

• --• r- ■■ _ publish its plans -in the spring. 

Soviet (JBion. staged its annual g atk J|Bd g 
^ parade of military hardware - 

• ;. through. Red Square. •COATS PATONS pretax profits 

At least-170 people were hurt feU from £40.91m to i32.83m in 

’■ when a SlatetT. Island-Manbalian the W months of 197S 0 
' - ierrv hit a dock in foe. sales up fypm i323.5Sra xo 

. ^rry pua qock in jog. . £3S0.06m. Page 24 and Lex 

West Germans -have grounded 

.their twin-jet Alpha fighter for • C AJPPER-NEIbL reports pre- 
"■fcafety checks on the ejector tax profit for the first six months 
.- Beats. " . ■ to September ® of £2.26m 

* Erboxiite. champion Henry Cooper (£2.06m) on mrnorer up from 

• unhurt when bis car £3D.5m lo' £41'.5m. The grow js 
after a to make a oue-for-four rights 

issue. Page 27 


..escaped unhurt when 
J crashed off the Ml 
TTmacture. . 


- - ji CHIEF price chances yesterday 

i y&r f-> J‘ (PHees in pence unless otherwise Indicated) 


ff :■ RISES • . 

Ab> Electronic Prods. 130 + 5 

•V Allied Retailers- “2 t-f 

vArenson (A>. J f 

Klool Gold -4W + 13 

:1 .President Steyn ...... Ki + 3*, 

■*.. Rustenburg P lat - — ® J | 
::: UC Investments X ? 

-j . Union Corp. — 254+6. 




falls .• ; 

W' lreaa iSJpc TO f 
. ■ Airflow Streamlines... 36 -8 

AR Foods Vr, 

BTR 312-10 

Bank of Ireland ...... 3g» “ I» 

Bath and Portland ... 50 *r.4 

Brown. fJ.,5 -.* ^95 I? 

Ik? La Rue i. 

Dunbee-Combcx 


English Property . ... 

Eva Inds, 

General Accident ... 

GEC 

HK and Shanghai ... 

ICI 

• Jardine Matheson ... 
Lon. and Prov. Shop 

Lucas ludSL 

NatWest . 

Racal Electronics ... 
Bansomes Sims . ...... 

i- Rolls-Royce 

Slavery lnds. 

-Tiinnd B 

Yarrow 

Anglo Utd. Dev 

_ AUM Hldgs. 

590- — 25-' .Northtcate Expin. ' ... 
SO — 4 Westfield Minerals ... 


*> 

vr* — 

100-4 
190 - <i . 

806 — 3 
268 “ IS 
355 — 5 

223-17 
110 - 6 
292 - 9 
272 - 5 
314- “ S 
165-5 

SB — 4 

279 -5 
272 — 8 
320 - 6 
220 - S 
187 “ M 
3«fl - ^0 
140 - 7 


Downing Street, which disclosed 
details of the alleged sanctions 
breaking by Shell and BP 
through an exchange arrange- 
ment with the French company. 

Tolal. 

Sir Harold's version, listened 
to largely in silence, was that 
the minute giving details of a 
meeting on February 6. 1969. 
beLween Lord Thomson and the 
chairmen of the two oil com 
panies. was sent to to 10, hut was 
not seen by or by Sir Michael 
Palliser. his private secretary. 

nnT^haf°hundrArtc e !?f^ncumenK tribunal— a demand likely to be grim enough to '-all fur a per- were believed to be seven to Four 
Si repeated frequently by MPs of sonal intervenuon In favour of voting with the 

all parties during the two-day Mr. Callaghan, however, said Tories, 
debate on Rhodesia. that, although he 'r.:nJ r-nosidered 

Opening the debate. Dr. David Conjioucd on Back Page 
Owen, Foreign Secretary, said it Parliament Page 10 


Bank fig 
show rise 
money su 



BY MICHAEL BLANDEN 


ren 1 tiled e.irlter 


A FURTHER sharp rise in the high growl h :'.u 
money supply last month was in the year, 
indicated by the latest banking In .spite «<f tin* growth of lend- 
figures published yesterday. ing and di-pusils. Imwever. the 

^ "ST X “t" ^ 


money 

definition (M3), the measure 


.system 


and ihe 
«) a whole r,. ni.jirnwl well 


used for the official targets, may Jg™*. ^l;^ s . Un(1 " r ,he 

have ben as much as the jump p enallil>s urifJ ,, | h e'c..r^t v ,11 
of around li per cent recorded 1)e imi , lised m . sl lllIin!h „n any- 

in J^* 5tem " t , r j rin i excess cxt>an>ii.n m ihe i merest - 

Thts would still leave the , Jeann (lf fluJ|1 l(JlIa , hiilik ,- 

arowih of siertins M3 over the eMj?i , jk : , iahi i in ,, s lA Uo - the 


first six months of this financial 
year at around or just under the 
bottom end of the official target 
ranee of S to 12 per cent. 

The money stock figures for 
mid-Oc-tober. due to be published 
in detail on Thursday next week, 
will be Ihe las! available before 


had lo that the Government's survival 
depends on the abstentions of 
put by .Mr. Francis Pym. acting Mr. Pym appealed to the either the 11 Scottish Nationalist 
Shadow Foreign Secretary, was Prime Minister tn hold a Camp MPs or seven of the Ulster 
thai there should be an inquiry David-style summit in bring a!) Unionists. Last night Ihe SNP 
by Parliamentary select com- sides in Rhodesia together. He MPs. who are to meet representa- 
mittee. rather than by a legal argued that the situation was tives of their executive todav. 


ha bill lies oF the banking system. 


and despatches were sent from 
the Foreign Office. This one 
was not highlighted in any wav. 
so it was not brought to bis 
attention. 


Mulder quits in row over 
‘ misuse of public fun 


But the feeling in Westminster 
was that in the event they would 
abstain rather than bring down 
the Government when the opinion 
polls suggest that they would do 
badly in an election. 

The Ulster Unionists arc also 
to meet today in discuss strategy, 
hur even if some were prepared 


These are the main deposit L, ( r - V ljs \, n !- h ' '* nhn « 1 * 
funds of the banks and an im- lh3t * u ™*} 3,1 ! hfl 
portant constituent of the money 'he hinnciji je.ir i« 

stock, although the money n, - xl :^ pri1 ni, ' v |, -' c ' n cr,n> 


average uf the t<a<l three ni.inth*. 
compared with the base p.-rio-l 
(the six months from November 
1977 to last April i 
The Lnndtin L-learing hanks 
announced tlui their sterling 
lend in 2 lo the UK private sector 
increased during the mouth r»y 
£320m. There v as l■nl: , :i small 
seasonal rise to tie expected, sn 
the underlying n.r-viiieni was 
again upward. The largest in- 
creases were in the manufactur- 
ing. agrii’ii])»i-.’jl and iviatl 
sectors. 

Pi-lvr Riddell urilcs: Too 
Treasury last night confirmed 

l-v 

to 

Apr 


Pa rl i am o n i . i ry written 
answer. Mr. .loci Darnell, the 
Chief Secretary tn ine Treasury, 
said only about £5i»m out nr an 
original £Sl5m tat 1 f'T i-' survey 
prices> now remains. The 



stock, although the ,„ u ., v 
figures are subject to a number u, . lled 
of adjustments, including those ln u 
made lo eliminate known 
seasonal influences. 

The eligible liabilities in- 
creased by £1.05bn during the 
four weeks to mid-Odober. or by 

2.4 per cent, to £44.6bn, exclud- reserve is intended for extra 
ing the £3T0m brought in as a pending decid.-d on during the 
result of the inclusion for 'ih* course of the finjm-ia! year 
first time of the National Giro- wilhin the planned limns miu 
bank. in the annu.il White Paper 

This rise may not be fully ThtJ commitment ..f almost all 
re foded in the money supplv. the reserve at this .stage is nut 
! however, since there appear in unusual, 
to vote with the Tories it seems! haver heen some special in- The main .-illui-aiiun of_ »he 
unlikely that Mr. Enoch Powell | fltio.nms inflating eligible coming- ncy reserve :n 1 m 7S-7.» 
would be prepared to support his; liabilities due- to transactions have been il5fi,n on special 
former parly. 

Given that the Government 


is; Mainline* due to transactions nave neen nomii '»n^ .-pecuu 
! between the banks and the monev emp!"yinent measures. FI 41 m f<>r 
5 ! market. iht- Gbri.stnm l'»int»- >>"; (*■■«- 

‘i The barking figures also ?huw sioners and ihe -.mt-r fu. 1 


BY QUENTIN PEEL 


JO’f •SNL.iBURG. N.»v. 


private 


cnigrpri.-e activities nf tnc Information Dr- 
partiTiimu there hw beub rapidly 
tie South escaliting pressure on Dr. 



Clash likely over 
EEC fibres cartel 


BY GILES MERRITT 


BRUSSELS. N..\ 7. 


Bottia. in ^repulsing IBM . . . sl5l , emen i Dr Zuider withdraw, at least temporarily, ward lhe Conservatives' 


pro- 


innomen ce. and therefore. I am 


At the weekend, however. Mr. : 



country.” mnoinence. auu tiienriunr, i «uu R courts of the clandestine 

His decision to quit 
of -Minister - of Plural 
and Development — the 

ffSrs^ and Te race°relatIons-^comes prove “my 'honesiy' n~nd' ' iniesrity with the mibHcatjoo of sworn election, and condemned the 
only she weeks after he was bevond all doubt. evidence presented to a judicial Governments hnnclling of the 

narrowly defeated, by- Mr. Botha “ l have no pangs of conscience commission on exchange control economy in general rather than 

in the contest to- become South about the entire matter, because violations. specific terms. 

Africa’s, new Prime Minister. everything l have done, 1 did in In it. witnesses closelv linked 

Hs : resignation follows wide- the conviction ihal 1 was serving tn the department revealed tbai 
spread pressure from within the my country. South Africa, in the Ri‘2m (£7m‘v bad been used to 
ranks of the ruling National best way.” cubsidife the prn-Government. 

Parly -and the Cabinet, and Dr. Mulder said that Mr. Botha Fn'»ii«h-lan°u3gp newsDaner. the 
provides the most dramatic had handled the matter “with r.jti7en. The same monev had 
casualty to date of the re vela- the greatest dignity, correctness, be«-n invest*** in :• companv 
Boss about the activities of the honour ableness and decency to- h*>l,.n*ing to Mr. Louis Luyt. the 
former 'Information Department wards me. 1 still have the highest foHNUer m^opate. Other miMir 

inctuding the substantia) sub- respect for him." fund* had Wn used tn support 

sidy of an allegedly independent In the past week, since the a pnmnwci'l film venture, and 

newspaper and loans of public release of sworn evidence of the buv luxurv flats at the coasL 


A CLASH between the Brussels aulliMi-uy. m.-onling tu ivxule 
Commission and EEC member- industry exei-uiiws. 
guvernmenls backing their own The European m;.n-inaih- fibre 
' miin-made fibres industries ?iains. grouped in (hr pjn<- 
! seems inevitable at to-morrow's based Cnmiie de la Ra; un •-( c’.u 
lung-delayed examination of the Fibre Symheturue. arc under- 


producers’ ca rt e I j ? fee- 


lure to find a formula that 
permit the “erisis cartel.'* 

signed by the major producers 

last June, lo go ahead could 
lead to an open challenge to 
I the European Coin mis-i on's 


stood to be pi an run-.' tu redistri- 
bute their un- ; :i:,at market share* 
under an “ad hm agreemcn: " 
even if the C!nmmt«Mun deri»k-.« 

to initiate anti-irust prin eedincs 
against them. 

In recent weeks, national i 
Continued on Back Page 


Arc you wide awake 
the investment ope 


U.S. draws $2bn from IMF 


you dream about? 




BY DAVID BUCHAN 


WASHINGTON, Nov. 7. 


THE U.S. has another S2bn in Arrangement to Borrow, and the foreign exchange or not. it has 
fnrrien currencies for use to Treasury expects to get the to be seen to be mobilising them, 
defend the follafon the world “oney on Thursday. The said ^hat the 

money markets, after yesterday's The announcement of the dot- g 1 * T™ D ~ W |^ l Ri-hU of 
transfer of that amount in D- lar defence measures last Wed- SnnHo^nt „ n °, 

Marks and Japanese yen from the nesday. including an increase S $°J™ m '° D ^h?‘Sh«t n*r 

International Monetary Fund to from S7.6bn to 8l5bn in the of SoOnm worth ro the Baok of 
the U.S. Treasury. amount of foreign currencies Japan v. as proceeding smoothly. 

- • . . . that thp Tl S Fedpril Rwiprvf* Blit IccbniC’^l SI132S WCrt bOlQ- 

«ES fsfjsrss sn * 

thedoUar.wa^ex^ed^ln alb Japanese Mntral^ banks, taj ^ chairmaR 

German and Japan^e curren- ^ subsequent rapid improve- of the Federal Reserve has given 
ripe from' Its reserve DOSUion at ment ,n lhe than any a warn my that interest rates in 

the IMF. The remaining Slbn intervention by the Eed itself, the U.S. might increase further 
has also been agreed by the 10 Te Fed will not disclose the and that growth in the U.S. 
main countries that participate level of its intervention on the might dip to 2.5 per cent next 

ro the supplementary financing foreign exchanges. But whether year. . 

scheme known as tbe General the U.S. has to use all its new Miller interview- Page 4 


CONTENTS OF TODAY'S ISSUE 


European news 
Overseas mews 


Word trade news 

Home news — general 


2,3 

Management page 

Technical page 

Arts page 

11 

3 

4 

14 

21 


Leader page 

22 

6-8 

S 


24-29 

Mining .-. 

28 


Money and exchanges 30 

International compauies... 33-35 

Euromarkets 33-34 

World markets 38 

Farming, raw’ materials ... 39 
UK stock market 40 


FEATURES 


Inmos: Pygmy in a semi- 

- conductor jungle 22 

Hong Kong loses ' its 

“Berlin " complex 23 

Sebeel visit prompts mixed 
feelings In Australia ... 2 

Malaysia: University plans 
stir racial tension . 3 


Carter's blow to Somaza 
Accountant with Middle 
East at his fingertips ... 

Gardens Today: Avoiding 
a restoration tragedy ... 
New wages machinery 
sought for low paid 


IZ 


12 


31 


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uithnctiiih: 


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Financial Times Wednesday November g 1978 



► 1 M 


***- 


"71 

iik£ 


Moscow ends China lull 


BY ROGER BOYE5 

THE SOVIET UNION yester- 
day marked the 61st anniver- 
sary of tbc Bolshevik revolu- 
tion with a sharp attack on the 
Chinese leadership, accusing 
Peking of posing a serious 
danger to world peace. 

Marshal Dmitri Ustinov, the 
Soviet Defence Minister, in a 
speech broadcast throughout 
the Soviet Union, denounced 
China's attempts to forge links 
with Western countries. 
Addressing crowds in Red 
Square before the traditional 
anniversary parade of Com- 
munist Party workers, troops 
and military vehicles. Marshal 
Ustinov said that China was 
pursuing ** hegemon istic ** and 
great power ambitions. 

The speech sign LB ed a 
resumption of Soviet criticism 
of Peking after almost two 


BY OUR OWN CORRESPONDENT 


IN A SURPRISING political vinced that without Dr. Kreisky per annum. The company must 

development. Chancellor Bruno at the helm they would lose the also decide the fate of the fuel 

Kreisky. instead of resigning general elections in October already stored at Zwentendorf 

from his post, has emerged as next year. worth Sch 500m (£14.9m) and 

the undisputed leader of the However. the Chancellor the uranium stored in France 
ruling Socialist Party. demanded full powers as a con- and West Germany. 

Fallawins the Government's diti on for not resigning. It is now The partners must also do 
naVrow defeat at SuS's widely expected that he will something about the reproces- 

nuclear referendum, the Socialist ou f, a government reshuffle, sing arrangements 


Sy Paul Lendvai in Vienna 

DE.-P: I’E PROTESTS and angry 
. denials in the past, it now 
.set- ms clear that the 86-year- 
old President Tito of Yugo- 
slavia has divorced his wife, 

Jovanka. 

The 54-year-old Mrs. Tito dis- 
appeared from the public eye 
in June last year and has not 
. been seen since. Press specu- 
lations that the former partisan 
major, who has been married 
to the President since 1952, 
was involved in a bid to pro- 
mote the career of certain 
Serbian generals were officially 
denied last year. 

President Tito himself admitted 
eariier this year to the 
existence of “ differences and 
misunderstandings” which 
had nothing to do with 
polities. Jovanka remained 
his wife, living at his residence 
in Belgrade, he said. 

Since June 1977, however, 
telegrams and condolences or 
congratulations sent by the 
President no longer began with 
the customary “ Jovanka and I” 

According to one Belgrade 
report, the marriage. President 
Tito's third, was dissolved on 
June 25 last year. 

The latest turn in the curious 
case of Jovanka Broz comes 
at a time of new and 
mysterious personal shifts in 
the small group of officials 
surrounding the President. 

Sensational' speculation about 
Mrs. Tito's involvement in 
plots have been discounted 
generally, hut as President 
Tito grew older. Jovanka 
became more and more a 
trusted confidante. controlling 
access to him and having the 
capacity to make or destroy a 
man's career. 

The affair also had a national 
angle in the multinational 
federation of Yugoslavia. 

Jovanka is a Serb from Croatia 
and rbe seven generals sent 
into retirement or shifted to 
diplomatic posts last year also 
ha’noenc-d m have been Serbs 
from the region where Jovanka 
was born. 

The Bosnian party chief. Mr. 

Branko Mikulic. was the only 
top official to comment 
publicly on the affair of the 
“ missing Jovanka " at a news 
conference in Sarajevo a year 
ago. Answering the probing 
questions of foreign 

jmirraUMS. Mr. Mikulic 

branded the rumours as 
’• immoral and incorrect 
specula linn ’* and referred to 
•*’ former statement issued by 
Vu-.-iv^av Foreign Ministry 
condemned “ false and 
Tw.'deniious’ reoorts “based 
on ev if' informations" 

In ir.e nienaUme. Mr. Mikulic 
]■•»$ himself become the subject 
nf intense speculation. In a 
surmising development, the 24- 
memlier party presidium last 
nvnih decided that Mr. 

Mikulic a Cr"Jt, should preside 
a: the presidium’s session and 

rhuuH execute other functions 

as’ agreed with the party | Warsaw Pact l»!«.*c and v hicii in ih._- 
prer-ulciU. when the latter is 
; rev-? sited from doing so. 

The appi'intmeni as acting parly 
chief or Mr. Mikulic. who has 
:njdv his entire acillieai career 
in The tide and party appara- 
tus of Bosnia, came as a 
surprise to insiders and to the 
r. unite. For the past seven 
v.^rv the 53- year-old secrc- 
t-. ; v nf • !-•.- parly presidium. 

Mr. Slam- Dolanc lias acted as 
"he nninl-i*- iw<* parly -pokes- 
r:Vn after President Tito. 

Anoi.-l u year ago already 
per-’-tint rumour*. circulated 


months of comparative 

restraint. Western analysts 

bare suggested that the loll 
might have occurred because 
the Kremlin needed time to 
evaluate the foil implications 
of the Chinese Japanese peace 
treaty, which Moscow 

vehemently opposes. or 
because the Soviet leaders 
were concentrating on reaching 
a strategic arms accord with 
the U.S. 

Marshal Ustinov's words 
appear to have been prompted 
by China’s active Asian policy 
and. specifically, by the current 
visit to Cambodia of Mr. Wang 
Tnng-hslng, the Chinese Com- 
munist Party vice-chairman. 
Mr. Wang has promised China’s 
support to Cambodia In its 
border war with Vietnam. 

As if to nnderllne Soviet 


hacking for Hanoi, the Polit- 
buro yesterday took the 
unusual step of Inviting Mr. 
Le Doan, the Vietnamese Com- 
munist Party leader, and Mr. 
Pham Van Dong, the Prime 
Minister, to join them on the 
saluting stand on Lenin’s 
mausoleum. 

Although Mr. Leonid 
Brezhnev, the Soviet President, 
clearly dominated yesterday's 
parade — giant portraits of him 
were carried In the marchpast 
— it is clear that Marshal 
Ustinov is coming increasingly 
to the fore in the Politburo 
• Soviet leaders (right) 
ascend Lenin's tomb to 
review the parade In Bed 
Square. In descending order 
or stature are Leonid Brezh- 
nev. Alexei Kosygin and 
Mikhail Suslov. 



Kreisky still undisputed leader 
despite defeat in nuclear poll 


VIENNA, Nov. 7. 


concluded 


h SSSS^SrS^SnP Above 'S u."S believes the Party with the French company. 
Kreisk verea te r exSSitive mmers must regain the confidence of Cogewa which would involve 
fnd unani^ouslv e^ied -on the young generation. costs to the tune of Seh 2.2bn 

flden«^n h?s1eaderebi? Prevl A* an Austrian paper put it <£60m) by 1990. Steewag. the 
null V the Chancelf or had taken toda - T - th « Socialists have now utility company which has a 10 
f.til nereonaI^«nDn S ihtiilv Fo? staked everything on the person- per cent interest in GTK yester- 
XI 1 CS S dSSat 2 the ality of Dr Kreisky. day called for an increase of the 

n»Fprendumover^e commission- Meanwhile the operating com- electricity charges, 
in oT th e* Z w e n ten d o°rT "n uc tear P an F of ti»e nuclear plant at Verbundgesellscbaft. the state 
U* ? f ™ e Zwenlendorf nuclear Zwentendorf. which has been electricity corporation in Styna 
psam ' erected at a cost of Sch 8bn where the nuclear plant was 

However, the Party’s executive {£>S0ml is not expected to make sited has a 50 per cent interest 
committee said that it was a 3 decision about a future course In the GTK. while the rest is 
collective decision and therefore 0 f action before mid-December, held by seven regional utility 
the Chancellor cannot be The company, called GTK has a companies, 
regarded as solely responsible, basic capita] of Sch 300m. The Federation of Austrian 

The Mayor of Vienua. Mr. The plant already built costs industrialists yesterday re- 
Leopold Gratz commented: Sch 1.5m (£41.000) daily to main- affirmed that Austria's demand 
“Austria needs Kreisky more tain. The cost of replacing the for power cannot be satisfied in 
urgently than a nuclear plant” energy the plant would have pro- the long run without nuclear 
The Socialists were clearly con- duced is put at Sch Ibn (£27m) energy. 


Germany plans Army changes 


BY JONATHAN CARR 

Herr Hans Ape!, the West Ger- 
main Defence Minister, today un- 
veiled plans for a new army struc- 
lUire, which, he said, would 
greatly increase defence strength 
at little extra cost 

Under the plans, army strength 
will be increased from 33 tn 36 
brigades, combat units will be 
somewhat smaller and more flex- 
ible and greater use will be made 
of the potential of trained 
reservists. 

The object is to increase the 
army's capacity -for forward 
defence— engaging the attacker 
as soon as aggression occurs and 
holding the line if necessary 
until the United Slates can bring 
reinforcements tn Europe. 

The ability to fulfil ihe forward 
defence doctrine is of crucial im- 


A QUESTION mark hung over 
the future of the Franco-West 
German military Alpha jet to- 
day. following the disclosure 
that Luftwaffe pilots have beeo 

banned from using the aircraft _ . 

unless Its cockpit is modified, worid have Mst around 

our Bonn correspondent writes. DMlbn < £2ibm ) Wement- 
The Luftwaffe has ordered a and to block creation of a central 


BONN, Nov. 7. 

of the armed forces being 
planned wbeu Herr Apel moved 
to the Defence Ministry from 
Finance in February. 

Herr Apel decided, mainly on 
cost grounds, to iule out plans 
for a new brigade structure — 


agency to coordinate support 
operations for ail three services. 

Instead, the new structure will 
involve personnel costs estimated 
at only DM 50m annually for an 

additional 3.000 army jobs. A fur- _ 

ther DM 300 in will be needed for, live course being followed by the 


Dutch party 
chief quits 
in SS row 

By Charles Batchelor 

THE HAGUE, Nov. 7. 
THE PARLIAMENTARY leader 
of Holland’s main Government 
party, the Christian Democrats, 
today announced bis resignation 
as party leader and as an MP 
after the publication of a report 
about his wartime past. 

Mr. Willem Aantjes. aged 55, 
admitted joining the SS in 
Germany in 1944 but said his 
motive was to be posted back to 
Holland from where he planned 
to escape and join the Allies. 

Details of Mr. Aantjes' war- 
time activities were disclosed in 
a report published yesterday by 
the Institute for War Documen- 
tation. The institute began a 
study only a week ago after 
receiving new Information. 

Mr. Aantjes volunteered to 
join the SS in the autumn of 
1944 when he was working as a 
conscripted labourer in Getv 
many. After refusing to carry 
out police work for the SS in 
Holland, he was sent to a labour 
camp In As sen where he worked 
for the camp administration, the 
institute said. 

At a Press conference today 
Mr. Aantjes said he volunteered 
for the SS solely to be able to 
return to Holland, from where he 
planned to escape. He was trans- 
ferred to a labour camp as a 
prisoner and later worked as an 
interpreter and administrator. He 
denied ever having been a camp 
guard. 

Mr. Aantjes* resignation is a 
serious loss to the Christian 
Democratic Party at a time when 
they are faced with severe 
internal pressures. Formed only 
last year it consists of one 
Catholic and two Protestant 
parties including Mr. Aantjes* 
Anti-Revolutionary Party. 

Opposition by radical Christian 
Democratic MPs to the conserva- 


total or 175 of the aircraft at 
a cost of DM 3Jibn with 
delivery early next year. The 
Jet is intended to replace the 
Fiat G-91 troth as a trainer and 
a combat aircraft. The Defence 

Ministry today confirmed *■•* ■ " - - — - i u»>; cjuisc ucmg iu<iu«*cu uy me 

reports that construction of Ihe fne-uff infrastructure costs. ntej party now that it is m coalitioD 
cocknit made It unsafe for sl,m 10 be s P read over five to six j with the Right-wing Liberals led 
Luftwaffe pilots to use their, -'^rs. - to the resignation earlier this 

ejector seats when flying at .. Tne Cab met. and in particular' month of another senior party 
highspeed. Herr Hans Manboefer. the- member. Mr. Jaap Boersnia. No 

Finance .Minister, still has lo 1 

approve the plans and their cost- 


portance tn West Germany — a _ r .. _ ... r 

narrow country bordering the structure to On. Alexander Haig., tag. This is expected shortly. But 
and v'hrcii in th..- Supreme Commander of Herr Apel made it clear that he 
the event of invasion could not Allied Forces, in Europe, who had realised that rhe additional ex- 
afford to “trade territory for said he was “very satisfied.” penditure involved here would 
time. However, the scheme nuw out- make it harder for the Defence! 

Herr Apel stressed th.it he had lined is a long way from the Ministry to g«<ia funds for other 
given details of the new at my highly ambitious reorganisation projects. 


sut-f.-es.sor has yet been appointed 
to Mr. Aantjes. 


Paris to join NATO 
information network 


BY ROBBtT MAUTHNER 


PARIS. Nov. 7. 


FRANCE, WHICH Is a member stations, and are examining 
of the Atlantic Alli ance but not further collaborative projects as 
of NATO’s integrated military they come up. 
command, will be linked with the While stressing that the corn- 
organisation’s special communica- m unicat ions network which the 
tions system for rapid political French are joining is not part of 
consultations from 1979 onwards. NATO’s integrated military 
This was disclosed in a report organisation, the report said that 
drawn up on behalf of the finance it ' would facilitate rapid 

committee of the French National exchanges of information 

Assembly, which is today discuss- between governments about their 
ing next year’s defence budget policies and decisions and would 
France’s participation in the enable them to consult with each 
NATO-wide communications net- other in times of crisis, 
work, which uses satellites and a The system was set up at the 
tropospheric scatter system as time of the transfer of NATO 
well as landlines, may provoke headquarters from France to 
further complaints from the Belgium in 1967 and . operates 
Gaullists and Communists that round-the-clock. Apart from a 
the Government is surreptitiously sophisticated telecommunications 
cooperating more closely with network, it also consists of a 
NATO. computer centre which processes 

The French are cooperating political, military and economic 
already in a NATO air decence data provided by the member 
network, based on ground radar countries. 


Ireland may receive soft 
loan for joining the EMS 


BY STEWART DALBY 


DUBLIN, Nov. 7. 


Socialist leader on trial 


Havel to speak 
for Charter 77 


BY JIMMY BURNS 

THE FLAGGING strength 


LISBON, Nov. 7 


VIENNA. Nov. 7. 

_ DISSIDENT Czechoslovak play- 
j w right Mr. Vaclac Havel, who 
I faces a possible prison term 
• under a suspended centence, was 
j named today as a spokesman for 
■ the Charter 77 buraao rights 


over the Bos- 


>i,i dii.vr 
nian ;w:y. 

Tnijj. Jt ib? -■r;. least, his 
sudden [.••■■i-i-jlinn io a number 
l ru l ivr: in the party 
hierarch;., albeit «nly for a 
yeftf. .Mean* u hlow to the 
Ter -inn;,! ambitions of the 
j.-vial. ■!. tljiiiic and flexible 
Mr DoLnc. 

Ths able end pragmatic politi- 
cian h«-- r.n r»vl power base. 
The grave illness of Mr. 
Edttfrd r.s'-dcij i6S). the 
oldest and closest associate of 
TVe-qdent 'i'i'ii. who is also a 
Shr.vne. has thrown even the 
sr.oi'Vit-rin sin. cession- wide 
open. 

On- of Yugoslavia's ablest, must 
popular and uni. ward- lucking 
pr.lita-ian.-. Macerloman Kiro 
Glicorov '60i has also virtually 
dj=apueu:ed from the political 
v.-ne 

T r « nuign two r.iajor speeches last 
*. .*e ! .. Mr. Doh.oc gave nmice 
that m* .-ill! v ry much in 
t'ne e-rrtro of prdiucaf action, 
-n: .Mr. Mil'.ulie appears to 
-r.jr.v the support ot General 
Fraj-i Herljevic, ihe powerful 
?.l'm>r:r of the Interior, also 
•~r^t from F*o«nia. and that 
of General Nikola Ljuhicic 
••.nr. thanks tn President Tito’s 
s-e..'.-! 1 . favour. hjf- hoen 
3tT ■ n i - 1 <- r of Drfenee since 1967. 
ivuardb.— .- or the rut alum of 
ill ..ih'-r li-adiny oil rev holders. 

AM ihe top poll t; ci.«ns in the 
chi :e around the P re- 1 dent 
.ve unswervineiv loyal and 
■J:nic. , li'd to maintaining the 
i. feint r} 's independent non- 

a!i-4?nd status- Nevertheless, 
on the eve of the pnst-Tiro 
er3 » he balance of forces has 
clearly shifted in the favour 
of the “ no-nonsense advo- 
e:-.te< " of law and order who 
instinctively prefer discipline 
and central direction to daring 
experiment in self-manage- 
ment and economic liberalism. 


of distributed to civilians in that exchanged note? at the Finance 'movement. 

Portusiti's Socialist Pariv will be jwr to defend against '' totali- Ministry in Lisbon putting into. -’ |r - Huv?| will stand in until a 

further .trulned when one of iU ULlf?. ^en,n S otfet, . a* 3SfSTES3US. 

. who rebi^ned on health grounds 
one of three Charter spokes- 
•°' Cr 7. i n, " n l3 't month. 
iatere.M. | The announcement was made 
period. , by the Czech dissident group in 
British ! 'toieinems given to journalists 

owned Television nelwurk and a public Unage has not been helped services * Signature nf ' in '"tenna and Prazue. 



member of the Socialist Party's by recent manifestations of its 
national directorate, wav elected internal division, such as the 
last January At the same rime resignation from the Party of two 
police sw ooped on a suspected former Socialist ministers: Sr. 
rinq of smugglers and Sr Pedro -lose Medeiros Ferreira and Sr. 
was arrested. Sr. Pedro, hacked Alvaro Barreto. 

hv fellow party loaders, including Meanwhile, there are still no 

Sr Mario Soares, former Prime clear indications as tn when Sr. 

Minister. has ennsidentiy Mow Pinto. Portugal's Prime Belgian jcblfiSS fTSG 

designate will finally „ , • J 

^e.-ian unemo!.;.; ment rose 


! declared his innocence claiming Minister 


, Mr. Havel (42). served as a 
. . n ■•■ofnes a ;zeet- . Charter spokesman for one and 
bt-M.-c PoriUguese J^re^-ident a half years until May last year. 
Anton:!? Kama. no Eanes begins, when he pledged to stop making 
a *:ifee-day otticial visit to , political statements after being 

I held in prison for four months. 
Last October, he was given a 14- 
month suspended sentence on 
, subversion charges. 
fo I The Charter movement said Mr. 


t:io agreement 


Er::ain. 


Fis'tvuL TTvrs. pubUsUcd d aiiy except 
SumJa^s and a olid t s U.S jubtcrmtian 
Sin? fin ' r-lr f tfi*. no ijlr mau> 

por annum Second clash postage paid ai 
New York- S.Y. 


DESPITE having won the French pains to point out that the 
approval of bis request for Economic Policy Committee is a 
financial aid In return for join- bureaucratic' one and the deck- 
ing the European monetary sion on aid can only be taken 
system (EMS). Dr. George by Heads of Government Never- 
Colley, the Irish Finance theless. it is dear that Dr. Colley 
Minister. 'is unlikely to be able *s viewing his visit, to Bonn 
to convince the West Germans (where he will meet Count Otto 
that Ireland should receive Lambsdorff, the Economics 
£650nt in gTant aid when he Minister and Mr. Hans 
visits Bonn on Thursday.' 1 Tre- Matthorfer. the Finance Mxms- 
land may have to accept the aid ten as critical 
in loan form instead. . The . French, although .. they 

Belief is hardening In Dublin bj »<* the idea nf aid for the 
that the EEC Economic Policy weaker economies, do apt -m» 
Committee, which started “ con- « ri, S be,! ^f * at the ald 5?°“ ld 
current studies” on the EMS at be ' n grant form. Dr. Colley 
.the time of the Bremen summit j” 1 ?**' . therefore find himself 
last July, will not make a cleat d'scussm? the idea of r low 
recommendation to the December “Merest soft loan from the Mest 
20 Finance Ministers' meeting Germans when he visits Bonn, 
that the weaker EEC economies h “’. however denied that 
should receive a transfer of 1 reland has already received an 
resources in return for joining * f e£ n ceDt loan of 

the new svstem. more than xooOm. 

Tro . _ , h ,_ - k H fn _ r rt cn m One theory that is agthering 
tn 1 he d tr?^eSrf d fmm £b5 ?hl! streni!th ™ Dublin financial 
l, 11 ! FpSlri Mr circ,es is that the French and 
w? a E ^T"^rfnImnn d ,l Germans are trying to. win round 

irin«T The ^inev 1 vmMiH° n hi tbe w ^ 2kftr EE C economies one 

be by one. First Italy was offered a 


spent 

jects. 


on 

like 


i !SSf t 7S U 7n , i Pr °* wW‘m«S»n fir i?s cu™cj 
roads and telecom- ^thtn the EMS than Ihe initial 


™ 2.25 per cent hand. 


Ireland, 


munications. as well as 

balance of payments aid. ur. w bieb feels that its currency is a 
Colley said tiiat he had received strong one. is not niterested in a 

Fton? VC lfS!? Be ?he £r 5L r **K wider band - but jt dnes w ant 

Pto* e ^ k F £"*-5 financial assistance. West Ger- 

Ftnance Mi nister who visited many may. therefore, try to per* 
Dubbin this week, that France suade Ireland 1 to accept the aid 
would support this request for j n loan form, while conforming 
aid -. tn the -wider principle of trans- 

Irish officials have been at fer resources within the EEC. 

Wealth imbalances studied 


Brussels 
pressure 
for job 
sharing 

BY GILES MERRITT 

BRUSSELS, Nov. 7. 
EUROPEAN trade union leaders 
are preparing to push for far- 
reaching work-sharing measures 
in talks at Brussels on Thursday. 

Their demands are centred on 
a 10 per cent reduction in hours 
without loss of pay, to be 
adopted by employers through- 
out the EEC “in the near 
future.” Details of the measures 
envisaged are far from clear, but 
the principle of work redistribu- 
tion has firm backing from inside 
the' EEC Commission. 

The forum for the union pn> 
posals is the tripartite conference, 
which groups union representa- 
tives, employer organisations and 
member Governments. The talks 
are the fourth since the frame- 
work of the tripartite conference 
was set up at West Germany's 
Instigation in 1975. 

The talks will be taking place 
against the background of new 
Commissio n research Into EEC 
unemployment. This suggests 
that. In addition to the Com- 
munity's jobless total of almost 
6m, there is hidden unemploy- 
ment totalling 3m. It is fore- 
cast that by 1985 a further 7m 
people will have come on to 
the EEC labour market 
The importance of work- 
sbaring as a means of combating 
present and future unemploy- 
ment was underlined in March 
by the standing committee on 
employment, ’ when employer 
representatives gave their assent 
to the conclusion that the device 
should be given priority. Com- 
mission officials have sub- 
sequently mounted a study of 
work-sharing techniques, and will 
be backing its increased use. 

The Commission's working 
paper says that while it is aware 
of the costs, risks and limits of 
such measures, they should be 
considered in relation to the 
much more serious costs and 
risks inherent in unemployment 
But officials are wary of union 
demands for a substantial cut in 
working hours without loss of 
earnings. They point out that 
over the last 50 years, there has 
been an average yearly reduction 
in working hours of 1 per cent A 
10 per cent cutback as advocated 
by. the European Trade Union 
Confederation would not be 
feasible over a shorter time scale 
than five' years. 

The tripartite conference 
agenda also includes such 
questions as service sector 
employment and the relationship 
between investment and jobs. 
But Commission officials think 
that in spite of the conferena's 
rather formal and unwieldly 
framework, there could be an 
acrimonious debate on the work- 
sharing issue. They hope, never- 
theless^ that the result will be a 
resolution directing the Commis- 
sion to. further work on the 
matter. • 


BY OUR OWN CORRESPONDENT 


BRUSSELS, Nov. 7 


EEC Finance Ministers are to British officials attending this 
consider in Brussels later this week's economic policy commit- 

to 

wealth of member countries, and , ve * ■ en the opportunity of 
anomalies in their contributions clarifying aspects of Britain's 
to the Community budget, could reservations about EMS — notably 
prejudice the effects of ihe the need to e:riend its scope to 
proposed European Monetary iron out economic imbalances. 
System (EMSi. The committee's report to the 

The analysis follows talks here Finance Council is expected to 
between senior officials, grouped reflect fresh UK proposals. 

the Community’s economic It appears, however, that some 


f ? ,,nd tl" hh government. Sr. llota Professor Lidislav I poli^eoSumitt™’ on the°“°TOto of the issues on which' Ihe W 

5S2 ? 1 ?TI V* r.'n , of JSi Mil 1 , i. » •Mnrii»“ndPnt 1 Tn,! " x > r *™ P«>vutJi.,n. in i.u to'oer , H ^ d 3tiek. another spokesman. , current studies " for strengthen- current studies were to have con- 
? rre . ? L ., G';' /JibM ’ en? C «, 1 d - p,de ’ , ap : d frvm L'6S.*>00. >jr tvt; per cent. in: wou| d is<uc statements for the 1 1ng weaker EEC economies that cent rated— such as the criteria 

handed Wli.ni in 19i5 hy army P**riv memhers in an attempt Sepremlicr and 272.i>oo or por ■ time being. The third spokesman, Sir. James Callaghan, the UK bv which relative national wealth 
officer*. Ttm nas tj#n confirmed form an administration capable ten? a year as-- an Emplnymeni ! Mr. Jaroslav Sabata. is under Prime Minister, demanded at last should be measured — were not 
b >' tne army hirh eointnand or avoiding oarlv elections. Depanmem spokesman io!d a rrosi on assault charges. July’s Bremen summit as an settled at the oconwmic policy 

which claims that the arms were © Britain and Portugal today Reuter in Bru<v.4i>. 'Reuter I adjunct to the EMS proposals. committees meeting. P 7 


Danish sea gas 
report disputed 

COPENHAGEN, Nov. 7. 
MR.- GERHARD ' JENSEN, 
director iof; the Danish state oil 
and natur&J gas company, todav 
rejected a repbit questioning the 
economic viabiHty ”of landing 
North Sea gas in' ‘Denmark. 

A- recently-published report 
from the Economic Institute of 
Aarhus University said that 
brining North Sea gas from the 
Danish sector to Denmark would 
result.in losses of several billion 
krone. 

Mr. Jensen said, the report's 
authors were misled by docu- 
ments and accounts that were 
made public. 

He said the company is 
sector.negotiating with A. P. 
Moeller, the sole concession 
bolder in the Danish sector. For 
this reason the company is un- 
willing to comment on details of 
the report that says a gas price 
significantly above DKr 0.40 per 
cubic, metre would be highly 
uneconomic. 

- The report said that Danish 
North' Sea gas at such price 
levels would be - unprofitable 
Irrespective of the size of the 
gas fields or future oil prices. 
Reuter 


>dieel visit prompts mixed feelings in Australia and New Zealand 


BY JONATHAN CARR. RECENTLY IN WELLINGTON 


PRESIDENT WALTER School of 
West Germany made his point 
politely. The time lud come, he 
said, when relations between 
Europe on ibe one hand and 
Australia and New Zealand on 
the other could no longer be left 
solely “in the capable hands of 
the British.” 

He made the comment near 
Wellington. New Zealand, at whal 
looked like a peculiarly British 
occasion — a garden party at 
which pouring rain spattered 
suorfs in a leaky marquee. Most 
nf those present applauded, but 
one academic could not resist a 
pointed rejoinder the connection 
with the “ motherland " . had 
dwindled when Britain joined the 
Community: neither Bonn nor 
Brussels (and least oF all Paris) 
was capable of filling the pap: 
The result had been not so much 
a change In relations as the emer- 
gence of a vacuum. 

Similar comment^ were to be 
heard throughout Herr Scbeel's 
trip — -the first official visit to both 
Australia and New Zealand by a 
head of state from the Federal 
Republic of Germany. That does 
not imply that the visit was not a 
personal success. Eut it served to 


underline the constraints under 
which West Germany, for his- 
torical reasons, operates abroad. 
And it showed that membership 
of the European Community is 
not a helpful visiting card in a 
part of the world hard hit by ihe 
Common Agriculture Policy 
iCAPi. 

For all West Germany’s eco- 
nomic strenatb and potential as 
a partner fa potential to be 
probed in greater detail when a 
German industrial delegation 
visits Australia and New Zealand 
next March), memories of World 
War II are still Strong in both 
countries. Herr Scheel hardly 
turned a hair when reminded by 
one speaker of the excellence of 
rhe late Field Marshal Erwin 
Rommel and the Afrika Korps. 
against whom many New 
Zealanders had fought. The 
remark was meant as a tribute to 
a leader of courage and the 
President took it as such. But for 
every such public comment about 
war years, there were several 
private, ironic and sometimes 
birtor remarks. 

The fact is that the spectacle 
nf a powerful German delegation 
descending from a Luftwaffe jet. 


and the sound or rhe German 
national an them at one ceremony 
after another awakened, at best, 
mixed feelings in both countries. 

In this unpromising siluairnn 
Herr Scheel was an enormous 
isset ’o the Federal Republic. 
For the crowds, he looks like 
everyone’s benevolent uncle — 
smiling. lively, kissing models 
at a fashion show nhen removin'-* 
his specjaeles and kissinc ihcm 
aaam j. joining in a traditional 
dance. ?!r»-v:ne inii-.vn in every- 
•h:ns from sheep-she.irins 1° 
ioc-i! art. 

Thnr is only half ;he picture 
The cteel showed m Australia 
when Herr Scheel publicly 
rejected the view of some local 
media that West Germany 
indulged in police state methods 
And when it came to detailed 
economic and strategic talks— as 
ir often did in both countries — 
Herr Scheel appeared to have 
taken on the role of honorary, 
roving Foreign and Defence 
Minister. 

This has its dangers, for the 
President is above the Govern- 
ment and the political parties. 
But Herr Scheel, who was 


Fureign Minister until 1974. 
seenr.s -«ble to go to the very 
limit; of what is constitutionally 
permissible without stepping 
beyond. Neither country con be 
in any doubt about the Presi* 
donfi views on a whole radge 
of policy matters, and both can 
bo Mire thar their own attitudes 
have been well understood. 

Boih countries have similar 
points to make. They insist 
there is an inseparable link 
between agriculture policy, 
economic policy and strategic 
matters— and feel that the link 
ha* not been widely recognised 
in the Community. 

The GAP has meant not only 
that their agricultural exports 
nave been progressively shut out 
of European markets— but that 
they also are being driven away 
frnm some third markets by the 
Community’s subsidised exports 
of surplus farm production. This 
weakens the economic position 
of hnth countries — which remain 
hiphlv dependent on agricultural 
exports despite continuing 

efforts to diversify. 

That, in turn, must harm the 
role both can play in creating 


stability in the South-East Asian 
and South Pacific region, a 
factor of importance for the 
community as the world's big- 
gest trading group. 

The focus of each country is 
rather different. Australia looks 
particularly towards the member 
states of the Associaton of 
South-East Asian Nations, and 
is ready w make economic con- 
cessions to them lo help 
preserve an area of stability 
between itself and the Asian 
mainland. New Zealand has had. 
and still feels, a special respon- 
sibility towards the newly 
independent islands of the 
South Pacific. 

The special nightmare of the 
area is of a Great Power 
struggle for influence there — 
of which there are already some 
signs. The best way to avoid it, 
it is claimed, is to strengthen 
the economic base of the new 
nations and foster links between 
them and tbe key democratic 
states of the region. 

New Zealand points out that 
this Ides seems to be implicitlv 
recognised through the Euro- 
pean Community’s Lome accord. 


under which several Pacific 
states receive assistance. But at 
the same time tbe CAP Functions 
in such, a way as to weaken New 
Zealand's economy, and reduce 
the level of aid it can provide 
in the same Pacific region. 

While each country insists that 
it wants an alteration of the 
CAP “at Hie margin.” and not a 
change in its basic principles, the. 
tone in which this point is made 
difftirs markedly — a fact. clearly 
registered by the German -side. 

The New Zealanders appeal is 
aimed strongly at reason and 
fairness — “.Would it not be 
possible for the Community to 
alter slightly and co-ordinate 
rather better its policies towards 
this region ? " The Australians 
are blunter and while tbey insist 
they arc making no threats, they 
constantly convey the impression 
that they are doing so.-. . 

Mr.. Vic Garland, the Minister 
for Special Trade .Matters, told 
reporters travelling with Mr. 
Scheel that if the Geneva multi- 
lateral trade talks brought 
nothin? on agriculture then 
Australia would go back to the 
European Commission . in 


Brussels with its demands. If It 
still got nowhere, then Australia 
would have to review the whole 
of its trading policy. 

He declined to disclose what 
this might imply — though he 
stressed that at least negotiations 
with the U.S. and Japan, though 
difficult, got somewhere, whereas 
those with the European Com- 
munity seemed to make no 
progress at all. 

.The danger is clear enough: of 
a ’ progressive estrangement 
between two areas of the world 
which, in many respects, are 
natural allies and have comple- 
mentary interests. 

There is good reason to think 
that the danger was understood 
by the West Germans in 
Australia and New Zealand. The 
question is whether that com- 
prehension will translate itself 
into stronger advocacy of the 
case of both countries by Bonn 
within the European Community. 
And even if It does, will that 
mean that Community policy in 
this respect wilt actually change? 
Both countries appear hopeful 
that it may— but are far from 
convinced that it will, . 


i- 





November S 1978 


VERSEAS NEWS 




supplies 


Whites hurt 
in Zambian 
race violence 


Tanzania moves troops to Uganda border 


BY OUR OWN CORRESPONDENT 1 


By Michael Holman 

LUSAKA. Nor. 7. 
MOBS OF up to 10G- strong 
attacked and molested white 
passers-by in Lusaka's city centre 
on at least four occasions today 
as rumours that Ehodestan 
“agents' 1 were at large spilt 
over into violence. 

Representative's of the British 
and Swedish diplomatic missions, 
whose nationals are reported to 
have been involved, lodged a 
protest this afternoon at the 
Ministry of Foreign Affairs and 
Ivrere assured that the (lovern- 


BY YOKOSWMTA- 4 . • TOKYO, Nov. 7, ! 

BOTH ««tbaric of i a an .interview with KuwaTt'c 

British Petroleum- have notified. Bmiian.oH.wbiiM not bfrfedt until daily newspaper Al-Anbaa. he 

JapanwirtfineWiof^S&pfePMnt . 25SSS3S a l£.£ ?n saifl: “Industrialised states can 

cutback m Wo* oir^ ggE .S SSVaSFSjS# 

a 20 per cent, reaction. in their u^ ^fe their loads. imports from irun untii the 

total oil supply: in the current ’ TbosJOTI and, the agency con- Iranian production ’ returns to 
October-Decrember ^arter as a ddenit.p.^lhle/orJapaii to ride its normal level of about 5m b/d." 
result of-potiticalTnirest ih Iran, ^■.th^ shprifaE ^ wj^upplies Consequently, Kuwait would 
the Ministry of -latere no \ increase ils own daily out- 

■*s* «*****:*n» »«* 

today. • , .. . pilc&in^antwjpabop-' of .another Minister. Kuwait's inandmum 
• However,>the Ministry has Tiot off. pi^^crea»atncxt'month's capacity is about 3m' b/d 
^de'itclwwhethertninotthis' meietiitgAn . Abtt Bliabi of ths ® in Baghdad. Mr Taveh Abdul-. 
is the final notification, since Organisation of / Petroleum Karim, Irani nil Twinivter ment , wo y d act,on to pre- 

hoth oil.* companies originally. -Exporting, Countries (OPEC). on Tuesday that OPEC member' ve £ l furth ®f attacks. _ 
said they would Have to reduce # c Kenter reports from Tehran: states were now unanimous in - R, K w,i J* that Rhodesian forces 
their Iranian crude oil. supply to Iranian: o« production today was their desire to increase oil prices n.sSX’Jn* - 3Te ope J B * , ®S. . 10 

Japan by at least 10 -per cent in: between- L3m and 1.5m--tiarrels in the new year. Buthis country I ka ^Nowing. recent bombing 

the’currenfqtiarter. - ■ against rioriaal output- of 5.Sm would not he satisfied with a 

- Japan: imports 4eJka,t(ranes of .batrelR:> a /.National: Iranian Oil “symbolic” rise of about 5 per 
.Iranian light oil a- year, account- Company- .spokesman stud. cent. This percentage is believed 
ing for 17- per cent of Japans Exports, artless than la barrels to be favoured by Saudi Arabia, 
total oil imports, of wbieh about a'day 0>/a) as the p olitica l strike the world's largest oil exporter 
-17m tonnes' are s'uwUed by Royal tjyjrwst of the induBtrjrs 37,000 and the most influential OPEC 
D'ntclr Shell and’ British -workers' entered Its - seventh day. member. 

Petroleum. _ "> ' IfifluStrs-. sources estimate the Answering reporters' questions. 

--.'Other oil suppliers, such as strti^^assqfareost-thefcountry Mr. Abdul-Karim said he was 
National Iranian; Oil-' (^mpahy'arbiuid S^OOin' in lost production convinced that the “positive" 

(NIOC), Golf and Texaco have. aa& exports: atmosphere among Arab states 

given similar 'notification', which In. Kuwait, Sheikh All Khalil Fa generated by the Baghdad 
-can be Interpreted as an exeritise A1 Sabah, president of OPEC summit conference, which ended 
of force majeure clauses. . predicted -that the eut-off of two days ago. was likely to lead 

The .Agency, of Natural Iranian oil would not affect the to agreement at OPEC's next 
Resources and: Energy said that .world's oil supply. *. price-fixing meeting. 


■ TANZANIA HAS moved between 
8,000 and 10,000 troops to the 
! area west of Lake Victoria, ready 
! for a push against the 3,000 
j Ugandan troops now due in 
along the line of the Kagera 
River which Kampala claims is 
now the border between the two 
countries. 

The Ugandans say they are 
prepared for possible Tanzanian 
counter-attacks, which they are 
•^confident or repulsing” and 
warn that they would strike 
deep in Tanzania in retaliation. 

Military officials in East Africa 
say the Ugandans arc in a strong 
strategic position, as the Kagera 
River is a formidable obstacle. 
While Uganda has Soviet 
bridging equipment which could 
be used for a river crossing, the 


Concern over 



investment 


■ the . year • President . .Sadat has 
set for. securing self-sufficiency. 
GQDE ias given Egypt $2bn in 
soft credited loans.. 

A Kuwait .newspaper yesterday 
quoted ‘ responsible .sources as 


BEIRUT, Nov. 7. 

saving that Saudi and Kuwaiti 
officials will meet soon to con- 
sider their investment in Egypt 
in the li^hi of the likel.v reper- 
cussions uf an Egyptian-lsrueli 
peace treaty. 


Weizman attacks critics 


BY DAVID LENNON 


JERUSALEM, Nov. 


BYIHSANHIJAZI- 

SAUDr ARABIA aijd ijther. Arab 
states in the Gulf are worried 
about their large investments in 
Egypt quoting, this anxiety as a 
-main reason for their reluctance 
to break completely with- Presid- 
ent Anw ar Sadat - ... - . V . 

Crown .Prinie Fahd vas 
reported in the Press' here today 
to have told ; the recent Arab 
summit conference , in Baghdad 
that Egypt might cdafiscateArak 

to^^brik 111 ^e-rebdrrecUy MR. - EZER ‘ WEIZMAN; the apprehensive about the very 
advised flexibility an'fhisAiatter Israeli Defence Minister, today prospect oF reaching a pea-.-e 
Jnd wl tSd tn haviSSS accustfdi his Cablnet cotieagues agreement with Egypt than ccm- 

: a' njaeitiw attitude corned about specific clauses. 
S oijmStioTf or SstrS. Rewards the’ piwfceet peace The local Press reported that 
■£5rt ‘.agreement -with- Egypt:, and the Cabinet meeting had been 

• fefaed - to ■ very riormy and tot at one point 

tiniv Kv nJr/and United Calamity. . . Mr. Weizman had suggested they 

'■ inh ^ 1 .The Minister left for- Washing- send someone else to negotiate. 

athu r/iniraies.. v. . .: ton. itJNs! morning to rejoin the The Minister said this morn- 

Set up in' 1974 wfth'an initial pe^cg talks after spending, two ing: -The moment of truth is 
capital, of SLlbn,,.the: orga^dsa- days reporting to the- Govern- arriving very fast and I think it 
T taon has already embarked on ment <m the progress in the is time the politicians, my 
.muHt-miltipxuRfilar ^roSecte /or negotiations andi receiving hew colleiigues. start .telling the 
‘ manufacturing _ weapons. -,:.£uideHnes. . • people the good and the bad 


raids on Zimbabwe African 
Peoples Union fZAPUl installa- 
tions near Lusaka and elsewhere 
in Zambia have led to consider- 
able tension. 

Two incidents led to bloodshed. 
In one, a single white man was 
left bleeding from the head and 
face, and in another two men 
were similarly beaten. The 
attacks took nJace This morning 
at various points on Cairo Rpad. 
the city's main street. 

Both ihe Zambian Government 
and diplomats are concerned ihat 
the violence will raise the 
already worrying rate at which 
skilled whites, particularly on 
the country's vital coooer mines, 
'ar° leaving thp country. 

j Between 30.000 and -10.000 
i whites, including families. live 
I in Zamhia in an atm osn here 
1 which until now has been re- 
jmarkahlv free of racial stress. 

I The connr-r mines employ nearly 
j d ono — soo helow requirements — 
land the maioritv of the rest 
j work on contract terms for state- 
owned companies which, toaethnr 
with the mines, dominate the 
country's economy. 



.with, 

Qatar'. _ _ . 

for Devdopinefl t ' 61 ■■'Egypt d^s r is- as. if a peace -cafeaBiiy that peace would be a positive 
_ (GdBEJ^Tblk A^ b^-.-proyld-' : fs>n the way.” . ■ - : change for Israel after three 

lag. -tbe'Egyl^Kir_<retvei ; nn3ent :‘.<'^tfr. : Weii^an said that oaring decades of war. but he appeared 
vOTbf"aisi^race ti>' 'caifiy-'”Sver'^ttnda^’s. and. Monday ‘ Citiihet to doubt that all the Ministers 
the country’s ecbnoiqy ontff iBSfe meetings; . .-Mlmslers were • more shared this view. 


China protests 
to Vietnam 

CHINA TODAY lodged a strong 
protest with Vietnam over an 
, incident last week when Hanoi 
f troops allegedly raachin e-gun ned 
■ Chinese villagers, wounding 12. 
I then kidnapped and murdered 
six others. 

Peking has rejected a 
Vietnamese protest note con- 
cerning the same incident, which 
‘happened on November 1. 

Official sources said the 
• Chinese regarded the incident as 
the most serious along their 
J border since 160.000 ethnic 
Chinese, alleging maltreatment, 
left Vietnam a ;.ear ago. 

China's note said Chinese 
living in the border area had 
been attacked by Vietnamese 
while' removing illegal road 
: blocks. 

•Agencies. 


Tanzanians, operating at the end 
of lengthy lines of communica- 
tion. lack such equipment. 

Diplomatic efforts to solve the 
dispute are continuing- Presi- 
dent Idi Amin says he is ready 
to accept mediation from the 
Organisation of African Unity or 
from Libya, but Tanzania insists 
that its only aim is to drive the 
Ugandans out of the 710 square 
miles of land they now occupy. 
• Reuter reports from Brussels: 
Angola has mobilised a 200.000 
strong militia force as well as ils 
standing army to meet the threat 
of South African aggression, Mr. 
Luis de Almeida, the Angolan 
Ambassador to Belgium, said 
here today. He told a news con- 
ference that Anqola would also 
call on Cuba and other friendly 


countries for aid if necessary. _ 

Angola, he said, had shown its 
desire for peace by freeing South 
African prisoners of war and 
strengthening ties with neigh- 
bouring Zaire. But South Africa 
had Increased its reconnaissance 
flights over Angola and ordered 
military equipment for use in 
the Kalahari desert spanning 
Angola’s southern border with 
South African - administered 
Namibia (South Vest Africa), he 
added. 

Mr. de Almeida said lhat 
between 25,000 and 5Q.0O0 South 
African troops were stationed in 
northern Namibia. 

• Quentin Peel adds from Johan- 
nesburg: The South African De- 
fence Force said to-day that 
South Africa "had no fight lo 


NAIROBI, NOV. 7. 

pick with ils neighbours and 
meant no aggression against any 
other stale.” A spokesman said 
that South African troops were 
on the country’s borders only to 
defend them, and to guard the 
local population against "terro- 
ism.” 

While the statement ruled out 
suggestions of action against 
Angola itself, it did not exclude 
the possibility of “hot pursuit - ’ 
raids against guerilla camps in- 
side that country. 

Military officials in Namibia 
have said that guerilla activity 
in the northern border area has 
built up steadily since the last 
major South African raid on 
guerilla bases of the South West 
Africa People's Organisation 
tSWAPOi Ln Max. 


MALAYSIA 


University plans stir racial tension 


BY WONG SULONG IN KUALA LUMPUR 


A SQUABBLE over seemingly 
innocuous proposal.? to set up a 

private .Chinese University here 
has become the Tocus of new 
tension over the most explosive 
issue in Malaysia — communal 
relations between Malays and 
Chinese. 

The Malays and other indi- 
genous groups form 56 per cent 
of Malaysia’s 12.9m population, 
and dominate political life, while 
the Chinese constitute 35 per 
cent of the population, and hold 
key positions in trade and 
Industry. 

Much more is at stake than 
just a private university. The 
whole education system, deve- 
loped in the L'l years since 
independence is being ques- 
tioned and because it decides 
allocation of jobs and power 
between the Malays and the 
Chinese. 

Extremists on both sides are 
exploiting the issue to show 
their strength, and this has put 
the moderate Prime Minister. 
Datuk Hussein Onn. in a delicate 
position. Any miscalculation 
could Trigger off racial violence 
and shatter the investment 
climate. 

Foreign investors are watch- 
ing closely how the communal 
struggle develops. “Ultimately.” 
says a U.S. banker. " whether or 
not foreign investments are 
coming to Malaysia, will depend 
on whether or not there is 
communal peace.” 

The Government had remained 
vague about ils attitude towa/ds 
the Merdeka University, until it 
was recently forced to take a 
stand when the university spon- 
sors petitioned the king to set up 
the instituYcn. 

The Government's rejection 
was announced bv Musa Hiltaro. 


Education Minister, and one of 
the most prominent figures in 
the Cabinet, at the General 
Assembly of the ruling United 
Malays National Organisation 
t UMNO), in September. 

The authorities were rudely 
jolted by the strength of the 


Just as Chinese businessmen 
have singled out the Industrial 
Co-ordination Act (which effec- 
tively promotes increasing Malay 
control over the private sector! 
to vent their frustrations over 
the Government's restrictions on 
their business activities, the 


MR. LIM KIT SIANG, tile 
Malaysian opposition lender, 
was to-day found guilty on 
charges under the official 
secrets acL The convictions 
could lose him his seat in 
Parliament, our correspondent 
writes from Kuala Lumpur. 

However, the judge rejected 
ihe prosecution’s request Tor a 
jail sentence, and instead fined 


him a total of 15,000 ringgits 
I £3.400). 

Mr. Lim. 37, the Secretary- 
General of the Opposition 
Democratic Action Party, was 
found guilty on ail five charges 
of divulging classified informa- 
tion regarding the Govern- 
ment's purchase of four fast 
missile boats from a Swedish 
firm. 


hostile reaction to their decision 
from all sections of the Chinese 
community. 

The Malays regard the estab- 
lishment of the Merdeka Uni- 
versity as a threat to what they 
have fousht for — the supremacy 
of the Malay language and its 
use as a medium of instruction. 
Any government which set up 
such a university would run the 
risk of be ; ng overthrown. 

Why do the Chinese, who are 
such a pragmatic people, con- 
tinue to play this dangerous con- 
frontation with the Malays, 
when they know they cannot 
win ? 

Undeniably, there are some 
who sincerely feel there is a 
need for a Chinese university, 
and there are others who 
genuinely believe they can get 
one if they push hard enough. 
But Ihe steal bulk of the 
Ch-'nese population support the 
university because they are frus r 
t rated, and insecure about their 
children’s future. 


Chinese community seeks to 
crystalise ail their fears behind 
the Merdeka University. 

There are many Chinese, 
especially those who are English 
educated, who realise that they 
are unlikely to benefit much 
from a university which teaches 
in the Chinese language. 

But seeing places in the five 
Government universities, and 
overseas institutions of higher 
learning being increasingly shut 
off to them, they feel they have 
had to throw In their lot with 
the Merdeka University sponsors. 

Between 1971 and 1975. the 
number of places in tertiary 
education in Malaysia rose from 
13.324 to 31.529. Within ihai 
period, the Malay share of those 
places (through the use of 
quotas) shot up from 9.7 per 
cent to t>5 per vent, the Chinese 
share fell from 42.7 p^r vent to 
31 per cent, and the. Indian share 
from 5 to 3.3 per cent. 

The Malays arauo they have 
been left behind for so long lhat 


they need protection. They feel 
they will never be able to catch 
up with the Chinese if the 
Chinese are allowed to do what 
they want. 

Education is the most effective 
way of getting the Malays out of 
the rut, and they feel the 
Chinese must make sacrifices for 

the sake of communal harmony. 

Most Chinese, whether they 
like it or not, have come round 
to accept special privileges for 
the Malays in education, employ- 
ment. business opportunities and 
promotions, but the manner in 
which these matters are being 
implemented arouses their 
resentment. 

Throughout the current out- 
burst of emotions and politicking 
over the university issue 
probably the most thoughtful 
arguments have come From 
Ahran, an educational research 
organisation. 

Arguing against the setting up 
of the Merdeka University, the 
Aliran's president. Dr. Chandra 
Muza far. in a lengthy letter, 
in the press, suggested that the 
system of racial quotas for 
university admissions be 
replaced. 

He proposed a system which 
would give weight to groups 
that are socially, economically, 
and environmentally disadvan- 
taged. while apportioning recog- 
nition to academic qualifications. 

How strung the Merdeka issue 
is among the Chinese will be 
tested next month in a by- 
election for a predominantly 
Chinese seat in the penang state 
assembly. 

The Merdeka university issue 
could also be exploited by -the 
communists to create racial 
strife, or Kcmmintang (KMTi 
Party supporters to sour 
Malaysian ties with Peking. 



Woolworth: 



nant 



looks to the future 



There are 984 Woolworth branches, 
which, if you put them all together, would 
add up to a pretty long High Street. 

But Woolworths are looking further into 
•the future: their branches are already 
handling in excess of 25,000 different 
stock lines, accounting (in 1977) for ll 
turnover of £ 700 million. 

As an important step, they have been 
shopping for a computer system that^ 
would take future expansion in its stride. 
Woolworths have a name for getting what 
they want at the price they wan t ■ - that's 
Woolworth value. 

After careful consideration of alternative 
systems, they decided that the ICL 2900 
could give them precisely the processing 
power, throughput capability and overall 
system capacity required to meet the high 
volume demands of their busi ness far into 
the 1980 s. The cost performance of the 


ICL system was, of course, a crucial 
consideration. 

At Woolworths Data Processing C entres 
in CastletonJ.ancs., and Swindon. Wilts* a 
dual 2972 system and a 2960 arc to provide 
the basis of the Company's future computing 
strategy. Woolworths future expansion will 
have a firm base. 



think computer s - think ICL 



> 


t 








‘ 


4 


Financial . Times- Wednesday 


v:>: ^Yj4; 

Ndviember:-ST97B & 1 1 ./,%£* 


RICAN MAYS 





Canadian 

banks 

raise 

prime rates 


By Victor Mackie 

OTTAWA, Nov. 7. 
CANADA’S chartered banks 
have boosted their prime lend- 
ing rates by 0.5 per cent to 21.5 
per cent with effect from today. 

The banks also say that 
interest rates paid on customers’ 
non-chequing accounts have been 
raised to 9 per cent from S.5 
per cent with effect from last 
Wednesday. 

Bankers are reacting to a 0.5 
per cent rise in th ecentral bank 
rate, to 10.75 per cent, announced 
on Sunday night by the Royal 
Bank of Canada. 

This is the rate charged on 
Infrequent loans to the chartered 
banks. An increase by the 
central bank is a signal that it 
wants higher interest rates in 
the economy. 

The rise in the bank rate an- 
nounced by the Bank of Canada 
has. for the second time in three 
weeks, forced the Government 
to make this year's Canada Sav- 
ings Bond fCSBt issue more 
attractive to investors. The 
Government announced that at 
had raised the annual rate on 
the CSBs to 9.5 per cent less 
than 24 hours after the Bank 
of Canada's decision. 

This is the second revision in 
the CSB interest rate, the first 
being in mid-October. The 
Government took the action to 
persuade savers to bold on to 
their savings bonds, instead of ' 
^hopping on the private market 
for better rates. 

Mr. Jack Homer, the Industry, 
Trade and Commerce Minister, 
at the opening session today of 
the Federal-Provincial Confer- 
ence of Industry Ministers, said 
the Canadian dollar is greately 
undervalued on foreign ex- 
change markets. Mr. Homer 
said strength in merchandise ex- 
ports was the main reason for 
growth in the Canadian 
economy. That strength, be 
said, was due in part to the 
major depreciation in the value 
of the Canadian dollar. “I be- 
lieve it is undervalued now. in 
an economy poised to move 
ahead strongly, if our biggest 
purchaser, the U.S., could only 


Miller warns on lower 
growth after credit move 




:.in 


BY DAVID BUCHAN 


WASHINGTON, Nov. 7. 
Consumer credit, which does 


GROWTH IN the U.S. economy even in its fourth year of re- 

could dip next year to 2J5 per covery, was still showing surpris- not cover mortgages, rose a net 
cent, Mr. William Miller, chair- ing strength, and that there were S3. 28 bn In September — an 
man of the Federal Reserve no bottlenecks or overstocking increase that -has some Govern- 
Board. predicted in an interview that might lead companies or ment 'officials ' worried that 
published today. This is the consumers suddenly to retrench American. - consumers may be 
lowest growth forecast yet made The unemployment rate, which biting off more than they can 
by any of the country’s leading bas hovered around 6 per cent comfortably repay even in these 
policy makers, and comes in the for most of this year, dropped inflationary times, 
wake of last week's major credit to 5J8 per cent in October, while The September Increase 
squeeze to boost the dollar. the index of leading economic announced yesterday by the 
But at the same time the Fed indicators, which tries^to gauge Federal Reserve, is larger than 
chairman told the Washington future trends, rose ■ strongly in th e August increase in out- 
post that he saw no reason for September for the second succes- standing instalment credit, and 
slower growth to raise the un- SIVe month. we ij a bo Ve the average monthly 

employment rate above 6 per But the leading indicators in- increase of $2.6bn in the last 
cent. dex for October is likely to be six months of 1977. ‘ 

This squares with the assur- less buoyant, reflecting Lhe plum- in his Post interview. .Mr. 
ances last week bv Mr Michael met “ share Prices — one of its Miller warned*-^ indeed he 
Blumenthal. the Treasury Secre- components— in that month. was bound to ao to maintain 
rary. who has now scaled down In addition, the September the momentum of the new 
the Administration's official 297 9 gain was based on a big jump dollar support measures — that 
growth forecast to 3 per cent, in the money supply, which the interest rates could rise still 
that the U.S. is not heading for Fed has now taken fairly drastic further. But he was not specific, 
anything resembling a recession, moves to curb, and in new bous- Last week’s Fed increase in 
The general rule of thumb, how- ing starts. With the Fed discount the discount rate and in the 
ever, is that expansion in the rate at a record 9.5 per cent, and ratio of -reserves that banks are 
economy of at least 3.5 per cent the prime rate chareed by most obliged to place with the central 
is needed to keep the jobless major banks at 10.75 per cent, bank was clearly the price which 


Less state 
control 
of trucking 
planned 


NICARAGUA AND THE IMF 



t 


By John Wyles 

NEW YORK. Not. 7. 


BY 'HUGH -Q’SHAUGHNESSY, RECENTLY IN MANAGUA 


rate from rising. mortgages have become more ex- West Germany, Switzerland and 

Mr. Miller explained away pensive too, and the housing sec- Japan exacted for their help for 
this apparent contradiction by tor is bound to feel the effect the dollar on the foreign 
arguing that the economic cycle, of this pretty soon. exchange markets. 


Peru in talks with U.S. banks 


BY STEWART FLEMING 


NEW YORK, Nov. 7. . 

A GROUP of leading U.S. banks situation in Peru has, however, in Peru’s Amazon Basio. Export 
is negotiating in New York with resulted in Peru having difficulty earnings have been weak at a 
Peru in a neffort to reach a new agreeing with the IMF on pro- time when the country has been 
agreement on debt repayments posals for economic management, building up heavy foreign debt, 
with the South American state. The latest debt repayment nego- some of which has ben used to 
The negotiations follow ao agree- tiations follow a new agreement finance arms purchases and de- 
ment reached last week in Paris with the IMF in August. velopment projects. Domestio- 


JUST AT the moment when the 
THE INTERSTATE Commerce opponents of General Anastasia 
Commission was today discuss- Somoza, the Nicaraguan presf- ■ 
ing proposals from Mr. Daniel dent, were throwing up their 
O'Neal its chairman, to reduce hands and forecasting : that 
U.S. Government control of the Washington would never fulflllts 
trucking industry so as to in- promises and move against him, 
crease competition and lower Mr. Carter landed bis blow.' ‘ T 
transport costs. 



President Anastasio Somoza 


-A flight - of capital, estimate 
by -one important, embassy i 
Managua at- about SlOOtn oy< 
the year, and a withdrawal > 
private funds from-: the’bankk 
- system Is causing further trbub. 
and pressure on the parity • 
the cordoba. Officially valued '; 

. seven to the dollar,- the tifirdoi 
has been selling . for. more ths 
nine, and many traders outsit 
..Nicaragua have- stopped tradh 
tn It. 

Prospects, for ; Nicaragua 
three staple -. agricultural pr. 
ducts, cotton, coffee and suga 
which at -one point: looke 
favourable have started to see; : 
no more than moderate. * A' 

The lack of crop-, sprey^- 
during the fighting- in Septet 
ber may well, . according' 
INDE, . cur the cotton . hart?, 
by 10 per 1 cenL-i Insure; 
anxious- that- -guerrillas "--mi 
attack . the gins or. tite war 
houses, have been relucbuStir 
grant" cover to cotton' gprqwa: 
and have been . 'even thin 


get an 


• - reluctant to pay odt for dam# . 
agreed solution to the caused : in the Sep teidher-dl 


With tiie events oflate August Nicaraguan crisis. turbances," saying that, they- 'a; 

mood of pessimism it stituted S' M- clvD war” again 


In this 


between states which have lent 


Peru’s problems are partially ally, a volatile political situation 

Peru funds. Meeting as the so- the result of the depressed slate has made it difficult for the 
called *' Paris club " the creditor of toe copper industry and the government to follow an 

relative failure of oil exploration austerity programme. 


get its economics 
Horner said. 


right,” Mr. 


Inflation up 
in Brazil 


By Diana Smith 
RIO DE JANEIRO, Nov. 7. 
BRAZIL'S COST of living rose by 
2 9 per cent in October, bringing 
i'ccumulated inflation in the 
first 10 months of 1S7S to 35 per 
«‘cnt. the figure the Government 
bad hoped to see for total infla- 
tion up to December 2978. 


nations agreed to postpone debt 
repayments due in 1979 and 1980. 

Peru's total foreign debt is 
estimated at around $3.2bn. In 
the next two years it is due to 
repay around STOOm to some 200 
foreign banks. It Is tiffs debt 
repayment which is one of the 
main areas of negotiation and it 
is expected that the banks will 
ease repayment terms. Banking 
officials suggest that although 
leading banks are engaged in the 
New York talks, co-ordinating all 
the bank lenders is a complex 
task and will take time. 

Peru has been a difficult fin- 


Venezuela deficit forecast 


CARACAS, Nov. 7. 


BY JOSEPH MANN 

SR. BENITO RAUL LOSADA, more than S150m last year, the 
President of Venezuela's Central first since 1967. Despite record 
Bank predicted yesterday that revenues from petroleum ex- 
the country's balance of pay- ports, the balance of payments 
ments would show a deficit of has declined from a surplus of 
more than S1.5bn this year and S4-2bn in 1974- 
that a deficit would also be likely The balance mil remain un- 
in 1979. favourable this year in spUe of 


Sr. Losada, speaking at a lunch petT °It“ m . tocome and 


given by the Venezuela n-British controls on many imports, 
rbmhpr nf r*nmmpr<*» arMod «»“. Losada noted that some 

ancing problem for the commer- that balLice of ramnenta deficits economic indicator had turned 

cial banks for almost two years. Sed a loSSf part of downward 1975. but 

At one stage, they came close Venezuela’ s development Raoidlv stressed that this was “a normal i- 

to getting involved in monitor- JncfStat imnorte un' Mmt on" process which hewn after 
ing the country’s economic per- ™ t i ast S v eir P were "a factor of the initial effects of Venezuela’s 
formance themselves. But subse- JJSJSJF. hSfinTwfth whteh ihe oil boora receded, 
quently it was decided that banks “™fr! could cone Sr - Losada said the economy 

should not take on this role and country C0U1Q c °P e - remained strong and was in the 

the International Monetary Fund Venezuela recorded an overall course of “powerful’’ develop- 
was brought m. The political balance-of-payments deficit of ment. 


„ . . There were, few, harder blows 

Both the timing and content that he could have struck against 
of Mr. O’Neal’s proposals, con- the embattled : Somoza dynasty 
tained in a memorandum ctrcu- for it was aimed' at the vuluer- 
lated to the six members of the able Ni carag uan finawfa] - 
commission. appear closely belly. 

linked to President Carter's .new ITC - 

pS« U °o n f P .°he Cy JSy t in 

ment regulations. Now that de- 
regulation of the airline industry thL 

has been achieved, trucking has c° n S”tolating toe controversial 

emersed as the nett target.. Se to huSS 

Supporters argue that increas- rights image of his* government 
inq competition between carriers and it was clear that Washington 
and allowing greater pricing was content to be' steering the 
freedom, with the emphasis on General gently towards reforms 
the freedom to lower charges, in the rule his family -has exer- 
wlll result in benefits to the con- cised over- this poor . central 
sumer as well as profits. American state for the past' 44 

Of more immediate importance, years, 
however, may be the fact that 

the International Brotherhood and September, when most ofthe 

oE Teamsters is opposed to population from \ conservative was Fortunate that a U.S. initia- wHjctT-few w^re^inSured.-'^iw 
deregulation. atTruang that it will businessmen toy Left-wing live aimed at showing its. dislike a >^ c tvll EommotiOn 

toranraDtranon and fewer guerrillas rose up against his rule of General Somoza matured- agahistwhich many^ofiS 
jobs. The threat of deregulation with strikes and; violence, Vlhe Last Wednesday, after much U.S. JJS out ST 

may be used by the Admimstra-' Carter Administration 'realised arm twisting at the International flad _taken^ our covar. 

tion as a lever to push the the unpopularity of the Govern- Monetary Fund, the. Fund ^General Somoza’s offer, td-pi; 

union into negotiating a new ment and arrived arthe view that decided it would put off for. a vl de Natiopal Guard troops J 

contract for its 400.000 trucking Somoza must go. .Directly, after sec oad time a decision about a gpard the .gins -and- the- Wat 

members, in line with the Gov- the General had crushed armed Nicaraguan application .for - a -houses has not. met wijh.-i. 

emment’s 7 per cent ceiling on opposition to bis rule, the-.UiS. §20m credit under the Compen- enthusiastic :. response ^ 
wage and benefits increases. The got together with Guatemala and satory Finance scheme. . .. growers and . traders . who .ie; 
teamsters’ three-year contract the Dominican Republic in ' a ' The Nicaraguans claimed to that the presence of the Goar 
expires next March. mediation mission. 1 - . benefit from the scheme on.- the. will only . create trouble.- Sbm t 

»“>* Mr. ov*n pro- The goal of the mtatfmv - It .?!“£*«£? 
posals are aimed at encouraging became clear thanks ti 
new entrants iMo specialised From Washington, was ^ 

long-distance trucking and at of the General without opening -- - — - __ _ . „ 

reducing <he ICG's role in fixinz the door to anything -more to . reasonable expectation. Many and Hpndurjw. will Xall to turn. u 
rates. threatening than aesatra' of the developing countries, and some at barvest fline this year, . If^j 

The ICC can take imoortant roa d sovemment willing to co- developed ones, were not happy traditional supply .of har^ 
stens in the rtireett™ ifSSZ' operate with a reformedNatianal ^to the U -S- mave but toey went labour fails then many farm* 
lation by a simple vole of Its Guard, a body of troops which ® ,lo wed Wash- could be in serious fro uble^ji;: 

comraission. But the longer term had hith erto done anythihg- that -wSjViS -* **** MaBafiua SOverD ' J 

diminution of its role will need Somoza had wanted it to do.- At hdr , d v. „ A T „ toreat i torf say /that the. 
legislative authority for which toe end of last month Washing- General Somoza is desperately of. work in Bl Salvador - • 
the Carter Administration is pre- ^n rather overplayed itshand {J»J \* gHrt H 

paring its own plans. These have ^ toe most popular political heavilj on the 8^m and the cross the -border this year as die. 
been given fresh impetus by the Ktoup in the country,: the^roup ? nanc,a ^- res P® cta toUty it would have come -in previous yCars. .; 
appointment of Mr. Alfred Kahn ^ Twelve, businessmen, profes- 
as head 
inflation 

M3D 0^ ft ■*«. «J|V1| ^ I MIIQU I, I — * ULI HftOURJjjVKi • . , ■ II 

Board. Mr. Kahn led the deregu-1 The Group bf Twelve. ™ BtJOrtfalls - - Somoza is vdlltog to .a«efede> l‘ 

-minded . teures! Ta * conechon was knodtad U.S:- suggestions that ho sb^: 
continue, to be important in ? wry toe fighting in Septem- leave office: -i-'r. 

Nicaraguan politics becausA they ber and poor business conditions 
have the ear of the SanffinSta PS! n . t - th ? t majiy and 

guerrilla movement Theirjwfth individuals were owing Jew. tax 
drawal from the talks ;Songh be « use toey had made lower, 
forward the day on which the P r ° fits - . . .... 

guerrillas would renew jtheir-- c c “ 6t °ms receipts, whi^h.in 
armed attempts to oveAriui September, 1977,. . r camei to 



brought .him . among 



lation of airlines. 


U.S. COMPANY NEWS 


General Motors cuts annual 
dividend; Sears Roebuck to 
sell Slbu of consumer debt; 
United Technologies confident 
of Carrier bid clearance. 


eRlci 

the General aiid seemed to mark' cordobas <£3-27mt fell in 
the total collapse of attempts' to ■ tols 



year to 
17.0m 'cordobas f£L2m). . Sales] 
taxes came to only 3m cordobas , 
( £02m) m September as agaihst 
lthn corddbas (JH).65m) in the! 
same month v iast year. 


Reduced Rate ! 


Fares 


er Class! 


First 

Class 


The had figures fOr September 
i came shortly after it had been 
announced that in the year' to 
I June the- foreign’ debt -had 
lumped .substantially, from 
2.8bn cordobas (£0.19bn) to 
|3.7bu cordobas (£0.25bn^ a rise 
of 23 ; per cent- At the same time 
reserves dropped over the same 
periods from 1.9bn cordobas 
f£0.12bn) to L2Sbn cordobas 
ff0.pSbn) r a 33 & per cent fair. 
Meanwhile. Nicaragua struggled 
to pay off the targe loans it had 
I contracted at the time of. the big 
earthquake of 1972. 

Keen to keep buying arms 
I and -enlarge the National Guard, 
General Somoza has. had. to cut 
back on a lot of other govern- 
ment expenditure, notably educa- 
| tion,. and the National Univereity 
[is in serious difficulties. Lack 
of money in -the till has also 
forced him to call a halt, to a 
major building project, ''-'the 
PRAI; because he could not find 
the cordobas to match the dollars 
being provided by the USAID. 
The. result is that at. least 3.000 
buildirtg workers, are ' being 
thrown ■ on the labour- market 
at a time when the economy is 
in a deep depression and un- 
employment is already high. 

INDE, the national business^ 
mehfe organisation, suggests that 
the "'country's domestic .trade 
tuiiiovfer will drop by at least 
7 per cent rather 1 than grow by 
1.7 per cent as forecast, and that 
building activity will be no less 
than- 3G per cent down rather 
than. -3.8 per cent down as 
expeaed. 



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Managing Director. Noble 
Lowndes &Partners Ltd, 
Norfolk Mouse, Wellesley 
Road. Croydon CR93EB. 
TeL- 01-686 2466 






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November 8 1978 


■■•** 



WORLD ! RADE NEWS 



may rem ove textile 

on new threat to Geneva talks 

structure 


-- , . , ... 'Br iMRE^HARTiN . WASHINGTON. Nov. 7 

«»*• rt Bill Jif "IS? h f s raove ' Because of Strauss faces no easy task in his 

V S? «STSd?Tsis-i3Se t™ i4 oufoi &wsri r ms Ktes^ndiSini'/h*. 11 .! 

'>*•# WOraM^ unlikely' ftT'*,' 1 te£ Eto^'SK* JSS^ttS 

-industry is _ to -achieve, the- re-; doss- iff Geneva: later, this :week. announcement will be made posed bv Con»»« h« ^ month 
structuring reftM to malre it^ President ite^tSL.Satur- before Thursday. 1 when It failed ti elnMnd b™o. S 

conipetitrte .m .^rorid - markets, .d^raq?plak to A«her: «gn the From a purely tactical stand- January ■Mbp Presidcnt', lowers 
-a report Tjy 'brokers Hfewy Cooke meaa^jvTii^, passed Congress point, some advantage may be w waive tht- nuD^HiEn of 

^ r 6 ! 1 for ,- ,l,e us - « l»e ^m^JiiinV <1 i« " t "un“ 

The Maarae^-basM-ftrokerA noi^sigfl-iti atalk-Jffwnich case decision to kill the textile exclu- imnr.ru b 

in ar regular review «f the indas-ji;^ very si op provision were made public mp 17 


-try's projects, say. 'that current 
' over-capacity and ;fears over the " 


lhat by resorting 10 , 
bureaucratic delays, it will not be ) 

fVirnaH -lnlii.illp tn lam' ihn I 



to lift 

export tax relief 


a Frer j 


Ijably^ehoos^. the. last route, while the Trade Represv-otative. The Administration has so far 1 
t . _iowTi a^ithe-“' pocket veto.” Mr. Robert Strauss, is in Europe Fniled to come up with any legal 

impact oM Community., enlarge- . -.^ie- Spcdal.Trade Brepresen- on Thursday and Fridnv for what way round Hie problem. It is 
;ment to Include. Greece, Spain' jatives Office has already sent to are deemed critical talks on the hoping 
and Portugal are likely to inlribrt::tKe’;'WTiitp House a . draft state- tTade nefiotiations 
-action- by -the : Industry -jjjent-.for Mr. Carter to use when It is accepted here that Mr 
aimed at sorting out problems.' . ? .-■■ • 

It Mints; -out. • / ra* .£• 

-dustry in Western Europe^ jsi lo 
-share hi -the' growth, of world 
textile' •' -'demand • •’it, needs' to 
.develop its marketiag-terthe. point 
.where - the . . EEC can . become 
-effective as a single market. . ■ 

‘■There appears ■ no- reason to 
expect existing; textile majors^ to 
-take such' positive, long-term. de- 
cisions in ^pdidoDS •' of world 
over-capacily-.and major uncer- .... - .. .. 

.tainty. Anyinriirves which do take^TN- Aj 7 niajor policy = shift, the then has until January 19S0 to 

place are likely : to be negative..' Brazilian Treasury has agreed to either impose the 18.6 per cent 
short-term' expedients -forced, by l e Vy - ^ fiX P° r t T t? x ' ?„? ***“!« remaining of the current tax 
depressed operation 1 .conditions." -shipped to ■tneU.S^wun- the aim relief as an additional export tax 
Major. textOeu-groii ps ti trough- of offsetting the i 27 --2 -per-cent or withdraw the tax relief, so 
oat. Europe. -Die -report idaims, :tax relief which.' Brazm ah textile that the Full 37.2 per cent tax 
are reluctaht to take an. industry manufacturers Receive on these relief is cancelled out. 
role and act ais * aitaJyst for re- £tfodfc. This In return for Brazil's conces- 

‘••SJSSfS? JfcfBS-Si.?! lion Mr. Bor 2 ,.cn Mid ,b.< tb. 


BY DIANA SMITH' 


RIO DE JANEIRO. Nov. 7. 


additional duties, if U.S. 

faciurers seek rclier 
January 2. for perhaps a month 
or so. 

During ihis period it is hoped 
that Congress, which reconvenes 
on January 15. will extend the ! 
President's waiver authority. 
Proposals to-do just this had 
passed hoth Houses of Congress 
this year. but attached to! 
different pieces of legislation in 
hoth houses. j 

But in the confusion of the' 
final days of the last session of 
Congress it proved impossible to 
make the necessary reconcilia- 
tions. 



Japan car sales to 
Britain up on ’77 


Wang meets Varley and 
top UK industrialists 


-In the" UK, .particularly, we * subsidy by the UiS. textile 
see little nicHnalibn. among the 'industry. - ;' rr 1 ' X :- -\ . 

majors tp take, on riew jratioiiali- The American clothing workers 
salion tasks in .Euffipe,; when iii- union has put heavy pressure on 
vestment in the Far -East appears the-- U.& Congress' To .call for 
to offer the opportunity jo parr countervailing duties on Brazilian ^ 

ticipate in much.* faster growing textile exports to- their country. u ™ u,es roae - 
markets.” '-v . .. " These total abhUt SSOpj, of 8700m 

, _ : rl'. worth-, of. textiles imported 

rri I •/. /annually! by the C;S. 

JLOKyO IJKeJy to-..; ;^en tbe U-S. Congress went 
i 1 into recess last . month. It had 

CH00S6 AlTDUS " failed to grant the administration 
-Nov 7 ' * powers -to ; extend. Tts waiver on 
counter-vailing .- duties ■ after 
JAPAN . -is - likely, - to reaph :- a January 3 next year. Faced with 
decision next month, to buy an. u, e likelihood that these duties 
unspecified number' of . European ^ ,,1 j • jjg imposed thereafter 
-Airbus airliners. 'Jt -"Louis de on . ; ; BrariUan . ' textiles, the 
Guirangaud. TPrench, Foreign' n raniia p Treiwury 'Minister Sr 
Min ! ster. told, a Press, conference Marfe : si monsen * ■ and- - U.S. 

following two, days of taJks-wlth. ."Treasury Under secretary. Mr. 
the Japanese Go venimenL • _ - jr re d Bergsten, worked out a com- 

M. Guirangaud said- a main nigmise in Brasilia yesterday. 

topic discussed • was .the.-:-. v ... . 

Imbalance in" Japad’a: favour in'. * A?, ^ -November y^an. export 

trade between the.Two reuntries. Tax. of 8-3 per-cent will now ^be 
Japan’s Tao domestic airways e ^ or *?J f° ,^ e 

fast month sent a team' tn the 2 S: j 

U.S. and Western" Europe . prior The day the U.S. admmistijation s 


U.S. Ad mi uistrati on will try to 
ensure that a clause demanding 
proof of damage to ioeai induslrv 


Huwt-ver there is no gitarantee 
that the new Controls, which 
will be sornng itself mu and 
consumed with such matters as 
Ihc Slate of the Union message 



r&e-\ 

BY ADRIAN DICKS 




® L 

KiS ^l A 

to to 


m 


nan 


«• . 


s* 

3 


VISCOUNT. ETIENNU^vdgiwi, 
the European GommutHty’s. In- 
dustry Commassioner,.' dedared 
today that he . would "put an 
immediate fealt to his emergency 
programme for steteJ’ if he ;felt it 
was faliMg tIo takepwOper account 
of the socia 1 *i skies.! But it e also 
remanded a shop stewards*. coo : 
fere nee here' of tfofe sfoeliiiribh,.. 
IG-Metall, tha t f o r : the programme 
to succeed in iis akhiroi sBrehgtft-' 
ening the aiidusl^andpr^sefving 
jobs, all those 'involved would 
have to • cooperate .to ;XljA , 
M The restoration of-^tke iiadus- 
try 1» good h ealfh' a iw orth' no th- 
ing . If it does oot a Bow the - 
solution of the,: sort ■<*£ social 
problems that- tiieV crisis has 
created,” he said. Under presaure 
from delegatfis • Do., endorse 1G-, 


MUUffiEM/HUHR,^ov: 7 . , 


MetaU’s wrTent ciaim fp¥ a'35- 
hbur . wtnWng week, ,-vVlscouat 
Davignon said' be ^couid see no 
. objection^, provided ; ,fhat the in- 
dustry's oompetitivffty was not 
damaged. i ;r 

::The. . industrjf commissioner 
. pledged - that^iie wou-ld seek to 
-raise , the Gafomiinifty budget's 
. aBocatCton af'funds to the iodus* 
Try' in 1979atb a 'figure three times 
that of ^577. This year, it would 
be double ' 1377 's. He said there 
woirtdfbave t» be bilateral nego- 
with ■individual govern- 
memsl as 7 to how this money 
''ktaiuiM he spent, but Viscount 
Bavdfpibn pledged that it should 
-be aComm unity responsibility to 
help'Those- whose jobs would dis- 
appear jts part of the restructur- 
ing process. 


TECHNOLOGY EXHIBITION 



commumcations gap 


by subsidised exports is included and the presentation of the new! 
in the forthcoming GATT Budget, will act as speedily asi 

the Administration would like. 


BY COLINA MacDOUGALL 
CHINESE Vicp-Premier Wang 
Chen and Mr. Erie Varley, 
the Industry Secretary, in 
jovial mowl during their meet- 
ing in London yesterday. 

Later, be held more specific 
discussions with several lead- 
ing British i ml ustriu lists, 
including Sir Derek Ezra, 
chairman or the Coal Board, 
Sir John Buckley, chairman 
of Davy 1 iilcrnaiitHjal. Sir 
Peler Matthews, cbier execu- 
te e of Vickers, and Sir Arthur 
Knight, chairman of Cour- 


lauhls. all of whom have 
recently visited China. 

Peking's modernisation plans 
includes huge developments 
of steel, eoal and petro- 
chemical i ml ii* tries. They haie 
already indicated they will 
hity large amounts of equip- 
ment ami Unow-hou abrnatl. 

Mr. Wang's responsibilities 
include the aircraft industry, 
shipbuilding and offshore oil. 
and lu- is accompanied by 
experts from the itto machine 
building ministries which 
bundle naval shipbuilding and 
drfeiH-c electronics. 


FINANCIAL TIMES REPORTER 

THE SIX importers of Japanese 
curs' into Britain sold 159.361- 
cars in the first 10 months cf 
this year — nearly 20.0UD more 
than the whole of 1977. accord- 
ing lo figures published yester- 
day hy the Society of Motor 
Manufacturers and Traders 
iSUMT). 

The> were disclosed as two 
days of talks, on next year's 
Japanese sales, between the 
S.MMT and heads of the Japanese 
car industry ended in London. 

The total compared with 
127.324 in the same period of 
last year — and with a total of 
140,415 in the whole of 1977. In 
the same period, total new car 
sales in Britain have risen by 
22 per cent. 


The Japanese market penetra- 
tion into the British market so 
far has reached 11.2 per cent, 
against a final 1977 of 10.6 per 
cent. 

But there were firm signs in 
Ihe October figures that the 
restraint on shipments from 
J;*pan. ;_nd the cul-back in 
dealers' slocks, was havin'! the 
desired effect nf bringing Ihe 
197S penetration nearer to ihe 
1977 level. 

For last momh, Japanese cur 
sales were 12.415. only slightly 
higher than in October. 1977. 
And hecauseo of the increased 
total \olumc of sales, ibeir acti«l 
market share dropped from 11.5 
per cent last October to 10.8 per 
cent last month. 


Steel to cost China more 


BY RICHARD C. HAN50N 

JAPANESE steel makers have 
wnn agreement in principle with 
Chinese officials on a price in- 
! crease on shipments for the first 
j ha! F of 1979 averazins 20 per 
/cent over the current half year. 
Industry officials said today. 

The Chinese have agreed to 
import about 2.5m tons of steel 
in the six month period, the 
second largest half ye3r ship- 
ment to China so far. 

The basic agreement was 
reached more rapidly than in the 
past, after discussion between 
Japanese businessmen and 
Chinese officials began in Peking 
on October 2S. Final details are 
now being worked out on the 


TOKYO. Nov. 7, 

pricing arrangements. 

The 20 per cent average in- 
crease follows a 22 per cent rise 
for the July to December ship- 
ments this year, which will total 
about 2.6m tons (including 
300.000 tons of pipe for the 
foundations of the new steel mill 
Japan is building for China in 
ShaU5hail. 

In the first half of this year 
Japan shipped 2.6m tons and had 
won a 15 per cent, price increase. 
The price rise narrows the 
spread between export prices to 
China and export prices to other 
world markets but Japan is con- 
tinuing to sell to China at a con- 
siderable discount. 



1 1 S3 

°~1 ail 0 O 

o 



I £<-<J 1 








»•- 




•*» 


■> 



BY OUR aYHS'JS -CORRESPONDENT ] 

LATEST - DEIVi^liOPMENTS In occasion when the responsible 
' the world of ti^jisport and oom- authorities and purchasing 
muaioatiOQS, *od the xole that agencies . can meet the maDUiac- 
Greece can play as a link berweep turers. suppliers and service 
Europe and.- .i3ie 1 -dM-rich “Arab . industries- and. view the latest 
countries will he. view «id *nd ttia- technology and equipment- 
cussed. daring a: .fiverday" inter- available," ‘ "Mr. : Papadongonas. 
national exMiretibn to' be heid in said._ 

Athens oeat year. ; “Greece is traditionally and 

The estiifbition, .- called Transi. geographically . a. meeting point 
link Exchange, wall. be held. from fbr international trade, and with 
May 24' to 2S a£ the ^appeign her anticipated entry into the 
Palace in central Athens- watt} the EEC is a natural and topical host 
co-operation of the_.Qreek Minis- for . -this, major international 
try of Transport and Ckqnnuniica-: eve nV’ he sal d. 
tions. Tt is. bfe.mg organised ‘by . The exhlbiti on’s theme will be 
Position! a Exhibitions and will graphically conveyed by tbe 
take place on she eve of the Euro- Translink, map, which wdi 
pean Council of ministers of display the various .coramunica- 
transport meeting In- Belgrade, tions ah-d transportation systems 
scheduled to open. on. May 29. throughout the Mediterranean 

The idea behind the. exhibition- area as they exist now and.as they 
is that trade between ^aediter-. are expected to develop in the 
ranean countries and the rest- of future. . Featured . on the map 
the world has grown rapidly in will be. countries from North 
recent-years,. bringing- with H the .Africa, the : Middle - East, the 
need for. an equally rapid devel- Balkan Peninsula and Europe, 
opment by these cauptries of Around 'the map' will w 
their- transport and .conunimica- national bureaux representing 
tions systems. ' each of the ..countries which- 

The Transhnk Exchange will- appear on the map. Detailed 
provide -the opportunity for. -information of national projects 
government .and private organ isa- will be available as well .as 
tions engaged in the plaining information on the authorities 
and' execution of these projects responsible' for.' Executing the 
to oorapare aod co-ordinate their projects. ' 
intentions and to view the most The exhibition area will con- 
modern toaetunery and methods ta j n presentations by companies 
available- xo construct and equip ^ organisations who design, 
thedr national . and- inter national construct and service the eqtup* 
comnwinicatiofls systems. The ex- . m ent and machinery required to 
hiibiton will also be a ' mar ket- build and' operate commuorea- 
plaoe where potential" purchasers tfons arid trami-iortati on systems, 
are introduced, to mamifacturers About 40. major international 
and suppliers engaged in .fcuaid- exhibitors from Western 
iog and operating the_sy_stems^: Europe; the U.S., Japan and 

Mr. Alexander Papadongonas, the Balkan countries will display 
the. Greek' Mlnlster.of Transport their latest equipment in road - 
and -Communications; hits under- ..and highway construction, ran- 
lined that., the . ; Transtink way - systems, - pipelines, postal 
Exchange will focus attention on and-. telegraphic systems, com- 
the need for collaboration . and puteri' "' application. satellite 
co-bedifiation between 'Projects;. systems, airports and airways, 
and between the countries in the urban- and ! rucal- traffic systems. 
Mediterranean area. ./ and harbour ‘construction anj 

"The intense growth of traffic shipping; (Vfajor hanking and 
~*by land, sea and air — between finance bouses . wilt also partici- . 
more than 20 nations requires aa pate in the exhibition* 


We had a first-class dilemma on our hands. 

Our Beryl field, 95 miles off Shetland, 
contains 1,100 cubic feet of gas dissolved 
in each barref of oil brought up from the 
reservoir rocks. That’s three times more 
than you’d find in many North Sea fields. 
We knew we could use some of the gas as 
fuel to run the production platform. 

But what to do with the rest? Even the 
large quantity of Beryl gas wasn’t enough 
to justify a special pipeline to shore. 

And neither Mobil nor the- government 
wanted to burn any more gas than 
necessary through flaring it at the platform. 

So we started to doodle. 

Our solution — a fiow-chad.Hke the- 
one doodled above — cost us more than 
£18 million by the time we had transformed 
it into pumps, compressors and pipes. We 
simply send the gas back where it came 
from — % injecting it into the reservoir 


beneath the seabed. In this process the 
injected gas helps maintain pressure in the 
reservoir, forcing more oil to the surface. 
Meanwhile, the gas itself is saved for later 
production. The technique is frequently 
used elsewhere in the world, but no one 
had yet attempted it in the difficult waters 
of the North Sea. 

Our engineering approach — really a 
refinery in miniature — was to take the gas 
as it emerges from the well at a pressure of 
160 pounds per square inch, and compress 
it to 6,000 pounds per square inch — 
enough to drive it down special wells and 
force it into the porous rock below. It 
required a series of compressors weighing 
a total of 2,000 tons. With associated 
equipment, they take up a quarter of the 
deck space on our Beryl A producing 
platform — room enough for 100 double- 
decker buses. 


Mobil thus has become the first 
company to achieve successful gas 
injection in the U.K. North Sea. There are 
still teething troubles to be sorted out in 
this complex and demanding operation and 
it will take some time before it’s working 
smoothly. Nevertheless, we have already 
injected over 12 thousand million cubic feet 
of gas into the Beryl reservoir. 

And when the job of enhancing Beryl’s 
oil recovery is complete; the gas will still 
be there, stored beneath the sea bed — an 
energy deposit account which- will one day 
be drawn upon to meet Britain's needs for 
fuel, and raw material for the chemical 
industry. 


Fourth in a series on the challenges of North S9a OIL 







• -Financial Times Wednesday N<ken&8r 8 t078 



pigs 
to safeguard 
sea gas pipelines 


6Y DAVID FISH LOCK. SCIENCE EDITOR 


Insured theft losses 
double in three years 


by James McDonald 


THEFT LOSSES covered by ventioo panel, said that tie readily spotted by thieves and ; 
insurance companies have more Ssures emphasised the rise m give advice on how business ; 
than doubled in the past three cr L m *- premises and homes can be; 


MOBILE ELECTRONIC robots who initiated development of the ...... UUUU1CU ... Lilc Utfa . 

costing upward* of £250.000 each robot while he was board mem-: t H Rrit , h ” Both businessmen and house- better protected. 

.are being introduced by British ber responsible for production i ‘“-corain*. to emiso holders must now recognise the The table below compares 

Gas to police in its fl.3bn invest- and supply, has approved plan 3 ll" suranc ® Association figures. need for. -effective security, thefts during the first half of 

ment in the hicb-pressure trans- for developing an on-line in - 1 \“ e J 0 U 1 of insured thefts for insurers and the. police will help this year with the same period 

mission cud for North Sea gas. spection service based- on the I rsl “ a “ , ,b,s >'® ar to identify the weak points so last year. 

T . . . ® ••intelli"enr nj® ” £39 Sm — slightly more than for 

Th- corporation behoves that "g 11 l jr enl C , P J«- | the whole of 1975 (£39m). 

■ it is on the brink of a unique Me . 0JS '“creasea annual cx-. - 

: to^hnolo^’ for safe tv assurance P end,t ure to about £6m, The; The Association said yesterday 
which i«~will be able to market corporaiaiop is convening a fee-; that the value 
worldwide in rh* 1980s as a scr- 


to extract 
lead from 
Welsh 
pit dumps 



By Paul Cbeeserigbt 


of thefts had 


tory at Cram ling ton. in the ! increased in real terms over the 
••ice to Eas and* oTF "pipeline north-cast. into an on-line inspec- 1 period. Prices had doubled during 
operators.' K tion centre under the direction ,l '“ nt ««*»*»««. ■*' » u “ 

The robots 


of Mr. Gerry Clerehugh. a, 
*7* colloquially former aerospace engineer who 


Properly taken from private 


t-no-vn as •■intelligent pigs'; - wa5 responsible Tor the develop- homes in th“ firs* half of this 
*«> ir?VT:i Alnnc b «ncd Pipelines. m ent of the robot. S?™' J7 K£ _L S- J? ™ 


making magnetic tape recordings Th c centre will assemble 
of any flaws such as corrosion or robots in various sizes, to suit 


cracking which might pul the the "different" diameters of* pipe- j ^ year ‘ 


line. 


: pipeline at risk. 

The pipelines to he safesua red and siore the magnetically 
in this way are operating at pres- recorded data on pipeline 
sure? up to 1.W0 pounds per damage, in addition in onn- 
square inch. and range from 12 unuirig the research and devclop- 
ir. to 42 in. m diameter. ment role. • 

British (las has spent about its information will be used 
£9m i" bring its robots to the by the pipeline engineers of the 
stage of making the first runs — 12 regions of British Gas to 
50 miles al a time — in the gas determine whether repairs or 
grid. replacement of damaged sections 

Sir Denis Kooke. its chairman, of thc gas grid are necessary. 


year cost £l9.3m — 34' per cem 
more than in the same period 
The increase in cost 

r. «,,n U1 thefts from commerce and 

1 L? roC “*^-*”*-nIr I industry was even .greater — 
48 per cent more that £9.Sm. 


• . - 

1st half 1977 
Cm 9 

1st half 1976 
Cm 

% increase 

Honey 

2.1 

13 

45 

Household ' 

14.4 

195 

34.0 

All Risks 

4-6 

5.7 

23.9 

Commercial 

SA 

9.S 

40.4 

Goods in Transit 

2,7 

2.7 

0.0 


■ 

— — - 

— ■■ 

TOTAL 

305 

39.S 

30.8 


— 

— 

- 


6TD 


Politicians’ meddling 
in BCC’ is attacked 


3Y COLLEEN TOOMEY 


Announcing the losses yester- The figures do not include losses uninsured or insured outside the 
day. Mr. Pal Ban rum. chairman association* nor do tiny include losses covered under marine or motor 
of the Association's crime pre- policies. 


Emergency 
remand law 


Aberdeen heliport probe 
puts back decision date 


BY OUR ABERDEEN. CORRESPONDENT 

By Our Belfast Correspondent 

EMERGENCY ,, LEGISLATION j faces a public inquiry in ’the because of its significance to the 
introduced by Mr. Roy Mason, , \'pw Yp’ar nwr.'nianc tnr i rc nrn- area. 


BRITISH AIRWAYS Helicopter right to “call in” the application 


. . New Year over, plans for its pro- area. 

Northern Ireland Secretary, to , posed 28-acre heliport to serve Director of physical planning. 
l wl-o «.. u suspicious the EEC that it was favouring the j dea J WItb *„!;■ cts °J ‘ nd . ust fi a l 1 North Sea traffic- at the Bridge Mr. Trevor Sproti. toLd 

nkerma “hv politicians with Labour Party, but Ihe party bad j ac Uon by -.000 warders m thejof Don. Aberdeen. councillors yesterday that the 

e BBC nr "plain uncaring lumped political appearances in I HU* 1 "®?! SJJSS... hv ■ The decision taken yesterday by objections arose mainly from 

lands I meanness.” could bam news bulletins together with! • courts jtsteraay /»> • .- rani Resiona' ~ ■■ n«»AnM*i n,i.« 5ff ‘ , '' ,,nn lnMl 


and 


potential noise affecting local 


. .. . ■».* ; r-ramman Rp^innal rnuneil nn> UUiennai noise airecung local 

th* corporation. Sir Michael current affairs programmes. | sc ver al solicitors representing: plannTn° and develop- amea * l y- and suggested that they 

- - - J “ c -Tldants on remand. Some L seek more information from th P 


Swann, chairman of the 
said last night. 


BBC, Current affairs programmes ; de ^? nt i ants . , 

were balanced between parties. [ wa ‘*cd out in protest 
Sir Michael »iving the Fourth ^' ews - however, must be based on I Magistrates began rema 
Chancellor's lecture at Salford ' A ' bat b:,d betn sa5d or done and 1 prisoners in their absence under J including petitions 
raid that for one of the few lbc Government invariably gets I an Order in Council signed by' 

British national institutions mention. I the Queen. The Northern Ireland 


envied and admired round the 1056 Government received i Office said the measure was the 


independent specialists, 
1 residents totalling 250 signatures The committee agreed, and 
— will not be known until March instructed the planning depart- 


CII*HTU dliu dUllllf L'U I UUUU tuc . . .. . j . ■ 

• world M this would be a disaster three times as many mentions as only way io avoid a crisis caused 
" . . . . ' the Opposition, but in 1970-74 by the warders' refusal to escort 

Before bis retirement as chair- yj C Conservative Government or re-adnilt remand prisoners, 
man ne.\t July, lie hoped that a scored three times as many men- 1 Governotent officials S 3 id the 


or April. meat to gather information on 

Application for the multi-mil- the projected use of helicopters 
Mon pound 'heliport was made last for North Sea and domestic 
moalh'to Aberdeen City District flights as well as the possible 
Council, within whose boundaries effects of a new heliport on local 


AN ATTEMPT to clean op and 
enact metal -frora the waste, 
dumps of tbe 19th-century lead 
mines in central .Wales, starts 
today when Eteoith' Mining 
begins plant trials at the' old 
Esgairmwyn mine in DyfedT " -= 
Al Esgairmwyn . there ' is 
between 50.009 - and 60,00ft . 
tonnes of materials, ta'- tbe.. 
dump, with a lead content of 
about 2 per cent: The scheme 
is to process material from the 
dump with chemicals to extract 
the. lead- • 

If it is successful, it could 
open the way to treatment of 
other dumps in central Wales, 
which was once the major lead- 
producing area of the UK. 

The trials at Uie : _plAnt are 
aimed not only al testing equip- 
ment, but also at convincing 
local authorities' that the -pro- 
cessing of the dumps , can be 
done without polluting the 
River Teifi. ‘ .• 

Only when the authorities 
arc Satisfied that this :ls the. 
case will permission be granted 
for a commercial operadou. '. 

EieniLh. a private UK 'com- 
pany, has already bad its .plans 
sAutinlsed by; pubhc-Tuquiry 
and is confident that it will "win 
approval for full-scale working 
by tbe end of the year. • . 

ftlr. Gerard Noe La director, 
said yesterday that techniques 
existed for the grading and re- 
planting of old waste damps, 
but rehabilitation could 'not 
take place with the dumps bra 
rough state. 

The company says that .the 
extraction of thc lead, is not 


£21 Om to 




BY MAURICE SAMUELSON 


The money hits helped financ 


) glfjJ) 1 deciaton^m* ttT^^amiliparion i extraction of the lead, is not 

andinc j -wbf2rS draW^49 ^bj«l.oSs Gon^od noise before seeking the <•"!> beneficial economically 
under ! inch. Hina local advice of independent specialists. I b « >s also a removal of 


pollutants. 


i.. - : n c r - u _ u?Afc iilrl | i v^umivn, wuuiu wuuac uuuuudi ii'J lhcluj ui a ucw uu iuvai 

soiuumu rur tne luture wouia fjons 35 ^ Labour Opposition. I legislation would be repealed ! tbe proposed scheme is sited, but industry and industrial land 


arise. 

Over the last 30 years, the 
■BBi'.' bad been investigated by 20 
committee;. “No one who has 
not endured this sort of thing 
can know how disruptive it is.'" 

The Annan Report on the 
Hume Services, for instance. 


Sir Michael said. 


'once the industrial dispute ended. 1 Grampian Region exercised their requirements. 


Rift widens oyer Iberia move to Gatwick 


BY ARTHUR SANDLES 


rrmk three years Lu complete. THE DISAGREEMENT between with the Portuguese airline TAP country and proved a valuable from Heathrow next summer, b as 

with Mibstantial evidence pro- Britain aiid Spain over the and the Spanish and Portuguese basis Tor the tourist explosion. frozen the times involved so that 

vid*d by ihe BBC. moving of Iberia Airline flights services of British Airways has Now. the Spanish are com- tbe services could continue if tbe 

This Wd.-s fulhiwod more frum Heathrow Airport. London, now spread into arguments plaining that their airports are airline did not move, 

r'-co m !y hy a While Paper. “ pro- to Gaiwick is rapidly deepening covering a w ide range of swamped with foreign airline*. While UK representatives say 1 

pinios iomothina wholly new for into a serious political row. aviation matters between the The British say that the Spanish that all the fuss will die down, [ 

thr internal structure of the Spanish sources suggest that two countries. do not have the jet capacity to the Spanish clearly feel they! 

Nor only did negotiations carry more of the -2m plus UK have been slighted in being 

between the two countries resident who visit Spain each ordered to go to Gatwick. It is 

during October prove to be '.ear than the present one in 10. a matter of honour rbat the 

abortive but some aspects of The Spanish say that if they British should be fought off in 

the matter are already in the knew they were going to get the this affair. 

hands of lawyers. traffic they would buy the air- There is already a feeling 

The air service's agreement craft. among airline people at the 

between the two countries was . The British are trying to play annual c&nveuiion of the Associa- 


Gambling duties 
up to £35.4m : 
in September ; 


BETTING and gaming duttea col- 
lected during September - by 
Customs and Excise totatled 
£35.4m, compared with £3E4m in 
August. J . • 

The increase was accoun$d -for 
largely by tbe periodical payment 
of Gaming Licence < Pre&ses) 
Duty of nearly £2.7m; 

Total geoeraj belting ifiaty— 


including on-course bookmakers, 
satpr 


BF- r " which included a new the- threat nijde by Spain in 
•hour;! nf governors, half of whom London last week to rip up the 
would h-,- appointed from the 2S-ycar-otd air services agree- 
Hom.' Office directly. ment between thc two countries 

*' W- believe this to be was a declaration of intent 
managprially disastrous and rather than a bargaining ploy. 
P'-ttniiaUy dangerous.'’ It would Such a move would throw 
leavi- the path wide open for any Britain into another round or 

negotiation 


fiilu rM Government that wished air services negotiation similar signed before the growth of down the whole affair, but there tion of British Travel Agents in 

in I'v.-rt political pressure on the to that with the Americans over package tourism and charier is already talk of putting off the Torremoiinos that ripping up the 

BB 1 -. Hie. Bermuda agreements. flights. Throughout the iflfiOs idale when Iberia is meant to agreement and renegotiating it 

relatively Spain uperaied’an "open skies” '• move— next spring. The British may be tbe best way out - ifj 

being policy. which allowed any. Airpnris Authority, while not honour on both sides is to he 

operator into the allocating slots for Iberia flights satisfied. 


recently, i&e Conservative What started as a 
r-.iri;. Vent a tally of political simple matter of Iberia 
appearances and complained to told that it must go to Gatwick charier 


betting shops and totalisafor*— 
at £lB.7m. compared With -£2(>:2m. 
in August. - Pool betting 
however, rose over the month 
from £S.7m to £9.4ni. : - -. , 


Forces’ maiF 


LAST RECOMMENDED posting 
dates Tor Christmas nuffl going bv 
ship, to some British- forces post 
offices fall next. week. Parcels, 
cards, packets add letters to 
BFPOs 53. 54. 57. 58 and 567 
should be posted hy November 


15. and to BFI^s 51. 52 and 163 


by November 


igfoESr'ES? .f“SGB projects tb taMWk, at 
Britain is the leading borrower, the North of England, many c 
5 -Sndto- JSlOrn to the UK* which are connected with -the 0 
Natidna!°Wate^ Council over, i be gas industries,. and nwlea 

next two years- ' P ow ? r - . > 

' Under a framework agreement -Members of the Bank, &et-u 
signed in London yesterday, tne binder the Treaty of Rome 2 
money (equivalent to Slam years ago.- -are the EEC's nin 
tint's of accounts wfll be avatt member States-who subscribe ^ A 
able for developing water and its capftai. In June, the eapftz 
sewerage resources in high w - as doubled to the equtvakot,o 
unemployment areas fn need of .about £4, 725m. of which ttte,Uj 
industrial regeneration. share was about. flJJSOni. 

The Council’ will act as inter- The National Wafer Councfl.i 
mediary in contracting loans and bigb oh tbe'Hst hf UK borrov«i». 
pass them on to regional water paving earlier taken' £174fim 
authorities. . ,10 loans to aid schemes in 

The first two loans were .also the 10 regional water authority 
sighed yesterday— £14nx for’ toe- jj, England. and Wales. .' v.-; 

»25 W SJ W th? “s^ern-Trent Sir: Robert Marshall. said' a 
J 0r tfie Sc ' ern rrent Bank had offered lower intern 

lu it ori Si«« arp for vears at rates 0180 alternative source 
The- loans J? JJS™ S and he 'was confident 1 Uat ,t5 

9:9 p «n»ff J1 fnM«din« C 3 a k Mr cent link, would continue, after" IBS 
SSuS? AfSrtb33*ISi lom wbenthe present agreement Tim 

-SlSAl'ir Abthl^v f ° r ^ Tie Counffl-s botrowii^isr 

i£?&S3» is - 

aas? 


a " srasaar 

v>„.. v. p nr « 7 thi» hank's ehair^ Tbe individual, - regional, watfi 

authorfdes. In 


Mr Le Porte said that of the Yesterday's framework .'aglet . 
bank's lending of S2.5bn.-witbin;ment .is -the- firsts of 4ts- ; Wn. 
the EEC in 1978. between a arranged by . the myefithum 
quarter and a third has gone to Bank. ! 7 ’ 

the UK. Gross lendings to •- Under a. separate agreemen r ; m . * f | 
Britain have now reached announced yesterday. the Banj -if^ U * * 
£1 2170m since the UK joined the. signed, a second loan to the Grajp.- ' 
Community in 1973. pian . Regional Council wort ... A 

This vear's loans to Britain £6m f7^m units of account!, I.-:: .-vVrCi 
will total almost £300m -in -wlIF’ finance road, and water dti.v *- • • ^ 
various currencies and they arel velopment .in Eastern Scdtlas , 
likely to increase is the next few made necessary by growth of it'- 
years. North Sea oil and gas indi&ti^^ 


European Investrnent Bank Loans and Guarantees 
(M units of accountV 
1973 ' : .1975 

amount % amount 


;• 1977;^ 
amodnt 


Belgium 

Denmark 

Prance 

Germany 

Ireland 

Italy 

United Kingdom , ... 


--6B 
170.9 
204.5 
- 22.6. 
181^ 
67.1 


10.8 
0.8 - :: F727 


20B 

25.1 

2.8 

22^ 

5.2 


158-0 


1.1 
■ 1.8 
15 . 7 . 


37.7 

3588 

334.5 


3.7 

35.6 

33.2 


132.7. -yjk". 
.2965 18. 

28.4 .' .1. 

-= 79.7,'.-: 5. 

. 425T ‘-27,_ 

489.5 31 


Outside EEC 


65315 

162^ 


80 J. 
199 


917.5 

89-0 


.91.1 

8.9 


1352.5 86 . 
. 219.0 ,. 13 . 


Totals 


8I6J) 100 1006.5 100- 1 571.5 MO 


(1. unit o( account =£0.688763) ’M.\ : 


Tax deposit rates 




FROM MONDAY, the rate c-f 11 per cent to H* per cent: fh 
interest on new deposits accepted ra te .of interest en deposits wilt 
under the term^ of the Pros- ^ r > WI * for cash remains at 9 pe 

C ,*Tb. ' bonus pay^bte on depo,ir 
?LJE aX j pos !f dated August /9, applied in payment of tax aoi 
197S. and applied in the payment held for more than six month 
of tax has been Increased from remains at 1 per cent. 



Release 





The Job Release Scheme has been 
extended until 51 March 1979 and now applies 
throughout Great Britain. 

This Scheme offers men aged 64 and women 
aged 59 on or before 51 March 1979. the chance to 
stop work up to a year before reaching statutory 
pensionable age. They'll get £26.50 a week tax-free, 
and married people with a dependent wife or 
husband whose income is £8.50 or less a week will 
be eligible for £35. 

The point is. they can’t take advantage of the 
Scheme without your agreement. And if you do agree 
to allow them to participate, then you must recruit 
people from the unemployed register to replace them 
though not necessarily for the same jobs. 


As a result of this Scheme, your employees 
have the chance to stop work up to a year early, 
which may give you the chance to do a bit of * - 
promoting. Above all. you’ll be able to take on new 

staff. Doing that means you’re also giving a job 
to someone wh o’s presently unemployed. 
Employees who wish to take part in the Job Release 
Scheme must apply by 31 March 1979. There'll be - 

advertising in the national press to tell them * 

about it. 

Leaflets with full details of the Job Release 
Scheme are available from any Employment Office, 
Jobcentre or Unemployment Benefit Office, or 
ring Eileen Tingey on 01-214 6403 or 01-214 6684 
for more information. 


Job Release Scheme 


Department of Employment 



Rembrandt c 

R 


Rembrand^'Sejf^jortrai? ;ib3ij,g ( jK5museum.Ainstsrdafn» 



— Ldnbrandt found his inspiration in Holland, 
vet created art with a worldwide appeaL The Uontrale 
Rabobank also finds its inspiration in Holland... 
yet incrcasinglv provides services in the world at large. 

With a strong agricultural background, 
thc Centraic Rabobank heads a cooperative 
banking organisation with over 3100 offices and a 
combined balance sheet total exceeding 61 billion 
Dutch guilders (in excess of US S 26 hiNion) in 1977. 

This makes the Rabobank not just one of 
the largest banks in Holland and one of thc 3y largest 
banks in thc world, but also a bank with deep roots 
in almost all sectors of Dutch 'economic life. 


other major European cooperative banks. This^ together 


has slrengthened our operations by giving international 
clients unparalleled on-the-spot service. 


The Ccntrale Rabobank is now- expanding 
worldwide with a full range of banking services. 


Grtwvtti of balan c e irieet total 
and international acovites 


intemsnona) + 



— < 


72 ’73 74/75 76 77 


- . JLn addition, weare active 

in the Euro-currency and Euro- 
bond markets. Our international 
transactions in foreign currencies, 
Euro-credjt-k>an 4 aTid; - ' • 

participation, in new issues, are i" 
showinga remarkable growth. . • 


T° accelerate this expansion, we recently confounded 
the Hunico Banking Group", linking us with five 


Centrid.e.Rabobank .IntewiatimiaI Pividon 

Cathariiheringel ZO, P.O. Box 8^98. Uu^-ht: : 

Tbe Netherlands. Telephone 030-3626il.Tdacf02fV^ 






.■•S; 

*i ' IO- 



Q 

Ehstch Masters in Banking. 


* ‘ ‘ 


l -. 



■I ■" 


l . ' ■ 











;Times . WediiBS^ay -November 8 1973 




icar group 



Sr MAURICE ■ SAMUHSON 




causes 
share to dive 


THE FORD pay ffispute distorted Another heartemin^ si^n for including Fiestas frnra Spain, 
tie UK car market in October BL was that the Rover Nilot*o. Escorts. Granadas and Capris 
and Ford's share nf tola] rcais- voted "Car of the Year” rwo from West J_C*er many and Cor- 


4' ' .. . Jtrations plummeted lu 18.72 per years auu. scraped into the top tinas from Belgium. 

JAPANESE VEHICLE maom al&mign- tne Japanese had not i cent, from :i0.45 ncr cent in the 10 ■**■-* r k "* ,r - 


Jacturers woulfi .continue' to . be referred to them. 
prudent in their approach- to . So fer this „year. Japanese! 

to. -.vehicle imports, have :.ae<uuntcd ! 


same month hst jear. 

However, mini sales were slili production at tlie new £90m 


exporis'-in nte-titw. accorcung io.-.veiucj« jiuK.uus.M»».«w.Jun.M. . . - --- - R livrr ri i 4 , 4 »i 

leaders of the Japa* automobile for more than II percent of 5jL"2 5r ' ctr,b ^ »■ v 

manttFaetam** nwaSriafiftn UK: x&arkeV -but they, jere 1 i~?- ,hc record jear. and were Vans, hall. I 


ass 


with safes of :».6W>. Thai BL also had lo import popular 
reflects BL’s recent increases in vehicles Iasi month. Almost a 

quarter oF the 5.‘.£M Minis regis- 
tered and a fifth of the 3.140 
Allegros were assembled in 
Belgium. 

For Importer* nf Japanese 


. — Lhc Central Motors 

9.K2 per cent above ihe Ocloher. subsidiary, and Ghrysk-r mi* 

1I77H level, accfirdinq in statistics proved their performances, 
from the Society of Motor Manu- Chry&ler's Alpine, with sales up 

ers alter two — - — , fa f urcr< an “ toda >' f™» *-’.093 in CK^ber 1977 to ^ m3rke1 Khw wa5 I0 .7S 

davs of ialkH iniondon - .year, '.the Japanese share of the- Importers tei.k up some of the 2.^9 seemed, like the Manna, to CMlL aj?a j ns i prr ccn , 
days of UtiRa.jn -London,. .. -yK^arHet had.nseo by 1.6 per [slack and aconuDlrri for 51.69 per Z*™ from shortages of Cortina*. f n 0l1obpr )asr vo . ir However. 

The ' communique ^saldi. ^nCconipared with 3 per cent a cent of sales in October ibis year. ChrwJer's share of total the Japanese hair sold more cars 
‘During the : talks the ~'5MMT- 7earlieftjre : thettw groups began [against 48.8ti per cent a year re'hst.futinns moved up lo S.05 this year: 159.3B1 n-omst 127.324 
expressed , the deep concern of their -series of taJks ; . .. . ■ i earlier. per cctn fr ^ m 5.55 ptr C em in in the Erst 10 months, 

its manufacturers about Japanese . .The society believes that there. BL. fonn»rlv British Levland. October last year, while Vaux- European producers who made 


National 
electronic 


BY |OHN LLOYD 

A NATIONAL programme to 
increase awareness of niicro- 



Responsxble - > precast, 

■c- t. • t, .V : comitterclal' vehicles, . f 

Bir Banue :Heatb. president of • • .. . 1 

the society, said that there was fenefitv ' - 
no’ question that, the Japan . 
lad acted'respoosibiy. since talks. ’ The Japanese jsld g nowevpr. 
between the -two associations noted- that vehicle .demand was 
began; in Jd id-1975.. They bad L^Mcult tp prediirt since next year 
recognised "the--, difficulties tit * would-be an elf ction year, 
restructuring the UK motor • The Jama “delegation- was -led 
industry. - ;- v vby. Mr. E.Toyoda, ite p resident. 

"They have acted responsibly commiinique said that the 
an d have '.emphasised that ‘ Js 1 “ - 


ot l Percent on-this year s from 20.56 per ccol in October, oember intailed HSJ212 against l- 97 *0 2 - 57 pPr vent: Peugeot, 
icast.-wvering.cars^d light! 1977. ?05 5s! ^ ^om 1J4 t, aj« per cent: 

Its bcst-sellin? model, the vear. In the first 10 months of Renault, from -.91 to 4.94 per 
(Marina, came within a whisker thj s year registrations, nt cent: and \ ol vo, from l.5b to 2 J.2 
] of being Britain's top-selling car 1.^29.606. are 22.2 per cent percent. 

'last' month. Marina regislratinns ahead of last v ear's figitre Last months Iti hpst-seMing 

totalled 8.395. aqainst 8.39S for The importers' share of the models wer»: Fnrd Escort. $.398 
the Ford Escort. market in October was held registered: BL Marina. S.395; BL 

The Ford strike bad an im- back iareclj' because Ford is the Mini. 5.224; Ford J'Joriina. 4.93f); 
mediate impact on sales of bitgest single importer and its Ford Fiesta. 4.71S: Vauxhall 


tbEy discusaon^ were . wide-ranging, 
will continue to do so." - and that both sides re-affirmed 

The Japanese' were 1 .'aware of- .lhetr strong support for imer- 
thedangers'of'swaniping the UR national free- -trad 1 ?- ’It also 
market, and" saw ’that .-feelings acknowledged '•■the -benefits that 
were running very" high’;. It was tnternationa!- ' rcbmpetition can 
in their hands- to -regulate jndtor- bring to industrial efficiency andj 
sales on a voluntary basis. " consumers.” . [ 

However; the -strikes at-British The iwo sides woiild continue 
Leyland and other troubles in the to watch the situation closely and 


inornate impact on sales of biggest single importer and its rora riesia. vauxnau 

Cortina’i. aiiready in short supply, products have been blockaded at Cbevette, 3.919: \ auxhail Cara 
With sales last mouth of 4.930. ports almost since the dispute tier, 3.680: BL Allegro. 3,140: BL 
the Cortina dropped to fourth began.. Princess. 2.S72; Datsun Sunny. 


dropped _ . 

place, behind the BL Mini, with In October. 42.9 per cent of 2.736 and 
5,224 registered. Ford cars sold were imported, 2,696. 


UK CAR REGISTRATIONS 


British motor industry were "a’ hnld further 
bafl bacbground Jor' these talks,” hecessayyr . 


meetings if 


Coal production effects 
to be assessed 

BY JOHN 1X0 YD j, ' .. : 

THE environmental idpUcations ihdurtiT. Plan. for-Ccffll and Coal 
of the UK's increasing coal pro- fox the Future, r “ 

du ction will be studied .by $he . — - — : r-r-' 

Commission on Energy and Oie . 'a r 
Enviromnent; which* pubUshed its • AppOlDlDlCIllS 
terms of reference 1 yesterday. •• m rr - ■ - -. 

The first phase- of the Commis- • ..fiiTPPTfirV ’ 
sion's study will ■concentrate- on' . J. ? - 

tbe National Coal Board’s exphnr- - lfn/iaf All' ' ■ • 

ation and mining programme and *J UJJUaiCU ... 
on determining the. likely loca- THK SECOND editiott of a 
tion and timing, of future mines, directory of paid public appoint- 
It will also examine the tech- meets made by Ministers is pub- 
oologies of .coal production and kshed today by 4he <3vil'. Service 
use. and attempt to identify the Dep^teheot;. It contains details 







10 months to cnd-Octobcr 



T978 

% 

1977 

% 

1978 

% 

1977 

/o 

Ford 

21,564 

18.72 

31,151 

30.45 

376.039 

2650 

297.121 

25.40 

BL 

29,055 

25.22 

21.706 

2056 

328,002 

22.94 

287.189 

2455 

Vauxhall 

9.737 

8.45 

8568 

8-12 

114.753 

8.03 

106.720 

9.12 

Chrysler 

9,278 

8.05 

5.860 

555 

95,777 

6.70 

69.337 

5.93 

Total British 

55.658 

48.3? 

55.476 

5254 

731,051 

51.14 

639.980 

54.70 

Datsun 

7,244 

6J0 

7.106 

6.73 

92574 

6.50 

75.917 

6.49 

Renault 

5.686 

4.94 

4.129 

3.91 

61,079 

4.27 

49,914 

4.27 

Rat 

5519 

4.78 

4.940 

4.68 

64.088 

4.48 

57.910 

4.95 

VW-Audi 

4,432 

3R5 

3597 

3.41 

55,172 

356 

40.582 

3.47 

Total imports 

59,554 

51^9 

50,105 

47.46 

598,555 

4856 

529,962 

4530 

Includes cars from companies’ Continental associates which are not included in the total UK figures. 

Includes imports from 

all sources. 

including 

cars from 

Continental 

associates 

of UK companies. 


cars, cuts m >hif.inem& m the ! electronics in schools and col 
UK were starling in he felt. Thc[lesp*. together with a strengthen- 

inc of the micro-electronic capa- 
bility of some universities and 
polytechnics is being considered 

bv the Government. 

'A letter from the Department 
nf Education and Science to local 
educational authorities and other 
educational bodies says that 
"the Guvenunent wishes to 
ensure that the best possible use 

is made of the new technology. 

and is working on an appropriate 
strategy.” 

In education, this strategy 
would include: 

9 the production of an adequate 
mini her of well-equipped 
specialist?: 

6> teaching non-specialists about 
the new technology, to enable 
them to exploit its uses; 

© making children aware that 
they may be required to adapt to 
rapid technological change: 

3 offering adults training in the 
new skills which these changes 
mar call for. 

The letter says that education 
should aim to give young people 
a wide range of basic skills and 
improve their adaptability. 


BL Hover saloon. 


Finance threat 
to development 
council ended 

By Cur Own Correspondent 


Institutions accept shares role 


BY CHRISTINE MOIR 



— duction JeveJs will rise to, ISSxp’ IHu. . 


we have 


tonnes by 19S5 and -171Jm tonnes Directory, of ' Void 3*BMf I Pet**- Dugdaie. a managing fulfil our increasing responsibili shareholder - nt one 
by the veaf 2000; as set but fh ^ppdmtmenw made by Minis- [director or Guardian Royal tie* to our fellow shareholders, and the interfering 
the two major, schemes Tor- -the ten. HMSO, £*25. -Exchange. He said: "1 hope we In the 19S0s. the insurance com- the other. 


TYNE AND WEAR Count}* 
Council has withdrawn its threal 
to refuse finance to the North 
nf England Development 
Council, provided that the 
development couticil agrees to 
eight "guidelines.** 

The guidelines, which the 
development council’s executive 
! s expected to accept at its meet- 
ing on December I. provide for 
the council to submit its pro- 
grammes and budgets to mem- 
ber local authorities for 
approval, for the organisation to 
assist in the growth of com- 
panies already ! n the region 
through trade missions, and for 
duplication of effort to be 
avoided by closer consultation 
with members of the North East 
County Councils' Association. 
Other county councils in the 
absentee! North-East, which subscribe to 
extreme! the development council, are 
busybody at (expected to follow Tyne and 
Wear's lead. 


British Steel buys 
Glynwed division 
in £3im-plus deal 


BY ROY HODSON 

BRITISH STEEL is buying the 
sheet steel stockholding business 
of Glynwed in a deal which 
could cost £5m. The final price 
will depend upon a valuation of 
the steed in stock. 

British Steel believes it will 
have to pay between £S.5m and 
£5ui. Mr. Leslie Fletcher, chair- 
man of Glynwed, said last night 
he expected the deal to be settled 
at between £4m and £5u). 

The Glynwed sheet steel busi- 
ness, which operates under the 
Cashmnre name, amounts to 
about 150.000 tonnes a year. Com- 
bined with the sheet business 
done by British Sleel Service 
Centres, the acquisition will raise 
the corporation's share of the 
sheet stockholding market by 2-3 
per cent to nearly 10 per cent. 

British Steel's total market 
share of steel stockholding in 
Britain will benepforth be about 
S per cent. Before the world steel 
crisis gave an undertaking to the 
National Association of Steel 
Stockholders that it would not 
extend its stockholding activities 
to more than 15 per cent of the 
Britlsb market 

Loss 

However, there must be doubts, 
now. on whether that undertaking 
is still considered valid, in view 
of the fast-changing pattern of 
the steel business. 

The corporation is determined 
to build up a closer relationship 
with its customers through 


greater participation in stock- 
holding. 

Glynwed lost £lra 00 its sheet 
steel stockholding division last 
year and expects profits lo be 
very small this year. 

The Italian state steel com- 
pany. Finsider. was negotiating 
to buy the division for between 
£4m and £5 earlier this year, but 
called off the deal at a late stage. 

British Steel is taking over 
one of the Glynwed warehouses 
at Great Bridge in the West Mid- 
lands. It will offer employment 
to the 115 staff at terms no less 
favourable than they have al pre- 
sent. 

The business will trade under 
lhe name Lye Spencer — the 
flat rolled steel division of 
British Steel Service Centres. 

The corporation will take over 
plant and stock at three other 
warehouses. The premises will 
be closed. About 160 jobs will 
be lost at the warehouses at Hat- 
field. Hertfordshire. Mnrlev, 
Leeds, and Bellshill. Lanark- 
shire. and through the closure 
of three sales offices at Slavdom 
Tyne and Wear. Newport, Gwent, 
and Redhill. Surrey. 

Glynwed is pulling out of 
sheet steel stockholding because 
it believes the business is likely 
to provide only very modest 
returns in the future while 
demanding continuing — and 
probably increasing — cash 
investment 


Statement today on row 
involving Lloyd’s 


BY JOHN HOORE 

ATTEMPTS WERE being made 
yesterday to resolve a bitter 
public row between a Lloyd’s of 
London underwriting syndicate 
beaded by Mr. Michael Payne 
and Employers Protection Insur- 
ance Services, a small specialist 
consultancy firm. 

Remarks at the weekend made 
hy Mr. Brian Raincock. manag- 
ing director of Employers Pro- 
tection Insurance Services, were 
considered offensive by Mr. 
Payne and be has considered 
taking legal action. 

Mr. Raincock indicated over 
the weekend that he was remov- 
ing insurance business from 
Lloyd's, because he found the 
underwriting arrangement " un- 
satisfactory." He was completing 
a new underwriting agrecmer.r 
with a consortium of insurance 
companies. 


However, the initiative to leave 
the Lloyd’s market was not taken 
by Mr. Raincock. Mr. Payne's 
syndicate cancelled the under- 
writing arrangements at the end 
of October because of the serious 
losses affecting the syndicate. 

Claims outstripped premiums 
hy two to one on the Insuran-e 
business which indemnified 
employers against unfair dismis- 
sal claims brought hy employees. 
Moreover, many of the claims 
arose soon after cover was 
arranged: and there were 

administrative problems in the 
running of Employers Protection 
Insurance Services scheme. 

A joint statement is to be 
issued by both parties today. Mr 
Raincnmk said last night: “I 
have the highest admiration for 
'Michael Payne. I shall put the 
matter righL" 




*f %0. 


V 




sorjL 

.ii i* 4- . 


■■■ "• •■r i l >-J ' r . -- • ■ .»• 


■■ ;r ■’ Vf * »* ‘ • if : 

.... . • - "jW •••• • 

• : \ *. • 1 JT .■ 


• - ■ " ' ’• . ' 

. - ;> •• ;y-:~ :■ 


.. ..<<• ..... . 




. ...C;. . 


Bronzebustl^ George Framptojt 

sddforjaooa 



• -rr.j 



Carved wood Maori figure 
sold for 15,400. 



You need to raise money. 
You naturally assume that the 
things you lcfve and value most, 
will be the most valuable. You 
could be mistaken. 

The little Maori wood 
carving is worth a great deal 
more than Grandmother. 

He was sold at Phillips for 
E5, 400. Which could pay for 
several terms’sehooi fees, alot 
of work on your house, or a/ 
badly needed holiday. 


You may have something of 
equally unexpected value, put 
away out of sight and out of mind. 

It might be Ethnographic. It 
could be Netsuke. It could well 
be something to which you attach 
very little value - sentimental 
or otherwise. 

Phillips will help you identify . 
it Bring it in if you can. Send a 
photograph and adescription if 
you can’t Arrange for us.to call if 
you can’t manage either . 


We’ll value it, catalogue it 
and send details to interested 
potential purchasers on our 
extensive worldwide mailing list 
In selling your item, you’ll 
find us helpful, professional and 
totally dedicated to getting you 
the very best price. 

Phillips are one of theworld’s 
fastest growing auctioneers, with 
a tumoverthat has more than 
doubled in the past four years. ' 


Part of that growth has been 
achieved by persuading clients 
not to sell the things they would 
like to keep. 

Remember us next time you 
are thinking of disposing of a 
‘relative’. 

Bring it to Phillips. 



Founded 1796 « 
Blenstock House, 7 Blenheim Street, 
New Bond Street, London W1Y QAS. 
Telephone; 01-629 6602. 


London V.'e:-i 2 
London Marjiebone 
Knowfe 
Leeds 


Bath 

Glasgow 

Edinburgh 

Dublin 


NcwYork 

Montreal 

Toronto 

Geneva 

Amsterdam 


v 


8 


. . s? 



"'Financial Times Wednesday N^yeinber £-1973 


Pocket 
TV 
to sell 
at £100 

BY JOHN LLOYD 


Burden 




BY PETER RIDDELL, ECONOMICS CORRESPONDENT 

THE ESSENTIAL steps in tax levied it and 10 rhe companies required there is an nm hurst of 
reform are to reduce the, overall which had to par it. indignation and tataiid ?rid? by f 

seJenn- 0 “ 1°"’ iSilbS* xhl h " w,lh the much hr| Jader tax the Government. The outburst of J 
nrf tn b ™<trirf base Which would resu It, the rate indignation ought really to be the | 


number of taxes and to restrict 

to 


their application, according to °±}*? J .!Y!.? d * 0U J d R hviou * ] *. he . Qt tt r - wa * round - 


South 

move 
planned 
by IBM 



5 9% offer 



company in which the National 
Enterprise Board has the 
majority share. 

The new set. called the Micro- 
• vision IB. is a smaller, lighter 
and cheaper version of the com- 
pany's Microvision 1A — which is 
:“pnccd at nearly £200 — but with 
’“the same two-inch diameter 
screen. 

The IB will receive only uk 
television programme's, whereas 
the 1A. which was aimed 
primarily at the U.S. market, and 
. remains the firs 
rhe world, could 
much of the world. 


of Fiscal Studies in London last accountancy profession has been tb ? 
nirht. sa«d that the process of unable to do so. The matter is of 

tnx reform would hp •*— * *’ 

Ihplppri hv shifting part 


burden of tax from income to for Parliament to prescribe the Lroilin .® ,be economy. Partly as 


greatly such importance that thpre may 2“,, , 1 

of The ultimately be no alternative but fi^nLS 01 ^ 35 

ironing the eci 

exoendiiure. It was in the rules.” —a .result of trade unio'n pressures. 

ss sr; °Lpr^i s -° n “ 

:S7>= iilrSS £“* ■sssi.-si- 

sv«tAm or tar in th* UK. based ,i fund amen Lai reform contained in 

on b>< vears of experience or Lv 8 lhe the Meade fc R W»- However, at 

— Un i;*'! administration in the tp panTanipot 1 « i, p ^l nt 1016 cominon around 

r’i ? llS ^ nd ,n ! Inland Revenue, in industry and ..= *{ r,f Mil’ 6 nnM? fleC ? n f Ihe wh,ch . w *» a Prerequisite of any 
Id be used over ■ In Government. vi ? Ws of t,lc Public at large, agreed Lax system simply did not 

the money exist in this country. 


BY PHILIP BASSETT AND NICK GARNETT 

a J! d cylinder, handlers -The 3.000-man labour force Shop stewards, wfio had put no 

wliTh'u ux YS0h s gases dm-: has been particularly annoyed at recommendation to - the mass 
„ rej ®F led 3 'the productivity strings attached meetings, had made it clear they 

8i inQn r™ pa >' offer of no the offer, which the' company felt its productivity, element was 
- 10 per cenL -. introduced during the Fast round unsatisfactory,. They believe the 

Union negotiators said meet- talks. terms of. the scheme, based on 

mgs at a majority of lhe divi- Ttere is also considerable meeting company performance 
sion s 4o depots had turned down feeling that tbe size of the offer targets and on individual anem 
company's offer. -A shop is wo* lSf a iS»SS the drivers dances, will have to be redrawn. 
IBM. THE computer group, is Rewards delegates conference - do ^ot appea^ lo be sticking Kodak negotiators told union 
“Y u, «*. , planning to move its scientific ' be ^convened, possibly -oa flrra on their demand for rises representatives that the offer was 

Lord Cockfleld said that there j centre, from Peterlee New Town. 1 discuss their - next of np to 14 per cent. S 1 * besL lt eould under- 

” m herMla „ sr? in urt „ . . . :a L ^ ^ ,, s;r sarv 

Ham [shire. „ .» «h« j™ ,n , .by-J-SWfflfi ^ Z ^ ^ 

duclivity 


BY RHYS DAVID 


i In nnvernment. 

.. . : Tax levied had increased hv 

cli ene.) of the set io|nparlv five firae* in real terms 

over fh's n*>rind and fh«* nrnj>nr- 
tinn nr national innnmp- takf>n in 
ta T had more than doubled, he 
said- 


refuses (o vote all 


main UK locations. 

The move, which will affect 
only 23 people, is nevertheless 
a blow to the North East which 
been making .strenuous 
efforts to secure modem scien- 
tifically-based indiuiiiries. and. in 


deal ^ whiPh- pr °‘ off P r ’ lt jni Sht need industrial meetings, 

pected to vield S' per clnr ^ - aCt “ M1 to do A stri * e b >‘ f . he . Any increase in the offer Jo' 
basic pav. But the 8 000 same sroup last year cost rne the company’s manual workers is 

have accepted a 5 pe? Sn?l?-' SFVH* £5 , ra and 1f. verB3 ^ iikel - v t0 have. a knpek-on elfftt 
crease in pay wftiun Govern m«n«- ?^f c ^ d - a UrGe number ot for its 2^00 white^u»r =»„«- 
guidelines. . . T* 0 * «>dnstr«s. 


About 25 of the 


for its: 2^00 white-collar .stiff; 
members of the Assoctatin "of 
_ . . Unron negotiators at Kodak Scientific. Technical arid 

British expect the company to resume Managerial Staffs. They accepted 


particular, advanced- electronics Oxygen depots had rpi<v.te,rYhZ „ - - . . _ .-- r . — 

concerns. i-ompanv's offer ° n 1ts offer !° m 301181 wor ' the same offer, but included, fn 


rerailers have begun and Lhe 
company says that it should have 
adequate stocks For Christmas. 
The marketing strategy concen- 
trates heavily on the Micro- 
v-ision's use in leisure activities, 
and id travelling. 


Small-scale 


Chaotic 

There were three main con- 
tributors to this trend — the 
growth of public expenditure, the 
use of the tax system as a tool 
of economic management and the 
Juse of tax to redistribute income- FOURTEEN 
and wealth. 


London attracts 14 
new foreign banks 


FINANCIAL TIMES REPORTER 


rn’nnuni-'c nlTa- k.. i ■ . kuivs on ms unci iu manual »ul- uic a. 

. j . . . . Kviti-fnniv a JS * ni «hL kers- after, tbe final four mass their 

LBM has made its decision I .. J jopots meetings of the workforce made clause to provide for further' 


acceptance a re-opener 

- — — — . . — — I ai-iie»rMiin#T • ■ ' — t-“vj cjiccmigs yj Luc wurniyice uiiiuc uiauac -|0 provide for further 

?f <WS™1ties po ® ed b y jriue i 0 dav urt * er reelings are it clear that the company's pro- talks if. any Kodak rsettletnent 
the long tinea of communication [ ° -* dnetivity offer had been rejected, went beyond the. guidelines. , 


4? 

■ 

CO 

By Max Wilkinson 

FAIRCHILD, the California-based 
semiconductor company an- 
nounced in London yesterday 
’ what it describes as the world's 
most powerful micro-computer 
'.'with mini-computer capabilities. 

It is called the 9940 Micro- 
flame. and includes on a single 
silicon chip the processing power 


NEW banks have and financial Institutions 


arrived in London during the indirectiy represented* through ^ ! ® pe ? 181 reference to national, 


long 

from Lbe plant. 

It said yesterday that it had 
become increasingly necessary 
for the centre's «taff to he in 
touch with head office ‘in Ports- 
mouth. with its research centre 
at Hursley. Hampshire, and with 
marketing in Lo'ndon. 

The centre was opened in 1969 
as one of eight tn Europe charged 
with advanced research into new 
computer applications with 



plan vote 
-way merger 


BY ALAN PIKE, LABOUR CORRESPONDENT 


NUPE has 
action plan 
for low pay 


In particular, the Present sys- pal<l 12 raQnths at . C0rdin3 w a stake m one or more of t he 31 1 S' ® COnomic and LEADERS OF the Amalgamated March 31 was the projected date 

m of com pan j tax had been sunre y of foreign banks in Lhe J° ,nl venture banks m London, i p bems ' Union of Engineering Workers for the new union to come into 

adc chaotic bv various special ctiy_ This brings the total representa- Its mode of operations calls for are propo-.ing a new initiative bein'* 


made uimuu U} numa Cltv i ms onogs the total representa- 1 Hi moue oi operations calls for •*'*■ proposing a new initiative bein 

reliefs introduced for economic 011 „u rtn t,on ^ foreign banks to 395. , partnership with outside organi- lo break the long deadlock over if 

reasons, mainly to offset the forpi „ n han ,!l Q *- f Tbe 'nagazine also underlines; nations and. in particular, univer- their plans to create a single aecordi’na't'n nH.‘n“Tho“ on ^*1 n elr 
effects of in.lation on company ^ ^ al2 K l_ , ". L 2 ndon the big increase in iohs nrnvirf«rf I sities. local authorities and un, *°n for tiie industi>- that in'* construction' and 6 fouxidrv 


those arrangements go 


government agencies. 


cut-vis Ul mrldllim UII VUIII IMIiy lijuuuu IW hu Km ini>rf> 3 CA in i-u, ... , 

profit, ,nd on the -bility lo in- {jpprt' fh^3M mmj- h , u,e*fo«l«l b»k" The“r cut 

These had at best achieved There are now 308 directly b noo* r i Thc T' e the NDrt i Easf 

little and 3t worst might have represented, but the figure has ‘ i onfirin . K ; “ 9 - 000 I vv * 41> . mad j at ? lime v f ben 11 
been a distorting factor. been Inflated hv the mH.mmn ,_“ ond ?? s importance as ao| was hoped 

should be a return to 
ciples. 

A start could be made “by City. Z*:*T“ 1 


foundry 
a eotn- 
systera of 



banks 

A further 87 commercial banks there. 


.programmes developed for the ii w u'', 
Data general Nova series of ! ft. p'^l 
computers. Fairchild and Data j ?- nwr 
General arc rnyagrij in a legal 
dispute about patent;, and restrict-' 
live trading. 

• P r - Thomas Longo. Fairchild's 
chief tecbnical officer, said yes-, 

•terdav that ihc nnerocomputer ! 
would sell for about £100 



agreeing on the rules for ealeu 1 
la ting profits in circumstances in 
of a computer '"many times j^, 1 which money has ceased lo be a 
size. i reliable measuring rod over a 

It is designed to work with I P eriod 0 {. lime l nd l^n levying 
q WIlD 1 tax on the profits so calculated 
rha lover rate may be deemed 
Parliament to be appro 
priale." 

‘Tnis would moan that a 
companv was telling IV- same 
story l*-i its managemnnL its 
shareholders and the Awenue. 

There would no longer be. as 

inithrcJ ft d?ffere C n7set5 if a52 proposals :n Department of Trade early next allowed for small and for 

volume. He said this was 'all idling a different si on- rEi a « f d ?h' ye ? r ' . ...... medium-sized companies, there- 

equivalenr to mini-emng titer 1 The rate of tax levied would romn-fni J c e ‘ 1l l ir T raen !?, ? f 1be Its chief proposals 

pans, woah perhaps 10 times N>e the true rate— and this w.miri !r° n ' p T e - s Atts W,M . bc a0 ‘ 8 three-tier disclosure . 
ihat amount. umea |^e ine|ruer3t^ndth s would nounced in a new consultative based n n company , «te. Mr. 

men t *hich docume nt, to bo pubiished by the Brian Murray, assistarii secre- '* We are. however, not propos- 

tary at the Department of Trade ing to go as far as the directive 


™£*'X 3 r%% C C °T^ e<i ^tions ^ttatTasthSve 

/ SeCU ^ *■ '«»«" rule book and system ot 
brUph? r r S n Ctl0D * S J”? administration. TASS. Lhe Tech- 

ugbt together on a federal nical. Adnrnistrative and Super- 

ID -h-I^ t eariy ‘ visor y section, would remain the 

efforts to establish a only surviving section of the old 

merged union have -faded amalgamation 

representation I take IBM's lead and the bope|f.™j d <tiMgre«nems over elpc- 
■ did not materialise. 


proposes three-tierj 
company disclosures system 


lion of officials and future f [ or ^eptnsTASS 

poliey-iira king procedures ' 'ill A.UEW has declined since 
However. Mr. John '• Bovd “lf nfi JZ ,eerm S section has come 
general secretary, said yesterday contro1 Of Mr. Terry 

that leaders of the • founSrir Duff >* ,ts new president, and 
construction sections had agreed h I r ? ^ a t_wi 1 ?£ SS 

to ballot their members achiev- SSp? , hav * * 3 ,* ♦ lf ' t ? e3r - 
ing a full merger with ->he a * r . e r ed 10 com P Iet c lhe amalfia- 

numerically dominant engineer- Mn?-" K. n E i a - t T{?" sfer of ,.? nga? *‘ 
inc spciKin nn 3 nen 1-5 basis they would want 


in 

engagements basis. 


FINANCIAL TIMES REPORTER 


7^7. assurances that similar arrange- 
ments were not used again in 


~3r $g ri& a E- „„ 

: r 'r s srnrs 


uivuium-bizea companies, mere- 1 reorganisation and the haiiirtB; “ j * 

will include by introducing a Ihree-tier sys-will rake place befnretke en® iL BC ^(n! IIO ?if te wi“ . a ? lal S ama ‘ 
ire system, tern of disclosure, according lo March Mr Bovd said “ * th fjertneat and 

size. Mr. size of company. I to0 - xa sald FJumbtng Trades Union. 

BBC staff consider next 
move in pay fight 


explained yetierday. He said : permits in limiting tbe applica- 
* The* Department of Trade lion of the directive lo smalt 
propose to publish a consultative companies. We will continue tn 
document earty in 1979 setting require small companies to pre- 
out pipposals for implementing pare a protit-and-Joss account 
tbe EEC Fourth Directive. and arc not likely to decide to 
.Since this will involve a exempt such companies from 
complete, revision of Schedule 8, audit. 

it is intended al the same time “We shall, however, take full 
to cover the implementation of advantage of tbe provisions of . i. 

the Creen Paper. The Future of the directive to deal with the EX ^ C D Tr ^T of - ^ , As$ ®’ because .of the effects, the 
Company Reports, and to bring position of dormant companies BrpJdcastjng Staffs, differential is having on recrnit-i 

into the revised Schedule 8 a which, following the coming into union, is to ment and general standards 

number of disclosure requires force of the Companies Act. P. ons l d ^ r Turther moves today in There has been no response > 
ments at present covered else- 1976. have been required to file X , mand ,? for . a P a Y increase The BBC said there was 


BY PAULINE CtARK, LABOUR STAFF 


By Pauline Clark, tabour Staff 
THE GOVERNMENT will, siwa 
face a united -demand from 
1 . 5m public sector workers -for 
pay increases far m excess of 
its 5 per cent guidelines. ■ 

Ambulancemen, water workers - 
and university workers ,-were all' 
said yesterday to be completing - 
claims which will add weight to 
pressure for a £60 mininwiny 
wage- and a 35-h.w»r. week. Tim - 
is in line with submissions 
already made by more than tm 
local authority manual worker* 
and .250,000 hospital- aaciflarv 
staff. 

Stressing the .stand ' bein'g 
taken by union negotiators^ the 
National • Union of - Public 
Employees ; warned yesterday, 
■that there could .be widespread 
disruption , to public services if 
the Government rigidly applied 
its present phase-four pay policy. 

Its executive council made, 
clear that the anion, which 
represents large numbers of low- 
paid workers, in essential -public, 
services, was committed -tb 
make a ■ significant •' break- 
through ’* on low pay. ;,v . • 

Unions- . representing ' somh 
34.000 university-.cooks. cleaffers. 
doormen and other weekly paid 
workers are submitting ■ theic' 
claim: under a*- new. national: 
agreeraentmade last year, when 
the Central Council for' Non- - 
teaching Staff in Universities — 
was set up. Their wages are at 
present similar, to those of local 
authority manual workers, whose 
bottom rate is £42.50 and whose 
WceHy average . earnings among 
full-timers- -are- £64.65 for men 
and £46.52 for women. 

The four!- uniops negotiating 
for 18.000 ambulancemen, earn- 
ing at present an average £5LS0 


where in the Companies Acts, in audiied annual accounts. We i- har cxcecds tho 5 P«r cent ” immense -.concern 
order to ensure that the new intend that in future such com- 1 G ^f rn,n - al ^'deHne. 

Schedule covers most if not all panies will only be required to* The insists that 

disclosure requirements. - 


a week with overtime, will decide 
was! the details of their claim next 
over -pay^ week. About one-third are said 
?U5. 15 B I ffect ». on recruitment!. -to - do .10 hours- overtimed week 
any and -..morale. Matters were not and 10 per cent -to work al mlSy 


Th. r.,t » unaudited balance sheet. "%,"T Ue ^ ^ Gove^enrJl « V SJS S£? 

The f^ct rhai *e propose, m There arc some options, de- \ , , ,Thg f five unions which delay rn responding **» 


revising Schedule 8. id sn beyond signed to mc-ei particular ^ rob- repr fCf nr weekly and BBCs TppliiStion dII for 'a 

ri^.-r7Jl U,remGD \\ ° r tbe u EEC m other men, ber states. JJ°"J b '^' I)a,d B ®9 employees, licence fee for colour television 
SL Jrf.i fK - h; 'i 1 1 .* ,1 . , J n0 ! !*' h,ch we will not bring into our ^ e '.r '.._ a . l .^_ spek,n? consolida- The- Central Arbitration Com- 


the 

£30 


be possible to use the standard 
method of implementing direc- 
ti" ves by Order under Section 
3{2i of thc European Com- 
munities Act. 


W. KlTJRt- - sSSS 


Problems 


natives: primary legislation for L b f rf . ’ E ®” ccpl ? f Luxembourg D f ®,“® " t '“* c ®, n,pa " ie *- , correct .the anomalies that 

the whole operation, or the in- S°" l i )anies ' as defined in D a £ bealed f r«m the. cut-off date for 

trod uet ion of a wide enabling ,, Office for BBC staff increases at the start of I 

clause permuting the Secretary . wc sba 1 Provide for spe- to bc trejled as a spenal case One of .Government pay pi 


to cover 
audit in f eDl 


"You ask me whv. in spring 1978, we 
planted all our national advertising in 
Radio Times. 

“In reply let me tel! you a story. 

"Wolt garden tools is originally a 
German company. And in Germany 
people ‘wolf their gardens the same 
way we 'hoover' our floors. 


"In other words we've become a 
natural part of- many people’s lives. 
(Rather like Radio Times in Britain.) 

"Gregor Wolf our founder, was an 
astonishing designer, perhaps a genius. 
Many of nis tools are unique, even 
today. 

“He declared garden tools should bc 
pul led. not pushed (farmers don’t push 
ploughs). 

“Work standing up. even with hand 
tools, was another rule. 

“He designed a handle fixing which 
never comes loose or rattles. 

“Above all he dreamed oF taking the 
hard labour out of gardening. 


"All this.ofcourse.waslongago. 
“We’re now a wholly owned British 
company, part of thc Wolf empire, 
sel li ng G regor Wolfs d ream, leisure in 
the garden. 

"Which brings me back lo your 
question. W’hy did we plump for Radio 
1 lines? 

“A garden is a classless place where 
cabbages and kings chceriullv rub 
shoulders. 

•So thc spread of your readership, 
suits us down to the ground iwhatisiC 
49°n ABCrs,5I"i»C2DE’s?). 

“A Iso.for those lucky enough to have 
one, a garden is part of the home. 

"And home, you could say. is where 
your heart is. Especial lyas each oi tuur 
issues stays there nine'days. 

"This gives people time* to consider 
ourads.Afterall. folk want convincing 
before they .buy strange looking tools 
hke ours. 

“And that's whercanothcrqualityof 
yours comes in. Thar quality which (if 
David Ogilvy won’t mind mV using the 
word) is almost incf fable. 

•A our ambience, y i lur authority. 
"People trust Kudin Times. 

"And the prool is. we've raked in the 
best ever response since our advertis- 
ing agency. Harrison Cowley Advertis- 
ing, recommended you. 

“In fact Radio Times is such an effec- 
tive advertising tool. I'm surprised 
Gregor Wolt did n't invent it;’ 


of State for Trad* 

valuation rules and ... „ ■ 

Schedule S and- to make altera- ® m a nd b0) take limited advan- 
tioas to the matters to be - 8e or the derogations Tor ship- 
covered in the directors' report. P' 1 !^ companies I Article 55t2» 


. s consolida 

law. 

We arc not , , „ 

i l i! ,c . Dulcb Practice.*’ per- lf J[ alk * bc ' twecn unino nesotia- Protection* '.Act' far^staffVncluded l 
nutted by Article 57. of exempt- man ? 1 S e ™ l -' n r yesterday in a CAC award to two b!s^ 

ing subsidiary companies from r^L.'Ih^k the cor P ora l i P n - groups' in the "corporation last' 
audit and publication of B{l1h ? ldcs h:ive expressed con- summer. - last 

separate accounts. Nor do we “*!" lh ®* are low compared The corporation says, however 
import into our law ^jl 1 ,n mdependeni that tbe awards are unlikely to 

lu * s correct .the anomalies that arose 

pay 
Phase 

cia! rules and layouts "for invest - 1 ' PW Policy. 

irusl companies (Articles 


intend lo 
thc concept 


1 witli wnces in 

Luxembourg I hroadcusting companies.' 


and ool apply the terms of the 
directive to banks or to insur- 
ance companies (Article 1(2). 


Flexibility 

“The two major innovations 
to ensure which implementing the Fourth 


drivers. 

Drivers 


‘There are. however, tirains 
problems, both in relation to lhe 
availability of Parliamentary 
time and in relation to other 
developments on company 
accounts. 

“ We would hope 

!i*. L J a Z possible, the Directive will bring are. first UeThV.r^t 
reused Schedule S would provide detailed layouts for'the balance SC h r L 
| sufficient flexibility to aceomino- sheet and profit -and -loss account 
date the promised CCA standard and. second, the elaboration nf 
ana that there should bc as few valuation rules in the law- 
further amendments as possible “Both these moves wrll inlrn. 
necessar. when ihe EEC Seventh dirce greater rigidity into our 
! Directive on group accounts is lav.-; this is an unavoidable con- 
aa ?P\f d - . sequence of lhe EEC barmonisn- 

ine directive provides mem- Hon programme. Ii is however 
• States With a number of intended to allow- as much fiexi- 
npuons. and the consultative bility to companies as nussibie 
document will deal with these. This means that 
Pn certain of the options, the allow 


Meanwhile. 33,000 water and 
sewage workers are -.also to 
demand a £60_miniiuum amid 
continuing* ..negotiations ' on a 
regrading, structure which was 
part of thcir settlement last year. 

Work deaths 
total 270 

ACCIDENTS at work killed 270 in 
tne first sis months of this year, 
according to figures published yes- 
terday by the Health and Safety 
Executive. Nearly 170.000 more 
were injured. 

n!? 16 ourn ^®r of deaths rose by 
R? r c CCIlt in tbe second quar- 
r!£.°.J he year - from 126 in the 
first three mouths to 144, The 
"“™» r ,n iured in accidents rose 
py 2.19 per cam.. from 83.950 in 
the first quarter to 85,794 in the 
in the i se £? l l d - . .... . 

ai Durkin" Fncom and south-eastern 1 buiJc ^B industry again 

Coul-don Tndtvil?; dlvIsIo " s «Pected to operate a ?^ dent t^le. The num- 

rrovdon -Ji ^ d Uest normally. ber of deaths at work rose in the 

at irndniPh! m d ^Jr-f Sl ° P WC T k Sir Peidr Parker. British Rail *!™ nd Quarter by 76.9 per cent. 
suspension 1 of *■« rf'riint 1 r° lTr Chairman., appealed to drivers! -° ^®:, tbou 8h the normal 

riSi AuffTS! sssr-^ 

1 accidents. 



Train drivers to strike today 


BY OUR LABOUR STAFF 


pi-SnS-ys MssaaMffi 

because of a 24-hour strike by Soathern. Begion ^iviceS tCd ’ 


ber 


we propose lo. 
companies freedom 


uj/uuna. me -»*un companies ireeaom to 
.? Ice ■ C car : for sample, choose between ihe alternative 
til s .P«ified in the directive. 


tion under Article 33.1 to tbe " Vc also propose to ensure 
Commission thar we propose in that the valuation rules 
permit or require valuations bv drafted so as to permit 
tne other methods specified panies to adopt full 
’"SSL -i, i . accounting principles if 

«e w-iu also take fuU advan- choose to do so. 
tage of the provision in Article “There will still, after" the 
, . re, 3Un2 to goodwill, which Fourth and Seventh Directives 
- > w- ,5(i . r, . ed i* VK bavt * been implemented. hT^ 

We intend to tak-* ..n tn a oiemv nf e.-r., - ot 

cerl; 


are 

com- 

CCA 

they 


Independent bakers face 
another endurance test 


We intend to take up. to a plenty nf scope for accounting 
um exlt-ni, the derogations standards."’ * 


Christie’s sport prints 
sale fetches £ 51,877 

A TOPOGRAPHICAL and sport* made £380. At Brisravia Vic- 
ing prints sale at Christie's yes- torian paintings totalled I30 41 & 
terday totalled £51.877. wiib a A pair nf ruraf scenes by Charles 
top price of £1.700 for a collw- 


BY PAUL TAYLOR 

BRITAIN'S 4.000 independent Senremher -1977 

«cre Wy Bakers 

yeslcriliiy br.jan a»»lh.r*iSta7 50 -'"«l Aufrf 

ancr test they slrugaleii iy Sv t i hnn« d k , wor , k "S op er flour supplies, bui was un- 
meet demand caused Tk- the '■ f2 d u, by , maluo S. willing to give deuib ' 

Rakers* Union strike. me fewer cakes and hLscuita. in Most independent hk-^ 

Independent hakers usualtv way, ^ Mr. Mom> Zimmer- . sinol *' ^re 


mc«t with Mr. Sam Maddox, 
lenerai secretary of tbe Bakers. 


family businesses with 


<3^ {- 


lion of Channel Inland views, 
first pubiisited around 1740. The 
months of the year in dowers, 
arier Pei or Casteels, made 
£1.600. and Learn ing loo Grand 
Steeple Chase after F. C. Turner. 
1850. 


SALEROOM 

BY ANTONY THORNCROFT 


This advertisement is one of an occasional writs of case historic irnm KadioTimes, 
For further information contact Head of Advertisement Department. BBC Publications’ 
MarjleboncHigh Street, London VK'JM 4 AA. Telephone: IH-53U5577. 


Tltn Sotheby's European 
[ceramics sale raised £25.94i A 
Hoebsi figure of a river cod 
! modelled b> Melcbinr sold for 
£92ii and ;« -outh German pewter eperenr hv j|(»rn»- 
mounted tankard of around 1800, fetched i'L'.ino. 


Passey sold for £900. and a pair 
of views of Surrey by Waller 
Caffyn went for the same price. 

Silver and plate al Bun hams 
realised £S 7 .S'J 4 . \ Geurar. m 

and Buiiy 


inuepenaem nakers usualiv «7. L -j ' runnier- . sina-l fai 

supply ahoui 27 por cunt of the iy* 10, ,P | !?^- d ® n K 0 / Associa- between one and ifinn, i» 

. TcDougall and Allied Bakeries. C na Z l d ‘, • ■ , . . _the request of Mr Rov Ha i »V-r-« 

who lagpihrr rook over thc Soil- A U'P'bwl- example of the lm- ley ‘ Price* H ? ltcr * m 

■>'" fren.-h bakeries when the, on ^.aaSl 7™,™' 

aroup pulled out of the industry "Kfepemteat baker, Parker's weS or I 0 .!?’ 

,n Bak «ry io West Ealing. London! Sffi' JhiJrUi ^ 0 _£ r thc 

Daily consumption i s 10.5m 3 family-rua company, usually- vf" r - 

larqe loaves fS.223 tons) Drodoces Jfi.000 .large white' Cai ? s LiuE 

alihouph this does no! include ' 03V 1 « R . Yesterday it w J gj ns for^ ! r 3r » 

roll.H and smaller luaves. hoping to produce ’40.000 loaves habe-ii^h n ^f?,^L e dependent 

Vesterdey. „ ,he breed strike by sttp hekfaU fancy loeveTil' STS*'S^^ r? S 5 ' 
affeelms plants in England and by working overtime. - wi'i 7an^e^ They 

\Valci beenn tn bile, queues built Parker's. Hkc many 'other «nde- 2* eSdSJS2*if S pi «!ii h «y URh 

up oiUbidc some independent Dendenj- hakerfm; hn#l. Ui« naufaaee test, lie Mid. Wore 

linkers 


\ ; 
l\ 




me ind ^ endent bakeries, bad laid on it not for ihese lftt’ proto and 

fhp approach of Oirisihias which 
niBiins _bakfire . mus-t 4>old - buck 


^ ■ extra supplies of ilOur last week ^ P r «m» ana 

Thc Situation is not new. The. Flow supplies to the indepeS- W ? ic l 


assent inn’s meinij.q-c withstood dent bakers seera more -Bakers musf 4?pld bt 

« «■».* SSa'wS. s s xisyKS. SiMS^ 


threalcnvd iti^puips last 


year. Ia-,t year. - 

llVl . r j.-inb i, .lijVV;- "■'•••• ,ri ^' e Mr Zlmmyroidc sail 

,ur ,, ’ ink hl,!lda i working m that. he bad reached 


need, re tbe K Kla) ^ frike “ **"< 

an asree- during> e < iriko IbWl hSher. 


I 






\ 



v ^JpKmctil 'Hines Wednesday November 8 1978' 


CO NF E D E R ATIQN OF B.R ITISI4 fNDUSTRV: 






Methven’s freedom 
for industry speech 



hint 




SrR JOHN" liEtinrEN - . In .what 
many observers fell was :bis best 
speech - in . his- • - years as 

Director-Ceoeral of the CBI, 
received a. standing ovation for 

bis- appeal for greater freedom 
to allow business to get on with 
regenera tin?- the country’s 
economic prosperity’. - 
Ip a wide ranging speech. Sir 
John returned- to one of the main 
themes that has emerged from 
the conference and attached the 
abuse of power. by some trade 
union leaders. ' 

*' I believe tbatihe overwhelm- 
ing majority 'of our workforce 
wants to act responsibly and 
moderately:- but I have less faith 
in some of the union officials 

who claim to- represent them,” 
he said. • - . 

Sir John told delegates that 
union ' leader 5. must accept the 
responsibility for' sticking with 
a contract. They should not duck 


for-nouglu attitude in this oighly 
competitive world." 

- Sir John's speech was not all 
gloom. He told delegates he was 
ah optimist and a realist and that 
British business was good. 

• • *‘After alL think of what we in 
trade and industry managed to 
acbieye in spite of. iho ntiliiarm 
who stir up strikes and. dispute* 
and break their promises and in 
spite of Government -with their 
faddists and . sanctions and 

threats. Think -what- we could du 
witb/.a Government which really 
backed British business.’* 

Sir. John also believed that 
the 'country^ was at a. watershed, 
when future historians would 

eay that it was about ibis time 
that -Britain found new rule 
for itself. “ The people or 
Britain decided that if tf.cy 
wanted to have a truly caring 
society, they had. to have an 
efficient "and prosperous one” 

- But his final comment 


A broad pay policy package 
which bhowb a Conservative 
Parly leaders how it is possible 
lo combine support for the 
Government's 5 per cent pay 
JimiL ami for a more flexible 
inns-ierm approach was en- 
dorsed yesterday by the Con- 

federation or British Industry. 

On the final morning of its 
Iwu-day national conference in 
Brighton the Con Federation 
avoided clashes o\cr whether 
or not it believed in rigid cen- 
trally determined pay norms 
or an economy left to the 
vagaries of market Forces. 


As a result, the conference, 
which was the second staged 
by the con federal ion. einleiT on 
a high note of uniter! self-crm- 
ti deuce am! ts likely to he 
repeated again next year, may 
be in Birmingham. 

But not alt the industrialist;! 
am! small businessmen were 
completely happy with the out* 
come of (lie " pay debate 
because they believe that the 
Confederation has still not 
moved Tar punugli away from 
rigid pay limits am! (he over- 
tones of the corporate state. 

What the conference 


approved, with only about till 
votes against. was support for 
a ffexibi/i* implementation of 
the Government’s present 
limit, to be follow nd by the 
creation or a new national 
economic forum providing 
guidance in the Gniernmeut on 
what could be afforded in the 
future. 

Sir John Methven. director 
general of the lion federation, 
stressed how similar this 
economic forum is to the Con- 
sen alixe Party\ ideas hv 
(fuoliug from the Cunscna- 
tive’s policy document, "The 


Right Approach to the 
Economy.” 

With continued emphasis on 
how flexible any pay targets 
should be. the Confederation 
thns siieeessrulB straddled the 
gulf that split (he Cunsenatiir 
Parly to varying degrees at its 
annual conference a month 
ago. Xmv it appears that the 
Confederation nad most Con- 
servative leaders are. broadly 
speaking, bucking the same 
ideas. 

Sir John also divcrlcd lhe 
conferences attention rrom 
possible splits on the issue 


by devoting much of his 
speech to a call for a new 
approach to “employer 
solidarity *’ in the uf 

union action. What this means 
has yet to emerge in detail, 
but ideas being canvassed 
include changing restrictive 
practices laws to allow 
employers iu combine in self- 
defence. changing other laws 
oh social security benefits and 
union operations', and suggest- 
ing that employers might 
refuse to pay out incomc-tar 
rebates to strikers. 

Later. Sir John said the 


conference had been a success. 
He added that next week the 
CBI council would start to 
change Its policy on industrial 
democracy legislation and 
develop a detailed v lew on 
electoral reform following the 
results of the las; two day*’ 
debates. 

it would also consider the 
question of next year's con- 
ference. possibly including an 
idea being canvassed by some 
senior industrialists that 
Cabinet Ministers ought to be 
invited lo attend as observers. 


From confetti to a so 




The last day of the CBI conference in 
Brighton.- John Elliott. David Churchill and 
Lisa Wood report. 


out of it-to-Guit their .own ends, 
"as at Ford where the strike 
began before the current agree- 
ment ran out.'* - 

He added: "There is nothing 
‘free’ about a system based on 
broken bargains — unless it is free 
collective blackmail.” 

But Sir John told the con- 
ference that freedom from trade 
union tyranny was only one of 
a number of freedoms that the 
conference had advocated over 
the past two days. Like the theme 
in a symphony. Sir John said that 
the theme nf the conference had 
been freedom from out-dated 
political dogma. ' 'blinkered 
bureaucracy interference and in? 
tervention and- “the weary out- 
dated bitterness of our industrial 
relations." - 

He said politicians knew little 
about the working of industry or 
commerce and seemed deter- 
mined to clip industry's wings.' 
“Far from nourishing the goose 
that lays the golden egg. all loo 
often in recent years politicians 
have seemed to like nothing 
better than to kick it up its back- 
side-” 

The conference had also been 
marked by a desire for employers 
to assume a more positive role. 
“The days when we employers 
were quiescent and mute in the 
face of unfair policies have gone 
and Government and unions 
should know it, ' he said: • 

But while -Sir John wanted to- 
make clear that he was not 
imackitrc* onions. -he said it was 
his job "to warn of the summat- 


.returned to the -theme of the 
conference: “It.seeum 10 me that 
what we need'" to say to the 
Government and the. people of 
this country is this: We will help 
to restore the prosperity and 
quality, of life to the coimiry 
. if you give us the .freedom to 
do so. We do nor need anyone 
to orchestrate -it for us. We'vv 
got the. score and we will lead." 

Mr. John Greenborough. CEJ 
President,' paid tribute to Sir 
John and praised bis speech. 
He reminded delegates thsr 
although various differences had 
emerged from the conference, 
the CBI Council would bear 
these in mind when determining 
future policy. • 

Britain could 
be ‘industrial 
museum’ 

BRITAIN is in danger of becom- 
ing the industrial museum of 
tlie world. Dr.- Bryan .Lindley. 
chief executive and managing 
director of the -.-Electrical 
Research Association. said at the 
conference. , 

. “Unless the Government, with 
industry and the unions, develops 
and acts now with a real indus- 
trial strategy— not the short-term 
cosmetics applied by NEDO and 
the sector working parties— v.e 
can not disguise our ageing and 
obsolescent industries for much 
longer," be said. 


THE CBls policy of pay bargain- 
ing wa* endorsed by the enn- 
K-rence in a low-key dpba le that 
failed to provide any of the 
expected firework*. 

Sir John Methvnn, CBI 
director-general, summed up the 
m«>od of ihe debate when he 
said that the policy resolutions 

advocated by the CBI "will 
show the world that we are 
practical ppople willing in be 
responsible." 

Delegates endorsed the policy 
m t wo scpaiaLe voles. The fir-.t 
vote, i-arrird overwhelmingly, 
supporter] three resolutions. 

1 — endorsed the broad 
approach to the development 
of pay bargainin '. 1 outlined in 
Chapter 7 of the CBI document. 
Britain nmans Business 1978 . 

- — called on the Clovernmenr 
in consult publicly with all 
1 mere* led parties on necessary 
changes with a view ti» impie- 
mentiitmn by next August. 

— urged member companies 
and employer association* tn 
renew bargaining arrangements 

In the second vote, delegates 
supported “a pay target com- 
patible wilh a further reduction 
in the rale nf inflation provided 
it is nm imposed as a rigid linur 
and wiih sufficient flexibility for 
companies tn improve efficiency.” 
About HO delegates voted against 
l hr resolution. 

Sir Campbell Fraser, chairman 
of Dunlop Holdings, opening the 
debate, suggested that “for v 
n:<nr>n which is normally *ane 
enough, -.ve H r >’ honkers on na\." 

He said: "The evfraordinarv 
thing is that no nation has cone 
to m much trouble over so manv 
years to find an answer lo the 
nay nueMjnn. but with such little 
FU'cers.” 

Sir Campbell said that In? nped 
w:i' for a system which delivered 
not higher money wages but 
higher real wages. 

"Such a system would give 
up confetti money for something 
\vi;h a ■“Olid sold ring to it." 

The problem, he though l was 
that the present system led to 
"lean-frog gin? and comparative 
claims chasms each other like 
mad things throughout the year. 




t r L ti.l v .' .ilf.-lit-M 

^•J,. Peter Parker. British Rail chairman, annd Mr. Campbell Fraser, chairman of Dunlop 
floltlings. Find something (<■ Miiiic about in Brighton. 


Sir Campbell returnca r.» i lie 
theme on the opening day »f ihe 
conference when he claimed that 
“far too many weapons are in 
the hands of all organised labour 
— or even unorganised, labour." 

He felt that employers' 
solidarity should help reverse 
the balance of power. 

The CBf’s proposals, hr '■aid 
did not attempt :o build a 
aerFect world embracing the 
virtues of every known s;. steal. 

“They are put forward for 
approval hecaitsf- they have ihe 
merit «#f discipline, restraint and 
commonsense. and because they 
conic from people arm know the 
score in industry." 

Several delegates made 
aggressive spevdie* on peri- 
pheral subjects such a- 1 he 
Price Commission — and strikers 
benefit.-, although not directly 
attacking the CBI proposals. 

Mr. J. G. Porter, of the 
Engineering Employers' Federa- 
tion, criticised the emphasis on 
tiie balance of power being in 
favour of trade union.-. Hi- 
urged delegates jo put an end 
to their self-nitv on this issue 
and to relish ‘ the batilo to 
redress the baianct- or mv.vcr. 


Mr. Porter atia criticised many 
employers for ni«t acting 1:1 
support of 01 her companies faced 
with exco.-ive trade union 
power. Ho said that for every 
strike won by irade union 
strength. two *u(-ceeik-d because 
of the timidity of employers. 

Mr. R. E. TJ tiger managing 
director of British Aluminium, 
attacked the Price Commission — 
by implication if not by name— 
for its attempts to tell companies 
how to run their businesses. 

He also criticised moves lo 
link price control* with pay 
policy— arguing that price con- 
trols had link- i*fTect on inflation 
—and also attacked any moves to 
lighten up price controls js was 
being sought by the TUC. 

Mr Chri, Wa Hiker. Della 
.Metal, argued that santiwns 
should be imposed against un- 
official strikers. 

Mr. A. Devcreux from S?ot- 
eross. a Is-" 1 suggested that 
strikers' wr.i t could do more to 
get their husiv-nds to behave 
more responsibly. 

In hi* »unimiij?-up of the 
debate. Sir John Methven said 
there were r.vo issues at stake. 


There had to be a restoration 
of 1 he balance of bargaining 
power iier.ieen employer and 
employee: and the excessive 
power or unions must not be 
abused. Sir John suggested that 
free collective bargaining could 
be a realistic alternative if 
several conditions existed. The*e 
included: firm control of the 
money supply: a determination 
nnr in provide funds 1*1 unecono- 
mic concerns: adjusting the tax 
system: secret ballot.?, and a 
reduction in the legal powers 
giv»n to unions in recent years. 

He also said that employers 
had to support each other more 
when faced with union power. 
He told delegates that the CBI’s 
proposals were essential if ihe 
country was to avoir! “lurching 
from one pay round to the next." 

In the short term, however, 
he acknowledged that thp prime 
objective was to reduce the rate 
of inflation and that would mean 
pay settlement? “around the 5 
per cent mark." 

Pair .Sir John made dear once 
again that the Government would 
he foolish to hamper industry 
by ■••.crewing down price con- 
trols.” 


THE KEY for many UK manu- 
facturers trying to boost their 
exports would be ia go “ up 
market." and produce higher- 
value goods, said Sir Peter 
Parker, chairman of the British 
Railway* Board, and chairman of 
the Nationalised Industries' 
Chairmen's Group. 

A lively debate followed Sir 
Peier's introduction to the ses- 
sion on “winning markets" in 
which delegates aired views on 
advantages and disadvantages of 
UK entry to the European 
Monetary System, the crucial and 
often inadequale role of market- 
ing executive* in industry, the 
need 10 become much more 
cuslomer-orienlaied. and the 
overseas image of British in- 
dustry. 

The conference unanimnudy 
agreed the necessity to increase 
the UK"* share of world trade 
at home and abroad, with prime 
responsibility resting on trade 
and indusirv. A second proposal 
agreed confirmed the need for 
busine** t« improve its nnn-prino 
competitiveness with the GRI 
taking active steps 10 stimulate 
an improvement. 

Sir Peter said: “ I want to 
stress the non-prire competitive- 
ness which is increasingly telling 
in world markets — especially 
so for some sophisticated pro- 
riueis in which. 1 believe, we 
shall have in bp -.pociali'ting. The 
key m manv sectors v.il! be 1*1 
go up-market in higher-value 
good*, gnd i would argue nor 
com petition should he more wilh 
Ihe advanced sophisticated coun- 
tries not with, for example. 
Korea." 

He *aid thai the IT mu«; 
sharpen its priorities in reseirrh 
aod rlovi'toppient. nu.nl ity. design, 
delivery and af*er-snles *or v ice 
These v.pre the five .*pn*«* »■:" 
marketing. Sir Peter added a 
rivih. the quickening, vepi urine 
interest of sheer enterprise. 

lie said that wn.r charac- 
terised successful British 


exporters was that they mar- 
keted. they did not just sell. 
Selling was' a function: marketing 
was more a way of life. Forcing 
to ihe front of policy-making a 
consciousness of the customer, 
both at homo and abroad, was 
doing industry a favour. 

There wore four key »or.« nf 
relationships which ’•■hnuld 
underpin British non-price com- 
petitiveness. The first was 1 h»» 
relationship of jupnliers and 
customers. &n dangerously 
neglected in many sectors of 
industry. The second was that 
management and unions should 
be prepared to face un tn 
developing a common commit- 
ment to winning back her mar- 
kets and exnanding export*. 
Thirdly, manufacturing indmlrv 
must 1 elate to ihe service indus- 
tries much more closely: fnr 
exam ole. the transport intliistri*--. 
Finally, lie referred tn the 
relationship of the private jnd 
public sector- nf industry. 

Ho cniri: "The sectors of the 
mixed economy are partner* in 
enterprise in trading at horn-' 
and overseas to an extent, and 
on a scale, which dwarfs ihe 
stunted political attitudes of MO 
years ago.” As a "mixed- 
eennomy’ man." 

Mr. Peter Blood, nf the insti- 
tute of Marketing, cast a chill 
over the delegates in in* 
apnrai*al of British marketing 
tech nh| tie*. He had ju*t cum- 
plated a r.vo-weck tour »f UK 
industry and had round with 
some "11011011 rable exception--." 
that there was an almost mui 
absence of marketing and cor- 
poration planning lo bo found. 

He criticised the attitude «»f 
some companies in their mar- 
keting professionalism. Many 
companies eniplr.ved f»x?eutiv»s 
who had no experience. One 
marketing executive h:*d wel- 
fomnd his vl*lr. -aying: •'.'■-'ov 
you can tell me what to do." Mr. 
Blond -aid: 



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'SIS 






A Of- 


Sean 







PARLIAMENT AND P O LI T I G S 




! Financial Times Wednesd^ 


Callaghan ready for ‘ 



David’ pm 


on 


summit on Rhodesia problem 


■r r vo« owen 

•rr ALL THE parties to the Hon of sanctions Jn 1965 soon 
•Rhodesia controversy are wiJluij after the illegal Declaration of 
to participate, the Prime Minis- independence by Mr. Smith, 
ter is ready to stage a “Camp “The Frenc hand American 
David "-type summit in Britain oil companies — Total. Caltex and 
•aimed at achieving a ceasefire Mobil — appear not to have been 
and the holding of free elections influenced^ let alone controlled 
"leadin? tv the establishment nf by their Governments.” 
majority rule in an independent The Government's exchances 
-Zimbabwe. with Shell and BP on the con- 

He made this clear m the trovers ml “sanctions busting" 
.Commons Iasi night when Mr. issue were to be referred to the 
. Francis Pom. acting Conserva- Director of Public Prosecutions, 
rive Shadow Foreign Secretary, Dr. Owen told the House, 
called for a new top-level British The reference had been made 
"inilia-live to ptop farther blood- so rhat the DPP miehl consider 
'shed in Rhodesia and prevent a it i n conjunction with the rele- 
’major catastrophe. vant passages of fbe Bingham 

• Mr. Callaghan indicated that Report, 
he had already considered “I have also brought to his 
-emulating the -role undertaken attention further material which 
by President Carter in pro- has come to light relatin’ 10 
snoring peace in the Middle East three ■■<pol" sales of naphtha by 
by bringing President Sadat and j?p Trading (a British-registered 
Mr. Besin together at Camp i-ompunyi earlier this year in 
David. rbe South African slate oil com- 

But he had derided rhat Itte pany or brokers understood to be 
riehl conditions for calling all jetins for thta company, 
the parties concerned with “Where Castro! is concerned. 



the regime's refusal ro accept 
majority rule. ■ ■ 

“To lift sanctions now would 
be to give up the one peacafm 
pressure we have for a proper 
negotiation at an all-party con- 
ference and to honour even the 
terms nf the internal asreeuti-r.: 
of March 3.“ 

“The real argument of many 
of those in -this country who 
want sanctions lifted k that 
they do not want, and some have 
never wanted, genuine majority 
rule." 


Critical 


DR. DAVID OlVEN 


Rhodesia to a conference had j n view of the reference in the past, British oil companies and selves 


The Anglo-U.S. proposals for 
a • settlement in Rhodeuia 
depended on agreement IT all 
the parties concerned agreed on 
alternative proposals ” neither 
Britain nor America would stand 
in the way. 

Mr. 5mith's regime asked what 
more could they do. “The 
answer is: 'Face reality, stop 
blaming everyone bui your- 


yet to emerge. 

There could be no automatic 


preface of the r 
nany the DPP 


in Ulster 

‘kilters’ 

"*-**Vl. M . BY jOHN HUNT 

•' toe prime Minister cam? 

. under heavy Tory pressure in 
Iinmar the conunons yesterday to say 

UInPJI vrill - categorically whether the Govern- 

meot intends to impose sanctions 
■ • . oo Ford’s for breaking the 5 

NORTHERN IRELAND Secre* per cent guideline in its latest 
rary M r- Roy Mason found him-' pay offer. * 

self in the middlaof a Cojnmoijs riesnite repeated Questioning 
row yesterday alter remarks ai re Margaret Thaldwr, 
about . lawyers who defended vJSde? of 3e Opposition. Mr. 
Provisional IRA terrorists,.-, ,&Ia|han refused fa be drawn. 

He was heckled as. he' spoke . He would only say that a decision 
of “people who have committed- would be taken “in due course, 
murder, conspired Xd murder ... T he Prime Minister also made 
going free on the- streets., ■ J h clear he W3S uphappy about 

Labour backbenchers shouted 'the way the strike decision had 
“disgraceful” during . the been taken by a -narrow majority 
Minister’s key statement on the “at a mass meeting of Ford. 
Government's decision. to allow workers 

prisoners in^ Ulster to be'. He hilrie d that if the TUG 
remanded without appearing in showed interest, the Government 
courl - woudl be prepared to legislate to 

The order, establishing the' introduce a secret bailoi on 
procedure, signed by the Queen, strikes. 

Mo !!i ay - .^ems from the Mrs. Thatcher wanted to know 
Prison Officers’ refusal to accept if he intended to persist in the 
remand prisoners into detention, ‘'blacklisting of firms which broke 
Leader of -the roaily Catholic pay policy or if be would adopt 
MR. FRANCIS PYM SpLP. Mr V, ,5 ri 7. Fm » for the TUC policy of putting price 

West Belfast) • protested, controls on industry in return 
furious!} 3 ? Mr. Mflson-fl state - .for-wac^ restraint- 
Dr. Owen had sliawn persistent merits and called,- for -an ", T *. v Mr Gallaffhan replied 

S t V?S added* SE*'"* 5 ' debate on ihexem.and , J r % h e ^^ ficy ^ id g d own m4he 

ront. Mr. pym aaaed. . .issue. ... inflation still stands.. 

Mr. Pym did not wish , to pass Againsr the : backgrpunfl .of. 6 'Government's White Paper on 



report to that com- their subsidiaries were now play- **•* widespread bias' in Favour of the 'Patriotic emergency debate on the xemand 

a will be already ing oo pari whatsoever, in sup- hostility to the internal settle- Front. Mr. Pym added. .— ..issue. ’. - r ’ 








guarantee that suth a ft>n- r-onsidermg whether to invesli- plying oil to Rhodesia Mr p.._. did not wish it, n»« Aoaincr the K^Wnnn* . '# A 

ference would succeed, he -ate Urn matter further." Discussions were going on with Tfie Parties to the Salisbury d ' d n court ^ali^t v^Sroav 'W 

s tressed. Hr. Owen *aid ho had given Associated Octet, of which Shell agreement must now recognise £ h a f 0 rnni| ih! J?/ 

"At the moment. I regret ro shell and BP formal notice of and BP were major shareholders. { he . Patriotic Front would not SSSLSSJI if sanSoS d a?a Fitted lhe leJT SSLS' 

eay. I don't think either side is the Covernniem's strongly-held about supplies to South .Africa or be bombed Into submission." ™ ° l sancUOns a * ™ “swth*M wta ana?/^Sd 

yet sufficiently willing to com- view that no company should be a lead additive used to improve Launching offensive raids '=* ene,ai po,lc - v - wa seernmg wnn anaer. 

promise to enable this last and involved in either direct or petrol quality. Dr. Ouwen went den into Zambia on the very “ There must be no question of , ■ t in 'l il. r 

final card lo be played. " indirect supply of oil to Rho- on. day you at long last accept a sweeping the findings under Ihe s ” inro coun unless -their 

There were cheers rrom both de-da. The Government was detemr conference is not the heM way carpet. It ha* exposed some- were ava “*p«, .fTpna 

sides of the House when Lb<? He had received undertakings ined to lake every step in its of ensuring success at such thing which could be called a P nson - . .... 

Prime Minister emphasised: that any difficulty encountered power to make sure that while conference." If g neqotijied scandal, and calls into question Mr. Mason told him:: “I .am 

“But I will take the opportunity bv them should be immediately sanctions continued none or the settlement was to be achieved the integrity of Government-’' aware that those defence COuh- 

if 1 see it." notified to the Government su companies concerned or their everyone would have to com pro- - pels who regularly defend Prch 

Mr Pym called for the Prime t h a t appropriate action could be subsidiaries would ever again mise. — , visional TRA terrorists are seeth- 

Mintster's personal intervention taken. supoiy Rbodesia with oil. Britain would contrimuc fully w \ni2n3IIOn ina with ail ? er " 

..after strongly attackins Mr. it wa« now for the Govern- i hope that other govern- to such a settlement hut would ^ piuuunv/u tt, ; „ 


This annoyed many Labour 


m Manh Dr. O'.ien defended ike con- action in respect of their own party conference the moment stops in this House. It concerns in court, there was seething anfier 

r n hn imitation the Betra patrol, oil companies.” that we think there is a chance the relationship between rrnm a section of the tegahpro- 

suppori^rs uf Me. Ian Smith, he widely condemned as In- _ of success " ■ m insure H n .. C o« -h- ' .. .-_ ' ' ■ 


of success.” ' 


announced that the Opposition effective." Lifting the patrol C|i^pf»r;c Mr. Pyni said: “So much is at 

would not oppose rhe continued u -..ulrf have cut Lho cost nf alter- JULLC33 «-. a kp m,n« 


the relationship between from a section of the legal. pip- 
Ministers and this House.” Fesslon. "he said. . -y 

ft was not satisfactory that “I could not coiukme -;the 


wnuid not oppose rhe .ontinued u - oU | rf have cut Uio cost of alter- c lake BO man ' misIakes bavp „ " , was not satisfactory that I could not condone -.the 

imposition of sanctions against naUve supplies te Rhodesia u m Smith Africa that sup- been made. If we do not handle ?I" 8ba r m '*!® ul ,d . ? ba !?l ! s g« a " 

Rhode.'iH when the order renew- an n amounted lo a recognition plied ihe oil Rhodesia needed «t wiselv now the consequpnces par T,i? f j a ij enera * i w o-day debate because prison^ officero wo u-W ant 
•me them for a further year t> of the re?ime. Even if there was a total em- fnr us and the fYee world will he on Rhod « la - r « eiv e them - sa,d - ^ 

voted on tonight. "There was nn practicable way nargo on oil supplies in South very grave.'' When Mr. Pym went on to ask One man on remand v^was 

In nnnninA (Ua rink *v f «% Tl p ■ . . ■ . _ ! » __ I Ln . r .■ . . ■ • « _ ■ . « . r r ■ > .... -irt/ 1 ! • Cnn nf hOlTTP I UhlinnOlfMAi fftf 


-acauitted Ministers involved at con front ation with South Africa such a situation now in Rhodesia, nationally. The inescapable fact Continuing. Mr. Pym said he to accept harsh reality and face 
the time or complicity, deceit without the full support of other others believe we havp reached was that Dr. Owen's policies had wanted a return to legality far facts." ? v. 

th".?’ ■ nn Western industrialised countries, this situation over Namibia." led lo failure to reduce the Rhodesia but he was not sure _ ■ u ■ '? ’* 

-AhPthpi h« !-uhin.t d nVnM fir Even ioday wuh the inter- u was - m {he seir-intp'rest nr fighi ing. to start talks and lo get that the Idea of his colleague jVpTOflOn “ f 

.Jl e l 5jE..!?*t <hnuM wl national tfi li mate far to^ ughtr lo- lhe South African people that a settlement. Mr. Reginald Maudlin? (C. f Chip- iNtf^dlRIU 

Shi Lv\,u,hu e T J d ..«5 Government should mode mauers worse ping _ Bameri of a return tn Mr Fiti criticis'd the deri^lrm 


made available id any further policies. Britain and its Western ’ e UV over and nothing In Ins Sneech todav colonial status would work ft , Wr - ,, m CTltl " ,s,ft ’ 'ne deri^mt 

STWL! ■ST»! d™™ sSMKAr'SSninXlav!* {£■»"•“ »'««">»*, z s OTJaS-'^M TiIS ^T«, h S! , V , S{S «. 


/Government's white, r&per .on. 
There were howls of anger 
‘from Conservative . MPs.at this 
■■obvious attempt to sidestep the 
question. Returning to the. 
attack. Mrs. Thatcher demanded 
to know whether he intended to 
apply blacklisting sanctions 
against Ford's. 

- Again Mr. Callaghan tried to 
duck the issue by telling her: 
Paper you would know the 
answer.” ,. 

But tbe Opposition , leader 
again repeated her question and 
pointed out that the While Paper, 
made no mention of Fort's, 

Mr. Joe Ashton (Lab. Basset- 
Jaw i suggested that blacklisting 
could be abandoned only if Tory 
councils slopped putting up. rents 
by more than 5 per cent, and tf 
.there were no price increases 
bn petrol, private houses or TV 
licences. He emphasised that 
none of these increases 'bad been 
caused by wages. 

The Prime Minister told him: 
“There U no reason why rents 
should go up by extortionate 
amounts this year. Advice has 
been given to local authorities 
along these lines. I hope 
increases will be kept in single 
figures. 

He also hoped that the rise in 
earnings would be within single 
figures. If we could keep' pay 
rises wtihm 5 pef cent Hien^-ori 
present economic information — 
inflation would be"* down* ' to 1 
between 5 -and 6 per cent by the- 
end of next year. 

Mr. NOrman Tel) bit (Con.. 


when Dr Owen churned* “Th- ward and had ended ihe smiccle Hons. That was the central objec- nrimnm rt irixfe rn tf 

undermint n-» of effectiveness 1 ni of black versus white in Rho- live, however, hazardous it 

Dr - own 

it would be totally wrong u« called for orisnn -officers in \Y 

argue that, because sanctions r~W 1 • Province' to “recoanisp the 

failed by themselves m briJ-g g QlflSlH) QlfllG HlAfBlTA responsibilities $ and end the 
about majority rule, the main- i8.IIlllW.il. ill ill i3 BJlvIlcIV Austria I action, 

tenance of sanctions was a waste JL ,, i . _ 


ivews of those Drincioallv con- There were angry Tory shouts • M,u r jurira. now we are to hate court* 

re e rned-includin? r t *? ^former FmbarSO wh j n Dr '. 0wt ? ^imed:. “ The juj *•*£**'* ST'S? ^ however ^VaXdo^t without P risnners ' rt '^ s ro 

Prime Ministers. Sir Harold ^ mUdl b u undermining of effectiveness oi " njn h-.d nomJ “ thp ,rt,ole neeation of tile judicial 

-Wilson, and Mr. Edward Heath Dr. Owen warned: “An econo- sanctions has fuellco the armed . j U 4 Ur ' 0vieQ had J' e ™M«rLnhii *£?' D JIJ d wtem as we know ifr'in the LOv.” 

—when they took part in the mic confronts tiuu. with sanctions struggle. shunned be catastroophic for everyone. tn h|# sraTen , ejl p" Mr Mason 

debate. over South Africa. may “ it would he totally wrong «< called for prison officers in thp 

Mr. Pym was insistent that any conic...” But this should not argue that, because sancii.^i:s r~W 1 • "■ 1 Province "to “recoanisp their 

further inquiry .should be under- he relished by anyone with thp failed by themselves tn bring M Q|YlmO QOMC responsibilities » and end therf 

taken by a Parliamentary select interests of Uio people of about majority rule, the main- jf_JM.AmRSlFaCl illlilij llJlV'UwV^ industrial action, 
committee and not by a tribunal. Southern Africa at heart. tenance of sanctions was a waste iT O M 

The Foreign Secretary under- The refusal of Portugal 3nd of time or. as some have aliened. Mtahlishine .Fovtp^PriVnnf-and 

Unde thp fact that BP and Shell South Africa to apply sanctions a farce. . . PRESIDENT EAUNDA does not Lord Goronwy-Robcrts. Foreign an Order-1 n«Counci| for remand 

were not the only L-ompanies in- had left a saping hole in the banctionc hau b.en a O car S u Dparl attacks on ciidlians from Offh-p Minister of State, said the hearings to he undertaken in thp 
valved in the c-\enis which led blockade or Rhodesia, he added, demonsiraiuin uf a national and QueiTiUa hasp's in his counrry, British reorcsentarlve in Lusaka prisoners’ absence TPCpived snn 

to oil reaching Rhodesia in the It was urgent ti, make sure international resolve not te -han 't nlrt %TP S tndav hid beo'n in inneh ith ite Jnrt frnni )^ HnnStte? 

years which followed the irnposi- thar. whatever happened id the accept UDI and not to underwrite H^tas^repIvinV in th p d Com- Nknmo's or-aniwtiom ’ * Ulster Unions. 0 

mnns to critle'sni from some “ W'p hope that Mr.- A'koino Tho action of thp prisnn 
a ^1 « o i| A. 9 Conservative MPs of the Govern- wmild respond and' his officers officers in thp Province stems 

; * flOlul/ HP T OllTlIfl 1119 S ' menfs dpcision lo send military will co-operatc in preparing narticuiarlr from their claim* 

v t lvili3 IIv Ti 1IV VFlXiL aid •<> Zambia. <uch ,i register, bearing in mind far an increase In thpt** erne* 

; Mr. Callaghan, who had t«*- ihe interests of the children senev allowance from £3 lo £5 

. by ioum hunt Period on his receni talks with ynq iheir parents, many of whom 

j riumi President Kaund.i. e.-jjri he aimed havp n o idea where they are.' 7 Shadow Ulster Secreterv Mr 




MRS. aiAKGARJET THATCHER 

Congfbrd) asked w be thex;'. the 
Goverriroent would be blacklist- 
ing' tbe TUG which .bad' awarded 
Its own staff a 60 per cent rise 
phased over three years.', 

... Mr. Callaghan replied-! hat the 
Employment Secretary, ' Mr. Air - 
ben Booth, was inquiring into 
tbe TUC settlement ' . " ; } 

There- were Tory jeers when 
fie added that Fie would not be 
harried at the Despatch ..'Bax 
about the question. of pay. re- 
strairit. • “even- by-- the .frenzied . 
shouts' of. Mrs.-.- Thatcher’s 
friends.” . ' . 

- Despite his protest, the theme 
was "taken up - by: Mr. John 
Pardoe. Liberal economic spoked 
mari. who was uneasy about the 
the way. the Ford, strike vote. bad 
been taken, ' 

The Prime WmsAer agreed that _ 
it was not a vecy Aatisfcactorywair^ 
of conductihg affairs, although 
there had been no protests whin,':; 31 
a similar mass meeting at Van*-*" 

hail's had voted to stay. .at work.- 

• -The Gove rnm enf juid -to be caw 
■ful how it talked to the Hrajrfe . T; : . 
uAlons on these sensitive .matters.’ " 
as tbe last Tory government had 
got itself -into suoh u mess when '.' 

41 legislated in tba- field.' " 

But if ; the trade union move- - . 
meat said W would h ke t-he^ys- .... 
tein altered by legislation,' then 
ibe-Goverament would respond.: 

Memorial pr«e 

DERVLA MURPHY, of Liamdre; 

Co. Waterfbrd: has been awal#d „ 
this year’s £1,500 Christc^r " 

E wart-Biggs Memorial Prize. for a 

book abont Northern freland. Her 

book is described- as " an original 
balanced^JIlumlnailng record of 
present-day Ulster " and reflects 
the life bf ordinary people -in 
province. 





m 


RY |ni4N HUNT ■»«! 'is-h mcti lun’ins. many ui ^nuiu ^ ' ; ' 

* riumi Pres Id** nf Kaunrta. e.ijri he agreed have n o idea where they are.' 7 Shadow Ulster S^creiarv Mr 

SIR HAROLD WILSON, the There were repeated interrup- runrtrefls or documents, tale- "w Britein should do what u replying lo questions Ajrev Neav e said the Conserva- 

fonner Labour Prime Minister, lions during the 50-minute grainy and despatches came in c m 'ld in hMn n tellow-mpnvner , n Lords- followins n news- T,vp s iu li.v supported Mr. Mason’* 
mid the Commons that the first explanation given to the House everv week from the Foreign nf »he Oin»mnpw , "alih which nd p.iof'r report last month th3t and what was heinp 

Ifc knew about the breach of oil bv Sir Harold. Office. But this particular docu- s«vcrelv from the effecl too.oun African chiidren had « on « to end tM prison officers' 

sanctions was last April. * Mr Rohin Maxwell-ilvsloD if ment had not been highlichled of «anrrinns h ‘"*a abducted from Rhodesia— ac ' f ' n - 

. On that occasion, following a .nSSStW h" in anv way. Mr. Ronald Bell fC.. Beacons- b;iir nf whrtm weP( . n0 w in ***? h t Dr 1 T fprr ^ 

discussion progrunmtv which he rifn- tin m ft had contained minutes of rrmmdi-d Mr. Callagh.'n patriotic Front camps. notto be drawn loo far because 

had taken part in on the RBC fjj 1 “ J ^.,2 the Jneetin-- whfch mentioned nf ,hP ^nmmg down of ■ civil L(lnl Orr-Eunig said the issue l a r ks n D, * CP wUil 

he had received a rfher intern- 5hc J:iund , r > tl 3n ? ,he HoU!,e JJ She! l-RP-Tnia oi t dnal Sir airliner anr! ,h " m:, ' saCre of sur ' needed urgent Government P rison officer!i representatives. 

perate letter from Mr. “Tiny" -et on with the debate. Harnld^mon v,v,,rs h . v , ' i ''r'»ri.ste. ,, a^nium “to restore ih™» 

Rowlands of Lonrlio. he said. Sir Bernard Braluc tC... Essex „ He said Mr i.allaghan should r ^|| f j rcr , iheir ancuished • 1 


not to be drawn loo far hecausei 


he must have known of ih»* very hard to believe that neither l? ™ Kanoda aaamii ihr 1»*- Lord Gm-.mwv-Rnherte eon- 

.ici ions of BP and Shell and lie he nor his senior officials knew Jj ™ W unporr uf in. b.-.riiins mmmir-d from camps m d .. mnt , d ..„ w siekonine Jceh- 
had enclosed a number nf dnrii- anvihing about what was going aw ;i0 * ur s. hjs country _ . ninne nf aMucimn.” hii| he 

menis purporting lo support his on' However, if the importance nf Mr. « .Jill.tclian Pri^ldent no-nted «:M ihat there had also 


_ . . . ninue of aMiiclmn." hiif he 
, „„ nrrn-.cd mil That there had also 


donors 

‘ignored’ 


Go-ahead for 
TSB business 
loans scheme 


GASES OF potential kidney 
donors being ignored by sur- 
geons were drawn tn the' atten- 
tion of ihr Lords yesterday. 

In his maiden speech during 
the Queen's Speech debate. Lord 
ti'liaddcm said: “ There is some 
reason in Think that ihe noble 


mems purporting to support his on . " “ ,L , Mr. <.in.«cu:m n ,„ n . c<| , hnl ;hPr( , hari aJ , 0 ^ 

allecaiions. Kmm thi> L-ibmir benches Mr l ^ , ' , ^‘cument hail been redlisH. N.ninda said hr* needed no con- h ,.,. n •v.dunTjry movements nf C • 

-Sir Harold said ihal. acc-i.rd ing ^ « ...h ,r " > iL i r.Ur. thc ,lu?n |,| * re, - n S ?rr elar>- Mr. vmcinu ahnm ihe consequences , ^KTnArfUl 7 

to some reports, one of the R “‘ ,t r ! *^l-an|uhar tBeiper. , Iic]jac , .Sti-warl. wuul.I have of such attack?. ini.dicu. ClI 

British companies had still been ' ast * eyzw if there j*? dropped, everything, lu hurry “)i would l.e a mailer of moral fASFS iif 

supplying ml on tranter WIRI conspiracy theie had been r „ U n<i ui number ID concern tr. him. omte aparl frmn „ nLpnrl fnr donors bein'* 1 nnnrert hv^ilfr 

arrangements lo Rhodesia rishl a error of judgiii«.nt Jn a< /diiir.n. tin* Attorney- any aid we might offer and cer- V.lO-dfi6aO lOT ^ drawn in^ihp^mien 

up tn four days before ihe #ame where. He wanted to Vnn* General al ihe time mow Lord m no .«en-.e as a bargain ’TCT> n 7 mn n ' nr e . h Jr ra , a j en ‘ 

Bingham Report .in sanctions- where Sir Harold thought that E| W> - n Jones. the Lord f..r Hie aid. Ihai he would nut loB UlISHlCSS In hi- H If y ,f f rda - 

breaking was puhlished. error lay. Chancellor) would have been a«, and did not support attacks on . during 

If that were *\\ then breach Sir Harold maintained that he vigorous in taking action :»s the civilians in this way" 10311^ SOnPITIP wiwhlr.n th/* < LOrd 

nf sanclinns had taken place had never seen a document Go i- eminent had now been in Tne arms were intended for ' ‘ re-isnn ■■> ihink »h-m ThJ* 

under three Prime Ministers— 3 describing a meeting between sending the Bingham lepori to lho defence uf .i feUnw-membcr thf: GOVERNMENT have n( f, TC rtf .he hnlderx «r 

reference to himself, former Lord Thomson, at that time the Director or Public of the r'onim.inweuith which had at reed m the Trustees Savings niant nrds vrr. nnt in twn, 

Conservative Prime Mini-tier Colonial. Secrelary. Korclcn Prnsccutinns. suffered an unjustified attack nsivak tmdemtang a piiol scheme L; n „« '• if ihi-icn 

Edward Heath and Mr. James Office officials and represenla- Ail this would have happened, from ihe rihodi Jan j.utborities. „f <rnnl!-s.-!.|n .-fimmereiai lend- i s " .. m-cdv— -i traV-Pdi -111’ 

Callaghan. lives of Shell and BP. although he said, it only the meaning or Mr Callaghan added rn7 , Mr. D.-nril Da\tes. Treasure must t'ry lo overcome ' 

Sanction- - breaking had This documenr had been seni lo thc minute.- had been realised. The Mouse nf Lords was told Min , 5U . r rtf Siate. annimn.-ed m "Last vea r there .'were « n m» 

occurred, he said, under five 10 Downing Street. . The future conduct uf ever*' Britain was prosing Mr.. Joshua ., c; un i, n .,iis writ-ten answer last \i OfiO nciiufe requiring kidnev 

successive Foreign Ministers At this, some Labour MPs Ministerial i.ieetinj involving Mcnnio. Patriaiic Front leader. I1|JL ,|, r !r ansnla nt onprit in ns i n ihi- 

and nine Energy Ministers. “1 surrounding Sir Harold. «UK- Rbodesia would then have been tn wnperate in drawing. up a Mr. Dine- M id lhat lending cnunirv Eight hundred received 

am perfectly certain none iff ge.stcd that this was “ bizarre.'.' entirely different — "we wnui.i regisn-r uf children taken rrmu wo „i,j be . oncemnted un small i hem. several hundred had to d.. 

these knew • » f any of these Sir Harold agreed " ll secerns have been lakinc up .hese Rhurif-u into m-i^nbouring bnsin*-j.«.p'$ in the main run by without and ft»r many, nf enurse 

events," he declared. bizarre -.lu me." He .-aid lhat qitvatiwns many years before. /.amlna. Iir partly-owned by existing this whs a death sentence." 

. ■ iii-tininers. ' Lord Whadrton yard ir seemed 

-w^. • • - • “The max tin urn Joan would be certain that m a significant 

■ Mwm'm rN lVitMIXAIfAWI ATIT niVfrt' rj5.fl0&. The results i,f ihe scheme number of cases the cardholder' s 

rrisons improvement is Key aim , 

• ■*“ v taken un whether to extend tbe ” ,n same hnspilulE thc 

ONE OF the Government's Tnere was no easy .solution. buildings No Home Secretary for doubling sentences or scheme/' . t ^ - f J a *‘ V v.^ a i P 

central objectives is to improve “The pressure nf numbers in could agree u» culling his pru. in doubling the size of ihe police c . 7 D; p V, ‘T. s, ! d Hie. Trustee nexi-’if-kin tfiiiVfheS.hf.i2r 


DECEMBER 4 im ® 

Tbe Financial Times plans to paBlish a Report 
on Sierra Leone. The provisional 'editorial 
synopsis is set out below. 

- INTRODUCTION Sierra Leone -arid its pros- 
pects and its poUtics. This year has seen. the. 
country move to a one-party system of govern- 
ment de jure as opposed to dc facto. How is 
this working and what arc the consequences? 
The country's external relations, particularly its 
ties with Liberia. 

ECONOMY This has faced considerable diffi- 
culties in the past fevv years in the wake of the 
.t974 oil crisis. Difficulties have been exacerbated - • • 
"by failing diamond production. 

MINING Diamonds have long been a mainsiav 1 
; of fhe economy but production has been falling 
in recent years as ihe ’richest' deposits are 
worked out. The future nf the industry and of : 
.the country’s other mineral resoirrees—iron ore. 
rutile and bauxite. 


iU 



AGRICIXTURE 


jood agricultural base is 


imisi try to overcome. 

"L.isi year thpro .were some 


Prisons improvement ‘is key aim’ 


Lords. Lord Harris emphasised tlte jusnce system ana on me rjoiicv. rising iwei 01 senouy crime wit-- 

Openin' 7 the Queen's Speech nct ' d ror spending mure on prison he rejected the idea uf ihe need wear;, resignation, 
debate on home affairs, he said 

ri°£H£BSii . Sproat attacks jobless pay rise 

the industrial unrest. ■/ w . 

" Inevitably in the time that iaN SPROAT (C. Aberdeen paralively high social security ployed w-as lo be deprecatefi* 
crime has risen the conditions of S) _ 0 ' D i a j- ed In ih c Commons benefits has disastrously under- “ People who are out of work, 
life in many of our prisons ha* f compuineo m me ^ommons * incentive u» work in the wt major! v through no 

deteriorated. " Some 5.UOO the unemployed were lo be ^ ® 0 ^ n v tr> . •• he SiJld . fault nf their nm ore entiUed 

prisoners were siiii living three siven a higher pay rise than his remarks to Mr. m Slate benefit.- and they have 

to a cell, and 11.000 two lo u cell, was allowed to workers under s , anle> . (jnnc. Social Secunlj. ronlrilmti'd in those benefits 
“But those statistics have little the Government's 5 per cent Minister. Mr. Sproat said: “If is through taxaiM.n in ihu past.” he 
meaning until one has entered u imiir. grossly unfair that be will Iw iaid 


Tim banks were making good iS?^ ,0 usc| 
ngress in stronglhenma Ibvir 

:pernsi? jnd devulnru'ti” iheir ?!!-!! " j. . 


prnsress 

3S2* ‘ ,, ' n u,?ve,op,na " ,wr Lord Whaddon also advocated 
a ritted -I..I npnilftt ,i ^ re-designing thc red kidney rord 

mir^pr d hMJ-oiln p ^? p0 ? i * nd making it a “ mulli-organ " 

metier between the National don«r card. 

Savinjf* Bank and ihe .National . .. 

Giro had also been examined. t^> * 


Boxing Day 
trains again 


Ferry link 
with Poland 


BRITAIN'S first passenger ferry 
link with Eastern Europe caoie 
into servicu at Felixstowe venter-. 


small Ctrl! in one of utir ancient Mr. Sproat claimed ai Question giving a 7.1 per cent rise in Next week's increases would BRITISH RAIL is |o run trains day. 

Victorian fortress jails and seen. Time that unemployment benefits benefit* to thusi: who do nm work aiVf> a sin-.'b- s»Tsnn "h nn ® ,,x,n - l,aj a vt“'" ihi> >car. The Polish Bull 
and even smelled the effect of would go up by 7.1 Per cent next including Those who have nn ,, nn i HI 111 ,niar- T cr *45 i blU ,b '- rt wil1 ht; no wreux*— the Pomeranian. 1 

these men hvin? ioa* 2 thcr in week after the review of the intentinn of working while he h } ‘ * vn , 1 1 ~ '-xccpt far limned lural truins in the Suffolk pun r>> 

an oppre«Mvc dausilrophobic supplementary benefits .-vstein. koeiitng the wages down nf th-Kc v>r ‘ ei ‘ r,1:irri vd mab v ' ifl «.!:ispi.v— no Ghri-=inu- ll.iv m Swinoujsci> in 1 

atmosphere " "A combnidtion on ifip unu nhn do ’.•■••rk tn 5 p-r rent ” children £“530 “ Perhaps *'<r It said that ri-w*j|.tv. ia«i Ruving ar Coponhagen. 

If was nor in drfin** ihf band of vraj's kf*p» Inv. an«i fax < ’-« Mr '’‘rino rnmnrn'ird 1 li-d r Mr ^proift •*. inlrt |;Jrr ;«> live 00 D r had niNTifif'd i Ire* re 1 M n^duc- passengers. ears, 

problems and dejcrihe Uiem. buih and oo the other hand com- Spruit's “attack” on the imem- that," Mr. Orme added, 1,00 al1 er a iliree-jcsr sap, vehicles and mail. 


2 , V p a s jn -ii. ix-rcon nn ^" x,n - ,,a > a ’“ 111 *hi> >car. Tin- Polish Bailie Line ferry. 
Minnfeiueniar/ henefii' V *5 a b,, ‘ ,h 'T t ! vil1 be no m.tvi«n- the Pomeranian, will sail from 
' , ' vn - - rxcept far limited local trains in the Suffolk pun every fnar days! 

wf*pK fffin ^ married mati viin i;!:isni»w — nn Cbn ,! ini l j>. 11 .iv m S»'ini»ujj,ei> in Poland, calling i 


... n-- — vr>- hi iibcv i.i 

^ vital component of balanced growth. In recent 
yea ra Ihe sector has performed sluggishly but 
the Government is placing greater emphasis rin 
the agricultural poTential. 

IJTOUSTRY This is still underdeveloped and 
the central bank Iasi year rimed' that the modern 
manufacturing sector does' not appear lo he 
-.playing an important'.' enough role in the 

development , process.: What- is being done -to 

encourage industry* and foreign investment and 
what are the prospects? 

TOURISM The opening of the new Rinturnani 
. Hotel near Freetown earlier this year marked 
the .start of a major drive to encourage tourists 
to-'ytsit .Sierra Leone. The country- has rnnvh to 
offer, notably.-- its magnificent, beaches. But can 
.Western visitors be attracted in sufficient num- 
bers to. this tropicaH-limate? 

For details of advertising rates lor! this survey, 

; please contact Hefeir Lees 
: Financial TfmesV Bracken ^ House- " 

10 Cannon Street, London £C4P 4BY 

1 1 r ? l: 01 " 24 8 :800a 'ext- 2?8 . 

FINANCIALTIMES 


it 


n n children £“5 30 ■■ perhaps Mr 


li said Thai n.-vtejiiiv la«T Riivm 5 al Copfnha^rn. ll will earn.' 
'■ had ite-tinm tiie re.iMryiluc- p.iw?nfirrH. cars, commcrruil 


Tbi* e9**?jp.- i«.fl aa-«. .•Wet fit im-'tiw 

att ouOKi" ;ti «JUn»:v v -ft. iiip Kifcrjt . 


ff\V 






H .’rSS:': 


I 



— - ' ' 

s - • » 4; os 


EDITED BY CHRISTOPHER LORENZ 



ggi| 

■ 


tv. . 




■: \ ■: ... ^ i 


^ariy Riley proffies Talal Abu Ghazaleh— a Palestinian who claims to run the largest accounting firm in the Middle East 


ac 




tant with 







p OUR relationship, with Price 
■Waterhouse is tbeiinost beauti- 
ful ffltainpie, of-pariiersfcip Tje- 
tw6en\fhc v .Stab .world and.' the 
Western So .says .the 

: un restramed '; - yTal ai " • . -Ah> 
Ghazaj^h;- the^Paiesdman 'Who 
has " pushed his” Way : riiL. a. 
’• meteoric cafeertb the very top 
of the, acc o unting .ggpfesston in 
the Middle East, _at the age of 
j ust 40. . Mow; lie. is much more 
tban just an accountant he^s a . 
tycoon,:.-expanditig^ Jii $ financial 
services empire throughout- the 
Arab .wDrId. and seeking to be- 
come an influentiaj . figure., at. 
:theV interface- of the, inultina- 
. trohal comp ames and the Arab 
.oil biition^.. . .. 

.!; : ^dt'--diLiring ‘his^rise to pro- 
minenee : Tala].; as 'he ts genetv 
alty. Known.: has ‘attracted more 
than".; his." fair^shere of." con- 
troversy; .;The accounting pro-, 
fession- is : alwavs ' liable, to .he;; 
suspicious .^(MJjne would -say - 
jealous! . who!: 

combipe professional roles with; 
notable business achieremenis. 

Talal -ccrtamTy enjoys the 
trappings of success.- There is 
more than a. ibuch of . luxury 
about his -root,. Wood ppneHed 
office which!” has" a panoramic 
vtewjcross the .commercial dis- 
trict of. Kuwait!., City to the 
Arabian Gulf beyond. - He 
shrugs; ." 1 have a. problem with . 
my c-oiupetition-r-they don’t like 
me." ... 

In any case, the 1 Middle East 
is an area notable for. troubled 
relationships between account- 
ing firms. The big international 
firms have been keen to carve- 
out positions in .one of the 


world’s major growth, areas for 
financial services. Biit they have 
(rfifiri {proved', unable to cope 
satlkfaetorily with local partners 
and local business pra ctices. 

Tklal-.'bimieif emerged from 
Saba, the Beirut-based firm 

which' used to' be the largest in 
the . Middle "East.' Elected as 
duinatui-ta-be of Saba in 1972, 
he broke aww ; in that year to 
form- Talal Abu-Ghazaleb and 
Co, in-partnership with Diraar 
Alghah'im, a member of one of 
Kuwait's 'wealthiest, merchant 
•families.. Saba reacted bitterly 
to thei : toss, of many clients to 
the upstart- firm,' and called in 
a' partner" of. Peat 1 Marwick 
Mitchell to ■ arbitrate, in a num- 
ber of 'financial disputes. 


Disbanded 


• Saba was involved Iii another 
; ; iplit. this, year when after is 
yeary. lhe joint associate firm 
■ Arthur Andersen. Saba, and Co. 
.-was disbanded. The problem 
was apparently that Saba wanted 
only a loose arrangement, while 
Andersen were, trying to iraposp 
the common standards and 
quality controls ' which 'charac- 
terise its world-wide -operations. 
Saba has now entered into an 
association . with Touche Ross, 
while Andersen has. opened its 
.own branch >n Bahrain, as the 
first 'step .in. a go-itialoo'e Middle 
East .venture. ' 

. Deloitte vHaskins and Sells is 
anottier..o£ the international Big 
Eight to' have' dropped an Arab 
connection ' terminating its 
relationship with the- Amman- 
based Shair. and Co.— rin favour 


of building up its own chain nf 
branches. Here again ihe Arab 
firm has quickly found a new 

international link, in tins case 
wilh the McLimnck Mann 7-af- 
reotz grouping. Meanwhile 
Andersen and Deloittes arc 
seeking to emulate Wbinney 
Murray, which has for many 
years been a strong indepen- 
dent force in the Middle East. 

U was in 1974. when Talal's 
firm had become sufficiently 
established, that he entered into 
an association with Price Water- 
house. The joini firm Price 
Waterhouse Abu-Gbazaleh, was 
established and he was admit- 
ted as a partner in Price Water- 
house International. The links 
with PW are being 
strengthened. Ai present 
r* •uglily LIU partners and ntaoa- 
eers from Price Waterhouse 
are rcbidcnt in the Middle East 
i they cm mo mainly from the 
UK but also from the. 
U.S .1 Within the next year 
another 20 or so PW personnel 
are expected to move into the 
joint operation. There will then 
be at least one PW officer in 
each of TAG'S 23 offices 
throughout the Arab world. 

Bui the accounting tic-up 
with Price Waterhouse forms 
only part of Talal's current 
plans. A key new development 
is the setting up of Arab Inter- 
national Projects Company, in 
provide pmject and investment 
advisory services. This itself 
has a nun-exclusive link with the 
Paris-based Banque Arabe ct 
Internationale d lnvestissemenr. 
It will slot into place beside (he 
existing accountancy and man- 


agement consultancy l merer t«. 

Talal claims that his account- 
ing firm G already by far the 
largest in the Middle Hast. 
" The growth is now in the field 
of project development.” he 
says. ” Wc are the only firm 
of consultants operating 
throughout the Arab world.” 

He explains that there is a 
need for an organisation which 
can do a complete file for a 
bank on an investment project. 
His group is now geared up to 
provide more than just financial 
advice ro foreign investors. Its 
business services cxTeml !u The 
selection of joint \enture 
partners and the arrangement 
of local representation for 
multinational companies. Find- 
ing the right contacts is in- 
variably the key to doing 
successful business in Arab 
countries. 

Thu expansion of Ins group 
has led to the need for a new 
structure. A new holding com- 
pany is being set up. Talal Ahu- 
Ghaz 3 lch International. Imc r na- 
tional lawyers have been decid- 
in'! whether it should be domi- 
ciled in Jersey. Luxembourg, 
Switzerland or off-hnre in Bah- 
rain. 

Talal's connections arc im- 
pressive. The lmk> wiili ihe 

Government of Kuwait arc 
close: two years ago. fur in- 
stance. the firm took over the 
plum audit of the Kuwait Oil 
Company. He is also known to 
he friendly with members of 
the Saudi royal family. 

"We have a unique position 
in Saudi." explains Talal. "We 





•• •' 




Talal Abu-Gh.izalch— " I have a 
problem wiih my competition, 
they don't like me.” 

are rite only :v;'i-ic’rnf| firm 
Others an- .m-; individual 
auditors. .\«* uihi*r hrms con in* 
registered nnl<-* ihe law 
changed." Then* i; no si-^ii ihai 
this barrier a-.aiii:! the other 
lug accounting linn- i., likely i>> 
be lifted. Ai prcM-m TAG h;iN 
tlircc nliict*> ;n lb - 1 cuimtry. 

TAG is obviously trading on 
iii Arab character to si re net hen 
its pusi unn .n the Arab world. 
Ycl it is a l-o backing two 
horses in that ii 1 -. Forging 
clo-er link- '.nth PW rn order 
that it can al.-.i lap multi national, 
predominantly wc-tern business. 

The group"., .-mi dure is care- 


fully arranged lu pcnmi ibis. 
In the Arab countries the 
accMiiitmg operation I fades as 
the all-Arab TAG. To inter- 
national clients. however, it can 
appear in the guise of PWAG — 
both uf these operations now be- 
ing under the umbrella of TAG I. 
Do pile ihe *. 1 different trading 
names, the acvoiuiting side 
appears r-» he quite closely in- 
tegrated 

Lor Price Waieriiuu*u* ihe rn- 
ia I mu-hip ■ifTers a way in in ihe 
lucrative Middle Eastern market. 
Tu TAG u offer.-, I hr micr- 
ualiunai cunncctions beyond ihe 
Arab vrorki which a purely Arab 
company could nui expect l«* 
develop easily. TAG aJs«i gains 
access n» PW's training schemes 
and technical 'nack-up. 

But Talal has not been able 
in expand his empire so last 
unbuilt arousing hostile 
response- from oilier account- 
ant- Grilles have alleged that 
-oinu "f ins activities have m>l 
n.im plied with Anglo-Saxon pro- 
fessional conduct in areas such 
as publicity and advertising. 

Ii has bi*i*u suggested that 
Talal should mu have published 
under hi< »«n name hi« 
English-Arable Dictionary of 
Accountancy, which canto out 


earlier this year. In reply, he 
asks whether ho should be 
expected Jo publish the book 
without mentioning an author. 

Again, the charge of advertis- 
ing is laid again--! his endow- 
ment of the Talal Abu-Chazaleh 
Graduate School of business 
and management at the 
‘American University of Beirut. 
TAG ts to meet the shortfall 
between the new school's 
income and expendiiurc up lo a 
maximum of SlOm spread over 
10 years. In return the school 
is to lake over the classroom 
training of the firm's auditing 
and financial and management 
consulting staff. 

Talal himself ernduated from 

the AUB in 19KH with honours 

in Business. Administration, lie 

maintains t hat the litle of the 
graduate school was nol his 
idea. "The American Univer- 
sity nf Beirut insisted that they 
gi\e it m> name — an Arab 
name." he points om . 

Distinguished 

With obvious pride he pro- 
duces a copy of Professor John 
Monro's recent history of ihe 
ALB. It is dedicated to Talal. 
described bj ProTe.-syr Munrn 
as "one of AUB's inusi 
distinguished graduates.” 

Talal admits, however, that 
auditing standards in the Arab 
world do not match up to the 
best international practices. 
■■ Unfortunately there aren't 
generally accepted accounting 
standards in this part of the 
world.'' he says. " Wt* haw 
developed nur own set of 


ertips 


principles — a cumbinatiyn of 
U.S. and L'K standards.” 

He claims ihai the standards 
are applied ” in the extern that 
(hey do nut violate the local 
laws." The firm's practices have 
been set out in a 4C»U-page audit 
manual, newly produced lor 
internal use after fuur years' 
work. In his lore word to the 
book Talal writes: ” Much of 
the material in Ibis manual is 
based cm publications of Price 
Waterhouse and Co. adapted to 
our requirements in the Arab 
world." 

For Price Waterhouse thf* 
question is how far it may have 
to bend iti standards to fit in 
with this irrepressible Arab 

partner. The potential rewards 

are large, but ii is not clear 
how PW can keep control of the 
cxpansiunist Talal. 

Certainly (lie management of 
TAG appears to be highly per- 
sonalised by the standards of 
Western accounting firms. 
According to the group's direc- 
tory the partners have a firm 
belief in the need for strung 
centralised management. The 
partners elect the chairman 
"and vest with him all the 
powers and authorities he re- 
quires to ensure the continuous 
development of llte group.” 

The chairman with tho-c 
powers and million ties is. need- 
less ro say. TalaJ. Is he an 
auditor or an entrepreneur'.' A 
compiler of dictionaries or a Mr. 
FixitV It is the combination of 
all these roles in one person 
that makes Talal Ahu-Ghazaleh 
such a controversial pheno- 
menon in the areuununu world. 


BUSINESS PROBLEMS; 


BY OUR LEGAL STAFF 


m i‘Ui<i. -I,;.* 




D iihi 


Tax payable bn 
stock option 

On Jane 25, 1973, my company 
gave ,rae a stock option to pur- 
chase shares in an Italian com- 
pany. the option, being exercis- 
able- commencing 24.. months 
after the .above date- Jn "three. 
Instalments, each for ..a third of 
the shares duringeachoftbe 
three years following -the above 


LHC 

■ - for . ; 

PRESTEL 


(Post Office Viewdata! 



commencing -period- ; 1 never 
took up. the option, because 
the purchase " price . of ihe 
shares after adding the foreign 
• investment surcharge, would 
' have, been higher, -than the 
. -market- value. ... . . 

On iUay 9 this year the com- 
pany, offered to re-purchase the 
ppdoii.. from me / which i 
accepted; ' The • aidioimr in 
question for re-purchasing the 
option was £715.- • 

; Would .you please' advise 
-whiftber. this fs subject to tax. 

- and if, so. under what- heading 
and what- rate? -rf - 

OnThe bare facts given, you will 
be chargeable to mbome' lax 
under Schedule E (at your top 
rat«i in effect) .on; £728, under 
section 188{lV o?- Ute Income 
and Corpora lion Taxes Act 1970: 
" Where a person realises a gain 
- .- ‘-Jty'the assignment 0 r release 
of a right' id a«juire shares in 
a "body corpqpate obtained by 
;that person ai 1 a director or em- 
ployee of . any other body 
eprporate^he shall be chargeable 
to . tax UjpSer Schedule E nn an 
atnountrequal to the amount of 
his gaCi.-' ' 


No golden 
handshakes 


• PrDgramni».p|anhirrg 

• Routing sfitems design ' , 

• Graphics desispi ./ 

• Data input, editing, : 
and update /- 

• Complete programme 
management & maintenance 

• Persorursl training . 

9 Demonstrations laminar* 

• General consultancy' 
servicas- 

Enquiries to: ••• 

Managing Director 

Link House Communications ltd.. 

Link House, West Street, 

PoqJb, Dorset. ■ • ; 

Tel: Poole (8201371171. 

Telex 417189. 


Our business came to an end >n 
1972 as a result of the redevelop- 
ment of the district by Ute 
.council and we now wish to wind 
dp' the Private family company 
concerned; Is it possible for the 
two directors and owners of the 
company to -give themselves a 
golden handshake? 

As the company ceased to trade 
about six years ago. there is no 


possibility of securing corpora- 
tion ihx relief for golden hand- 
shake payments made now — and 
jo fact it is virtually certain that 
no f'.T relief would have been 
given if golden handshake pay- 
ments had been made shortly 
before ihe trade was discon- 
tinued. There is no prospect of 
yn»i r being given retirement 
roher from capital C 3 ins tax on. 
liquidation distributions, what- 
ever ynur respective ages may 
hi*, because the Inland Revenue 
announced un August 6 . 1976. 
that relief funder paragraph 2 
r.f tchedulp 10 to the Finance Ac: 
to-sfi) would only he eiven. b*' 
concessinn. in cases where i'ne 
delav bei'.veen ihe closure of a 
famil*- company's business and 
the d'-nrihmmn of its assets to 
ihe shareholders was less than 
three ye„rs. 

Wg suggest ihai you have a 
chat with ihe rwnnsnv'* accoun- 
tants.. to see whether. £nr 
examole. it «-lll be possible to 
slageer HqtiW*>»lnn distribution* 
so to mit*"»t<* the share- 
holders' r.GT ]-»hil»ires. under 
clause ^5 of Finanee Rill fas 
amended Hi SMnd-ng fn*o*iuttPO ( 
on June 7». On the niher hand i 
if. the enmnany was formed 
before Budget Dsv Iflfio. ihe 
ari'oiintants will h’ve :*» he-"- :n ' 
mind the Inland Reven*i« Frees 
release nf January ?n. 197'2. 

regarding the conressmnal nrar- 
tire available in rase-? where the 
Period between the fi’-si liqu’da- 

tlon distribution and 'he final 
one dnps nor rsignificanlly) 
exceed iwo years. 

No /ejol responsibility con be 
accepted by the Financial Times 
for the answers given tn these 
columns. All inquiries wtll be 
answered by post as soon os 
possible. 


| THERE is ont exception to the 
i uniformly splendid accotnmoda- W 
’ 1 tion of Spanish Government ^ / 

departments, some housed tu 
, impressive old palaces, others w Tt 

rin modem office blocks. The 
• exception is the Competition 
Commission. Its staff of four 
‘officials is housed in a building 
i badly in need or redecoration. 

, Bur much more than 
I redecoration will he required to policy in llv urhpr 
.’ensure enforcement of the IfKW T} )1S tiinidn> or 
Restraints of Competition Act competition wau-hd 
•should the much publicised vt,iHi the general i 
changeover lake place from Hie 19^3 Act. In this 


Why Spain will find it hard to 
shed the apothecary syndrome 

BY A. H. HERMANN, LEGAL CORRESPONDENT 

icy in tlu- other. "relate supply t» demand.” The Compel iii on Act requires 


. pubhc°monoptilies! It can help a the national market or any part Ration in depressed branches . ’"*? fr J r 0 S~' n 

tanking station operator to thereof. Resale price main- of induMrv. ^ units b.y enough for mteima- 

, defend its exclusive territory tvnanec by a firm not in a J ' 1 appljmg the co inpet U ion lional competition is un*. ut l ic 

! against the St 3 te petrol mono- market dominating position is lh , t '. i" !S!l.|ri!|'nn i Ooiwnmenis 

1 poly, or a departmental store, in not prohibited, hut there is a extreme!} tolerant new of price inclusirMl polic . 

Barcelona to be allowed to sell general prohibition of reiatl H-mg. This is uiulersiandable AN ill there be a '-.iangi*. 
Ifood. But on the whole it is maintenance for branded goods since in many sectors the maxi- The Spanish emphiu.-r- federa- 
ven- timid. Its more daring pro- covered by trade mark- rests- mum prices fixed by Govern- tinn says thni it want- iho U.S. 

nouncement concerns the need tered 111 Spain. meni facilitate horizon la 1 agree- system of five mark cl cro»oni\ 


friends " the mullinationnl com- 
panies. 

However, the real reason for 
fearing any measures curbing 
monopolies and restrictive prac- 
tices is 1 h. 1 t in Spain both 
Government officials and busi- 
nessmen are “institutionalised” 
by a pred icia file, regulated 
economy and fear the unknown 
dangers nf a free competitive 
market. " The whole economy 
suffers from ihe ‘apothecary 
syndrome ' " said Sr. D. Carlos 
Biisielo. Under -Secretary for 
Commerce — a junior ntinisier 
with a European outlook typical 
uf the able new generation. 
The “ apothecary syndrome " 
means that everyone expects in 
be awuired of his own private 
market: for u tu be protected 
by legislation similar to that 
which, since time immemorial, 
has laid down that there must 
noi be more than one dispensing 
chemist serving an area with, 
say. Uili.ui.iH inhabitants. This 
principle has been applied in 
Spain right across the board 


for more'eompetition in Uie oil The 1W3 Act. however. h:.« n.enis or practices desicncd nut but no anti-lrus: ;.g 
industr>' and agriculture, two an escape clause which knocks ,n allow ihe price to fall under Ant i-t rust. it he.ievc 

'fields in which any attempts .it the boltom out of it. :he ufricial maximum di reeled primarily .ic;uii- 

free trade are bound to be frus- .Ml the prohibited restrictiM f 
itrated by Hie oil monopoly in ami price fixing agreement* ma; j f 
one and by EEC agricultura l be justified l»y Hie ne»*d to | ■ 

SEMINARS ~ 

AGB 


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Handwriting analysis hi personnel selection 

21 November 197S 
Cafe Royal, London VV.T. 

Executive selection techniques 

22 Nov<smhf-r 1P"8 
Cafe Royal. Lonoon W. f. 

Graduate selection techniques 

12 Decemher 1973 
Insiitute ot Edu-: ol-on 
University of London. V» .C.2. 

Essentials of employment law- 

30 November 1978 

International Press Cenue. London E.C.4. 


For all derails of these r^niina/s tall 

Joyce Hawkn is 01-8684422 


AGB Conference Sen tecs LImilcd. I. irrigate Honsc, 
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LIMBLESS. 

LOOK TO YOU 
FOR HELP 

We come from both w orid v ars, 
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From keeping the peace no Ic.-s 
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And you can help, by helping 
our Association. BLESMA Mhc 
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Ji helps, with advice and 
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12 


LOMBARD 


Financial Times Wednesday November 8 1978 


4 


Opening an avenue 


to progress 


BY COUN JONES 


THE ENVIRONMENTAL lobby than ten years earlier— to cite 
has had a field day over the figures used tbe other day by 
leaking of the Department of the Price Commission, a body 
Transport's memorandum discus- which can hardly be said to be 
sing whether (here should be a a friend of the haulier, 
public inquiry nn lorry weights. As for thp rulUTC . me catajla . 
The department lias been made Uons ma de by Dr . Clifford Sharp 
out to be. at best, devious and. u f Leicester University in Licmg 
at worst in cahoots wi J h the road ^ith die Lorry illustrated tbe 
lobby. The result «m assuredly ran?e or possibilities. Assuming 
be to kill the idea of an inquiry a 3 p e r cent economic growth 
stone dead. This is bad for the rate and an unchanged relation- 
democratic process. li could ship between economic growth 
also be bad for the environment and inland freight movement. Dr. 
—if one may distinguish between sharp reckoned that if average 
tbe interest and its self-appointed lorry- carrying capacities were to 
guardians. remain unchanged we could be 

It will be bad for the demo- faced with ljm heavy lorries by 
era tic process because the the year 2000, as against the 
purpose of an inquiry, as present 570.000. If. on the other 
becomes clear from reading the hand, average capacities were to 
leaked document m full, would grow- by 21 per cent a year fthe 
have been to “air in public and I95S-70 rate was 3-4 per cent a 
subject to rigorous scrutiny and year*, the total might be 5m. 
questioning the case for per- Even a doubling of rail freight 
mining heavier lorries and the traffic would make little more 
case against put by the environ- than a dent in these figures, 
mental protection groups." Try 


as one can. it is bard to see % 
what is objectionable about that. Sj>TI||Qr 
True, the department hoped 
the inquiry would reach " a 
sensible conclusion in line with 


The anti-lorry brigade have a 


tits own) views." But there was P° inl they say that it is not 
a risk it would not. True. too. so mueh ttiQre lorries as more 
the memorandum suggested that bls B ° n<? * . that ,s 

the inquiry's fact-finding role ^.ng the welght 

would be subsidiary. But this i , ™ ,l .£® ra L h _ e lons .*° 


was hecanse “ most 
relevant evidence is 
and already available." 


oF the 


Self-evident 


38 tons or 40 tons would 
technical nDI 1 meun bi SSer lorries. The 
dimensions of a 40-ton lorry 
would be the same as 
those of a 32-tonner. Nor 
would tbe 40-ronner cause more 
damage to road surfaces. Indeed, 
it could cause less. The crucial 
It is also true that the officials fff, 1 , 0 !. weight, not total 

thought that the inquire should \ e . W ^ five-axle vehicles, 
not embrace wider issues, like the maximum axle weight would 
lorry noise and safety generally. remam as now (1 ° tons) - 
but should be limited to the There are other considerations, 
specific issue of heavier lorries Tests show that heavier lorries 
and their environmental effects need not be noisier or smellier. 
— including, incidentally, such There would be savings in, 

matters as damage lo road energy usage, and reductions in 

surfaces, diversion of traffic from c, ^st per capacity ton-mile. UK 
rail, and the case for reducing l° rr y makers would be able to 

rather than raising maximum build vehicles Ihey could sell at 

lorry weights. home as well as abroad, and 

Their overall 

ting heavier lorries seemed to , 
them so self-evident that it fn shorL Ibis is an issue where 
probably only needed the rival economic . and environmental 
arguments to be discussed in an considerations point to similar 
atmosphere of dispassion and conclusions. In the past, the 
reason for prejudice to melt s °ci>»l and environmental aspects 
awav and commonsense to °t transport planning were too 
prevail often 3 iven short shrift. Too 

_ , many motorways were built on 

One trust* that this would have the- cheap in the urge to catch 
been so. Certainly, if the ban on up with the long years of invest- 
heavier lorries is maintained, the ment neglect Now the pendulum 



AS THE leaves fall, one tree replaced after their stumps do not forget them in dry ace. sn ft is. hot necessary 
returns to being much like have been killed off'.’ weather. Take the cuttings at pay for it in a packet. But trees 

another. Yet there has been Oddly, the propagation of any lime, even now. You can from seed are one obvious 

no abatement in the elm disease trees has never found much growyyour own line pf trees in retort to our. disastrous losses 

this year. interest among amateurs- I tan a few years for nothing. of elm. Some; of those whfeh. 

“Tis done and see Backed find no clear direction on the Myself. I would look out for Unwins are -promoting «bd ■ 

by the sunset, which doth growing of' trees from seeds, the silver poplar, still billowing others which big seedsmen- 

glorify The orange and pale 5a > ers or cuttings in the usual in Home Counties’ hedgerows. ( Thompson and Morgan. 1 of * 

violet evening sky Bare on its £ uide * to gardening. Yet like the scented Balsam Poplar, the Ipswich above: all) have been . 

lonely ridge tlie’ Tree' the ^ working of marginal mines charmingly pink and white selling, quietly for years are 

tree'" I imagine mv children nf “ old - the raising of trees speckled Poplar Aurora ( colour now well worth attention. If. : 
chantinc Matthew Arnold in 10 froal your own stock is now a only shows from May to July), you do not want th& seedlings, 
years time as they look across sensible field of effort. Unlike the lovely grey willow and any you can pass them on or give 
a landscape once thick with old S° Jd - e trees. would also be a or its red or yellow stemmed them to the nearfry landscape.: 
grey willows, elm and yellow patriotic investment. relations. These are all quick Among the^ easily Taised.'-v 




sedge grass and see a single 
living sycamore, framed in its 
landscape, of unbroken winter 
wheat. The deaths of 12m trees 
in three years has still passed 
by those sheltered city gar- 
deners with their may trees and 
double cherries. 


GARDENS TODAY 

• BY ROBIN LANE FOX 


varieties, tbe Tree of Heayea_ ® 
(ailanthus) at 39p and the 
Silver Birch at 19p, both in • 

Unwins scheme, would be good - - 
for beginners’ morale/- They 
come up like cress., despite the : - 
Tree of Heaven's curioitt seed eucalyptus 



Only a huge tree-planting, effort from Britain’s gardeners 

will help stem the loss of some 12 m elm trees. 


leaves at any value. - 

These ind other tree-seeds 


Some of the anickpst varieties trees with wide root runs, shape. The Paper Birch, whose florists shop that it -would pay , 

■WKStSKS B SfV! £.1 5 Sr“ K 10 sow * few “ ■* " 

private gardeners to bother to 


“ '«553T. dm «. eucalyptus out- 


”, " : n „ ooDlars or willows from a settle. Then there is no slop- Tree of Heaven is dull.' except doors is much of a substitute nobody yet seems wdffer good. 

replace their dead elms unless >ng poplar? or willows „- ln3 tW -in' difficult nlaces, set aside the for elm. Here, 1 like the larch seeds of the Scarlet and the 


they can plant on the scale of «»»W- Tbout seeds ? Here, .1 seediSs/fnJTart^ranhig^^ s ttee^mong “the ' more" rapid Turkey oak. It is a slow bus 

commercial forestry. Two or where they ioin am pleased to welcome the so- shrubs. They will give you long .sorts of replacements. Sow it nessi unless. you Irvejn an aad 

diree new specimen trees are - » trunk Take a 'mod called Heritage collection, branches paired with exotic in February and it will soon and . sarden. .where vnn 

a tolerable burden. But we jn i older a newly devised by Unwins of pointed leaves, a handy -filling, be showing if you do not allow «uld I reap a quick _re turn from 

elts of > , el I m of -L leneth i?a lieht open soil Hislon, Cambridge, and planned for any' gaps in a border which 'the seed to dry out- Unwins the -SotfHrf agus, °r ' 

used to break up hedges and „ i n a for sale all over the country. I may result from :* this- dry offer the common larch. Thom p- to be found, tantahsmgly,- in 

inn farms from wnere yuu cau wdier h 111 *• .1 r» 1 . ... , r .. - - ’ — * » — — 


boundaries, stop farms from 


—r- . Thor- :« nn rpawn whv cannot see that the Eucalyptus, autumn. If you must grow son and Morgan add a Japanese Unwtas list A good germina- 

reserabhng pralnes and edge drought. There is n 0 reason^_n._ lhe B | ue SpruC e and the Eucaij-ptus, a similar: treatment Larch whose rich red brown tor. B ^ ^ 



— ... fhum « e“" u v»uc. iuu can iuv cyan ir<ui auu KU Ml ta-5~ nlirt fi Mwpi uu . . 

a belt along a small orchard. I grass that will not upset tncni b(|y g eed . packets of anything varieties, of which I can vouch- will stand a poor site but are future. They are _noj.,i!jffiailL 

irou clear ;1 P a frum Sycamore to Mulberry for for lemon-scented Citrid. Dora -'far better when giv 


given a leafy F,ew things slip; om asife^a 


— — - . 11 Hum otnuiivic iu iuuiuciij iui tui iciuua-».Tiiiea Uiluv Don - tar Oeiier wubb o 

1 no less than 24 elm trunks, some thre6 feet in diameter a. 1 under ^ The SyrarDore of and ^ red-stemmed Polyan- soil which does not dry out. At time ^ and^ ; nme . is-.- th.ev 

t can these be cheaply round them, keep it clear a Cf)U rse. seeds itself like a men- tbemos. Such is the price of 20p a packet they are very good obstacle in-this -preseii^ 


Mount Tallant looks likely 
winner of Newbury hurdle 


t-psuh will h*> nior® In^iAe n n has swnnq too far the other way. 
the roads than 


would otherwise One should not' “blame the 
and that surely Department of Transport officials 
The W The Iasl . l,me for trying to open up an avenue 

S iO«i 5h Rv iQ- R W l re n aiS6d was t0 Pntgress-for refusing to go 
19,6 , haull<,rs wer , e on sitting in their holt-holes like 

w? h S in °nor Ln C . en r m0re ^7* fr0ipn into immobility by 

with 10 per cent fewer vehicles the prowling hounds outside. 


NATIONAL HUNT racing takes At Cheltenham, on October 11. stoke, who performed by no 
aver from the Flat today with Anthony of Padua cruised home means badly against the highly 
three meetings, at Newbury, by 10 lengths from Archbold, promising King Weasel • at 
Carlisle and Wulverhampton. since when F. Walwyn's ex-Irish Wetherby last month. 

Inevitably, with fitness at a gelding has won -again. It may Indeed, if Sun Lion jumps 

premium, backers will tread he that he will continue on his more quickly than he did when 

cautiously. ‘ way, rejoicing.. But he is likely runner-up to Ireland's Owen at 

Having said that. I shall be to have bis work cut out to do Market Rasen on October 20. it is 

surprised and disappointed if so. for Archboid r now has a conceivable that the first three 

Mount Tallant, does not win the 10 lb pull in the weights and Is prizes of the day will go to 
Seven Barrows Handicap hurdle likely to he that filUch fittter. Richards and his stable jockey, 
at Newbury, in spite of his not The Tista, who goes for the Ron Barry, 
having had a previous outing Bagnnr Hurdle • f 2.30) in pre- 
this season. 


RACING 

BY DARE WIGAN 


ference to the Nuneaton Hurdle 
at Wolverhampton, is fit from the 
flat, having * .shown up 
prominently for-a long way in the 
Tote Cesarewitcb.- Handicap al 
Newmarket on October 21. and is 
a reasonably confident selection. 

Up .. In ' the . border country. 


Similarly ! expect Approach- Gordon Richards.. whose stables 
ing to outclass the opposition in are at Penrith, no great distance 
the Lionel Vick Memorial from the course, can take 
Handicap chase, for I remember division one of tb£ Ambleside 
his emphatic victory over course Novices’ Hurdle with Palace 
and distance here at the first Royal and the TbrelKeld 
time of asking last year. Handicap Chase with Lord Grey- 


NEWBURY' 

1.00 — Misty Chimes 
1J0 — Approaching* 

2.00 — Mount Tallant"* 
2.30— The Tista*"* 

3.00— Archboid 
CARLISLE 

1.15 — Palace Royal 

1.45— Lord Greystoke 

2.15— Sun Lion 

2.45— Three Visions 

3.15— Fighting Fit 
WOLVERHAMPTON 

2.45 — Gran do King 


ENTERTAINMENT 

GUIDE 


CC — Th**e theatre* accept certain 'credit 
cards by telephone or at ttie. BOX' Office. 

OPERA & BALLET 

COLISEUM. Credit cards. 01-200 s?M 
Reservations 01-S36 3161. 

_ ENGLISH NATIONAL OPERA — 
Tout & &il 7.00. The Th Irvine Magpie. 
Tomer. 7 JO iolantne fflnal perf.J. FrJ. 
7.30 The Tales ol Hoffmann. • ”, enor- 
mously effective." Ev. Stan. KM balcony 
seats available Hr all serfs Iron vo.qo 
on dav ol pert. ■ - 


COVCNT GARDEN. CC. OT.24D 106S. 
tGardencharge O-rdii Cards 856 69031. 

THE ROYAL BALLET . 

Tonight 7.30 Serenade. A Month iD ute 
Country. Facade. Tom or. 7-30 . Mawr- 
ling. Sat. 7.30 The Sleeping Beatqr. 


THE ROYAL OPERA 

Frl. and Tucv 7 30 Coil fan tulte. Moir. 
7.30 L'AIncalne. 65 Anobiv mu : avail, 
for all oerrs. from to *.m. on day :ol 


pert 


SADLER'S WELL THEATRE. Rosebery Are. 
CC1- 01^37 1672. Eves. 7J»_. •_ 
HANDEL OPERA 
Tools ht. Sat. Nov 15 and I7t mMaldq. 

semele!”' ncx1 ' Nen ' ,6 *** ,a 


THEATRES • r.i;. . 

ADELPHI THEATRE. CC- 01-836 7tn. 
OPENS TOMORROW . NIGHT 7 AS. ,. 
Reduced Price Preview Tonight 7 JO. - . 

BEYOND - . 

THE RAINBOW - . 

An Enchanting New Mnsleel 
BOX OFFICE NOW OPEN -r L 
Credit Card Bookings 01-836 76717 


ALBERT. 836 3876. CC. blS. 836 1 071 -3 
.Tdci.; 


Irgm 8 50 am. Party ra t e s Moil.. . 

Wed. and Fr|. 7.4S did. Tbprg. add. Eat. 

4.30 and 8.00. -r* :. 

A THOUSAND TIME*: WELCOME 1 tt_i 


LIONEL BART'S 
OLIVER 


"MIRACULOUS MHSUjJ^FiA-WSL; 


with 


GILLIAN BURNS « MARGARET BORTPM 
Eytra Christmas mats. Book Now, ; 


ALDWYCH B36 6404. Info. 836 SUi: 
ROYAL SHAKESPEARE COMPANY in 


repertoire. Today 2.00 A 7.30. 
COUSIN VLADIMIR. 


MAY FAIR THEATRE. 01-49! 203.f. 

SS&& cHklSrhlki s&w * ' °° 


NATIONAL THEATRE. 01-928 2252. 

OLIVIER looen stage): TonlsM . 739 
Tomor. 2-45 and 7.30 vTNE CHERRY 
ORCHARD bv Chekhov trans. bv 

lyttoItoN Vn <oroscenUjm siage): Frt. 

7.45. Sat. 3.00 and 7 AS Uow price 
Brew). BETRAYAL - - now ala v 

CtTrtESLOE IsmaJI audHorlum): UnMI 1 IS 
Nov. Nightly at 9.00 THE YKHtLD 
TURNED UPSIDE down by.Xellh pew 
-burn from Christopher Hill's book f per- 


haps not suitable lor cniidreni. 
•Many excellent cne 


_ .leap seats all 3 theatres 
dav ol pert. Car park. Restaunint 928 
2033. Credit card bookings 928 3052 


OPEN SPACE. 387 6969. 

BECKETT DIRECTS BECKETT 
Endgame— Krapps Last Tape 
Toes to Sun. Nor. 7 to 2B. 7.30 pm. 
NO PERFS. Nov. J4. IS and 16.. 
Ring Bo* Office tor details. - 
Extended by poblk demand. . 


OLD VIC 01-928 7616. 

PROSPECT AT THE OLD VIC 
Today 7.30 •. 

. Derek Jbcabl In IVANOV - 
Chekhov's comedy with Clive Arrlndrlh 
Brenda Bruce. Michael -DaflMon. -Louise 
Purnell. John Savldenl. Jane Wymarlr. 
“ Jacobi's triumph." O. Tcworaoh. • ' 
Thursday. Friday .7,30 : . 

-THE LADY'S NOT FOR BURNING 
Derek Jacobi " Easv and virile -aurho- 
rlTf.'* E. Standard. . Eileen Atkins 
" Riveting physical fluidity.'' Fin. Times. 
-' A gem of a performance from -Robert 
Eddlson. . . . Michael Denison. John 
Sari dent and Brenda Bruce scoop up Tbe 
toughs." Guardian. • ' . ■ ; 

Saturday 2.30 and 7--JCT: • 

TWELFTH .NIGHT -- .- 

■ Eileen Atkins ^ a sliperb vldla."-, IJj# 
Times. Robert Eddlson "briBiadt fisste.” 
Guardian. 


6834: 

nd 8.40 


PALACE. ' CC. - 1 - 01,437 

hqon.-Thur. 8.0. Frl. end SXt § an 
_ JESUS CHRIST SUPERSTAR 
by Tim Rice end Andre w LWrd-Webber 

01*437 '^373, 

s days only. 


ivm. 


Mercer's 

inn theatre." S. Telegraph.. W1 

YOU LIKE IT fTomor.. FrJ.l CORIO. 
LANiiS I Sat.). RSC also at THE, WARE- 
HOUSE 1 see under Wi. 



/ ' 


AMRASTADORS. CC. 01-836, 1171. 
Evas. B.oo. Tu-s. 2.4S. Sat. 3)00 6-8.00. 

JAME5 BOLAM 

”A superb oertormandf.' F.T. 
GERALH FLOCp 
In A NEW THRHLER 
"WHO KILLED 
AGATHA CH RISTIE 


|A»OLLO_. CC. qi -437 2S63_ Evrg* «.ao 


t Indicates programme in 
black and white. 


5.4V News. 


Bilidowcar. 5J5-6JI0 Wales Today. Crown Court. 2.00 Aftemoon. nranad* Rcporj. 6.99 Mr. aod Mrs. 


Mpt, .Thorn ^3.00... Bit. 9.00. «nd_B_00. 


PAUL 0*k{M4N.'l*N* MORRIS. 


BBC 1 


5-55 Nationwide (London and 6-50 Heddiw. 7.10 Llangollen 78. Z25 The Moneychangers 4.10 

Snilftl.Fic: nnli-1 7 JILIdC Tnmnri-ni..V Il'n.M :: " 


IL3Q Bluer. 


DENNIS RAMSOEN 
MrSHARRY 


C4RMEL. 

SMUT vqUR AND 


9.15 am For Schools. Colleges. 
10.45 You and Me. 11.00 For 
Schools. CoHeees. 12.45 News. 
1.00 Pebble Mill. 1.45 Over the 
■Moon. 2.01 For School*. Colleges. 
3.53 Regional News for England 
feveept London >. 3-55 PJav 

School las BBC-2 11.00 ami. 4.20 


South-East only). 

5.20 Nationwide. 

6.50 It's A Knnckout. 

8.05 Secret Army. 

9.00 News. 

9.25 The Fall and 
Reginald Ferrin. 

9-55 Sportsmghl. 

11.15 Tonight- 

11.55 Weather-'Regional News. 


WS Fanfare for Young Musicians. 
Scotland — 1 1.00*11 JO am :.nd S .15 Batman.' 

2.18-2.38 pm For Schools. S.55- 5.45 News. • 


HTV 


THINK OF ENGLAND 

-jiur- 


Rise 


, 6^0 Reporting Scotland. Between 
ol 9.55-11.15 (Sportsnicht) Scottish 


league Cup Football. 11.35 News 
and Weather for Scotland. 


Northern Ireland — 3.53-3-55 pm 
Northern Ireland News. 5.55-6.20 


Wally Gator. 4JJ5 -tackano’ry" All Reglon^ as BBC-1 except at SKI UwEd tMsS 

4.40 Animal Miek 5.05 j^ n the fonowmg times:- li?ht on People tejSSK. 

en r « Ne sround ' °' 10 The Wales— 10.00-1050 am I Ysgolion. Ireland. tlJ5 \mVs and Weather 


Hills of Heaven. 


2.18-2-38 pm 1 Ysgolion. 5.1 0-5-4 li for Northern Ireland. 


F.T. CROSSWORD PUZZLE No. 3.817 



ACROSS 

1 Prove ni one side making .tn 
obstruction (Si 

5 Cost of maintaining top pan 
of castle <61 

9 Aspire in move around m 
both directions as retaliation 
f Si 

If) Laundress used 10 he 
possessive female t'6> 

11 The finest journey — on horse- 
back'.' is 1 

12 A Frenchman if> vjjil could 
be lacking in virtue 16 1 

14 16 seductively i5-5» 


ti Childish companion is to take 
the part of ship's officer <St 

7 Heavenly oriental article with 
genuine finish (S) 

8 Match a state of equity 
followed by all the Spanish 
181 

13 Soccess with failure, beln 
slipshod ('<-3-4 1 

15 Anxious about different one 
in pint (Si 

16 Remove niaicrul appearing 
in French article nr 14 (S> 

17 I'm taking beer from «me who 
brings it in fSi 


J8 Decorative title of honk in 19 Sudden spring made by quiet 


examination (10> 

22 How a bou 1 everybody giving 20 Organised 
praise ifi* 

23 Recommend a barrister (S> 

24 Turn or back in front of 
gallery (6i 

25 Pub in unusual place. 1 e. 
the highest point (Si 

26 Wipe round receiver, it's dull 

161 - 

27 Ruse mounted (Si 


cat (6) 

deicclivcs 

rank <61 
21 Story of a Tool? 161 

Solution to Puzzle Nu- 3.8J6 

We'W.A \ y \ c | 

i £ ■//!“ 


DOWN 

1 Writer with bed in the south- 
east 16 » 

2 Make objection in work and 
lake up a jdance ifii 

3 Oinveni nerd? priority 
without it (6‘ 

4 Kmc partnership ai Lord# and 
v herefrom 11 may be seen? 
till) 



England— 5J5-S2J0 pm 

East ( Norwich 1 : Look 


Look 

North 


6.00 Ttiames at 6- - 
6.25 Help! 

6-15 Crossroads. 

7.00 This Is Your Life.' 

7.30 Coronation Street. 

8.00 Side by Side. 

9.00 Edward and Mrs. Simpson. 
10-10 After thp Hijack. 

11.20 Late Nisht Theatre. 

12215 am Close: Wilfred Owen 
poem read by James Coyle. 
All JBA Regions as London 


1JB pm Report west Hvidllnri. 1^ 
P"p,?rr Walr.% Headltnefl. 2.00 Help Your- 
*«-l- 5-20 Cmuroids. i-M Report Wes. 
MS Report Wales. SJO Enim^rdkly 
Farm. ll.JO The New Avengers. 

HTV Cjnnrv'IVales — As HTV General 
wrriee rsoeof: ut-LH pm PenatrOau 
>.-w>J,1lon y DyJd. 4JSM.45 'Rydw'l am 
Fid . 6 . 00 - 6 Y Dj-dd. lDJO-UJO 
tt7i:rkrr'F World: India. 


wicieenLY fu»>siy.'' nm«. •• v*rv 

very fu n ny — great enferttlmnent.'' N ow 

| ARTS ■ftlEATRE.-' 01-836 21 33. 

TOM 5TOPRAODS 


DIRTY LINEN 
" Hilarious . . . see ll " sundav Time*. 
Monday U».Tbur«4»v 8.30 Friday and 
Saturday 7.00 and 9 15 


PALLADIUM. cc.- 
Tuwdav NJJ^fl 


LL 


ST. MARTIN'S. ''PC.- ••flj 

THE- MOUSETRAP k 
• WCKH.O S XONGEST &VRS 




TALK OF THE TOWN; CC,-(n-7 . 
Alr-condmorted. . From__ - B.OO 7 .?. 
■ Dancing. 9J0 SUFEM.. 

■ Mm r "*>>1 * - 

at 114>0. MATT MONRO.' 


THEATRE 

Tto»r -.7.30. Frt. and Sat. '6-1 S- 
TravtrB" Thi” Prod.irof.'TME 
fir -John -Bynwi LAST. 
VAUDEVILLE.- STSS^IE 1 


AN EVENING WITH .DAWl'A 
“UNOOUKTEDLY THt RtH 
SHOW- ■TN'-TOWW." 


LIMITED SEASON uni 

' T ' vtl ? 


VICTORIA- FALACt 

828 A73S-6. . 

Em. 73lfc-Mpt&. Wed-- andj'S«L.: 2 ; 



. . • • Mfltt i 

SMASH ^^SSsiCAto" P. Mflifc 'f V.^T' 

Us- t ‘ A 

! X. 


WAREHOUSE. - Do runar . Thaaire. 


ila/dea.' Boy Office .-836 S30T- 
•’Stiakn&ea '' 


_ ire Cd. -ttoiv iwlbbl 

8.00 7 for - Veter Fianiwrv'* . 7 
AMUSEMENT. A: striking jntu 
piece of theatre.’’ S- Express. ^ -At 
Aldwyctl. 


*7"Y , 15SSff- NSfeuSPS ^ 



LOVE' ALL . ... 

'-r THE. BlWNY AU5TlN STORY'>»f> 

* ■«nw^9SS"- 


V T»M* , 'R^C^ R ’ AND^* AAOfttW. 


WEBBER'S. "JOSEPH •' AND ■J'TKf 

AMAZING • TECHNICOlOUR 

COAT.”, stt. 

Dailv. Opens 
£4. BOOK- 


lb -l-CUVillWVkVVK ' 1 IW 

Jff&TW-iBSR* 

OOK. NOW. UMLTEO-_ 


VWOTEHALL. 


CC. - 01-930, 6692 

B JO. Frf. and S.« » 
Paul Raymond DceSenls' Die Sei 
^ Sen Revue of. the C 
DEEP ThRGA' 






fTWt? 




[it 


ABANAZAR 
DHy*. WATLJNG. Brian 


- MARSHALL 

And WAYNE SLEEP 
Pfwrtew December is a t 7.30. 


PHOENIX rtfEATRE. CC. 0I-B3& 2294. 

" “ ’ 1. 

5 


0p eNING TONIGHT af 7.00. Sub. Evot. 

" ' .0 .* 8.30. 


at 8 . 00 . Wm.-^.OO.TSji 

DIANA RIGG> JOMN THAW In 
. NIGHT AND - DAY 
A New Play Or TOM 'STOPPARD. 
Directed h». PETER WOOD. 


ACTOR I A THEATRE. CC Charlno Cress 
Read 734 4201. Mf".-Thr)r» A 00 HU. 
Frl «nd Cjit 6 RO nwl II 4S 

BEST MUSICAL OF THE YEAR 


ns 


EVENING STANDARD AWARD 


HTV Wmi— ic JTTV fipnrral Cnrvlcs* i CSMSBinGI, CC. S1G FOSE. MOn 
" * ,5,,, "*X Krncral SciTlrej Xhur ,. a .00 FH.. Cat S.4S and 8 


ro 


exc-gs; 126-130 gm R^hon West Head 
Lms. i. 15-6 JO Report BVsi. 


30. 


SCOTTISH 

1.25 pm News and Road Report. 


2.9$ 


IW TOMB1 
EXCITING BLACK AFRICAN MUSICAL 
•• Pii H aWno MvdnH." E News. 

5ea' orlre* £2 0O-C5 50 
D<nne^ yd r-o-rrW'r sear ?S 60 Inrl. 
FOURTH GREAT YEAR 
TRANSFERS TO ** r * ,, TE**ALL THEATRE 
DECEMBER 6th 


>• li*® au..w S™ STiJS, M2' SSK —S35 BCTK l» ^ 

Midlands Today tBtrnringhami: ’ 1|l ' Shvwt or the Sons. ll-Jo Late Call. billie white caw 

Point3 West l Bristol I: South ANGLIA njs Mur Maidens. " Tfc 


Today tSouthamptoni: Spolihrht 
South West ( Pl.vmouOi ). 


BBC 2 


I.2S mi Anslia ?Jcv.s 2.00 HouvmartT. 
5.15 Mr. and Mr, 6 00 about .Anslla. 
1U0 Chopper Stiuad. 12.25 am The Btf 
Oursilon. 


SOUTHERN 


IflJSO am Gharbar. 

10.45 Parosi. 

11.00 Play School. 

4.43 Open Unit ersitT. 

3-35 New ' On 2 Headlines 

*3.40 Laurel and Hardy Show- 
case: “ Lauuhing Gravy." 
6.00 Animal World. 

6.50 Michael Sirosnff 

7.43 Mid -Even in 2 News 

7.30 The Story of English Furni- 
ture. 

S.15 The Money Programm*. 


A TV 


1.29 pm A TV XryndeK fl.ll Fu Free- 
ilom. 505 Vwi'ro On|> Vnunj; Twi< r 
$.99 ATV Todai. U.JO lnsnJt Banned 


1.20 pm Southern Nmrg 2.00 Rmna- 
party. 5.15 TIk- lindf-rs-rn Advrninrc.' of 
<.ap:a:n Nemo SJt Crussmadii. 6.00 D-iy 
bv Day. 6.35 Scene Mld-W.-Hi iSonlh 
*»4N Am unli <. 11.30 souLhenr Ae*rs 

Esira U.40 Shannon's Moh. 


. . __ seen 

in London (hit »Nr" Observer, 

T. P M'KENNA In 
MULLY 

By SIMON GRAY 

INTENSELY MOVING." E. New*. 


fftCCAD!LLY. F«w» 0.30 a.m. 4X7 4306. 
Credit card* &36 1 071 . Mo».-TJiurs. 
fi-OD- ftl- and Sat._s.q0. 8 1«. Abr-tond. 

■ Dominating .with unfettered -gusto and 

humour, the BROADWAY. ffTAR." D. E*p 

. M11-6S . . . 

“Towering Pertormancn. ■ Dairy Mail. 

. „ VIBUJTCARRe 

■■ !(t orl£5 fc ,llc ® magic." Financial Time*. 


1 There has hardliner n^a more _sat Hlvlnq 


r I to In ate We« End . _ . The BEST 
COMIC. WRITING ,l» LONDON.-’ Ob*. 

■ so Ff' B sa»!f aofm.’iEr"" 


PRINCE EDWARD. CC. 01-437 6877. 
E««a- 8 . 0 . Sat. 3.00. - 

by-Tim Rlre a«H» Andrew LKnrd-Webbdr. 
Directed tr Harold Prince. 


PRINCE .OF WALES. 01-930 8681. Credit 

cam hookas. 930 OSfG. 1 1 weeks only 

hrtare New York. • Men. ig Thor. 8 00. 
Frl. and . Sat. E .00. and 84S- ALAN 
AYCKBOURN'S MWh-h* *OmedY 
' -BEDROOM FARCE 
'■ II you tto net lauoh. sne nv* D. Enp. 
A National rrheatre nrnduction. 


. r w*r imuni. 

Your lasr chance- to aee prior; tp-owH.' 

t«.Rnt< wontnvartre.PartA- • 

- MUST- END jaeCEM TEW- J, / "j >'- ■ . 


WINDMILL. THEA7RE._CC.: 01-457. 
Twice Nigutiy -B.oo 'and 


........ . 10.00. _w 

■Sun. -.6.00 -and- 6.00; -V^. •" ' * " 

. - : a- 

THE 1 -EROTIC EXPERJENCE. OF-THfl^V 
• "MODERN ERA . 

" Takes to unorecnoeoted. buffi* ; what li . 
oermliFWe 'dn oor .stage." B. 


irWf on oor stage. B. . 

. third great; Year; 


WYNDHAWS. .01-836 302 K. - 

6H0*. 836 VOTT- trom ' ' 

Ttilirs-- 8:00 Pri. acd Sat', 5.rS aud.fl.'Sfc * 

•• enopmously rich • ... - oL 

very funny..- Eveolne New«* - 
• Mary O Mai lev's smasti-nK comedy. .» - 

_• . . -ONCE A CATHOLIC. .- ' ' 

“ Supreme comedy gn se* antf rcCtttthi^T- ; 


J 


''Dslly.'TelegraWi . 

-SHAKE ^WlTKj 


MAKES YOU 

LAUGHTER.’* Guard! air. - X&i, 


YOUNG VIC- 928 6363.. 
Tues. 2 . 00 . FN.. Moo 730 


i“fj. a.uu. rri.. non rju iwwm, 
Ton't. Tomor; SaL. Tues. 7.30 RICHARD 
ll! pin ol Shakespeare trilogy AfKOH. 
MAH. • • 


YOUNG VIC STUDIO. 92B. ' 

Frl. at 8.00. Trteoce Greer’s BALLROOM, > 


>K 


CINEMAS 


QUBEN^. Credit cards. 01-734 1166 
Ew 8.00. Wed. 3 00. SaL 5.00 8.30. 
GEORGE CHAK IRIS. ROY OOTRICE. 
RICHARD VERNON.-. JAMES ViLLIERS 


THE PASSIONED* pRACULA 


CRtTCRiON. 01-930 3216. Credit r-"l 
Hmk'nes 836 1071. Mon. to Thun. 8.00 
Frl. and «»r. 5.45 and 8.30 

fNo 5.4S uert. thi* Frl.i 


"-Pie MO^T HILARIOUS PLAY 
V* Flnrnelal Times. 


TYNE TEES 


FOR YEARS. 

GLOO IOO 

nv Mr- hart Hastlnos. 

1 HAO THE AUQiENCE POCKING WITH 
LAUGHTER " Fro. Standard. 


BORDER 


«.20 urn Bord-r ;.bq Hauvruartr 

3.15 Bern i*'. 6.00 l.nukarnunff Wctlnnsdar 
UJO Pnx,.r U'IiImu: Glory. i>-M am 
Border Ne«"S Sumniw.— 


8 .» pm Th,- ..nod Word iollm,-ed h> 800 K flf£&?WM ^on 

:■*»« , Hast Ye,,-* i|,wu,n..s 1.20 pm w Sa * a oo A tal ' 3 00 


, — ruoeiil LINE 

• orin Ej«i .>crs and LauLaround. 2.001 "a rare aevjwa*ing. Iuygm ■ttonioi 1 - 
Women Only. 5.15 HJIJDJ' Pay*. 6.00 1 rtun ne^ '* 5 Times 3rd GREAT YFAR 
Yurrhrrn Lile 11J9 in Concvri— Barbara I duckccc, 

DiLkNm 12.00 EoUuauc 


mcludinc launchins Of Hie US pm Chang.-I L..nrt,tln.e Newn and H.Vd’n^ '-“'a™ 1 : LM 
British end nf the European Wmi * where 12s r-amre Film- fc00 R , Dor *; 6.35 ti 


ULSTER 

1.20 pm Lunch lime 


WESTWARD 


CHANNEL 

4.18 L‘|yt»r .‘Jo*r* 

Cral-.s. 

Small Business Award. V'L, Th H Rl1 - 1 ' *•** Enwn<r4^h n "xhan ."ujo' V< iunv* ^ Boh 

9.0° Midweek Cinema: “ Far 

From The MadnffisCrntul. 12 . 2 a am r.p,io<ur inuov.ed by xei»» and 
slarrinc Julie Christie, wcathrr in Fmm.h „ _ 

Peter Finch and Alan Bates. . ^ 9in«irt 

I 411 1 v„. - •■•A ff(kl»iri| .„*ury H-iilllim. 2 -JS 

1.40 Late New- GRAMPIAN I'eaiiirv I- dm ' Kight On Tfu? Run ' 

__ _ *iamna Rnh Hop.- au<l Phytlw nill-r 

’ S aw l-ir-i nili.i I 20 om Grampian 5.15 Kninu-rdali: K.irni I 

3 . - . Il.-adl< S.15 Untoicrrialc Farm Dl.irj 10JS Kesiuanl I.hi-’ .\. ir» n a n 

a w Grampian Toda: mg Barlinht S.W A T 12.20 am Fjilli Inr LU- 

12.25 am K-d-.-Unn* 12.4 

SJO Schools Programmes. I2.U0 Uramptoo Lai- ',«:hi iicudhiH.-9. • - VfIDL'CUlDr 

The Adventures of Ruperl Boar. * LMxIvjnlKI. 

12.10 pm Rainbow iSwO Sounds GRANADA • 1M ** ‘ >■'»' s .15 Mr. ar.i 

or Bnlain. T.OO Xci»« plus FT i » Th , r ■ .. ;? r ,' ‘-* 1 r -1« , 'iar itiuV, sin.>r ju.i 

index I ■>» ThaiB« \p\ii r »n e 7h L- N , " ,,r Ri=''' 2.2S McCff* Brlmoni .dillnn^. ll.JO K]..... : nc 

inucx. i names Aens. l.«o s.io must .\r»- s.« . r.<=,..~». h*> Tn. J ,r^ . |ir ,„ lIt . ul KoKer JI u , 


R T 6 07.43. Mm tra Thun 
Evrwvjt 8 PH Frt . Sat A 15 and 9 00 
OH t CALCUTTA • 

The mrt-ry Is •■■inning.'' Daily Mall 
9th SennHonal Year. 


DUKE OF YOdK-S. CC 0»8Jr. 51?? 
Evpc 8 «.m Frl. and Sat. 5 Jo and 8 30 
TOM F B t ICITY 

COURTENAY KENDAL 

„ CLOUDS 
"MICHAEL FRAYN'S FUNNIEST P, AY " 
D. Trl. "TOTAL DELIGHT." E NEWS 
**ci i pc eg " Tin. Times " EXCELLENT 
Time* 


11.55 Closedown (rcudiiisi. 

LONDON 


FORTUNE. 836 221*. Ed. a. Th„r* 3. 
Saturdays 5 CKI and 8 00 
Murirl P>vtow as MISS MARPI c In 
MU»DE» AT THE VICARAGE 
_ FOURTH GREAT YEAH 
6.00 WvNuanl j c*nn lc x. CC ft 36 46b'l. Eves ~k 66 

tha-n. Wm J no Sa's 5 to 8 30 
DENIS OUIUEY in >»A LEVIN'S 

OEATHTPAP 

A New Thriller DirrriM t»y 
MTCHAFL BLAKFMORE 
'■ THREO CHFCrs FOR TWO HOURS OF 
MARVELLOUS ENTERTAINMENT," 

Suiwfav Telegraph. 


RADIO 1 


247m Symi'Ronr No * s, 1.00 US pm nroRrjmrn- n.r«-s. t.gg 


GLOBE THEATRE. CC. Ol >4 JT ISA? 
Evas 8 13 Wed .'.00 Sal BOO. SJD 
RAUL EDDINGTON. IULIA MrKENZIE. 
BENIAMIN WHITROW 
ALAN AYCKBOURN'S New Comedy 
TEH TIMES TABLE 
■■ Tim mil he *t*e haooie-.» imonrer 
autrr In Lnndon." O. Tel. " An irvcMrtlblv 
■Miltnrable even Inn." Sunday Times 


"DAZZLING." E. Stan." "MOST SCENIC- 
ALLY SPECTACULAR SHOW 'N TOWN/' 
Punch- 'THBATRS . AT ITS MOST 
MAGICAL.'* Times UL Sd°d. 


RAYMOND REVUE 8 AR.CC. 01-734 1S93 

Af 7-jm. 9.- pin. El.- om.. Ooen Sun. 

• Tn^i,i^i)’ MD NQ oreganr* ■ 

THE FESTIVAL I OF - EROTICA 

Fu'^ alr-eandhlon*ff. 


REGENT. 


„ 01-637 4862-3. 

. - PrlCC- Prpvj. 

M on.-S^L fl-30. Mats. Pr'.* A S*t 5.AS 

The FTrt" l Sort W GM^ l Muilc«l. 


R SXf t 5!rt U ^r- 73° 1745 P-rv. from 

Mm. nnrt -8 pm PRAYER FOR MY 


DAUGWT61L fay Th&tnat .Babe. 


ROYALTY, 


X.C. 


. fll.adc 

¥ Minings 8 00 Friday 


8004 


ADC 1 * a. Stiaflesburv Avo. 836 8861. 
SeP- forts. ALL SEATS BK0LE. 

Is DEATH ON THE NIUE (AJ. Wk. Sr 

5 u "i- a i D - s - 20 ' a ’ a ®- 

f' oa 5™ °H THE NILE <AJ. Wk. & 
Sun.; -2-00. 5 . 00 . 8 . 00 . 


CAMDEW PVAZA Lapp. Cum den Town 
TuP?'. 49* 2443.. The BOB DYLAN 
EILM RENAL DO A- CLARA (AA). With 
ffffj-uPSiAJSA*- JOAN . BAEZ IP 4 
TRACK STEREO. Progs. 2 JO.- 7.30 DaHv. 


S*-^ 58 .^ E l, 3 , 4 . Oxford Street tomb 
Court Rd. tubfll 636 0310. 
U ft A Progs. Children hBU-prka. 

J*. Wcharff.Admm'E W ATIRSHTD . DOWft 

iVas. 's^o^iTTSs^’ 1 SOBWt ^ 

?.2o TH l^o R “o 0 . T a5a >N ,AA} - !r°: 

2: Glenda Jackson as STEVIE -AAi< 
PtoOS. t.30 -3.4S. -&05. B.25. Today 
17 noon only; Special Matinee Alf 
.SeaWt’-OO. SILENT WITNESS (Ai 
4-. Burt Reynotfiv « hooper t Ai. Ptw*.. 
2.00. 4.1 D. 6.25. 8 40. 


CLfHZOjr Ojrrpn StrBar. _W._T._4.99 3737. 


-WG MED AT HIS AFFAIR 
NOW LAUGH AT HERS 



^ dod 

re,*^ ■■tSpnusrviW** 

-feaas gay a« 


SAVOY THEATRE. 

Credit -cants 734 *772 


01-B3S. PR8B 

v "JSfWJT jOf' ln 

,»Hjn park. "A MOMENTOl'S Pray 
• YOU TO SCI IT.-- Giurdlan 

Evn». B.OO. Wed. I.PO. SaL S 45 A • 4 e ' 


SHAPTESBURV. CC- 01.838 6505.7 
Frl. Noc. .TO .it 8 om Sn,. K«,'i( Ij 
6 8.45 bm. Sun. Nov. 12 .- 3 & 7 ™ 

- BOX CAR WILLIE * ” 

ft" THE 1 BTC TEXAS COmbitity SHOW 
BOOK NOW— ALL S EATS SSS. 
SNAPTF^BURT. 


83B s2SS~ Opens Dec 20 tmnl Iaumi' 
JANE ASHE* ' JIGCL pSWic^V * 


PARDON .MON AFFAIR TOOl lAftl 

r 2-DO (not. 


(EngiHh SubtftJM) fFrfm *r 

• Sunday i. 4 . 0 S. 6.20 and 8.40. 


LEIC85RER SQUABS THEATRE «30 S2S« 
■ ' 1 . Sep., prop* ■ 


THTSDUMD OF MUSIC (U) - 

fli'i. 2 -? 0 - 7 * J0 - Sun- 3 00. 7.30^ Seart 

in *dT*»rc by dost or . at_ Box - 
qtoce tor T So prog. Mon. -Frl. and all V 1 _ 

. yWl- eacep t Late shan Sat. and Son. ,flnl rti 

0 i2»Sff.‘r-SifWfi!tte- fB '40 273812771 T ' “ f I 
*ni8 N f-57 I^tPRflSS (XI. ScP- rrog*. 

S.30. 8.30 om. AH Mats 


inan 




ce, 


1930 


JsfHWw Sffuare . 

-9T98 -OF LAURA MARS f AA). . 

■Prpga.. Ply,-, dom Open zoo: 4.4S. 7 45 


2 (723 2011-2 ) 
°f THE THIRD . 
56 «. .progs, doors open Mon... 


~r,-. _ 
" '<i iJ 


-AH seats phblff. 


- -s .C 


PRINCE CHARLES. Lelc Sa 437 8187. . 
e .®OVa^«vw '1 The. BUM. London 

*. See Jtorls 12/40. 3 . 10 . 5.S5. 8.35. 




1 "V v , 



"T-..' ' ' W'- 


<S) Sm-eashanlc brpadcut 
IMedUim Wove 

5.H am Aa Radio 2. 7JS2 Dav: 


Trpvw. 9B0 Simon Batrs. U Ji p ju j 5, “ J- J 7 

Kurn.-.-r ? m nn Ten* an Honi, u ard Bound •■>. 


. - t.jg u, GREENWICH TUrarnt. Ot-P58 7755 

Loncen HpU ,s.. 2.05 p.-suval Radial word: ,s, 7.D0 74)5 The Arebcrs . tnrfimov gjja _M«r>__Sai _2 30 

am ^ JS f BC Sl-mpllwij- Orcbesirft IS,. 720 Cll'i-Lpoinr 745 ru..- Keilh L^ciurcs AN L> °0y "of* I f DDU A R ° 
?:**.. *■ r *niil '-tiamU-r STusIc «S». 445 845 Thr llitrls-hlkrr'N iluide lo ih.- "A Theatrical rouo " *Tlmes’ 


■ '-uairi 

■ '.■■I Build m* a. Ubrair tf rcrortla IS.*. S45 c.alasj is.. 8.15 .\ai>nn lo Naiioii. S.3fl| and deiirhi "-0 Trt ■' Favrinaiinq 


Kid Jonsen. 7 JO l^vw re, *ht Band < S ■ 
i Jo ma Rad:o Si. 18.B2 .Inhn Heel is .. 
12JKL242 am ,\- Radio 1 

RADIO 2 J. 5 Wm and VIIF 

5-0 am 


■' Surprise 

--- - - « -yeiuin id •%aiiOII. S.JO I a no a - _u irt ra-.rrnailn 

6 JO News. 6.35 Today in S'-nud P.35 Kjh idn-rnru- x.gal cyvaordinarv exmings." E n 

iLW » -T Carn «'‘; 10-00 Th... World Tuniil,! ' 10.M | Mavm ARRET. “oi-9»0 98S2. Em BOD. 

Hall. <JO /In r- d rtnridel gjano recilal An Arigr i« 111* Tim.- 11JH) A Bnr.b nr I Mel* W«1 2 50. Sar*. 4 50 ana 8.00 

■.DO RR,: Sviiipnenr rireheora Hndri/n- 1145 TH. n»an,-iJ| World 
parr t Ijnnotott-sk- >.s,. 840 The Hr pc Tnnichi. 1140 Tod., m Parhamr-M 12.00 
sen's) I*.- Mar, !>kli:*-«in-4i>r'a -Bohhr \r«<. 

Sew> Sum-ijci 542 Tony *!"*"£ hv Rsmond Wrlghti. 9.1J RRf Rnrfin fymrlm, 

■ S' :nclud:na n is Pan*- i«r &B ‘- _• Sintifc.* «Si. 9-S5 DIW ‘ I^OlUiOll 

loushi 7J2 Tsrrr Wu^an -s tm.iudins * nrtr '' v Mam l! Ralph Rirliartl'Uni intro- 206 ni and OIJJ VHP 

5. Si Racing BDl,->rin aid .- Li Pauw for * 114 r.>adi ., v-l-xrien ol poems 5.P0 am Radui 7 640 Hu-li |l. nr 

Thomth'. 10.02 Jimmy Y-iur.; Si. 1245 pm “*■2 LOJjnar Ei.-a> ■ Pana-cycfc ■ F-00 l.uinl,-n L1- - 12.03 pm roll in 2.0J 

Waftiton'-rs Walk. 1240 Pan- Murray's JH® ,JE ■i rT, ‘ Worlds IJ. U49 New* :un 5hoir..»<e « 0i Hume Run 6.10 Look. 

Qp:n H<ni4o <S. inci.tdins 143 Sports U - S<W1 - S 5 Toniuni's S.-taubert Son* uu Slop. l.n:-o. T.30 BL-.,y Lund.rarrs t. 0 
Desk. 2_30 Da'. *d Hamlltur, 'S> .ccludins [l‘ cqrJ [J loh.-iti 10.03 Lai. NiKhl London 

!.*j and 34: Sports Desk. 448 Wa*aoners’ RADIO J p-** A- - Hadi>. 2 12.05 B m UULNion Time 

Walk. «.as Spars D-«k. 4.47 John Dunn 

Inrlodlns a 13 Snorts DesJ.. 6.05 . „ 4MI11. 

- 9-90 Am brien.t* 


Brandon 
The 


G89ALDINF 

CLIVF FPANCIS 
NIGEL STOCK 

PETER PAUL 

IIOWI ES HARDWICK 

and FFNELLA FIELDING 
LOOK AFTER LULU 
bv Noel Coyfaro 
w.th GARY RAYMOND 


Conference? Seminar? 
Company Meeting? Reception? 
7: _ Firm Preview? 7 
AdvertisingPresentatidn? 


■ i • - <t 


.^I raj i5fej 




E«B». 


CC 01-930 66D8 
Wed- hnjl Sat. 3 OO 


434m. 3Com. SS-'mj and VHP 

.’‘BSTi-.l’-a «5 , !W i ?3«S m &S!!'SSS London Broadcasling 


Mat* 

BARMIT7VAH BOY 
THE. NEW MUSICAL 
STUNNING PRODUCTION— 
.. E ”JOYABLE," Flo Times. 


THIS 

UNIQUELY cejursns*. " mi. Times i 
■■ DELICIOUSLY FUNNY.' E. SunSrt' 
EXUDES THE SWEFT SMtLL OF SUO 1 
CESS." Guardian 


4412 " Tbo *- 45 PTATer for the Dav Tflft art.!* 
impresarios. 9 45 sporth Desk. 1IU2 Hil- " ■'? * na S'- 110 N 


Sempnai ScrL-oade 


19 JB 


lints. 


2GI m and 97J VUF 
. _ .... News-Head. S.80 am Mum ms Music. 648 A.M.: aon- 
■95 Thoujtlr lor [ft.- VtT. ^ «"_P_ wn. irUormjilon. • trjvoj. *pon 


KING' S, ROAD TMCATRE- Ol-UJ 7 a 8^. 


News HiiddliC^-s wi Roy HotM. 

Paul oildinmon 
Brian Marthtw 

Summary."" — — - TLn , r vtaN , nifordstura jgjfl pally Allcr K:slil. 1-W \ lehtlliic. X-8Q am NliilH 

Radi* 2 Scauand Only— LM4JB pm S'orj;. News- ^wra 

Sponaroand special e.JO Join "Thr Tlms / or Action. 3 L 58 Thradgo M> Cspjtfli Rafilli 

liiMMwms " Indot" Jgyev i.rcnle Mke > ! 1 r 


say* Bo My Cuisf. 1L92 YcRcrday :n PoriUmcni. 9.00 Non. '9.05 19.89 Brian (lay s Show l.Ofl pm i.gc 
infmducefl Round Mid- Thr Ltnn* World. 9JS Ppfeot. Poner. Riwib. 3J0 C.-orae Gale's - o 'crock 
I3.QU EVew-a. 12.6B-2.02 am “-99 Srt«. WAS Gardctk-rC Qt»non tail. ».fl5 UK Brpons .cuminurM a.flO 


From Drc 18.01*. 1 0 30. 2.30 ana 
THE ROCKY HORROR T 
DON'T DREAM IT— SE 


LYRIC THEATRE. 
Eva. 8 DO Thurs 


JOAN 


PLOWRIGHT 


Cc. 01-437 368E 
3 0 Sat f 00 8J0. 
FRANK 
FINLAY 


FILUMLNA 

rda Sr Flllpna 


V There’S no need to hunt ^ouwlthe; West 
I fTnd for a suitable venue or viewing theatre. 

The FFOnema, here in the Crty ? offers seating 
ih comfort for 50 f people; ftjff 16 mm film ' 
Section taolities. National Panasonic Vz* colour j 
Video tape ^d Philips J 501 M Video cassette 

v^wng,€lectrosonic 3601slide.pf§sentation 
system. And luxurious private dining rooms with 
| ateiayecatenng facilities. ■ • - 


L ’'ls‘ i : 



London sauare 12-00 Ncrs. BP p« . ^ IJMm Snd 35 S \HF 

6.00 am <.raltam Omir N LrcdkNsi sinri- 


nprcSanos 

RADIO 3 'tMm, SleFPb& ^ HF y uu j n d vnois. 1Z27 Dr.’ FVitto'f Cav . . 

65S am We*:ti-r 7JK 7-95 Ywtr hack 7iS5 W-ath«.r sroitajssBie ! »** *?• ,tt Mi' farl \fp-l <S' 12.90 Dai* 

Sflitwed* Choice aar l ■$•. 9.M Xe»-. 1.0D Th.> '.lurid a: One. 1.39 The Brchcrs ,i "- 3 90 pm Rpg.-r Firm is. 7tHJ 

1.95 Yonr stiffw-f.-k Choice o«r: 2 iS'. 1.8S Hour including Z0(KLfl2 i».ndon Today is-. 740 Adriaii i.or?'* 

e.BO Sf'C f.BS Th!f H’fljk'H Cnnnw-rj> . Vew 2.45 Linen V-.:h Mnrher. 3J8 9-08 Yuiir M„lk|.r 

Th* Lour: rt Henry Vtll 148 MU.-J- V-"'t 3.85 Mrsrsgo-t Tiwaire. >■» J'ouM'i ( I.il- |1 -lit, Mrkj Ifnrm# -s. 

tor “rsan 'S' 18.30 ERIN’ Lush in ‘3k or a I on* «s> 4.3S SlorY. Tim* innr Mja’l' l.a?r Sim-. «s> 2.08 am 

Brahms Soaa'.as iSi. 13 -S Ma-lier. 5-08 PM: 5J6 Uuncaji Jnnswin i .\«hi Hifth’ 


fy M'jitda 

DIRECTED by FRANCO 2CFERELLI ■ 
” TOTAL TRIUMPH " l* Newif " AN I 
EVENT TO TREASURE O Mir ' MAY 

,T FllL vriK l -? l(: C ° H * HUNDRED 1 
YFar>. Sunday Times. ■ 


MAV FAIR. 629 1036. Etps 8 00. Ml. 
.5 1 so 8 SO. Wnl Mats. 3 OO 1 

WELSH NATIONAL THEATRE CO 

Dylan thomavs ■ 

UNDER MILK WOOD 
.l-.lr ut T„nwY Ip. Ihn ?Srh arenli-n,r» . 

Pamr. ShnabS.ipnpr-W.iw, r IO ia i.- ( 
th.h«ia Min available). ; 

i 


FlNANCIALtlMES CINEMA 


. . . -All enquiries lo the Press Officer, - • - 
Fnaurial Jhws. Bracken House. 10 Caonan Street .. 

:Uw<teilC 4 P 4 By.Iei: 0 i- 24 | 8 Q 00 {ext 7 I 23 ), . 














IlKM 


dal Times 


lW 5 jj, \j£e 






^ - : -4 1 , * -- »>' 


-1'.% .. 

1ft ■ : '*:* 

?fe: ■ : ‘ ' 

:. , 3, «.*, 

.•.•i ttjr>«' CT-', ■,:■:!■ ■■. , . , : , .v ■;■■■■' : " v I "'■ uy-t 



MxtgB&w* :■-■;■•:■ s •■--’SSkSL , 

m wmsp 



§53 





/ 7 - EBwv.^ 




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WmBM 
























?.- Stfiocoori 


J-.B- Hebnd« 


Map by George Philip and Son Ltd. © 1978. 


#1 range of International „ 

services no other bank can offer. 


International Finance. Competitively. 

Short-term and fixed rate medium-term 


Negotiating 6r discounting bills. Acceptance 


Competitively 


International Branch Network. Competitively. 

• Being the extihisive U;K; member of European Banks 

InteinationatffiBlQ' Midliuil can bffer their clients the complete 
_ ... . -- v - . '< «■ ,• r ■ 1A IW! 


International Merchant Banking. 
Competitively. 

A complete range of international financial services 
from Samuel Montagu, a major Merchant Bank and 
a member of the Midland Bank Group. 


Internatioxjat(EBIQMidlahdcan offer their clients the complete Eurocurrency credits, bond issues, corporate and 

facilities of seven major independent European banks with 10,000 investment services. 

1 o TlPtWArV AT lAlTlt O V M _ . A t 


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ventages.! - ftV' ; ’ ~ 

Interim Competitively* 

Foreign exdiange, spot and forward contracts. 


investment services. 

Samuel Montagu are also major market makers 
in bullion, foreign exchange and Eurobonds. 

International Insurance. Competitively. 


Sji" Tdragri exchange, spot and fprward f , Comprehensive insurance and reinsurance 

; i^Cleanpaymdnts, mail transfers, telegrapmctrans ers, r . Poking services through Bland Payne-a mem 
>V i Bills for collectioh, documentary credits. - . — the Midland Bank Group. 


International Corporate Travel. Competitively. 

v : f; -Exclusive toMidland,direct access to theworlds largest 
travdiompany— Thomas Cook-amember of the Midland Bank 


company in busine^travel providing 
th£m&f comprdiensive business trivel service uicludmg foreign 
exchange in 150 currencies, ^ travellers cheques, V. LP. Service 
cadsind 870 Offices in 145 coimtries. 


broking services through Bland Payne-a member of 
the Midland Bank Group. 

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A unique range of marketing and export finance 
services through the. London American International 
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Information on regulations, tariffs, documentation 
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|y To ensure your company 
■y. makes the most of its 
international opportunities, 
you really should talk with us. 

For a prompt answer, contact 
George Bryen, tel: London 
606 9944. Ext 4057. Telex 
888401 or contact any of our 
branches throughout the U.K. 

II. ST LiS. 


Midland Bank International 

■ ■ Midland Bank Limited. International Division, 60 Gracechurch Street, London EC3P 3BN. Tel : 01 -606 9944. 


Delivers 















Financial Times Wednesday November 8 1978 


$ HANDLING 


IM Roof 


© SAFETY 

Prevents burst pipes 


0*1 Si 



ELECTRONIC weighing in 
industry is likely to gain further 
mi petes followin'; the develop- 
ment i ,.y Avery of the UK's first 
standard s*. rics of digital 
piriform «cdte£ for hoavv Jul;. 
pres-ented m building Mock 
niHi'lular* form. 

ijapa' Hies :fe Ui'H. 400 jnd 
T.Oyy and the plaifurin 

weighers li.n'g l>een cny.ncored 
co i hat the -.-I oc» ro-inot-!ianif:i| 
f .•» , iio!i can Ji« • sited at M»rne 
d^ianc? fi»>m the elect run t v . 
> , h:>.-h i;ieiirpuraio.5 diaiitsvr and 
dii.j.U'y. 

Kiv—i-.il options are available, 
in*-! jiijug graduated and ncm- 
gratiuafod taring s>£iems. 

Since most digital weighers in 
this class now in current use 
h 

expects 
low:- 

periods and simpler installation. 

Meanwhile. the new range 
exploit- electronics to obtain 
high sensitivity and all weights 
indicated tn one S.OOOtli pari 
n' c*le capariiy This means an 
r-ci n twice and four 





Normal 
Conditions 


Conditions 


0 SERVICES 

Fast supply 
of excavator 
spares 


able tn salt Hy-mae excavators, 
and engine- spares for Ford. Cum- 
mings and Perkins, within 
hours (anywhere in the UK> 
from less:: than half-price and 
up to 75 per cent less than those 
charged by. the original manu- 
facturers. 


e MATERIALS 

£ Chipboard 


Hungary 

WOOD/CEJWENT particle 


IMI 



for building products, 
hoot exchange, fluid po*g^ 
general engineering, 
jip fasteners, refined and 
wrought metals. 

IMI Limited, 

Birmingham, 

England 



inside 


The digits used are large end 
bright enough to be read in 
practically any lighting over wide 
angles at up to 10 metres from 
the display. Direct indication 
of every weight is given up lo 

full capacity'. _ 

In us standard form, the scale 

t-.in !<e very easily integrated SUMMER time, or so it seems, shapes and sizes lo 
info process L 

works. Its 
can be read 
put-s t*' computers 

.-■iher equipment via a built-in P'P* 
ticket A British inventor has come have been tested, but the 

R.'fnre each wpichin*. nnera l,p wilh 3 lrul * sira P ,e answer to materials used themselves br- 
.bn ih* Hr prDblom came extremely brittle and burst 

on e l.*.ic automatically Because a pipe will burst when when the temperature dropped 

th* below a certain level, 
liquid This particular infill hxs been 


*, Because its parent companv , 

CLAIMING TO be the biggest suffered delays and loss nr pro- Vailed GRA.VYP. now] 

private user of Hy-mar equip- fits (Iuc ta ' ripn-availabillry of . j prn£ j u ’rcd in Hungary, has' — — ■? . 

ment in ihe UK. hiring out exca- spares^ the idea of this "flying hppnmadi* available in this coun- Trailers of VV'cdne.sbury. We - 1 
vatnrs \o . major conslrucimn doctor service ranic about. . * . th ^ i; jc 32e nt Lignum Midlands and will b»; shown i v 

companies, is L and B Excava- according to- The nei> company’s j - .^,,3; ’ 17 John* Mews, the stand of Cooper Coach work 

tors. It has just launched a nation: managing director. Dublin-born r on rtori WCI (01-242 i’WS). The design is arranged sn 1$ 

wide service, nfferin? immediate A In Lawler. .• mal ‘ or ia1 is said to be the total gross caravan weig - 

spare parts supply to users of The companv claims to have sur ,ei ior m dimensional stability j s distributed between the ma ‘ ‘ 
excavators, under the aegis nf jis built up a stock of 1.500 com- i n normal chipboard, and virtu- rear 3S j B . which is set well *■ 
newlv Formed company. K. C. ponenis. any of which is readily Mv j ni . n mhusrlblc. lit ha* been the rear of the chassis cent! r 

Excavator Spares. MertOD Bank available. Parts are Mipolted by ' fir p , PSlc d here and received a an( j t j, t . f run t nose or c»«fr 

Road. St. Helens. Merseyside (SL contractors , ( some already manu- r . ’« n ratine.! There is no wheel, in the ratio of SO ■»’ 

Helens 58751 1. faclure for original plant Vhoctni content and it * R i-ent to -0 per rent. 



_ s 2 s i "T 5 M ; w 5 s,X"Si.«i« rSJ.'SS" A «.bntt.««,„, d«, not h.„p.n. 

iwer costs. shorter delivery R f debris left on the p biform, 106 1 des, ° ned in a variety of S-3-S1. 


W«hj»n invrtiment of over makers! and following its a htk-,: "iJJf™,,. fSltlit loTnsec! and JJJ/ £ i'S ihfframS 

nOiViA mnltiHirif* rnepsi iv*h. naii>n fldvanrm in fh^ h nmn mir. _ ■ , nrt , s 

is between 2CHJ kg and 400 kg; 

Because of this improvi 
weight distribution and i 
ueased downward ihrust on ij 
nose wheel, say* the corn pan 
marl performance is great 
improved, with a virtual plimin 
turn of snaking, and » drama 
•■ally reduced effect from ertr 
MAKING ITS debut ai ihe Earls winds. With the nose whe 
Court Caravan Show (November laking the weight, the load 


0 POLLUTION 

Contaminants are removed 


fungal attack 

9 transport 

Tri-wheel 

caravan 


prevent the pipe, formulated lo ensure that Flso ^- s spent something fl«w« thrnugh the heds which 


tj-i- wheel 


pure-- 
d'il -• 
I'i’iiie.- 
i.p-'C*: 
1 1 -1 5 » -• 
?■-••• .nr- 1 


within certain limits. 

An indicator shows when tTue 
zer-i is attained and a press key 
is provided for setting zero when 
rh*-’ machine is first switched on. 

The display, much more com- 
v . ,i:,, r ,h ,n :,n . ordinary Pact than a dial, can be set up ( between 50 and 600 V AC to two hoiiA.' 
• l,r 15 '^l^UorT 1W#y «» b- obtained on a paper roll Fast Dans 


_ aravan ideal for towing 

over £500,000 to update u« are of the pulse bed and fixed .’hVissic fitted with a 22 fool The maker says. ton. th 

treatment system for waste water bed types. - Liixmohile *’ body and equip- because iho axle is incati 

at its Hauxtnn. Cambs, factory An advantage is that the ped as a lio*pitnlity unit. further tn Ihe rear of tl 

for the production of herbicides, material is immune to attack by The chassis bas been designed vehicle, reversing is a much le 

pesticides and rungacide.*. basing toxic substances. and manufactured bv oidburv - nerve-racking experience, 

thp development on a three-6tase " • - 

activated carbon process evolved A rnTDAMioc 
by Chemviron. © tUtl# I nUHlCa 

This has given the company 
what is thought to be the most 

INFORMATION about any mains "alive" during power cuts of np advanced waste water treatment 


o INSTRUMENTS 

Monitors the mains 


Makes light of data storage 


• ■nd 


; mu l<! 


Hi.- 

-<> th: 

vo a 
■ 11 in-; 

1 1 : -■ 


reading is 
t lV now 
lone v. ,-v 
fi-.'U-*' and/ 
one ran ocs 


services hi Europe, applied tn 

Fast transients, over voltage *“nrf PHILIPS HAS introduced a com- awociaied inmiulator. This li=ht contact between optical 

and under voltage levels are ine 


Avr 


1 roc ess md site drainioo '“**-»**» i«u»uu«o a com- associaieu iiinuuiatwr. iii.d «i*wn tvaq 

orinier using the Model 3500 “ uu “ ,, “ VI J1 ivc* T i„, ln L -n, a ot1 h nmdurt P lelei >' new da Ia storage medium -is rucustf tlirnush the one milli- and disc. . An optical grating . 

pnnier usingmeftioaeidow accuratelydetected and recorded p ™' 4 S t _ ,s J t which significantly out-performs metre plastic wUrntr.. It can the arm Is used to bring t 

,r«l IJ ITIC nii-r nun CUITPn t magnetic MiLlnna nn hv In.-roMin-. tVn> nhioctc U^rv NiiicL-lv In U>i>hfn 1 


ir.' invnhcd. 


• th5S nionltor put on the market by uAl Sm a « charged 

n<' , .v varies the M50TTE. operates Erskjne s P yalems . .ipilted ^ indudfiaask-nt dura- *he complete 

Smethwick, Warlcy. West or tion . directi0n< pularit y. 


Slid lands. B6Q 2LP. 021 358 1112. 


accord or the curreDt “lagnetic disc and- tape either read, or by Increasing the nhjects very quickly lo within. 

It is tjasod systems in storage power, write 1 bum \ data into the tracks -of its destination. Tra. 

error and under/oVer tested continually in tanks S£L'J*2*!!£ recording mete rial tnelttni' wading ^fo«owffd by sector rea 


Lardboard carious 


j re . Anglian Water Authority. 

three phase cupplv to be j Jrro . r . and .’^der/over jJ” ”S[ inUaIly in and durability. It claims a world iSfaj' holes. This data ran mp then lakes Over. 

j 'oltage duration. It is als»i> pos- . - hM _ . first with a uny laser the system be read in refieciion aftui’wards. Tht* maxinumt time needed^ 

"L.vT uses and tl,e application of know- A light-weight optical reader move from inner lo- outer trac 






GOODS. 


deviation, tbe date and the time 

domestic of the materia?, making it more onR second if required. 


measured continuously and the £jb)e to measure direct voltage^ 
user can see. at a glance, all the while monitoring the AC line, 
undesirable disturbances that Threshold levels fur the 
have occurred. Source or load various measurements are set up 
transients arc identified and the fron , t he front panel using a 
hard copy shows the value of the digital display. 

Erskiue is at Lee Lie Forest 
House. Eastfield. Scarborough. 
Y013 3DU 


BULKY 

artpi'ances and furniture are ecwimiiic to transport With its own uninterruptible Yorkshire 

usually delivered to department Designed’ primarily for the power supply the unit can remain 533511). 
and similar stores in cardboard smaller waste paper merchants 
boxes 1 some fabricated from cor- and major department and fur- 
riigareri cardi. Because of the nishing stores who wish to estah- 
slump in the domestic pner of ijsh their own plant for coin- 
waste paper and cardboard most parting large waste cardboard 

merchants now find it boxes, is a compact hydraulic UNAFFECTED BY such prob- paddle also causes the 
uneconomic to collect unpro- baling press, made by Persnner Isms ? s particle size, dampness body to rotate, operating 


!rVn 0pt «(.r l H,v U ' aithA..Jh 20 h^ir how Sai ,l «d in the developmunt which" can move across the disc is only 100 miMsetmuls SO' th 
this amount isnormaliv handled of l ^ e v,deo IoD S system. detects the difference between at 2.5 revolutions per secoiff U 
and it takes out ail contaminants The equivalent of 900000 typed liffht levels ciuning frcun the maximum access Dmc lo rea* 
inrindinr crp«r.i« qnri the leict pages can be stored on the doable relleclive surface and tbe low the equivalent of 5 magnetic di 
trace of herbicide* >ided pre-grooved plastic disc level of light coming from the packs is only 500. mIllis.ei.-ohc 

, .nrto that tiie system iu»es. A fast. data hole. The system ' achieves- vtmi 

ri^a^d w»«Mh *mw retrieva , tinlt . 0/ . „ . average. 


Keeps it oo the level 


wvu. th mi,oh antivaied oarhnn «"•.**« »»er« ? e. These high and low light levels error-free retrieval of daw W 

10723 _ rn r T . k lt th h , Mk f 25(1 milliseconds means that are converted into electronic combination of dila modulatHj 
the r.r->anu> oniint-ints a ? - Ci;eS:> 1,1 data anywhere oii the binarx- signals and thus represent inter-leaving nf . code 1 won 
biological s vs tent follows, "which dl '!T prjCt,ca,ly ^fmaneou*. daI -‘ h i«s. The d«a is burned throughout a sector and a Mu 
rids the second stave waste of The discs used in the system inlu any number of the 125> x t en l redundancy of the total an 
residual organics Finally a fur- are P p udu«f| using techniquas 45.00'J acclurs each of which is of disc. Sonte 30.7 per cenr: 
ther ai'tivated carbon svstem is deve .loped in mastering and identified by an address heading, errors are thus detected Jn- 
motor used for the polishing sta^p replicating VLP discs. The discs The data and ihe address heading .lulomaLicaliy corrected by -y 

0 have spiral tracks like thuse can b>; written anywhere on the electronic- error correct)/ 


c^ed boxes as transport costs Bon -: -id aB of Ystad. Sweden, and clogging Is a simple rotary switches one after tbe other, 
are too high — stores are left wilh Known as the Persnner LP 231. paddle level control from The The first of these operates 


two prior to release to the river. 


a considerable accumulation of the machine has a large filling 30-98 Company of Burges* Hill. level indication and control cir- Chemvirnn. which ha« a service 


C-irhnn used is nmvfded on a *ouaa on conventional audio dines usotui suriace area 01 tne ai.se. system. The remaining 0.5 

sp rv i cp / react iva ti 0 n haris bv bui they arp se P arated by relief thus providing the necessary cent are delected by ihe syste 

Chemviron. which ha« a ' service headings, andtbere are many random access facility. and all the data in that, sector; 

cardboard boxes, often taking up ooening measuring 11W mm x It consists of a four-vanc cuiLx and the second switches off --ration at Gravx in Eessox and n, ®f e of them— 45,1100. Each nf the 45,000 tracks on written in a new sector. Th 

p-pcious space. 2000 mm, a high press-force of paddle wheel mounted on ihe the motor. When the material is the Inrppst producer in Europe Encfl track is divided into 128 rhe disc has a depth of ode-eight means, in effect, that thereadii 

Many largp retail and indus- 25 tons and a pre« chamber shaft of a small AC motor with level falls and the paddle? are of thp material. sectors. A tellurium-based of a wavelength which enables system is practically error free 

i-i.il companies, therefore. 3re capacity, on first filling, of 1.54 the body of the motor suspended again uncovered, the motor re- The carbon adsorption process recording material is evaporated the optical reading system to Marketing the system as a eft ' 
beginning to find it profitable to cubic metres, lt produces a wire- in such a way that it is free to starts automatically. reltex for its efficiency on the nn ^? e surface of the disc and track along the pre-groove. At mercially available peripheral 

n-fall their own baling presses strapped bale measuring 1100 move through a small arc on the The unit is built to withstand high’v developed pore structure Jwo such discs are placed back to the same time it can find and alii! some way off and is heart • 

which reduce the volume of mm x 700 mm x about 10(10 mm same axis as its rotor, against a arduous service and a variety of of the material, catenated to back, forminc a sealed airsand- read headings. The -optical dependent on its acceptance'! 

I’tyxes and thus reduce the total and weighing up to 400 kg. A spring. paddle designs caters for dif- renresent an internal snvface wich construction. system is mourned t>r» an arm the market for various. applitf 

jree occupied by them. eiTec- merhanical bale ejector is fitted Microswitches are mounted so fereni materials and i-nndi lions, area of 1.000 snuare metres per The solid-slate Infer developed driven by a linear motor, rather -lions. But Philips expects that " 

‘ivoly creating adldlioaal pro- as standard. Hint, a* ill? level of the material More from Victoria Road. Bur- gramme of material. This is for the system can supply as m ihe manner of the stylus on could drastically change the w 

.-luciire snacc. The baling ■ V'anesrn. 165. Garth Road. Mor- in tlte hopper or hin rises, iho g»*s« Hill. Sussex RHI5 PJZ where orqnnir molecules arr much pulsed light nuipiiL as :i ihe arm nf a gramophone Rut reut of data storage as we taic 

prc c .«cs alto increase the density den. Surrey 1 01-330 0101 *. resistance encountered h;. ihe (04446 40461). trapped and hel.l as ihe wa*'e much bigger gas laser afld its the difference is that there is no it today. 



There may be too much talk these days about 
UFOs, and not enough about IFOs. 

All right: they're extremely fantastic, their 
origin is extremely welt known, they come 
from Switzerland (Central Europe). The occu- 
pants are humans from many lands. 

Tney are frequently sighted between 
39_ European.- 19 African, 9 Middle Eastern, 
9 car Eastern; 4 South and 5 North American 
destinations, and Zurich, Geneva, or Basel- 
Mulhouse. 

Number and versions of the various mod- 
els (for people who like tG stick to the facts): 
Six OC-8s. thirty- two DC-9s, nine DC-iOs, two 
Boeing 747s. Another two DC-IOs. two DC-9- 
51s, and fifteen DC-S-80s coming soon. . 

You can set foot in them during one of 
their landings, somewhere on earth. 

You will find that the Swiss cross ?s .not alf 
that makes them easy to identity. 

You can tell them by Their punctual depon 
tures, the hospitable atmosphere on boa/d, 
and by the love of the smallest detail - say 
the saucers cf Langentnal china. 




By William Dolllorce 

Nordic Correspondent - 


DENMARK ^EMBARKED ‘fliis " / . '■ , ./ : 

. year -on a political experiment - 
which, with a- hit of luck, could - . v' • • 

provide the effective govern- became the largest opposition 
merit and/ economic stability the " partj, ■ . " ' ; ' f’ 

country has lacked for most of _ foe. over three years the 
' this decade. ' minority ; Social ' Pemocrat 

. At the end of August, the cabinet, had: stitched together 
.Social Democrats formed an uti- varying - majorities - in the 
. precedent ed cpolition With the Folketing';’ corridors - to put 
■ Liberals, breaking-' through a through' one unsatisfactory 
long-standing .political frontier, compromise after another. 

The architect of this union was ' 

Mr. Ank'er Joergeusen, ^ e W(lirriPis 
Social Democrat' prime minister. Uf 

but it was made .possible by a . ; j n September last year one 
change at the top ofUie -Liberal ’qj these cbrnpromises'-producefd 
Party, - which brought-.- a, yuting . a national inctifues 'settlement 
economist, Mr. .'7: Henning an£ j an accompanying package 
Christ ophersen; to r.power. ■ of.. .economic’-'. measures? which 

.. Mr. Joergehsen’s action '-pro- f »li considerably short of. the 
voked beilows of wrath trohi the incomes policy., the Social 
chairman of the Trade Union Democrat 7 liaders bad been 
Federation (LO>, Mr, Thomas seeking. The iocal point for 
Nielsen,. and, sparked . * off. ,'jjie Gove roment’s worries this 
sporadic strikes. year has been tlae country’s 

Mr. Nielsen predicted that the payments •-.'deficit - - and the 
coalition woul.d last, for no more tremendous-' increase in the 
than six months. To 'understand interest payments on the foreign 
his reaction it must bd realised debt, whidt. had risen to over 
that 1 the ’ Liberal Party DKr 50bn -..(SlObnj,. or around 
tVenstre) by tradition leads the 19 per cent... of the Gross 
non-socialist opposition.' and National Product. 1 
offers the main .alternative t» a - Denmark’s netjnterest spend- 
Labour. government •' ^n .ing hag. 'lifted ...sharply" from 
negotiating the . coaKtion*-M>. ©Kr X9bn in 1976. tb DKr4bn 
Joergensen had also -abandoned or more'this year and xs'Jikely 
the unions’ demands for co-to grow by a further DKrlbn 
ownership in industry and '.tax in 1979^ Mr. . J.oergensen 
tax and housing reforms. r / ; Accepted his advisers’ arguments 
Mr. Joergensen , . offers; .. a that an increase = in interest 
double justification . for ..ftis payments of DKrlbn a year 
unorthodox moye^a .potentially was Intolerable and that a small 
alarming ecorromic situatjon and. country with little international 
the constant difficulty of getting, political leverage. \yas -badly 
a splintered Folketing (JParlia- exposed, continued to run 
ment i to sanction firm political a payments • deficit of., the 
action. ■ ' magnitude; to "/which " Denmark 

The 1973 General Election bad become accustomed. \ : 
returned no less than U parties . Devaluation was discounted as 
to the- Folketing.. including Mr. fo'o risky, politically,- too. costly 
Mogens Glistrup’s' maverick. socially. and likely ..to refuel 
anti-tax Progressive Party, inflation.. But- if priority was 
which In ' the 1927 election . to go to restoring the payments 


deep yearning among Danes for political stability. If the new Government 
can survive a threat of nationwide strikes in the spring, then the coalition 
could well last the two years until the next general election 


Exports to UK 
Currency 


£812,283.000 
£ = DKr 10.395 


balance, the Government could 
du little about unemployment, 
which was running at over 8 per 
cent of the labour force, and 
would have to ensure that there 
was no increase in real incomes. 
In other words, it would both 
have to defy the unions and 
secure a safe majority in the 
Folketing for a tough stabilisa- 
tion programme. The Social 
Democrats needed a partner, or 
partners. 

If the economic justification 
for the coalition with the 
Liberals can be given a ring 
of inevitability, it nevertheless 
demanded considerable courage 
from Mr. Joergensen. 

The bearded Danisb Premier 
is a small man physically. He 
comes from 3 Copenhagen 
working class district, was 
orphaned at the age of two and 
is largely self-educated. He 
reached the top of the Social 
Democrat Parts' by the trade 
union route and then made a 
hash of his first term as 
Premier, after succeeding the 
sophisticated Jens Ono Krag. 
But over the past two years Mr. 
Joergensen’s political stature 
has waxed greatly. 

The coalition cabinet com- 
prises 14 Social Democrats and 
six Liberals. It is in a head-on 
collision course with Mr. Niel- 
sen anti the LO. It gained a 
breathing space with its first 
crisis measures — a price, wage 
and profit freeze. an increase in 
value added tax and budget 
spending cuts — but the current 
national wage agreement 
expires at the end of March 
next year. . Mr. Nielsen’s pre- 
diction that the coalition would 
last no more than six months 
was in fact a threat and drama- 


tic developments can be 
expected in Denmark in the 
spring. 

The D anis h situation offers 
several parallels to the British. 
A Labour premier, bent on 
stabilising the economy and 
holding down income rises, is 
trying to curb the power of the 
trade unions and to re-assert 
the political supremacy of the 
parliamentary parti’. Each pre- 
mier has to cope with a 
minority of left-wing, trade 
union MPs who oppose his pre- 
sent policies, although each also 
has bis allies among trade 
union leaders. Each is vulner- 
able to the accusation that too 
little- is being done to stem 
unemployment. Neither can be 
sure of a parliamentary 
majority. 


Support 


With 65 Social Democrats 
and 21 Liberals in the 179- 
member Folketing the Danish 
coalition falls just short of a 
majority even witb the guaran- 
teed support of a Greenland 
MP and an Independent. Last 
month, however, the Centre 
Democrats promised to vote 
for the government’s economic 
measures and the coalition 
is more likely to be felled 
by an accident in the FoJkei- 
ing voting than by a con- 
certed effort to defeat it. If it 
survives the first six months, 
including the spring climax 
when the LO may seek to 
mobilise nation-wide strikes. 
Denmark's new coalition, could 
well last the two years until the 
next general election. 

Mr. Joergensen’s union with 
the Liberals is a remarkable 


coup in another respect It 
effectively split the non- 

sodalist opposition and fore- 
stalled any attempt it might 
make to form an alternative 
government. The question is 
why Mr. Henning Christopher- 
sen. the Liberals’ new leader, 
co-operated in the coup. The 
answer is that it would have 
been difficult for him to come 
to terms with the other non- 
socialist leaders and the Liberals 
— which had their parliamen- 
tary strength almost halved at 
the last election — stand to gain 
more by playing the role 01 
a responsible ruling party than 
by continuing a« part of a seem- 
ingly feckless opposition. 

Moreover, in The three-week 
negotiations preceding the for- 
mation of the coalition Mr. 
Chrislophcrsen shuwed himself 
to be a tough bargainer. Ai- 
r hough comprunii-;e t - were made 
on both sides, the programme 
which emerged was close to Mr. 
Christophersen's own thinking 
on economic matter* and com- 
mitted the Social Democrats to 
enforce an incomes policy even 
more stringently than before. 
The understanding blocks the 
Social Democrats’ lines of 
retreat in the confrontation 
with the unions. 

The Liberals are at present 
thinking in a two-year perspec- 
tive. If they share ihe credit for 
economic recovery, they can 
hope to rebuild their parliamen- 
tary strength at the next elec- 
tion, at which point they can 
reconsider strategy. Mr. Chris- 
tophersen is certainly aware uf 
the danger of slipping into a 
relationship with the Social 
Democrats similar to that of t'jre 
FDP with the West German 
Labour Party. -0 there is no 


guarantee that the present coali- 
tion would extend into a new 
parliamentary period. 

On the other hand, the coali- 
tion does apear 10 respond to a 
deep-seated yearning among the 
Danes for puliticaJ stability. It 
could, for one rhing. provide the 
answer to Mr. Glistrup. AH 
efforts lo undermine support 
for his anu-tax. protest party 
among voters bare so far failed: 
it retains 12-14 per cent in the 
opinion polls. But many uf 
these voters are thought to be 
expressing dissatisfaction with 
the ineptitude of rhe traditional 
parties rather than faith in Mr. 
Glistrup's policies and a demon- 
stration of political responsi- 
bility by the coalition could 
win them back. 

The Danes’ disgruntlemenr 
with their present social and 
political situation was reflected 
earlier this year in the recep- 
tion accorded to a book “Oppror 
fra midten " ( Revolt from the 
centre) written jointly by a 
former leader of the Radical 
party, a university professor 
and a well-known author and 
philosopher. It became a best- 
seller, sparked off a debate in 
the media which is still going 
on and led to the formation of 
many discussion groups. 


The Utopian formula for a 
decentralised form of society, 
ba^-ed on communes* and a 
citizen's wage for ail adults, 
which is outlined in the second 
half nf the book, won a sceptical 
reaction. But the critical 
analysis of both Marxist and 
profit-orientated economies and 
of the prevailing party political 


system clearly struck a chord. 
It would be wrong to see the 
Social Democrar/Liberal coali- 
tion as a response to this rest- 
lessness among electors but it 
can be read as the political 
establishment's latest attempt 
to regain credibility. 

One surprise in the cabinet 
was tbat Mr. Christopbersen, 
the Liberal leader, chose to take 
charge of the Foreign Ministry, 
although he is an economist by 
training and has little experi- 
ence in foreign affairs. But 
Denmark's membership of the 
EEC looms ever larger as a 
paramount factor in the 
country’s economy and politics 
and as a small nation the Danes 
face the continual problem of 
how to exert influence within 
EEC councils. The record so 
far has been varied. It also 
demonstrates a growing diverg- 
ence of policy from that 
pursued by the British with 
whom the Danes joined the 
EEC in 1973. 

It is not that the Danes arc 
fundamentally more pro-Euro- 
pean but that their interests 
differ. Denmark has reaped big 
benefits from the common agri- 
cultural policy fCAP) which has 
boosted the incomes of efficient 
Danish farmers, so that, while 
the Danes accept the need for 
CAP reform, they are resisting 
any measures taken under the 
banner of consumer interests, 
which would reduce farm in- 
comes. The CAP in fact has 
been a tonic for Danisb farming, 
whose exports and revenues 
reached new heights last year. 

For the Danish fishermen, on 
the other hand, EEC member- 
ship has so far been a big dis- 
appointment They have been 
CONTINUED 


turned out of fishing grounds 
in Norwegian waters, are not 
allowed to catch herring in the 
North Sea, have been forced to 
reduce fishing in the Baltic 
(though that is not the fault of 
The EECl and the British have 
excluded them rrom the ** Nor- 
way pout box.” nne of the main 
sources for their fish meal and 
fish oil factories. 

Denmark is the biggest fishing 
nation io the EEC in volume if 
not in value terms: in 1976 the 
Danes caught some l orn tonnes 
of industrial fish. 

When Britain extended the 
prohibited area in the “ pout 
box " it deprived the Danes of 
access to ao area which had 
given them roughly 250.000 
tonnes of fish a year. The 
Danish Govern menl has heen 
urging the Brussels Commission 
to take Britain to the EEC 
court. 

Copenhagen also reads the 
present attempt to expand Euro- 
pean monetary co-operation dif- 
ferently from London. Th^ 
Danes remained in the existing 
European currency " snake.'* 
while others deserted it. in ihe 
belief that currency stability 
was a key element in fighting 
inflation and achieving domestic 
economic stability. They are, 
therefore, quite happy at the 
prospect of exchange rate co- 
operation being extended. 

Denmark, during its presi- 
dency of the EEC in the first 
half of this year, in fact, con- 
tributed the framework which 
enabled Chancellor Helmut 
Schmidt and President GIscard 
d’Eslains to launch the new- 
monetary scheme. 

In other areas the Danes 
were less successful in promot- 
ing their interests during their 
six-month presidency. One 
objective — this time shared 
with the British — was to 
coerce more economic growth 
out or the West Germans: 
ON PAGE 111 


Danish Contractor 

builds for International Consortium 


Town Centre 
in Gooenhas 


Den Danske Bank - in banking for over 100 years. 

' 280 branches nationwide. 

" Contact: Iten Danske Bank, International Department, 
12, Holmens Kanal, DK-1G92 Copenhagen K. 


DEN DANSKE BANK 


AF1871 AKTIESELSKAB 


Phase 2 now under construction. Building owner Hundieinvest A/S 19000 m* shops, offices and 


Architect Dennis Adams, 
Cambridge 

Management Preben Herbo, 
Copenhagen 


Shorttime finance arranged by 
Midland Bank Trust Corporation, 
Jersey Ltd. 


cinemas. 


Main contractor and consulting engineer: 


H. Hoffmann & S0nner A!S 

Maltegardsvej 24, DK-2620 Copenhagen, tlf. -rl 655601, telex 27301 


Activities in the Middle East 


Through affiliated companies 
duly registered and esta- 
blished: 

SAUDI DANISH 
CONSTRUCTION CORP. LTD. 

P.O. Box 1296. Damman, 

Saudi Arabia. 

GULF. DANISH * — ^ 

CONSTRUCTION t— 

CORP. LTD. r -— ■ , 

Al Futtaim Building, 

P.O. Box 4452, Dubai U.A.E. 

These companies have during 
the last 5 years performed 
various contracts ranging from 
construction to operation and 
maintenance. 


Saudi Arabia 

ARAMCO: operating & main- 
tenance mechanical and civil 
construction. 

.Ministry of Interior: operating 
and maintenance sewage plants. 

United Arab Emirates 

Iranian Red Lion &■ Sun Society: 
operating and maintenance of 
hospital- 

Government of Dubai: 
Mechanical and electrical 
construction of hospital. 






16 




THE BIGGEST NAME 
IN QUALITY FOODS 


Top people in the food industries 
choose Danish because they know that 
this is the very best. They know they can 
rely on Danish to proride quality foods, 
many of which arc household names. 
Poods such as Danish bacon. Lurpak 
and Dane lea butter- Danepak vacuum- 
packed bacon, Danish cheeses, canned 
meats and a new range of frozen meat 
products, under the brand name 
“Danish Prime”. 

Nnt only are they of the very best 
quality, but all these products are sub- 
jected to rigorous controls and tests to 
ensure that the highest standards of 
hygiene and freshness arc maintained. 

Danish high quality foods are 
always in demand. Shops selling 
Danish quality foods gain a 
reputation for real quality. 

And it's this reputation that 
means satisfied customers. 

We’re proud of the highj 
standards of Danish quality . 


food. Agriculture accounts for about 
30% of Denmark's total exports so its 
not surprising, for example, that nearly 
half the bacon consumed in Britain is 
Danish. We are also one of the very top 
exporters of butter and cheese in the 
world, as well as being major exporters 
of bed', veal, pork, canned milk, poultry 
and eggs. 

But quality products are only half 
the story. We look after our customers, 
basing invested heavily to provide both 
quality and efficiency, so that everyone 
- producer, trader and consumer — ’ 
benefits. 

It's this attention to quality, fresh- 
ness and efficiency that has made 
Danish foods what they are today - the 
biggest name in quality' foods. 


Issued. r>n behalf nf ESS-FOOD and the Danish Dairy Federation, 
hv Danish Agricult uni Producers, 2,3 Conduit Street. London. Vi' 1R OAT 




-'-L \ 


Wancial Times Wednesday Ndvem ^8 .1978 


n 







ill 


4 / 


WHEN’ ONE talks to foreign suffered from this heavy ex- 
businessmen and bankers aboul posure. but the Government 
the Danish economy they tend feels that the point has been 
to think of it as an economy reached when- continued credit- 
on the brink of disintegration — worthiness depends on per- 
unemployment is eight per cent, formance. '■ We think that our 
inflation is rarely Single-digit, creditworthiness is connected 
the current balance of payments with out efforts to reduce the 
has been in deficit for decades balance of payments deficit " as 
and the foreign debr is astro- Minister of „ Finance Xmid 
comical, they will say. They are Heinsesen put in an interview 
nearly right on all these points, with the Financial Times, 
except that an economy which Mr. Heinsesen said that the 
has become as wealthy as Den- Government wants to see a 
mark's cannot be altogether a year-by-year improvement ip the 
mess, and despite all the crisis external deficit over the next 
talk the . country’s Gross few years. For 1979 it has dc- 
National Product tGNP> per dared that the deficit must not 
capita in 1978 in dollar terms exceed DKr 6£bo. But even with 
is likely to he ihp highest in a falling deficit the foreign bor- 
Europe after Switzerland’s, rowing requirement, public and 
knocking Sweden, which de- private, will remain large, at 
valued last year, and Norway, around DKr lObn a year, for 
which devalued this year, from some years to come in order to 
the other top spots. * service existing debt, but- Mr. 

. Heinsesen said that he hopes it 
when a Danish television possible to stabilise the 

interviewer once comnlained to 0 p foreign debt not only 
the West German Chancellor, a3 a proportion of the GDP but 
Helmuth Schmidt, that Germany j n ca S h terras ^ weUm 
ought to expand its demand if Government bad not 
more quickly to help Europe s acted to cut demand next year 
unemployed, Herr Schmidt its forecasts showed that real 
replied that the Danes had no private consumption was likely 
need to worry. Their unem- to increase by 4-5 per cent and 
ployed received considerably the current balance of payments 
more in benefits than most deficit to rise once more to 
Europeans were able to earn about DKr 9-10bn. A pension 
from a job ffrom .January' 1 reform, the rise in real incomes 
the maximum, unemployment as a result of slower price in- 
S,t“ efi io -JJ? rise t0 . over flation - and lagging income tax 
u. j-! 3, . a ' ear > an d ll tan revenue caused by a system of 

index-linking tax to the hourly 
wage index rather than the con- 


StM"* 


!be drawn for four years). 

The reason for Denmark’s 


suraer price index were all con- 


Wboai to » potential spend- 


income league — twenty years 
ago it was in twelfth position — 
is that as a member of the 
European currency snake the 


ing spree. 

The Government increased 
the value added tax from 18 to 

country has successfully stabi- "LSS £*1 fnni . h 

lised the trade-weighted value changed the income-tax index* 


trade-weighted 
of the krone at 10-12 per cent 
above the pre-Smithsonian level 
and has resolutely avoided any 
real devaluation (as opposed 
to occasional adjustments 
| against the Deutsche Mark wtth- 
I in the snake). Like a glider on 
a thermal current the economy 
has ascended without motive 
power of its Own, but not with- 
out considerable skill on the 
part of the pilot 


tion to the net consumer price 
index fLe.. excluding indirect 
taxes), and reduced 1979 spend- 
ing plans. It now expects that 
private consumption next year 



Will inrreas*. hv i tn •> ™»r «v»nt of ne5rt spring’s ' collective pick up slightly to rise by about consumer prices increases, at 
wni increase oy i to - percent, . _ - -- ■«- .»•- -a j •• — ♦ . 


though that will be an romrovel bargaining. While the Govern- two per cent, exports will for expected to moderate'-, t 
ment on this year, whex/’little menl “ about its .in* the second year running between 6S per cent (goyeri 


\ 


or no increaip in tmi nrivoto comes policy. it fs not revealing increase by about 4-5 per cent ment) and eight per- cent Kt . 

LTl HI real prnaie ■ en/l ahMia ca«tnr» onnoiirnnriAn wnon inrinmoc fm m ahrinr "1 • 


consumntion eomnaffd with what jt means by these.: words, and public sector consumption wage incomes from about, 3 
1977 ran be expected.^ 0 ^ except to say that both , the and investment by about two per cent to 8-9 per cent, depeqc 


Investment 


unions and the employers will per cent. Tbis will lead to an ing on' the outcome of the wag 
be invited to trip artite talk£. The increase in the. real GDP of negotiations, which even if (he 
Government may have shine two per cent or perhaps a little generate no new wage increase 



|UK G, 3r , ?rJS ? lSS 4 S 1 ^ In the autumn of 1877 the sVo^es to ~offer' the.»^ iria:.to more, with imports . which-wiU wW not Wriou^r. : 
[average GNP growth rate only then Social Democratic Govern- 


return for wage restraint;: hut show no .increase this year, . rate of wage . increases; uat 


.,8 per cent iron, 1*, io I8 77. n*nt toitfa ted ; a toree-year £, nSHS'oSr’^SS « veil! 


This includes- a 6.2 per cent programme designed to take 
burst in 1976,- the result of a some pressure off the unemploy- 
disastrous demand-boosting tax- ment situation by switching 


u.-oaonuuo ucuioitu-in.-usuil- UL\- IIKUl SUUHUUU Uy bWllUILUlg » I, „ 

reduction policy -which caused demand from import-intensive €a * ^ rae *^ 

havoc with the^urrem balance private consumption to public aj stnKe - ' 
of payments 1 Last .year the consumption and energy invest- The main unions have made 
growth rate was about L8 per ment (especially bousing demands amounting to/20-30 per 
cent, a bumper harvest helping insulation). But this has not cea* on hourly wage costs, 
considerably: this year GNP is stopped the total number of including a cut injhe working 
unlikely to rise by more than unemployed from rising from week from 40 hours to 35 hours 


the impression Is widespread rising by about two per rent later next year and ini 

Hilary 

Copenhagen Corresponda ' 


and will let the unions -.and Thi^.will not bring about a 
employers fight it out among reduction in' unemployment, but 



about 1 per cent. 


Unemployment 


But this unsatisfactory per- 
formance, with its high accom- 
panying unemployment rate, 


159.000. or 7.6 per cent, in aiid longer holidays. The 
September last year to 179.000 employers are/ demanding 
or 8.3 per cent in September wa » e cu * and/aD end to wage 
this year. indexation. Hie two sides have 

Part of the problem is that n _ oc heen^so far apart before 
job frequency, particularly s * nce 

among women, has increased. The authorities are backing 
cannot be improved upon bv Total employment has actually their fiscal and incomes policy 
new exercises in demand stimu- risen since 1973. The Govern- with fairly tight control of 
lation. This could hardly he ment. however, no longer has credit expansion. The increase 
better illustrated than by the any room for manoeuvre with a in the M2 money supply was 6.5 
fact that the first act of the v iew to further employment- per cent over the 12 months to 
new SDP-Liberai coalition Gov- boosting initiatives. August (but because of a 

eminent in August was to Inflation has come down from switch since the spring of money 
batten down the fiscal hatches Hs peak of about 16 per cent in from bank deposits to short- 
«*nce again wiih a round of tax mid-1974 to an annual rate of terra Government paper, which 
increases and spending cuts, only 5.6 per cent in the six is not included in the money 
although the summer's, indica- months to September, although supply, the figure is too flatter- 
tors suggested that the economy Hie year-on-year average log- Ml rose by 13.9 per cent 
was on a better path, with infla- increase in consumer prices this over tbe same period), 
tion down !o an annual rate year will be about 11 per cent. Mortgage credit is rationed 
increase of under 6 per cent, the same as last year. The and bank advances are subject 
i he balance of payments current Ministry of Finance forecasts an to a ceiling on loan commit-' 
account improving and season- increase in consumer prices in ments. which for some years 
ally-adjusted unemployment fall- 1979 of only 6$ per cent now has been adjusted upwards 

ing for the first time for two A main factor in the improve- by about eight per cent a year, 
years. ment this, year is the fall in the Although the Government has 

, .. index of imported raw materials been forced to abandon anv 

, Ior the by 4i per cent ever the Past 12 attempt to boost demand as a 

m ®r lS J Ctl0 , n 51 . 1 "f e ’ , months. With domestic incomes cure for slow growth and high 
°'\ n an ^ indep e ndent^ forecasts u^jy lo increase by about 10 unemployment, the economv in 
indicated that m J9i9 the deficit pcr cent for t ^ e secon( j yeaj. 1979 perform rather better 
on the current balance of pay- running the pressure of than, this year, according to the 

ments would ° nce asa ‘ n domestic costs has not slackened available forecasts. Private con- 

deteriorate, and the issue of the 0 g significantly. sumption, as already mentioned 

current deficit and the asso- Prngress in 1979 will depend is expected to rise by 1-2 per 
c i a . ■ \ orei fi n debt doounates to some extent on the outcome cent, business investment to 
the thinking of Ministers today.— 




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Denmark has a rather complicated geographic structure and there is no doubt that a 
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Four central offices, each serving a major area of Denmark, and 155 branch offices 
spread throughout the counirv. 

Our experience has convinced us (hat hanking business is dealt with quickly and more 
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It is an old and rather dreary 
tale. The current account has 
been in deficit in every year but 
one ( 1963; since I960. In most 
of those years a long-suffering 
public has heard the Finance 
Minister of The day explain that 
I new tax increases were neces- 
I sary in order to bring about an 
improvement in the current 
I account, but the deficits con- 
Umued io run at an average nf 
about l.S per cent of GNP 
until 1 973. rising to 

peak of -It per cent of Gross 
Domestic Product tGDP). at 
DKr Jl.Qbn. in 1976. It came 
down to DKr ldbn last -year and 
should hit the Government’s 
! target of a reduction' to DKr 
iTtbn this year, about 2J- per 
|cenr of »“DP. 

The net rnreian debt is mean- 
while close to DKr 60bn. or 
about 2 ii per cent of 1978 GDP. 
The public sector's net foreign 
debt at the end of August was 
DKr 29.5bn. costing DKr 3.8bn 
in- servicing in 1979. which will 
rise to a provisional peak of 
DKr 6.6bn in 1981. There are 
no official estimates of the debt 
servicing cost for- the total 
foreign debt, but it is certainly 
more than double the cost of 
servicing the public sector debt 

and probably amounts. to 9 or 
10 per cent of current account 
[revenues, which this year will 
fall just short of DKr»100bn. 


4 



There are no signs that Dcd- 

| mark's a-edi [.worthiness ha* 




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) 











* r 

L iimm v: 

* H < 

lV 


c s ■: ::j v 


* * 
i®. 


c ^2* c 

>*.. *■ ,< 


-V, V* 


Financial Times Wednesday November S 19^8 




DENMARK III 





" DEXWARK DOES nor have 
the sort oj industries that have 
tempted the authorities oi other 
watious into neo-mercantilistic 
ventures; no huye. uniform sec- 
tors o f ina&s . production; no 
yiani installations planted firmly 
a top coal or iron minis; no 
electrochemical industries con- 
centrated around an ample 
■supply of hydro power: no 7noi- 
sife pulp mills with routs in 
expanses of giant forests. 

“ Danish industry is different. 
It is made up of many small and 
medium-sized companies, fre- 
quently turning out a narrow: 

range of purpose-designed pro- 
ducts. jorced by ihe ir hints of 
the icorld marker, constantly to 
seek new. untried possibilities, 
adapting to changing patterns 
of competition. to break- 
throughs in technological de- 
velopment and to net c consumer 
habits. Devoid of natural, re- 
sources. Danish industry has 
developed the tr-ag it kas be- 
cause it has nothing to offer the 
ic or Id "but initiative, hard worfe. 
good business sense, and a icell- 
qualifictl labour force." 

This quotation from ‘‘the 
case for industry." a pamphlet 
published earlier this year by 
the Federation oF Danish Indus- 
tries, both sums up neatly the 
special nature of Danish in- 
dustry and hints at. the passion 
with which its exponents hold 
to the principles of free trade. 
The pamphlet is a reasoned 
polemic, calling public atten- 
tion to the discrepancy between 
the growth demanded of indus- 


trialists and the conditions 
under which they have had to 
work in recent years. 

Unlike many such pamphlets, 
this one may not have been 
written in vain. The new coali- 
tion Government promises to 
pursue policies much more 
favourable to industry. 

“We want to provide the best 
possible conditions for the pro- 
duction section," Prime Minister 
Anker Joergensen said in the 
Government Programme pre- 
sented to the Folketing (Parlia- 
ment) last month. As an earnest 
of its intentions. one of the first 
acts of the Government was :• 
DKr Ibn lending scheme allow- 
ing exporting companies to 
finance capital investments on 
softer terms. 

Present Danish industry can 
be presented as strong ancl 
healthy or inadequate and ail- 
ing. according to the standpoint 
from which it is observed. From 
countries with major industries 
operating al shall eriny iosie-? 
and dependent . on state funds 
to survive," Danish industry has 
an image of viability and vigour. 
In Denmark there is little state 
ownership, the market economy 
ou the whole prevails, com- 
panies get minimal state sup- 
port and as. a result those that 
survive are ipso facto competi- 
tive. 

Nor is Danish industry suffer- 
ing from severe structural 
problems besetting some of its 
neighbours. Worst hit is the 
shipbuilding and ship repair 
branch, which is dealt with 


elsewhere in this sur:ey. and The Government h»> already 
the steel business, which reiterated its commitment to 
employs only some 2.000 people fiscal policies which would hold 
and offers the only instance of down incomes, cut industrial 
state subsidy. costs and imprm-f the compeii- 

Fr am the national economic l,ve posilicm ? lhe t - : P° rlins 
point of view . however. Danish unport-coni pet- 

industry is a structural prob- »?* ^ nch «- for 

lem in itself and U insufficient. lms u of rt acl,0n 1 n:,s , btt " 
This may seem to be a surpris- son, f I llOAi0 ° un / mp,0 -' ed :,nd 
ing Ntarement about an indwtrv smaI TTZ 

which from 1947 to 1975 quad- ,n i hat m lh ‘ "“f 
rupled the volume of its pro- . But , th C DanCs ' h ? u ^ m 
Auction, muliiplied Lis value bv th . ei , r drive for long-term indu- 
« and replaced farming as r ,al W,I J n !?“ n '. 


Denmark’s main exporter. "" K V: ■ ‘.V 

Industry Dtiw accounts for over more . 5 l dlli ’ f;,clori,: '' lh ? n lhc 
tvio-i birds of the value of seemmaly "«>«■■ 

Danish expons and over half \ ,c * ° r - s . ;, > • , lIu ' 

its production is sold abroad. f i0 invr «*" ' r,n ’ ll ! s I ed t fKll,n? 
The strut-i ura I problem lies in b, ™ ch, * s :,n f l s H bsid,s f d vom : 
The fact ih2i over il.c same pnn '^ 10 m * jntain ««Pl<*n»eni. 
period. 19-17 10 1M75. spending The corollary to Denmark’s 
on Denmark’s public services philosophy is a fierce altitude 
increased 41 times. towards other nations’ State 

.... . , subsidies to industry. There is 

„ ™ ‘-•“mpcm.ve output of m nllwtiastic supporter 
D.m.,h ,ndu.in- » simply loo of ^ EEC 

™ 10 support the burdort of altcmBU , 0 prewr ,. a fr( ,„ trade 

up «**■ «>' Co "”"°" 

Since the beginning of that ‘ 1 

decade employment in the .Uthouch they have problems 
public sec i or has srown from ' n gathering evidence, the 
rouqhlv 1 '.0.000 to 600.000. At Danes have pressed home cum- 
the same time the number Phnnu of discriminatory P Re- 
engaged in farming lias lice against Dutch maritime 
dropped from 400.000 to equipment suppliers and 
lOH.OOn. while maintaining the against 'he interest subsidies 
same level of production. And provided for British producers 
industrial emplovmenr after of offshore oil equipment. This 
hitting a peak of around 423.000 Time in collaboration with 
in 1974 is now down to around British producers they 
365.000. Productivity has con- succeeded, earlier this year, in 
tinued to increase rapidly even halting Swedish exports to the 
during the world economic EEC of subsidised chipboard 
recession but total industrial products, 
production is inadequate. The immediate outlook for 

Danish manufacturing com- 

I IHPlHpnilQPV panics is fairly promising 

inaoequatj although some Ume will have 

Another measure of this tp e,a P se b?fore ° n * C2n 
inadequaev is Denmark's pay- surc lh3 1 r , ■"P^P needed 
merits deficit, which has so far ,n °. veral J ind , us '^ 1 ? rowlh . ,5 
remained intractable even to an ^' oniin 3 through. The Financing 
export effort which markets ^suuue for Industry- amici- 

over half the nation's industrial a ,4 .? er Mn V mC ? ?aw ,n 

output abroad. To balance >U''n° v er thisvear for the eom- 
Den mark's payments in 19 7fi panics on-us books ;»nd a reiurn 
industry would have bad ; 0 «ow ar d S the 1 9.6 earnings cvel 
export 50 per cent more than close to IT p«.r eent. 

it actually did. which would in expressed as .he ratio of operM- 

tum have necessitated » total -ng profit af.sr depreciaiionbu 


the interests of the jobless 


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CONTINUED FROM PAGE 1 


SECRETARIAT: AMegafle 13, 

DK 2000 Copenhagen !• 



ihe lack of take-off in the 
German economy is holding 
back Danish industrial 
exports. 

The Daue» failed in lheir 
attempt to get the EEC lo adopt 
a common energy- policy. They 
proposed a package which would 
have boasted the use of cc-al by 
power stations, produced a pian 
to deal with the over-capacltj' 
in oii refining and provided 
funds for both alternative 
energy projects and more oil 
exploration. They gor 
nowhere, principally because 
they received no response from 
the Germans who would have 
had to finance most of the pro- 
gramme. 

One minor success achieved 
by the Danes this jear ha* been 


ic acUvale the Brussels Com- 
mission against infringements 
of its rules for stale industrial 
subsidies. 

The Danes - oppose subsidies 
10 the stee! industry and believe 
that in this instance they will 
have German support. 

On the wider issue of general 
industrial policy. however. 
Denmark has not been able lo 
influence EEC thinking. 
Despite the evidence from 
public opinion polls that the 
Danes are Jess enthusiastic 
about the EEC now than they 
were at the time they joined, 
Denmark is solidly committed to 
Europe and the Danish Govern- 
ment :s as active as the repre- 
sentative? of a small country 
can be in making the EEC work 


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Privatbankcp. was the first telephone subscriber in 
Denmark so our telephone number - No. 1 - wasn't 
hard to remember. In fact. v:e founded the Danish 
telephone system and a great many other important 
companies. We were also the first commercial bank in 
Copenhagen. 

We were the first to introdu-e the perse nai banking 
system ir. Denmark, and the f irsi Danish 


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m 


bank tc open a subsidiary ir. Luxembourg. So, when it 
comes to doing business m Denmark, lefPrivatbanken 
be your No. 1 contact. 

We have representatives and associates in major 
financial centres throughout the world and an exten- 
sive network of correspondent banks. 

With time, our telephone number has multiplied into 
servers! 1's. But it's still easy to remember. Cali us! 




*tm 


Akvieselskab 

Ofi're: J, Bcrrgrtde, DK iC«9 Ccpcnhaosn K 
Pc&iai Adc r V5&' PO Bot 1000. OK j-00 Cooenhagsn MV 
“otaohone. - 45 : v n 
Tel - 2 Jtar.t. F ?l VAT BANK. Tele.-. :7i94 

B: jr.crte, all c-er Dsrinar^.. 

V.'hoi:-.- euVE-idiar,: 

P:i.a:ti&r.r.^r. liucsrahcne; (Denrr.ar*- ?.a. Lv-er’ibc-^f;. 

A 

A MEMBER OF THE INTER-ALPHA GROUP OF BANKS. 


sities and rechnieai in^litutc*- 
more towards the needs o: i 


ment required in each new job. Dcamark - typical " niche j 
Between 1370 and 1975 lhe brandies, electron ics. chemicalf. 
Danish industrial worker Phjrmeceulicals. nieasurin? 
averaged a -.age increase rvf 3nri , -° i nt F o1 ^ l,1 .P mcnt ln " 
95 per cent, or 80 per cent a ? ro ln Seneral. A 

more than ww justified by the t ^ ,caT .°» n “ h exporimg nr* 
improvement in productivity. a lf rse share of 

Since the mid-1960s Danish a ^aDvely email component 
interest rates ba\e doubled, segment, or n “^!f Ut1 d 
partly as a result of a deliberate sP^'inc furcign market, 
official policy of maintainins Examples are the DI.SA 
high domestic* rales, in order to company's automatic moulding 
encourage companies to borrov machines for engine blocks 
abroad. which are used by most big car 

At the micro-economic level manufacturers. And, at another 
of company finance the effect of thl * *«*? . «»iup*nnit. 

these developments has been a radio and television sets of 
fall in industrial investment Bang og Olufsen. which sell on 
between 1960 and 1976 from design and technology, 
nearly 20 per cent lo roughly 
10 per cent of total investment |§CJ|P 
— a halving of the portion of - a -*- K3MW 
income going to dividends, a 0n a lar n er SMTe .j, ere i 5 
decline of 20 per ccm in the \ ovo ir.dusiri. the pharuiaceu- 
share put into the resents and u , :a i and biochemuaU companv 
a drop of nearly one-third m v .|,i t h ^is year became the 
the average equity-to-dcbi ratio. nrst Dani?h rtnCfrn lo j aunL . { , 

This scenario is generally a cocveruble Eurobond issue- 
understood at the political and and also had ns shares listed on 
administrative levels: it has led the London Stock Exchange, 
to considerable discussion Xovo makes as much as 9G per 
about the kind of policy needed cent of its sales outside Den- 
ro correct the situation, ihe mark. Ir is ihe worlds second 
divergence being chiefly largest manufacturer of insulin 
between those who would like and is probably the markei 
a programme of selective State leader in the production of 
support and those who want enzymes, 
the introduction of general ]} aQes make several pro- 

measures favouring industry as ducts Vjhioh hold over bn ^. 

a whole. third of a particular world 

Industry itself has argued market. The " niche ” phil- 
persuasively tJiat for a countrj’ osophy is naiural for a country 
with such a higli proportion of with a high cost level and no 
industrial exports it would be raw materials, and which has to 
suicidal to resort to a centrally concentrate on making goods 
directed economic structure. with a high added value. Thi> 

It has Denmark's free Trade type of manufacturing and 
traditions in iis favour and its marketing puts' a premium on 
case can be expected to receive product renewal and lhe invesl- 
an even better hearios now ment of risk capital in research 
that the Liberals have joined and product development 
the social democrats in coali- 

tion. ” uliam Duilforce 


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CHRIST) ANI & NIELSEN 

CIVIL ENGINEERS & CONTRACTORS 



MARINE WORKS — TUNNELS — BRIDGES — ROADS — POWER 
STATIONS — DAMS — COMMERCIAL & INDUSTRIAL BUILD- 
INGS — ERECTION OF PLANTS — ELECTRICAL & MECHANICAL 
WORK 


HEAD OFFICE & PARENT COMPANY 

CHBiSTI&MI & NIELSEN A/S 


VESTER FARIMAGSGADE <11 — DK 1501 — COPENHAGEN V — 
TELEPHONE: (01) 14 12 33— TELEX: 22 336— CABLES: JERNB ETON 


OFFICE IN UNITED KINGDOM 

CBRiSIUNI & NIELSEN LTD. 


21/24 GROSVENOR PLACE — LONDON SW1X 7jE — TELE- 
PHONE (0!) 235 4321 — TELEX: 916 527 — CABLES: CONLOND 


WORKING IN 

DENMARK — NORWAY — GERMANY — UNITED KINGDOM 


— BELGIUM — ALGERIA — LIBYA — SAUDI ARABIA — 
PAKISTAN — USA. — BRAZIL — VENEZUELA — THAILAND 




Major 


THE DANISH borrowing public 
has experienced a remarkable 
change in the banking scene 
this year. 


Interest rates on bank ad- 
vances have fallen by over 2 
per cent to about 12$ per cent 
on average, but prime rates for 
business customers with the 
larger banks are down to 11 per 
cent, including commission, 
and State-guaranteed export 
credits are available for £-10 
per cent These are the lowest 
rates for several years. 


As there is also a law fixing 
the margin between interest 
rates on deposits and advances 
at the average of the years 
1972-74 (the law will be re- 
pealed and replaced by legisla- 
tion placing the banks under 
the supervision of the price- 
supervising monopolies board 
from next April}, the high 
deposit rates also adversely 
affected rates on advances. 


The key to the transforma- 
tion which has taken place is 
the agreement entered into by 
the banks and savings banks in 
February, this year, to place a 
ceiling on the discount rate plus 
per cent on bank deposits. 
The agreement was taken under 
pressure from the authorities, 
who were disturbed by the way 
in which the larger banks were 
bidding up the interest rate 
on- large-term deposits from the 
corporate sector and local 
government to 22-23 per cent. 


Bur the change has adversely 
affected the growth of bank 
deposits, which! in the 12 
months to August rose by nearly 
3.9 per cent while advances rose 
to 10.3 per cent. This has arisen 
because money is now being 
placed in short-term Govern- 
ment paper, which carries an 
interest rate of 154 to 16 per 
cent, instead of with the banks. 


The Central Bank has pro- 
mised that it will make enough 
credit available to ensure that 
the banks will be able to meet 
the demand for advances, within 
the confines of the ceiling on 
loan commitments. 



International Merchant Bankers 


Nordic Bank Limited 


Nordic Bank 
41-43 Mincing L-jn-a 
London EC3R 7'j? 
Telephone Ot-c 3 -j Jo-jj-S 
Telex SE7654 


International Representation 
London Nordic Bank Limited Head Office 
Copenhagen Cooer.hjcen HjndefsbariitS/>arefrcid«r 
Helsinki iunsallis-Osafce-Panfch Shareholder 
Oslo Den no'-jkeCredubank Shareholder 
Stockholm Svomka HanaVIsbanken Shareholder 


Regional Managers 


Bo Jagd Assoeisie Dneciot Denrps’k 
Kari Janhunen r intend ' 

Arild Nerdrum Nor.-. a; 

Wolfgang Jaeckel Sweden 
Tony Eland Un.ted ’nodor-t 


Singapore Noroi." Bank Ltd Branch 
Hong Kong NordicAiia Ltd Whollv-owflac iubsidtarf 
Rotterdam Nordic Leasing International BV Whoitv-wned subsidiary 
Channel Islands Nordic Guernsey Ltd \VhoU\ -owned subsidiary 
Frankfurt Nord.'c Sank Ltd Representatrse 0 ( f :e 
Sao Paulo No r dic Bank Ltd Representative Office 
Tokyo Nordic Bank Ltd Representative Office 



Zurich Nordfinanz -Bank Zurich Participation 

New York EuroPanners Securities Corporation Pardcioaticn 




T A Hne 
Investment 


The trend is back to nature for second 
homes or holidays with a difference. 

Areas of scenic beauty offer great 
investment potential for the right kind 
of development - in the Scandinavian 
mould. 

Such development is taking place now: 
Small, discreet villages are being built 
among the trees, log cabins - with every 
conceivable luxury 

If you have the land lhis is a fruitful 
chance to capitalise - with Horn Huse, 
Denmark's largest manufacturer of 
tim ber homes. 


They come in a wide range of options: 
Single bedroom, lounge and utilities 
from £ 3900 . 

Three bedrooms, acres of 
space, sleeps 10 from £14000. 

All with double glazing, roof and floor 
insulation and built from seasoned pine 
logs. Life expectancy? a church in 
Bergen of similar basic construction is 
1900 years old. 


We are the UK concessionaires for 
Horn Huse which means we can offer 
complete project management from 
planning permission to landscaped 
completion. 


That’s not ail. Horn Huse also manufac- 
ture a superb range of ‘all the year 
round’ homes for executive living/ 



marches! 

holdings ltd 


— Find out more. ^ 

*.»■' Send just £1 for a complete 

set ofbrochures and plans to: *’-»■ ^ 

Marches* Holdings Limited, ^7 

8 Woodland Rise, Studham, Nr. Dunstable, Beds. LU6 2PF. / 

'"J nam£ g W ,^, OTB r, Wl ll , - , nT f J 

| ADDRESS — I 


(Marefiesi HolcUncs are 

naif* UK COihvieiaiMirc? far Ruin F.u?r 

Export A/S. DK SBW.DensrMrKi 


n 

A- 


Margins 



The Vanish Par lia ment. 'biiildiTig (Christiansborg) in Copenhagen 


The fixed margins law should 

prevent the banks from ini- t . 

proving earnings as long as chairman of the Bankers’ Asso* cover, and the rising lertil of- ' In the. last two years the forcing business -to .raise a?:’-- 
deposits and advances rise in ^^on. International, especially dollar, Government -Has financed at much * . • 

line with each other, but with M r . Hansen expressed the interest rates.- are among fachtfsr jeast two- thirds of its borrowing abroad. « possil«eiv. 5 T^-.shM^ ^ 

this year's much slower growth h ope that there would be a explaining the high lereL-Tbe.! requirement through the domes- up in' the expansion - qf hank -"H— 
of deposits, bank earnings have. m0 re realistic assessment of the problems of financing "a : large -'tic market, and in 1979 expects - and ; -savip gs bamc^ad vaiic^f 



in fact, improved, and much of need for the banks to earn a and persistent balance, df -pay-- -tn~- raise DKr 29.8bn, including -.which . 

the improvement stems from satisfactory return on capital meats deficit and the Abstain: DKr JJ.Sbn to cover redemp- °rst half of lyyo, v . 

the deposit and lending under monopolies board super- tial State budget deficit/ :nre "tions. -yo**® 1 .. 

accounts. Pnvatbankeos first- vision. other factors generally -con- . 6-..— .. w«irth nf year. - - . .v- .y, 

half operating p ' 
from DKr 116m 
Copenhagen 
DKr 145m 
SDS (the largest 

from DKr 117m — pu^eu oy law, aiiu we mat# uceu veeu lasing at. a mue.wiieu /L tl i . h _ cun -f- P h 

for example. . a margin to enable us to meet Danish inflation has - slowed deuositsinto Government 

The banks have always been bad debts. down substantially. do not feature in t_ 

unhappy with the legislation “We must be able to take SDS concludes that theirrarkei figure has had a cosmetic effect 

fixing the spread between in- risks, as without risks there is far from convinced that the. on. m 2 The Ml figure, which periods , has^/.-'-risetr-.- 'tram.; 
terest on advances and deposits, will be no Innovation and now Government will succeed ‘in' wvers ‘ ca sh and current account DKr . 1 Wbn ia. ^ *, 

The margin is fixed for each new jobs will be created," he curbing the rise in costs" riext deposits Vusc by 13 9 per cent . DKr l&Sbn « 

bank individually, which ad- said. year in ' connection with /the i n the 12 mouths to August). 

versely affected those banks an- The fall in short-lean interest renewal of the collective wagb~ - . ^ 

lucky enough to have had a low rates has not rubbed off on agreements. • y Bothbankadvancesandinort- 

spread in the 1972-74 period. long-term rales. Effective The State's grossborrowing' B a se credit are subject -ti>- cell- 

When we come under the interest rates on mortgage requirement is expected to. rise. i n Ss, partly as a means at 

monopolies law, there will be bonds this month have averaged from about DKr 32bn in the 
room to regulate prices if our about 17.5 per cent, which com- current year to DKr 39bn-‘4n 
costs rise. There will be a little pares with 16.6 per cent a year 1979, while the deficit on. re- 
more openness in price-setting ago and 16.0 per cent in March, venue and expenditure acemint 
by tile banks." said Mr. Bendt Exchange rate instability and Mill rise from DKr lO.Bbn to. 

Hansen, cbief general manager the liquidity strains on ihe DKr 13bn on expenditure -of 
of Copenhagen Handelsbank and banks of providing forward DKr 108bh. 



the-rimpact .of tbe grovinfe^SUte'; 
budgei deficit— - -V-/7 '/ 

'. r v- 


•-J'.vrj. 


The business 


j 


climate 


WHEN I rang Mr. Erik Ras- form of export credits and minority. "This system as 
mussed, chairman of the Federa- regional aid, but the general operated relatively free of fric 
tion of Danish Industries and picture is of an industry which tion after some initial problems 
managing director of the Great has to stand on its own feet. and we have avoided unreason- 
Northem Telegraph Company. The absence of state aid to able problems for companies," 
to ask him about the business industry on any but a modest said Mr. Rasmussen, 
climate in Denmark be replied, scale reflects a liberal, anti- Central to labour relations in 
Its terrific. It is true that protectionist approach which Denmark is the system of bind 
he gave a more qualified apprai- runs deep in both industry and j ng collective wage agreements 
sal when we met. but it is fairly Government. As a small coun- Both management 'and em- 
typical of Danish businessmen try, ea siiy subject to retaliation ployers are subject to fines if 
that although they may carp at jf j t adopts protectionist they breach the terms of the 
the state of the economy in measures of any kind. Denmark agreements, for example, by 
general tiiey are reasonably well j las f or most part (there are striking during the period of an 
satisfied M>ith the conditions son ,e technical barriers to trade agreement This does not pre- 
under which they have to work. j n t . erW jn sectors) avoided all vent some strikes, especially as 
“ We are a wealthy country forms of protectionism, even there is a two-day “ letting off 
with a public which has a though this attitude sometimes steam " period when strikers are 
healthy purchasing power. We a hil quixotic to the not subject to fines. But serious 

are homogeneous, vertically and manufacturer facing cut-throat strikes or strikes which disrupt 
horizontally, and the country competition from state-sub- deliveries by export industry arc 
is stable. It is difficult to smlised competitors in neigh- unusual, and when they do occur 
take the word " revolution" ijouring countries. it is normally when new collec 

seriously in Denmark when . tive agreements arc being nega 

even the Social Democrats sup- J^rOOUClIVitV tiated. 

port the monarchy,” says Mr. . . *7 At company level there is an 

Rasmussen. . A counterpart to not support- extensive system of consultation 

The grouses include the high ,n » d -'Tng industries is giving th r0U gh works councils, and 
wage costs (the average annual companies the freedom to cure erap ] oyees , n companies with 
wage . income of unskilled ^ he,r ow " lI * 5 - attempt has over 50 employees have a right 
workers in Copenhagen in 1977. ® et n made by the Government lo e i ec t representatives (from 
M-as DKr 90,000 including over- 10 force companies to hold on ^ company work force) to the 
time and holiday pay, according to surplus labour in the current |>oarri of directors, 
to the Employer's Federation), recession. The Government has Profitability is generally re- 
high interest rates, high taxa- chosen instead to provide garded as too low, reflected" in a 
tion and a generally Jow.-profil- generous unemployment bene- solvency ratio (ratio of equity 
ability. But these factors are fi t s a nt l t0 preserve lenient rules capital to total assets) of around 
counter-balanced by sati^action for when companies can lay-off 30 per cent. Even this, however, 
with generally excellent labour and dismiss labour. One result j s considerably higher than the 
relations, a tradition of solving *>r this is that productivity in average in the neighbouring 
problems by talking about them, manufacturing industry has con- countries. 

generally high standards of tinued to rise fairly fast since Corporation tax is 37 per cent, 
education, and a reasonable 1973. although not quite as fast which is low by European stan- 
degree of freedom from Govern- as the 7 per cent u year average dards, and the tax yield from 
ment interference in the opera- for the period I96U-I973 (econo- corporation tax is between l and 
tion of the corporate sector. mists at the Federation of 2 per cent of GDP. which is very 
Denmark is the country in Industries were reluctant to put inw by Eurnpean standards, but 
Europe after Switzerland which a n exact figure on the recent this is probably because large 
has the least state-owned'. Indus- trend). tracts of Danish business are 

try. Only the utilities are Restrictions on ihe freedom nnt organised as corporations, 
publicly-owned. Mr. Ras- of management have increased Corporate income tax per cnr. 
rausse n pointed out- Industry gradually over the years, both poration. according to the husi- 
has not asked for. aud the through legislation and through ness tax secretariat, is not lower 
Government has not given, slate union-management agreements, than in comparable countries. A 
support to Tame duck iniustries. Usually, in fact, when rcgula- serious complaint from business 
The shipbuilding industry tory legislation is required it is is that dividends are subject to 
receives cheap credit within, the agreed first between the labour almost complete double taxation, 
guidelines laid down by the market partners. This means first corporate income and 
OECD and the EEC. but no that on the whole the legislation a s personal Income, 
other subsidies. . The textile and is workable from the manage- Although taxation, is high as 
clothing industry receives no ment point of view, even if it is ? proportion of the national 
state assistance either. The not always entirely to its liking, income, there is a ceiling on 
exception which proves-the rule An instance is the legislation P® 1 " 5003 ! taxation which is effvr,- 
is the country's only steelwork^- on the external enviro nm ent, lively 74 per cent and prevents 
Dct Danske Staalvalsevaerk, which was worked out with the combination of income tax 
which received Government co-operation of industiy and has a " d wealth from crippling 
assistance In the form of equity worked smoothly, in this case successful businessman, 
capital when a financial rescue the decisions -of the environ-. cre arc ® 50 falny generous 
package was put togetherearlier ment hoard are subject to arrangements for making pro- 
this year. Money js of- course appeal to a review board on VIS10 ° Ior P ens,on '>- 
channelled to industry in. ti 1 * which civil servants arc in a 


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lareaittiy 31 week-dayyand on 

Sundays byS^^D p^plefAccoiTflrtglo Gal> 
iup st haK year of ’ 

1 of Denmark's population 

Slvte Jri Jutlard^rid oiathe islancfof Funen. In--’— 



areasno'net^paper covers better, chea- 



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ANDERSEN & BRUUN’S 


FABRIKER A/S 


DK-2000 COPENHAGEN F, DENMARK 


ANDERSEN & BREEN 


SLOUGH, Berks. SL2 4JE 


The World's Largest Producers of 
. Aluminium Bottle Capsules. 




SB, 




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. For information and reservations 
ROYAL • Noose contact - • • 

HOTEL- sas Offices in U.K. 

7. SRS Steigenberger Reservation 

COPlJNHAGEN : Service 

- .. . London. ( 01 ) 829 9792 / 3/4 

;, r : . ... ; ... Morris Assoctaies Ltd^ London 

- (01) m 6T21/6 • •- 


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Bid to cut oil bill 


OVER THE past-. year the a 21Wcm submarine -pipeline, 
Danish Government's “energy with 2bn enbic metres of gas 
plans have taken/vaa sharper a- year for an investment of 
focus. A .primary; goal- is to DKr 5.9bn. This would .conform 
reduce the •coimliy’s dependence witii theDUCs qwi estimate of 
on isiported .oLL . which now' racovecable reserves and leave 
accounts for atitfut $55 per cent room for a deeisioa to expand 
of total energy ^mnsumptiori ’ ait tbe'supply to 4bh cuiiDc metres 
a cost- -o£'.pof«o- -EKr. lObn. -a year, ■ should further- drilling 
($2bn) -a ' ■year. "'.Hinder the>c6hfirpi the higgler-estimates of 
present .proposals.'spending oa 'the:;”: "American : . - consultants 
energy .will rise from' 10 ; to 23 'Be&flyer and Maxtffmigttton. 
per cenT: of -fot *! 7 1 ; 

J^nf over - the ’period vt5> ; to Committed 

The Government -is ’ com-.'- : -Tfag : DITp^ihle. - consortium 
mine d r . tn art '• ambitious f^rirad^by \ ”tHe .-sol® . con- 
DKr 20bh -' conservation^ ' and 'eftsrions^.to Danish North Sea 
heating programme and tjy. 'the ofl- and gas, A. TVlfpeller, with 
end. of this, year' the. State coin-' .TejeacO,. "Shell and Chevron — i s 
pany- Dansjc. Olie and Netiirgas committed .to producing the gas 
(DONG) should have concluded but tbeGovernment programme 
negotfatfops with the . Danish 'still depends on 'DONG being 
UncfergraQpdt .C o n sortlumiahle- to-agree a price ior the 
<DUC; on ifae‘'<feyel6pwm T of :g^'^ to 

the 'North-: ^Sea-' IPs ' reserves^ - build ■£ gas', disfnlkdion line in 
Finally/ th e Government has Denmark '■ has ; ' not'/ completely 
grasped the /political'" nettle of stilled opposition^ Jhe scheme 
nuclear power; .it has set a two- ;; from'those wtoo beHeve it would 
year deadlbae-ifqr deciding the T ;be. jncgns-.' economic, to - sell the 
question ofthesafe storage of .gas: "to -West Gennany. which 
nuclear waste* 'after which ivalfoadisr possesses a distribution 
decision will be taken— perhaps network. .This is .the attitu de of 
through l :* >r^fe»endtiin--abbut .‘the " ■ oil "companies . current ly 
the introduction . of nuclear - operating on the Danish market, 
energy^’ ... ^ /The gas~.distrfibuti.pu plan 
. To ".cut Thrp^i^.the/ dilute ; was . given a^.&ost-- wten . the 
over the sizeof the recoverable -Swedes signed .. ..^a provisional 
gas reserves in the North Sea agreement with Rdhrgas for the 
the Gpyemment /has ' qpted for import to . Sweden of L2hntrubic 
a phased programme^ the initial metres of gas a. year from West 
stage of which would supply la- Germany- -starting in .1981 or 
Danish gas hetwotk, -including 1982,-' V' The -Swediim.: contract 




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• - .. • 


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Deeds and get first-class security 
arid extremely attractive yields. 
We at Copenhagen Handelsbank 
are there to help you. 

Aktieselskabet 


(Copenhagen Handelsbank) 


Share capital ......... Dkr. - 850,000000 

Ftesetvas .' Dte 1,1 85,000.000 

Submtfaiated loan cacrtaf Dkn 481.000000 

- Total.: : ... .Dkr. 2,51 6.000X00 

Head Office: 2 Holmans Karat, DK-1091 Copenhagen K 
Telephone: +45 1 128600 
Tetec 72186 - Telegrams: HANOELBANK 
Swift code: haccdkkk 

Branches throughout Derwrarfc- „ . 

Whofly-ovmqd subsidiary.- Copenhagen Handdsbank In t emalional SA. bacembomg 

Partiopaiion in: rtordfinam-Banfc Zilrich, ZOrich •’ 

Manufacturers Hanover Banque Nonfique. Paris - 
Nordic Bank Limited, London . 

Representatives or consultants in:' .... 

Hong Konft Madrid Marais 5fio Paulo, 

SwgaporEv and Tokyo. 


AKTIESELSKABET 


r /3 


THE NORD1SK REINSURANCE COMPANY LTD. 



23..GRONNINGENDK 1270 
COPENHAGEN K DENMARK 
CABLE: TRANSPORT 
TELEPHONE: (01) 14 13 67 
■• .TELEX': 15367 NORDRE 


> assumed that the Danes would 
i build a north-south trunk line 
L *od the Swedes have already 
| Planned to set up a consortium 

■ to build a spur line from 
| Emden to the Danish border. 
J They have subsequently signed 
• a second provisional agreement 
[ 'or the import of 2bn cubic 

■ metres of LNG a year from 
! Algeria. This gas could also be 

landed at Wilhelm shaven and 
carried through the Danish 
trunk line. 

The Swedish gas plans were 
i very much a by-product, how- 
ever, of the dispute within 
Sweden over nuclear power 
which lea to the fall of the non- 
i Socialist coalition government 
in October. The idea of import- 
ing gas to Sweden was strongly 
promoted by Mr. OJof Johans- 
son, the Eenergy Minister in 
that Government and an anti- 
nuclearist from the ■ Centre 
Party. The Swedes have to 
confirm their agreements with 
Ruhrgas and Algeria by July 
nex t year. It cannot be auto- 
matically assumed that the new 
Liberal minority Government 
and the Swedish Parliament will 
go ahead with the gas import 
ulan. 

The official standpoint in 
Copenhagen is that construction 
of the Danish distribution trunk 
line is not dependent on a 
transport contract with the 
Swedes but there is little doubt 
that this offers an - additional in- 
centive to carry out the Danish 
gas programme. The Swedes 
are not being asked to help 
finance the Danish pipeline 
(the probability is that DONG 
will be given some State capital 
and borrow the rest on the 
international market with State 
guarantees) but the fees they 
would pay would improve the 
project's cash flow. 

Uncertainty about the Swedish 
contract could, however, affect 
political attitudes in Copen- 
hagen. One of the compromises 
involved in the formation of the 
new’ Social Democrat /Liberal 
coalition was that the Liberals 
dropped their objections to the 
gas plan in return for the 


Social Democrats' agreement to 
speed up investigation into the 
disposal of nuclear waste and 
the setting of a two-year dead- 
line for a decision on nuclear 
power. The Liberals have been 
barely lukewarm about the gas 
project and it still cannot be 
taken for granted that the pro- 
ject will be carried out. Even 
if a submarine pipeline were 
built from the gas fields to the 
Danish coast at Hennestrand it 
would still be possible to pump 
the gas direct to West Gennany 
for sale there. 

Depending on a sales contract 
with DUC the plan currently 
envisaged would see a trunk line 
built by 1981 or at the latest 
1982 to carry gas through Den- 
mark to Sweden. At this stage 
the Danes would “borrow" a 
small amount of gas from the 
Germans to start building up 
a market for gas in Denmark. 
Two years later, in 1983 or 
1984, the submarine pipeline 
from the gas fields would be 
completed. 


Purchase 


The investment plan would 
allow for the purchase of 2-3bn 
cubic metres a year in the first 
phase, of which DONG would 
sell about 2bn in Denmark. The 
rest would be used to pay back 
the Germans for the gas 
*■ borrowed ” in the previous 
two years and to even out 
fluctuations during the build-up 
of the gas grid. By 1983 or 
1984 further drilling should 
also have established more 
clearly the real size of the gas 
reserves and it should be pos- 
sible then for the Government 
and Parliament to decide on a 
second phase, raising supplies 
to the original target of 4bn 
cubic metres a year. 

In July DUC was given per- 
mission by the Government to 
go ahead with development of 
the Gorm (formerly Vem) 
field, which it is estimated 
could give 1.5-2m tonnes of oQ 
by 19S0 or 1981. The Dan field 
is already producing some 
500,000 tonnes of oil a year. If 


DUC can settle its differences 
with the Government over the 
flaring of gas at the Skjold 
field, that too could be brought 
into production to give some 
lm tonnes of oil a year. 

Adding up these possibilities 
shows that by around 1985 
Denmark could get 3-3.5m 
tonnes of oil and 2-3hn cubic 
metres of gas a year from the 
North Sea. Then there is the 
chance that the gas offtake 
could be raised to -Ibn cubic 
metres a year, so that it is 
possible to envisage the Danish 
offshore fields supplying Den- 
mark with 6-8m tonnes oil 
equivalent fTOE; a year in the 
second half of The 1980s. 
Present energy consumption is 
roughly 20m toe a year. The 
ambitious programme for 
insulating buildings and ex- 
panding district healing will, it 
is hoped, bring consumption 
down to 19m toe by 1985. of 
which 3.3ra toe would come 
from coaL North Sea oil and 
gas could thus transform both, 
Denmark's energy supply par-! 
tern and its payments balance.! 

The DeGolyer and Jlac- 
Naughton report submitted in 
May this year covers the Cora. 
Bent, Gorm and Dan fields. It 
estimates ultimately recoverable 
reserves of gas in these fields to 
be 100 -I 20 bn cubic metres but 
points out that insufficient 
wells have been drilled to be 
sure of this figure. It also 
points to 14 other possible oil 
and gas fields in the Danish 
North Sea area. 

The American consultants 
conclude that the gas can be 
produced and delivered onshore 
at a price less than that cur- 
rently being paid for imported 
petroleum and that sufficient 
gas would be available to 
ensure supplies at an eventual 
rate of 4bn cubic metres a year 
until the end of the year 2007. 
They put the total cost of 
developing and producing the 
four fields for 25 years at Sl.lbn 
(at 1977 prices) with a further 
S200-220m being needed for a 
30-inch pipeline to the shore. 

W.D. 


Maritime sector 
under stress 

THE BRANCHES of Danish The strength of the Danish ing ships at Danikh or any other 
industry most severely affected yards has lain in their ties with EEC yards, 
by the world business recession the shipowners, who continued The 1977 accounts of the 
have been steel, which is to place orders with them until major Danish shipowners 
relatively small, and shipbuild- their own funds began to dry indicated that they did not do 
ing. If the ancillary workshops up. and their product flexibility. ux> badly that year. The DFDS 
and marine engine plants are which has enabled them to company had a very fine year 
included, shipbuilding em- switch to new types of vessel, while the Lauritzen Group made 
ployed some 12 per cent of to expand their shup repair g00< j money with its reefers (in 
the industrial labour force. This operations and even to move co-operation with P. and O). Net 
means that on the national into non-ship engineering. The fm-eign currency earnings of the 
scale it played a greater role recent history of Naskov, the Danish merchant fleet were 
than the Swedish shipyards shipyard which belongs to the DKR 4 5bn Qr $soOm 

whose production was once East Asiatic Company, is m an d tiiat represented an increase 
second only to the Japanese and many w’ays typical of recent £j. om jgjg 0 f close to 22 per 
. whose recent agonies have developments in Danish ship- cenL Q,. er 80 ^ cent tiie 
called for billions of dollars in building. fleet ' s sriKS f re j g ht income 

state backing. ^i er f>Jir m-dpr<; witii comes £r,>m cross-trading and is 

j The Danish shipyards, stick- Asiatic thus earned outside Denmark, 

.ing to their free market pnn- the yard in 1974 at a time when the five ,. ears th - 

dples, have largely eschewed the ^t ^reat «^™*™*j* number of s^s sailing under 
State financial support and their appeared, l^e yard titen built the Dajjish Bag has decreased 

greater flexibility has kept a series of 10 f s °^® d by about 100 but in tonnage 

them in. profit, even if at ment ships, of which six were terms The flept hag continu » d 
reduced capacity. Now. how- ordered by East Asiatic at the t0 grow At ^ end of June 
ever, .they must face up to beginning of 1976. These 20,000- ^ year it compr j S€d ggg 
further cuts. Orders this year tonne vessels were designed to vesse i s 0 f g, 7m deadweight 
have been so small and the ship- take any type of cargo from ores tonjie s but the growth mav be 
ping companies, which own most t o bulk to containers and were com ing to a halt at least 
of tiie yards; are in such a tight built to a new combination of temporarily. The owners' orders 
cash situation that more ship- blueprint and engine power, f or ae w ships are the lowest 
yard- workers will have to be offering exceptionally low fueJ S j n ce 1963, while planned sales 
9*. nert year, probably economy. indicate that the number will 

reducing employment to around Especially interesting was the be reduced in the second half 
hair the number at wrork in peak agreement Naskov made with its of this year and in 1979. Earn- 
ye ?f s \ . ... , workers when the East Asiatic ings too, may suffer this year 

_patush shipping, whose versa- order placed. This limited from the fall in the dollar ex- 
tllity has so far lent it stronger wage and salary change rate, 

resistance to the recession than j ncreas cs at the yard to 5 per At the beginning of October 

that shown by its Norwegian cen j. a y eai f 0p a j| employees, only eight tankers of l.Ira dead- 

ana Swedish neighbours, is also charged a com- weight tonnes were laid up. 

giving signs of greater strain. ^ price ^ Naskov They made up some 20 per cent 
Two innall shipowners have gone wor Mwide for its raw of the Danish tanker fleet or 

materials with the result that 30 13 per cent of the total fleet in 
3^5, *2; * ° f n S® per cent of tbe contract price deadweight terms. A. p. Moeller 

small, dry cargo fleet is up for £ ent lo j apanese ^ took some of its tankers off the 

ducers. East Asiatic cannot buo - vs ea rI,e r this year, when 

repeat its order and Naskov will bright rates began to rise, and 

XVCJJU1 IS be cutting employment to 50 15 believed to have obtained 

There have been unconfirmed per ^ ^ original level rates for them » which cover 
reports that two of the larger next Te2r costs and make some contribu- 

shipping companies are in ^ u^doe yard came to a 5 on to debt repayment Moeller 
financial trouble. On the whole, arrangement with, its has tai:ea the ^ that Jt ,s 

however. the Danish merchant j^flarent ^many better fron ? a te u chnJcai point 

fleet has suffered Jess than many A _p Mo€ n er under which the’ of v,ew ™ operating 

others and would be well placed £5, ** „ nde ^£ bril d and * e Darush , C0IDpai5y a PP ears 

to take advantage of any a » to be better placed to take ad- 

recovery on the tanker or ? vantage of any revival 111 1116 

general cargo markets. “ ^ m tanker market than, for instance. 

At the end of 1977 the eight P a ^ rates. After their employees seV eral big Norwegian owners, 
yards in tiie D anish Shipyards h * v€ made sacrifices and who would have to borrow work- 
Association. bad orders on their h ^ e . a Df ing capital from banks looking 

books for 56 vessels totalling pn ^ uctlvlt ^ they believe f or firm profit guarantees. 

651.000 gross tonnes, of vrhich . e s* 201 * 1 10 110116 ln Europe. There is however, evidence 
only five ships of 42000 gross it is understandable that Danish that several Danish shipowners 
tonnes referred to foreign shipbuilders feel bitter about are getting into cash difficulties, 
orders. This compares with the ke P t ^ oi The dry low cargo rates 'could 

73 ships of 3.^m gross tonnes ^unal maricets abroad by state force more companies either to 
and. 7.1m deadweight tonnes subsidies to national shipyards, lay up or to sell ships. Pointers 
Which the association's yards 1116 official help to Danish to this development come from 
had on order atr the end of 5 rards has been limited to a ship the so-called “ coaster fleet." a 
1972, a reduction of 83 per cent cre ^ lt fUDd * which enables the misnomer for what is the large 
Only a handful of new orders to offer customers credit Danish fleet of small dry-cargo 
have been placed in 1978, the at ^ term s agreed within the freighters, each with several 
biggest of which have been for OECD of 8 per cent interest for part owners, which largely 
three 5,500-tonne ferries for the a tenn “E years and up to engage in cross-trading. A con- 
Danish state railways. With the 70 per cent of the contract price, siderable part of this fleet is 
possible exception of the Lindoe Because of high domestic generally up for sale at any one 
yard, the large tanker specialist, interest rates it would otherwise Lime because it has been the 
whose accounts are hidden in be chflScuilt for Danish yards to cus t° m to operate a vessel for 
those- of the parent, A. P. offer these credit terms. The thre ? ^ four and lhen 
Moeller Group, all the yards arrangement was supplemented sell it but more ships than usual 
reported profits last year but in July, 1977, by rules allowing are now on “, e and P an_ 
it- is probable that more than -Danish shipowners to obtain 0WIiers are looking for other 
one is operating-in the red this finance up 4o 80 per cent of the forms of investment, 
year, price over 10 years, when order* W.D. 



Imr guide to the 
ftoasidsil 

opportunities 

In Beamark, 
Andelsbanken- 
Ganebank 
















♦nji .. v .9 

„ ! X» ‘ : ^ ^ //J ijsjfcv j-fJ* ■ 

Andelsbcrnfcen- ’’ \ r . ‘ v. and in the finance - 


totfte broad spectrum of Danish business 
and industry. 

The Bonk provides a complete range 
of domestic and international banking 
facilities, including such services as the 
financing of working capital require- 
ments and the raising ot medium and 
long-term loons in domestic and inter- 
national capital markets. 

Andeisbanken-Danebank is active in 
the foreign exchange, the currency 
deposit, the Eurobond and the domestic 
securities markets. In addition, it is 
heavily involved in the settlement of 
its customers' intsmctioncl payment 


Through a nationwide network of 
branches, joint ownership of London & 
Continental Bankers Lid. ILCB1 and of 
Internationale GenossenschartsbankAG 
IINGEBA), and membership in the 
UNICO BANKING GROUP, Andets- 
banken is in a position to provide 
banking services throughout the world. 

Head Office Copenhagen 
57 Vester Farimagsgade, P. O. Box 360 
DK-1504 Copenhagen V 
Telephone: -451 143332 
Telex.- 27086 



jm®EusmmKEM 


* •. .. 





DFDS established the Danish 
connection between the U.K. and 
Denmark over 100 years ago, but 
longevity is no guarantee of 
success in the 1970s. 

To meet the present day 
requirements of shippers and 
passengers DFDS maintains a 
consistent policy of 
modernisation and 
rationalisation. A policy which 
has resulted in a considerably 
increased turnover and trading 
profit— an impressive 
achievement in a generally 
unfavourable economic dimate. 
Contributing to the company’s 
success has been the application 
of shipboard management 


Freight 


Modem ro-ro tonnage provides a 
last and frequent service 
between Esbjerg and fourU.EC. 
ports: Harwich, Felixstowe, 
Grimsby and North Shields. 

19/20 hour crossing times ensure 
the fast movement of vehicles, 
trailers, containers and 
conventional cargo. 


The extensive training, technical 
and managerial expertise of 
DFDS, including of course 
shipboard management, is now 
being sought by other 
organisations and a separate 
department -Dana Consult— has 
been established to look after 
this aspect of toe company’s 
activities. Typica I of toe 
company's involvement in new 
projects has been the founding of 
Sivomar, a newshipping line on 
the Ivory Coast, in co-operation 
with National interests. 


A daily service between Harwich 
and Esbjerg provides toe most 
frequent sea crossing to 
Scandinavia and our new 14,000 
ton flagship joined this route in 
May. A three times a week 
service links Newcastle and 
Esbjerg plus a daily service 
between Copenhagen and Oslo 
and a weekly summer service 
from Esbjerg to toe Faroe isles. 



DFDS also operates other 
passenger services in the 
Mediterranean and a joint 
service between the U.K. and 
Sweden. Cargo services link 
Denmark with Spain. Portugal, 
Canary Islands, Madeira and 
South America and the U.S. Gulf 
with the Mediterranean. A 
subsidiary, Mols-Line, provides 
an intensive domestic ferry 
service between' Jutland and 
Zealand. 


DFD 



Head Office: DFDS A/S, Sankt Annae Plads SO, DK1295 Copenhagen K, 
Denmark. Telephone: (01) 15 63 00 Telex: 19435 
In Britain: DFDS (UK) Limited, Mariner House, Pepys Street, 

London EC3N 4BX. Telephone: 01-431 3211 
Telex: 883049 (passenger) and 886127 (freight) 

Also at Harwich (Parkeston Quay) and North Shields 









20 

_ FLUASTAL is more 
than just a compensator. 
- tt solves problems. 

FUJASTAL compensators have been developed for hoi air 
and flue gas ducts. They are constructed for the 
absorption of lateral and axial movements, vibrations and 
angular bendings. 

Technical textiles, acid proof wire mesh, special Insulation 
and PTFE-coated glass fabric. 

The FLUASTAL combines the mechanical stability of a 
steel compensator and the flexibility of a fabric ducting 
joint. When making FLUASTAL compensators we start by 
finding out what is going on in the flue gas duct then we . 
construct the compensator to suit the conditions. 

The structure of the compensator allows for the acid dew 
point of the gases in the duct, -thus by using FLUASTAL 
you can control the condensing temperature of the • 
flue gases. This, among other things, is the reason why 
FLUASTAL can last "indefinitely”, provided, of course, 
that there will be no considerable changes in the flue gas 
temperature and the flue gas composition, as such. 



The illustration shows the basic principle and the structure 
of a FLUASTAL compensator. -Internally a fine meshed 
acid proof wire mesh on which a steel band is welded at 
each flange edge (this secures dimension stability), the 
special insulation. PTFE-coated glass fabric, supporting fa- 
bric, PTFExoated glass fabric, silicone-coated glass fabric. 
This application of FLUASTAL prevents frequent replace- 
ments of compensators on account of corrosion. 

Very reliable. 

We grant a guarantee on each FLUASTAL compensator. 

To receive brochure just fill in the form below. 


KE§> 


KELD ELLE NTOFT % / 

MKHIE3* OK-tf® VEjEN . OM4MARK J - 
TELf. IQSj 36 16 11 . TELEX 50355 teftie* dk f. 


I 

I Name 

I 



Company 


I 

[ Address 



Put a coastal tanker 
on your deck 
- and make your 
tankers pay. 


Your true profit potential ties in transporting potentially 
harmful chemicals along with your normal cargo • in M&J 
stainless steel deck tanks. 

Contact us and get a down-to-earth estimate so that vou 
can accurately calculate cost/ benefit, profit, return on invest- 
ment, etc. 

When you are convinced, we wOl supply you with a fixed 
offer for a complete installation - including engineering, 
fabrication, mounting and plumbing. 

Your only additional expense will be the 2 weeks that 
we have to borrow your ship to install the tanks. The 
actual work can be completed in any Northern European 
port of your choice. 

We can also arrange for o year financing of your invest- 
ment. 

You will not only receive the approval or the Classification 
Society, but also will be in full compliance with U.S. Coast 
Guam regulations and the 1MCO recommendations. 

And you get an economic solution which makes it more 
interesting to think in terms of tankers. 

Think it over and let us hear from you. 


Industrial Equipment 

Wfenj 35 ■ DK-8TOQ Horaens, Damark 
Woptanei National (05)62 2acO/MBtneL-t- 45562 230Q 
%texs61Q23 mosWndk. 


' Financial Times. Wednesday November..? 1978 


DENMARK VI 




Surge in farm investment 


NEW" FULLY - AUTOMATED bumper harvest in 1977. rose Danish agricultural exports were 

pig-houses have been popping from 324,000 tonnes and earned virtually excluded from their 

up like mushrooms in the wet an extra DKr 500nx in the same traditional markets on con- 

Danish countryside this summer, period. tfnental Europe. At the same 

Agricultural investment seems The increase in production is time, Danish land taxes went up. 
likely to rise by something like entirely in tbe pig sector Dairy “ Tt fw was a violent change. 
30 per cent this year, marking and beef and veal output were It shocked the fanners,” said Mr. 
the first real blossoming of sijghtlv lower in the first half of PUegaard Larsen, 
optimism in the industry since in l977 bllt p j g . Inflation, high interest rates, 

Denmark joined the EEC five raeat ouqmt fnj ^ 373,000 two bad harvests in 1975 
years ago. tonnes to 409.000 or eight per and 1976 » *1*» deterred farmers 

In 1976 the volume index of cent This is the first time since fron “ investing in increased 
livestock .production was only 1972 that there has been a sagni- production in the follow ng 
two per cent higher than in ficant rise in pigmear produc- y® 318 - -At the same time, the 
1963. Last year it rose 2 per tion, which peaked at just under top-heavy age structure in 
cent and in the first half of this \2m pigs in 1972 and then fed farming, which received 

! - was almost 4 per cent by 2m. * — — 


-i-j 




- - ■ 

. ' .. rr - -err-' 

* "> - ...i 






j** ■ < 

*• 

jtr 


i ; 






:Vr:. V 


year it 

higher than in the same period 
last year. 


few recruits in the 2S60s when 

_ , . . . the number of farms fell from 

T^td^pig^prpdnction will be almost 200.000 units to about 

130,000, militated against rising 


Typical farmland in easier n Jutland and the islands 


up to about Um again this year. 

Share pig herd from about 7.9m in production. 

exports, which for the first time vtns has it token five years The optimism returned in 
for decades have increased their for membership of the EEC 1977 when several things began 

share of total exports. Total fwhidi was expected to give to go rigbL The bumper har- 

agri cultural exports, including Damsh farming an enormous vest immediately improved the The capital gains tax ha* nificant proportion of tbe sub- to. Mr. Pilegaard Larsen, who 
canned meat and powdered milk. 6,1,86 a more Price relationships between the f or years been a .thorn in the sequent burst of investment to therefore looks forward to % 

£° se Jr 21 ; 2 P er _ cenl pptnnnstac mood. com input ^ the meat output flesh of the fanners, Sot least-the influx of new -blood. The further acceleration of ;the 

Dkr I09bn in the first eight According to Mr. Arne Pile- in the pig sector, while at the because its appOTcatjon- was. Investment upswing is reflected generation change....- - 

months of the year, and from gaard Larsen, the president of same time export prices uncertain and. varied sub- in the increase in mortgage This would make itipjorfr 

-3.4 per cent of total exports to the Agricultural Council (a improved following two de- stantially from area , "to area boad issues to agriculture, probable . that the farming 

pe ! r Cent - t , federation of farmers, small- valuations of the “green and even -locally from fernuto which have risen from DKr flhn sector could achieve the steady 

The increase is largely due to holders and estate owners), the krone." farm. The result was a 'marked la 1976 to DKr 7ba last year increase, in output of about 

price movements. There was a very real benefits of EEC mem- Perhaps most important of reluctance to sell on the- part' and DKr lObh in 1978." ■ per cent s year whicbwas forii* 

shgbt fall in exports of dairy bersbip in 1973 — when export ail for the mediom-term health of the older- generation- ' - The SDP - Liberal coalition east by the experts as belhk 

products in tonnes; pigmeat income rose from abour DKr Sbn of the industry was the govern- Tbe suspension of; the^ capital -Government have agreed to 3 reasonable rate flE expansion 

line hr nn fnmiler - ntiniinn " « i .< fn pfnp|*f frflffl 


exports rose by 8.7 per cent to 
277,818 tonnes in the first nine 
months, and beef by about 11 
per cent to 112,900 tonnes. 

Corn exports, following a 


to DKr 8b o— were nullified by mentis decision, under pressure gains tax on family changfrif- abolish the existing ’ capital expect from. EEC^m$gjbaj£ 
the removal at a single stroke of from the farmers, virtually to generation deals doubled 'the Mins tax: which hits agri-ship*. but as STr.‘ Pitegaahi 

all the various subsidies to agri- suspend the capital gains tax incidence of this type of desti.; -culture more heavily than .:«»« -Larsen said: “There -will te 

culture built up jo cany tibe in- on sale of farms between The fanners and theirrepre-othec sector and does not apply rio.enarmous rise in prodnction 
dustry through the 1960s, when father and son. sentatives attribute a aig- tb residential property, with a ^ we will never increase liver 

.' ’ ^ revised form of capital -gains stock production in excess >£ 

- tax- on all property. . the com we grow. - : -3 

' 2 e S“i it10 - • hft • sector may be rather less- satis? 

should h ^ factory, than It was last ; yea£ 

®y er, v ' ^ - Although; there was a large 1 

whether t ^ er ®.^°^ be * corn -harvest, the harvest'. 

, tran^tional period from the was the worst since 

••.existing to the new tax..' - . 1W and thus the- .quality of; 

If the new tax Is imposed in ^he harvest was poar'and. drying] 
... the form agreed it will mean costs ate into harvest, returns^ 
-that most farms will go free • rj x»^ 

. of capita! gains tax. according 


Construction groups 



abroad 


2* *2™* WIth , a ^ oKveI “J L construction companies Saudi company and Kampsax) Caribbean, the Far and iCddle 

and a ha? nr rpmpnf nc hpom. urk mk k«r. A ..... r ap * . • * . . _ ^ 


1 — wiAjptuij uiu avauipouAj ViCUlL 

and a bag of cement as begin- which have spread the reputa- for a 25-km combined dam and East. 

nings there was money to tion of Danish civil engineering bridge link between Saudi F u Smidth is more than r 

be made in construction in the world-wide over the past half Arabia and Bahrain. It has 

decade and a half which ended century — groups such as Chris- worked on oil facilities in the th P SL 

around 19*4. The building ti arn and Nielsen. Kamnuv Sh»tiattit Tdimts aai) 3Ct tllC largest amsh 

boom in Denmark 


manufacturing groups and -one 


building tiani and Nielsen, Kampsax, Shetland Islands and Scotlaad. 

U* ar , a completed ^5, U KiS Md StcrUd^T”’ ^ world? 

creased from 23.000 units to Pioneering rompaniL’ wS 3977%as onl JXut D& 208m “ ns ^ icti0n * the , cement 

S ™%T en T ? D H d i 973 i ^ employees’ worlJ “ITS contiaiS w^rk SlK 

commercuti and industrial wide. For a group which is is undertaken in Denmark, but fjt SSIJiir ^ 

main,y a contractor, with con- as consultant engineers it has Iraq * dertaken m 

Inp nw» n ^n 0t ^f^ Uli t d n sultanc y outside as a sideline, operated world-wide, mainly in 

lng from 500.000 sq metres to it j s unusual ia that some 90 the construction of roads, rail 

tiL , •„ * , . ^ per cent of its earnings arise 

The first signs of a set-back outside Denmark, 
came in 1971-72 when the 
authorities decided that con- TAphnnlfWTV 
struction was absorbing capital * WUUlUlUgj 
and labour resources needed by Historically, th e company, 
the export industries. Last year f ounde d in 1904. was in tbe fore- 

5”*“* «2S ,let, S n ? 1 .. were front o{ reinforced concrete wpsiwru acuviues ui water p i , a* l 
?s« n Jin # nl k techn o l °gy and before the out- supply and sewage consultancy. oUDStSHluSll 

they will fall to about 32.000. break of World War I it was It is currently engaged in an 
ine boom m general building, already established in many extensive project (together with 
chiefly public sector facilities, other countries. In 1977 Brazil another Danish company, 
peaked in 19 #1 at 1.39m sq accounted for about half the L Kruger) for improvements to 
metres completed and has flue- group's DKr l.lbn turnover and the sewage system in Manila, 
tuated since at around L2m, Britain for about DKr 250ra Together with Hoejgaard and 
n&ing last year to 130m again. (£25m). For many years the Schultz it has also won two 
what tne Government began group had important interests in major contracts for building .... 
out of concern for tbe balance South Africa, where it partici- works 8t a new East German usua ^ having substantial elec- 
of payments, the oil crisis com- paled in tbe construction of all wire-rolling min at Branden- mechanical engineer- 

pleted. Commercial and Indus- South Africa's harbour facilities, burg. (ng divisions, which have taken 

trial building declined from but several years ago it sold 75 Larsen and Nielsen (L and N) the petrochemical and 

per cent of its South African is essentially a domestic con- °® s h° re and S as sectors, 
interests and this year it struction company and it did not When the companies named 
disposed of the remaining 25 enter the export business until and several others were asked 

per cent. after 1973. But it was well to suggest the particular quali- 

In recent years Christian! and placed to do so because in tbe tles which have enabled them to 

the change of Nielsen has built up a reputa- early 1960s it developed tech- achieve success internationally, 

from headlong tio* 1 as a specialist in submarine niques For building prefabri- common themes were a strong 


a con- 
sortium with another • large 
Danish engineering and con- 

and marine facilities. It has 

worked on roads or railways in *" d T J° rsen ‘ Z 0 ** J. 

Turkey, Iran, Nigeria, Brazil. ? any was responsible for the 
the Philippines, Afghanistan de5I p and construction of all 
and North Yemen, usually as avi ‘ engineering and building 
part of World Bank projects. work ”? lhis & bn P"»ject com- 
More recently the group has P' ete( ^ in year, 

expanded its activities in water 

5 

Monberg and Thorsen 
( M and T) continues to be 
engaged in projects in Iraq and 
Etas set up a company in Saudi 
Arabia for industrial electrical 
installations. As a construc- 
tion company M and T is un- 


3.8m sq metres in 1974 to 2.8m 
the following year, and the total 
area of completions fell from 
12.2m to 9.4m sq metres. 

The building industry Is still 
reeling from 
environment 


growth to stagnation, for ri>8d tunnels. The company cated flats which are now used domestic tradition in architec- 
aithougb there was a dramatic participated in the design work extensively on world licence. tural .design and high standards 
decline in completions between on the Elbe Tunnel in West It was a combination of high of craftsmanship. These provide 
1974 and 1975. the fall quickly Germany and was a member uf Danish labour costs and a big a solid background in all fields 
flattened out ’ and completions the consortium which con- demand for housing, boosted by but are perhaps most noticeable 

crept up to 10.8m sq metres structed the Kennedy Tunnel large subsidies, which pushed in the quality and finish of 

last year and may exceed llm under the Schelde at Antwerp — Danish companies into the fore- Danish housing and other build- 

this year. ' at *bat time the world's longest front in the development and logs. Relatively small by inter- 

One of the first results of tunnel- h bas also designed use of industrialised techniques national standards, the Danish 
the domestic collapse was a and constructed underwater for housing construction, civil engineering companies 
rush to find markets abroad, tunnels in Japan, Denmark and according to Mr. Poul Moeller, a agree that It is often an ad van t- 
where companies which had Holland. member of the L and N manage- ap® to come from a small 

never looked at the export Harbour construction is the ment Board. The group's country, one not suspected of 

market found they were join- group's other speciality. It is system is now used by some 60 having political axes to grind, 
ing a small group of rather currently engaged as consultant companies, chiefly in East and 

distinguished civil engineering engineers (together with a West Europe but also In the H.B. 


Cormmmication 

makes 


Guteriberghus continunicat^s news and information. 
Entertainment and advertising 1 . Through weeklies and 
magazines, advertisements, films, videograms, books 
and printed matter. '■ ~ •• •• $ 

Gutenberghus -amodern and expanding organi- 
zation reaching beyond the boundaries of Denmark into 
a world ef ever closer contacts with companies . .' 
operating in Norway, Sweden, Finland, Denmark* West 
Germany, Switzerland, Austna and the United 
Kingdom. 


Gutenberghus is operating in UK through 
Egmont Publishing Limited 
• children’s comics, magazines and a&tnns. 


London Editions Limited 

• international co-editions of superior 
" quality on art, nature and sport. 

Word Media Limited 

• research and development within 
1 electronic media. 


GREAT DANES: 




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v ;^ November 8 1978 T 

Hw^York: . theatre ^ 


[Television 




tflpf ;to Sherlock Holmes! No, but I saw 




by FRANK LIPS1US 


bv CHRIS DUNKLEY 




escaped t un P« 3"d wan and delivering the expected^ Two things stand nut verv H. R. F. Kealin? f BBC 13.25 

Se bef^ ^ a tS,£I* J“J ,ng should n ° l be 1,nes in ^expened places. ! clearly when working back paperback and E5.35 hardback} 

Sra of miDfle S bS eeStoite^Sta scene to visual hi™™ f £ f a pn,duc,ion Matching the performance of; through viewing note, "for the which was fully reviewed in 

gentle LdW^A^K^oi SerfSS* SS oSfSuSue?K 22Lf° b r * n,np fur il ‘ ,l Whi ^hcad were Dwfjjbt Schultz- past week and lining the most Saturday’s FT. All these coincide 
£“1* T&£ tiL- flk J SL2f' -{££&&£*' -5£ri? JS5S5-.l^J , 7£ 0rfU,,ale m,U*c ranking officer or the . interesting newcomers ,o the with the BBC2 series, and there 

^^GermanJSftS FrenK SI lb( p . care invested in nefarious- trio and Chrisl0|iher : television schedules. First nenrly will also be a Darwin book at 

£X ■ 2 ?* * of 01,1 shnw ' L’urry ** ,be aggrieved unlisted i all nf them appeared on BBC 2 . ;he end of the month, in time fur 

toes TlSs"m?l^ t^'rSSS ' •■"»»««> *»« n,.n.«d .0 

ss** Xffird ssi S^ Bd oiTTue 3 G?r tL c S s« 

whlmsica^aod^wrizuiiig musical- 1 Blood' combines Pau| C ?SSnri b|, ° U8ht him t0 lbe attention 0 riO/ Gtiptidi- Furniture r.n U'cdnes- Again linked to BBC2. and 

The hero has becomes ’-vmiri^ flying , and antics jM-ohferjt- ene _ ai ^° mb /If* ^vanni s ,\ rw York audiences. Invited! day: \eustrcek and tiriV/cnt on most interesting of all the recent 

ATn orj pppmriiTihl cations nffiret - h V -dances h« 'direction w?th a ^ d ch£,n J? in ~ back this year bv the Circle in Thursday: Delui Smith' « Ox>heni TV books, is Afra Of Ideas (BBC 

M Hofmes inP-«, ? thp Square com pan v. h e put on ! Course on Friday: and The Birds 17.50). This arises from Bryan 

GenflaS JS^ I5 e ^12?* Gor?ion - 5 ei ? f Sfill th? ^uireS ! h ^ d ,n an east European favourite. The] Fall Dmr» and Crime Writers Magee's 15 programmes on con- 
retreat^ ; P«*>fuUriy but the* u« f Inspector General. While Gogol’s! on Sunday. temporary philosophy oroadcast 

S^eates^^^-Aiin^hfe .*ta^:-m’4»nte£. , arp , md- the I^ite™ most critical HoUneso- tale tends to be treated as a tom-; Durraa the same week BBC in the spring, and whatever 
aUowf Dui.in« « r j- - , menfarj- on the perpetual ineffi- 1 also launched And You’ The Magee him ‘elf may belteve about 

l as ibe raun 1 - 1R =- Ur \ n « thp ^ d, an mutiny of ciency of Russian bureaucracv .; Good Sewn (finally giving the the relative merits of TV.. radio. 

fJntaSi- • ■ W “ “ • AW yjddftunei.*-.. also .:■ does a {£»*• '«» officers and an en- with sluflmes and rudeness as ! deserving Richard Siilsoe his and books for communicating 

lauiasies. . . ; = . creditable. a crshatic. torn. . J|i>iea man make a pact to share pervasive as corruption, this, prr.-i ov- n programme i and Exploring ideas. I find that the chacce 

If .Gener comes: to mind, the - - q.^rd fno as the vou n ■> a h p j ' 5 SI ? ,?n ■!?'J.el s. The d uc U on opts for ridicule and! Phofoo mpfcii on Monday: an offered by print but unavailable 

Eantastes of KhiffO/ H cttJs -J akes- ^ SJ*"® 1 pitches to 2*J1B Baker Keystone-Cops-style yaniness. A imported French filmed version with television of checking and 

the opposite ftcfc-JwUh'daeh role. .S55^!i*32 ^inSafes’^ Versions Vi e L a * v , oun2 ,adv re Pairs mime scene opening the prodiu-Jof Jules Verne's adventure yarn re-reading is invaluable. 

rrfWshSns.dukesii^:ountesees. Ihrm t V* . tion «*« the one. as the town's | ITicfiaet Stroyntr nn Wcdnes'dav: Magee's Interviewees — Mar- 
in -its'- most. beiiign forin.. \As other- h»r ,U #-^ rny ' STery . mvnivins a pact bureaucrats silently jockey ron^oiinMfn Paw from BBC Sew- case. Ayer. Chomsky. Dworkin 

the niadaiixrei says,. “If is Always '^ i ,. J ^^_ e i s - we u- Sj, : e i. aj j E j n „ ,.J" father made m India 3D position while waiting Tor the! land on Friday: and f.in The and so on — have been allowed 
•the -••hiUDaaltmiails..-. , Who- ; .i »W’Ji£?7*SJ2?£SL.-i 1 «iji e n««- T-hic-h innlili # j e ’ ,^ eed ess lo say : a ma - vor - played with chummy 1 Record, another of the new to polish and even extensively 


that freedom to make an ideal BracJauam - despite iheir impres- mea«iurP5 T '1? ’" r OOUJ 01 ,ocm - ins suen new returning series meat or tier own uooiv ncurora 

world in the midst nf battle ind fhre crrffentials have not im- « ,n *“® _ , ? ; _°_ ne «: c , e . ne with Christine Estabrook as the as Wodehousc Playhouse which VIII. Th^ Road To Abdication 




cat la 


cts. 


tne . BiUDanitanans. .-.-Whtr : *i«bef.«e -whiph . j 1 eea ' ess 10 3 mayor, played with chummy : Record, anoiher of the new to polish and even extensively 

loAedfnp »nd-the:^elfifili.vhii.^e ,^ ni y£* »T“' u,e f . . plr ' r ensues, with obstreperousness bv Theodore strand of current affairs pro- modify their contributions Tor 

allowed to roam free.-*’ * 7/ al "is clever best rccon- Bike!. He bullies and cajoles wilb grammes which arc replacing the book, though they are still 

While tfae^ search 'for the-homb Th^ l ven!s despite equal finesse. seemio S ly less am- .Vnr-**W. on Saturday. presented as dialogues. 

actias ^a ptoi dkracteJ^appr£ sWs- ie-swSS?ii the tSSm' P f.. ihemaeltS &!' ous ,h h aT1 0P r P0 ? an l istic - He l e J! Tbose , are iu ‘ : thc Linked to an 1TV series U 

ctatiod of being ffee and usine' music- Peter Link’ ind Jacob r**frp«hina * eR r, H ?" nes •* Bums as bis wife displays enough genuinely new sene? (not count- Frances Donaldsons abridge- 
that freed o m^to mSe an S BrSteianf dLpiie JJealures 3 oandS If U!! 2?* 1 r ? r '** both of them. inR such “ new " returning series meat of her own book Edioord 

world in the midst of battle and slve^edfefitiaS. have -'no?* pro- as an opfi^SenSn S55i 1 Sj r 15 tme ht Esla ^ r ?« 0k ! a !. l !* e ? S ;Vode t houw Playhouse which Ylll The Road To Abdication 

• . •;.- • uj. fuin-aispensio*, Lhiaa- petulant daughter victimised by last week came up with another (Wetdenfeid and Nicolson. 

•'•'• • ber parents’ machinations. Max adaptation marvellously suited £5.95 1 which is labelled “in 

Wright as the nervous, im- i 0 John Alderton's talents — association with the Thames 
poveri&hed bureaucrat mistaken I •* The Smite That Wins’") and Television series." though that 
for the inspector- has exaggerated 1 they do surely show that BBC2 series — which opens enjoyablv if 
mannerisms that convey the i i s still taking very seriously its a little soapily tonight (watch 
initial confusion but dilute the function of supplying interesting for the overdone signalling in 
impact of his ambition as it viewing for minorities both large the tealime scene where Mrs. 
gradually develops. Ciulei's alien- and small. Simpson smacks the royal Land 

tion to detail allow* two servants u is my view, as this column and esiabtishes _ priority > — has 
to steal the show. Renee Lippin j has made clear before, that in been written by Simon Raven, 
as the chariering. incomnrehen- serving that function .-uccessfuliv Also spun off from 1TV is 
sible Avdotva and Gob Bala ban BBC2 manages to make iLself by Botanic Man (Hamlyn. £6.50» 
as )hc imposter* overburdened | f ar the most aiinictivo of our and Botanic .Action (Hutchinson, 
old valet. 'three channels for the discrimin- jn association with The Xational 

Against the hareness of tli", atins riewer. So while the effort Extension College. £1.95) aceom- 
morlern arena-stvle slaqe. Ciuleii of BBC'J's relatively new con- panyiog David Bellamy's series, 
built a balconv held up at either! tr °ller. Brian VVenhain. to cut a?ain Trom Thunes TV. Ham- 
end bv 3 staircase, which sue ! c ' ul a ra 'bcr larger slice of the lyn's book, the size of an old- 
gests a *1 » 1 1* I v Russian provincial audience iperhap- 10 per cent or fashioned Christinas annual, is 
mayor's house and muli'ni:**; ihn 12 per cent acru<$ the week in- pleasant enoueh and benefits 
ceremony, status distinctions and: slead °E 8 per cent) seems a per- From a good index, blit Botaiiic 
wasted effort Lhat are the source; feefly reasonable ambition, we Action, which is presumably 
of comedy throughout the even- 1 shall have to watch with care to intended to help children with 
ing. I see that he and the channel are their own practical experiments. 

; oot heading towards the “ quali- is a prime example of that 
Puts ana Needles w**!pop” trap.. Not Uwt tiiere is any modem busy-busy design which 
originally written by Harold Kl f 3r i s so garish and complicated that 

Derionn^rf bvThe The sewnd rbin 3 that stands ^ ***** its ®*-n purposes. 

kers^ Pinion in ^eir st?ucele rnr 0111 from a review or 1115 recent Since thls Ls * ||H \ telev, ^ on f 
recognition a membership. Dewoomersis the amazingly large ^njjow^er. whatabout 
The Round? bout Tho-iiro'c BUjnbeT H’tuch are accompanied those new BBC- programmes, 
revival ?n “S £»th innlJerSn" il b - v the P^Hcation of a hook. All of them are senes only one 
meant to caornre E Sn Books-iinked-Ln-serir-s have « the time of wnbng had trar.s- 
£iirit of the P ^ri-iial but the s,irel - v formed ,,n,? of *»w fastest '"'tied more than the opening 
intention ends ™ Took in* like 'growth areas of British publishing opisorie. and firt episodes can 
excuse For scrappy sers and slop-j m ^ ,asl deca ^- and television Jc _" 0,n [ , “ u e s,y J ^st 
ping acting. Some of the skits m f sl . now be a ‘•■entral * er - b 

make telling point--, covering the ' n . an impm^nc proportion iniDres 9 ion«i .. rt 

samui of Left-wing concerns ?* book sules. particularly among _ The W ^u Vh^ 

from anti-Communism in infer hardbacks. paru ni seem* <o have al1 

national affairs to the snobbery Those that have arrived on ‘"Sredlent* of a winner, a i t j 
or rich young people. But the my desk recently include: The ?Loe? (ii i^a Time-Life LO- 
polltical points seem merely story Oj KnyliJi f urniture bv SLIl J ,h ,hl BBC fine 
dated when a professional pro- Bernard Price iBBC. £<5>: Delia ^moleie crediwSw’ln It* 

duenon puts no new life into Smith's Coakcu, Course (Parr 1. 0Ctl - t l'V ! rh“> 




Malcolm Stoddard with the “ Beagle 
Charles Darwin 


in The Voyage 


Since this Ls still a television 


the at Force 12 on the Beaufort 


scenes seem to nave 
nth a single horse 
x rk ground, and the 


10 capture i,ne amateur 1 i „,Z a V IV ", , “ “ mnr* thin the noening ""ai ne ignore* ana vice versa, r.iankei mr ovcKgrouna. and me 

of the original, but the!?*" '? ?™ e ! r ‘S! ® f , ^ P 3 fir^l eolsodes cnn .'nu may be better off with the short ones w,ih uma/mglv in- 

ion ends up looking like ai* * b 1 * > l u , , 8b, ? n ® ^'^inriouslv mtsleadinsuSlow- book. voiced studio designs -„ c h as 

1 for scrappy sets and television here " are some first Accident employs th* familiar 1 hi? week's art nouveau care 

acting. Some of the skits . now be P 1 -? *"? a f' er - „Jf n r * jre snme ^ lochnique nr leliing the stories interior. 

telling pom!--, covering the, r ? ! ® m »n imp^nc 'proportion ,n, Dres a ions. . 0 r a numher nf di**nci:,led Awwicrfr elmcc m start l.^r 

of Len-wing concerns ^ b ^ k ^ le5 - Particularly among D ™?: seemS^o have all the f c °f ,|e ? h f v liv «’ 4 al1 «uh m.e of the most difficiilt 

anti-f.ommunism in mior. ourdOdCK*. Uariiin seem in na . an 1.. mnete e\pm nr inrinim.-ilo . ...- ....^ ... ...... 1 


■■■: : s CIenri-Oos« and ftwtaai Whitehead in “ The Crucifer of Blood 

Royal ^rtiiern;:Ci>nege^ Manchester' 


auction puts no new life into Sraftlf* Coafee-iH Courw (Part 1. ^‘i'h ^ r ^ r^ al ihe whicn looked fonvard end !.ari: More in a fui me cnhiuin on :bis 

them, preferring to rely on two more to come. BBC. £3.75 1: f®’ iJt no d p Ji ' \r a .■ .J,,! o^r the hces of the casualhe- in . n d .uh-r new current affairs 

memory more than innovation. I -m>s />;»«<> nvo.,. ^ u.. amazing uautn^ tout n. viao uim a m i,it,nle c.ir cr.-sh Acnflmr ......on 


Young Composers’ Forum by DOMINIC GILL hSrtcaf/ geographical series hand! J * I whtrh“ , k alread- heme t-ru of " JeremV ' “ciyd e.‘ rea les 

X f A . using actors on the relevant and laikPd a , >ouf “Brit-ia’s fird «omeihina of a mysten- since. 

be ™*' London'" l ° Wh* S r b a ?i a cf4r ^ -rjs unsuccessful combination: and ^ 

is weak^arS tbe moo? dtovS **S, n » e V*t ° F ppused 10 > he '?Lm Tn earli . e, ; i Performances. I was spare and austere, delicately The Search F«r The Xile 1. has h |a C k miniature -fin.if .thur." I.',he.i th.-' iu>..k Of«.: !\ rifers 

t :,al " He could trave , s * ° f ^ rau « c — Spe 'i ,aM / struck by r ' vo vocal coloured, lapped by dark shakii- been remarkable. It has brought Ever{on Benneii. !jnd!«.H and edned bv H Ft F. heating >:u ing 

ask AndAS&fe-^B^S?®*' as . WC kD0H a , nd |?^ s ^ n5v U £L?J»£ £!?.«*•'- work5 - for soprano and harp, and ha chi ulissandi — as well as Janet us some wonderful television, shopkeeper, plajed he .-man that this “springs from" the 

For miuiral tiffin Hri&ln maV’ ran ou - pwl . v « # ever> ' day ifjf ^ ^P\? no anri ,V3 ”°' bv ‘b-n'ge Rraham> (b. 1S4-S) purposeful and Darwin promises to bring Beaton— and to sketch in - v era! series. 

still K reKhKr to on l?* 0 ?: ’ n . 1,5 uw “ fmn h rt rt a n 3 i i5o!. d .^ v d Q SUCh N 0 * 1015 "" «> ,94H> - 't «"Js a and sha pel v Crux, with its centre us more. more. I, could he ihv start of nn 

richness vitality am? rarietv— ^VPC^y. wcil. But even the BBl id _ ea ; 3 . nd becj * us c > n happy idea in his CoRoque senti- of calm stillness. Ar the other end of the budget- The oddesi mixture nf ai« the endless r<r"Cix ■ ;* bool m**pir- 

h„t it u i,.Kt « r™rl^hiP inn !S np? - i ^ mune to easy En S l,sh it is unique, that one inentaf to juxtapose the tivo texts „ , j ary vale. The Sion, Of English new series and the one from mg a TV -eric.-, leading to 3 

for its astonishing '‘lack „ r complacency. It does not care. ,d "^“ wha A a PPcars to he pf Maliarme's Appcrifton and .Pascppace rule* out a cr ' ni “| Furnifur^ is set almost entirely which we ha« : e seen iv-u cpt^des sltchilv different book, giving 
direction and ^ example, to " over-expose “ J Failure of imagina- Heine's Der Doppelganper. Pi cle but of ^ remammaf in the BBC's Bristol studios is The Birds fall Duicu. a taie of rise to a new series. .. . 

airecuon »nq cepira . ; r wtu't is potentially one of its turn, or just as serious, a failure threading the piece so tightly x ' works. none was an, 

Alone among, t be. iMuntries .of- most important and prestigious or.nerve. with ih e “ Doppelganger *’ motif ParP ? ,niw fail ure. ai' bad aj 


and Crime. Write, s edited by s"dd" r d 0 n- BVnvin i an I* mu,t,ple 1 „ CJr r c r - sh , . At, '"T rf prussra mines. 

btoaaara pia\in- Jf*™™ ^ borrows the Swed*« sd^.. Smith'.'. •’ C«w 

LsSIoiSt Vflbeniefv !-hoJen « en . bra *’ ? ° (lm i.* artnurabij wn-il:i.. e-en if the 

I suspect deliberately « nosen as n , inu{e play to eight nb.->muie «.|t-ii,ni | v ilcmr.f n:o- 

Si^i—thtim? i^the°rele C episodes, pjtcks in far Many nunciaiH.n which nuts i, “k ’ on 

pletely at home in the role. people, and looks «e( to ■ or-nnie the end of “nothing" is 


The development by producer a S hr, r t and boring soar* 


„ . - _ . * rj - irriin lini:: and Crime Writers.. 

i.hristopher Railing of .he filmed Empire Road, on 'tber with sonic reli 4 haMe filmed in- 

histonr.il / geographical series, hand, which is alread-. being .vrt> of Jeremy Clyde, creates 
using actors on the relevant and la |(.pa about as “F-rti-i fir -5 something of a mysten- since. 


Europe— drideed., among- tbe^cul; new-musical events. Is it not The four pro^ra-nmes r,f the — lhe harpist speaks phrases <*" 3 Ri>' 10 c f -mmend them. Janet 
rurally advanced countries ol.the : mU ch less trouble. aFter all. for Forum ; this rear were a°ain ^ r °m the Heine, the soprano Grahams Diversitas tor two 
world .Britain^ poss^ses no. .Auntie to fall in with the easy chosen bv a distinguished BBr replies with rippling figures on P'anns had more qualities than 

event -of any kind thai can English scheme of things — (o panel of eight musicians out nf ber own tittle auto-harp. The many — 7101 ' p . as ‘ 3 *°u?tiness. 

properly be. called: a -Etafiyal or mck “her- Young Composers' a total hf 426 scores received “■hole, lasting only 11 minutes. a bard core, to its unpredictable 

S Forum-; into the auditorium of From young compeers unTer lSe *** ^ dramatic shape. dramV p ?^ our l ? hp ° f ^S^ ZXt 

SP^ -iS'd r™?.h the Ro > al Northern College of age of 33. a final choice of 24 *>c presence. On the final page. I^-EfSS^Trrf IhliiSl 

oni5 , ’’ Wus ' c in Manchester, without were marked Tor performance the composer gives way. and the Andrt '' on °™ 

advertisement or adequate (allowing a minimum of 10 ,ast bars are taken over by made not a ' dial oyi of 

^Wrltv. and durinq bn»Merm minutes per score, did the panvL Schubert. some pleasin 2 ly simple and dijr-ct | 

their tiny resources ' they E do week wbea D,ost of the sn,dents 1 ^? nder - silting as a group. Like his Callouue. Nicholson's n,!: p^r nffi utc Va r in e^i n ! m i 

Hgf ?5S. -ISitllS ■-J2SL- -JJ-are away? - really work for two Tull weeks 5ctifn0» of three texts bv Georg n «w.«iarinet. 

evitaWy, i rr the way th ai they a re ' The ■* new schema is nn- !' ™7Jl! Ritnaulna ‘e« a y. nicely spiced: 


Festival Hs!I 


Celibidache 


MAX LOPPERT 


subsidy, works. .miracles- none- k d mssys As when upon a iron 

tbelese: smaU' nriraefes; wKb tbe^ Ef A-nTt -till * ummer good as it is. a 
pittance it recdvel But all the Sf, i h tni year -° ,d P^ce. slightly revii 

while. -new music, is obstinately,. f °ti? w s^n after, this month a d by a qu it e well established c 

myopically, re regated— by orches- ° \r-RRC P oser - 

fns rnnrlurtorq. concert 1 man-' redoubtable Ann Sanger of BE . ■ - 

3c MliSffi bv Te Manchester, was once again The second string quartet 

agers. music coueges, ny i s riles Rwavne fh 104fi1 


siruciure as wen 35 raniasv. and u n nretentiouslv. Piano Work J print. be as acutely aware nf rhe briny near ir, coarsen-. 1 ??, needed 

■ised From the broader middle by Andrew Vnres fb. infifi) made ! One is tempted simply to list silences of music as nf ns m! ? u disqui'e the poverty nf 
com- ground, a fairly unadventurous its most striking effects in small ■ some of the unfamiliar sound note*. If. with extreme crudiiy. rtmisky's basic material and ihe 
picture emerged of our post-1945 cells onlv a few measures Ions. ! phenomena. The breadth of one caieqoriscs conducler- as ledimn of its repetitive employ- 
generation of young composers quiet and floating, quick and dynamic range inculcated inio either reproducers or iranv m^nt. Nonetheless. ih»- concert 
ft of (three explanations are all vociferous, but was less coherent the orchestra, for instance: in Ln formers. Celibidache is nbv ■!.«» \y 3? a whole was nn aural, and 


E 


wss^'J M^nnSete*' our nei^'aiuSc ' § SSa 'and ^TpESfie'^oi'By* » n_ but handled ail of its material mit their work). Flute and'pfano December L S and*’ 15!*“an"d| up a spectrum of. sound oT un- caressed into n‘ snund-sVeeiaile t a inly be mistaken for the. 
will not merely be considered as. douhtedly 'deserve, bring them as expertly, and with Imagination is for some reason rarely an January I. 12 and 19. 1 imaainahte amplitude. Or. allied of infinite variety (ii« mi racui< «us crealcit orchesira in thn world. 


mute grad- one of the most renurkab r of buynnd that 3 sensory, renewal. 
[ tone, and transformers. The amount of A lfi-ciin sjlute m> the LS«.» for 
readtb dis- pathos and qcnrle (luivri.incy f'-rgms -inri pursuing ii.= rclot ion- 
maintained drawn from the Rossini uv enure snip with the cnnducir.r in ihe 
ly the no- pointed to an act of iranrforma- Live of numerous difficulties, 
em. opened tion; Im Mer. coaxed and Under bis baior. ir could cor- 





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COMPUTER SYSTEMS 

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22 



FINANCIAL TIMES 

BRACKEN BOUSE. CANNON STREET, LONDON EC4P 4BY 
Telegrams: Flnxnttao, Lon doe PS4, Telex: $88341/2. 883897 
Telephone: 81-248 8000 

~ Wednesday November^ 1978 ” 

Turning point 


The NEB s pygmy 


< Financial Times Wedaestoy Nov^r 8 1078 

mv finds a 


BY JOHN LLOYD^ 


M* TF" TF — as we are told — micro- founders of Mostek* In 1969: 

B TB* tfTS Wki I electronic technology con- Mr. L. J. Sevin, Mostek' s presi- 

| I Bn B a fi fl J-stitutes the base for the third dent, had been a golfing com- 

JL v ■**- A. a industrial revolution, then panion. Mr. Serin takes no 

Britain’s chosen instrument for relish in the action: privately, 
WITH THE appointment of a a reasonable level of calm in participating in that revolution he has no wish to stifle the 
military government, the Shah the country, and the Shah prove presently occupies a small office Inmos initiative. But the logic 
of Iran has taken a desperate to be the effective prisoner of in a nondescript building in a of the U.S. semiconductor busi- 
step in an attempt to restore his generals, there may be cause north-western suburb of Dallas, ness allows of no senti- 
law and order to his troubled for concern on strategic Texas. mentality. “ It's war.” says Mr. 

country. It is dear that a mili- grounds. Until this week, the The <jj scree t sign outside the “The semiconductor 

tary government cannot repre- Soviet Union has refrained from door Mi;s « inmos.” inside are cmnjuwtes are out to destroy 
sent the lasting solution for the anything which could be inter- four Americans one of them a each oti, er” He had to be able 
riots, the strikes and the demon- preted as interference in the temporary secretary The boss demonstrate to his stock- 
strations which risk tearing Iranian situation. If Iran be- f ^ diminutive outfit is an l |0,dei * ***** he had done every- 
1 ran apart At best it can offer comes polarised between a right- amiaijle Texan venture capi- thiag Ws P<wer to stop 


a breathing space in which a wing military rfigime and a D Richard *“ raos dead its tracks, 

solution may perhaps be found, violent opposition, one cannot p " So * ar ' has had a 

When the price of oil was delude a much closer interest re _ . .. . . . success. A preliminary injunc- 

quadrupled in 1973 it was ore- from Moscow-, whose connection Inmos is tiny— yet it intends tion, filed in a Dallas court on 
dicta We that the sudden rush with unstable political situations jc > take on tod«stnal giants. It September ■ 22. sought to pro- 
of wealth into countries which 1S we]l documented. In this case, has been by the hibrt five former Mostek 


exclude a much closer interest 
from Moscow, whose connection 



funded 


the hi bit 


former Mostek 


for centuries had been poor 
would be likely to cause severe 
dislocations to the fabric of 
society. When the Shah em- 
barked on a headlong pro- 
gramme of modernisation and 


the Soviet Union may also fear National Enterprise Board employees — one of whom was 
rival interference by China. (which was at least conceired Dr. Schroeder — from revealing 
On strategic grounds, it is in as an instrument of socialist confidential information gained 
everybody's interests — both East interventionism 1. Yet. if at Mostek to Inmos. In effect, 
and West — that Iran should successful, it will make its if successful,, -ft would have 
have a stable regime. And founders into millionaires. It is stopped the ex-Mostek men from 
because the industrial ised coun- British — yet its expansion in working. The injunction also 




barked on a headloo* nro- and West—lhat Iran should successful, it will make its if sued 

gramme or modernisation and haTe a staWe rt S lme - And founders into millionaires. It is stopped 

industrialisation the risk of dis- b<?cauS(? the industrialised coun- British— yet its expansion in working 

location became more acute tries de P end so heavily on the immediate future will be asked tf 


Hist ■ 


-lllllht f 




location became more acute ,r ie$ de P end 80 heavily on the immediate future will be asked that Inmos be prevented 

Iranian oil supplies — supplies largely in the U.S. from hiring any more Mostek , •/ ajtuev aaterowt • industries respond to, it, 

rw which have been sharply cur- it has also been coy about engineers. „ _ , „ _ , ■m-pt* win 

Hostility tailed by the recent wave of its origins and its present The injunction failed. Texas The founders of Inmos — Dr. Richard Petritz (left), Mr. Ian Barron (centre) and Dr. rani piay 

The Shah recognised these strikes— it * s io the interests organisation— a posture en- District Judge Robert Porter ' Schroeder., r . - - Sed lit 

dangers, and for some time he of the Weft that Iran should be forced upon it by the NEB. expressing the view that • V _ Board intends to take a iumdi 

has been trying to move towards 8° verned by a regime which Seekers after a further “ Mostek has failed to show that skilled workers. In the UK, Dr. Texas still tends to dictate “sometimes I think there s a deve i 0 ning * substantial woti 

a more liberal and more demo- commands an adequate measure paradox will dote that Inmos its techniques or information Barron, who will head up the prices, the efficiency -and .scale Japanese sniper bidden in there • (electronicf '-tvni 

craiic form c»f regime. What he P°P u ‘ aT consent. Without has been kept from the atten- have been or will be utilised or British division, has Bristol high of its operations ensu ring that who’s going to get me one w rfters linked to co m n mwg.^ 
evidently did not realise was ® uc h consent Iran cannot have tion ^ a British public who disclosed.” But three of the on hj s list „f possible sites. it bolds the dominant plaee in morning.” None of them wants nrinters) mdastryrwhich will6- 

that many years of autocracy J* 1 l re ' a11 ’ payi ? g for five defendants— Ward Parkin- ^ inmos pokes its head the market But there is another even more competrtjon , . 


requires new machine tools. as< 
even new machine topis for .th . 
new- machine .tools, and the# 
must often be designed, an 
specified by the s^canductn 
companies themBeives. 1 

AH the new . advances h 
technology, says . Ur. Petrit} 
have been made . by net 
comjpanies— notably 'Intel ; aa 
Mostek. The. entrepreneurs 
spirit requires independent 
and a sense of new challenge • 
to make brea^rpughst~ahS ; j , 
Us capital comes from a govert 
meat Which is socialistic 
worse, it. . hardly matters v’S 
long' .as the principles ■ *f 
recognised- ‘ • *. : j . 

• /The NEB-^ainf: the 
Cabinet — have 'accepted Dl «: 
Petri It's logic, . and .backed hi 
faith. Soberly, he says he ts cot ...^ 
scious of the responsibility thi> 
places = upon Wm- • Yet if th 
faith is not to be misplaced, an 
Inmos is m succeed, part at leas , 
of that success will depend ip .. 
how readily ti» ’5European, 'Mr 
: especially the ' ■ GK, blecteiM' 
industries respond; . 

The NEB. itsdl wdl''#Uy -‘ 
crucial role In thii ./ It. wa 
revealed last month'. that ih 
Board intends to take a hscnd l 


ijoa ciupiru wun alarming i n Tran tn he thi> offw-tiop nnwpr u “ wu w win- Zr . . u.:». semiconaucior Klicnen f 

force. The Shah himself recog. Se ttalflSE petitors ' wha * wUl be itS 

mses that he cannot put the mav be far from realltv hitt it f a L c Dent— Mostek. effect on UK economy 

clock back and revert to lends special weight to anythin® TVTufc? onrl In fact the three have returned w ^ cfa j t ^ supposed to help 

repression: when he armounced S Vav abew IN UtS SnO to . O-o * work they were dynamise , 

the appointment of the new ‘ , . doing before they left for semiconductor executives 

government, he also declared Unpopularity DOllS Inmos: the design and develop in Santa aara ^ Dallas be. 

that, when the crisis was over. ormr c 4 “ent of the next generation of Iieve that their business is 

he would create a government * * 5“ “J 60 ^ object of Inmos Is to memory device, a random access among the toughest in the world, 

of the people. The arrest of the f give the impression that they degigI1 and manufacture, in memory with a capacity of more they may be right. Cost- 

former head of the SAVAK SLh volun,e - micro-processors and than 64,000 “ bytes ” of memory, fitting is not an occasional 

Shah, even after the extent Of micm-metnnrie&— the nuts and known as the fUK RAM. tA 4<iin 


worK ana set up ineir own com- u s semiconductor kitchen ? the latest generation of micro- dismissed turera: if successfatttie atteOtt) 

pany, Micron Technology, which what w m b e its processor or memory’ (o find Mr. Wilf Corrigan, the should xeaug te a lhoi^ fixpS'. 

so far has one client— Mostek effect on ^ uk economy general acceptance — that is. Liverpool-born president ^ of oriented Industry sdfiig the'a£ 
In fact, the three have returned w ti c b it is supposed to help which becomes the “industry Fairchild, has a certain vested electronic System .X "which, wfl 
to the same work they were standard will make massive interest in doiner so. since his .m th. y.hin e 


l^uis ana to the same work they were dynamise? standard "--will make massive interest in doing so, since his gobble up^ ’.the chips. {Eveh i 

i doing before they left for The semiconductor executives Profits on that product, forcing company, in partnership -with ^ i S large!; confined to tbs 

DOllS Inmos: the design and develop- in Santa Qara ^ Dallas be- the competitors to buy a licence GEC, will soon . be' mass- home market Systmn. X will b 

ment of the neat generation of lieve th at tj^eir business is a“ d the chip’s technologr irom producing chips, probably from a major customer) • 

The object of Inmos Is to memory device, a random access among the toughest in the world, the leader simply to stay /ip a base just across- the Mersey *. 

ssign and manufacture, in memory with a capacity of more ^d they may be right. Cost- the race. — from Ur. Cdnigjui’s hoiae tmra. ; : 

lume. micro-processors and than 64,000 “ bytes ” erf memory, cutting is not an occasional „ Id the first place, he does not . T Icpr 1 ^ 

lenwnemories-— the nuts and known as the 64K RAM. exercise undertaken to Sain * v ?. en ff think that a new company can. U5C1 ' UWUMl J 


User industiy 
dependence- 

As the apphcatio"ni TOuJtip& 


Price-cutting 

war 


you have to replace them” E an ^ enterpriae »» I i?*actioh qf demand-. j-jEt i 

Hence, too, the '^05^ - the govcinmeoK ' 

- prestige which can accrOe to socialisti( . * 5^1;^ nr stimulate iaventlvmiess4h-.u«. 1 
those designers who can deliver or . 50mlist - : or industries, whicfi?^at ^fen' 

react back oh wm. 


industry standard " jwo- 


n/ijr tuuuou/ 0 Miuuiuw n*. p,i t . i yu • -.w w. 

duct. Like the Clarlc ^Gablc^Mi. - L wJLJfSE of * c Inmos 

a ri a «L. pnnmiii nf ihp MarU 3' n M ouroes of an earli» syneygetic prpcess.’.ie&icili git 

A classic example of the Californian industry - thee are *®miconductor business-,, he untlv -find# its ai»mo 

savagery of the priceeurting is great ^tor ^ tfa^ bc^offiet PaS , bel - ieves ’ takes Periodic. techno- ^ 

the war initiated by Texas V^eT^ £1 IftmoSS 

lnstniments to !9^. fte in- he was CTUCKa 'i to the f iedlnm ' Sca |e GEC/FairchilfL for that mafia 


S5 SS| JsteLi? 


secret police is a further indica- ? ;,nl n ,E micro-memories— the nuts and known as the 64K RAM. exercise undertaken to gain ..f. en “ think that a new company can ^ovi-_iuuuouj- 

tion that his aim is the restora- S^renT IUs not ° f “ ici ^ ectTO f«-^ r Schroeder-who is marginal advantage: it is a way ^Sneers to let iS break *“• secondly. > not" . fJpDeildeilGe ^ 

tion of law and order, not a ST Western Stored wUh the ^ - on L b % wor1 ^ market rt As no Y deputy managing director. 0 f life. The “ learning curve a£dS ettou'^inS be “ we •’ "7 :™tufe UCIICUUCJIM?^ , 

return 10 renression ‘ /. es * e ™ interests witn the a spinKJ ff from its operations, under Dr. Petntz— Inmos was the process by which increasing p « . UC I, qwCK y v financed by a government, as . A . * K „ 

'tRJGr&'jHzs j^jgs ,, t5r!a 

however The arrned force, hare -p’a'rtic Jar?" *ln fliTSS IKJ^-SS^TSuSS ? Sr WSSt.'&i'-S T £ TZI’ “L™ 'fiURSRiS' 

r - - “pile's “Is ri ISSb ^ „ sn: 

S S SS rts a f si — Price-cutting ' 

mg law and order, will be seen to follow through by going wmrtd not put their remains banging over it, a nag- A classic example of the kemtconductor business-,! he ®’ 

as a provocation both by the much further in toe directtoS >nto - leading . edge” ging worry for the future. savagery of the priciMhitting is ? eIievefi ' «« Periodic, techno- -Mi2 

Muslim community and by the of democracy than he has so far technologies since toe nsk was The diminished team has now the war initiated by Texas sSroedi of MorteSSi «uS a •»*■’ One such was 

extreme left, and thus cause an been able to do. In the process assumed to be too great resumed its work, which largely instruments in 1970, the in- h ’ crucial to the **** ^ Snm J“edlnnMCale GEC^airchlld^hr ihdHnwttS--' 
even more serious polarisation he may have to acquiesce in a . No sooner had the estaolish- consists of interviewing the key d us try’s worst year. The price of dev li ormcm a t Mosftk’s 4K and integration (MSI) to large^cale 

le the country. The Shah may sharp curtailment of his own ment ot K™ 05 ****** beea engineers and executives the a particular series of com- S ^ft/tteNEB “‘egnUon- (LSI) — the Inrrent 

find it easier to appoint a role. As of.now, he is the only announced at a low-key Press company will require, and pros- ponents— ' Texas’ was the 74TTL fnr ^ itl technology in the Industry for ; ;!?? 

military government than to man with enough authority to conference at toe NEB on pecting for sites for its technical series competing against the hoxnfficp / S “ etching circuitry^ ^onto the silicon sun P iy ^on^nue to ag . . ; v .. - 

dismiss it establish a new and viable Jul y 21 ' the founders— centres— one in the U.S., one Fairchild 9000 TTL series and / chip. The next leap wffl be to Even -if this arginneiit b . 

IF the military government regime; but he has not much Dr - Petritz. Dr. Paul Schroeder in the UK— where the research comparable products from other The established semi- very large-scale integration accepted, users will hot bUj • 

should prove unable to restore time to prove that he can do it and P r - Ian Barron (the only and development work on its companies — came down, in the conductor companies — Texas (VLSU, and the 64K RAM will from Inmos rimpljy becaids^.jt ^ • 

. Englishman)— sped back to first products will be carried case of one component, from Instruments/Pairchild, National be one of the first products of British-based ar^ .BritishV 

fTWiM a Dallas, where Dr. Petritz and out. The U.S. centre is unlikely 75p to 9p in toe space of 18 Semiconductor, Mostek, Intel this new technology. To effect controlled. It baa to compete - 

H fTKSTk T/Vfi Dr - Schroeder have their to be in Dallas: the ** Silicon months, Fairchild lost 819.3m and Zilog— have enormous such, a. leap, and fully to take for the business both on price - 

1 III 13 fi gall homes, to establish their modest Valley ” area in Santa Clara, that year, and indeed Its tem- cumulative experience in this advantage of it. Dr. PetritJ and design. If Inmos is beaten 

“*■ temporary headquarters. And south of San Francisco, is a porarv failure was a factor in kind of guerrilla warfare. Their argues. . a new corporate in a price war with the/. tl.Sr- 

• a .no sooner had they done that possibility, but it is now dis- the decision by the UK’s General major competitors, after each structure is required unencum- companies, then-.fbe synergetic 

4*q wr f^ATAWM than Mostek. one of the leading playing the problems of popu- Electric to closedown Its volume other, are Japanese companies bered by old ideas (that is, last process win riot get: off firif 

1 tfn I 63 I fl || III semiconductor’ companies in larlty^-a leaping Df real-estate chip production at Marconi like Fujitsu and Toshiba. Says year’s) and, more practically, ground. That is its first, mdjf.! - 

*''+*’•***■ M. VAVJI AffA the U.S., slapped a suit on them, values and a desperate competi- Elliott, which was closely linked Mr. Sevin, pointing to a lush with no outdated capital equip- difficult, most Crucial battle--! ^ ' 

The irony in the suit is that tion among its hundreds of to Fairchild and which produced tropical plant in the foyer of ment making obsolete LSI and it faces the (fhotic- trod^ I* ’ 

PUBLIC resentment at toe level partly because of an out-dated Dr. Petritz had been one of toe electronics companies for chips to Fairchild designs. his new headquarters building, products. For each "leap ” of U.S. industry." .!... ' 

of taxation has been demon- Victorian view of the _ .. ^ —'m ■ ~ " " ~ " — 

strated ia a number of ways inegalitarian structure of British ||fl ” fij nil W ™ ffl a” 

In differing countries in recenr soc i e ty. Wealth and power. |U| ► 111 ttHII IV Ifl B I rH«l 

years and in this country has position and security, are no illfciBw mil M IVI^H I I kflov 


The case for 


MEN AND MAHERS 


GovernmenL^a^atort it^own syn “ nymous - As tor con; p from their has sa,d the P resent scheme is magazine distributors Seymour Joint effort 
U rn ' tPoU4 “?. l ? e econom ^ rar Trom not worth a "row of beans.” Press, is chewing over an idea JOmi eiion 

Tbecause' that is common to ln ^ er T w 5 aknesses ’ own Darlour Yesterday, unfortunately, he for a book which should raise i„ all the descriptio. 

. Reductions in taxation may was kept away. a few pvphrows in the secretive aonorAcihr VKr* 


The cause' that s common to ^ ^ OWH DarloUr Yesterday, unfortunately, he for a book which should raise j n all toe description of dons’ 

amt (^ systems is toT growto ,n laXa h bOD ” a f y PariOUF was kept away. a f e w eyebrows in the secretive g eneroS ity a s the battle heated 

thr, nf on r, a L mar ,* stimulate ^ consumption but. The City travelled up toe river world of merchant banking. He UD for Oxford’s Professorshin 

ipending which Son ? ecaUS<? ° f ^ de l f ni0n t0 We***™'** yesterday, and tells me he practically lived at of PoetI7 ane point escaped 

! *a t» tfc«I ,ncraaBes ,n taxation are less found it all rather bewildering. A Dr kl««L. Rothschilds while the sale of fiO comment — that both Reginald 

h « 1 J Uke] * 10 be eSectiv * *** Frora * he the chairmen of ABC blank per cent of his £8ra-tumover *335* and Denis MaShane 

a toJ’ ^fm° Wlh wh h ih wS mo ? etar >' policy Likewise, toe toree of the big four clearing Wa]fcin t ^ QId B ^j at company was going through, so W e re to bTtoundamon^ toe 

^ various rebels which have been banks negotiated the intermin- . hH E^] ,as f ““J J he has plenty of raw material. ermnsarc of the eventual vietnr 

‘. 0 tt * introduced for economic reesons able panelled corridors of Par- loncbtmie yesterday I tame ..j ^ J, dn « toe eventual sictor. 

better off to be used to extract ac jn eve d ver; little in practice liament it was obviously un- ilIfli ?f a . h , . the crises, the bluff and counter- be p r . ( iuatps of Merton hut 

™ T y «t the cost of adding consider- familiar territory. But the ' of blu ' 1 "> at went ™ U«™ rescSbJances stoo tore lidS 

ete^one Wish a 10 b ab| t0 the < . ompli< . ations and chainnen and toir economic ^ ®h “ rla^ y -nte 50 and Hil > S’”" 1 , ecting for {Jf !S“““ flSr nmef 

The growing burden of tags- dist0rt i 0Ils ot u,, sj^tem- adsisers - perhaps best 5 SL «SaSS?Od, r™-” Sk ' mssen Hun 'er- *lw> even- toe nJ^, 

tion has been accompanied, at most n0ta biy perhaps in toe described collectively as a par- toally bought toe company.” he 2J2SL, **11 ^ 

least in this country, by an ever field ^ company taxation where lour of bankers— finally found n the Offirill Secrets sa >' 3 - “ II would a shame not S^,um a Krt?uwd such V™ 

increasing complexity. The fhere now a verv ^de cao toe room where rhe Commons ilirf, “L.jJrS. • to use it,” of journalists used such terms 

two together have meant that between the nominal and effec- Expenditure Committee was sit- «T d V 1 ** ^?,f+ DS h p wac fflcninntori r< ? descT ibe MaudJing on a BBC 

the tax* system has needed an bve ratos of^tTx^anda very ting. After a few minutes ba * contempt of court. Vie was f^c.nated by t he con- phone-m programme that the 

ever growing bureaucracy ro Uneven spread of the buteem waiting and looking slightly out The picket era described them- frart i Jf st.rte between Roto- Corporation gave Maudljng an 

manage it. This has helped to _ P , . of their depth in the corridor selves as official too. and say that iand H «» Samuel by -the apology and £10,000. Poetic 


rssrA , ^r2si. b ffi -sttenwo^Te p to ^^£=2 Er ~€u^ is 

L m d r Sas c crc',S e rfiOTS E 53S1. « SL2SWSBS SEtfTlS « ffSS M ~ SJSTjSS: F 0 s r c f p ^ . 

SraSo^d ext^efficienS « that of shari.ng out the cost ? nd ofq Scons' Antho^SSe l^ce services more account- Eat Cake 











Igjgi 

1 11 


extra effort and 
are unlikely to 
rewarded. 


id extra efficiencT » th„ of .h.ring out .be cost on d o fqu«?onl Anthony Z 

in hf adeouatelv o£ common services provided by of Barclays and Robin Leigh- a . ble ’ wm in? No was the ton u ST, ! n - th the M 

toe state in toe fairest and most Pemberton of Natwest explained s y?P lc answer later from his ^e had left of his Army pay. ITiose doleful people who are 

equitable manner. The first SLt toS Sew S taiSEr office - ^ ^ bnusht van. unable to strike , bread In toe 

step, however, is to reduce the w |th commercial banking than Absent from the pickets were l ° ?iT ead K* S ? lke msht *? are ® 

severity of toe burden ot tax- with the European Monetary defendants A. B and C— d| stnbute the Herald Tribune thought for a group of small 

arion. Reform and simplifica- c v <;tem which toev had been Crispin Aubrey, John Berry and al ni Sht. businessmen who are suffering 


Instrument step. However, is to reduce tne w ith commercial banking than Aosenr trom me pickets were r " 6 ? are a , 

. . , severity of toe burden of tax- urlth the European Monetary defendants A. B and C— d'stnbule the Herald Tribune thought for a group of small 

Lord Cockfield. who worked arion. Reform and simplifica- svstem which they had been Crispin Aubrey, John Berry and al m Sht. businessmen who are suffering 

in toe Inland Revenue and m jj 0n can comp later: these Lasks c ^jj ed * 0 discuss. Instead the Duncan Campbell. It is. two But by the end of last year more than most — sandwich bar 

industry before beciMning taxa- cannot in any case, he achieved s tar of the occasion was very months since they first appeared rhe spectre of Capital Transfer proprietors, 

tion policy adviser^ to^ Lord m haste and a reduction in toe mU ch Sir Jeremy Morse of in th e dock. Since then prece- Tax and tbe “staggering” At one such bar. near St. 

* **” . dentc have hepn cet itrrolvint? income tax he urac navi n" majd Paul’s a mllaamiA ..>h« r 


Barber when he was Chancellor | eve | s 0 f tax should make them I Lloyds Bank. 


of the Exchequer in toe Heath somewhat easier to achieve. 

administration, believes that toe ., ha „ T nwA rrtntB 


dents have been set involving income tax he was paying made Paul’s, a colleague who fre- 


It may be. as Lord Cockfield I world s experts on international 


<5ir Jerernv is one of the toe Official Secrets Act itself as him give it up: *'‘To have an quently takes bis cheese 
exr»»rts on international vel1 »» toe way Juries .we extra £1.000 in hand the pr,m. between two slices of starch 


“a." 8 . 4 * IT. n Z-^±” fonned m syriem. does no, yet His statement »-as perhaps «,= Si? ™S 


income and wealth and as an 


■*« iwwiicu, ui Idiiici aomii mfli mere was an eiEwem fop fhe nirkpJ . thi _ -t+racted c , , .u ^ 

, exceeded, the limit of public of “faith and courage” about ? usscx w " u,d ' *•-*» Chaloner. 54, a few waistlines. As for the 

Instrument of economic manage- acceptability have already what he described as the second " ISS 1 ®? l ? l ° The ground” sandwich bars themselves, they 

ment both in a broad Keynesian brought about a marked change experiment in what would prob- tine and b r^ CT T 'l? died - “I've will doubtles* come up with a 

sense and in order to promote in political opinion — and thus ably be a series. IhatMocr? least im-ti ^urna- a,wa ^? be f n a Rob,n J* ood satisfactory answer. Indeed, my 

specific economic objectives, a more receptive climate Cor the But the committee itself, per- iTr c wnM^ So^ L T"?, 10 C ^ St ^ c ? Uca / ues «S aI * r »Mtt is 

AS a result. Lord Cockfield aCl jvities of bodies like the In- haps influenced by last week’s iXion. “ ’ !!* e . ro !« " f the Shenff of a,read - v contingency 

suggests, the tax system is not s tittite of Fiscal Studies in its leak of 3 Treasurj- paper listing Nottingnam. plans. “We may,” said the pro- 

only expected ti» do too much, ^panding role. If toe change some disadvantages of the - Chaloner. now a full-time P netop w| to a horrified look. 

It has also been required to i n opinion were to be followed scheme, did not appear to be author, is at present engaged p . V? “ Iinli a 1 | ,out c'wwng-” 

achieve more th3n it can in prac- by a sustained drive to reduce impressed. Indeed it was prob- Penned ID * n l ^ e more S e ui!e pursuit of ^ erjs ’' ™ e toougbL 

tire manage, lls use as a re- jaxation, the economic stimulus ably hoping to have heard the mounting an exhibition and sale 

distributive mechanism has this would impart could well views of the one absent chair- Down on his farm John fur charity of the illustrating i 

been pushed much ton far. create a dearer consensus for man from the big four. Lord Chaloner. founder and ex- he has done for his seveo .fjOSGY'VSlT j 


■ .In this Country of cmrs^ fhere is no-one who is 
_ notcormected'with tiie sea. . 

v* the- food we eat cotocs frosa across the sea. ■ 
; Many thousands of us, our relatives or fizends are 
past or present members of one of the ’ g fefarm> 
-secvices, or ofan industry dependent on thenL J. 

There are many charities for seafarers and their 
families. One, only one, however, is the central charity, 

: charged with collecting and providing 'fuiuJs for all - 
other seafarers* charities, and with making sure that 
the money isdistributed where it can beqf mostuse. 

. • Thai central charily is King George’s Ftind for 

m 1917 at His Majesty's personal . 
wistti XGFS distributcs.funds without distinction of - 
service, of rank' or of creed. The sole criterion is to 
distribute the money to the areas of greatest need. 

When yon want to remember our seafarers who 

George’s Fund for 
Sailors* well, see to it that not one peony of your 
money goes to waste. : : . T 

Hease send your donation to;- . . 


paailj' because of inflation and reform. 


Armstrong of the Midland He chairman of the intenutiosal children’s books. 


Nottingham.” plans. “We may,” said the pro- 

- Chaloner. now a full-time pri° tQr . u '‘to a horrified look, 

author, is at present engaged ‘ ha y*; *? ^ink about cooking.” 
in the more penile pursuit nf ” erjs h ™ e tboughL 
tnounting an exhibition and sale 
farm John fur charity of the illustration* 

and ex; he has done for his seven yJDSQlT&iZir 


■ SutgGeptz^S FOiifor Sailors 

THE FUND FOR CHARITIES THAT .SUPPORT S£4fAfifRT IN SE1 A8&’ TPSR. fAMfliS 






■ Y:‘ficiaaGiai : Times Wednesday November S ' 1978 




losing its 


23 


BY DICK WILSON 


AT A DINNER partyinHong 
-Kong recently, a successful 
Hong Kong Chinese.^^property 
■ . developer, found himself facing 
a Communist trade, official . of 
the Peking Government. 

. “ When." the .Hong Kong 
■ capitalist oslred loudly,. “ are; we 
ngoing to negotiate 'tills lease 
!' -.business?** '.'..j;- ■'.? 

1 ; There was a short,- though not 
hostile, silence : until =;thfr host 
!_ tactfully rsuMdr. a new 'eon- 
■ versation topie. • . 

v ’ The question, .thus directly 
‘ posed, is . not answered by 
(. Peking. . Bur until sis' oiohths 
ago it wou\d . never has- -been 

L.publidy put by a. Hong Kong 
•\ Chinese to .a Peking official. . - 

j: : In fact there is a wide 
“! expectancy that the issue of 
i Britain’s 99-year lease of Hong 
1 Kong's Nevr : Territories, doe to 
expire to just over 19 . years, 
will .be resolved without fuss 
during the; early 1980$. 

Individual 


One plausible explanation- of 
events is that' a bold Governor, 
in 1981 or 1982, - would quietj? 
order his legal officers to write 
individual least® for home- 
owners, developers- and .indus- 
trialists in the New Territories, 
running beyond 1997. - T 
The lawyers , would ..protest 
that Britain bad no. legal right 
to give away - land not hers by 
treaty: bnt the answer to this 
would be that only China could 
properly protest.’ aucT.-that 
.China's acquiescence wouid be 
secured by prior diplomacy..^. • 
.- The alternative, : after . all, 
would be to destroy the hopes 
of Hong Kong’s burgeoning 
middle-class for-- the ; mortgage 
path to flats.' of ’: their: own, -'as 


.well as to erode the confidence 
of investors ’-to longer - term 
returns. 

China couki not .formally 
extend the 99-year lease, for 
that would be to recognise what 
it ^ regards as anydUegal and 
unequal tjeaty a^d would -run 
agalost - the inure nt- tide of 
nationalism. 

. Bui; China would be ready, 
its^ representatives now indicate, 
to acquiesce In. -the indefinite 

continuation of British adminis- 
tration & the 

circumstances aifc tbattime still 
favoured it- ' '- r'* 

- So keen are; the Chinese to 
ensure Thaf the economic value 
/of ; Hong Kong to iChina is not 

diminished r hy any lackof con- 
fidence; 'on.: the j pari hs 
’ c^pitalists/tiiat-they- have hinted 

at;iheir'own readiness to extend 
long-term- loans id Hong Kong 
-beyond 1997. Sixcfi. a- “lend- 
Jease operatfeng* as some local 
wits have 'termed lit; Would pro- 
vide, .fp^t^rwwwrance -about 

China's, futiire attitude: . 

. > • ■ - ... single source 

;Tben there .are. the possible exchange, 
precedents set by the pre-war 
retrocession *' agreements,, by 





— -m - rfT1 ;^-A- 



Milts 



Of 


foreign “ instead of the workers' the heretical-sou nding words of 
canteen in the basement.” as one of them. 

retrocession • agreeim-ms,. ay What has brought the hitherto one grateful guest explained. Makers of textile*, compres- 
whirii Britain ceded back some 1*“®® question of the political- The communist spokesman sors and other small electronic 
of her former territories in Bl „y ,tuJ ^ e , of .r™ boo . s who a decade ago was brandish- goods; handbags, watch parrs 

xstsjez ^poncy nuZ ws “ 4 *“«»* harbed — •»*■. «*=■ — mani " •*!«« 
~ CUL C,™ y *XZ n ‘JZo™£S ° f Ms - Tbe ,“*« sre said 

a contiouatiBtr of' 'to . facto The unprecedented toasting “ 10 W* ouldaJ, -d equipment. 

British administration. Thus, to fin orange juice) of the Queen's s ‘ bat one local electronics manu- 

put it. bluntly. China " wants health by China's unofficial But the new policy goes facturer has freighted his entire 
Hong Kong to remiin -British “Ambassador*’ at the Chinese beyond nice words. Of the 1,000 production line of a few years' 
for some time to come because National Day reception in Hong or so new joint industrial vintage across the border, leuv- 
a Chinese take-fwr would Kong last month was a high projects in China, the majority ing his more up-to-date one to 
frighten away the "capitalists. point in the new friendlier have Hong Kong Chinese com- be joined soon hy jn even more 
The : textile ■ quotas, on which policy. panies as their partner. sophisticated model — bv which 

Hong Kong’s prosperity is And when Bank of China China's representatives are ^ Iue , his Chictse partner may 
founded, would be forfeited: the executives entertain their quite open about what is in it bu ? toe seconf| nnc - and so on. 
convertibility '-of the Hong Kong British colleagues nowadays, for the Hong Kong investor, who There is no ownership for the 
dollar would be destroyed and they take them to one of toe may “profit for 10 or 15 years Hong Kong invesiur in China. 
China would lose her. largest modern American-run hotels . . . from our cheap labour," in but he can expect returns on 


the cost of the machinery and 
the know-how he puts in. Re- 
payment can extend over any- 
thin? from five to 15 years, with 
interest, and takes the form of 
products which he is tree ro 
market outside China. 

In the case of hotel projects 
currently being negotiated, one 
Hnng Kong-finaneed invest- 
ment of some £lOm in the form 
of everything save land, labour, 
sand and stone is to be repaid 
□t the rate of £lm a year over 
2i> years, representing about 7 
per cent compound annual in- 
terest. BuL like most of the 
hotel projects, the return is ia 
l be form of vouchers which the 
investors may market outside 
China. The right lu actually 
manase the hotel, including 
hiring ami firing and the train- 
ing of local personnel, is said to 
he guaranteed for three years. 

there are several Bong Kong- 
led groups now negotiating for 
these joint hotel projects. For 
»ne of them alone the deal in 
prospect is For 5.000 rooms, or 
about eight average Hiltons. 
Speed is of the essence: one is 
in he commissioned next sum- 
mer. 

Specialist 


groups 


To underline the point that 
China, starved of technology 
uoder Mao. is now determined 
to milk Hong Kong for iL spe- 
cialist groups of communist 
Chinese architects, port opera- 
lots. technical training instruc- 
tors and others are now coming 
m visit their Hong Kong coun- 
terparts. 

The principal of the Hong 
Kong Polytechnic. Dr. Keith 
Leggc. who led a 10-man mis- 
sion to China last month, said 
afterwards that the Chinese 


technical universities were keen 
to exchange with Hong Kong, to 
obtain its advice on shopping 
lor new equipment and lo learn 
the new techniques used in 
Hong Kong. 

Hong Kong and China could 
complement each other in these 
Helds, Mr. Legge believes. 
“ Their work on steels and its 
problems, for example, is very 
good: hut they've clone little 
work on polymers, plastic and 
composite materials. They're 
strong on film processing hut 
not on data processing.*’ Two 
Hong Kong Chamber of Com- 
merce delegations are in China 
now, and more. collaboration is 
expected to result from their 
missions. 

Energy projects are also in 
prospect: Sir Lawrence Kadoorie 
may be about to realise his 30- 
ycar-o!d dream of serving 
Canton with electricity from his 
(privately owned i Hong Knnc 
power stations, using coal or oil 
from China. 

Offshore nil around Hainan 
Island, to the south .,f Canton, 
is plentiful, and of good quality, 
and there is talk of a pipeline' 
to Hong Kona, which would 
enhance Canton's chances of 
iipstacing Shanghai a.-> an indus- 
trial cchtre. 

Bttt the sudden flmv of new 
business is not all one-way. 
China continues to invest in 
Rone Kong: io ship repair, 
engineering, oil sroraae. petrol 
retailing, department stores and 
even real estate. A commercial 
complex being built over one of 
the new underground rail 
stations will bo partly Com- 
munist-controlled. 

The Bank uf China and its 
Communist - directed associates 
are rapidly expanding their 
branch, deposit and loan busi- 
ness, with 130 branches to The 


Hongkong and Shanghai Bank- 
ing Corporation's 174. 

What j.s quite new is the rnn- 
fide nee which all this engenders 
among the Hong Kong Chinese. 
One uf them, a technician with 
a local company amung those 

■investing" in China, refused 
to cut his hair short before 
going to his assignment lit ere. 
despite the urgent advice of ins 
superiors. 

Unconcealed 

distaste 

On arrival, his lengthy locks 

were duly apologised for by the 
leader of the Hona Kong 
mission, whereupon the Chinese 
hosts fit-dared with unconcealed 
distaste that, uf course, they 
recognised Jhat people in dif- 
ferent plficrs had different cus- 
toms. In the end. the young 
man won golden opinions from 

his even younger Communist 
Trainees. 

Thus there is omona The 

Hone Kong Chinese an unpre- 
cedented sense of equity in 
their relations with China — a 
delighted realisation rhar they 
are needed. And this in Turn 
breed; confidence that the poli- 
tical fin ure and the continued 
enjoyment of the h-a-ed lands 
are more certain than they have 
ever been. 

“People here." an Asian dip- 
lomat remarked, "have lost 
their West Berlin complex.” 

What roarrers now is not the 
legality nf Homi Kong but the 
fact that it is headin': for a husi- 
ness-like collaboration that, m 
in the end. may merge them 
both inio a developing super- 
China. where superficial politi- 
cal borders are less important 
than the underlying socio-ecoa- 
oinie links. 


I 

L M 


* r ink 

tiepcndi; 



Lettersto the Editor 


Buying off 
trouble 


From the Director. Finance/ 
Administration, Mick -Walker 
Motorcycles 


. . .There, is another problem. If The economist Walras, cent norm plus supplements In 
tjie Ford strike is . allowed to attempted to indicate what the knowldege that they will not 
melrge with a Leyiand strike, the would result if "perfect lose out in tbe longer term, 
chances of . arriving at different information ” existed in reality. General acceptance nf this 
'settlements even -vaguely re- All tbe various factors that com- formula will in itself contribute 
lafed tO' profit margins wifi be prise the supply and the demand to a lower rate of increase. 


Sir.— It is not my normal policy ^ The Sfiires. Luton,. Beds. 
to write letters - to netysp&per 

columns, fcut'T feel so dismayed yi . : ’ ' V. . - 

to learn that Ford's and other -UlUKCrS vV 

large companies are offering - 

oumc employe - : a nd wages ;■ 


bonus," that this letter just 
lo be written- ‘ 


Fnom Mr. IV.. McKay 



lost..- ■ .. . in a particular market would Of course there are some who 

F. KC-Pike.-. be apparent to all participants, on the basis of industrial muscle 

By definition,- therefore, there w iii enforre inflationary 
Cuuld be no. speculation, which demands, hut their position 
- • arises only when there is would he less tenable if the bulk 

. ignorance, s'nce the future 0 f their feilow workers accepted 

would be known. Changes would the prcmosals and their advan- 
both be orderly and anticipated, tage would he less pronounced if 
A ' - .Maybe the world will even- others received tax free supple 
_s\' tually. -witness the "Walrasian ments. 

What inrr ^-. ’Sitr-^he Situation-at : Ford’s reaijtjr” . but there is no such i t is in the public sector with 

im sure" aiiy ntfier sensible^and worsens . and is doing •■inuejv to thing as "perfect information” the Government's direct involve- 
Tong-sighted employer, is tbolbiig ensure an -inflationary -paper- in any major market at present. men i where this compromise 
term " effects this type ef rndnee^-ehase.': pattern: of wage> settle- There are' many reasons for the solution could have most effect 
ment to malingerers will iavc ments this winter. Could a Ford current turmoil in the currency for there would surely he a 
on those employees who at the spokesman (oranybody else wtth markets and our ignorance greater likelihood of acceptance 
moment arrive on time tor while sp^al knowledge of* - the sifna- makes us unable accurately to if Government employees were 
because they feet it is their duty, tion)- explain the apparent lack quantify them. reassured that their relative 

to do so. Surely whichever way of- »teregt. in moidiig towards a Mr. Colchester may well be pos’tion vis-a-vis the private 
one tries to; hide^ ^the true intent property. •. constittted share of correct in suggesting that sector would be maintained. - 
>of soch an offer, whether r glling added value payment scheme? " instant intfonoation " has Lionel Rob toson. 
it a loyalty or attendance bDnus, ; ^From a distance it seems that exacerbated the volatility. Par- " Amcliffe." 
if still amounts to. payzhent heiug ^ Ford' employees are insisting on ticularly so, in a time when the CJirwtcfturcJi Crescent,, 
made m an attempt to biiy-oif. the a permanent wages increase parameters of uncertainty have Radlett, Herts. 

troublesome faction, in an,.<!TOrt based onreurrent profits but the widened, consequently uncreas- • 

to avoid confrontation, - biii Lfim lmsune®' is not obtaining the ing the area of speculation. But ■ , 

ho\v long? ’ vdiversaT self- regulatory benefits the state of ‘ perfect in forma- I Qncpc in 

-Perhaps! am Halve: but j» was whicb<can be obtained from a tion” is nowhere in sight. . 

always understood - by myself share -of added value scheme. Tn Laurie Magnus. • (lfp 

that it w^ on?;a duty to be at. essence, of course, surh schemes 28. Bumbold Rood. SW’fi. 

one’s placer-of -work as ^»tid when guarantee the payroll at the . From Mr. P. James. 

work time commenced. The pos- historic fraction of added value # Sir, — When the British In- 

sibility o f an "attend an ce boaus7 and -give automatic adjustment f nTltr9VPTlinP r nurance Association did not 
was never ievqn cootemplatecL of : jodivitfual wages m accor- “ T immediately support Gordon 

' NownouliLsonie person who fc ffance wlth the prosperity of tbe Borrie's remarks over the appal- 

raore conversafttthan myself m enterprise and any achieved Pylltj Hngly high lapse ratios m certain 

these matters please justify why economies in the use of labour. Mr H Cole life assurance companies, that 

am employee needs fo be given a 'Why is there no sign of mutual Six,— Mr. Cotton's logic was bad enough, but at least 

bonus foi* complying With what attraction -between tbe car (November 6) leaves something silence would have been better 

is after all his lawful and nor- industry's recurring problem and to. be desired. On bis assump- than for Alan Teale (November 

mal contracturai hours ot work, the type of solution advocated bv tions, anybody who takes a job 4- page 22) to attempt to support 

to which - he - agreed without the. share of added value school? a t £60 a week and then receives the unsupportable. His remarks 

duress and quite voluntarily? W. McKay. an increase one week later, to are a sad reflection of the -way 

Personally I do not believe for ^■ Flintarove. £63. has gained 5 per cent in that the BIBA seems incapable 

onfSTmS tot the “SS Brntnen. Berks. tot weekTS ^efover 1160 »f taking an independent line 

* per compounded over a aod unbiased stand over some- 

year. thing of such fundamental ha- 
rt is ' impossible to say just portaoce. •• 

what rise the putative appointee For years insurance brokers 
to the Equal. Opportunities Com- with any claim to. integrity have 
missioQ will receive unless his deplored the high lapse ratios 
(or her) present salarv. and prevailing mainly in industrial 
are accurately offices but others as weTD where. 


British workers are disloyal .and — 

need to be bought-off. Certainly •/ 
if our employees are any. guide,.. T n rlucfrio 1 
one could not' wish: for a .more ^ XlIflllall 
dedicated . and hard working.' . 

injury 


general 

Mr. Wang Chen, a Chinese 
Vice-Premier. meeLs Mr. Anthony 
Wedgwood-Benn. ai Department Financial 
of Energy. l»*Ip on 

EEC Commissioners discuss Finanpp 
cartel of synthetic fibre ancr ’ 
producers operating within EEC. 

President Carter’s Special 


Today’s Events 


Speech debate continues. Subject: 
Rhodesia. Order on continuation 
of Rhodesian saner ions. 

Times’ conference in Last day of Festa Malaysia at [| nMSe of i^ ri i N: Q„ e ^n s Speech 
Nordic Banking and Commonwealth institute. WS. debate oonimiies: Subject: 

Sir Peter Yunncek. Lord forelcn :<fr;ui-s and defence. 
Mayor of London, at C. T. tOMPA.NV RESULTS 

Final diiidends: Central Manu- 


Your Move Next exhibition at 
Unicorn Hotel. Bristol, organised 


Bowrinc 


baud. 
Please 


wUh 1 tim^uT- Flx>TO ^ ‘ V ^ierley fringe beak**. ... ... 

loj alp payments w»ui time^u — j write to draw attention knoito, and can then be com- as Gordon Borne has rightly re- 

be 40 a feature of toe Social pared with what is offered. marked. SO per cent seems to be 
Security .-Aot . 2975 which, -m practice, it may well be the norm. Any thinking indi- 
Free to pay to«r workere accoro p^^tially, adversely affects to&t tbe new job will show a vidual only has to examine the 
Mr SpwrS thousands of businessmen and ms improvement of little or past performance figures to 
party profitgbilj^_ oot gccormmg their representatives. nothing on appointment and realise, while our best life offices 

to some hypothetical perqe — o_ ^ coMeague paid- a duty visit less /than 10 per cent over the are tbe besT in fhe world there 

to a firm and was involved in next two and a quarter years, are too many others whose per- 
a serious car accident when but I agree that it would be formance reflect 1 ! no credit to 
driving home (after toe visit) interesting to see what toe the insurance industry, 
wiih the result that one of his figures, toow once toe appoint- _.H is extremely unfortunate 


us not confuse - 


which the Government .decrees 
is necessaiT- 
Terry Dawkins, 

.\onrich Road. 

Wisbech, Combs. 


The snowball 
effect 


legs 5s now shorter than the meat has been made, 
other.' In. anticipation of possible Harvey Cole. 

"future . incapacity from arthritis 9, Clifton Hoad, Winchester. 
he sought bo have toe accident 
roistered as an industrial 
injury. 

The Department of Health and 


Supplementary 


From Mr. F- Pike. ■ .. Social Security has rejected his TlQVTDPTlf 

Sir,-— I think that-the Chan- claim' on toe grounds that be IHCUl 


that neither tbe Life Offices Asso- 
ciation nor the Industrial Life 
Office Association over a long 
period has done anything to im- 
prove the performance of these 
offices and to encourage them 
towards toe standards of the 
best It is surely obvious that 
the worse the performance of 
the life office the more the fn- 
dqcements needed to sell This 


cellor would have bad . was not on duty at the time of From 3fr. L. Robinson 

success, if he had gone for 9 per the accident. Had it occurred on sir. — To help resolve uj C m .. . 

cent with a few exceptions in- tte outward journey, it would present impasse mar I suggest * u nf n °t* 

the more profitable. sectors .and have been admissible: bad be that tbe Government's 5 per 

it is still a viable fall-hack, post- been rettmnng to bis normal cent norm be coupled with a !. H «bou3d be 

tion. By reducing expectations pface ©f duty, say to leave bis supplement equivalent to toe -fn " ~ . 

ai -the rate of 1. or 2 per cent a papers before going home, it difference between tbe averaee th ‘ ° f 

year, be would stand a better would Lave been admissible: hut basic increase and tbe nominal { ■ J** ^st«istleal in- 
ch a nee of bringing the steam since he was going home directly .5 per cent payable restrospec- ' t0 m u r?f nt 

roller to a halt at the bottom of from tfte -firm he had visaed, tlveiy to those who have adhered ? f® oo(falaff 

the hill. We are' probably wit- his duty was deemed to nave to the pay guidelines. ? “ 

nessinp another case of- more tmninwted before the start of Machinery already exists to BLBA is 

haste, less speed." .. the journey, and the claim was monitor pay increases and there- J! t0 

Of course, this is not true in itraduwssible. ' r . fore these supplementary pay- 

the case of the Ford Strike. It Surely .this is a case of good meats can be made perhaps ~ 

would seem that the longer^ we law but poor jtBtice^and should quarterly or half-yearly. Such Hucclecote. Gloucester. 


delay the settlement of toe Ford be corrected, 
dispute, the greater are the N. Brlerley. 
chances that toe whole affair will 7. Southstoke Rond. 
snowball on us. Tbe unions must Combe Down, Bath. 
obviously be able to justify the 
strike to their members and the 
payout time they would use 
would probably he a year. Thus, 
the original offer was worth 53.6 
weekly pay packets. After a six- 
week strike they are offered 16.5 m f „ 

per cent, but there are only « From Mr. L. Magma. 


Flourishing 

business 


Parameters of 
uncertainty 


an arrangement would ensure 
that those who have backed the 
pay policy would be. at no dis- 
advantage to the workforce as a 
whole.. Furthermore if the 

Government wished to provide 

an incentive for acceptance, the From Mr. H. Gosling. 
supplements could well be tax Apropos the letter of 

free — administratively not im- H- Roper (October 20) posing 
possible as they would be toe Idle thought “ most power- 
segregated from normal pay. f ul and .flotirishsTig institutions 
Tn my opinion most people rest on tax concessions." he has 


weeks left in toe vearto obtain a Sir,— Twcbolas Colchester (Lom- are worried by toe effects of put toe result before the effect. 
Tjavnut This offer is therefore bard, November 2) has a some- inflation and would welcome a « « heavy taxation that often 
worth 53.59 weekly psy packets, what muddled- view of what is formula which on the one band 


_ __ prevents a business flourishing 

Vuw ali k tols W mT/l£*1rn£oa£ invoiTCd'when e market operates helps deflate toe cost of living but please do not let us have 
mit T wnuM hesitate to eo hack v/i-th all ?>aiticif»SHs having and on toe other hand safe- ton easy a business environment 
tin mv Theoretical) members if “perfect inform a tion." "instant guards their intererts in relation or there will be no scope for 
to my (nypotnetivau. « wtile a necessary to others. I therefore think that business consultants. 


created SSSSSSStrf "^Taf^na- ^buT of 'STZZKS 3ii hZ(TgS5* 

toe greater toe n^ed t^-do' better. verWy not toe re prepared to 


greater 
Yes, it. is snowballing. 


Place. 


same thing. 


settle for toe Government’s 5 per Kensington, SW7. 


by City of Sheffield ro attract u5S2£ 


House. 12.30. 
Institute of Bioloc 


< Underwriting 
reception, Mansion 


J conference 


fact urine 
Safeguard 


and Trading 
Industrial 


Group, 
lines 1,- 


Trade Representative. Mr. Robert JI- . ■ L J 

Strauss, leaves Washington for BnsIpl industnalisls. 

Paris. Brussels. Bonn and Copen- London Chamber of Commerce « n Fan h" H eii l ih an h mcnts Inierim dividends: A-h 

hagen. and Industry seminar on “ Se«in K So V «r Sociere SW ” Snmnln- Company. Jnhn Bnchi 

MaU Order Traders’ Assoc ia- ln Ja Pan." Debate on ordmatinn nf women ^nun" 8 London w 

tion publishes Code 01 Practice. Britain’s largest sincle over- at Church of England General Tin L \iLin. !- 

Marine Engine and Equipment was promotiou this year opens in Synod (third day). Church House, p*.". n 11 .Hir I ,ii n t t , r r.-.iinli \ 
anufacturers' Association annual Mexico City 1 until November Westminsier. ?■! ihnrv International. J. 

nch and meeting — speaker Mr. I7i entirely devoted to industrial Men of the Year luncheon. ’ 


Manufacturers 

lunch 

Peter Rees, shadow spokesman on technology, equipment 
Treasury affairs. vices— sponsored hy 

Second land final day) of Overseas Trade Board. 


and ser- Savoy Hmel. 

British PARLIAMENTARY BUSINESS 

House of Commons: ij ’.Iren’s 


COMPANY MEETINGS 
L : U Textiles. Winchester Hou-?e, 
100 Old Broad Street, ECS. 



Because we make, sell and service our own copiers 
we're very careful about our image. 


You can take toe sharp, clear image of our copiers 
for granted. Like our cameras. 

Every one combines precision-made Canon 
lenses with a patented 'New Process.' 50 times more 
light sensitive than most other systems. And gives 
you toe best plain paper copies in the business. 

When selling and servicing copiers direct clarity 
and reliability are particularly important. Any come- 
back and the buck stops with us. 

Take the Canon I* -JP5000. P-eproduction is superb: 
you’ll have to look hard to distinguish the copy 
from the original. 

The NP500Cla!so copies photographs, 

\ Allows pushbutton selection 
of different paper sizes. 

Delivers up to 22 copies a 
minute. And effectively reduces 
toe chances of jamming by having 
a very short paper path 


and fewer moving parts. 

As companies come in ( ots of different sizes, so 
do our copiers. We have :e . en models: all covered (7 
by a really comprehensive warranty we call 
our Total Guarantee Agreement. * — ~-i~. . : 







d _ _ r%f; . — . 

•- y: 

--.I 

It took Canon fifteen years to 
perfect the I Jew Process.' Time well spent. 

Because ever/ rime your company 
sends someone a photocopy, ou’re 
judged by its quality. 

And that's why our image is so important 

to yours. 





Canon BuTrfnw Machm^ <VI~ «, ■??. ioj'erd Fo.v, Crsfiv. Z-0 Z v= 

»rx) me deufc rfik® C jk,- v rrri, 

NRSODelr-ioaForeonufri- , rf'sr.vc t» if nc*v 14 * jpp-ox.) 

3 CC- 25 r».i copies per ircn;h.“ 

NPA 2 ' or fan cc^ying of orip-; -.s - .: 24 ’aJa:rjrfo.'.ofS’ 1 ecD!:o!*oiriw 

— ^s, Irjp-opy r^thods. 

□ NP50QD fr- ferctti cSce -jie-; ; "r*-.-* n : y. vcl-jnec if h r.-e-- -Z 

fOWfw (ncnlf • 


□ NP70For ^rniliiame^iurr -./» -- --- 
S-jperi reproduonr prater- . -• 

□ NP 75 rTTWOOKK^oj-wf,-;'- 
L-rfmmThoiamecrtSijejjt-T s'-: 1 • : 

O NP5500 fo- 1 : 1 rep-.r-f y, J rc. '■ 

tOOO plus cc-p-ss per nv»ih. 

□ NP 77 Foreffidwo. drii - 1 2 -r r’: - 


■ -Xv-'pe.psf r»-j.— I - 

V :?p-:rr ..- - -rpi-il. 

:-K " Dili*’- .- :-.-n - 

:■ A; :.r --r J: c-’i ■; H tr : jr-e-. z-c f-r: - 

tv. t cc c >-r ^ re 

’ I- jj cop iti i-^r ironiA,* . 


TafFr-C’jT 




The next step forward in copiers 

calculators and rr.vrrcfilm rf-ir. 1 

•— . f.- SEC Sm _ — " "" — ■ 






LJ 




Is Patons profit cut 
warns on second half 


Scotcros 
higher 
after six 
months 


financial Times Wednesday -November 8 197S 

^ QOZ Allied 


to 


London 
climbs 
over £lm 


*P ; 


FROM SALES of EWO.flfim com- 
pared with £323. 50m, profits before 
tax of Coats Patons were down 
from £40.91 ra to £32.£5xn In the 
first fix months of 197S. 

Sales were marginally up des- 
pite bein? adversely affected to 
the extent of £26m by the weaken- 
ing U.S. dollar and other cur- 
rencies. However volume was 
.slightly down and an increase of 
10 per cent In overall prices was 
insufficient lo maintain margins 
in the fact* of rising costs. 

The directors say that although 
the downward trend in sales 
volume is generally levelline out 
an improvement in margins will 
be difficult to achieve and given 
that exchange rate movements 
have hern worse than expected, no 
.significant improvement in second- 
half profits can be foreseen. 

The directors say trading con- 
ditions were exceptionally difficult 
in Europe and North America — 
where profits were down by some 
£6m. offset by imnrovemems in 
Australia and Latin America. In 
the UK trading mortis improved 
sufficiently to minimise ihe loss 1 


_ rk _ _ i.1 _ THE DIRECTORS of Whitbread general UK .beer market-trend— 10;46p fS.Sfip) baslcy and' 9-55P ATTAJ* 4- g YW% 

fill IftlHiN * nd Company report a 28 per an improvement they hope' ta ; t8JBp) fully diluted. . UfCl dLAlAI.- 

luvutuo cem '"crease .n taxable profits maintain invthe secohd tol&. -Pre-tax figure was struck after ■ . - 

INCLUDING TAXABLE earnings g?“ ' “Tjf". 10 26 ^ directors beUeve fbai' eic depreciation 17.12m ton* pre-TAX PROFITS of Allied Xo» 

of £136.000 from its French and »• 25 „ roiiD S,!^-^w!ind loan interest £5J2Sm t£6.33m) i doa Properties climbed to £1.07 it 

Belgian interests acquired in to SJk 7 1? iwtt^r mom^tum ior The' ? fidL t ^*^f «" d 21MJ"0 gain .on —thgjlrst time o*er£lm— for thi 

November last year. Seolenw *™ m “Tjrojo ***Q.im. Profit tor mo ^foreign exchange, and was subject yeax CT ded June 30, 1078, again? 

lifted profit for the six months jo C«=PJf vl0US y *'** s peak ability to take >' n, s to,' a tax charge of £S-llm, £970^89 last time, oh lumovei 


HIGHLIGHTS 


licuut lur vne six iuuuiuo * ability in ttkP’thpfirifoet* --TO. a rax enacts vi w- 1 -**"* tasi time, on luvnovra 

September 30. lots, from £476,000 _ ; . face of ruSSvJ&iSS SOSm. which has been reduced downby £lra to JEfi-Slm. • 

to £331.000. • Group sales were up They state the first hair . |*f® • W** jU0n ■ (£S.l$m) due Jo".' J.. . ^ itrU tK - 

£4.63m at 113.94m with £3.«m increases nene due lately to ^ st s e °“5 I ^& J* ** /accented capital allowances and. 

"ST*-*-- ^Marten w™***-r** ’. 


uikicahca ncre aue * uaspiv rq : ■ 7 : . *** w 

Unproved customer service -in on invested during 1079/80; - \ 


Half time figures from Whitbread are as good as ejected 
with the group benefiting from increased volume and the 
absence of strikes which depressed the comparable period and 
further progress is anticipated for the remainder of the year. 
As forecast Coats Patons profits are well down on. the first naif 
of last year mainly due to a cut back in thread sales in 
North America and Europe and the deteriorating trend is still 
apparent in the second half. Lex also takes a look at Associated 
British Foods, where profits are 53 per cent higher with a 
setback In South Africa and Australia being offset by the UK 
where the elimination of last year's £2m bread losses has pro- 
duced a £3n> turn round but the results are uvershadowed by 
the current bread strike. Elsewhere. De La Rue incurred a 
£1.2 ill fall in profits on the security side due tu a move into 
losses on the money handling machine manufacturer De La Rue 
Crosficld. Capper-Neiii. with profits 10- per cent higher, was 
slightly below market expectations with increased competition 
taking its lull oo margins. Aronson has turned in strung 
recovery while Illartonalr continues to .show solid growth. 


proceeding ana the surplus ior peuoveness or me group s meni -ot u.ihz^ u announced -for minorities, ft ilfift T f?i 7 . nTt^Vnnt 

the year is expected to show a brands. - 1377/78 on the reduction m ACT— d ^ °f Divestment 

satisfactory advance over the These factors resulted in an last year’s final was 2J8S8p. Barn*' ** 40 ’ 000 '’ Earnings pe 

£628.000 achieved for 1977/78. the increase in volume above the mgs per share are shown as 5 ' . See Lex • 5.26p (4 45pJ i 

directors say.. dend for the. 


See Lex 


There was.no benefit from the 
new plastic sheet-making plant at 
Edinburg in -the first six months 
but substantial provision made at 
the end of last year is adequate 
to cover any further commission- 


De La Rue over £13m midway 


. Earnings, per lOp -'share an 
5.26p (4 45pJ and the total divi 
dend .for the .year is effectively 
increased -to -2.0W5p. ( adjust « 
U8489p) net with a final o- 
L46S75p (1-253P). Also proposet 
is. a scrip - issue of. preferenu 
shares' on the -basis, of, one 
preference -for every. 40: onflnarj 


£144.000 trill). 

Net profit for the half-vear came 
out at £237.000 (£229.000) after 
tax of £274.000 (£247.000) and 
earning* per 25p share were up 


Sterlinj 
stead} 
es r witi. 
o raaiw 


Oloat 4 4Zn Th 'm interim as socJa »«* group pre-tax earnlnas net surplus would have been Stafford Borough Council f£Im). Smeared with' 

rtSdPnf| 4, k P ' ra i«L in 1 o<hki£ advanced from £11 .92m to £I3.24m. reduced by £1.4m (£L8 m>.- City of Stoke- on Trent f513 * 281 . 0011113 ared w “i -£500^3fi 

IS -raised _ te o.suatp . ...V'.'lVnrfrint. nirtrirt fjumpfl IflmL ■ Dnrtoff ■ the veair- . the. ' . t^nmf 


nf Temnnrwry Employment Sub- 
sidy. despite several areas where interest charge, although borrow- the board confirms that Ihe addN 


Tfcndring District Council UiraL- ' Durtpg the year tha grop?: 
Blackpool Bo.roogh Council bas tesued-£4.1m of debenture: slock 


problems still exist. 


Tvrniw 

Trartino pmfil 

Ek-p.T>.-iaiivn 

Trading profit 

Immu. de 

Awwiari’ii nrnfiw 
Invest. & other itk-orne 
Profit before Lax . 

Tax 

N>l profit . . 

Inr»m-i»ni crams 
^linonrimi . . 

Bs'-.sord. losses 
Vr^f.-r.-nis* ilUiilenrts 
Earn«j tnr nr»lm.>rr ... 
Ordinary dn iili-ntly 
Reia inert 


Jan.. ‘June 

1B7R v»- 

two fill 

33G.OM 323. 1 

41 0W 49 
6.1-S fi 

34. PI# «! 
Z.TT* a : 


ins* requirements are not Increas- lionat payment of 0.03 17p for 1977 
mg at ihe same rate as they did will be paid with the interim — 


ciated companies' profits is s-ub- pre-tax profits of £83.23m_ 
stamially due to better results in a maximum permitted 
fi Mi India. dividend is expected for 

4i! if Tax has been charged at 43 per current vear 
•i -1 1 cent based on the estimate of the iri-.-t.hLir ire ch n >.- 


/nsicfin) incr veVrt final was Before associates Drofit"marein< — Tendnng District Council uira }.- uurtpg tne . year tne. group 

9 4317P ' y USS slipped to 143 per cent (107*per •comment • ..f'.L.’ Blackpoo) Borough Council has lssued-£4.1m of. debenture; stock 

ww* cent). The lower - margins in The most striking feaW-of/ Bto 
Uoaiidjiee ue*odJ(ed security from the exceptionally La Roe’s figures is the £lAn fan - dated November. 4, 1981 at par. finance far further expansion. ... 
rnwi fflofl high levels last year was expected in trading profit -on "its .set&rtis . 

Sai<># ix943 b. 313 say the directors. T^ie group re- side, which was responsible Tbr - . . 1 - 1 

t'K tn-O-T *315 suit as a whole was higher than yesterday’s sharp fall -in/ the - s ~ ‘ 

rxilSta^nniiV”" 1 " ^ ~ the budget with which the com- shares. The lower profits in this - . DIVIDEIVDS AN-1VOUJVGED ; ' 

Operailnif pmfli htv pany started the current year, in division reflect a move into losses AJX * rXi viTLf XJ1.T 

1* _ spite of a dL^ppointing outcome at De La Rue Crosfleld; - the ‘ Date Corre- T-ofal T«f»i 

inupMi in --D from De La Rue CrnsfipM wh^r* mnnav-hnniUln# mnrhino man.,- .n . - . . ' i : ■. .T?*“ 


#0.90i required. for . ACT not U ( £ts.7m com pared with £2lm in 
i 7 t:lw immcdutoly recoverable. . Full the same period la>t vear 

—i ims provision has been made for de- g t » e Ley 

•isn ferred tax. but serious cortsidera- 

KS-\P 13 in respect ot the P 197R ELECTERMi NATIONS 

:m.4 avcounix. the hoard states. The report !»y the Denar:meni 

. Earnmas per 23n share for ihe of Trade into the affairs of 
first half are shown at 4.1 p Elcclerminatinns. which is iit 
?vHs asainst 7.4p. The inlcrim divi- liquidations, will be published 


Sal« 


£0(10 

1X943 

£DM 

9.313 

PIC 


M.0W 

BJLn 

Uversea* 


X916 

— 

Operailnrf {unfit 


tfTS 

496 

UK 


&1S 

OS 



lafi 

— 

Ini^ren 


Hi 

JO 

Pre-tax profit . 


531 

479 

Tax 

• _ |f 

274 

247 

Nei profit .... .. 


~ i“ 

1S9 

Exiraorft ln*s 


144 

— 

Ta ntinoritlps . 


r: 

— 

WinbHIBblp _.. 

• 

101 

=3 

Pref. rfU-Wend 




1.7 

rird. ■H'-tdpml 

. 

40 

44 

Reiairwl 


» 

17? 


DIVIDENDS ANNOUNCED 


from De La Rue Crosfleld where monev-handHnc machine, manu- - -. Current 

no improvement is seen for the facturer, where new- product- Davmpnt 

second six months. development has been .'delayed^ AR Foods inf 089 

Although sales volumes are and a lack of the. exceptional Roberto Adlird”" r !inL '1.75 

^">"8 more slowly than hlgh-margin contraCft^ '. on 1. the Airflow Streamlines ...Inf 4>.B3 


_ growing 


expected in some areas -of tne printing ride that were a feature Allied London -147 

business, margins in the second of the first half -.of • lafit^ year.,- Ambrose inv Tkt ’’" ’faL 2 + 


.. Date / Corre- ’Tofal 
of' • I -spondiitg:-.fot.- 
payment dW. "• : year 
Mar. H 0.79 — - 

v '— L59 ‘ — ' 

Jan. 3 ■ -0A3r . ■ — £, 

— .lJSST: ■■ 28$ 

Dec. .15 L8 ^ 

Jan. 4 0.09 " -L8 


Dec. .15 
Jan. 4 


Increased hnrrowir.g levels against “4p. x^e inlrrim divi- liquidations, 
account mainly for Lhe rise in the dend i» I.2957p against I.I603p and today. 


AB Foods profits in jeopardy 


Mid-year 
setback at 
Usher-Walker 


profit showed further growth to seasonal fluctuations 
a record £2S84ra. following the evened, out. Associates are Hi 


1976/77. 


prising 145.96m f£43.93m) by as well as volume terms are 


ALTHOUGH SALES and profit* of and £=:3m following Ihe sale of companies was below budgeted Hr D ]^ g J fla J ly . better at £33 62m improve on last -year's. 

Associated British • Foods were Alliance Wlinlpsalo C. ml; fovTiI .Kn P r i n i- (£32.5m). but on total turnover Pre-tax profit, as expor 


to Sep tern- In lhe IfK profits increased considered satisfactory bearing in £264 000 To 

strike na> hv £".7m while overseas profits mind the Turiher increase in com- hair of 1978 

i.spects for were £2m lower including £Um netitive pressures within the food 


Although' turnover was higher 
at £2.9flm (£2.71n0. it has also 


W foods were Ai fiance VVhoTexaie Cl rocers tevei“'tiS re«ltsT„Totd c7n be JL U 5ETB "MSTwi from 

ber h 30 k 1 V-* 10 Profit increased considered satisfactory bearing in £264.000 to £224,000 for the first J!£ic 

nf.f a?L bread s,r,ke h as h - v £- »m while overseas profits mind the farther increase in com- half of 1978 

put a new light on prospects for were £2m lower including £Utn petitive pressures within the food ' V ?' u- , seCU 

res * 0 ' ^ year- for currency realignment Despite industry Although turnover was higher 

Mr. Garry Weston, the chair- the continuity of the High Street Sales in Australia Increased hv at a9fim < £2 -7} m ’J* has . ■ 1 » 

m rf n. says that bread manufac- price war the croup's retail » per rent and the iroffi b?foro bPen affet ! ,ed by continual din- srirt 

turers are nnw again used as the divisions increased their share of , a x «ns miriv 14 lyrr ecni P ,l,es ,n ,he newspaper industry. See 

instruments of Government policy, the market. s a y« Mr Wcrion - hl^hef than ior Ihe coreesnond “»» Mr ' S - C «***»• the chairman. On 

TihS^^ r 7 m^-SSS X SSi J hP : n ro-- m ™V '■« 1^3 l»5 w. He renons that lhe group’s * 1 % 

policies 0 n is im,,os-si‘li^ fir mS 'iJJ** 11 rt - ° SKfi -; p , 3 *** sidcrcd r!ies e s H iisfaclory results labour troubles have- intensified. J*« 

to wmlnui to ^MoT -h > :,r 101 aI \ vas will continue in the second half with its Marshgate lane factory 

hc^ outmiiie ro7ihe 11 ‘ ’ ;-- n r on 3 « >re - f3X ^ .h, year he ins shut completely since Octo- 5JS3S 

N-ofmS iredlnr. In fS ui«t re- ufi,, ’ hm - c„ ^ Th * Profiis of Premier Milling . ber 10 by unofficial strike action. Tax 

suited in some 55 per cent lo 60 iv* s ’ "" isn Company were 2n p»*r cent lower Although A he directors are ^ 

per cent of group profits being „ r _" no n o tew V-f* 1 ?!;**" ’ ncr ^ 1 ^^?' V por ce ™ honeful that the. siluation will be Pmrn 

earned in the second half. Trlidms oimius ' "US c?.,, h^ir,4« Oierjirnriuctinn in resolved in the near future. Air Anrin 

Mr. Weston says, however, this Pronvidiion ivaoS i"i«n «ML A ^4V2“^.5. y ,r,?|“^ Bi -?s points out these problems L 

year rhe whole or British Industry Pro"* • 39 .W jt =n-> 'ty ai rid Jack < vf demand in a w j|j afTecl the current years pro- Ta 

is placed under a treat deal of - r. f t - ° us,rie,> in ^ h . ic h thc fits. For all H»77. a record f4D0.000 lead 

uncertainty -re-suiting from the TV 5S ^ nrSSure % *SS# 'SSSl/SS ta3iab,e surplus .was reached. . £7.S3 

Governments attempt lo maintain -ni-rseV m sw ^ SJSjiU ?n ^ i Desnire the Dresenl setback rhe 25p 

a pay* policy that has not received «■■« . .. .. » ?- «?-w m feetl and ' IhI “pit 


Bank of Ireland.).... 

..int 

6.5t - 

Dec. 

18 

- 5 ' 

Beihaven — 

..int 

0.42** 

. . • 

Nil - ■ 

'Bradford Prop. Tst. ; 

.,int. 

3.8 

Jan. 

o 

3.4 

Brldport-Gundry . i„ 


L2 

Jan, 

7fr 

o.fri : 

- Capper NelH 

..int. 

1.17 

Jan. 

6 

1^5 ' - 

Cater Ryder 

..int 

4.1 . . 1 ■ 

Jan. 

3 

4.04* 

Cedar Tst 


1.75-- 

- Dec. 

13 

- 1^ 

Clement Clarke 

..int 

1.05' 

Jan. 

5 

0^4 ■ 

CLJU*. 

Coats Patons 

..int 

IS . -. . 

i^9 

Dec. 

Dec; 

T9 

29 

.■iS-.'-r. 

1.16 

.De La Rue ; 

..int 

3.91 

Jan; 

4 

s:5f 

Drayton Tst 


5^ . 

Dec. 

T9 

3 .48 . • 


was down ¥"perce*nt"due to'the profit .margins should^pick: -'iSf'SShSf m, «. “M 1 r* 1 ^' 
£224,000 for the first incidence and timing of certain Down 20p at Stop the shares -yield £7* -l'i" 


incidence and timing of certain 


security contracts. 


" “wm «*■ uic siuna jrieio • . , —J.- 

a prospective 4-2 per cent on a 1.73 


Hag-year historic p/e of 7.2. 
1978 1977 


- - ny continual a is- s«!e« • 37>at si.sw 

pules in the newspaper industry, securto- 45.«s 43. vu 

says Mr. S. C. Biggs, the chairman, tiraphic* iij-s# iaoe 

v. Tradliw pronl lflS»0 I0IC9 

He renorls lhat' tne group’s Srcantr ...j s.wn s.mi 


1# 370 to »?■ 
S.4H1 9.M1 


Yearlings up 
to \u% . {• 


Highgate and JpbM....iht 

Jessups 

London and Prov. Shop'.-'.. 
Nartonair ’ 

W. L. Pawson „...iht. 


Dec: 19 
Jan. -31 
Dec. 21 


’T-ofal --. Total 
- for, - '.last 
year -year 

436+1 

-.2-46* 
20$ - *L3S* 

.. - -."Aj ? 

18V i.fr 

2.^-: L9i- 
<’• 35 v: 
i -i Nil-- 
. — - -,'fifrU 
Ur ;U27; 

— ■■■mi 

. .lrtin 

2 75 >>A5r. 

1 2.16 . 

2A -'- L9V. 

■ ussi 

$2 : 4.7 * 

. — . . 2-itt 

• — . ! 42 

~ V V 44T 

— '-“T; ■■ ■IS . 

t9SV>:j^_ 

■ O-Efc- - -*^0 .74/ X] 


Scolcros int 0.91 


Scottish Nat Trt. Ji-....*...,' 2.5 

Usher- Walker _....inL- 159- - 

Whitbread int. 1^8. 


: Jan., 12 3.76 V . 

Dec. 15 — V 

Jan. -fi -fl.8lV • t 

• tx - — 1 rt • A n • ; it M ■ ^ 


Dec. 19 
Dec. 11- 4.13 


S* J.* a .L 2TT“‘ r Yoang Cm. liir.'V-;;.‘“liit 


Six mnntrii 
lin« w 


bond rate is up half, a point to 


De c. 11" 4.13 
Jan. 11. .1.15 
Dec. 29 1.4 


— 'V' : -3.98a 
•' 3,85 


H SEsFSSilH ssSSi- sE'S .2 ,2 l 

South Africa caused by ex ' ooim X Put t hese problems ' «Dtrri o«rt»,d. nct il^c*^ r.ramninn Verion^ 1 ' 0.090a7p for W77/78. 5 Forecast 2129Wp total in .Keptembe^JTS i 

is: ssssrJwSrtSsra'M s?f^ , !w?rsyrawa js. sr-nssm ssnss ssls? TUSa"-* dSSi - 


Trjdinc Mirplus 


7S 11 f per cent this week.;. ‘ The Dividends shown pence per share net excepf where othenvlse sjaierf. 



127 yearlings are issued at par. -and 
« due on November 12; 1979.-. : . 
i.i»7 This week's issues'.'..: are? — 


"u-rseas mi 
«■•! oniur 


SWM number of indusiries in which thc 

^2 SSIS* oTISt TffiX U londSr W1 Sire^?Si. 

iS JESS hT e- 7red Md Despire the prereni setback, rhe 25p . of J2.6p (22.1 p on Wandsworth dim). cBp*«f 

"i-SS poXhry division.!. r d d directors are ronfidenr in the ca P |laJ 1Dcre ^d by rights Issue). Manchester. (£3jm). Too bridge. 


a wide degree or support, from nnuoririw 
trade . unionlsK and. this is SSEL 


wvmg the net surplus up from Strathclyde' Regional Cogncii s’triictkm ‘ Vt YSdM SS&K - - 
I.S3m lo £8.7!te for earnings per (Him). London BoroogJ^ol ^W23^ far 1977/78 « 

5p share of 32.6p (22.1 p on Wandsworth dim). C®A^S Wn redu«2 dtowriiv UpN ““ ftUry ^ now.Udyahlnr- . 

aniial inrrpa^srt hv ritrhi* lcc.nl itr,n/.hoci»r rntmt- -n •'> *« reuuce qisparity WltD nnaf. 


icZioir r, . • .V, , . Po'/fivnar dividvnh 

especially critical in the labour • immure liutrim 


inlensive indusiries of food manu- 


However. ir i* aniiripatnd that future progress of the company. 
^ k =« more Ml able conditions will P re- SiaJed half-yearly earnings 


fan lire" 


improvcmeril in rhi rcvull" V3i i Z ,he of thP yQ ^ r . dropped Trom 5.*>p to 4.7\p per 

of lhe roanii fact tiring division was and t hc f ,r °t.Iv for lb«*_vcar should ,y p share, while the interim divi- 


On wnrldv idc sales up by £r,nrh largefyVlue lo ihe return’ to’ mar- [1 ? n J ’ n r i’nn ' ' fr ° m den< * ,ifle<l '? \^ 7p i 

to £S77m in the firsi half, pre-tax ginal levels of profitabilirv uf thc P Tu' r"«/ « « net — last years final was 2.1lJ9p. | 

profil increased by just over 5 per bakery division, in contrast to the h ^'%'TJ n l 'L After a 

cem front. 132m to £3S.7m. The substantial losses incurred during Jjj* h JfL' ,, fluioOO) 

incrcas? in turnover is after the same period last year. While \ h __„ n . 1 ~ rrt up intercut den<Js a|ll 
taking into aerount reductions .of the contribution of >ome of thc c a ~ p - • . .. period u 


£20m for eurrency realignments group's 


mnnu fact urine 


Sec Lex 


'rourim' A rtflr. a lav charge of £122.000 
(merest <*'-*2.0001 and preference divi- 
' 1 dends. attributable profits for the 
period were down £20.000 to 
£100.250. 



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Much of BTRs growth in 
recent years has come from the sale 
at home and abroad of specialist 
hoses of all types. 

Our factories worldwide 
manufacture industrial hoses for 
many different critical applications. 

We supply thousands of other 
products to the engineering, 
transportation, energy and mining 
industries worldwide. Vital 
components for cars, trains and 
planes. Hoses ot all types. Heavy- 
Juty conveyor belting. Oil platform 
srecl-work assemblies. Rubber, 
plastic and engineering components. 

Were confidenr we’ve got rhe 
right mix to carry on growing. Sales 
to key industries and worldwide ' 
manufacture and distribution. 
Above all, an operating philosophy 
that actively encourages growth. 




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BTR Limited, Silvertownliouse, Vincent Square, London SW1P2FL 








73 : 






j»s 

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-F&andal T&rres Wednesday November s 1978 


tV* j). ^ \j£o 


beconu hall acceleration Martonair rises 
leaves Arenson 88% ahead to peak £4.9m 


?SS«« liSSSrS E32J3S-5-'S55 SS^5!T-8ft/S 3 

SSS&VjS - fi“5rt & ss, aras^is 

tore Md equipment inaker,ei.. Tl>e share^rose_4p to rap, which aivesunent in equipment and over ahead from £26.GBm to out at 12.15m compared with 
pauded pre-^protit For the rear fives a p/eof a.Sandayieid o( increa.se in stocks and work in 130 47m. £1.33m. The amount retained was 

to July 31, 187S. by : SB per cent 4.1 per ceqt- which i& hardly a procress. , , «“144m (1937,415 i 

from, 1470.600 demanding »1»g. .Slated earning, before emra- J* “C_J£ ‘ Martonair man'ufacmrea ™, 


N \i\\ \ r , 

- Ve 


#pi9 


ahead of the" previous peak 

achieved in 1973-74: At halftime ■' -4_ .' '-»** " l 

VbSBx w m7m bisaet Bradford 

Sales for the. year reached • ~ 

113.17m. compared with £1 1.94m. Uv»AnAv4fr 
.. The only disappointment was J lUllt/l LV 
the lower export sales which were Mr " 

hard hit -in. the second six '• j • 

months, says Mr. Archy Arenfton. Qfl 

the chairman. Be adds that be aUTtlllVVJ 
believes this was only i tem- j? or the half year to October 5, 
porary situation- and has already jgyg Bradford Property Trust re- 
started to improve. - ports an advance in pre-tax pro 0 is 

At the year end the group was £jp m n.68m to £2-4m. 
in a healthy" financial position attributable earnings are 

and. " strengthened reterves'-shown 4b have : risen from lfl.75p 
help by a low tax charge have to fI5.2p aruf.the Interim dividend 
underpinned- our . financial f s stepped up from 3.399p to 
: stability Cor the future.’' he says. -338S9p net Last year's total pay- 
The current year has started njent was 6-8097p from profits of 

well in all important areas and £t.38m. . . 


. . £1.44m (1937,4151. 

interim stage the . . 

ordinary Jaim dir,?clor s reported an increase >£»“ " ™mi 3 clurcs pneu- 

ner JE SS? *A V , ‘“ft from £838.000 m 11.13m and were maUc control equipment. 

dividend is raised from lJSn to COJlfldenl lhaT results for the full 

1.43p net. payubte f IieceS s * car wouW ac « m shou : a material # comment 

and costing 1(2.000 (17.000). Last JD “" over the * 3rev,ous »" r - Martonair continues to show 

y^qr s final was l.DSp on £504.000 The results include only ten i factory srro*. th althm.®h « 

'"Sf p ZKUv .*» « XX £ MS Ss«g 
%8 & b ' M - J - a **'"**“' assist 

a w /mnlmS f n 'rfk to hoId ils P ric0s in most markets 

Clement ^SSrJSS ^ *s'™£ 

, fiShr JE 2 rtRrtftr. 1 ?!?* of pr1ce C0^,r,;,| * Should help 

tonly. the directors state. Martonair's .subsidiary in the 


comment 


Clement 
Clarke up 
at halfway 



•• - - - - 1 - »/■ ; <-i-\ ■ v-.V ' »*>;, A/i V; rj. -Jv«t - 


A maximum permitted final current tradinc year to' strengthen 
dividend of 4j28p (3.756p'i net per its position after thp 1977/78 


underpinned- our . financial fg stepped up from 3.3H9p to a g _|f 20p share lifts the total for the return to profita bill tv. The shares 

. stability Cor Uw future.’' he bivs. -339S9p net Last year's total pay- |13lfWJIV year to 6.03p (3.343pi. Also pro- have been volatile 'lately, but ai 

The current year baa started merit was 6A097p from profits of n po«ed is a one-for ten scrip issue. J90p. against a recent hiqh of 

well in all important areas and £4.3fim. . ON TURNOVER of I4.58m against Tax for the year took £2. 72m 232p. they yield 4.$ per cent oc a 

•-.• the directors are confident that Rental income for the naif year f -.-46m pro-tax profits of C3emrot (£2.11m) leaving a net profit of p, e of 10.2. 

" margins wiU continue to rise but, - totalled . £U81.6a8 (£1,083.1 HO). Clarke (Holdings) rose from 

Bl the same time, they wilt be sales' .by - dealing . companies £*$.000 to £533.000 for the half _ 

■ placing emphasis on increasing £3^74,500 (£1^97^75) and surplus year to June 30. 1978. Profits T-rtil/vt* lllmllt 

sales volume during, the 12 from property rentals £7ie,i9S Tor the whole of 1977 was down f OPK I ILKClv FO 

. months. . . (£6873931- from a record £957.719 to £879.190. A A 1 ' J V 

Stated earnings per 10p share , Miscellaneous income amounted At the present time all divisions 
• climbed to 15.15p (623p1 or to £211.050 (£55,708). yvrth profit are maintaining their progress * 0,y% 

' 1328p (6.1 6p> fully diluted. A net from property sales -being divided and indications are that the full TTIlCVl t /m TO FP CHS I 

" final ‘dividend of 1.4427tp raises as to dealing companies £1.429.055 year's results will bo very satis- owa^iii v 

the total to 2.1345P (l.SllSp) and (£904,747) and investment com- factory, states Mr. John H. Oarke. 

costs £189,000. (£164.000) after paiiies ‘£49,988 (£44,126). __ the chairman. REPORTING ON' a particularly acquired a substantial interest. 

‘ waivers of £4.716 (£9.620). '. The associated loss was £5.500 The planned expansion last year difficult third quarter period for has been replaced Mr. Ala stair 

A tax . charge of £93,000 ^£12,4581. Tax took £1234.596 in the optical sector has been York Trailer Holdings, \fr. F. W. MacGillivray has resigned from 

ffPl.000) left rhe net balance at (£866481) and the profit attribm- justified in the liehr of results. Davies, tlie chairman, warns that the position which i> now to be 

— £793,000 (£379.000); abte came out of £1466.806 he adds, with retail sales in both 197R results will most likely faH filled by Mr. Tt. Turner, previously 

• . . (£816,833). - _ . . . dispensing and ophthalmic short of ttie £2ra pre-tax profits with Debenharns and Peat 




• comment . 

A. Arenson has lived up to its 
promise by improving margins, 
although the' near' three points 
rise to 6.7 per cent .is still well 
xhort of the 112 per cent achieved 
in the record .year, of 1973 /74. 
Nevertheless, in terms of profits 
the company has made a full 
recovery with a- pre-tax jump of 


First half : 
progress by * 
Jackson Group j 

With turnover up £1m to £5. 15 m. d 


hranches rising steadilv. The per- forecast made at the haff-time Marwick Mitchell, 
romance of Clement Clarke Inter- stage. For 1977, a peak £2 -74m Audiotronic has also appointed 
naiional was excellent, he savs. WJrs achieved. as a director Mr. J. L. Kropf. who 

j e3re “ Bgles coupled with j n August, when announcing is also a director of Crellon Hold- 

- r ™ i . J 1ver brans producing mid-way profits down from £l.l4m Ings and Chancewares. both com- 

SK ha, ;‘ J ' fia : pro ," L . . to £0.S6m, the chairman said that panies where Mr. Rose also has 

v prJ ® s lhl * IZh the outlook was significantly interests. 


JSf 3 rpcord - reachin * bn 5I1 ie r for the second half, and 

Pre-tax figure was struck after 


recovery with a pre-tax jump of With turnover up flm to £5. 15m. droroeiai.on £17JMS in I . «nd wav were ex P ecled 10 ** h, S her *»“ 
89 per cent, thanks to a 5 per pre-tax profits of Jacksoo Group 'to nf ^noo rom- in . rhe rtrsT sSs "l onlh5 - . 

vent volume rise, price increases the construction and -industrial par ,. d w j th rin? non ThV inl^rtm He now reports that ui toe third 

of about 10 per cent from sendees concern. _margmally dividem| is - mcrPaspd , n quarter there were enough diverse 

February and a. general improve- unproved . from ■ .£829.000 to (n.nr:75p'i net per £>n share last problems telescoped into three 

'ment in efficiency. The. increased £SK5j,000 for tbe first -six months o£ year’s tors! was 2.1G25p. months to upset ttie full years 


Horreianon £17J*45 mil* end was 
u bl -'Cl to tax of £277.009 co m- 
*rnl with £J97.0i)n The ini or in, 


BLANTYRE TEA 
SUBDIVISION 


Highgate & 
Job runs into 
midterm losses 


Reporting a downturn from 


sales are being felt In both 1978. - . . . forecast. ITIiCllcrfO lOSSCS 

domestic and office- furniture There was no tax for the period Dr iWTVOC Tt( Notable factors were unofficial 

sectors although exports— 25 per and after minorities of £7,000 »LAlx 1 UVL 1E.A industrial action at ScammeH Reporting a downturn from a 

cent lower at £ljm— have been .(£18,000) and an £8.000 extra- CriDmVKlAN Trailers, and Anthony Carrimore profit of £103.000 to a taxable loss 

hit by the political uncertainties ordinary debit last time,. available Judui f joiuix inow resolved), a continuance at of £108.000 for rhe six months to 

in France ajcjd Belgium; The profit* advanced _£rom £203,000 lo In order to improve market- blocked shipments to African September 30. 1R7S. the directors 

company is confident of further £228,000. ability. Blantyre Tea Holdings countries, the failure of heavy of Highgate and Job Group warn 

improving its margins SO coupled . .'-Mr.- Frank: - Jackson, the chair- proposes to sub divide each truck manufacturers to deliver that it is unlikely that vear-end 
with the reported volume -gains man, says the net result is in line ordinary share of £1 into four chassis including, notably, Ford, results will show a substantial 

(especially on the flat pack with expectation and supports his ordinary shares of 25p and the absorption of start-up change for the better. Profit for 

— - - — ■ ■— ' 1 — . . ' ■ ■■' "' . ■ flosses at the group's new Nether* the last full year totalled £106,000. 

•' *- — lands sendee operation. Turnover for the six months 

Also, there was the traditional amounted to £4.52m t£5m). In 

fall-off in new orders which view of the loss there is no interim 

always precedes the commercial dividend. Last year's interim was 

vehicle show. Ip net out of a total payment of 

The directors are confident a.5p. 
that the group will soon resume Th djr{ , ctnr< tha . lh - 

- ceriiml^^he urSen? trreatfy li d uidanon of high-priced -*perm 

— k.erlain]y the ^ nil stocks without a correspond- 

i h* P , r, ! ve v •• °thl. e - n* n -* P |« ^ *°8 increase in sales prices meant 

- - - - - - , 1)131 Uui * the shainn^n a coniinjjaijon of the poor results 

^ shown in the second half of l3st 

Infpnni Sfdtenisnf aidiotromc Commb>>ionmg of the new I 

Il l H I I H a tt. finance director of Audio* chemical plant and a new building 

' . ' . ..V. ... tronic Holdings, the company in plant interrupted development on 

The reredorsofCapper-Nmll limited announce tfiat the unaudited results for ; . which Mr. Geoff ry Rose recently this side of the business. 





Interim Statement 

The Directors ofCapper-NeOI limited announce that the unaudited results for 
t ho fhyt hfllf r>frbernrrpntjxarto 31st March.4979j areas folic W3~. — 

Six months ' Six months Year 

-7~ ehd&2 ~ en^cd ended 

. ... :*«£.■ ■; . .. - -aOtikSept. lS7S 4 S0th Sept. 1977 31st Mar. 1978 

y-;-/ -i £000 . • £000 

V-i":" • • ■ • .30,501 . 69,125 


MANAGING STAFF IN THE BANK 

A residential course for middle management and bank personel responsible 
for motivating others, previously conducted with considerable success for a 
number of large banks, is to be held at Burford Bridge Hotel fat the foot of 
Box Kill) near Dorking, Surrey for five days from December 3rd to 8th 
inclusive. The cost, including full accommodation and dinner will be £360 -t- 
VAT. 

For further information apply to the Course Secretary. 

Noel Alexander Associates Ltd 
70 Queen Victoria Street. London EC4X 4SI 
Telephone 01-24S 2256 Telex 8812703 


in thz («c charge far the year awed ’31st March . 1978. 


iv _ GrbnptradiiifCproat ;. 2484 5,51 

I'.v-V' ■ . Jr 3K t - V. 122- * 2 i 

■»»»' ' ■ 2,062 ■ 54i 

' 1.232- - - . 1.127* ■ 6( 

’ afteriaxatioa 1.028 935 4,6J 

,y ' dmdendB^ ’ 271 243 4J 

~ z ^'Oiefcixati£a cfwcFj&for the two six-month periods is-calcvlated on a notional briri* 
r 7 ^i£tt 6 rinBhoehstaeh relief and ow Terence between the tax dUauances given for capital 
i—y. •• , -expenditure afod the depreciation provided in arriving at the profit . Full allowance for 
;V . t hese J j tjj ustn sntMis vvItjueiLih the tax Aar go for the year ended 31ft March . 1978. 

^DIVIDENDS - 

■V declare Maximum allowed increase. 

V<pivMendofl.7^gross per share wMch includes associated tax credit. 

^ : -f ^ "Increase in Group Trading Profits 
* Satisfactory Order Intake 
its. Profitable Trading Continues 


PROPOSED RIGHTS ISSUE 

One new (Wixiary Share for every four held at$7p per share. 

For 1978/79 Directors expect to recommend dividends 
totalling 4.75p gross per share (3.l944p gross per share for 
1977/78). r " 


BWIBnni'ci j.i-i^.1 ill-.' : ifFi 



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' fM 1 *1 1 1 :'-7t i > J 





■; . USTER&CO LIMITED 

The eighty-ninth Annual . General Meeting of Lister & Co. Limited wa3 
held on Tuesday Ittt November at Bradford. The foUowing is an extract 
from the Accounts arid the circulated statement of the Chairman, 
Mr. L E. Kornberg. * _ . * 

Group pre-tax.pr.ofit for the year ended 3 1st March 1978 was £1 ,426,000 
against a loss of £480.000 for tas previous year. 

... Desuite the.. fall in demand for traditional fabrics, our carefully 
balanced range’ of quality products finds a ready sale. The last financial 
year was one in which ihe-effects of our reorganisation began to show. 
Coupled with our policy of Capital Investment we began to reap the 
benefits of more efficient production. 

The current trading position is shewing an improvement which if 
sustained, gives your Board reason to look forward to the future with 
confidence.. 

I am fully conscious of the need to conserve cash flow, particularly 
as the Company is still investing in new machinery whenever your 
Board is satisfied that the return will be adequate. Nevertheless, being 
aware that for the past Two years Shareholders have had .o forego 
virtually any dividend, the Board is pleased to be aole to recommend 
a dividend of lp per share as a result of the surplus generated. 

LISTER & CO. LIMITED, MANNINGHAM MILLS, BRADFORD 


F# ‘Tfie Complete Picture 

I i iSMinfeiiwP , 

uTite to- A J.M. 








20 


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f BBS* Vl i* '< k j&I 

“■: . " ..; .• .-. • •**•/. > • . 

■•.-• * - •? ~ v -_ 


An International Group 
in many fields of textiles 



Serck’s U.S. bid 
plans fall through 


LIMITED 


Interim Announcement 

results for Jauuaiy/June 1978 and the comparative figures for 1977 


Unaudited results for January /June 1978 
are as follows: — 


Turnover 

Trading profit before charging depredation 
Less: Depredation 


Trading profit 

Interest and other charges 


Profits of associated companies 
Investment and other income 


Profit before taxation 
Taxation 


Investment grants _ 

Profit after taxation 

Interest of minority shareholders i 

Profit before extraordinary Items 

Extraordinary losses ...... 

Preference dividends ...... 

Profit earned for ordinary shareholders 

Ordinary dividends 

Profit retained 


Jan./June 

Jan. /June 

Year 

1978 

1977 

2977 

£000s 

£000s 

£0005 

330,060 

323,591 

639,534 

41,048 

49JI273 

97,426 

6,138 

6441 

11,415 

34^10 

43432 

86,011 

3.778 

. 3414 

7413 

31,132 

39,9 IS 

78.798 

826 

285 

635 

888 

703 

3400 

32^46 

40,906 

83433 

14,109 

17,738 

34,872 

18,737 

23468 

48,361 

169 

181 

432 

18,906 

23,349 

48,793 

2^37 

2,983 

6,000 

16,769 

20^66 

42,793 

132 

188 

1,970 

16,637 

20,178 

40^23 

24 

24 

48 

16,613 

20,154 

40,775 

3,673 

3490 

9,093 

12,940 

16464 

31.682 

6.1p 

7.4p 

25.4p 

$2.00 

$1.80 

Sl-92 


Associated 
British Foods 

Half ^ar Progress Report 

The Directors of Associated British Foods Limited announce unaudited 
profits for six months ended 30 September, 1978. 


Six months to 
30 September, 
1978 
£000 

Sales to Customers 877.000 

Trading Surplus 54300 

Less Depreciation 14.400 

Group Profit 39,900 

Less Interest chazgies 6JOO 

Profit be Tore Tax 33.700 

Less United Kingdom (ax ■ 10300 

Overseas tax 5300 

ProfitafterTax 18,100 

Less Minority interests 3.400 


Six months to 
1 October. 
1977 
£000 

SI 7.000 

50,400 
13,100 


17300 

4.100 

13,400 


Tear to 
1 April, 

1978 

£000 

1,678.000 

315,200 

26.900 


77,600 

22,900 

12300 

42,500 

$.000 


Preference dividends 20 ^0 40 

Ordinary dividends 

1st Interim 3*179 2,839 2.810 

2nd Interim — *2 J437 

-t ,^ n ,fi! Cr ^ ni dividend of 0.S883p will be paid on 12 March, 1979 to shareholders registered at 
33258 “tSJ siSre** ^ * Fcbruary * ] 979 ' ljKludm S tax credits this dividend is eqiri ivakntto™ - 

t"**. . 


Th.Z: ' ,ower > O' wnicn U. l million is accounted for bveurrenev realionmenr. 

la rwlv^n w!)^X C ,1! ent ,n lhc resu,,s of our manufacturing division in the United Kingdom /^ L 

2 sm , alle ': manufacturing companies were below- budgeted levels, the 

j* rcd saiisfactoiy. Despite the continuity orthc High Street price war 
ro r fc lts m ® rket share. Although profitability for the period was Mow the 


tfcT^din^b^^ 

SSESSR 

isSurreKiffi t^d byThSation SSESh^^ 


THE *25H ROUTE by which 
Sen*, the. UK . industrial valve 
and engineering-group planned to 
penetrate the US. market, has 
been abandoned. 

In July, Serck ■ announced that 
it was., negotiating to buy the 
AJoyco specialist valve division 
of Walworth Company, one of 
the major valve makers in the 
U.S. and a subsidiary of Atlantic 
Richfield. . 

Following; . . .the ' purchase,* 
Walworth, Serck and AJoyco 
planned to. set up a joint manage- 
ment and marketing company 
which would .administer both 
Walworth’s and Aloyco-Serck’s 
products. * 

Yesterday Serck announced that 
both plans had fallen through.- 
According to the statement the 
negotiations - collapsed under the 
im practicability of separating the 
Aloyco division from Walworth. 

Atlantic Richfield bought 
WaJworth in 1977 when ft . acquired 
the Anaconda Group. Since then 
Walworth has had a troubled 
history and Atlantic has been 
known to be trying to sell it for 
some time. 

Walworth makes a wide range 
of valves including older type 
mass production iron, bronze and 
carbon steel ranges. In recent 1 
years Aloyco. which is the leading : 
supplier of specialist stainless and : 


alloy steel valves to', the US. 
chemical processing r industries, 
has been the company’s : main 
profit centre. '•■■■■■ ' - 

Serck was only prepared to buy 
Aloyco, and Atalantic. Richfield 
finally decided that to sell the 
“ Jewel In. the crown " of WaJworth 
would leave h' with '.worse : prob- 
lems in .the -rtanp. .of the business. 

Now' - Serck- has again -started 
looking for UJS. acquisition possi- 
bilities. -■ Yesterday, Mr. John 
Pinckard, the - chief, executive, 
said that. he was. “ keener than 
ej & «n- setting up. a UJS.. base, 
with, the weakness of the. dollar 
it m ade less sense -to. export from 
the UK. In addition it helped to 
have.' . a' : "U3. . Image* “when 
competing .against major U.S. 
rivals, he said. • 

Serck’s ' share price : fell Ip 
following the- news, to 73p. 


. ALTiED RETAILERS 
SHARES JUMP. 

. Shares of Allied ’ Retailers 
jumped; 8p yesterday to IlOp, on 
hid rumours. The shares have 
now shown a two-day rise of 13p. 

nS2??'fc a 5? d i. that . Associated 
Dairies had been- tipped as. a 
Possible: suitor. Nobody was 
available for comment at Asda 
yesterday afternoon. 




for two P & O offshoots 


Fr 8 / 11 ! 11 ?? P* r ordinary share or 23p 6.1p 7 4n 1 = 4- 

U3. Dollar rates of exchange used-Dollars per £ $2.00 $1,80 $192 

aaJtSU “"JL 011 W'ere maj^xiaily up on January/June 1977 despite being 

an!i e th^c 3 L aff tSl ed '- t0 l xtent of £2G million, by the weakening of the U.S Dollar 
filj® “-^52“?** whi( * m0Te 111 sympathy. Volume was slightly down and an 
iSing costs 10 % m OVeraU pnces wa * msuffldent to maintain margins in face of 

Trading profits at £34.9 million fell by £83 million,, or by 19% relative 4o 
January /June 1977, of which £5.4 million, or 123% was due to adverse exchange 
and North 16 ? 1 *' conditions, which were exceptionally difficult in Europe 

fmSrrJJf 11 ? America— where profits were down by some £6 million, offset by 

i?I^Uon t5 Tn D tb A, T?? 1 ^,^ ld Africa— accounted for the balance of 

% 5i 25!?L l uje t I a * , Ҥ pn}flts improved sufficiently to minimise the loss 

of Temporary Employment Subsidy, despite several areas where problems still exist 

a Hhn»S e ?i e iv b 2 rr0vrlng i Ievels account mainly for the rise in the interest charge 
although borrowing requirements are not increasing at the same rate as they did in 

in India ‘ ncrMse ' m associated companies’ profits is substantially due to better results 

kas been charged at 43% based, on our estimate of the rate for the year No 
>? re £ tured to J Advance Corporation Tax not immediately recoverable. Full 

made J? r /? er ^l tax ’ but serious consideration is being given to 
adopting SSAP 15 in respect of the 1978 Accounts. 

Profit earned for Ordinary shareholders is down 18% at £16.6 million. 

***• «S- 7 compared 

generally _ levelling out an 


S 0 SS^ h fi! e b ™?? re ./ dverse 111811 were afl ticipated, no significant improvement 
on profits in the second half-year can be foreseen. 

fM*! 0 * °f LM57P Per share (1977 1.1603p) will be paid on 29th 
toge $S£ fbe second instalment of the final dividend for 1977 of 
0.031 ip per share (1976 O.Q2iSSp), resulting from the reduction In the rate of tax 
credit t° 33% (1976 34%). The' two dividends totalling 13274p per share, will be 
fiLj,' ALSUS? 1 ?; ^.^ojdery on the Register on 10th November 1978. It is 
intended that the dividend to be paid for the year 1978 will be the maximum permitted. 


Peninsular and Oriental Steam 
Navigation Compitoy has agreed 
to selL two Hong Kong subsidiaries 
to Stine Darby Holdings for 
HK$28m (£3m) in cash. 

One is Mackmnon Mackenzie, 
an old-established shipping, ware- 
housing, trading- and travel com- 
pany . whose ' main' assets are a 
six-storey. lStMMNksq-ft “godown" 
m Tsuen Wan, and a half share 
in another one of 100,000 sq ft 
near the container port of Kwai 
Chung. 

P and O will retain MM’S name 
and some activities, such as its 
travel and shipping interests. 

The other subsidiary to be sold 
ts Pennell and Co, a wine and 
spirits wholesaler. 

The sales are part of P and O’s 
“reorganisation and streamlining 
programme” said a spokesman 
yesterday. Activities which were 
not central were being sold, he . 
said. In the half-year to June 30, 

P and 0's pre-tax profits were 
down to £l.lm (£26Jm). 

Sime Darfay, in contrast. Is ; 


y- ft Stanley has been' sold to a 

family, holding .company of Mr. 
Peter". Curry. and Mr John Curry, 
two directors of. Uni tech. Stanley , 

has traded at a loss since it was 
purchased by Sime for £825.000 
in. 1975. 

• Shne’s; auditors. Turquand 
Youngs, and Co, may make a 
statement this week in response 
to the assertion by Sime last week 
that it. bad been advised it had 
a prima 1 Cade case against the 
auditors for negligence and breach 
sl Si£ :ory J ? at y respect of 
i? 72 statement 

wul be.made on Thursday at the 
earliest, a spokesman said. 


The pfanrin^^rograrnme was energeticaKy pursued at a cdbt trf 
some and the buildings^ equipment and vehrefes 

progranii^ £3-38 million, fn furtheraneeqf our: 

de\^pment pjps^mme we plan to spe^^^^-'iciNBMydar- 
. approxnp^^^S ipiiiion on planting: and; £4 miilion on 
builcnng^^i^jmfeiitpnd vehicles^ '' '/* . ? • X. 

.^SMBUySIS bF.RESUUT^SS:;^i 

-'*107 

‘ ' •• • £'000 2£tiw< 

Rabber*:*'v:‘-®^:>:r (41,464,180kg) . 3,51 4&&: 

Palmoil andkeirrels (116,886 tonnes)-. 12,557 .12,686 

Copra (5,554 tonnes) 597 ; T w 55Q 

Cocoa (3,513 tonnes) .: ^ 5^630 ; 3,813 : 

: 22^03 2T>977 ’ 

Othermcom©;:J 1 -> 2 r 599 ; 2,335 j 

GROUP PRC^FBEFORE TAX 24,902 . '2<312 

■ ** .*.••• • ■ i! -.-r'S.-;* 

Tt;473 


engaged on a .-programme of 
expansion. It recently obtained 
loan facilities of HlDm. 

But Sime has' sold a loss- 
making engineering company j n 
the UK for a. nominal £2. 


hawker seddeley 
IN MEXICO 

Hawker Siddeley Power Trans- 
formers has entered into a tech 
nlcal service agreement with 
Industrial E3eetrica SA, of Mexico, 
and has acquired a 10 per cent 
participation fabout £256.000) in 
the capital of the company. 

The proceeds of the issue will 
be used to extend lESA's manu- 
facturing facilities in Mexfco City. 
IESA produces distribution and 
power transformers. 


AND MWORfl^ INTERESTS 

EARNIN^SI^lF^iARE. 

DiVlDHNDfory^r ....^ 

■ |S;; ' PROSPECTS ■ ® 

Crops dprnig thfe^x months to end Septphibffl'1978, 
^l^suff^i^f^rrLdrought effect held up well under the str^^; 

'fle' 






Barclays plans further 
expansion In France 

activities m. France with the factured at the Fakenham Works 
acquisition rfmajonty interests in which is to be the bwe of the 5S 

“ d sm “ ,< veude *** ai^Dwiisr 

Banque la Prudence is a private 
bank with assets of some FFr 200m EUROCANADIAIV 
(about £»m) operating lo REDUCFS QTAYP 
Grenoble with one branch and 
three agenaes. Lutetia is a finance rU KIN ESS 

company with a balance sheet of Euroeanadian Shlpfaoldings has 
some FFir 100m. sold 400,000 shares in Furness 

Barclays Bank S A, the French the shipping group, 

subsidiary of the UK group,, said red ucing its holding from 19.9 per 
it intended to acquire a majority E 60 * v 3 per cent The shares 
mterest— understood to be around . aVe been »W to an Institutional 
90 per cent— subject to the in I estor - 
approval of the French govern- Eurocanadisn, the Swiss-based 
meat. shipping group with Canadian 

The two companies are at ,n ? rest ?, * 5as undertaken to 
present controlled by Socldtd la re ° uce its .stake in Furness, after 
Mure, an insurance group. Bar- a iV » ono Pohes Commission investi- 
clays said in London yesterday Sation, to not more than 10 per 
that the proposed acquisition will ce il t o^the beginning of 1980. 
be a further step in the expan- » Wr - Narby. who heads 

sion of its banking operations in "“ rocaD adian, said yesterday that 
France. It follows the acquisition f “ rne ? 5 was an attractive long- 
announced earlier this year of te ^ m vestment “We intend to 
branches in Strasbourg and Sane- E® 315 ™uch of our share- 

guemines from Banque Franco- as the UK authorities will 

AJlemande. permit” 

- T ^? gTOU P bas also been extend- 

afjTSSs assart ^?i l j^ ntagu 

July plans to buy si per St of MOVES INTO ITALY 
oociete Ban carre de Paris, a mer- Following its recent purchase 
ebant bank. of a 10 per cent stake hi a Korean 

based merchant bank, Samuel 
Divocrv . Montagu has now taken a similar 

RAYBECK/BODRNE stafc e in EuromobOia reTa 

& HOLLINGSWORTH D1 ^ ch !P t b ? nk based In Milam 

’Tha L . - Montagu has acquired its hold- 

B-™- °FfI « y „- Baybe *£ in the T| alian bank from 

SSu£LJ^? h has Fmco. a private company owned 

become un ‘ by Mr - Car 10 de Benedetti. The 
. cost of the deal is thought to S 

has . r ^ ceiTed accept- in the region of £200.000 

SSttSSIS'^ « i™iy » 


0 u/o Mines Properties 

Ittnited % 

-'-i* - . .v; V 

(incorporated in the Republic of ^ South ££rica) 

A Meaner of tibe^ Barlow BaAd Chuup r - - - . 

CONSOLIDATED PROFIT AND^IYBDENI) 

of .the grouj* for.tlto year ended 
^ W1UI “* lvr * comparative figures were. as follows: ; . . . 




Turnover 




GARRY IL WESTON Oiilnnsii. 


1 -2/) 


5» ™ 

. addition to its Italian and 

FRENCH rniVTOfir Korean stakes— the latter in the 
FOROT L Merchant Bank- 

cis . OLSTILL RIontagu has also recently opened 

.Socfete Phoceene de- : Metal- offices In Singapore. 

. a . French * company A group spokesman said that 
specialising in the manufacture of Jhe Italian investment save 
P 0 ?**. and valves for the oil Montagu Its first direct involve- 
industry, has acquired a ment in that country, 
controlling interest in OIstiB. a 
British company which supplies j— „ . 

P J P^g to the oii indiSiy. GREENBROOK LIFTS 

WARREN , G ^broJk^s^rttie^F5riS'e 

PLANTATIONS - V:' . , S 

Plantati ons’ offers for Lancashire Paper Group to 70S 


oeen declared unconditional, a further 105.000 shares. Green- 
riiey were accepted by holdera of brook owns 385.000 shares oFthe 
Mni of each class of East Lancashire Paper GroiJ> 
Masons capital Resolutions re- 

organising the capital of: Mason SHARE STAKES 
M e oSay PaSSed at an 0n Q*<- 

siv.Tgrin'sgsig i “- wm 

NO PROBES JEJSJ ShutteringjHofdiugs) 

The following proposed mergers has an interest ?^* nst 

not to be retold to the arrSeFgStf “ shares 

Monopolies Commission: Raybeck/ BlarfonM ^and 

tsssssstsr&^s& ViESL 

Scholl Incorporated. Northern Securities Trust-Sttn 

s ? ra ^SS haa increased its 
WEEKS ASSOCIATES j£?5§t> ^ 50 ° shares (1L07 

iarait* «^»«st?bbk 2 s 

acqiped the manufacturing and (3G per centl. shares 

marketing rights of the “Cbal- Marshall Cavendish — r » 

lenger vehicle mounted crane Cavendish, director 
from Eugineenng Compoixeuts, a 25,000 shares learinff ha hnun!! d 
subsidiary of Turner NcvrauT 789.1T9. Jeartns ho,<Un S 

. The afiTee*ent mdudes.the pnr- Steel Brothers Hold ims-J t 
chase of plant and equipment, Wishart. director, nowhoiS 
stock and work in progress to- 17,700 shares. ■ W bolds 


Profit before taxation ■ ~ : ■ ' ' >' 

Less: Taxation •- - -r.- * - • .**•“■?••••■* . 

Profit after taxation -• - i ' : - ' ■ 1 ' 

LeSS in I 'S,hSl, attribTltable to omride shareholders " 
in subsidiary companies ' ^ " 

Add: Surplus on sale of fixed' ass^>d iivqstihents;:' ' 

Less:' : . 

Cost of control of shares in sn^diaiy compar^ 
Dlyi ^? d 8 w“ P erldiare n 977: 14-ceni 

Transfer to reserves “ “ ' 

Retained surplus for the year - 

Number of shares issued ' ‘ y £' : x : " : "1, 

DIVIDEND DECLARATION V ^ 


1978 
1*20 027 000^ 

-4108000 
366 000 

3 742000 


-3^08000 
37000 
3745 000 

imm i 


[ -1861900: 

37000 

- 1 J 

JU847 000 
-1^403 237 

-29-9 cents 


30*' September 

- 1977 

R20 956000, f .t 

: 5316000 
. . 3% 000 

; 3128000 


3123000 


• .:-280 00;;^v 

Vsioioeo ; '‘ : 

: 1985.000 . - 

26000 |;y : 

173600(1 

: ..v;224oob; r"^ 

- T T V. 

Jfti 166 000,>'V-- 

■ ^403337^.*--' 


2SJ2 cezits '=r 




ft. 


vriti f bT n th“ t the d jY»dend fromt^office %T 

ti-ansfer.Tate of exchange bet^en Jo s ecretaries 
rubng on the firjt business day a fter Jl' December 197& Johannesburg and London 

sharehotoere ^ &&&% 

basing” tbe IC Re£bU$^^^ ; and.: are not: jacryfai on- ■ 

srate payabJe to shareholder 

■ •' . v y ;^y-'ord«r bf-tteBomrilt 2-1 


Registered Office: /. • !v" ; , 

Off Main Reef. Road, •••"■' '3&sr. 

Untied Kingdom Transfer Secretari^ ^ 
Charter Consolidated Limited. -,’V 
P-O- Box 102, Charter House, ~-:V 

Park Street Ashford, - ■ ' ; 

Kent TN24 8Ea: 


■fiS 5 KESE 3 BSBf 


' : ‘ vV-V* *L : ' -V- STBYN, 

■ . .- •' ' v : • i-.y;-;-. -v •; 

• : Trairfer Secretaries: 1 ; ' - 
• - -- j- ^ an d , : Limited,^ 

^Qi’.Kloor,; Devonshire- Hoase,' ^ 
Sy -Ql Joifeeh ;-Streeii“~'.;; 
,>vV; Box 3171fl^Eraamfonteinji 2017j .% 














's: 


\ 


■■ --.• Novem^ber; S . T97g . 

"’.r.v- /- -- y j 7 : v ' - * .'« ' 



. *■ 

~T-t 


jSXx 



-Neill profits up 



Mclnerney 
Properties 
improve 


*3?S 


TAXABLE saom^ ap :& -M*. A 5,^ iS^IjUC REPORTING TVV iB LE Mrnin „ 

•cent from £550.280 to a- record »■-.■-.-•• REPtjk i mu i.y»_\BLE earnings 

1772,746 -on the -back o£»:2?per ‘ 4 S 43, ?°,°J2 

KL^Mm^lfr XL™”* throu-jhoui nn ever previous auditors were Johnstone Kbrose^efne^ h^man 

SSH5£Sr5 » spr “ d UI " a,, ‘ I •^x v rrsL mm for ssjjs 

■t'trflsryss’iffi: - faue ,o -* • comment ' “s, “ tss 1 “rssss} "t* » \fl* 

£69,000 b. e tt“‘ at £158JMK) the ?°JP® £S.&Im. „•-•-* T .. auditors because of a pending hopeful of a second six months 

directors of the grmip.vhich has - ^e. ^up adue^ tasable . .T^dble profits 10 per cent reorganisation of the practice Profit higher than the half-time 

interests in motor vehicles deat profits of- mem- foir.^he period r h, Sher at Coppcr-.\eiU did not foiiow-idp the retirement of one level. 

tnsr_ and body , building and .agatost £M6m **11 guile match markei hopes, largely of the . partners. There were no Last year the Dublin-based I 

-leasing, forecast 8 Pro^t Substan*';^Pj£r°ni -£30.5m £41-32m. The cau«e margins have slipped by circumstances regarding the construction group produced 

-tiaUy higher than for, 1876-77. • -. directors say. there-. Jias been a more ihan a point. This reflects resignation which related to the surplus of £762,000 

■After t» tf £409.000 t £286,000) mon t competitive condition^ lo b^fness or WarrmSon ° “ S^Mand the ora 

the balance available was UP from P a. market. -.which, particularly lhe UK where the process plant 
£264,280 to £363.748 equivalent- to IH d - l 0 ? fabrication interests 

S.72p (6.74PJ per' I0p share. ' A fore higWy <®mpetfejvo. profitable ®?^n had a tough time. Although 
bet fi nal dividend' of .L48p4ifts 'V^VtSS iata ^S? eT ' add. with |nany of the homo-based engineer- 
the total tD lA8p (lJ55n) construction activities providing a mg companies arc doing well, the 

Ing £82.586- (£60 T&). ' ' .TMjqrcoattlbittwn, and vwffih over- groups rapid expansion hi the 

The- directors 
is the first approved 
Treasury following 
amendment' 

Lion. 


7 &) ' ' -znajor coritnbiition, and .with over- group s rapid expansion hi the 

’sa^tho'in™^ «^ tr ? dlng ^easing .its pro- last few years has taken place 
ir£2| ft1 R! portion.. • V . overseas, and that is where 

- iMwSSe real£ ■'■ 'tn 'brdef. to -provide' the group f“ rthe , r growth is expected. With 
ant^wSvidend- the financial base required to *h«m-lerm borrowings up from 

™5- ' ieg * sla continue Its expansion, both in n '* A rear ago io£6m now. against 

the -UK- find abroad. the directors Shareholders* funds of £15m, the 

itflCCf nnsi. ram VI4h4rv^ nf -Tv J.. _ ■ eMA am _ MnUtr . •«. . . ' 


Downturn 
at Airflow 
Streamlines 


In Ireland the prospects for the 
Industry are good. In the UK 
prolonged bad weather delayed 
progress on contracts in the haff- 
year but since then progress has 
been better. Competition here 
remains keen. 

Good progress has been made 
on the company's existing work- 
load in the Middle East. However, 
competition for new work has 
ended became “quite 


, . ........ u«r -warn*: MMW. 3 . .-, . u..un u. ium, n.v FOR THE six months ended ?f c , om * „„ keen ” Mr - 

. A* professional. revaluation of -propose that 5,760,236 ordinary n Rhts issue will reduce searing August SI. 197S. sales ai Airflow -Mdnemey remarks. 

CTnup property at year : end shares be Issued by way of rights 10 . a reasonable level while pro- Streamlines rose from £5.24ro to First half turnover was up at 

snowed an- excess - o£' . £300,000 ■ 67p oh' thfe' Iwisfs Ot one for V1 ding shareholders with a near £6.12m but taxable profits were IJ6.I2m i£i4.%ai) with Xl.O&ni 

over bock value, which has been every four held...- ; . 50 Per cent dividend increase this down at £402.000 against £436.000 (£020.000) from private housing. 

credited to reserves.. . Sbmomiifl Year ye:[r - Overseas, desoite some previously. Profit for the whole £13.37m (£12.iSmi from contracts 

It Ls now. proposed .to make a^': S ; . £»ts - ibtt i9~ 7 s minor construction delays In the of thp 19n-78 year was a record and £l.69m (£1.36m> from other 

capitalisation: issue— under it the ’• 1 '•«!!!- bi ^ Kp . n sna contract. pnymenLs £310.455. sales. 

present Itfp .shares- wflF- be -.co'ir-i wS' *t£'ssib coming through on Reduced demand was exnerl- Group profit 

- - — a.ai» schedule. 


rs 

SB73 

000 

,5IS 


I- n -r 
*- - / 


•r v u 

-j> u 

902' 


l:*3 


HO 


Tert^joMp shares. An - amount SSSLi'”:: 
of. £62o,500- of r reserves' will -be. Pmnt Wm tax ...- UU %ok 

capitalised brinfchui - the issued Wax . ; I 2 S 2 i-ta. 

share capital tojEUMm. . Mgt-> ro6t W» saa 

- ..Dlvrtends . S71 343 

- f Caldilaitd on > 


W. L. Pawson 
on target 
for £400,000 


ownti" puts the shares on an ex-rights Increased sales and profits were 


Reduced demand was expert- Group profit reached a peak 
2 H 3 -■■■■cuuic. It appears, meanwhile, cnced in the manufacturing £1.6m in_ 1973 before slumping 
5J96 Ulfi t shareholders will now have division and the directors expect into £2.8om ios a Hj e following 
mi tu settle for less spectacular that industrial disputes of some year, 
jno sro "’ L T for the full year analysis major customers and suppliers 
are pitching their estimates just could have an adverse effect in 


5^252225 ov ? r £6ni At 76p, this the second half. 


. mre and deprtMdadoo. 

- r> ;The net •interim:.'* dividend is 
rais^fl from 1.0541p fJ.1725p) per 
lOp share and an additional pay- 
ment of 0.01 Bp is also announced 
for the previous year on the re- 
B. nn «in W '»«.hr n „n, B diictibn to/ AGT; the directors 
£142?ST tor iS^6 wS* To forecasts 2-01p (I.054IP) final in 
*r “Sinr *i»? If content of the rights; jssoe,. and 
AngUht 31. dh^mors of ]^ ve Treasury- consenu Subject to 

f- F*wso» and So* legislation a V 8p ffrow dividend is 


New auditors 
for Thomas 
Warrington 


Belhaven up 
to £138,000 
at halfwav 


After a much lower interest 


prospective p-e of -ibout 6.5 and achieved in the motor division 
a yield of 6 2 per cent. but the future supply nf new 

vehicles and pans from Ford will 
be affected by tbe recent strike 
there. 

Net profit for the first half 

rnmc nut flt £283.000 (£324.000) charge of £36.000 against £184.000 
after tax of £117,000 compared pre-tax profits of Belhaven 
with £132,000. Brewer}’ Group for the half-year 

The interim dividend is effec- to September 30. I UTS. came our 
lively unchanged at 0.623p net per ar £138.000 compared with £2.0uu 

company remaking good progress “ , uI h ®r‘ : ' w L ."arrlngton and Sons. 25p share, last years final last time. 

towards the forecast ' figure uS ' £0 !^ ast for the • * e - The t.hesh»re housebuilders and payment being an adjusted I.S3p. Turnover was well ahead Trom 

£400 000 for the current period to Present overseas contracts contractors announced the After waivers of £11.830 this time. £i.89m to £2.94m. split as to UK 

February 28 1976 made in the are Procressin? sabsfactorliy. they appointment of new ^auditors yes- the interim absorbs £20^60 £2. 58m f£1^3mi and Bermuda! 
recent prospectus '* state, and Jhe groups major terdny. The new firm Is Messrs. (£33.4961. The amount retained £364 000 (£665.0001. 

In September, follbw'inig the atUv,l J r »ntmii«'W be construe- Tansies M itt and Company. The was £264.640 against £290.304. 
acquisitions of 6! H. Bernard and 
.Sons, application, was made to .the 
Stock Exchange for the listing of. _ 
the enlarged group’s shares. The 
group manufactures ; ladies’ 

clothing, etc. - . . ■ , . 

For the vear ended December REFRESE?JT7NC a halving of the appreciable cost increases, mainly year's total was 4.8p from profits on turnover of £3.22m. 

19. 1977, the company incurred a contribution torn) the agricultural through wages, in the period of £3.01m. In the UK. beer barrellase 

£5 000 loss. 1001 divisipn. -pre-tax profits or which could not. in the short term increased by 17.94 per cent. 

Turnover for the -36 • weeks iifr P ™« rly recDvered by pr,ce ©Comment against a national average or t.Q4 

amounted to n.78m, ednipared ^ l ° ,ncredses - , . b it Mu _ at per cent. But brewery prod uction 

With SQJSfim in the corresponding September 30. .1978. • • Thirdly, although the group has r Sj! i) b “i a pr ? fil ucre reduced by 

26 weeks of 1977, when a £16,476 Sir. Tr.lL Astl^y. chairman, ex- been successful in opening up new was fafiowed bv ^ubsUntmUy increased costs at 

pre-tax Joss was incurred.-- plains that the reasons for the small markers, for example Kenya L Twfi the brewery, the directors explain. 

Tbe directors stale rhai during shortfall in profits from the agri- and Algeria, ii experienced diffl- v ' hU * a ' q . a direct resu,t ° r ,n i ense 

the \lsl liven we3S thl group! cultural tool' division were three- cully in major markets in Tan- A™'* competition from the major 

i fold,-.. . -- -.v zania. Ueanda. Rwanda, Burma '«n th ? A brewers jn 

■ HaB-sear an d Indonesia. months to September o0. Lack Korth of England, it has not been 

4fT7rs i9rs-r7 . n iho °' ', 0^, : , £ T, exchange m other prudent to increase selling prices 

£0® £000 ln summary Mr. Asdey says the developing countries, parncuiarly f or the company's range of beers 

13.97,. „.*» cn_mp, ny s markets are stiU there Uj?anda . added to tirst-half ^ overdue price increases wiU 

next January, they 


Eva £0.4m off af interim stage 


Tfae directors state that the 
trading position for the second 
half continues to improve and ; 
they expect ihe full year's turn-| 
aver to more than double to some 
£6.5m. The group incurred 
pre-tax loss of £191.000 for 19<;-7£| 


have been enthiisrasth^alfy 

received by customers and iL«r. 

shops are benefiting from -.a. — ^ - . 

««•«■*» m .• c ® a *T« r • Aoi«ii&tooi r :;.. 

spencUn^. Eu»in«r«* oroCiins . 

As forecast, in the prospectus'* Enginecnns servk-i* 
ihe net Interim dividend is fl.gp ' 


5JM 

3.779 

1.9M 

1.04 


per 5p share and : a total of r InTCStnl ^ | • A.: Vtt 

2J1914p has been prdjectetd'for the Ttadiaa profit '.. ;. . l^ao 


current period- of - some . 14| interest duuses 

mon titS. - v. Pr«Rt before ox _.... 

The Interim result 'was struck.' Aariaurnrai'toot 

after depreciation and interest of SSSSSSS 
£53.150 (I2.M9S) but .in* before gSS fSSto 
£59.152 (£9,879) . extraordinary inveronrin 


debits. 


- IS9- 

a.m 

ai4- 

- 3K» • 

to:.. 

40 


sources out from tne To round out a djfficu!t Srsl half . ne rrm> ™ ™ nouseo 

lieve. comparatively th en orin eer ed nroducts division subsidiary produced :r much 

financial poliiice! fSSnd hf mar ■ ins were so uee^d im Proved nrofil. bin in Bermuda. 

rertain counSri,, in '^ 'h S“Sld VS’ 'wTrl ™?,' rcd L™.™ 


Roberts; - 
Adlard ahead 
in first half 


UK. tax 

Oter«ea3 
Minorities 
fixrtnnwyo 
ABrflHiable 469 


6 . 0 K a .°d there is still the same poten- troubles by restricting lucrative — b „ n i..__ 

i*w , ' al 10 bu.v Us Tools. Current con- agriciFitural equipment sales and _ rif i p 

l.Tai strain's do nol stem from com pet i- j,v putting pressure on margin 1 !. ' . . , 

1 . 0 a V° n or other sources but from the To round o 0Ut a difficult first half The ,nns 3nd niHna “* ;d housef 

, -vj, directors believe — ' 

I'as? temporary ** 

tbe b tbiTd world. both sales and 'profit eonuibutiOD" 

*125 In his 1977-7R repnn the chair- There is little hope of any JJJjyS-J «*'' 15 no " anl,LI ' 

« man mentioned discrepancies ricnificant upturn in the group's p J 

« which had come to light in a prin- fortunes in the second half. The ...Tb*: croup i« returning 10 the 
13 cipal subsidiary or Robert R management is investigating hsi v ith n.4_p net per 

— ' — share interim, which is 

upon court conlirnuaum 
group’s capital reennstruc- 

fi» his earli er slatem'eut exceu* - \ yet been concluded’. ' The Ford Tion * chem ?- anticipated in I 


in 5« stock fis (Manchester). The ma'ier barter deals in an attempt to get 

j_ur. 1- is still under investigation and Mr. round the foreign exehanae p j?\ l 'iT Ie 

re to st&'"':.Vr.Z-. — l3B-"-~ss Asrley hrnot yet able to add to shortage bttt nothing positive has ?.* ! ne r 


dispute continues to ‘drag on and ?T 1 ni Jl® r Qnrt 7T |^ Y- 
411 LilC mbl Hiav« Vltt w.»- •%«•••■■>»» — ^ -.alf; is hitting engineered products 1 ‘* 

tremes of weather in Thailand year while not yet up to original operations. As a result the full mor ‘‘h Period in a»<o-i4. 


DWdend, 223.60# 178.000 that -the c-jnr*-**! litem *»f 

In the first plaice due to ex- StocWis companies for this half 


With turnover . around 


the subsidiary in. Bangkok- expert- expectations at the time of the jear figure will be around £2m 

. . enced a significant loss. Mr. acquisiu'oi: i* approaching an compared with just over £3m last 

Astiey has recently returned from adequate return on the funds year. The shares slipped 4p rt» Tumoicr 

Bangkok and reports fliat current employed. * l00p yesterday and. taking a line t'K .... 

. . . v . . , - expectations are that lt»«8-«9 will To m p,,. e ,j... ., ; - v ,.i- h through the first-half tax rate are fil . 

sea - SDn - finai. the im.’rim dividend is selling ar a prospective p/e of T *itk 

mmchant adram^l firom. JQ5o' ? Secondly, Brags' had to accept raised from Op to 2.4p neL Last 7.9 and the yield is 8.1 per cent Bemud* 

to £305.000 for the ’first half of 

1978. In. the last full year a. suj> 
plus of £553j000' mast recorded. 

The Interim dividend is -lifted 
from 1 588p to I.747p net per 25p 
share with -ah' addkional..0.0413p 


S'x month? 


!«IS 

xihk) 

:.fl4o 
C W! 
.:M 
T4-I 
346 


Gfeves set for good year 


ip- 
ll'U-1 1 

1 .'>!<) I 

■y. 

1:4 I 
UI! 
•U' 
•V I 
1*1 
4- 
? 


to be paid following ACT. redii£ ALL FOLU operating divisions of stepped up to 1.75p (l.op) and the to be more ih an compensated in 
TOn T-' S r , 4 rt« 3 n -Gievos’ -Group produced better directors expect to paj' 3 final of the second half by, realisation of 


tion— last year's final, was 1fe728op, Gleres _-4ira«p produced ^ , 

After tax of £158,000 (£130,000), results for the six months to JuJy 323b923p for a 
half-yearly net profits rose from 3U 1978, for the company to in- nutted total 

£120,000 to £147jOQO'r Dlvtdends -CMase first -half taxable profit (4.46<69p); 


maximum per- the property released by the 
of 4.9S8923p closures. 

Half-year 


absorb £42.000 f £38 .000), 


from £654.000 to £736.000. 


Demand for printing services 


. . JLlmitcd 
52 Comhiil £C3, 3PO 
Oft Erfgad Portfolfa Wa Ba gcaw n C 
SwiHee tad 'at 7.11.79 
ronfoB* (. income Offer •• fl.Ofr 
: Bid' *: 80.97 
Portfolio Ii Capital Offer - 129^9 

; , L ’ BW 129.87 


should no longer show ' marked has been at a higher level and the 
variations In overall profitability web installation -is now- operating 
between the first and second profitably. Bookbinding will pot 
halves Mr. Michael Keeling, the produce satisfactory results until 
chairman, points out. He says it is re-sited and plans to do this 
that' with, most problems now are well advanced. 

unless conditions change in jfamos completed the closure of 
the final quarter, he expects . satis- fts le5S 'iirofi table outlets and is 
factory profit .for the second six more compact business, 

months. Last year the surplus Q 0Sure cos ts are shown as an 
was a. record £l£4m. extraordinary debit of £31,000 

- The ' ner interim dividend is (nil) but the directors expect this 


Staffordshire Potteries 
(Holdings) Limited 



.Ctufc 

KFablewareJ 


Record Earnings: 
1 for 4 Scrip Issue 

i Year to 30 June 1978 


Turnover up 139b to : 
£10,819,000 

Pre tax profits up 16% to . 
£1,246,000 . 

Earnings per Ordinary Share 
up 13% to 23 -5p 

Dividends up 1 1 % to 
3*95ppershare 

Current position: 

During the first four months of die current 
financial year, sales to United Kingdom 
customers are 8% higher than the corres- 
ponding period of last year and although 
conditions in North. America remain very 
competitive, exports have gone up by 13% 
and profitability to date is satisfactory. 



1974 »ra 1976 1977 1976 


PRE-TAX PROFITS 

£'000 



1974 1975 1978 1977 1976 


EARNINGS 
PER SHARE 
—PENCE 


■■■ 



1974 


1975 


1978 


1977 


1978 


(-/ns of the Rrpor* Axwtfti? Ofr 

The Seoeiaryt M&t***, Sloix-en-Ttt&t S 73 7.44 



1978 

1877 


£B*W 

sm 

TVrmrrpr 

ltL5S8 

15.137 

TailorwE and ouifininff 

ajii 

3JH4 

Book manmacrorc 

3.111 

2.877 

Mechanical binding 

1J12 

1^10 

iloior ifcilers 

8.053 


Trading profit 

SS6 

7K 

Tailoring and oDifimns 

ISO 

137 

Book manufacture 

202 

118 

Mechaonal blndine 

374 

S53 

Motor dealers - 

128 

116 

Parent company rents ... 

32 

43 

Interest 

130 

114 

Pre-tax profit 

734 

654 

Tax - — 

W 


Net profit 

St’ 

310 




Pre/. dividend 


4 

Anribiuaikle 

309 

308 


Admtni£iro:lDn - In 

Repairs. imi.-u-jIs bi 

Iirtsre*! nnyable .’fi 

n«*prccianon hi 

Pre-cut profit IH 

Tai — 

Dmdond^ i” 

To reson-c^ - 9i 

J. Lj-ons. now a part of Allied 
Breweries, yesterday sold its 
entire 17 per cent holding in Bel 
haven. The sale was one or the 
conditions imposed by Mr. Roy 
Hattersley. the Prices Minister, 
when he permitted the takeover 


The 1.4 m 


shares were placed) 
itutions by stock - 1 


Good start by 

Staffordshire 

Potteries 


At the AGir of Staffordshire 
4ft comment Potteries (Holdings) yesterddy. 

\ steady overall Derformanw* i« Jlr - c - "■ Bo ' l .' ers * lhe chairman. 

the l JuS from Gteves ^me Mid lhal , d ^ rm « the first four 
Suris showfue orSt“ nrofiLsT^ months or the current year, sales 
JEKh higher TSStorinB^SSfil tD VK curtomere were S per cent 
are aHeadV'a .emh. IhicS g than j.he correspond^e 

show a better improvement now was sails * 
that the company has closed three 
of its weaker outlets. Moreover as A/f- T?1I5~ 
a Ley land dealer there is some Jylr, LiiilS QUltS 
spin-off from the Ford strike. The . /■ 

major impetus behind the first TrOVIC St nil 
half figures is the recovery in book Hd' 13 ft “U 
manufacturing. This operation is a J 

based on the printing of the /aTMOIG 
Guinness Book of Records dIus a „ , v jRnKv ini« 

number of magazines including air - A. >. (^b>ElJis. managing 

part works for Marshall Cavendish. /» 1 °q U nnHee\ an whi e, w-ac 
The division is continuing to re- < B ^ding SuppUes) whivh vvas 

cover though the move to a new ^ 

factory in EsheN-which could Arno L d 15 , “ un *. 

cost £lm by the I960 opening-- Trav,s *&„ 'thT 0 J? ri i f ® r Pej™ 1 
could cause a profits hiccup. reasorLS m the early part of next 

Finally Lho binding systems con- yCar ' 

rinne to show progress . and Nr. Ellis, who is in his mid- 
Gieves has particular interest in forties, resided from the Board 
developing overseas. The only °f Ellis and Everard after the sale 
question mark here is tbo problem °f s£r° u P 3 building interests 
of imitators but once Gieves has t0 Travi!< a . n “ Arno -d. He received 
sold (he machinery to produce ^ es-Efratia payment from Ellis 
the wire rings (for caJ lenders and and Everard nf £20 000. Ho joired 
the like) it almost has a captive T r « lv '*- s -A7 no, ° hecatise. it was 
marker. Overall promts this year explained., his primary respon- 
could be £1.4m to £1.5m ore-tax sihiliiy within Ellis and Everard 
with the help of lower borrow- related to the building supplies 
logs. On that bash? the fully taxed ^vision. 

orospective p'e at 8Rp of at most He is also managing director of 
5 and yield of 8.6 per cent looks Welland Fuels, a small fuel com- 
goud value. pany which was purchased ar the 

s»ame time from Ellis and 
Everard in 8 total deal worth 
j £3.58m. The building supplies 

Kllenroart division and the fuel company 

“ u showed pre-tax profit of £75.000 

^les of £23iim in the Iasi 
KlDg JVllli financial year. 

° air. Ellis was given a scat on the 

For the 25 weeks to September Travis and -Arnold main Board ar 
30, 1878, turnover ol EUenroad the lime of the purchase of the 
Ring Mill was lower at £2^6m building supplies division. All 
against £3.2m but profits recovered these posts he is to give up in Lhe 
from £23,560 to' £174.775 before tax early part of next year, 
of £85-500 against £12,700. Mr. Ellis was not available for 

Thp war's nmfii inM, ' comment yesterday but a Travis 

fr ° m mai d ' t ' 

' ‘ . . em ° SS,M0 - tween the chairman at ihe group 

The interim dividend is main- Mr. E. R. Travis and Mr. Ellis, 
tallied at Oap per share— last He indicated that he was confident 
years total was 2.l56p. from pre- that there w no policy conflici 
lax profits of £128,000. between the two men. 




I -fcf *cvt r miK h 
’-•.•ii inav JpprcMaic 
L- mji/n .1- .i •.'ulatial 
:inil HfLulanik 

it It a* c% a li >i ti i b*. <t>i t «.-<j i«tv. . 

vlti.-n it cum !■ ■ ir.r.«.llinL - 

I rc»ii air luw r>. ni’t .in J ixmlv and runt, r 

if Vttu jnd . “ttr -.[.lM ■.•.■rtsidt.Tiltc in, • •iu> nit tv.- 
and pn iMim - ori.iny in -ucl> .111 t.n , 1 r- >nmtnt i.ir 

•xitwagh the.'tdv.inngL-s, lsnui time m hi -Aiy^L-si-.-d 
moving v.mr 1 ilfiL.v iu a ui'jri. congenial Ii icntii in’ 
Li.c IkHpraw Hi.iuw.- Xonlumpiuu 
Irpri-nidcs/rum |n 1V11 (v| rx >. j 7 V -in >.,| | ( ,-,f 
I'i vuni iu,, canwivO ar-ci •ndiin.nHd mIIm 
aco ininioJsiiMn i!*ac- in iht- heart nr i, n n v>. r um j 
O iupk-ul milouvm [•joiiitui hnu-m^ picvn ln;ldi 
and wvHjJl.md 

ItMtlfKi .iCf ttr.nii i,Lai 1, m tli.n 1 •mid -.i - .-- a 
l-> >ndi..n b,i%c.\i iirm in' 1. • i_T“ 5 i > l» m a « t,-.u ; nj „ ln^h 
i-. linked h'- undc’ii.ii' cr pcalc ,,; tnan o ■nnri:ii. ;u 
iho|.K -.lure- .1 «..ir iv.ii. and an ultra mu idem bu-, 


-*• suiion. maVjng it ea ilv ,i.:..c--ibl-: to all i. .nni 

• of rraniport And all tin - 1 ^ 1 ms. re iour miles 

from the M I within lihv mils.-- • <! :lin.-n 
jnicmauonal airport- ,niJ in huuily i.nl si. r.-i,c 
tn.im tu-li m 

•\vwc\ c lett von u 'jndinns wl i-.- - -r-u h n t 
nvjvix) to Hdgra' - c House bek-re ... >nm.. t- 
f-.k r < ', Jamn. L'lrecn -r 
( -rri \t*nur listatc Conn us rci.il 1" J » vi:l- .pnn,ntf Ltd , 

-S (..'irosvenor&trcvt. L.nidi >n \\"i\ 1 i|-|H 
He will furnish you with anv additional 
information w*u rcnuirei ir aiunyc ;u 1 audn • * iojal 
rt’-v.-n canon 'vln.h |-.ro • 
tii.it lidyas c HmUjv is .|s 
- ij a props i-mon .u . 
n -minds 

s.i make 

i"ni.|..i ioda\ and 
'tan plannms! a 
pur .11 nov future 
tor > 1 iu and your office. 


NOftr/y 




wjsrt m 1 



mgoMsisrm 


HALF YEAR REPORT 

\Umbreiiu ami Company. Limned announce the lolluwing Unaudited Pruhi> fur the 
iix moniili. iu dtiifi August. 197s. and an Interim DniUend ut 1.3234 pence ftr share 
( Iy77/7S- I.1E57 pence including IMI3K4 pence fur lax aojUaUneni). Taken with the 
appropriate tax credit, ihe In lentil Dividend rep ra.se n La an increase nf Mj",, n;ul 
includes an additional payment of 0.lHi;3 pence in respect of lhe Final Dividend for 
the .'ear to 25ifi February. JfiT.s. which was declared prior m the miuciion in lhe haste 
rate nf income tax from :i4 l 7, tt» 33“„. 


Turnover. — 

Profit before depreciation and funding charges 

Deduct: Depreciation "... 

Bank and Loan Interest 

Gain on foreign exchange 

Profit hefore Taxation and Extraordinary - 

Items ’ 

Current Taxation 

Profit before Extraordinary Items 

Extraordinary Items, less Taxation attribut- 
able thereto 

Attributable to Minority Interests 

Profit attributable to Members of Holding 

Company .. ' 

Preference Stock Dividend 

Interim Dividend bn Ordinary .Shares 

Interim Dividend — pence per’ Share 

Earnings — pence per Share — Basic . ' 

Fuliv Diluted ... 

sorts- 

1. The 1977 comparative figures tr«r depreciation, lax^tion and *.1 mins* ner share lene 
been adjusted to reflect change* in national accounting policies recommended hy rhe 
accouniancy institutes and adopted since the date of the Interim Announvcment for 
that Period: 

(a) Depreciation: £260.000 depreciation has been provided in the lf<77 figures in 
respect of freehold industrial buildings. 

(bi Taxation: The 1978 charge for taxation has been reduced by accelerated capita! 
allowances and stock appreciation relief to the extent of £8.”60.:i00* (1977 
£8.178.000). 

(cl Earnings per Share: Earnings are based on Profits before Exlraordinarv Items 
and after deducting preference stock dividends and amounts aitriluitable in 
luinoi-ily interests. As in preinous years and pending the aerecmrnl nf a new 
national accounting standard, lhe movement in foreign exchangj lias been 
included in earnings for the purposes of calculating earnings per <h;,re. 

2. Following the method of presentation adopted in lhe annual Statutor; Acc.um? for 
197S interest receivable on Government .securities and short term dcpoiUi has been 
excluded from Profit before depreciation and funding charges and ded’.cinl in 
arriving at the charge fnr Bank and Loan Intel cal. The 1077 compafirops h:>ve 
accordingly been reduced by £1^207.000. 

3. The interim dividend will be paid on 11th Jaiiuarj. J&79 lo shareholder.' i>n lhe 
Register at the close of business on !24lh November. 19IS. A? a result of th»- ci-n\ersion 
nf approximately one-tenih of lhe £14.4 million 11% Convertible Unsecured Loan 
Slock 1990/95 on the 15th September. 1978 and the y\vi'ci**c of a number of cmplnyco 
share options lhe ordinary share capital on which lhe interim dividend ivlil be paid 
has increased to £56,961.537 \ 156^69,406 25lh February. 197S>. 


.Six Months 

Six Months 

lu 26/8/78 

lo 27/8/77 

SOWEs 

£000 's 

:;20.68S 

27S.07D 

44.135 

35.9S6 

7,121) 

5.004 

5.2:54 

5 S3J 

M45 ) 

l20i> 

31.326 

24.P4C» 

8.106 

4.770 

23.820 

20. 1 70 

1,021) 

S16 

(9). 

(40 1 

24.831 

20.055 

208 

208 

3.015 

2.660 

1.3234 

1 .7.957 

10.46 

S.fifi 

».55 

s.oo 


Turnover was £3'J0.6S5.U0fl. an increase of 15°^. Profit hefore Tax and Extraordinary 
Items was £31,926,1)00, and Profit after Tax w-as £23,820.000, increases of 2S”,, and 
IS% respectively. 

Ii is encouraging thal the trends reflected in the second half of last year have 
continued. These increases were largely due to improved customer service in an 
atmosphere of better industrial relations as compared with i 977/76, allied with the 
price competitiveness of our brands. - These factors resulted in an increase in volume 
above the general U.K. beer market trend — an improvement we hope lo maintain in 
the second half. 

Growth in Heineken and Stella Lagers, both in draught and especially in cans, was 
notable in an increasing market for. lager. Whitbread Trophy Bitter and local Eiliero 
continued to make steady improvement, as did Gold Label. English Ale and Brew master, 
ln our soft drinks company, the continuing market share growth of liawhr.gs mixers 
is most encouraging. 

Our wine sales were substantially up over last year and have recently heen grov-'in? 
faster than the market. In particular, we again made excellent progress in the U.K. 
with our Corrida hrand and French table wines, and both in the U.K. and overseas 
markets with our Langenbach German w r incs. 

Long John International again, improved its profit contribution by greatly U'vp.a?cd 
sales of Long John whisky in the U.K. and overseas. 

We believe we should maintain our momentum throughout the second half r-F ikT^/TO. 
Further trading progress next year must be subject t« economic condition.-, mainly ihe 
control of inflation, and continuing good imiustriai relatioiis. W’e arc pi.u tiling lo 
invest £6Uni. during our next financial year. 

THE BREWERY, CH1SWELL STREET. LONDON ECIY 4SD 









28 


* 


IN THE UNITED STATES DISTRICT COURT • . • 

FOR.THE EASTERN DISTRICT OF PENNSYLVANIA 
In the Matter of ... 

PENN CENTRAL TRANSPORTATION COMPANY. 

Debtor 

THE UNITED NEW JERSEY RAILROAD & CANAL COMPANY, • 

BEECH CREEK RAILROAD COMPANY, 

THE CLEVELAND. CINCINNATI. CHICAGO & ST. LOUIS RAILWAY COMPANY, 

THE CLEVELAND AND PITTSBURGH RAILROAD COMPANY* 

THE CONNECTING RAILWAY COMPANY, 

THE DELAWARE RAILROAD COMPANY. 

ERIE AND PITTSBURGH RAILROAD COMPANY, 

THE MICHIGAN CENTRAL RAILROAD COMPANY, 

THE NORTHERN CENTRAL RAILWAY COMPANY, 

PENNDEL COMPANY, 

THE PHILADELPHIA, BALTIMORE & WASHINGTON RAILROAD COMPANY, 

THE PHILADELPHIA AND TRENTON RAIL ROAD COMPANY, 

THE PITTSBURGH, YOUNGSTOWN & ASHTABULA RAILWAY COMPANY, ' 

PITTSBURGH. FORT WAYNE & CHICAGO RAILWAY COMPANY, 

UNION RAILROAD. COMPANY OF BALTIMORE, 

Secondary Debtors 


In Proceedings for the 
Reorganization of at 
Railroad 

No. 70-34 7 
No. 70-347-A ■ 

No. 70-347-B 
No. 70-347-C 
No. 70-347-D 
No. 70-347-E 
No. 70-347-F 
No. 70-347-G 
No. 70-347-H 
No. 70-347-1 
No. 70-347-J 
No. 70-347-K 
No. 70-347-L 
NO. 70-347-M • 

No. 70-347-N 
NO. 70-347-0 - . 


NOTICE OF EXCHANGE AND AVAILABILITY OF NEW 

Pursuant to Orders entered by the United States District Court for 
the Eastern District of Pennsylvania (Reorganization Court), the Plans of 
Reorganization (Plan) for Penn Central Transportation Company and its 
Secondary Debtors became effective on October 24, 1978. (Consummation 
Date) at which time the name ol Penn Central Transportati on Company was 


SECURITIES OF THE PENN CENTRAL CORPORATION 

changed to The Penn Central Corporation. First Pennsylvania Bank N. A., 
and its agent. Fund.-Plan Services, Inc., Philadelphia, Pennsylvania has 
been named Exchange Agent for the purpose of distributing cash and/or 
securities of The Penn Central Corporation to the claimants entitled 
thereto, pursuant to the Plan. 


HOLDERS OF SECURITIES 

Holders of the following securities will, upon surrender of such securities, 
be entitled to receive cash and/or securities of The Penn Central Corporation in accordance with the Plan: 

SECURITIES ELIGIBLE TO BE EXCHANGED 
BONDS 


Boston S Albany Railroad Co. 

4!«% Improvement Mortgage Bonds Due 1978 

Carthage 8 Adirondack Railway Co. . . 
4% First Mortgage Bonds Due 1981 

Kanawha & Michigan Railway Co. 

First Mortgage Bonds Poe 1990 

Lake Shore 3nd Michigan Southern Rwy. Co. 
3!a% Gold Mortgage Bonds Due 1997 
Mohawk 8 Malone Rwy. Co. 

S'.ilo Consolidated Mortgage Bonds Due 2002 

New Jersey Junction RR Co. 

4% First Mortgage Bonds Due 1986 

New York & Fulnam RR Co. 

4?k First Mortgage Bonds Due 1993 

New York Central 8 Hudson River RR Co. 

3!.^o Gold Mortgage Bonds Due 1 997 
New York. New Haven 8 Hartford RR Co. 
41*“« Harlem River Division First Mortgage Bonds 
Due 1973 

Pennsylvania RR Co. 

4 ! .«?o Series D General Mortgage Bonds Due 1981 
* Pennsylvania RR Co. ■ 

4!i% Series E General Mortgage Bonds Due 1984 
Pennsylvania RR Co. 

3!«% Series F General Mortgage Bonds Due 1985 
Pennsylvania RR Co. 

3% Series G General Mortgage Bonds Due 1985 

Stuigis Goshen 8 St. Louis Rwy. Co. 

3!» First Mortgage Bonds Due 1939 
West Shore RR Co. 

4% First Mortgage Bonds Due 2361 
New York Central RR Co. 

5°o Notes Dus 1974 
New York Central RR Co. 

5!«% Collateral Trust Bonds Due 1250 


New York Central RR Co. 

Sli'lo Collateral Trust Bonds Due 1950 

New York Central RR.Co. 

6% Collateral Trust Bonds Oue 1980 

Bailie Creek 8 Slurais Rwy, Co. 

1st Mortgage 3°.. Bonds Due 19S9 

C'eveiana 8 Pittsburgh Railruari Co. 

Series C General 8 Refunding Mortgage Bonds 
Due 1374 

Cleveland . Cincinnati. Chicago 2 5t. Louis Rwy. Co. 
4*0 Series A General Mortgage Bonds Due 1993 

Cleveland. Cincinnati. Chicago 8 St. Louis Rwy. Co. 
5?a Series 8 General Mortgage Bonds Due 1993 

Cleveland. Cincinnati. Chicago & SI. Louis Rwy. Co. 
4! Senes E Refunding 8 Improvement Mortgage 

.. Bonds-Due 1977 

Cleveland Cincinnati. Chicago 8 Sf. Louis Rwy. Co. 
4% 5t. Louis Division First Collateral Trust Bonds 
• Due 1990 

Cleveland Cincinnati. Chicago 8 St. Louis Rwy. Co. 
4" a Cincinnati. Wabash 8 Michigan Division 
Mortgage Bonds Due 1391 

Connecting Rwy. Co. 

3!a?i Series A First Mortgage Bonds Due 1976 
Elmira 8 Williamsport RR Co. 

5"o Income Bunds Due 2862 

Pennsylvania. Ohio and Detroit RR Co. 

2'a':a Series E First Refunding Mortgage Bonds 
Due 1975 

The Michigan Central RR Co. 

4ft e .i Series C Refunding S Improvement Mortgage 
Bonds Due 1979 

North ern Central Rwy. Co. 

5 C .'* Series A Genpral & Refunding Mortgage 
. Bonds Due J 974 


Northern Central Rwy. Co. 

412% Series A General & Refunding Mortgage Bonds 
Due 1974 ■ 

Northern Central Rwy. Co. 

6\ First Mortgage Bonds 

Pittsburgh, Youngstown 8 Ashtabula Rwy. Co. 
.411;% Series D First General Mortgage Bonds Due 1977 

Pittsburgh. Youngstown 8 Ashtabula Rwy. Co. 

5% Series C First General Mortgage Bands Due 1974 

Philadelphia Baltimore & Washington RR Co. 
4':°* Senes C General Mortgage Bonds Due 1977 

Philadelphia. Baltimore 8 Washington RR Co. 

3% Series E General Mortgage Bonds Due 1973 

Philadelphia. Baltimore 8 Washington RR Co. 
3*2% Series F General Mortgage Bonds Due 1979 

Philadelphia. Baltimore 8 Washington RR Co. 

5% Series B General Mortgage Bonds Due (974 

Pittsburgh, Cincinnati Chicago & St. Louis RR Co. 
5%.Series A General Mortgage Bonds Due 1970 

. Pittsburgh, Cincinnati. Chicago & St. Louis RR Co. 
5% Series 8 General Mortgage Bonds Due 1975 

Piltrtiiigh. Cincinnati. Chicago * Sf. Louis RR Co. 
3 : a% Series E General Mortgage Bonds Due 1975 

United New Jersey RR 8 Canar Co. 

• 2Va General Mortgage Bonds Due 1976 

United New Jersey RR 3 Canal Co. ' 

4!?% General Mortgage Bonds Due 1973 

. United New Jersey RR 8 Canal Co. ~ 

4h% General Mortgage Bonds Due 1979 

. . United New Jersey RR 8 Canal Co. 

•3% General Mortgatje>Borids Due 1973 

'. * New York Bay RR Co. 

3^:« Series A Fust Mortgage Bonds Due 1973 


Beech Creek RR Co. 

The Cleveland, Cincinnati, Chicago 
and St. Louis Rwy. Co. 

Cleveland and Pittsburgh RR Co. 


The Delaware RR Co. 

Erie and Pittsburgh RR Co. 
The Michigan Central RR Co. 
The Northern Central Rwy. Co. 


STOCK OF SECONDARY DEBTORS' 


common capital 

common 

preferred 

capital (guaranteed 7%) 
special guaranteed 
betterment 4 9 o 
capital 
capital 
capital 
capital 


The Philadelphia and Trenton 
RR Co. . 

Pittsburgh. Fort Wayne & 
Chicago Rwy. Co. 


Pittsburgh, Youngstown 3 Ashtabula 
Rwy. Co. 

The United New Jersey RR 
and Canal Co. 


capital 

common 

preferred 

original guaranteed 7?® 
guaranteed special 7% 

preferred 

capital 


SPECIAL NOTICE TO HOLDERS OF PENN CENTRAL COMPANY COMMON STOCK 


Pursuant to the Plan of Arrangement for Penn Central Company, 
the holder of all of the stock of Penn Central Transportation Company, 
confirmed by the United Slates District Court for the Eastern District of 
Pennsylvania and in accordance with an agreement between the Trustees 


of Penn Central Transportation Company and the Penn Central Company, 
the Exchange Agent will accept Penn Central Company common slock and 
deiiverinexchangeThePenn Central Corporation common stock allocable 
to Penn Central -Company under the Plan. • 


EXCHANGE PROCEDURES 


A Letter of Transmittal with Instructions for surrendering any of the 
above listed securities of Penn Central Transportation Company or of the 
Secondary Debtors in exchange for cash and.or securilies of The Penn 
Central Corporation has been mailed to each holder of these securities as 
of October 24. 1978. whose address was Known. A Transmittal Form with 
Instructions for surrendering the common stock of Penn Central Company 
in exchange for the common slock of The Penn Central Corporation has 
been sent to all holders of record of Penn Central Company common stock 


as of October 24, 1978. These documents were not mailed to many holders 
whose identities a re not known because theif securities are in bearer form 
or whose addresses are unknown, if you own any of the securities listed 
above and you have not received either a Letter ot Transmittal or a Trans- 
mittal Form, you may obtain a copy by completing the form below and 
mailing it lo Ihe Exchange Agent. Separate Letters of Transmittal must be 
submitted for each Penn Central Transportation Company or Secondary 
Debtor issue ol security you surrender for exchange. 


SPECIAL NOTICE CONCERNING BONDS NOT TO BE ACCEPTED FOR EXCHANGE AT THIS TIME 
The Indentu i eTrustees under the following mortgage indentures have filed appeals from the Reorganization Court's approval of the Plan: 


New York Central and Hudson River Railroad 
(NYC RR Co.) Refunding and Improvement Mortgage 
4!z% Series “A" Bonds and 5% Series "C" Bonds 
due October 1 , 2013; 

New York Cenfrai and Hudson River Railroad 
Consolidation Mortgage 4% Series A Bonds 
due February 1, 1998; 

The Reorganization Court has prohibited distributions to any 
bondholder of an issue represented by an indenture trustee taking an 
appeal, until otherwise ordered. The Court has reserved jurisdiction to 
direct the distribution of whatever amounts of cash or securities to which 
such bondholders are ultimately determined to be entitled as a result of the 


New York Central Railroad 
6‘ , ii Collateral Trust Bonds Due April 15, 1990; 

Penn Central 

6'.:% Collateral Trust Bonds due April 15, 1993; 

Mohawk and Malone Railway 
First Mortgage 4% Bonds due September 1, 1991 

appeals or proceedings on remand after the appeals. Consequently, at this 
time, the Exchange Agent will not accept any of these secunties forex- 
change. If you deliver (or exchange any of these bonds, Ihe Exchange 
Agent will return the bonds to you. 


N*w York Central and Hudson River Railroad 
Lake Shore Collareraf 3';^ Bonds due February' 1 . 1998; 

New York Central and Hudson River Railroad 
Michigan Central Collateral ? : r a Bonds 
due February 1, 1398; 


SPECIAL NOTICE TO CERTAIN PR E- BANKRUPTCY CREDITORS OF PENN CENTRAL TRANSPORTATION COMPANY 

OR THE SECONDARY DEBTORS 


The Plan provides that, with the exception of those contracts 
specifically assumed in accordance with the Plan, all pre-bankruptcy 
executory contracts of Penn Central Transportation Company or the Sec- 
ondary Debtors are rejected as of June 2t. 1970. with respect to the Penn 
Central Transportation Company: as of July 13. 1973. with respect to the 
United New Jersey Railroad and Canal Company; or as ot July 1 2. 1973. with 
respect to all other Secondary Debtors. Pursuant to Orders entered by the 
Reorganization Court, no person, corporation, governmental unit or other 
entity having a claim against Penn Central Transportation Company or any 
of the Secondary Debtors arising out of the rejection of a pre-bankruptcy 
executory contract will be entitled to participate in the Plan, UNLESS such 
claimant files with the Proofs of Claim Administrator of The Penn Central 


Corporation a proof of claim on a specially authorized form on or before 
December 29. 1 978. Proofs of claim not so filed will be barred forever. You 
may send your request for the prescribed form to 

Proofs of Claim Administrator 
The Penn Central Corporation 
3210 IVB Building 
1700 Market Street 

Philadelphia. PA 19103 

Proofs of claims previously filed in respect to such claims are not required 
to be retried. 

THE PENN CENTRAL CORPORATION 


First Pennsylvania Bank N.A. 
c/o Fund/Plan Services, Inc: 
P.O. Box 8717 
Philadelphia, PA 19101 


Please send a Letter of Transmittal with Instructions In respect to ihe Plans of Reorganization for Penn CentrafTransportation Company, 
Debtor, or any Secondary Debtor, or a Transmittal Form with Instructions in respect to the Plan of Arrangement for Penn Central Company to: 


Name 

Street 


l?iea$e Pnny 







Financial Times Wednesday Nbvan3}a:; : 8 1578 V 

MIRIM NEWS ] 


- . . ,,r' 


Berjuntai Tin to pay 



BY KENNETH MARSTON. WNING EDITOR 

I JStiSSSSi ■ 




country's tin mines are tmJJfcelv to of 1977. while profits for cue tin* « 

be eased by the latest anSc£ nine months of this year were mternn dividend 
ment from Berjontai Tin Predg- . $1.9 m against $l0-2m last year. * 

ing, the countr^s. major producer , 
which is a member oE.the Malaysia ■ 

Ranger to pay 


I Mining Corporation, group.' 

Last week Berjuntai announced 
tha t its application:. : fox.~~ the 
renewal of four- mining leases 
had been rejected by the Selangor 
Stare Government'- --which, was, 
instead, passing on, the. leases -to ' : 

its own Kumpiilang Perangsan THE FIRST of the 
It is how stated that uranium ■ ventures 


Aboriginals 
A$8m a year 


Mitsubishi of Japan has sigm- 
a : draft agreement, with An -r. 
Potash to act as saley agent in U * ' 
Far East and Oceania, repor 
Sami G- Khouri from Amman, 
has a ’ five . year commitmei 
to buy 600,000-800,000 tormV 
annually. - This follows an agre 
ment with Woodward and Dieke .. 
Australian son covering . thg^. Itfestei ? 
in the Hemisphere and . precedes a thii . 


company. It- « now stated; that uranium - agr ^. agreemebl-for Europe and AHc 

ErWt.T’iSSS'rgrafflSffi 

min, Sr"“ th, R. ? «.r d p X.W.L“ ^,: 


to mine (ubid «ujq pay me irate ,,hii ...... 4. . •• ..x 

lc0 Z! pany a Oilmie- for doing Jso. ** fl houc LG5m J a year Uranium reserves^ fn ■ Braz 

S royalties to the Aborisinalsjria 


payable on tin xontentrate pro- ^eir Northern ~ Land ''Council. 10 months of 1978 -£rom-86,tt\' 
duck on from the leases.;-.' with according to Mr. Ian Viner, the tons at end 1977, according, j - 
effect from - *7. last ; to Aboriginal Affairs Minister. . Nudebras. . . -the state -juiciei> 


| April 30. 1979. This; agreement, royalty rate of 41 agency. The rise follow the 


which was signedon-November figurrTs ’based' bo covery of desposlts in the hort&er 

|6. also allows ^ ffto ttong .for, Qf s 3.000 tonnes of part of the country hy UcSag.,- 


! Peraflgsang’s participation .- . in 


Sr 


Rarinnni .uranium oxide at a price Of seusehaft of West Gqnaapy. 

n!Z W U.S.S30 per lb. The .partner corn- 


ed 


would be formed jointly ^ a year for the lease of the site and 
Perangsang and Malaysia- ..OEin" a f urt her A$l.3m in instalments 
| corporation. . . . . a t various stages of mine develop- 

Shareholders in ■ Berjuntai. ment. 


Inland Revenue ' 


whose only khosvIedge.of the deal ^ Sydney, a Peko spokesman ^ uk 'mi nine industry ’ 
can have come from the bland said the partner planned to begin ^^ U % v ^bly- ; t6Td^i& 

if- pr^uction at an inrtiali annual 


jusr how adverse aa effect the ^le of 3,000 tonnes in 1982 after relief -on. Uxoenditti ► ' 

mores ulU have on-OwrlriiM. a three-year construction penod SSL l d “ b v« “ ^ 


their company's April. Output is (SSiSSisfSl companie* ubmakfi 


meat despite 

s; ■■ 

Presamably, the 10 - ; per ; cent ation of the agreement between AUSwanees Act of 1868. : whk 
tribute will be payable on the the government and the two pr0 yjdes that where a comn« 
revenue received from the-.eale- of mining companies. - has" spent morief on erp]ara3s"‘ r ‘ ’ 

im concentrates sent - to the The former Labor government not : leading to pr6aucdon. th6 
smelter. In. which, case the. 10 per negotiated an agreement, con- may be tax' relief as if a tradir 
cent will be deducted before "Jie firmed by the present -admimstra- expense had-been incurred 
company sets its working, and Uon, whereby the government Although the Inland Beveia 
other costs against this , revenue, funds 721 percent of development gees the reiier Afforded ford, 

Ttus could mean more-rtharr a costs and the companies 13? per successful planning aoDUbafibi 
10 per cent reduction uf profits, cent each. : • • as a purely, technical n^-7-/.' 

but no guidance is given. on this The proceeds of mining, how- -industry' Lai. experts ..conadMV 
P 0Jnt * " ever, will be split 50-50 between -as a “very useful reljef. w ; \ 

Nor is it dear what Ls; meant by the government and the two com- There 


has. he«L, corisfderi^:.- 

negotiations tor .Perangsarrs's panics. The Peko spokesman said/ disquiet about me-’ expense- ar. 
indirect participation in. Her- discussions are continuing and time involved in lengthy plannir 
jUniai in association:'' .wnfa setlement is expected shortly.-, applications and it is felt m-lF 

Malaysia Alining Corporation/ The He added liiat he anticipated industry that- this process Is a di^ 


latter is 28.6 per cent pwned by no difficulty in finding markets incentive to mineral explorafie 

r Consolidated with - the for Ranger's output nor in raising in the UK: ' " 


Charter 

remainder held by the Federal 
Government. ■ ; v • 

Pending clarification, the 'skua- . _ 

tion is hardly likely to ehcourasie estimated at about A$330m. 
[overseas investment in Maldyj-w. 

Prior to the latest news Berjumai 
shares closed unchanged at '235p 
yesterday: they were 255p /prior 
to the company’s previous 
announcement on November L 


FORTUNES VARY, 
AT BENGUET ■ 
AND ATLAS . • 


Bcnguct 
Manila 
achieved 


funds for Peka's share of con- There was, indeed, "a. job: . 
slruction costs. Development meeting ■ between . the iridnstr 
costs of the project have been sand and gravel interests and tF" • 

Inland Revenue about capit 
allowances only- a fortnight ag- 
But dlscussjbns . on this/ top 
"have been going- on for seven 
years. 1 ... .-. 

. . However, the tow 'level . t 
mining company. extforatnT 
. .activity in the country, at preset 
A joint venLure to explore and means, that the maln amn^Iiar 
develop uranium deposits In the beneficiaries of the new reliefrat, . 
San Juan and -McKinley .areas of likely to. be' the sand 3nd\grav<" 
New Mexico will start operations interests: ’ . “ --iv/r-r*. " 

before the end of the month. *' 

AliLsublshi of Japan announced MINING BRIEFS^' 


MITSUBISHI AND 
GETTY MAKE 
URANIUM PLANS 


third ^ereamfj^.jtfcon«« will take 31 per cenf of the' joint ' 


^ venture. With Mitsubishi holdmgri^ot 


1 reared CIJ56I. SM iooiks C& 


and Development, anqther Phllii> the balance, 
pines group, whose profits declined n q estimate of the reserves was 

//"'he three ninths to Seo- 

duetlbn Could Start in about eight 
or ten years time after . the 
completion of SlOOm worth of 
raining and refining facilities. 


$2.0Lm in the same period or last 
year. Over the first nine months 
of the year earnings were $S.6m 
against S5.9m in 1977. Prospects 
for the final' quarter are- excellent, 
the group said, anticipating a 
record year. 

Atlas Consolidated, on the other 


ROUND-UP 

Mitsui Mining and 


Smelting 


hand suffered a decline in topper announced froni Tokyo that- net 
output as lower ore grades were ' losses - fn.- the six months to 
worked and as it contended with September were Y2.79m (X3.3ni). 


.. perres 

tin metal i : Malaysia .25 tomtesr ThalJai 
8S tonnes. September outputs: -3W.- 
reepecUvelK: 


ion C 


WQRLD ^DE FUND 
LIMITED ‘ 

A commodity futures txadiw • 

•• ; *. fund .-•• -i T- : bcr ]S. }' 


Net Asset Value per SI share- . 

-as . at 31st Octr l97S^S12.m ? 5 -- 


,.-.V 


\ De La Rue A 

headi 

of Bui 

dget 

\ Ml , . . . . 


o 

\ir/ improved margins expected m second nan , . 

Trading Results . / : ’ .. . ..... 

Group turnover in the fin* half of £5 7.9m. was } Z^c higher. Exports as a percentage of 
torul turnover showed :i 5 c v decrease. clue to the incidence and timing of certain Security ’ 
contracts. Trading profits before taking into account our share of associated- compares ’ 
increased by 5.4 r r with .margins at 18.5 r r. The expected decline in profit marefts in 
Security from the exceptionally high levels reported lust year was to a large extent ofiset 
by a marked improvement in the Graphics division. Share of associated "company urofiK : 
increased by £77(1.000. 

Pcrformiince as a whole for the first six months represents an improvement oil budget in . 
spile of a disappointing result from De La Rue Crosfield which is not expected to improve A 
in the second half. • •' . • . . . 

Outlook ... 

Although stiles volumes are growing more slowlv than expected in. some areas of the 
business, margins in the second half ot the year areexpected to show ah improvement on 
those for die first six months, and die Board remains confident of a satisfactory result for 
the year as a whole. .. . 

Sir Arthur Mormon, iCBE, DFCL- ' 

| INTERIM STATEN1ENT lor the half vear ended 3.0th -September 1978 

Amounts are expressed in thousands of pounds 

‘ 2978/79 

• 1977/78; : - (J- 


Half Year * 

Hatf*Vear 

Full Year 

Salesr 

. Securitv 

Graphics 

£.000 7 . ■ 

45^62 

11^89' 

£;000 

43.931' 
7.609 ' 

. ;£,ooo. 

' 89,687 
’ 20.435 - 


57^51 

5I>540 

110,122 '• 

Exports ; • 

33.622 

‘ 

32,495 

68369 

Trading profit; - • .-y . . 

Securitv 

G ra phics : 

8,460 ' 

1.9 16 

9;66i; 

365 

’ 21.441 ' 

2328 

Interest less central overheads not allocated 

10-376 .j 
-303 - | 

10,026 

103 

23.969 , 

280 

Total trading profit 

As a percentage of sales [ 

Share of profits of associated companies..;. | 

10,679. 
.18-5% ; 
2,565 

10.129 
19.7% 
i,794 : 

•: 24J249 
- 210% . 
4,091: 

Profit before tax 

Profit after tax ....il .....: 

Mmorire interests 

•13f244 
8,788 ; 
189 ' 

11,923 
• 7,830 . .. 

■•'127' ' 

■ 28340 
19,961 

Profit attributable to The DeLa Rue Co. Ltd. .. 

Less Proportion of Preference dividend 

8^99 . 

' « V 

7,703 

\ 6 - 

.1^605 'y 

i2' . • 

Profit anrihutable to Ordinan’ .stiareholders 

8493 


7-19393 T; 

! Hamings per Ordinary share ' [ 

-■ 3>6p ;; 

. 22dp 

: 543p J - 

j Interim Dividend — 3.9flSpperrfiarcij.5fl) : 

• ' 


J 




• ■> 
H 











S&attosi'SllieS; WfS&KSsday; Novembers 1978 

- \-£V ? *.v 




tinu 


(m_&f*G;94fi Bas&_<rf fcttUetin)' . 

ELIGIBLE JSABttJTHS, RESERVE ASSETS. RESERVE RATIOS* 


AND SPECIAL DEPOSITS 

1 — Sank! • /"?:•. y.V: 


Eligible liabilities.- -v.-\ / 

UK tanks .: - 

London dealing 'banks 


Oct 18, Change <ra 
1978 . -month 


Scottish dealing' banks 
Northern Ireland _bante 
Accepting houses 
Other .........L 


Overseas 'hanks 

American banks. 




Japanese -honks .i...— . — 
Other overseas banks 

• hanlcx ' , . .... 


■■■■... Total, eligible liabilities* 

Reserve assets ~ . 

UK banks .. 

London dearing banks ..,^4- 

Scotrish clearing. banks . — 

Northern Ireland banks .. 

Accepting houses 


v ■ £m . 

■ £m 

23^BS 

: r +75a 

2,704 

+ 50 

869 

■ .' :, + 4 

L937 

V“ ,+ 33 

6^61 

.+377 


V f+ 84 

S06: 

+ 21 

2,752 

+33 

,227 

+ 8 

■ 44^65 

.'+1,362 


3,305 
; 36i 
■128 


'+ 4ft 
4* 9 

+ 2 


Oversea^ tanks ;/ =.'" r 

American banks .. 

Japanese-, banks 

Other overseas banks 

Consortium banks ...... ...... 


0 


Total reserve assets 


Constitution of total reserve assets ' 
Balances with sink o£ England 
Money at call: 

Discount market — ; 

Other — — — 

Tax reserve certificates — .... 

UK. Northern Jtrelknd-Treasiiry Bills 

Otherbflls: - • .- - - 

Local ' authority — 

Commercial 

British Government stocks, with one year 

or leas to find maturity ... 1 ■ 

Other ..... ...... 

- Total reserve asseis — 


Ratios % 

: UK banks 

London clearing banks' 
Scottish clearing banks ... 
Northern Ireland banks 
Accepting houses ......... 

Other ; ^.. 


Overseas hanks ' 
American banks 


Japanese batiks^ 

Other over seas hai»fc« ■ ':-r- r "-;-r- — ------ 

Consortium.: hanks .......... « . . . 

Combined ratio — ." 


N.B.—- Government stock holdings with more 
than one yearbatless than 18 months td 

,. flaal maturity- amounted, tv- 

2— Ffnanee houses ... 
Eligible liabilities 
Reserve assets 

Ratio: ( %) .. .J.t. - .; 


.. 272 ; 

• . — 7 

912 

.+ 93 

523 , 

'+ 11 

•• . 44 . ■ f- 

-+ 3 

409 

+ 5 

V- ..41 • 

•+ 1 

5J»0 *' 

+163 

2H . 

— 69 

3^234 

+237 

-. m 

+ 19 

sB- 1 /'.' 

'.i- 12 

-168. ' 

+ 35 

'789 ' 

+ 7 

'■.,,332 

- 55 

5590 

+163 

;/.\12J> “• 

— 

133 



14-5 

+ 0.1 

14.0 

-0.6 

130 . 

+ 0.7 

33.4 

+ 0.1 

14^ 

“0^ 

14 A f 

— 

• 

- 0.4 

13,4 

— 

£m ••;. 

;£m 

472 • 

+ 20 

36fi 

+. 5 

- 38.3 :. 

'+ L3 

: 10^ 

-hj03 


Spedd Jfeposits at Qdabct 18. warp . £LQS1. Cop £4l7m) . for 
banks and.£llm : <up £4m>;-for. finance houses. * Interest-bearing- 
eligiWe liabilities were £28,917 (down £782m). - 


Bank of Ireland sees big 
second half improvement 


PROFITS before lax of the Bank 


current discussions among Gov- 


h;— «* ones of Board meetiriiSb to tCe Siodc - 

^rectors say that the Esctar.ao. such nieMtaps aro o«uaiiy see fully "hat new implications 

h .* ” ■ half-yearly profits is hi-ki for the dotpdsl- of comiiJeriiut there may ue for commercial 
Changing and results far the Ujnttmus. official indications on- not banking operations and earnings 
sis months are expected to ?i^V*teSh W S fc, 5» -, i«wS in lhi re ^ in K er of U»* account- 
show a considerable improvement. a™ brtSw “ year, the directors say. 

oasic earnings per share are rear's dmi-tabir. 
shown at 294|i (36ni and 29fio today 

against 33p fullv rlilntprf Top >"t*r1ms:— Ash Spinnhu. .lohn Brljht. 
interim ril ut , . M) e Chobh. John Fowar. uanwollc. hiu 

R ^ „ dividend IS lifted front ap Samuel. London oml Sonhi*m. MmmuIi'Y 
jr on increased capital and Emeus. Benjamin Priest. Readmit inter- 
me Board expects the results for “>«»>“*■ J- Saiurtnnr. 

Die year win justify a final ritvi- . **««*«— Bartov Rditd. Central Manu. 

denH ar a I- ^ nnai , V facmrtmr and Tradlne. Safosuard Indus, 

thrift* 3t Ieast C( > uaJ t0 investments. 

10 ? P a, d ,a - 1? t year. future dates 

* in tile half-year takes £7. 94 m 

<£7.77mi and attributable nrnfir ‘ VJl<,n 

S £J2 72m a»iin« m Mm si Prmsh-Bomco Pctrolcui 
amount „f r f il2.4f)m. An Choner Consol, dared 

amount of £9b2m (£10.76ml is Chubb 

retained. niohe lrmstmem Tnist 


Nor. IS 
Nov. 9 
Nov IS 
Nov. 8 
Nov. U 


Sharp fall 
at Cater 
Ryder 


.. RISE of 2i points in MLR 

Nov. :x during the half year 10 October 
31. 1978. resulted m difficult 
trading conditions for Calcr Ryder 
and Co n the bill brokios and 
Nov. y. banking concern, and therefore 
*-*> v - J profits were considerably lower 
o compared v.ith the same period 
last year. 

y. ov The net interim dividend 
•" A, “ effectively raised from 4.0425p to 
£1 


.hIl ad J nK durin « the half-year MPSt** CroCkM ™ 

from ^Tn n a,erial di,Ter D encos wamcf Hobdays T. 

P atlern S. the Board Wrdcwnod 

j les - . The unexpectedly larze Pinats;- 

aemand for credit was not •'i'J’oid and sm,tbrrs 

accompaoied by a corresponding .. ;r. 

and neerssi- Mwmirot White 

i* 4 "." . recourse to rediscounting fioan r.onso|,rtaio<l Mines .. 

tacmties at the Central Bank samibursi Marbeiios 

r The arrangements for an Tr< " or ' J ' 1 

'“2 In siaiT remuneration in " 4.103750 per £1 «.-hare with 

rathe'i tw 11101 ! 01 earl >‘ ‘n the year rose more, in relative terms, in supplementary o.JH497p to be paid 

;? an b - w Phased increases the first half-year than they will on ACT reduciion— Lhe 1977-78 

^ y ear W occurred pre- in ihe second half. final was an equivalent 1286785jp 

usxy. meant that staff costs Until the precise outcome of from £I.73m profits. 

Bridport-Gundry finishes well 

tw tumoyer increased from Bridporl-Cundry (Ireland! and resighed as chairman to be 
of - 1 n -1° taxable profit Jackson Trawls did particulars succeeded by Mr. Hugh Dundas. 

?I ®rj d Port-Gondry (Holdingsl. well. 

nn-rf D crset-based netting and To mnke « r ouo less 

Dom a %54 rnw" m aC r^i e rinn * llp ?h d puniberso me it was divided Into 

yea?tfj 1 :;j 0 sl lo ,S| 1,000 m the fr,ur se P 3ratc fading sections in 
n..I ■ . June 1073 and this is already 

nWotiL ^ Ir ‘ - HcJder. the bringing results through reduced 

il° an ' sa ?' ? ^ bat . although the operating expenses and increased 
result was disappointing, figures deliveries, the chairman says. 
lor the second six months 
reflected an improvement in 
business generally and in our 
own performance." 

At halfway, pre-tax profits were 
£2 »i,.i 58 against £274^53. 



Ambrose 

Investment 


19-73 1976-7 


For the sis months to September 
30. 1978 Ambrose Investment 

Trust reports profits of £315.736 



rood 

1000 

Extcnal ram«v?r 

I2.»l 

s.iv: 

Pfjft before tax 

711 

IM 

Tos . . . 

4«0 


MltontiAt 

-•I 

3 

itilTi'n-nco; 

TV 

1 

Etiraord rndit 

T 


Atrr.buraMc 

71K, 

rzo 

Prr). d ividi-Hrt . 

K 

s 

Ord. d-udend . . 

)«4 

S3 

Kvtamed . 

lAj 

sss 


Gross income for the period 
dvanced Irom £293.196 to £543,741 
nd expenses took £28.005 
£23.531). 

mo The net interim dividend is 


BET Omnibus 
sees peak 
for year 

Reflecting the improved trading 


mended, making a total for 
year of 2.1 p 1 15723p ) and Tore- -D ' ?b ‘' 
cast at the time of last November's 
rights issue. 

The Treasury has said consent 
will be given to the increased nav. 
ment provided current regula- 
tions are still in force then, 
exceeded budgeted turnover. 

Mr. Holder savs the results were 
affected by “the prolonged' and 
deep recession " hitting James 

Pearsall and Co. in the twisted ^ 

products division which in pre- of both wholly owned sub- 

vious years had been the strongest s'dianes. and the associate ram- 
profit earner pany. pre-tax profits of RET 

On pr„m m s for the sttomd. Mr. 

oK 'KI TrSniSn Compon?^!- durinS 
pro-row a-aiost tho ho-hpronml aim on 

S,h*. rEKSSi0 " in the gj^^^iSsiS •- 

However, the cash nositinn is A , „ 

strong and the prnun ret3«ns The Full years results are 
considenble potential Tor expected to show- some increase 
expansion on the record fK.fifm achieved in 

The order hooks are generally 

stronger than they were 12 months estent °* tiie first-halfs hgurcs 
aro and, in ihe first auarter of Earnings are given as being 
the current rear rhe grauo has well up at 28.44p (17.18p) per 
exoneded hudgef^ed turnover. £1 share and the interim dividend 
The netting division continued is unchanged at 2.5p net payable 
to receive a generally strong December 1 — last year’s final was 
demand and profits exceeded 6iSp. 

those of 1977. Though small. Sir John Spencer Wills has 


final payment was 2.7p. 

The net asset value per 25p 
capital share at September 30 was 
186.01 p (147.08 p at March 31) and 
per income share 3132 (30.42p). 
Surplus on realisation on invest- 
ments in the six months was 
£628.012 (£70,102). 


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9 



as at October 18, 197$ 


. THE TABLES bekar provide the first 
. monthly indication of the trends of hank. 
_ lending and deposits, ahead of the xbore 
-^comprehensive. . . banking and money 
' — supply figures published later by the 
: Bank of Enghuid.. ' Tables 1* 2 and 3 
: are prepared, by the London clearing 
f banks. Tables 1 and 2 cover the business 




of their offices and their subsidiaries 
(excluding Scottish and Northern Ireland 
banks) In England and Wales, the 
Channel Islands and- the Isle of Man 
which are listed by the Bank of England 
as (ailing within the banking sector. 
Table 3 covers the parent banks only. 
In this, it is comparable with the figures 


produced by the Bank of England, which 
show the reserve positions of all the 
banking sectors subject to credit control. 
Minor differences here arise from the 
exclusion from the clearing bank figures 
of Contis, a subsidiary of National 
Westminster bat a clearing bank in its 
own right. 




TABLE L 

At l GKEGATE RAT-BVrTRK - - 

■ LIABILI TIES • • 

Sterling deposits: - 

U.E. banking sector 1 .. ....; .--v. 

U-K. private sector 

U-K. public sector 

Overseas resWents 

Certificates r of deposit -.l 

of whiehrRigh* 

Taw (inc. CD'S) 
Foreign currency deposits: 

VJL banking sector 

Other. UJ5- residents 

■ Overseas residents ...... 

Certificates of deposit .: 


Total 


Clraiw on 
month 


V 


Olher 


depos: 

liaWH 


Ides* 


TOTAL LIABILITIES . 


t ASSETS 

Steriing . ■ . , 

Cash and balances with Bank 

of England 

-Market loans: • 

Discount market 

. . . LLKL banks - - 

Certificates of deposit — 

I. oral authorities .1. 

. Other .... 


£m 

£m 

Em 

£m 

.5^71 
27.902 
514 
. 2.395 
f ; 2,081 

MM? 

+ 323 
+467 
97 
+ 93 
- 44 

+ 741 


UP|iriP0 

15295 

21J97Q 


+443 

+299 

4J91 

1,062 

13.415 

U» 

17 AA3 

+ 274 
+. 44 
+212 
+ 85 

+ 615 


56.164 


+ 1^56 
- II 


65.409 


+ 1.345 


1.049 


- 85 

2238 


+ 48 



6.749 

941 

992 

337 


ILK? 


+244 
- 10.1 
- 22 
•+ 15 


-173 


Total 

outstanding 


ChMse M 


Bills: 

Treasury bills 

Other bills 

£m 

449 

7S2 

£m 

£m 

- 49 

- 16 

£zn 

Special deposits with Bank of 
England 

Investments: 

British Government stocks ... 
Other 

2.151 

1,532 

652 

- 8 
- 12 

+276 

Advances: 

ILK, private sector 

ILK. public sector 

. Overseas residents 

J 9,485 
304 
3.173 


+320 
+ 118 
+ 5 


Other sterling assets* 

1 

22.962 

5,623 


+443 
+ 1 


Foreign currencies 
Market loans; 

ILK. banks and discount 

market 

- Certificates of deposit 

Other 


■Bills 

Advances: 

ILK. private sector 
ILK. public sector . 
Overseas residents . 


3.778 

214 

7.661 


2.0 IS 

OflC 

jran 

3J30 


Other Foreign currency assels" 

TOTAL ASSETS ... 

Acceptances 


11.653 

48 


6J45 

1.W5 

65.409 

328 


+ 23 
- 20 
+ 438 


- 31 

- R 
+ 147 


+441 
- 5 



Includes items in suspense and in transit. 


STABLE 2. INDIVIDUAL GE0UPS 
OF BANKS’ BALANCES 


. total 

Chons* 

Ouatandloa on 
auaHt 


LLOT-DS 


MIDLAND 


NATIONAL 

WESTMINSTER 


WILLIAMS & 
GLVNT4 


SUABILITIES . 

{ Total deposits 

'-ASSETS 

; Cash and balances with Bank of 

J England 

l Market loans: 

•; ' ; t l -K. banks and discount market. 

Other 

j . Bflls - 

t: Special deposits with Bank of 

x’ m -Bajdand 

5- British Government stoeks 


Em. 

.56.166 


£m. 
+ L356 



Chan#* 

Chonao . 

Chon go 


Chingt 


Chon ft- 

Ootsuitfina 

on 

OutsUndtnn on Oiitcundmg 

on 

Owstamflng 

on 

OBtstvmflBe 

•n 


month 

month 

month 


month 


month 

£m. 

£m. 

Em. £m. £m. 

£m. 

£m. 

Em. 

£m. 

£m. 

14.9S9 

+ 19S 

10,876 +626 11,680 

+ 146 

16,822 

+ S10 

1,799 

+ 77 


L(MD - *5 


312 - 29 


197 “ 7 


222 — 23 


286 - 25 


32. - 1 


12,764 

10J45 

1,279 

fiSS 

2,134 


Advances 2ft^06 


+315 

+303 

- 70 

+276 

- A 

+534 


2,900 

2SU 

264 

212 

44S 

8.432 


- 47 
+ 126 

— 15 

+ 88 
+ 23 
+ 74 


3.256 

2,662 

105 

78 

436 

4.347 


+ 500 
+ 59 
- 29 

+ 38 

+ 99 


2,004 

1.482 

515 

J48 

384 

6,869 


-144 

+106 

+ fifl 
- .24 
+ .17 


4.339 

2.760 

371 

192 

739 

8.625 


- 12 
+ 9 
- 28 

+ 80 
+ 3 
+342 


366 
■ 368 
23 

22 

129 

2.033 


+ 17 
+ 3 
+ 2 

+ 9 

+ 42 


'TABLE S- CREKT CONTROL 
' INFORMATION 
* (Parent banks onlyl 

;EH*fble liabilities 

Reserve assets 


^Reserve ratio (%) 


i(4ll«UU« 


23.446 

MSS 

1M 


+ 748 
+ 48 

-QJ 


7,78 1 

+ 187 , 

3-S3S 

+ 68 

6.061 

+ 151 

6^43 

+ 320 

9(6 

+ -73 

987 

+ 7 

500 

- 14 

789 

+ 3 

888 

+ 50 

119 

+ 1 

12-7 

- OJ 

13^ 

- 9A 

UJ6 

- 0-3 

18 A 

.+ M 

124 

-04 


IHHIIIIIIMNIHMNHNINIHNMHHMNIIItHlUINHnNMNHiniHHIIIIHIimNHtNMtNINNIMIHNMUNIMMI 


New Issue 
November 8, 1978 


This advertisement appears 
as a matter or record only 




DSV! 75,000,000 

6% Deutsche Mark Bonds of 1978/1990 


Offering Price: 9 

Interest: 6% pe., payable annually on November 1 of each veer 

Redemption: annually, beginning on November 1, 1981 through purchases 

in trie market or drawings of series by lot at p3r 
listing: Frankfurt am Main end Hamburg 


Deutsche Bank 

AMtCnBOMUactutt 


Privatbanken 

AhiMuMrih 


Algemene Bank Nedeifand N.V, 
Andresens Bank A/S 

Banca Commerciale Italiana 
Bank of America International 

limlM 

Bank of Helsinki Ltd. 

Banque Arabe at Internationale 
d'lnvestissement (B4U.L) 

Banque Gdndrale du Luxembourg S A 
Banqua National b da Paris 
Banque Popu Loire Suisse SA Luxembourg 
Baring Brothers & Co, 

Lamied 

Bayerische Landesbank 
Gimzantrale 

Bergen Bank 

Caiss® das Ddpdts at Consignations 
Commerzbank 

AkiienaBMBschafT 


Amstardam-Bo tte rd am Bank N.V. 

Amhald and S. Blelchroeder, Inc. 

Banca del Gottarda 

Bank Julius Baer International 

United 

Bank Lau International Ltd. 

Banque Bruxelles Lambert SJL 

Banqua da rindochine et de Suez 
Banque de Neuflize, Schlumbergor, Mallet 
Banque Rothschild 
R Albert de Baiy & Ca N.V. 

Bayerische Vereinsbank 

■Berliner Bank 

AkiieoeeseUscnatt 

Cazenove & Co. 

Copenhagen Handelsbank 


Crddit Industrial d* Alsace et de Lorraine Crddit Lyonnais 


Cre dftansta It-Bankva rein 
DelbrOdc A Co. 

Dresdner Bank 

A^uangasalbctiaic 

European Banking Company 

Domed 

GroupementdesBanquiaisPrivisGaievob 
R. Henriques jr. Bank-AkUes e iskab 
KansalHs-Osake-Pankki 
Kmdietbank W.V. 

Kuwait Investment Company ISAK.) 

Lazard Frdrea et Cie 
Samuel Montagu & Co. 


Den Danske Bank 

al W71 Akmweltkah 

Deutsche Girozantrole 

- Deutsche Kommunalbank — 

Effect# nban k-Warburg 
Akaengasdlidiatt 

Girozentrale und Bankder 
Sstemichischen Sparkassen 
AkbengeHUtchsn 

HambrosBank 

Limned 

Hessische Landesbank 

- Girozentrale - 

Kidder, Peabody International 
Umiied 

Kredia thank S A Lux embo urg eobe 
Landesbank Schleswig -Ho Istain 
Girozentrale 

Merck. Rnck & Co. 

Morgan Grenfell A Co. 

LmiKd 


NederUmdscha Middanstandsbank N.V. Naue Bank 


Nordic Bank 

DnKad 

Orion Bank 

D^-ied 

PKbanken 

RotheehOdBankAS 

Scandinavian Bank 

D-'i-led 

Skandinavbka EnskSda Banken 

Socidtd Gdndrale de Banque SA 
Swiss Bank Corporation (Overseas) 

Union Bank of Norway • 

timUd 

Vereins- und Westbank 

jUtirtdtuUMmh. 

Westdeutscha Landesbank 
Girozentrale 


Den norske Credit bank 
Pierson, Heidring & Pierson N.V, 
Postipankki 

N.M. Rothschilds Sons 

LimUBC 

J. Henry Schroder Wagg S Co. 

linud 

Smith Barney, Harris Upham ft Co, 

HBMfpWlttd 

Strauss, Turn bull & Co, 

Trinkaus A Burichardt 

Union Bank of Switzerland (Securities) 

LimiMd 

M.M. Wbrburg-Brinckmann, Wiitz&Ca 
Weetfaienbank 

AbwasodUKtiatt 

Wood Gundy Limited 


Andelebankan A/S Denebank 
Atlantic Capital 

Cwpon-jon 

Banca Nszionala del Lavoro 

Bank fur Gemeinwirtschaft 

AMwngetiKcnai: 

Bank Meas & Hope NV 

Banque Fran parse du Commerce Ext4rieur 

Banque Internationale b Luxembourg SA 
Banque de Paris et des Pays-Bas 
Banque de I'Union Europeenne 

Bayerische Hypotheken- und 
Wee hs el -Bank 

Job. Berenbe rg, Gossler & Co. 

Berliner Handels- und Frankfurter Bank 

Christiania Bank og Kreditkassa 
Crddit Commercial de France 

Credit Suisse First Boston 
Limned 

Den Danske Provinsbank A/S 
DG Bank 

DbuiwUi* ucraK^TOchaflihank. 

Euromobiliare S.pA 

Goldman Sachs International Corp. 

Georg Hauck & Sohn 
HIM Samuel & Co. 

Umii?d 

Weinwort Benson 

Luniied 

Kuhn Loeb Lehman Brothers International 
Lazard Brothers £ Co, 

Limited 

B. Metier seel. Sohn & Cc. 

Morgan Stanley International 

Limited 

Norddeutsche Landesbank 
Gimzerrcrale 

Sal. Oppenheim jr. & CTe. 

PitfiBld Mackay Ross Ltd 

Gudme Raaschou 
Salomon Brothers International 

Schrfider, MQnchmeyer, Hengst & Ca 

Socidtg Generals 

Svenska Handelsbanken 
Union Bank of Finland Ltd. 

Verband Schweizerfecher Kantoiralbanksn 

S.G, Wiaraurg & Co. Ltd. 

Williams, Glyn £ Co. 


IIMtII I MMI IM M W I MWUWMWIIMMnMWiMWMwtl 


30 


THIS ANNOUNCEMENT APPEASE AS A MATTER 07 XECORD OMXY 


•Finaadal Times Wednesday November s 197S 


■Currency, 'Monev and Gold Markets 





u.s. $45,000,000 

■MEDIUM TERM Z.OAST 1 


SOCIETE NATIONALE DE FABRICATION 
ET DE MONTAGE DU MATERIEL 
ELECTRIQ.UE ET ELECTRONIQ.UE 


GUARANTEED BT 

BANQUE EXTERIEURE D’ALGERIE 

MANAGED B7 

CITICORP INTERNATIONAL GROUP 


CO-MANAGED BY 


CANADIAN IMPERIAL SANK OF 
COMMERCE 

SECURITY PACIFIC BANK, BAHRAIN 


PROVINCIAL BANK OF CANADA 
(INTERNATIONAL) LIMITED, NASSAU 

WILLIAMS & GLYN’S BANK LIMITED 


CITIBANK, N.A. 

PROVINCIAL BANK OF CANADA 
(INTERNATIONAL) LIMITED, NASSAU 

WILLIAMS & GLYN’S BANK LIMITED 

STANDARD CHARTERED BANK LIMITED 

AUSTRALIA AND NEW ZEALAND BANKING 
GROUP LIMITED 

EHF-FINANZ AG 


PROVIDED BY 

CANADIAN IMPERIAL BANK OF COMMERCE 
SECURITY PACIFIC BANK, Bahrain branch 
NORDIC ASIA LIMITED 
■ UNION MEDITERRANEEKHE DE BANQUES ‘ 
BANK OF LEBANON AND KUWAIT SAL. 
INTERNATIONAL COMMERCIAL BANK LIMITED 


CITICORP INTERNATIONAL BANK LIMITED 


AGENT 




SEPTEMBER 12, 197S 


THIS ANNOUNCEMENT APPEARS AS A MATTER OP RECORD ONLY 


•• ‘ / 



Norsk Hydro Produksjon a.s 






US $120,000,000 

EURODOLLAR LOAN' ■ 


GUARANTEED BY 

Norsk Hydro a.s 


PROVIDED B7 


CITIBANK, N.A. V ■ 

BANKERS TRUST COMPANY 

INTERNATIONAL WESTMINSTER 
BANK LIMITED 


MORGAN GUARANTY TRUST 
COMPANY OF NEW YORK 

BANGtJE BRUXELLES LAMBERT S.A. 


BAYERISCHE LANDESBANK. 
INTERNATIONAL S.A. 

THE INDUSTRIAL BANK OF JAPAN, .'. 

limited 

SOCIETE GENERALS , . ^ _ 

WELLS FARGO -BANK, 

. -• - -- 1 . • 

CHRISTIANIA BANK OG^ 4 . . 

KREDITKASSE INTERNATIONAL A. 

CREDIT ANSTALT-BANKVEREIN 


AMSTERDAM-ROTTERDAM BANK N.V. 


THE FIRST NATIONAL BANK OF 
CHICAGO 


MIDLAND BANK LIMITED 
TORONTO DOMINION BANK 


BA RCLAY S BANK INTERNATIONAL 
LIMITED 


CREDIT LYONNAIS 

NORDDEUTSCHE LANDESBANK - 
INTERNATIONAL S.A. . 

SOCIETE GENERALS DE BANQ0E SA. 

ANDRESENS BANK A.S : . * } 

COPENHAGEN HANDELjs® ANK' 
INTERNATIONAL S.A. ' • 

PKBANKEN 


CITICORP INTERNATIONAL BANK LIMITED 

AGENT 



OCTOBER Z4, 1171 





Pound 
thin trading 


•rw .i . . 

in 


the pound spot 


Sterling drifted down In quiet The improvement -of the- franc 
trading in the foreign exchange, nothin the European currency 
market yesterday, while the snake was reflected in the fixing 
dollar was also slightly weaker rate of BFr 15.6795 in terms 
against most currencies. The to the D-mark., compared - with 
closure of the New York market BFr J5.6SI0 on Monday, while .the 
Tor a public holiday was the major dollar fell to BFr ' 29.75. from 
factor behind the reduced level of BFr 29.89. There whs rio central 
trading. bank intervention', with the 

The pound’s trade-weighted market described .as. relatively 
index, as calculated by the Bank quiet, ahead of the. closure of U.S.- 
of England, fell to 62.6-frora 62.8, banks for a public holiday.' 
after standing at 82.7 at noon and ... ™ „ . „ - - ' 

625 in early trading. MILAN— The dollar fell agamst 

Sterling opened atSl.R7W-l.977D. the 
and touched a high point of f * 

Sl.R820-l.nS30 in Lhe morning. - pr f ^ . P ~ fnaE ^ 

Rates were fairly steady at around 3?^ 

the- 1 1.98 level until the afternoon, t^ e Italum currency. . ..... 

when- seHing in a thin market ZURICH — Buying 'of dollars’ by 
pushed the pound down to a low the Swiss National Bank led to 
level of SI. 9885-1.9605. There was a temporary rtse' by. tbevUSI- 
no sign of any intervention by currency in. early trading. .There 
the authorities, but sterling was a flurry of activity, before 
recovered slightly towards the trading quietened down.'-wtfQi the 
dose, to finish at $1.9715-1-9735, a dollar ■ easing to SwFrX84SC 
fall of 45 points on the day. against the Swiss franc by mid- 
The dollar touched DM 1.900 morning, from ah opening^ level 
against the D-mark in early of SwFrL6455. The unrest iff 
trading, and eased to DM L8920, Iran had no Influence on trading, 
before closing at DM L8970, com- but b was noted that currencies 
pared with DM 1.9045 on Monday, of countries dependent on Iranian 
The U.S. currency also declined oil may be affected if shipments 
against the Swiss franc, although are seriously curtailed. . ,-i 
the Swiss National Bank and NEW YORK— Major banks .were 
German Bundesbank intervened closed for Election Day,' and there 
from time to time to prevent too was very little foreign exchange 
sharp a fail. Buying of dollars trading. The only centres- open 
by the Swiss authorities pushed were in Atlanta and Boston, with 
the doTTar to a high point of early quotations little . changed 
SwFr 1.6490, but it finished at from London trading. 

1 «^^, !: S are Th. n ¥ TOKYO — Selling of dollars'. £ 
SwFr l.DDlb previously. Tnc U.S. jonsnocp exDortfifx And hv fnrfelon 
currency also lost ground in terms banfa^o buy yen^for otbSS 

Y15W05 on ceQtres ' caused the BabV of Japan 

agahist \ 190.20 on t0 int ervene hi the foreign 

Monday. exchange market to support tfe 

FRANKFURT— The Bundesbank U.S. currency yesterday. :.Thd 
bought S16.6ra when the dollar dollar touched a low point ■: of- 
was fixed at DM 1.8966 against the Y189.10 against .the:, yen, and 
D-mark yesterday, compared with central bank intervention .-'at 
'DM 1.904 i on Monday. No parti- Y18SL20. Y189.15, and ¥188.10, vra* 
eular reason was cited for the estimated to total .between/. S5bnr 
dollar's weaker trend, although and slightly over SlOOrff. The* US! 
profit, taking was probably part currency opened at YUM. Off. -the. 
of the cause. Trading was highest level since September 20,- 
described as moderate, with the and closed at YlS9.12i; compared 
dollar opening at around the with Y189J71 on Monday. .The 
DM l 90 level, and moving within situation In Iran gave-n.se to. some 
a relatively narrow range cf concern, with suggestions.' that 
DM 1.8950 to DM 1.9000. any extended oil disruption or 

AMSTERDAM-The liolfer fell J®" 

because of the UK trade deficit. 
from 20590 Vf- Any problems over -off- were 
nousiy. therefore expected to hit the 

BRUSSELS — The Belgian franc dollar, while Japan would - be 
I was firm against the D-mark and cushioned from the impact by. lts 
the dollar at yesterday’s fixing, very large trade surplds. : ' " — 


Nov. 7 


Day’o 

Spread 


Clort 


Canadian^ 
Guilder 
Belgian F 
Dsdib K-. 

-D-Mark. i 

fort, Bbo. 
Speni Pe« 

I dm 

Xr»gn.K. 
French Fr. 
S'wwlialiKr 
Yen' ■ 

Austria ScW 
Swiss Fr. 


.i.esaa-U)«Hi 

4-05»2-4-Wle 
B8_eo-6a-(Hj 

10.414- 10-M* 

4.734-5-704 
90.40-ar.io 
t4U$14U» 
l.B&a-I.BbB 
3-3 14-8.88 
a .604 -a. 654 
8. 1*4-8-604 
.... 670-478 . 

41* tTMrXIS* 

\ 5*2*3.28 


8’s 

Itfi* 

6ii 


18 

a 

101# 

7 

Sis 

file 

318 


1 1 J(l 16-1^755 
2J056-LMB6 
4JKH-4J43 
68.60 -68.70 

lOJiii-iojas 
i.TH-S.Mi 
, B0.B0-SUW 
148.06-140.15 
1,868-1,667 
9.8Ii-fl-a53 

8-6«-fl.577 

.3784.-5744' 

87.4^87.40 

5^W.*4 


- fieisfan rare is for coovertibte ftnncs. 
Financial franc 80.25-60-85- 


forWard-against £ 



H-J e.pm 

80-10 u. pm 

- dil 

4«-! V 
70.1 
J80-: 

M Uredl» 
a^jdredle 
34-84 c^pm . 

44-1i;«T P™ , 
6.80-5,00 .vpotj 

12-2 geo pm 
43-8* c- pm 


l-fil ondb . 

KM? 

11-10 e-pm 


Sfxdjjooth forward dollar L9T-L77c pm 
12-month 3.'40-3J0c pm. * ’ . 


CURRENCY RATES 


November 6 


Sierlliw 


Canadian dollar 

Austrian schllUng 

Salgsao franc 


BeuBc&gmark 

CnDfler 

French Oik — — 

Ura. .:. .. 

Yea - 

Norwegian kroner — 

Peseta 

Swedish miner . — 

Surtsff Pranc 


CURRENCY MOVEMENTS 


.Special 

Drawing 

Rights 

European 
Unit of 
Account 

Hovember 7 

Bank of Kormsa - 
England Cuaranfr . 

. Index dtaneoaS 

&.6520» 

QA72432 

Sloriinff — 

. 6259 
33-33 


1.2865* 
1 -50134 
17.0446 
384559 

1 J2666 

3 54974 

1*4953 

30-6548 

Canadian dollar ...» 
Anarian scWUrtw 
Belgian crane 

84.17 
143.76 
113.45 
U7d9 . 

m • t 

6.77835 

2.45029 

152907 

Z 732W 
. 5,73895 
1UA55 

Deatsche " Hark. 

HT40 


2A4W7 

5-56124 


1 BJb 


Frendi franc • ^4.'- 

- 98.73 
"SU1 


2Q.1M 



15336 


91,6793. 

5,61103 

2LHM4 

9A5719 

5J8134 

238535 

Based on trade wetehwd changes- Irtan 
Washing! an acreement December, .1871 
(Bank of England lnd«r=lM).' -• 


THE DOLLAR SPOT 


November 7 


Day's 

spread 


Cla 


Canad’n S* 
Guilder 
Belsfan FT 
Danish Kr 
D-Mark 
Port. Ecc 
Soon. Pts 
Ura 

Nrwgn. Kr 
French Fr 
Swedish Kr 
Yen 

Austria Set) 
Swiss Fr 

-U.S. 


R5J3 35AJ 
3.0448-2.0500 
29.68-29.78 ' 
5.2225-5-7410 
LS9404J99S 

78.98-TU2 

K39JMal.48 

SJUaS-S.BTW 

43020-4 J2» 

4 3265-43470 

188.75-189.10 

13-86-13394 

1.6380-1. 64» 


8536-85.61 
2MU-2JB5S0 
29.71-29.73 
53340-5^365 
13975-13996 
4S.95Ab.10 
70.98-71-05 
- SaeJO-846-50- 
.5J31M-K» 
<3350-43200 
43060-43470 
188 80-189 JO 
13J>i-13J9i 
1J390-ZJ4Z8 


cents per Canadian V 


FORWARD AGAINST $ 


One month . . . PJ* 
' -st 


Three months -_ m. 


8J2cp»>a-®^ieiHs L07 

SJOJJBcpm 136 
J-lc pm - . 031 
L75-23SC <Hs -431 
1_25-L28jrf pm 6J6 
35d3XAs -28.® 
1O5-I30C db — 18-59 
23a-3J0Hrwfls -<J9 
u»4.48aredle -2-«L 
LMMJBcihn 232 
U5J.9SC pm' 7n 
LA5-1-S5ypwi 938 
5J04.00&reMn 3 j6S 
I SQ-UBc pm . 4.W 


(UAOJte.pm 

2L9 ttCLMe m 

14-12cmn > 

5.W-AOC db 
X37-3452»)fmn 
WMOBcdfc- ■ 
295405c jfls~ .' . 
S.mMJXKiredlc 

4J0-4J0oreiUs 
ZA5*L2Scpm: ! 
1.75435c pin - 
4.40-43CV pto 
lASAUJOprapT 
<UM38cpm * 


-..AH 

“IK 

.-7 « 

r».m . 

-X7J6 

-<4a 

—137 

“2JS ' 

; us. 

9J7 

»34b 

i9S7 


OTHER MARKETS 


Nov. 7 


£ 


Anrenuu" Peso — ! 
Australia Dollar.... 
Finland Markka-.. 

Brazil L'ruze 1 <‘> 

Greek Dn<i-iima~^- 

Bomt Koag Dollar. 

Jraji Eial 

Euwall DtaarfKDI 


i .014-i.a ia 

1.7 147-1.7 197 
7.89-7.90 
58.33-39.23 
72.094-73.895 
9.401? .9,43 
NA 

0.5 33-0.643' 


I*iaeml>.iurjt Franei 68.90-58.70 

JAalaola Dollar [4. 5240-4.3390 

New ZealantIMIarjl.8962-l.B632 
daudi Arabia Hijm 


Singapore Dollar ^.(4.2866-4.3015 


South African Band 


6.56-6.66 


1.7087-1.7348 


919.64-921.67 

0-8685-0. U696 

5-9800-3.9820 

19. 36- 19.89 

36.56-37.44 

4-77604.7800 

NA 

0^703-0.8753 _ 
29.72-29.74 

2.19602.2000 

0.9894-0.9421 

3.3207-3.8714 

2.1776-8.1786 

0.8663-0^796 


vU»«trta.».I 

'BeieiLTTi 

Damnark 

IFranv—..-— 

tlrrmany... ; 

Italy...... 

Japan 1. 

,N ether lands-;-; - 

Kurvrgy 

Hort-ueal — — 
bpelo. 

bwtuerfamri ...... 

'I'niteri Slates — l 
[Yugoslavia,... 


£ -- 

Note Jbnot* 


27-281* 


10-30-10.45 . 
830-8.70 . 
3.70-3.30 v 
1610-4689 -V 
370-380 - 
4.004.10' 

■ 9.92-10^12 U' 
90-110 . ; 
■14414& 1 •*; 
3.203*50 
lS7li-L98U~ 
42S»444i 1 


Bale g iven tat Argentina is free rate; 


EXCHANGE CROSS RATES 


Nor. 7 

Pound Sterling 

VjS. Dollar 

l Deut-ebe Va.-fc 

Ja pan ese Ten 

French Freni- 

riwies Frene 

Durch Guilder 

lEalumLIn 

Canada Dollar 

Betetan Frimo 

Pound Sterling 

t i 

1.973 

; 3.743 


8,-313 

3.236 

4.043 

1657. 

21306 

: 58.65'-' 

U.s. Dollar 

0.507 • 

1. 

! 1.807 


4.316 

1.640 

'3.040 

839.8 , 

1.169 

_ J®v. 

DeiitM.-he Mart 

0.267 

0.527 

l 1 

99JSO : 

2.275 

0.864 

1.080 - 

442.6 

,0.616 

. 16.67' : 

Jaretwr* You LOOO 

2.677 ! 

5-281 

, 10.02 

1000. - 

22.79 

8.661 

10.82 

44-35. 

6.174 

. ; .JWf, 


1.175 j 

2.317 

' 4.396 

438lB. ' 

. 10. 

3.800 

. 4.740 

1946. 


6B-00 ‘ 

fcwi-» Franc 

0.309 \ 

0.610 

\ ’ 1.157 

115.5 

• B.631 

1. 

.1.230 

512.1 

..0.713 

■ 18-15 

Dutch Crnllder 

0.247 ! 

0.488 

! 0.926 

92.30 ; 

2.106 

0.800 

1. ' 

409.8 

' 0.570 

' "14.51 . ' - 

Italian Un LOOO 

0.604 j 

1.191 

■ 2.259 

235.5 

5. 139 

1.963 

2.440 

1000. 

.. 1300 

. 35.41^.:; 

Canadian Dollar 
— Belgian Ptntw 100 

mm 

0855 

3.363 

j 1.623 
! 6J81 

162.0 - ' 

' 638,8 

3JM1 

14^1 

' 1.403 i 
5.516 ' 

•• r.TBff'. ; 

6.803 

' 7.18.3"'. 

2824- 

. 

100.- sf 




EURO-CURRENCY INTEREST RATES 


Xw 7 j Mrtlina 

t.aiMd«kii 

t*.~. Up *1 Lfci -at 

/* 

Umcti it until* 

'iwnw freift 

We*i Ueimnii 
' Mare 

wmmmmm 

Asian S 

— rr-j 

Japaneae Yen*- 

lotn.n ierm j lOis-ll 

1 oar's unt 1 Ha-12 

Month > 14-12 la 

Ibree uK-utbTi..J 13l4-133s 

mx inouUsa. j 135s-14U 

•.'!» rear 1 13ft- 13 ?b 

914 10 j 814-914 

91a 10: B ; 8U-9U 

lUdrlO* I r ; 

ll&a 1 1 *4 1 11 tv- 1 1 ilt - 

114? 1 lip I 10r.:-lL^'' 
Ills 11 >J j Iprt-lOrt 

8814 

8^Ut 

8 5b - 86s 
8^-0 +b 
o^‘i 
7 >b4»18 

par 
tar la 

H. i«t 

*4-^S 

2fle 2*2 
8hl8 4 « 
31 b3i 4 - 
31* 35a 

3r* *ri - 

• 7U i 10-15 

7U 7tj j i3 la 

8 8*4 .1 14 15 • 

9*8 93 t .1 15 16 

1 »4 Ivlj 1 16-17 

107 B 111, 1 16la 1 <ip 

wTioiff 

Urt Hfcr 
i.i»-ilfi 
: llS-Hfir 

t*-8* \ 

¥2* > 

8U-268 • *. 

. 3ft*-, t 


id 


The foDowins nominal rales were quoted for London dollar .certificates of deposlu one month 10^0-10.30 per rent: three months ti. av. it m ner cent; six m«atii2 
11.^0-11.60 por cent: one year 11.43-11.53 per cent. r . • * 


. LooB-rerra Eurodollar deposit Tvo years 10:-1W per cent: three years lOJ-lDS per cent: four seats 1IH0* per cem: five years 10-101- per cent nominal dosuff 
ra.es. Short-term rales a call for sxerUm. U.S. dollars and Canadian dollars, two-day call for ganders and Swiss franca. Aslan rates for dosing rates ta Singapore. ? 


INTERNATIONAL MONEY MARKET 


Singapore prime rates move 


The First National Bank of 
Dallas yesterday became the 
latest in a Ion” line of banks in 
Singapore to alter its prime rate. 
The adjustment to S per cent 
from 7} per cent is to be effective 
as from last Friday. At the same 
time Marine Midland Bank 
reduced its prime rate to 7 A per 
cent from 7J per cent. Recent 
changes In Interest rates in 
Singapore and Hong Kong have 
been closely linked lately and 
yesterday the Exchange Banks 
Association in Hong Kong in- 
creased rates on deposits to 4J 
per cent on savings, seven days 
and three-month money: Si per 
cent for six-months and 6} per 
cent for 12-months. Hongkong 
and Shanghai Banking Corpora- 
tion and the Chartered Bank both 
increased their lending rates to 
S} per cent from 7i per cent 
effective on Thursday. In the 
money market conditions were 
tight and both cail money and 


overnight money commanded 10J 
per cent 

BRU5SEL5-~Further cuts in 
Treasury bond rates yesterday 
reflected an easing of pressure 
on the Belgian franc in foreign 
exchange markets. One. and two- 
month Treasury bond rates Here 
again lowered, to 9.75 per cent 
from 10 per cent, while the three- 
month rate was cut from 9.75 
per cent to 9.50 per cent These 
rates were last reduced only on 
Monday by 0.25 per cent. 

Deposit rates for the Belgian 
franc (commercial) were 
generally lower with one-month 
deposits at lOJ-tOl per cent from 
10g-l0ii per cent and the three- 
monlb rate easing to 9j-lOJ per 
cent against liH-lOJ per cent. 
Six-month deposits were quoted 
at B-9J per cent while the 12- 
month rate stood at S£-9£ per 
cent. The Central Bank later 
announced that the rate on four- 


month bond fund papers had 
been, cut to 9.5 per cent from 
9.75 per cent. 

• AMSTERDAM — Money market 
rates were easier throughout with 
call money at 84-8} per cent 
compared with Sj^J per cent on 
Monday. The one-month rate fell 
to Si-Si per cent against 8J-8I per 
cent : while three-month remained 
at 8J-BJ per cent Six-month 
money cased to 8-8 i per cent from 
Si-Si per cent. 

FRANKFURT— Interbank rates 
showed little change although 
call, money eased slightly to 

3.1- 3-2 per cent from 3.2-3.3 per 
cent Longer-term rates were 
steady through to one-year at 

4.1- 4-2 per cent. 

PARIS— Interest rates showed 
little change io the interbank 
money market with call money 
firming slightly to Ti per cent 
from 7| per cent while longer- 
term rates were unchanged. 


UK MONEY MARKET 


Moderate assistance 


Bank of England Minimum 
Lendinjc Rale 10 per cent 
(since June, 1978) 

Day to day credit was in short 
supply in Lhe London money 
1 market yesterday and the authori- 
ties gave assistance by buying a 
moderate amount of Treasury 
bills and n .small number of 
corporation bills. Total help was 
termed as moderate. Discount 
houses paid up. to 10J per cent 


LONDON MONEY RATES 


for secured call loans during the 
morning but rates gradually 
subsided in the afternoon to close 
around 7J-SJ per cent. The 
market was faced with a small net 
lake up or Treasury bills and a 
very .small rise in the note 
circulation. Bjartks also brought 
forward balances slightly below 
target. On the other hand there 
was an excess of Government 
disbursements over revenue 


transfers to the Exchequer. 

In. the Interbank market, over- 
night -Joans opened at 9j-I0 per 
cent but soon touched IOMOJ per 
cent- before easing back to touch 
?i-8 per cent by mid-afternoon. 
After- briefly firming to 9-94 Per 
cent -rates fell to 5-fl per cent 
with dosing balances taken at 
around 7. per cent 

Rates In tlie tabic below are 
nominal In some cases. . 


j Mprtinjc 
Hot. 7 , l'«rt1ilcnt<- 

I H/, 1 «• 


Lni 

Authority 

rtnXI-lTP 


ijveruu:!il. .....[ — 

d*T» hot id... — 

iUj-» ut • — 

day- ■inlitt’..; — 

ln< innutli .... 10-J IOsij 

nj-Hi[ti-....| 1 1 I4 1 1 
. hret. niMiiili'i.! I J 1 i An 
ik tti- .ut to-.../ in# lij-j 1 - -T-.. •*.,! 

111-. Mb-.. II-Ij ilbs JlJfi i l’e 
•u*i J llr.! HSb I Ilfs 

VOUI M — — 


6-1013 I 

w I 

10*ii iOK' • 
;ii a lisa 1 
11 >2 1 

1 *tv- I lie j 


Lucul AuUl4 I'ltUUQ. 
■ins*>« wbl. j U.xjHf 
I bapmii. 


9 is 10 

10 101a - 

10 <t 1« 'a i 

JiJfii irtj 1 

:i .Jia | 
11 114* ' 

12i a li Oa 


11 1 1 la 1 
llflB ll>« 
11 As IU| 

• la* 1S| 
ilia 1 1 >b 

111; in 


1Q1* 

11 

I »l3 

12 
IbU 
121| 
Uk 


I Diaooinrt 
UotapHuy, buim: 
Dewnlb u-r>M*t : 


10-101* | 71®- 10 
lOLt-lOJti 


1IU 

12 


BlrfiWf 

ItwMUV u«nk 
BUta* HrfiA®. 


nnstrHd- 


_ J 




I"ils-10 A , 

iiou-ioie.ioA-xOici 

‘mu. mb, iok : 


‘ * *4 1 4 VJ *4" a V ■¥ ,'wry-Kv ^nr iO 7a 

12 ;io*.ia&s.-iotiZio»«: m«. 

- 1 10»* . !10^-I07 a; 1148 

- ! - ■■ • IlS8 


11U 

11»J 

.}W« 

1212 


GOLD 


Finner 

trend 


t- 

5 

- jf 

l 


Gold rose $54 in fairly quit<t 
trading yesterday, reflecting thqt 
closure of the U.S. market ItJ 
closed at $2l6-2itH, after touching, 
a high point of *2164-217 hi the£ 
afternoon. The metal opened at» 
$225-213}, and was fixed at $214.49.' 
in the morning, and $216.35 in the? 
afternoon. • • 

In Paris the 12J "kilo gold 
way fixed at FFr 2 9J8€0 per k.fioj 
1 $215.13 per- ounce) in the after-* 
noon, compared with FFr 29,769) . 
f S2 15.20) in the morning, and* 
FFr 29^20 t$2iOJ!0) on Monday? 
afternoon. i 


Hov. 7 


Kot. 8 -« 


Quid Bullion ik 6 up; 

oame) _.l 

;S21W1S3 

Opeouiff !S213-213j 

.Moral ng fixing IfiBlMO 

, ■ IlSHM-m 

Aftcnoon Gsltu ,6219-58 

- |(£1D8-32S1 

OoW Coma.,. „. M I 

'IraierticallT I • I 4 

Knigerrand. 52 22-224 $215F$W i 

„ , i«nia-usi)!r£i08-niia* 

■' txao-jn 

Old bovorejgrtiL_.... , SM*-62i SS9-8I . 

OoW &.UIA 'i^ H- f 

lateruKiiunKUy j . i 

KnmpoiKiHi. ..... IS221.#H 82144.217* l 

„ ■ ;»kirai4«i,j.eifl»*.ijq>5 

Mew aovar«0ti> 568- hO I0ES-6O r- 

l(JL1wi-0Oi> * 

Okl Sorarfiga*. ;S6Ci-fl2A Ikssuki f 

$820 Baffles. [£200-295 

310 Eagles [S150-1&5 

St ISnsle-t S8MQ3 


■ f 

S219F2TU ; 
9209-210 * 

S2WJ6 ; 
mo&jKS* 7- 
S3 19.00 ■»' 

(£108.110 J 


l ,. 


563-61 

r£fiD4l1) 

S288-2M 

3160-166 

531106 





.. Approsinuip ^illniE for onv-month bank blltv lOMUi per cudi; two-moaTh 11 ner ccnci and UtreMaoatb 11 * b »«m, 
-moniii iradc bill? i.( per cent: two-month Hi per cent: ami aim threo-moaih uj per cent. . 

Finance Home Base Rates 1 published by the Finance House Assodaiitm- 10 per cent from Sot-ember 3MV7S. Clearing Haofr 


Oeeowt Raters nor small sums at «rv«n do?*' noneet P «cr' conu Cfautrlnsi Sank Bw” Rvos fag TAirft' ng STT 

Treasury Bills: Average tender rates of dUcoao; U.Jf73 per cent. r^- 


h 


MONEY RATES 

NEW YORK 

£rhne .Bate ■ 

Fed Ponds ::.... 

Treasury Bate il3-weck) 
Treasonr BHIs (SA-week). 

GERMANY - 

Dlvonm Bur 

OvenmtM 

One moaih 

Three moniljs .'. 

St* mondis 


I FRANCE 

i bivoom Rate 
Overnight 

lOtut month 

Three moKhK 
Sis mootfis 

{ JAPAN- - ; - ’ 

Dlwntmt R*» 

Rail 1 Unramunnoall 

- pfIVf Dncaant B ir ‘ l ' , , ' 




U.7S 
91938 
Ut 
943 . 


3 

315 

M5 

3.08 

4A8 


9J1 * 

7JS ^ 

7.0SXF - 
7 JUS * 
742S .1 


.35 

0J5 

OUT 


- ¥ 


i. 

i- : 





>Wli8i| I, 1 































I'WIJWl 


^ Wefeesda y November 8 1978 


i.Pl , 


. 2 roitf 
an# 


rend 






ow paid 


BY NICK GARNETT, Labour Staff 

THE WAGES; cornea system, formation of Statutory Mnt In- unskilled. f inn of more homworkw in* 

the principal .piece, of .machinery OusUial Councils, to. replace rhe The employers lend ro see the fewer r»eiorv employees, 

detemnning pay and condilloos . present system, are geared u. the untoos support or S.IICs as an The imihiplienv' „r ,■**. 

for a , large proportion of eventual creation of fiilUolley. issue of union power. The council,, eu-n wiUni. a single 
Britain s low paid workers, is nve bargaining, through joint unions themselves recosnise indttsirv. and iho frasmenled 

now being gently nudged on in indusmal cotmctls. wherever th.s - tin, fact-io.Face negotia- nature oi many „ t the 

what its critics hope will he a . ti» ns would bring theni into ompInyciV nr^anisaiioiis nlsn 

new course. . " Th^- toy lndustxj repurt much more direct involvement makes it verv difiivull tor iho** 

• A report last month by the recommended that Mr. Albert with The workforce which would pn.posinK change 

Advisory. Conciliation and Arbi- Booth, the Employment Secre- be a big sp „ r ro new recruit- Dunns the throe year* Trom 
tration Service. - on the toy taiy. -should consider initiating nient. J97i. the CuiiiiuisMon mi rndus- 

induatry opened. ; up the po.w discussions within th.e industry B.»th ACAS and the Depart- trial Ri-Iaimn* invesrixateti 30 

bility cif "3 significant change in about the. possibility, of convert- mpnt uf Eniplnvment however waxes councils and ihc* r»'per- 

ihp way that: the industry's mini- IngThewages council imo a have been takma a verv caution.* cusshmk of iis rvpuris are Mill 

irmm wa»es and conditions are statutory joint industrial stance on SJI<X ACAS officials being dieoted. Us rei-uniiaenda 

fixed. This might be the. pre^ council,. Under the Acts pro- have made it quite clear That any lions included the merging **f 

cursor uf similar • proposals fur visions. S-HCs would still fix rt*rornmenrtaliun.s ihev make on nine rciyilinjj wase.^ ■ iuifi>. a il 

wages councils in other minimum rates hut without the wages councils will he r.n an into two. ihe ahuliiitm of rmir 

. industries. presence of the independent ad hoc rather than blanket vhilhing industry councils and 

At the same time. the unions' -members who sit on "’wages basis. some merging of others, ah.ili 

gpneral impatience with wages councils. \ All hough there are no tion or three nf jhe five metal 

s councils has been -reaching a It is nnr difficult to see why specific criteria on which At* AS rrade muncil* and n simplilira 
new pitch, in line -with ihe many- -unions have taken the would iurlge whether or nut it tirm «.f l hose covering catering 
growing clamour over low pay view that collective bargaining should recommend ihe setting 

generally. However this im- is preferable to wages council up nf an SJ1C in place of a TVIprCPr 

patience is tempered by the regulation wherpver possible. wages council. thorn are 

knuwledse that the councils, or " Wages- councils are composed features t„ which it would pay The Ihimn of Shnn Piftrihu 
; something like them, are still nf equal representations from close attention. t j vt . an d Allied Workers is -nil 

; needed to fix legally-enforceable the workers’ and employers’ In ihe luy industry, for dealing with the mercer nrnpa 

: wasc rates, particularly for more side, plus independent mem- example, about tbreequarters sa i s ]~ r IhL , leUiliri- «>»uncil- 

> vulnerable groups of workers.- bers. SuhmiKsiqns from the two of its workers appear to be \uh»uvh it prefers Ui ? rur 

- 1 ‘ r - ... ? lfTeft arc hasiwUy directed ar covered by mm pa ny agree men ra ih.* indnsirv ,t wants the tramr- 

• VlllilPrahlP Winning over rhe independents over and above the statutory u .„ rk j ho f . X j <nilK wa « M 

t umiiwuiv . an d this, the unions argue, is minimum, whereas as few ns 3 councils periled first 

■ These groups are considered a system not of negotiation but per com nf employees in cater- The problem is as marked Tor 
'vulnerable hecahs** they are one of immediate arbltrar ion. inc are covered hy similar agree- Hu- .National Union of Tailors 

'• poorly unionised or work in Only if there wertr a failure nidi's. and Garment Workers whi«-h 

N Very small' organisations where >n agree at faee-to face nego- Officials would also evaluate si is- on nine wases council in the 
pav- rates misftt need the tialions on the SJJC wmiirl the hnw successful roJJwJivp cllIfhlllc infirm- Sir .lark 

protection of wages' council l* # uc go to independent arbitra- bargaining arrangements in yjacunugan. the unions general 

regulation. »»«" Tills, the unions claim, compares, nominally covered ae . r elarv. said last month rhnl 

v Tn the part month, the Govern- »*<raM allow them lo negotiate hv wascs councils, are from ihc Ihc machinery f., r ne?«.iiaiing 

men! has been asked by the heller pay and conditions. unions viewpoint. If. under wa2 p S and cniulnions in the 

' unions to intervene in wagps The union? also. criticise what such a rranyemcnis. unions hml » an m*ni indusirv uas jnade- 

. council settlements for hotels they call narro wo ess of the scope consisn-nilv failed in achieve quale and out of dale and ihai 

and restaurants and furnishing of wages councils. Although the sisnifii-amly better rate> and a nneu- national .virepment for 

shops fonowing rows : with Employment' Protection Act conditions than the statutory whole industry, suppuried 
emplnjiers over the Govern- broadened. the range of Issues minim nm. there would he by s „ f . wa . n erewa-v. 
ment's £44.5(1 low pay threshold, wages councils would normally ■ onsiderahlc doubt about the gave a warning, hmiever. 

Ahom 2.8m . .employees or be expected ro consider,, includ- praeiicability uf an S.TIC. that at present ihe irdnefry v-*« 

some Jft per cent of the coun- ins sick, pay and holidays, they „ tmi fragmemed and the win- 
try’s workforce are employed are not normallyMn a position A rhitrotiQii versmn of the evsiins wages 

. in industries where minnnum to discuss many of the issue* in councils into S-IIC* would in 

wages and conditions - are fixed which the unions are- taking a At ihc same tune, if rhe fact he a harrier in th 1 * nbiec- 

"* by the evi rting 41 wages cotin- Srpvying interert,. including oiuplnyers’ and workers’ side tire nf a rtnsle naiinnal coliec- 

cils. Although many oT these union membership, pensions on a parti'.nlar council had con- tive bargainings aorcement. 

workers receive far more than and health. sistently shown an inability in Employment Dt-nar.'ineni 

the industry minimum, pay rates Some of the unions’ argu- reach agreement, it might be officials say privaiely i hat RJIGs 

■* for large numbers of workers meats for changing wages presumed that the existence of might eventually he formed in 

are directly affected by wages councils are questioned by ein- a statutory joint council wmild catering, toy manufanii'-iug 

council agreements. The main ployers, and the unions in fact simply lead inevitably to arbi- clothing and retailing bm » hat 

** industries covered by—councils qualify Jtheir case. Last year tratinn. for most other wages council? 

- include catering, retailing and average gross earnings for all In rhf* same vein it would conversion could he much mure 

the clothing "trade. ' employees covered by wages hav- to be established that the diT-culi. 

Recent Government legislation councils was £60. considerably employer* as well as ihe union The unions' lilfininie objective 
has made it clear w that wages below that for'inanual workers s!d.- were prepared to make an i* full collective harjainini: bur 

_ councils should act'not only as as.a whole. S.M«: work. the pn^pccis fur this in many 

a protective net for the wealc Mos t. wages counciT industries. In a report earlier this year industries are pu.>r. Exiitine 

hut .also as a stimulus for the -however, are those where *arn- on i he hutPui mamifaiUnring waxes ruim.-iis largely operate 

‘ extension of collective bargain- ings would be expected ro.be Waxe- Council. ACAS fvil there in industries when 1 union 

ina. . . .• lower because of the. industries.' wa< no just ificari «m con ver- strength i* weak and will remain 

* The .wages council -provistpos' organisation, relative weakness: sinn inJo an S.TIC although :i so and where workers need the 

in the 1975 Employment Prdteci and .poor profits. For some in- propr.-M chance.; in ih-.- pmicction afTordcd hv a siatii- 

— tion -Act, which allow for the dustries many jobs are retstn ely council s scope — for the :nc!n- tor>- ■•vaco-fixing body. 



The i.uiwn of Sh«p Pivtrihu 
tive and Allied Workers is '-Til! 


ii. unciea* as lew as -i euunrils son led first. 

of employee* in cater- The problem is as marked for 
■uverod by similar auree- ,! lf . National Union nf Tailors 
and Garment Workers whmh 
Is would also evaluate sii on nine wases council in the 
successful collecliye cl„fhinc ind merry. Air. .lack 
nx arrangements in jjacsuugan. the union's zerera/ 


He gave a warning, however, 
that at present ihe industry v*« 
tou fragmenied and ihe c*in- 
versimi of the » , x i siing wages 
councils inro S-IIC* would in 



A FINANCIAL TIMES SURVEY 

SCOTLAND 

NOVEMBER 27 1978 

T!ie ’Financial Times proposes to publish a survey on Scotland. The main headings of 
the provisional editorial synopsis is set out below. 

INTRODUCTION 1 Both politically and economically Scotland faces one of the most chaJlon.2ins 
periods in its history. How will the economy fare In the coming year? Recent months have seen 
production expanding and unemployment declining slightly. Will the recovery be sustained? 
What progress has been made in tackling deep structural problems? 


POLITICS 

DEVOLUTION AND BUSINESS 
REGIONAL INCENTIVES 
EXTORTS 
FINANCE 
OIL— OFFSHORE 

OIL-PLATFORMS AND COMPONENTS 
OIL — ECONOMIC IMPACT 
CHEMICALS AND PETROCHEMICALS 
ENGINEERING 
ELECTRONICS 
MOTOR INDUSTRY 


SHIPBUILDING 


STEEL AND METAL MANUFACTURE 


CO.AL 


ELECTRICITY AND GAS 


FISHING 


PROPERTY 


AGRICULTURE AND LAND 


TOURISM 


WHISKY AND BREWING 


TRANSPORT 


TEXTILES 


For further details and advertising rates please contact; 

Kenneth Swan 

Financial Times, 37 George Street, Edinburgh EH2 2HN 
Tel: 031-226 -4130 Telex: 724 84 

FINANCIALTIMES 

EUROPE'S BUSINESS NEWSPAPER 

Tin HHilcnt inn puMlc.n-R ^ In rj.. FinanrUl Tim* 

„ m suhi'ci to rtotigt 31 0)1? <Jisrreuen o! Ed. w. 



Fore is a 
exchange. 

Say ihe word WWM 
to the S^-iss Bank 

Corpora ii* »n. fealu • . 

You could llnd that the subject acquires 
a new value. 

Becau.se the Swiss Bank Corporation is 
dickey name in Swiss banking. 

Our expertise in Foreign exchange 
transactions results From our operations in. 
the most important currency markets 
in the world. 

Our hanking experience stretches as far 
back as IFTJ. 

Anti i iur reliability and stability are what 
you'd expect of one < >f rhe biggest Swiss banks. 

Talk to us about foreign exchange. 

Or about hnancing, underwriting, or. transfers. 


V..-» W Bank Corporation 

* s . u na ni 1(1 } ^ 

A name that could open, the way for ^ 
you... * 

Swiss Bank Corporation 

Schweizerischer Bankverein 
Societe de Banque Suisse 


' ■■ ■; :r.\ 1 ;• . '.ir •>: f 

: ■ J ; r:., . i; - T . r j 

V"“VK?S [ 


There’s only one way to take.Glenfiddich 
Seriously. 


You.' aih take ii straight. 

Or vv i t H a littjc plain water. 

But do remember that you're 

tasting no ordinary -Scotch. 

Glenfiddieh is a pure, single mall 
Distilled in. the ancient way. in 
'traditional hand beaten copper soils 
The result is, perhaps flic finest ■ 









TURN-ROUND AT A SMALL COMPUTER COMPANY 


BY ANDREW FISHER 


Financial .Times. Wednesday November 8. 1978 ■ 



Concentrated minds win through 


"""HE?' A rompariT i= suddenly 
hocked rmn? bv the impact of 
tore*? nr financial mu- 

lUdgmODt. tfi* rhnjrp I* ZEno*- 

ally botw^^n an undirmfind 
slu?p into oblivion and a d°*per- 
at* fish* to *tav ?hro Tho;« 
u-hi^h survive. tr^rroH bn*. wi*°r. 
mold bo. said to pi'ho rh*= truth 
nf Pr. .Jnhn*nn'* dn'toni 
P a p?nd upon u. Sir. u-h°n 3 
man Winu-c he i? to he hanzod 
10 a fortnight. it rnnrontratoa 
hi^ mind wonderfully •■ 

Tn a fa«t-mntTn£. mpm-atp-c. 
and sprpsdmr industry Jik® 
rimputor*. fh^r* 1 ar» plenty of 
businesses whieh have *wuns 
rapidlv from pr«Sp*=r,tv tn 
dl«a«t p r. Management Assist- 


P^The company was forced to embark on the daunting task of 
recapitalising its debt into common and preferred stock , . . 
M AI s investors today have a stake in a company which has 
pushed up saies from S67m in 1973 to SI 55m in 1976-77 and 
moved from a S1.5m loss to a net profit of almost $18m. 
The main force behind this has been its success with small 
computers, a market which it sighted in its dark davs,^** 


debt into common and prp- More than half of MAI s total 


Management 4p«st. ,V , 1 - eiore man nai 

rnrnnra^d iMUi «-« f L rr?r1 ■»«<*. a task requiring revenues— these 


anre Tiy'nrpnratod 


ei^ht yearf az ft . 

What rnnrentrarerf MAT 
mind i‘‘ 3 s the denston of IBM. 


ray* study. Recalling the companies. The product'* order 
trauma; of the past and the backlog has virtually doubled 
hard climb bark to profitability during 1977-78. now approach- 
Mr Raymond Kur*han.. the *ng S/flm. of which some S2flrn 


" 1 in mu Laboratories and MAI's BASIC/ stalled by 1BSP. This compares 

embark on the daunting task of F 0 ™' d^cw™ of mai * "'Z 6sure of 

imon and preferred stock . . . ^ Srt^tn^KSS! p***™*** ^ 

, tie! this side of the Atlantic is MAl s turaow «' m Europe. wa*. 

stflke in a company which has just ** tempting asm the us If nearly 55ftm after. $3to.. The 

pot more so In general, says Mr previous year. In 1978-79, Mr. 

1973 to SI 55m in 1976-1 and Kiirshan. small computer* are Snell ick reckons. ' it' ''could ;-’be f 

now "a fnrmnng market ": almost S7ftm The company also 
1 net nrnfit of almnet CtSm saturation point is far away and plans to introduce its ne*K word 
a un |»iuul ui dUDOSl 9leol. there is room for tho*e with the processing product. Wnrdstream, 

ac u aan * , ■ ii vigour to move in. MAT claims °o the European tnarkeU.slarti 

DCtO IT5 5UCCCSS TVltfi SB18M to have sewn up 10 per cent nf mg next month with. 'Germany.' 
..... , . the marker for small business As yet. Wordstream. which MAl 

SlgfuCu in itS dark days, computers (real-time systems) acquired late m 1977 when “if 

' in West Germany and 13 5 per bought Avionics Product Engi- 

1 i rent m both Switzerland and neenns. is not a profit enntri- 

. Belgium. In Holland, where it bu lor and is not likely to become 

of iIAI s total In the U.S.. MAI has a slKe of is building a now plant, it ranks 5° for a couple of.' years.-: MAI 
rose to around roughly a tenth o! the small itself second only to ’IBM with originally tried to develop its 
n "“"g* 1 >ear business market of th*> computer 20 per cent. own word processing system, but 

■riTit** — rome industry According to estimates In Europe, therp are -around the project ran ' aground,"-' • . •• j 
. I B computer made by International Data 15m companies with less than r.'nlike BA5IC/F0UR. Worif 
aimed specifi- corporation. the bij mainframe 200 employees and it is towards stream if aimed at the Jareer 
1 meai urn -si zed companies — IBM. Burroughs. these that MAI is directing its end of the market, those., on’ 


THE REVIVAL AT MAI 


rhp indn'in- zram in introduce ,,fc;„ rm3n , nd president, rom- » s accounted for in Europe, 
n fh- late l PROS a n^- ;enen- -investor* have dope where new, subsidiaries have „ 

tion of compmer*. This wa* a " ,„ e t h»n in^ori *** 


disastrous move f«r the rpla. 
tireiy small company, which was 
solely occupied in buvmz and 


rhai was UnUmount to hopeless t H F BASIC/FOUR also pro- 
in 1P70 •' vidp* four-fifths of MAI's profits. 


l°asint hark TFM eqnipment. . ta j. 


MAI - * investor* today have a Future growth at the smal 


keeping «t« rue competitive hy- 
depreciating nvi-r ton year: |n. 

S»ad OF IBM's five The result 
at MAT was a debt mountain of 
prime 5150 m m nri and the 
rieod for some dr;«tir rethink 
mr 


Re»e«Ufl 

1979 

1777 

197ft 

1975 

1774 

S&2m (M5rr«) 

SI 55m 

5U3m 

S?5m 

S77m 

Net *ncemf 
Earringy 

S7Sm (S7.^wl 

518m 

513m 

Sftm 

52.5m 

n?r share 

Wrenr? fSI OJ) 

52.33 

51.ft3 84 emu 

(fear to Sent? 

34 c"n»3 
mbtr 3D) 


Fortune's list n f the topr i-aoo 
rnmpaaies. In spite of th^ in- 
px-i table risks associated witji a 
new product. Mr. . Kursban 
insists that none of MAI's 
investors nr creditors have 
expressed any disquiet. . . ' 

MAI has yet tn. publish full 
result* for 1977-78. Profits after 
tav should be around $16m. ; hut 
there is unlikely to he any bene- 
fit this time from >hd tax' Jo«s. 
carryforward* which helped 


m a mmpanv which has end of thp mdustrv , s put bv - iher- .. k"'- W : :nvf 

pushed up eales from ?fi7m m analyst* at anything between ’ fit 'rhi« tram 

miw^fm™ 5 " 1 r. 1 ! 1 - " » anrt 40 f per r?nt annuaHy over NCR aod Sperrv.Univac— had aim According to Mr Albert carrvfonvarde which MtSt 

m p d ^ oni a ->m lo.:< tn * th«> nezi few- year* U’nh more 50 per cent of ibis markei at SnelJtick. European area msna- pn*h un final net 

m J.^To^hch rnT* . h -r T h? ' r A hllSU th< L ot last ^ ar - w ' th *mr than 15.0Up"nf these I97fi.77 fo nearly S18m or 52 83 

. ,h n h ." i - rnw h |] F<SCs ' m r - < " T -‘ 5 alone, u has 22.? per cent in thp hand? of companies have real-time small a share Earnings per sharp 

In u he fi n p] i Psf ’1 °?/ t,1P wnr, - d - R'Sital Equipment. Data General husnies* c«mpute.r system-? If could, therefore. «bmv V slight 

.'^. m3 . niPurer*. «-jde installed value of «mal? and other mini-computer mamj. the market «row? at 3n pp r rent dip roflertm*- a* return 

1' ,n T bu ’ m - con,p,,t " B W'lM -soar faciuror*. .lostlmc for the a v-, r . h* add*- - there w, if he normal tax ba'*»* iEtJ| t W 

to”?:,: sy™ « ta .n* 7 » r T ^ n 


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y: In these days it is hard to estimate what f 
may have to leave when the time comes. 
I *<ant in he fair to dose relatives;, but I also 
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How can I best ensure both? 

A: Most of us have a -similar problem, with’ 
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■ r r- i financial Times ■ .Wednesday November. 8 1978 

^Ar 1 a i jy w 


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INTERNATIONAL FINANCIAL AND COMPANY NEWS 



33 





i KC 


NORTH AMERICAN NEWS 



cut worries 



1 BY JOHN WYLES ; 

General mGtors his writ' a 

tremor- of fear. -through' an 
already anxious stock market by 
cutting its end-year special divi- 
dend in a move- which may result 
in the company ' paying .out the. 
sin at lest proportion of its earn- 
ings in nearly 30 years, 
i Announced late yesterday -the 
decision took the legs oiit.from 
ifnder the Netir-TorK stock mar- 
ket and wiped out most -of, the 
remaining gains registered since, 
ihe anouncement of President 
Garter's dollar package Iasi Wed- 
nesday. The country's largest 
car maker was generally seen as 

hems’ more hesitant 'about next 
year's outlook .'and perhaps less 
committed to its previous predic* 
lions that the 1979' model -year 
would . set. new- records for - sales 
of ears and trucks, 

“They are talking with- their 
dollars and not-. . witti their 
mouths, said ‘Mr. Peter. Zaglio. 
motor industry analyst with Loeb 
Rhoades ' Hornhlower today. 


' A combination of a Si regular 
dividend' dad- 82.25 special 
-brought GATs end-year, payout 
last year -to S3.25 and its divi- 
dend tbtaPfor'Jt977 to 86.80. Vir- 
tually. an of the jnotor. industry's 
ahiysis ; had expected the end- 
vear -combination of regular and 
ipeciaL' dividends to total- again 
$325, and some thought it might 
be iSr'cepfe 1 -more throuj^v an in- 
crease-in the regular ■ dividend. 
GM has" confounded Them all by 
maintaining its SI regular divi- 
dend but cutting its special to 
SL5& 1 - 

GMS ‘statement said its policy 
was to * distribute from current 
eaniings- "such amounts as the 
current outlook and capital 
needs of the business permit.” 
While ,1979 •“ can be another 
year of outstanding achievement, 
the pressing demands of the 
biisi ness.'- and ' uncertainties ..re- 
quire vhat ifie corporation main- 
tains its current-' strong eopital 
position,'"-' ••• 


market 

NEW YORK. Nov, 7. 

GM s earnings this year are 
expected to be between SI- and 
Si— 10 a share and a payout of 
ou per cent nr less of annual 
earnings would, according to Mr. 
oaglio. be the lowest proportion 
since 1949. Tn recent years 
uat s payout ratio has been be- 
tween_ 55 and 60 per cent, and 
Jn , C0D >pan.v*s dividend 

actual iy exceeded earnings. 

Mr. Thomas Murphv. chair- 
man and Mr. Elliott M. Elites. 
ptesidcnL pointed oul in their 
statement that the company was 
spending $<l.5bn nn capital spend- 
ing Inis year and “in excess of 

»on next year." This does not 
explain why GM should want to 
make u savins of S2T5m. which 
i' a fraction of ils imai require- 
ment. Most of the necessary 
fund. 1 , are expected in be 
generaipri iniemally and the 
I?''"!* probable explanation for 
•jM * move is that it is a cautious 
response in both domestic and 
external economic developments. 


Pressure on margins at Deere 


DEERE,- the farin 'equipment 
manufacturers, . expects net 
ibcome per dollar of sates for its 
fiscal year ended October 31 to 
oe lower than that, of the 
previous year, due to ^“substan- 
tial " foreign currency exchange 
fosses and cost pressures - that 
affected margins. " . 

: In a preliminary - report -to 
shareholders, the company - said. 

income . should be -higher 
ban in 1977, adding that sales 
deeded $4bn. - . 

In fiscal 1977, " Deere earned 
*424 a share on sales aC.S£6bp. ; 
’tit-rent worldwide production 
•«. * 'VM ^hedules for fiscal ' 1§79. are 

10 per cent. ahovej.TOTS 




production levels. 

While this year’s large har- 
vests may. depress food and feed 
grain prices somewhat.- Deere 
reckons that total cash receipts 
in 1979 Will " increase slightly 
over those of 197S and should 
provide a strong base for farm 
machinery sales again in fiscal 
1979, - •- : 

- .The company -added - that its 
receivables. which largely rep- 
resent. dealer inventories, "are 
“quite low in relation to. sales 
volume."!' . 

The current Outlook, for farm 
-and industrial eqnfpm'ent' sales 
is favourable. While, bousing 
■starts add- some, cbtninereial con- 


MOLINE, Nov. 7. 
st ruction may ease as a result of 
high interest rates, it expects 
further gains in its industrial 
equipment division, since under- 
lying demand remains strong. 

Deere’s preliminary estimates 
indicate- that farm equipment 
sales in fiscal 197S were up by 
9 per cent from 1977 levels, 
while industrial equipment sales 
rose by more than 25 per cent. 

Total, sales in the U.S. and 
Canada were about 11 per cent 
higher than in 1977, it said, 
while overseas sales were up 
about IS per cent. 

Deere's audited financial staie- 
ment will be released in Decem- 
ber. Reuter 


Joy rec^ers in second half 


fOY MANWACTORING- expects 
o report about .'an! increase in 
•arniogs of i5^*ncem for,iroe 
s 9cai foai#L J /_. quarter - to 
eptember' ^a, bill a 'drop of 
bout lB.ijer cent for^&' fuBL 
seal . - !W Ucock 1 

tie chairiBatKii-pj^ident^ ’ and 
bief eacecifti<HS£&fc *1 . ' 
fourth: pdarter aettncMn* -for 
JSfiftYy! 'eqtiSppent 
the. r«$sK>aiioing. «*d J>etro- 

ind^tines . ; jumped . to a 
-Si-. 07 .a sh^re. 


ord Sftbfr. or- $%0: 


Vu Tv 1 A! , 


from Si 22m, or 96 certs, a year 
earlier. . ‘ _ 

Sales - climbed by about -4 per 
cent to SI 90m .from 8182m a year 
ago. ". . •" 

For ^be 1978 fiscal year, net 
fjKomek dropped td about $39 m. 
or?, abdui .$3 a share, front 
S4S2m; ■ of. $3f»2. a year ago. 
Sales r by about 6 per cent 
to S715m. from ?677.7an^. Fiscal 
l978!'*aimrigs include p SI .5m 
f^lgSf/cumincy-trAnslation loss 


wrUe-off.” which 

. - y . I 1 ;;,' 


NEW YORK, Nov. 7 
Mr. Wilcock declined to specify, 
for Joy's previously ■'announced 
decision to liquidate the toss- 
making Joy -Fra nee S.A. su li- 
sa diary that makes underground 
mine-hauling equipment. In 
fiscal 1977. Joy had a Sl.lra g3ln 
•from foreign currency trans- 
lations. 

. Joy's backJqc at September 29 
was $492m, a 13 per cent, in- 
crease over the S3S4nt order 
backlog a year ago. AP-DJ 


United 
confident in 
$lbn bid 
for Carrier 

By Terry Byland 

UNITED Tvcli no I ogles Corpora- 
tion. the aerospace and capital 
ponds giant, confidently expects 
clearance very soon, for its 
proposed Slbn bid for Garner 
Corporation from both the 
New York Slate authorities and 
(he Justice Department’s anti 
trust division, said Mr. Edward 
L. Hen ness \ Jr. Unilnfs senior 

vice-president in London yc<4 

ferday. 

Assuming favonrahle deri- 
sions from hoth anthnrilips. Mr. 
rirnnessy expects United m 
complpte hr the vear-end the 
finit phase nf the plan — the 
rash jpnder at K2R a sharp fur 
BDproximatrlv 49 ner rent of 
the sinpV: nf rarrier. whirh is 
Ihe ImriiiiE mannfarinrer ««f' 
air-eonditioning plants in thr 
U.S. 

(irrier's hoard, however, 
remains adamantlv opnosed in 
Uniied’s prnposal. which in- 
volves following rhe cash 
tender offer with a negotiated 
merger or the remaining 51 per 
cenr of Carrier's stock. 

Also si rang! v opposing the 
hid is the United Auto Workers 
union, which has described 
United Technologies as a 
** rogue employer.” Bur Mr. 
Ilnnnessv desrrihed the I'.UV 
statempnis as a “smo_k«- 
sereen.“ adding th™* » hr union 
renre«ent« nntv 5,0^ •*'*« t ' r 

ti.onn emnlnyees of L'rJiff 
Technologies. 

U^. Steel chemicals 

U.S. Steel Corporation expects 
sales of its industrial and 
agricultural chemicals division 
to reach Slbn next year, 
according to Mr. David ML 
Roderick, president. Mr. 
Roderick also said the com- 
pany will purchase an ethylene 
and styrene plant in Houston 
from Atlantic Richfield. Reuter 
reports from St. Louis. 

Allied Supermarkets 

Allied Supermarkets which 
operates mainly in the mid- 
west, has filed for protection 
under Chapter 12 of Ihe 
Bankruptcy Act. Stewart 
Fleming writes from New 
York. In its financial year 
ended September 1978. the 
company reported sales 
retenues of 5758m and Us 
fourth consecutive annual loss, 
(his time of 89.6m. Last 
month. Food Fir. one of the 


Sears Roebuck to sell 
$lbn of consumer debt 


BY STEWART FLEMING 

SEARS ROEBUCK, the largest funds and to try and insulate it- 
U.S. retail stores group. i< mnv- self from a run-up in short-term 
ins W assure itself nf up to Slbn inli/resl rules in the commercial 
in new finance under ju agree- paper market, where it is a heavy 
menf to sell consumer finance borrower. The company says that 
debt to. 16 institutional investors, ihe initial refinancing of ?550m 
led by the Chicago-based Conti- i> equal u* about S per cent of 
nental Bank. iLs lolal consumer receivables of 

Sears said that umior thr plan. Sfl.Shn. 

ihe institutions will assuimT - Sear* itself says lhai. the sale 

ownership of Simu- SanOm of gives it the advantages enjoyed 

constimer devt. currently owed by other men- hauls who use third 
ro bears. This figuie could | )ar t -V credit cards. 

' nt r|2o C v ny ruary These merchants cssen'i laily 

1- Ji?' 9- - 'vL b r k ' : '.,! 9S “' re, - v ,,n h!ink ‘■'fedit to finance 
The mstilutons will receive ihvtr vredit »aU-i. 
the finance rharge.*.. ailhuuuh . , .. 

Scars will continue tn manage a paniespant in tnc 

the accounts for a fee on Lhe rnnsum e” credit market. Sears 
institutions behalf omsl |.e aware of the iru-nsifving 

The Sears move i= mtn-uing fam petition. paniculdri> from 
stockbrokers anil siirrm-j intense PorT,c major Uank.-. Gitibank 
intrresi in a mceiini' imipirnivi- l,pin s |nn< t "hviiiiis r*nc. Gin- 
in Npw York- ai which S.-ar# will |,ank rocfnily wried. n sharp 
he discussing its husincas with r ’'' c ‘ ,n ,,J ‘ l ‘ rjn ' ,, m ( 'r 'oans :tn<1 
share analysis. has hi-en muvinj in <-siahi!>h ii- 

Iniiial reaction-- to the sC ' lr nationally in the consmin-r 
announcement are ihai Sears is cr * f l:t market, 
probably entering liie agreement Scars itself i- generally seen 
in order to ensure itself of the in be at something of a cross- 


NEW YORK. Nov. 7. 
roads as the largest U.S. retailer 
with stores across the country and 
annual sales revenues, of Sl7bn. 

In 1977. in an' attempt to 
increase its market share, ii 
increased tis advertUing a ffd pro- 
motions budget sharply and 
achieved a S2.3bn rise in sales. 

But its operating income 
declined, as profit margins nar- 
rowed and the earnings increase 
it reported was largely the result 
of a big improvement m the pro- 
fits of its Allstate insurance sub- 
sidiary. 

This year. Sears has changed 
lack and is seeking bigger pro- 
fit margins partly through reduc- 
ing promotional ‘expenditures 
and is experiencing slower sales 
growth. 

Some analyst's suggest that the 
company will have io develop 
more coherent strategy fur the 
fu lure and that Ihii i-otiid involve 
ihe company placing greater 
emnhasi- »in its finance and 
insurance businesses a, growth 
centres. 



earnings gain at Boeing 


BY OUR OWN CORRESPONDENT 

BOEING'S EARNINGS hase The Sea-Ic company's third 
appears to have moved to liigher quarter earning rpM. 1 from 
ground with a 132 per cen! £>9.9m f#r 94 *.-enis a share last 
increase in third quarter profits, year io Sfl2.fi m or su.17 a share, 
a substantially larger order book Profits included an 5S.Sm after- 
than last year and siiintficam tax gain on ihe sale of ihe corn- 
increases in production rates. pany's imereti in ti»-«..sersch/nidi- 
New o/ders this year have Buelkow-Bloehm. Sales rose 63 
already confirmed " Boeings per cent lo S1.45on. 
dominance of the world cominer- Boeing's nin* > month* net rose 
cial jet aircraft market which is rrom Sl24.5ni or 52.P3 a share 
now being translated into sub- io S215.nm or 5 05 a <hare. and 
stantiaily higher earning?. These 5a i e s from 82.89bn to S3.S4bn. 
look likely io provide the neces- 

sarv base for very much hifiher Botin" cave a pointer to 
research and developmenl P f, ^ible_c_nri year recurd earn- 
expenses over the next few mqs of -^r.-lf^ri share r>> .-mncipat- 
years associated with the new ’ n " 111,31 sa - t,s 0I ’ ^.51m. 
generation of aircraft Booing is The stock market, which has 
marketing — the 757. 767 and 777 witnessed heavy buying .»f 
jetliners. Boeing stock this year, greeted 


NEW YORK. Nov. 7. 
lhe profits announcement by 
marking down ils shares ; ro $62 
despile the fact that Boeing also 
disclosed that it was declaring 
a special 60 cent dividend in 
addition to its regular 30 cents 
quarterly payout. A special 
dividend of 25 cent? was paid in 
March and none last year. 

Boeing attributed its higher 
earnings partially to increased 
sales vnlume and expanded pro- 
duction rales. The company ha? 
already delivered in the' first 
nine months of the year more 
aircraft than it did in the whole 
of 1977 — 135 against IIP. By the 
end of the year il expects to 
have delivered 202 aircraft and 
iis 1979 delivery schedule calls 
fur the delivery of J89 units 


RESULTS IN BRIEF 

First-quarter 


at Anderson Clayton 






FT INTERKAttoNAL BOND SERVICE 


The list shows the 200 latest international bond issue 
vista. For further details of these or other bonds see th 
ti the second Monday ot each month. / 


us. DOLLAR 
TRAtGHTS 

Ed AM. 0 1 SB .- 25 - W4 

uslralia S.A5 «3 1>5 

4«raUa W 03 ,.. 1 r TS W 
•atm* Foods 7| 83 IN M» 


UCA W 07 : -.'50 

liCA 9 93 JH 

eca 9t 98 :■ S 

XT 0 9.1 ..' •— W 

jyiada S S3 258 

anada 8.10 85 25# 

4>uda Si 98 .: 2M 

ahada 9 S3 .' .499 

.anada 9| 98 - 558 

ahadalr Bt B3 TO 

taiaimoo Brldne Co. 9 SB 25' 

:i»4 M S5 - 1W 

-IB Si 9S ...125 

s iw :.v im 

-Isajii Jutland 3 S5 25 

:&nonflnans j- 1 6' . 5B 

-ipon Dcvelpmot. 8 6 S3 325 


«i 

W- 

97 • 

W 

951 

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954 '+« 
".WT +0* 


138 

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-25 

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29 

189 

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29 

20 

75- 

-50. 

25 

75 

258 




‘■aland 51 83 
'■aland a rs 
I dtUHlal U S 9 M .. 

'C indnjtTries 9 S5 

i<*J Finance 9i S8 

■■fi Finance DO 

■KVokado 94 8S 

.-c. Penan? Si » 

Jac Bloedtl 0f- 

•4 Oev. Kin. Si 53 

Per. Tin. n] 8i 

•at tvesr. 8 8S 

■ rVtiumdland 9i Bfi 

■'nrt. Im- BA «: SS 
ioraes Komm. H 9B . 

■ ufiray ?; W . 

■orway Si K 125 

-urway 5J £3 158 

n-cirtmtal $4 85 . 75 

•ft Hydro -14 S5 . ; 123 

lucbn- Hydro 91 »' SO 

•’■Sdtri 51 98 .■ 125 

■4 S» BJ 203 

■'K Si 93 - ISO 


3EUTSCHC KARIC ' " 
fTRAIfitITS 

."ennna 64 *4 

■yian Develop. Bk. jj 8S 
■iMiralia a SS . . . -. 
■Iftina 31 90 . . 

:nne, Em Aleene 'i 85 

> E Mwcu n ii( j* 

•armda 4; V- 
!iaW.Manh»uan o S « 07 
nmmerzbank Im - ww 7| 
Miinirnhs'il Inf. XW 3j 
,'Qfli-i] nf Europe ■>» 

JR d 90 . 

•‘■I Aiiuliami- Si #* .- ■ . 

W 5 H 

'Jdunesla 7 54 ' 

till-. City of 37 0# - ■ 
iStn Serruuj du Elei .. 

?*KV b 65 

ubishi P^-iro. 3^ Si ... 

ippon Sii-rt s: i? 

iorws Romm, d 90 — 

iorw ai' 4i <1 ■' 

■'or^eiiaa iod HR. 6 90'. 

•OCnjU* Erarll 7 SB 

tiUiopini-s r? >3 
’K Kanken 5J iW 
.'lichee, Province ul 0 90 
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tv?rt» S3 ..j. -. . 

■win. 9 ss 

IblOlt & 

rrimdbeim. Chj nf a! .. 

rfI5 Group jt ii 

■ enoruela 6i 90 


Change on ; 
Issved BM Offer day mck Yield 

" Ml +M +m 

97i +04 +W 
08f —91 it 

+M 
-01 

+0! *46 
+i)i -#JB 
+ lt - 0.74 
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+ 12 - 10.U 
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O 9.78 
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+0J 19JI2 
+M 9.72 
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+ U U.45 
-11 10.8* 
+04 18.M 
-«L U J1 
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4.H 

4. 78 
10.77 

4.44 
982 
9.87 

9.78 
4.64 
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4 63 
4.74 

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9.93 

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. 19 

981 

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6R 

6-56 

7.02 


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99J 
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455 
93 
454 
94* 

91 
95. 

951 
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+ 0i +« 
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RNCF G.fi 90 

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40* 94* 
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6.24 

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7.17 

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277 

674 

6.00 

674 

6.09 

525 

7JJ9 

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7J» 

6.71 

5. M 

5.43 

.5.45 

5.31 

6. M 
714 
7>5 

4.44 
4 *5 
6.58 

4.43 
644 
6.M 
6.08 

6.44 
7.05 


OTHER STRAIGHTS 

ti-nk O S Hold. II- M . 
AOIO Cnl* Bam. i 93 EJUA 
Co pen ha Ken 7 PS EUA 
Finland Ind. Bk. 7B3EUA 
Koram. IiimI. 71 93 EDA... 
Panama Si 93 EL'A 
SDR Frailer ~ 93 EDA ... 
AlKi-Jnrne Bk. 6* S3 FI ... 

Brazil 7* 33 FI 

CFE Ilex icO 7i S3 Ft . .. 

EIB 7i 85 PI 

Nwlcr. SUddcnb. K: 61 FI 
- New Zealand lit 6* FI 

Norway 6i S3 FI : .V. 

OKB 8* M FI 

EIB flt M FFr 

B AT 8 SS LuxFr 
Bayer Lux. S W LuxFr . . 
EIE 7J SS LuxFr .... : 

Finland I. Fd. S S9 LuaFr 

-Norway 7! S3 LuxFr 

■Renault 71 88 LuxFr ...:. 
Swedish t. Bk. S 3S LoxFr 
Citicorp O-S Fin. 10 93 £ 
EIB 9f 6" r 

: Fuiance for Ind W S3 * 
GecirUier Hid. EV II 88 f 
n-OTilehoom h*» 9" t 
Whitbread !0i O 1 -’ f • • •• 

FLOATIKG RATE 
MOTES m „ 

Am* rn an Fxprc'-s 
Arab fml. Bank JMJ W . 
Ban'.tt Nac. Arc-.ni S3 
Bank Handlowy MS V .. 
Bank ol Tokyo Mi> 9 • ... 
Ranqite Worms 6131 85 .. 
B-l Exi. d Ale. M' • «S 84 
Built- Ext d'Als-- M7 .jSo 
r.qnr- indn -i fiu-c M3'. 

Bq fni. Afr ««--l .V« ■’ S3 
C'CE M3.M » • ■ 

rr. K 6151 65 

■Tuiie Min. il S. Ala* 9-7.. 
rosin Rich H4J ■ ■ 

Cftfll Vsllniial 615* .*? . . 
Enot-irol U7 6" ■ - . 

SFTE MS S* 

IshiVawaJima M->. 
LjidiUnneka 617 -j . ... 

Mull who Inll. Mj'. !C 

Nar. V, cSI . MV ? h , • • 
Hirron Cren-: M5- ?- ■ - 
OKU MS’ ^ . . - - 

r-D-« h Pre Jlinlnu _• -• 

4'tnmam rhar:. :.I3 .90... 
m.i am-aUshaiikeit M r - 
Uiff. Ovorsvas ffh- M6 83 


Change on 

Issued Bid Offer day week Yield 
U 961 98 +0* 


46 

95i 

46* 

971 

92 

97* 

93* 

4H 

96* 

44* 


47* 

964 
47! 
981 
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943 

965 


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0 
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-Si 

a 7 jo 

0 7.44 

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0 

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75 

94* 

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75 

954 

9U 

0 

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94* 

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75 

92* 

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208 

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*5 .83 834 +01 +85 


9.16 
7J9 
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4.85 
8.67 
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7.76 
7A9 
7.94 
7.45 
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8.69 
834 
838 
8.44 
837 
834 
8.02 
12.V 
13.04 
13.19 
13 87 
1334 
1339 


Spread Bid Offer C.datc C.cpp Cjrld 


U 

85 

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46 46* 

46* 46* 

96* 97 

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97! aa* 

97 97* 

9h* 97 

97J 97* 

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96! 471 

99* 99! 

461 471 

47* 97! 

98* 98J 

971 98! 

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96i 97* 

98 9SJ 

98* 99* 

97* 97* 

961 96? 

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30 4 18! 
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10.73 


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9.68 

4.65 

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10-4 11.14 1L24 
U.1 939 9.47 

213 30 10.26 

5.'4 10.69 1035 
ZT>« 11* 11.46 

19-1 lOi 10.62 
20/1 9.44 9.71 

21/12 4.31 9.59 

15/3 9* 9.67 

18'4 1036 10.68 
14/1 4.44 9.68 

10 ^ S.94 9J7 

4 4 10.06 10.43 
- 12.31 12.44 

cm. 


s* ' 


WISS FRANC 

straights 

terxa- 5s V 
'fiber* Tonne! * 47 
"tea £! 07. 

Tmiw ManhartFti 4 9.9 ... 
"YRD4;sfl . . . 

’cnjnflfl of Europe 4i 

.* ‘^DE j ts . 

' it-cniarlt pft 

J^nmaiV-Mortgasc Bank 

MB ti 83 

•Vralon) 11 93 

' L. Snikllh 4i SJ 

finUhfl i? 03 

■2B « 93 

1-ili Licche owe in 4i 

•-1 Fin. av 4i pj . ... 
n, airan Vouna 4 *J .... 
■lamroba . i 9'i . ... 

BrumwiL'K EP0 SI 
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‘orw-i Koir.m 44 »*> • 

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’"'-■SI-Atome 4> 43 
.•uraltwra Tran, i 41.. • 

»»nna 4 PS ' 

56*14 Br.nk’4i W 


- Ckatipr *a 

Inucd Bid 0 n « day wwk Yield 
49 US 1651 +91 -81 


49 
100 

78 

- SB 

65 

80 

75 

100 

80 

100 

80 

25 

80 

180 

2S 

U» 

88 

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109 

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103 

50 
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4 36 
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4.23 

4.33 

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1.47 
4.32 
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4.36 
3.91 
3.9? 
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3.9C 
4 74 
4 18 
4.96 

3.«? 

4.09 

4J3 


CONVERTIBLE 
BONOS 

Atkl.-Q rf» W • _ 

RaktT tm. Fin. s. 

T:oo'9 61 09 
i.'OL.i.Coij 

lio-Votadu 5i S" - 
r.'.Kft l-rtUfln 
Texas Im Air. "j 
Tharn tm. Mn. < 

Tycn tm. F:n. r. 

T'-fn In;. Hu .» 

Asuhl Optical P 
Casio Comp. •'•. '+ 

Irnniira “ ! ^ DM 
.lust^l 4! Sfd DM 
Konlslnroai 
Marud'jl ronil :i 
Mura i » Miin J 1 ’ ! 

Nippon A- r 3.5 • 

■ Nippon St. npnii ■ 1 
Mssan Di- '■el "1 i* 

Rtinh 2? h ■ DM m 
San? jo Elh'irK^ * 

S^nra El« Ci -if • 

Snijii SiorH 31 5^ 

.Stanley Eletlii'-' ■; 

Trt0-K l ■' n,, ■ o * , ^ JJ 3 

• ,vo nfomialion available— pruvioixs dar's »rn.e. 

■ mil i- mu: ntarkfl mukur sappLicd a uncu. 

Straigtu Bonds: The yield is the yield io redempinin of th-: 
irnd one 1 .-: it"? ainmnii hhned is in nilfilotN of mmin* 
umls «seem l* ,f Ten bonds *h>r«- ti is in btlUoos. Chanse 
on weet-CJianue «\ur prlvs; a wetfc earlier. 

Flvatino Raie R® 11 * 5 Dcnnminaird in doUars hpIm- ottwr- 
indieJird. -M -Minimum coupon. C.dat*:“Da!e nrxi 

■ sis-mnnsh 



dal* 

price 

BM 

Offer 

day 

Prera 


. 9/71 

628 

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fc-33 

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.. 1/78 

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259 

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3.67 

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12-78 

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107. 

US 

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-1.60 

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10/78 

989 

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1061 

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. 1-79 

1270 

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tin 

. 1/74 

612 

98 

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13.10 

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‘ 2/79 

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2-79 

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617 

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8/78 

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11 ‘78 

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jndie 

i-oudOI 1 Wenr./oi* eft. Clive. SprrBd=.MarEm abovr 1 
■iffr-r-.d ruM ,nr llo Unrs- C.(T>o=The curr.m 
I'vlri -Tlw nirrent yield. 

Convartible band*: Deinmiinaied in rtellar> unlrus oitirnnsi' 
nnlira*— <7 Chu diy-Chansr ,ind4> Cm dale = Firs' *lai— 
f„r c0iiv*f-iw »nM ohaiM Cnv preei Nominal antouru nf 
hund mr <n.t'c exoressert In curren>.y of share ai remrer- 
• Ni..n mi" fit"*! i' r iswr.. PremsFercentiiai pn.-miiini nf i.h«- 


nver 


-h- nio?i rrcciil prii-e nf rh* shan*s. 

f' Th*. Finn|icial Time** (teat. !6»>i Ttnpr«dH' Han IP wtinlc 
nr m a«r> 1,1 sn *’' ,arzn nn pemnti*d wi-Imibi wnnan 
ceoacm Data {.applied hr later-Bimd Scrvtus. 


with sales uf .S2.4bn souRht 
protection from ils creditors 
under Chapter 11. 

ju.s. QUARTERLIES 

i CANADIAN PACIFIC 


j Third Qaarter 

1970 

1977 

s 

'Revenue 



i Net profits 

SO .7 m 

61 -m 

iNei per share... 

1.11 

0-S4 

1 Nine Month* 

{Revenue 

— 

— 

| Net profits 

2335m 

lS7 6ra 

i Net per share... 

3.23 

2.59 

jcuNNECTIt.UT 

GENERAL 

1 Third quarter 

1978 

1977 


6 

S 

j Revenue 

— 

— 

j.Xei profits 

72.7 m 

6B^m 

Nei per share .. 

1.76 

1.65 

I Nine mouths 

j Revenue 

— 

— 

iNei Drofils 

188.3m 

157.3m 

Net per share .. 

4.56 

3.81 

j ADOLPH COOKS 


] Third quarter 

197a 

1977 

Revenue 

s 

5 

221.6m 

190.3m 

|Net profiis 

25.3m 

23.2m 

Net per share... 

0.72 

0.66 

nine nwnriis 

Revenue 

4S0.ini 

471.9m 

Net profits 

44.Bin 

59.3m 

-Net per share .. 

1.2S 

1 68 

LOEWS 


5 

s 

Third quarter 

1978 

1477 

Revenue 

S7T -im 

83S.7ui 

Net profits 

49.6m 

38.7 m 

Net per share... 

2.93 

2 17 

Nine months 

Revenue 

12.54 bn 

2 40 bn 

Net profit? 

125.0m 

144. lin 

Net per share . . 

7.4!« 

7.90 

MCA 

Third quarter 

14TO 

1977 


s 

5 

Revenue 

326.4m 

225.5m 

Net profits 

23.2m 

— 

Net per share... 

2.00 

1.19 

Nine mnnUis 

Revenue 

7S7.flm 

60S. 2 m 

Net profits 

95.4m 

62.9m 

Net per share... 

4.IU 

2.71 

PRENTICE HALL 


Third quarter 

1978 

1977 


5 

s 

Revenue 

To.XSm 

72.% m 

Net profils 

11.99m 

11.57m 

Net per share... 

1.21 

1.16 

Nine mofliiu 

Revenue 

iS5.2m 

171.3m 

Net profits 

19.19m 

17.4lm 

Net per share.. 

1.93 

1 75 

SAMBO'S RESTAURANTS 

Third quarter 

1978 

1977 


5 

5 

Revenue 

157.1m 

135.0m 

Net profiu 

3.11m 

6.83m 

Net per .share.... 

0.2+ 

0.53 

Nine months 

Revenue 

427.8m 

3®.4m 

Net profits .. . 

12.56m 

17.77m 

Net per share.. 

oas 

1.3$ 

TRANSCO CfK 



Third quanor 

1978 

1977 


S 

s 

Revenue .... 

233.3m 

JMMm 

Net profits ...... 

H.97111 

21.24m 

Net per share... 

0.65 

0.94 

Nine medUii 

Revenue 

6S6.5ut 

57i.im 

Net profits 

44.91m 

54.03m 

-Net per share... 

1.97 

239 

TRAVELERS CORP. 


Third quarter 

1478 

1977 


5 

& 

Revenue 



Net profits ... 

97.4m 


Net per sharp . 

2.23 


Nine mortal 

Revenue 




N«»t profirf 

272 7 m 

173 Sm 

Net per share... 

6.26 

3.9* 


THE MAJO.R iuod and retail pro- 
ducts manufacturer Anderson 
Clayton and Co. experienced a 
sharp setback in the first quarter 
of lhe current financial year. Net 
income fetl. from 511.1m or SI 
cents a shave to Sfl.i’m or fia cents, 
on sales up from $l73.7m. to 
si som. 

Also for the first quarter. 
-etectricaJ 5001!^ 'manufacturer 
-Avne l Incorporated adi ? anced 
from 60 cents a share to 66 cents. 
Electronic Data Systems moved 
ahead from 34 cents a share to 


43 cents, and food vendina 
concern Senomation Corpora lion 
fell sharply from 32 cents a share 
to 42 cents. 

For the nine months period. 
Chicago Pneumatic Tool re- 
covered from a depressed 75 
cents a share to 32.71. Columbia 
Has System moved from 82.65 
to 82. HO. and electronics com- 
pany Varlam Av-oriatex remained 
unchanged ai 81.58 a share. 

ladies, and childrens cloihiny 
manufacturer Jonathan Logan 
slipped from St. 7] to 8I/i7 for 


NEW YORK. Nov. 7. 

the nine months. 

For the third quarter, special 
chemicals manufacturer Nalco 
Chemical lifted ner earnings a 
share from continuing operations 
From 8S cent s 10 69 cents, while 
for the same period the publish- 
ing company Harrouri Brace 
Jitvanovich increased' net earn- 
inejs from ccintinums -operations- 
from S3. 6 1 in S4.0V. 

For the full year. OVIalioma 
Natural Gas advanced 1 from 83.65 
to S3 S3 
Agencies. 


EUROBONDS 

Further 
delay for 
World 
Bank loan 

By Francis Ghil£s 

THE DM 400m bund for ihe 
World Bank, deferred last week 
because «>f unfriendly market 
conditiuns. U now Tacinq further 
delays, due in part 10 the pos- 
sible issue of up to.SlObn worth 
of U.S. Government foreign 
currency bonds. 

A DM 150 five-year bullet for 
Finland was confirmed yester- 
day. Dresdner Sank if leading 
the issue, which carries an 
indicated enupun nf 6 per cent. 

The DM 20nt urn ah* placement 
fur rhe European Investment 
Bank being arranged (•> Bilh' 
Bank has been priced .<i par with 
indicated ci>ndti.iun« niheiwi.^e 
unchanged — a ten-year maturity 
and a coupon of Gz per cent. 

The D-mark secondary sector, 
which has seen sharp falls in 
prices since last Wednesday-, 
opened on .1 >nfi n^ic je.-terdav 
morning but reenver^d’ later on 
in the day. The net effect was 
that /'rices closed siicbih du»n 
on the day as inveaiors cun- 
nnucd switching into dolla'r- 
dcnominaied paper. 

It would seem that much of 
the sellinc Iasi week, which' 
affected receni issues much mors 
than older ones, was initiated til 
rhe .Middle East. One German 
banker said that issues which 
had ben lloaied when the D-mark 
stood at henveen DM 1.70 and 
DM 1.SG to the dollar were worst 
hit. 

In the dollar sector a S50m 
seven-year Hoater for the Indus- 
trial Bank of Japan Finance 
Company NV was announced. 
This issue will he co-manaceii 
by IBJ and Morgan Stanley. It 
carries an interest rate of z per 
cent over Libor and a minimum 
coupon of 5> per cent 

T'ne Algerian stale oil and gas 
company. Sunatrach. is expected 
lo float i« first dnllar- 
denominaled issue soon. Lead 
manager will he Credit Commer- 
cial de France and the borrower 
is expected 10. pay a coupon of 
> per cent over Libor. This issue 
will he ua imran teed by Banqnc 
Extern-lire d'Algerie. a hank 
which itself issued a 840m FRN" 
less than j munth 34^*. 

The dollar seconridary mar- 
ket s:r\ prices move up again 
yesterday. Most of the turnover 
was profe-sional but some in- 
ve>tor interest was said to hr. in 
evidence. Dealers are \.j ‘hort. 
that even minimum hu.iin^ 
interest, tends tu push up prices 
>iynificanrly. Floating rale noic.- 
m’oved up by one quarter to half 
a point. 


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The Bank w 

a world of 

experience 

Banque Nationale de Paris, France's leading commercial 
bank, has an international network extending over 
sixty-eight countries. 

Wherever you do business we are there to help 
and advise you. 

Banque Nationale 




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Head Office 

16, Boulevard des Itoliens, Paris 75009. Tel: 244-45*46. Tlx: 280 605. 

UK Subsidiary 

Banque Nationale de Paris Limited 

8-13 King William Street, London EC4P 4HS. Tel: 01-626 S6?3. "fix: 333-S12. 

Total assets of 3NP Group as at 31st December 1977 USS54, 300, 000.000 

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Y- • Financial Times Wednesday November S. 197S 




Siemens plans 
$92m rights 

Br GUY HAWTIN FR AX KFURT t Nov. 7. 

SIEMENS. THE largest electrical lime last year, bookings were upj 
company in West German-.-, is to bv 5 per cem._In true cuiupari- 
rai.se DM 175m ($92mi‘vi a a ? ,,n 1976-,, they were up 

rlshu issue and promises lu tTsslSbi . y “ ra * ° 

maintain its dividend at 16 per ‘ . , . ’ . 

™‘ for .be .veer ended Sep- JSfLETKSS. . £S"ui £ 
tember. same real terms br 5 per cent 

At the same lime, the company to DM 23.Sbn. KWU's orders 
pave an indication of its profits MlM ‘ v 3.9bn last year and a 

prog res last year by revealing was D,1 o. bn j uovcrnmwu nas raaicae o 

that earnings available for dis- commercial development w|(b a , ong ., erm loan from 

tnbution totalled DM 262m. com- ft f lh .' sroup s product divisions social and Economic 

pared with DM 257m in 197&-77. “varied considerably " said] xievclopment Fund (FDES). 

world-wide sales last year tod?_\ s report. The installations | The new moucy means that the 

amounted to DM -9b n. technology sector bad failed to! ™ 5 

. . . . -i, w equal the previous years sales 

J h fn/o£ h i S l - ssue r nil ^0°"/ record. while in the medical 
«hfri° r ’T?ci ba n}lhi aI technology sector growth had 

share, last ni^hl. the Siemens h « en slower than targetted, 

c- har " l d ° S ‘\ d However, in the components.! 

DM ~9d. Sieinpns last tapped <| at:l ant j information, encrsvl 
shareholder, hack m April. 19, a. Iechn olo 3 y and telex and coni-! 
when u offered a one-for-iO rights , n u mentions technology sectors i 
ls5l,e - turnover had increased. J 

The allocation lo world .\.* a result of improved' 
reserve? for Iasi year, said the utili.afion. the work rone had in-' 

wS' ld b , e a ,l "’“t !",, creased in a nunmer of impor- 

same level as in the previous . . . 

business year. The group had | : '" 1 - sHC, or«. notably in data and 


Shareholder FABR,QUE NAT,ONALE HERSTAL 

cash for Mapping out an earnings 

VJa/,ULCall «r Giles merritt in SHKnte 




' A « i 

'A- 


rescue 


By David Curry 

PARIS, Nov, 7. 

THE FINAL loaches have now 
been pat to the plan to rescue 


BY GILES MERRITT. IN' BRUSSELS '"IS - 

FIVE YEARS ago. Betgi urn’s which cost FN on estimated exists, so is currently management headaches. is usinff the Brownl^t^ 

Fabrique National? Hersul BFr Ibn in lost production. at a transtoonal stage,^ poised The production of Ser of tbe U.S. Brownioe c! 

seemed in danger of succumbing To generate the new sales and uncertainly^ between being. -the aD d the assembly of ^ 1977 f 0f a determ in 

to terminal inertia. Tbe vener- profits that it needs— and net old-style Industrial .entrepreneur engines is set to attack on the growing inn 
'able Liege-based armaments earnings fur the 1*2 months to « once was apd the more' dis- ing proportion of FN^salej-the “® nal le j S ure equipme 
] manufacturer. . whose fortunes last June 30 were only BFr »>6m ciplmcd high-technology multi-, aim is for the present m -pe rJ . eL _ j n s j, orf order, ifl 


had been founded on Browning (about S2.3m) on a turnover of national It aims to become. 


Gazocean, a major shipper of automatic weapons, seemed to be almost BFr 12bn — -FN has 


re: last night, the Siemens’ Ly" slower than“ larertbul ! the package, agreed previously, launched. FN is hu 
Unary shares closed at 5m«r in the coiioonSS' is f0r the 12 creditor banks | forming part of it.se 

•295. Siemens last tapped ^at , a nd Tnformatton cnernr lo lake WT •*»«*“* of the { international vortm* 

rshnlHar. h«,>b in Anril 1075 03 . _ _ . . 0 1 nrormanun. CnCr-.V Ren Franklin ! firfluo. is divprsifvin: 


in un tea lions technology sectors i »r ine amount or money out- 

turnover had increased. J ■***«"* *" ,hem * “?« 

1 FFr 4l2in. The vessel will be 
A* a result nf improved ’ chartered In Pacific Indonesian 
utilisation, the workforce had in- ] t0 rar r>- gas rrom Indonesia 
creased in a nunmer of imoor- u» ihe U.S. Troro 1982 lo 1994, 
iam seniors, notably in data and The main shareholder In 


liquefied natural gas. going under slowly as it watted initiated a flurry of -investment 

The shareholders or ihe in vain for the customers who and reorganisation. The group 
company have put in an extra had once beaten a path to its has recovered some of tbe 
FFr 30n\ (S9i3mi and the doors. ground that it lost during the 

Government has matched Ibis Today. Fabrique NationaJe dog days of tbe mid-seventies, 
with a long-term loan from (FN) 15 enough nf a success when losses were recorded for 
Its Social and Economic story for tbe trade unions ro Tour years running, and the 
Development Fund (FDES). select it as -a natural target for share price plummeted to about. 
The new moucy means that the test rase demand?, and its a third of its former level, but 
company should manage financial performance has im- It now aims to restructure itself 
operating profits this vear. proved sufficiently for ambitious into a more streamlined group 

The other main element of new programmes lo have been with four main product areas: 
the package, agreed previously, launched. FN -is busily trans- aircraft engines. automatic- 

is for die 12 creditor banks forming part of itself into an weapons, sporting equipment 

lo take over ownership of the J international sporting. equipment and general industrial products, 
methane-carrier Ben Franklin firoup, is diversifying info new Charting FN's performance 
for the amount of money out- industrial areas such as plastics at present made no easier by the 
standing to them. some recycling, and is fighting hack changeover in its accounting 

FFr 4 12 in. The vessel will be hard Wi il* traditional business periods and its plans to con- 

chartered lu Pacific Indonesian nf military hardware. solidatc group figures. Its former 

to carry gas from Indonesia FN's aggressive new approach 12-month period to the end of 
to ihe UJH. from 1982 lo 1994, dates from 1974. when the June is at present being 
The main shareholder In powerful Soctftc Generate de switched lo a financial year end- 


company should manage 
operating profits this year. 
Tbe other main element of 


recorded an inflow of orders in U" mat ion 


worth DM 29bn t$15.28bni coni- technology and telex and signal- 1 , ost, ,. at os JUj 
pared with ihe previous tears im-j technology. t,,c . c ° n ? l 

DM osohn ! 19,,. when tl 

. , . During the year the world-wide [ financial crisis. 

Excluding the hu sines.- nooked | jll0Ur force increased hi I per! . 

by Kraftwerk Lnmn ikWlO. CWI1 lf) jjw.noft. The growth. - 


cnergvj Gazocean is the Moroccan 
Phosphates Office which came 
into the company in July. 
1977, when it bit its first 


aims oecome. v ceQ t Ot toe «na« « _ ,, nn , h pri what it claims --, 

' - ’ ’■ . " ~ revolutionary golf clubs 

tofaro ’.* . : 'V tennis rackets, designed by . 

7~j , fn- s wMrir. — W-* ^" C d 

FNHerstal Ul 

share p«CE . py W hen its largest shareholder. By buying up its own franefiis 

-111 -.- . . Browning -marketing and dist 

- 1 Jf V-’ the powerful Sodete Generate hutlon outlets in Europe.' 1 
I. 1 i\F- - -■• . . * k-.-h aims to become a major fdi 

I |J| '■ • .7" _ ■ ■ ■ - de Belgique, backed a Doara-. jn the sp prtins equipment fleli 

UTM : aU •’*. n survived The chief problem will be 

|P-fl L , ~ room-coup. It has reconcile its cost-cutting net 

lr\N »7" the recession in better shape with its self-imposed sue 

If y rere obligations of tnainiauung e 

J— than many other Belgian plnyment inside Belgium. Sir. 

I I . - __ the iuid-80s the F>i workfot 

"J.'. *'?• cum panics, but still faces has declined by about 15 per ce 

but in recent years tbe gm 
: u! - liJJ 1 1 L,Lj problems. has managed to hold employin! 

i9/y 1978 • , — 1 - fairly steady ihrnugh an e\j£ 

■ . • r - — . si vo system of early renremi 

that is designed to perm it schr 

operations range, from third. U is the older hrearm.-, , eaver rePru itment. Tbe res 


FN's aggressive new approach 
dates from four years ago, 
when its largest shareholder, • 
the powerful Sodete Cenerale 
- de Belgique, backed a board- 
room eoup. It has survived 
the recession in better shape 
than many other Belgian 
companies, but still faces 
problems. 


West Germany's largest puv.-er 
station const ruction concern 


which was consolidated into ihe ayauw Ihe previous year's •! per 
Siemens accounts for the fir?t con: decline. 

Setback for West German 
department store group 


BY OUR OWN CORRESPONDENT 


FRANKFURT. Nov. 7. 


KARSTADT. Europe's largest saiiun of its Kepa Kaufhaiu! ^diaries showed 


department store group, today subsidiarj- and Karstadt SB. 
disclosed that the nine-month s ; ,|es u f Karst ad i, including] 
profits have been depressed by CD 


vu n , ail d Karsisdt SB had! wiproveu ny rauonaiisauon. 
s La ni-up costs in a number of ! ' Extraordinary dcpreciaUon of 

operaiionaJ areas. The news Inmuied by 5J per cent during j SwFr lSm -j s l0 ^ t a k en 
comes ai :» time of considerable the nine ui on ills. 10 just overi aya j n;S j reserves. 


expansion by the company as DM 6bn (S3.1Bbn>. However.) 
well as its absorption of the when increased sa-les space was| 

Neckermann store and mail order utken into account, sales fell by 1 
group. a comparable 1.3 per cent. " j 

Today’s report on tli e first rnne Neckermann reported a turn-: 
months of 1978 said that ihese over of DM 1.17bn during rhcj 
developments would also leave period under review, of which 

their mark on the year's results, some DM 162m came from the . . 

The setback was primarily in- department stores remaining with Waichcase. will be based in 
curved as a result of ihe increase the Neckerman operations. Sales Singapore and produce some 
in the sales space, the Integra- figures, which Include value 506,000 watch-cases a year, 
lion of the N*>ckennann depart- added lax. were up by 5.6 pen primarily for use by the Swiss 


Meanwhile, the Swiss watch 
company Society Suisse pour 
ITndustrir Horlngerc SA 


ment stores and the reoreani- cent. 


partner. 


ANIMAL FEEDS 
PIG PRODUCTION 
FUEL OIL 
DISTRIBUTORS 



AGRICULTURAL 
EQUIPMENT MNFRS. 
POULTRY PRODUCTION 
AND HATCHING 


! nterim Report for the six months to 30th June 1 978 

£000 1978 1977 

< Re-stated) 

Turnover 10,859 9,836 

Group profit before tax 51 6 31 6 

Profit attributable to Feedex 262 1 82 

EXTRACTS FROM CHAIRMAN'S REPORT 

a) Highest Group profit achieved in any half year. 

b) Continued development of international trade. 

c) Interim dividend raised from .585p per share to .65p per share. 

Feedex Limited, Burstwick, Hull 


NOTICE OF REDEMPTION 

Skandinaviska Enskilda Banken 

9^c Capita] Bonds Due 1991 

NOTICE T5 HEREBY GIVEN* that, pur-uaut In Ihe prnvisiniit nf the In den lure dated as of Decem- 
ber 1. ivTt. under which ihe ab«»vc-rlc*icn.ilcd Bund? arc- i??ued. Sl.144.fi00 aggregate principal aninurt 
ni -uc.h Bi<nds ««i tlic iullowinc diMlnctiw nuntlwr* ha> bci-n dr*wn iyr redemption on Dcv-embcc 1, 
1 l, 7& ■ herein .-omotinn-- rv furred l<i a* ihu rcdunipiiou dale. 

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c.s 2 .“it: J-'U.'i 7?»4 


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27351 2yS0I 32216 34634. 37112 3*»1«W 
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t 4 Ul:-. *313.1 :mi 65 113:*,; 1 3H69 1«3fi9 1W*7" 211+5 X:52*l SliUHS afirtWB ItitaM ?1243 53729 36138 51W4*i 
195n 4226 «WV-fc 9IBIV. 11,1 11 i:v»3l l«tlu l-73*v 511-17 33547 5M*A| 29452 :il*212 K»M :»777 58163 752>V> 

1’ J M 437.; 67*t« *ill*i 1I43K 1.1*172 1*»S2 ISTlrj 21 194 2:iS*;fi 3*:<*!>4 5344.1 5ir«4| MRS I 53300 36191 MW! I 

19.-.8 41*P» *::,». 1*1 12 114.13 140*'* I G3K1 IK313 21219 2364*1 5I.113 26473 :t|**ufi 33349 351515 3X212 3T.C2 

19‘.» 4107 07.M* 917.1 INK, 141.15a 1 67*85 1»8G, 21X13 *410*11 5*5126 2X5* *4 11012 -133G2 8384*1 33230 .1:W. 

i -5 4-.-nl *-837 *'411 1 161-* 14111— 1*1413 1»595K 21261* X:7fl-* 261 1:5 2X529 .11078 55323 .15056 33270 75*9*4 

1-."* 4421 *a*iL-. -*254 1 IMS 14096 164.1, ,8957 2 1 liV 1 287i« SOIW 28358 31,17 rUv+nfi 3 54*77 382KB 39C23 

2H2** 4 4K.1 .^:-*n 9L97 11571 1,125 1+466 19*K*U SIMS HWia 26527 2859*1 11143 32425 SBQul 3t33 1 
II O' *s 1 4 14.1 16526 I9U8 L 21X17 X-V5(*i 3*041* 5XU23 31174 7544+ .1603*1 :t8342 


x,1*» 45-51 7221 95*n; 15116 14+34 1*4*77 IWJIl. 217K8 24556 5652:' 59073 .IJ4.11 r«-';974 3*C»4B 3«575 
Th** Br»**l> /pwiiii'il ahiiii- ar»* t** he rc*!*-*-ni«-I f**r the Mu kin -5 I-'uiuI 131 at rhe IBO b*ind iiinAura 
— .n*l iho-r of • itibaid.. N..\ . Trustee under Iho ln*lt:nture referrtnl 10 aliovv. No. Ill Wall SiiRCI. iri 
llio Bori.iish <*f Manh+u.-ia. lh*- Cite of Neve York, or th* -iil'jwi ,»» any laws or Tvaulaiion, applicable 
ihercM. :*l ihu main ohicv.- of i.'ilib-ink. X,V in Anistinlani. Frsnkfun- Main. London * City Office 1 , 
Milan. Baris, i.itihank * li-.leinnil SA. in Kru--i-l-. Citibank • Luacmbnuro S.A., Krcdiclbank ill 
l.inemhourc. Credit Bank and Union Hank**/ 5-uiizerl.ind in Zurich. Siii-w Hank Corporation in 
Ka-ie. an*i Uie Hva-i **W- c **,' ^k.in*lin.i\ i.,k:t EuAildn Banken in Stockholm. Pa.vnivnN at the offircs 
JOIiHV*l lv in • b* above will 1*.* made by a UniU-ii Sulr- i|<*llar >.heck drawn r*n a l*ank in Near York 
Cuy or by a ir.m-i*r in a I. nii.-.j Staie-t ilollar jcovim maintain* *) hy the pxy*.**> vrith x bank in Neff 

> r*rk i-iiy on rw, mb- r i. ]**7' . ih.- d.iu* mi i\h». h ih**y .-h+H I* due and pay:, hie. .it ihe reriemp- 

ijon price i<l" JJO percent o! the primip.il r>ni***:t*l *,here*".i. (n^.-* her with arenic-if interest w Ihcdalt 
lived inr redemption. * *i» ar.d aiu-r :he riHrmpl-nn ilr.ie. interest. <-n the .-aid Bor, (is will Cease to 
accrue, and. u|*on T*re-cr.u:i---n .in.! surr.-n.l- r -j ,.iich Ronds mih all cnuinns apperulninjr thereto 
naU,rin-5 itVr ih«*. dale fire* l lor r- dcrop'-uMi, payment will he mail*: w. ibe .-aid Tcdemplion price out 
ot tur.'L- to be *i( po.-'i;*'*: -.mh the Tru-iiv. 

C«5p*.*ni d-c L’ev.-.t.L'it l. 1-iTi be tirtsilied an ! preserteii for pjynet i :n the usual manner* 

SKANDINAVISKA ENSKILDA BANKEN 

By: Citibank, N.A-. at Trustee 

C'lwnieer 0. I'-TS 


Si bra passes 
dividend again 

By John Wicks 

ZURICH, Nov. T. 
SWISS BREWER and soft 
drinks manufacturer. Sibra 
Holdings SA, is again nol pay- 
ing n dividend. 

The group, which includes a 
number of Swiss breweries and 
foreign interests, says its sub- 


recession in better shape than period to BFr lfi.Sbn. which it builds .in association to . gra ve European mould, and Us ‘ „ 

many Belgian, companies it still Originally founded in 1889 as with Pratt antf-TWiitney of the present need to cut labour costs -V,„ 

fn*'* 5 a difficoll future. It has a co-operative Tor the Liege area s U.S. Although the high invest- rjrasticallv milted tn ,u«nt to lengths. 

■ ■ . .i . ■ _ • - jl. *u.. +i. B i?sa/i __ __ ■ • : . muninn nmn 'nvmnnr tH-rt in* 


BFr labn. To make that goal able industrial logic has during group’s rcsourcesp-lor. -the 12 fn is itself selling up- in Deferic^ "Ministry — it was 

even more difficult. January l this century' been a producer of months ended June 3(Mhe new Portugal and Brazil, while to the coat of arms together w 

sees the start of a 3S-hour week artillery'- armoured cars, trams. F100 plant took BFr lj*2bn out head off possible U.S. . objections inott«i In AraDic o* the 'Minis! 

i at FN. a work-oharing reduction motorcycles and 'luxury limou- of total investments. : • -..of it is planning a pistols and other Prince Sultan Bin Abdul-Aziz 
in hours won by the unions after sines. That rather unwieldly BFr I.6Sbn — the engine division small arms factory in South Sauri. lo be .engraved on 

last February’s lengthv strike spread of product lines still is amongst ihe least of " FN’-*s Carolina. At the same time. FN 7;285-piece silver dinner servi 


operating profit last year, but 
that profitability can be 
improved by rationalisation. 


i hours won by the unions after sines. That rather unwieldly BFr I.6Sbn — the engine, division small arms factory in South Sauri. lo be engraved on 
ist February’s lengthy strike spread of product lines still is amongst ihe least <rf " FN's Carolina. At the same time. FN 7;285-piece silver dinner servi 

medium-term credits Aker higher after eighi : 

USSR debt restructuring move months but sees slowdow 


BY JOHN EVANS 


BY FAY G JESTER 


OSLO. Nov; 7 


THE SOVIET UNION is to Nationaie de Paris and Morgan the West half-way through 1977. THE AKER shipbuilding group little material. This type of w* 


tcrmmonal capital markets. autumn, after the banking West. | last year. 1 1 foresees lower earn- i.uion compareu w.tn *^rrw 

The Foreign Trade Bank of syndicate .apparently lurned Whether other Comecon mem- 1 ^harflsillt? foV afl shows a sfeen fal? m ibe ra 

Moscow is negotiating a “pri- down a request from Moscow ber stales could attempt to ! ?2^ n eve in 1° ii nr°nrR^> frnm nkJ?, 

vate syndication ” of 8250m in for a straight refinancing of tbe emulate the Soviet actions with ™‘ 8 *' Si I SaJtoNKriBtabf 

r tbe Euromarkets with a group of loan on finer terms. similar debt restructuring is an ^ total of 1977. NKr4i.4m. ago to NKrl.03bB al^ 


banks headed by Lazard Frercs 
in Paris. 

Other details of the loan are 


won un Biiei IK*****. *>iui iiai wsai inuutiurmij. a an *>nd- nf Au^ni^t thi*s \par T 

The new credit is thus con- open question. "'.••• The group js pessimistic about SrounV order book ori AqeusI 

rtdered in the Euromarkets to Most East European economies the prospect for maintaining em- £ 0 ’_j sed ieht sh : Dl , rw „ h ., 
be a de facto restructuring of have a continued need for plovment at all of its companies, jg naval vessels iind ihe refitt 


$9,103,000 

Leveraged Lease Financing . 
of a DC-9-51 Aircraft. . ' 

t=/NNf¥/R 


Lessee 


_ , " * ■ ■ w i ej t**c ietiiuiiij --»* IL> wrn,w tIUlll * I™. UariKS *W» H*“* ,«IU^«***M gf *h p ornrin'c COmnnnPS 31)1 

some 2 per cent throughout. least part of this new facility hv at tempt inc refloancincs. cmiltl nol compete. It forecasts, considerable urwortlon of r 

These represent the finest w ill be used ro replace depletion Romania and .East Germany, however, that tbe current .wage for the rost f 

terras yet for a Sonet loan m „f the Soviet hard currency among the Comecon.-' states ™d price freeze will help curb v^Tls stili unbMlf 

S-«™* market cycle nf reserves caused by the prepay- enioving the best access to the the rise in Norway s cost levels. so ra ' e workers have already b 

marir?t Q fin^!SnrJ CeS f m * nl Gyration. London bankers Euromarkets, would still only Although man-bours worked laid off. 7 

Un£p 2S£f*’ rnr^nH*,mi surest. he “marclnai'’ candidates for felt slightly to ll.5m this year •The NKr500m bond is 

Lnhke most corrvemtional Gross Cnmecon debt of all res<ructur«n2. bankers believe, from 11.7m in 1977 total person- from the Norwegian Mate 

unde^ whioh a" wide ” t le .f estimated to hgy The Comecon supranational nel costs rose lo NKrS49.6tn from been heavily subscribed, p 

SJse oT ^ „ t0 *» ,lc ? ll S4 2 3b - n , b >‘ end K 19 . 77 - fanks. such as the International NKrtTMm. At the same time, tog appUcations for more ? 

rnrnomp h Jll W, f h , \ b l h ? vx S} e be, P ? Investment -Rank, with a history the value of production fell to NKr6250m of bonds. The 

;^. hav ^ ca lculated at Slfl-bn By the of substaniial .Western borrow- NKrl.96m from NKrl.97tn. parUy year government issue came 
obtained finer interest end of last year, total Comecon iugs. could also possibly attempt ! reflecting a move into offshore coupon of 71 per cent and 

.». an K-. , §er recourse to syndicated Euro- refinancings, they suggesi. i contracting, which involves very priced at par. s 

from the banks as a result or market crediis since 1972 i-s* — — 

very favourable borrowing condi- estimated to have toialledl i’" 1 " " "" ■ 

tions — the Soviet operation is *io.4bn. of which the Soviet 
based on a new loan syndication. Union accounted for Sl^bn. 

However. Vneshtorgbank — Comecon debt levels to the 
the mam Soviet borrowing West have escalated over the 
vehicle in western markets — past couple of years, partly a> 
has now paid back ahead of a result of ihe recession in most 
schedule a S250m two-part loan industrialised economies, 
originally obtained from a group However, the Soviet Union 
of banks led by Banquc moved into surplus in trade with 

KemaNobel reorganises 

BY JOHN WALKER STOCKHOLM, Nov 7. 

THE speciality chemicals divi- Nobel formerly traded under the 
sion of KemaNobel — Sweden’s name of KenoCard. which now 
largest chemical concern — has stands for ail tbe speciality 
been reorganised into a separate chemicals coming from Kema- 
company. KenuGard AB which Nobel. 

will establish its own identity. KenoCard recently acquired 50 
particularly «*n international per cent uf the Malacc, AG of 
markets. -Switzerland. The company has 

The main function of the new extended Its activities to service 
company is to manufacture plant chemicals for oil drilling, such 
and wood protection substances, as additives for ihe protection 
disinfectants, anti-caking, and nf enuiment from corrosion in 
anti-corrosion materials- The the North Sea. Saudi Arabia and 
agrochemical division of Kuna' South East Asian oilfields. 

Argentina buys power company 

BY OUR OWN CORRESPONDENT ZURICH. Nov. 7. 

AN AGREEMENT has been the staff of Burroughs Interna- 
signed with ihe . Argentine nonal SA. of Fribourg, are to I»e 
Government concern mg the lake- moved to London. The Swiss 
over by Uu* authorities of Cia. company is a holding, marketing 
Italo-Argentinj de Electricidad and trading subsidiary of the 
S>A. (ClAEi. a power company Detroit-based data processing 
hitherto more than 90 per cent equipment manufacturer Bur- 
owned by Swiss shareholders. roughs Corporation, and has 
The net acquisition price for served .is its European hcad- 
thc CIAE installations is quarters. 

I $92.3ui. payment lo be in the The reason given for the re- 
form nf II -year Swiss franc location nf staff is ihe difficulty 
bonds repayable from the fi_fth arising from Fribourg being 
year onwardv A further $29. 7m. situated a considerable distance 
representing .short-term assets from an intercontinental airport, 
involved in the takeover, will be In a operate development, the 
paid in cash. t Swiss catering group Mnevpnnick 

Payments H* former CIAE has signed an agreement with 
shareholders, expected to be r*f ,he Saudi financier Adit Khash- 
i he order of SwFr 200 per share. f, cei for the opening of three 

are expected tu begin early next Mnevrnpicb restaurants in Saudi i i, 

y^ar. Arabia over the coming two] || 

Meanwhile some two-lhirds of vears. ‘ I II *• 


New England Merchants 
Leasing Corporation 

Owner participant 


This trdnsdUion was arranged privately by the undersigned. 


Goldman, Sachs & Co. 

New York Boston... .- Chicago Dallas Detroit 
Houston Los Angeles Memphis Miami 
Philadelphia St. Louis . San Francisco 
International subsidiaries: 

London Tokyo Zurich; 

November C. 1978 ' 


joldman 

laens 




BUILDING SOCIETY INTEREST RATES 


GREENWICH 

(01-aU 3Z12J 

i*J Cn?eai»-,cn Hldi HoiU* 

,;Te^*mrwb sfito *#NL. - 

* D-rwsiT Rat*- *5.15 .. Sure Aecft*nv* 
II VI**.. SulfDn. Shares SJb *• T-.rm 
Shar.-s i yr<. ■taw rav. 

i vk. I » ah-ivf share rare- im.*res» 
n-ixl quarierty on shafts*- ' ,,raJ **«*rci 
Mommy Ini-miK- Shares 6 


LONDON GOLDHAWK 

r#i-ws aja> 

1 * Ch MrM- f1:;h Ko.il 
LoMon W4 2SU. 


Sul, on. Shares 

0-.-|*i,,it R+ii 8.43. Share .VcooiLlls S.W. 


BTR LIMITED 

hasacouired 

WORCESTER CONTROLS CORPORATION 


The undersigned initiated the transaction 
and assisted the purchaser in the negotiations. 


CLIVE INVESTMENTS LIMITED 
l Royal Exchange Avo„ London EC3V -1LU. Tel.: UI-2S3 lull, 
lml pi Guide as at November 7. 197S (Base I«(t at M.1.771 

Clive Fixed interest Capital r^8.»9 

Clue Fixed lxiwrest Income 113.09 


ALLEN IIARVEV fcNOSS INVESTMENT MANAGEMENT LTD- 
43 CornhiH. London BC3V 3PB. T«*l.. UI*«23 ff.lU 
Index Guide a* at \*>i i-mbi-r 2. IStTS 

Fur.iu I Fixed Intcrert Port f>, In* IfHuij 

Income Fixed Interol IVirifnlir, 100.01 


SIMMONS & COMPANY 
INTERNATIONAL ! ■ ■■ 
Houston 


SHENLEY INTERNATIONAL 
FINANCE LIMITED 
" U LONDON 


October 1978 


r • ^ 






L '• '2traL*TiR£ri 









fat. 


COMPANY 






payes way 


*--«Y yoko shibata -.. 

. MITSUBISHI MOTORS,' ; one- of 
Span's top vehicle- makers,'- is 
fr jay a 10 per cepv dtejdanlT 
if a first pa jriient at the end: 
f-tiie current-fiscal year accent 
3g to the company sources. 
Trilikc other leading -aroior 
manufacturers, Mitsubishi is -not 
Jted on the Stock Exchange - .. 

The company, however, how, 
ices the .prospect of becoming' 
■sled in . two years time, jajitft 
abanese stock exchange require- 
meats stipulate .that to qualify a- 

ampany bas to pay .a dividend 
F...YS or more per. share ’.ftjr. 
ach of the' previous three' 
ears, and to project the main- 
lining of a Ya dividend 

■Mitsubishi Motors! - injprqye- 
ient. in business’ performance^ 
i recent years has encouraged 


il-.-to^ mjike'the' payment. * The 
company .whs separated opt from 
itltstihishi-. Heavy Industries, as 
a.:subsifflaiy : Hi 1870 and formed 
a-capital Link, with .'Chrysler of 
the UX .which acquired a 15 
■per '-refit': stake -in Mitsubishi 
Motors , la 1971. . . Chrysler has 
faWn presrng ; Mitsubishi Motors 
to list; dti ftSs. stock ■ exchanges. 
1 according to sources’ here. 

Mitsubishi , Motors - rheas', never 
pubKefietf-. business ' results, but 
industry sources ■= estimate, its 

sales fori the AprikSept ember 
half-year at- - Y435,41>n ■ ( EL3bn ) , 
;for-'a rise- of 3&2 per cent and 
currept profits : at .'Y45bn (up 
'2fc5- per - cent!; ■ 

• - Mitsubishi .Motors had long 

been a lame. duck .WUhrn Miisu- 
bjshl Heavyt Industries as well 
as the whole .Mitsubishi . group. 


TOKYO. No*. 7. 

■ ‘t ba? sicadily im- 
proved its performance, with its 
sales abroad geared to Chrysler’s 
sales networks. 

w n ! n !? a, ! > '- ,hp ra,l, °r company 
has laiierly been supporting its 

?nn e " f MHI MH1 has to-day 
announced the Javing-off of a 
hatch of boO workers in its ship- 
building division, and their 

wS,h Mitsubishi 
Motor Sales Company for one to 
Shears, in order to cope with 
uie 40 per cent shipbuilding 
capacity reduction announced 
tms summer and the curtailment ' 
of operations resulting From the 
snarp fall i n new ship orders. 

MUI has m» far dispatched 
a total of l.2(n> workers to the 
strong automobile side ( Mitsu- 
hism Moiur* and Mitsubishi 
Motor Sales). 


KHI passes its dividend as 
sales and profits fall 


BY OUR FINANCIAL STAFF 


AWASAKJ HEAVY Industries Uia major Japanese shipbuilders its ship-building capacity by 40 
is reported lower profit and a'iid heavy machinery minufac- per cent, in accordance with the 


Creditors 

agree 

Austlran 

rescue 

By James Forth 

SYDNEY, Nov. 7. 

A RESCUE PLAN has been 

formulated for (he troubled 
meat exporting venture Ausi- 
Iran, which was placed in 
receivership three weeks ago. 
One of the major creditors. Sea 
Containers Atlantic, will buy 
the 37.5 per cent equity stake 
in Austiran held by the 
National Bank of . Australasia, 
as par! of the scheme. 

This will involve an injection 
of working capital and the 
repayment or all creditors 
other than the National Bank 
and til* major creditors par* 
ticipating in (he salvage plan. 
The scheme, which has been 
agreed to bv major creditors, 
will moan ihp termination of 
the receivership. Among the 
creditors to be paid in foil are 
Brorit Shinhnililrrs. Shell Oil. 
Liner Serrices and Wesfarmers' 
Sh tapers. 

The major i-redilors will hv 
parliallv natri. rcnortedlv about 
go cents in ihp dollar, and will 
accent subordinated inirrest 
bribing notes for the haiance. 


Further Hong Kong 
prime rate increase 


BY ANTHONY ROWLEY 

IN' A SURPRISE mote, the Hong 
Kerns hanks' prime lending rate 
was raised by a Turiher 1.5 per- 
centage points to 8.75 per cent 
today, with effect Frum Thursday. 

This latest increase, decided 
I upon at an unscheduled meeting 
j or the interest rate sub-eommittee 
■ of the Exchange Banks Associa- 
tion, follows a 1--5 point rise 
less than two weeks ago. 

The move follows Iasi week's 
support package tar the US. 
[dollar, which increased ihe U.S, 
! discount rate by 1 per cent to 
9.5 per cent and which has *ince 
been followed by a rise in 1075 
per cent in the U.S prime rale. 

I These rises have offset much of 
the benefit of the la-?; rise in (he 
Hong Kong prime rat? as a 
means of supporting ih<* Knng 
Kong dollar and discouraging 
outflows or money from the 
Colony. 

Hong Kong depo.-u rates will 


HO.YC KONG. Nov. 7 

also be raised, by one percentage 
poirn. effective from Thursday, 
the same day that the increase 
In the prime— or best lending- 
rate lakes effect. 

The new deposit rates will be: 

6.75 per cent for 12 month 
deposits, 5.25 per cent for six 
months: and 4.5 per cent for 
three-months, seven-days, call 
aod saving deposits. 

This latest, surprise jump in 
deposit and lending rates— a 
further rise had been expected 
but nol for some weeks— will 
almost certainly have a dampen- 1 
in? effect on the smekmarket 
here which is already having 
difficulty in digesting last week's 
news of a HKS3O0m rights issue 
by China Light and Power Com 
pany. Analysts feel ihat the 
murker had certainly nol dis- 
counted prime rate rises uf the 

2.75 point magnitude seen in the 
pas; two weeks. 



INTERNATIONAL 

LIMITED 

Including Mather & Platt Limited 

Wormald International Limited, incorporating an initial 
full years earnings from the Mather & Platt Group, 
achieved a record group consolidated profit after tax 
for the year ended June 30, 1 978 of SA1 5.6 million. 

The record profit has been largely due to the 
successful integration of products, co-ordination of 
employees and utilisation of the Wormald/' Mather & 
Platt international resources. In addition the broader 
geographical base and diversified product range has 
provided opportunities to compete in new markets and 
to undertake contracts and installations in all pans 
of (he world. 


Nampak earnings for nine 
months match 1977 total 


after ei« 


c shipbuilding industry ahd'tbe- year. Afler-lax .profits decreased F <»r the full year. KHI tare- rpr*«r*<*ii ih* wns 
iarp rise -in the yen -irv Ttie 3814 percent ta-Y2^bp casts a fall of M»rne 6 per cent in ow»H shorn \*3m i US$3 Amt. 

reign exchanges, It ^believes from Y4.58bn. Eates were cur 5.5 sajw io around Y53flhn. from a”' 1 Sea Containers ahnnt 

3t its results for the TulI-yeftV.. per -wnf lo Y242.26hn (SI.3bo), Y566.07»m Iasi rear. It has nol AS<m. 

March, may show a .small iroln Y256J7bO, : • . Published an after-tax profit fore- And Iran will no*- lip i»wn"ii 

■ficit before tax and : special -...'KHI' ‘tbls. sutniner-?-iri line with cast, to compare wIili tlie YftfiSbn /l ° nPr r, ' n< Kr 'he iwn«n 

»ms. - r: - Vojher leading Japanese ship- realised i-n 1977-78 j r:nv '»mm*. , » in n »r rent hv 

Profits of the. company— one/of' hcufders'annpuriced plans to cut Sales of ships in the first-half' Mmta- -»nd n#>.-el»»n. 

. - . . •••'■• a_2 . fen by 17.8 per cent to Y80°7bn : mw l •’■an 1- nr Iran 37.5 n»*r 

. '“.''i-tev..:. ... front Y73,33hn and accounted! rmt hv r«.ni »?»»#..■«. amt 

WWWnW— I— M— Wl ^ for 25 per of overall sales.! 11 n f r “"' hv ih" '"OnOnn 


CVS 


Slim 


BacflsctieKbjTmurareLan- - -Gdr wholiy^vnod sub- - - 
desbank, one -of -South- : sfcfiery, -Forfeifi^ung und- 
west GarnarJi^s leading. Fmartz AG (fT^.provTdes X. 

banks, operates; both a: • ; diversifiea facilflies for in-' : : 
represeofotive bfficeanda . tematiot^ffir^ndngoper-. : ' ” 
subsidiary ia Zurich aliens;,. concehtraCng. on 

cializing [n non-redxj.rse npn-reeburse export • •’ 

exportfinancing -unique.: .nandng’ (aforf^) and other ■ " 
fora Gemian bank:' j; ' - ■ spgciafized &adefirranclng 
O.urfolh/steffedrepr^m^-^senri'c^ - ,Vv 

aliveofficeactsasaninfdr-- . r - A . • .. __ * /. . ' 

mation and -contact point" *• 

for banks and clients ir» 5^55? - in Zurich * jU9t v '“ 
cneof the v/orld's foremost. con!ac L _ / 

banking and Iradefinants •Frederick Seifert _ ' 

centers. .. ; ■'Representative • " 


for 25 per cent of overall sales. ! 105 "T hv ♦»»« 
Shipbuilding orders were down i * r ' M,n nsrlina Collett Inler- 
23 2 per ceni To Y22.94bn. Trom i 

v29.S.bn and 1 he order backlog i Thl * "f r" nn - 

in this sector was reduced 18.6 «■*"“« l'T r - T ' , »np« «H»rwonil. 
per cent to Y246.15bn. from . 1h ’*‘ r»w"«tanc*K 

Y302.24bn ai the end of Seplem- """ InvoirM in its *«kt"® »n 
her last year. miiiHv intere< f In i»r its 

The company's exports declined r"*"mer« 

8.2 per cent to Y114.87bn. from 1 wnnM wUhrimu-. 

Y124.9bn. u-ith extiort orders in! npnalty. rwn of its 
the half-year down 44 per cent to r ' '« refrfp<*rat‘»4 ^nta;n« r 
Y’DA-TSlin. rrom Y119.26bn. ! •'hips rrnm th** An«»1ran Spt- 

Orders in the six months vires leaving iw. St^'tprs nff«*r- 
t-n tailed Y2l0.57bn. or 15.6 per !""■ »liw weekly sailings lo the 
cent less Ulan the Y249.62bn a G u,f P° rt5 - 

year earlier, and the end-Septeni- 1 

ber backlog showed a fall of 7.fi| f ~* nctrxTTl TPfllf 

per cent. 10 Y617.3Sbn From’ ^^1*>»UUI V^ICUll 

™^ hn hit by 

Japanese f j Qans j osses 

direct toreign Our Own correspondent 

investment HD CUSTOM CREDIT Corporation, 

i the wholly-owned finance off- 
upivr'r TOKYu. Nov «. | s h 00 i of the National Bank of 

ct,f ! ipan l es J* 1 **®* | Australasia, showed only a mar- 
\orl nVe a m , C ^ dUr J n § smal rise in profil for 1977-78, 
fiscal l»cfe first-half, ended, from .** 17.96 to AS18.M 


BY RICHARD ROLFE 

! RESULTS FROM Nainpjk. which 
until recently was known as 
Reed Nampak and wa> she local 
subsidiary of Feed Imernaitnnal. 
show good progress by Uie i/roup 
for the nine months to end- 
Septembcr. in line with the 
recent trading experience of 
other paper and packaging 
groups. Nampak has changed its 
financial year-end to coincide 
with that of ils? new parent. 
Etariow . Rand, the Republic's 
largest industrial group. 3nd 
figures for the nine nn.inihc j U5 j 
completed are virtually the same 
as those fpr the previous 
12-month period. 

Though turnover for the nine 
months is R12Sm iSl47m) 
against R142tn for th** 12 months 
In December. 1977. income 
before taxation is R24J>m 


JOHANNESBURG. Nov. 7. 
($28.'Jim against R24.Sm for the 
I2-momh period. The net 
allributable figure is ahead from 
R14.6in to R14.7m. and earnings 
per share arc down from HI cents 
10 59 cents. The latter figure is 
based on a weighted average 
share capital up from 34m lo 
24.9m shares, while the issued 
share capital at the year-end was 
2H.Rm share-r. The results include 
profits or the Barpak group. 
Barlow Rand's own packaging 
companies, lor the three months 
from July 1. 

Nampak ha* declared divid 
ends for the nine-month period 
amounting to 25 cents, compared 
with 29 cents for the 12 months. 
So the latest dividend total is 
equivalent to 23 cents on an 
annual basis and the shares, at 
570 cents, yield 5.8 per cenL 


Group Revenue 
Profit before Tax 
Profit after Tax 
Dividends per 
ordinary stock unit* 
Earnings per 
ordinary stock unir* 


SA421 million SA281 million 
SA24.7 million SA15.9 million 
SA1 5.6 million SA9.3 million 


15 cents 


14 cents 


46 cents 33 cents 


Advance at OK Bazaars 


iteJ nVe fi Stl, , 1C u nI , !S r dur J n § Ztaal rise in profit for 1977-78, 
Sn,Lh5 fe 6rs i 0 half ’ Pnded| from AS 1 7.96 to AS 18.04 
SEE nb f !I’ P ^ Cen ' 10 ' lU.SJM.7m). Earnings would 

nnri?V // tS 1 n L ” lhe , Same ' have been lower but for a re- 
RfT'S 18'. financial year. dUfl | on !n the tax provision. 


the Finance Ministry announced 

The increase resulted from the 
sharp apprecialion of the yen. 
which reduced investment costs 
in yen terms. Ministry officials 
said. 

Direct investments overseas 
which had declined from a record 
52.20 bn in fiscal 1973 to SI .72 bn 


Bahnhdplatz 5 • RtiScw 2p9^80232irich 
.TeL012H4606 . - 


from AS14.7m 10 AS13^ni. 

The company suffered a loss 
on loans, of AS7.7m compared 
with A$5.9m in the previous 
year, and the directors slated 
that the continuing unemploy- 
ment throughout Australia was 
having an adverse Impact on 
the level of losses. 

The directors of Australia's 


!r n n?; C rt al riS«in CCa r SC °1 C i The directors of Australia's 
h h K n o f d y the: largest finance company. Aus- 

fM- had . b6gU r l ° traliau Guarantee Corporation, 

wMth •rtW! - ! "“d* a similar complaint about 

with the Start of fiscal 1978 in thp effefls of nn employmem 

1 'P r11 - Reuter’ , act mnnth wh.n th.v 


in the U.S., 
in the middle... 


! i ; •- , *:r 
! ‘ ./-T^ 
1 \* U 



late last month when they 
anuouiiced the profit resiiU. 
However. AGC still recorded an 
increase of 19 per cent. . 

The static result from Cus- 
tom Credit suggests that the 
National Bank, which Is due to 
report its 1977-78 earnings to- 
morrow. may be pressed to 
repeat its earnings growth of 
recent years. 

Custom Credit transfeired 
another A$l.86m to the pro- 
vision for doubtful debts 

taking the total to A$9^5m. 

The directors said that 
favourable industry demand 
conditions in leasing were 
largely offset by the depressed 
state of the consumer and real 
estate markets aud as a con- 
sequence the available lending 
market showed no significant 
real growth during the year. 


BY QUENTIN PEEL 

IMPROVED first-half results are 
! reported today by i'ik Bazaars. 
South. Africa's larscct retailer 
and the main non-liquor offshoot 
of South Africa' > Breweries. 
With profits up more than 11 
per cent on last year’s interim 
results— at R4.4m t?5J2m>— 'he 
latest figures sits zest ’hat the 
previous indifferen; performance 
of the group may have been 
finally overcome. The interim 
dividend has been lived at 19 
cf-nts. compared with 17 cents 
last rear. 

The report said ihe improved 
results were “ entirely due to 
the performance of the conven- 
tional trading operations" 
Hypermarkets, however, “con- 
tinue to fall short or expecta- 
tions. bu! steps taken during the 
period under review to reduce 
the co<t structure and promote 
sales more aggressively are 
pxpected to Improve ' perform- 
ance." 

During the firs! six raomh® to 
S«*piemhpr 20 sales tataried 
R°sx-n fS2313ml compared wi'h 
R’JfiSm in the simp neriod o f 
1977. and earnings per share 
were 37.1 cvnls, against 32.9. 

Lasl year's figures were 
adjusted for the disposal of the 
Rhndesian subsidiaries to make 
them strictly comparable. 

The report says that the tatro- 

Singapore 
newspaper gain 

B/ H. F. Lee 

SINGAPORE. Nov. 7. 
REFLECTING the continued 
buoyant conditions enjoyed by 
Ihe* newspaper industry ih 
Singapore. Sin Chew J 11 Poh — 
the major Chinese medium 
newspaper publisher — has re- 
ported a 59 per cent upsurge in 
pre-tax operating profits to 
SSl.Sm iU.S-SU.8m) for the half- 
year in Jun*-. 

Post-tax profit for Ihe interim 
period was 2b per cent higher, 
al SSl.Ofim. 


JOHANNESBURG Nov. 7. 
duettan of the genera] sales lax 
in South Africa la<t July had 
not apparently had a lasl in; 
effect on consumer spending, 
although ihe upturn in national 
retail sales remained “sluggish.' 

" Provided. therefore. that 
there is no change In the 
current consumer expenditure 
pattern during that period, it 
is anticipated that tar :he full 
year the group will achieve a 
level uf earnings in excess nT 
last year. r the report say*. The 
group traditionally earns ih a 
major part of its income in the 
latter half or the year. 

Final dividends in recent 
years have heen patchy, ranging 
from 55 cents to 58 cents, hut 
tlm improved interim figures, 
following a good final half last 
year, suggest ’hat they may 
have turned the corner. The 
historic yield is 6.7 per cent, 
with prospects therefore of an 
imnrfwrt yield nn the full year. 

The shares price, at 820 cents, 
is sending close to ils two-year 
high. 

I HOW TO SUBSCRIBE 
to 

THE WALL STREET 
JOURNAL 

Rate for U.K. & Continental 
Europe 

SI 90 1 year 

$100 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 


‘adjusted for bonus Issue 


The Group designs and installs fully integrated and 
sophisticated fire protection and detection systems, 
provides a range of electronic surveillance systems 
and physical security services, manufactures a wide 
range of pumps and’ multi-purpose valves, and 
operates a general engineering business which 
concentrates on process machinery. 

Additional investment in research and development 
activities in England. Australia and the United Stales 
reflects the Group's continued commitment lo 
maintain, improve and develop the range and quality 
of its products. 

With its product portfolio, operations in over seventy 
countries and management strengths. Wormald 
International is well positioned to meet its growth 
objectives and lo record a further record prolii. 


WORMALD INTERNATIONAL LIMITED 

Alexander & Ernest Streets, 

Crows Nest. New South Wales, 

Australia 2065. 





■ . te a country as big as the United - 
States, you can't afford to Oeout of 
touch with any location. Mercantile Trust 
Company — headquartered in the geo- ■ 
graphic and transportation center of 
America — puts you right in the middle . 
o( your markets. . 

Mercantile offers one of the largest . 
International operations in the central 
United States- As well as complete 
financial services, including customs •' 
brokerage through Mercantile Customs 
Service, Inc. There are major facilities in 
St Louis arid Kansas City, with 27 addi- 


tional affiliates throughout Missouri. 

And Mercantile is the largest member of 
S.W.I.F.T. (Society for Worldwide Inter- 
bank Financial Telecommunications) in 
this r egion. 

Mercantile 
Bancorporatlon Inc. 

(as of June 30, 1978} 

Tutal Assets 53,335.652000 

Investments 660,666000 

Loans 1^17.725.000 

Deposits :... 2205, 546.000 

SharetoWere’ Equity 198.429.000 


M=RcnnTii= 

emc 


■Mercantile Trust Company N A. 

Mercanttle Tower • St. Louis. Mo.Tf.SA • Telex 44-2300 


This announcement appears as a maucr of record only. 


GcioDer 19/3 



Province de Quebec 

U.S.$100,000,000 

Term Loan 

Managed by 

The Mitsubishi Bank. Limited 
Provided by 

The Mitsubishi Bank, Limited The Sumitomo Bank. Limited 

The Dai-Ichi Kangyo Bank. Limited The Fuji Kink, Limited 

Advisor for the transaction 
Orion Bank. Limited 


Commentary on the Results, by the President, 

Emilio C. Collado 

The difference in earnings in fiscal 1 978 from 1 977 is 
mainly attributable to a sharp reduction in divestitures of 
equity investments from the high number in 1 977. 

While capital gains were at rhe low point in the varying 
cycle of divestitures and new investments, natural to 
venture capital operations. 1 6 new long term commilments 
totalling US$1 4.6 million made in 1 978 were close to a peak. 
Another 4 investments with a value of USS6 million, were 
approved during the first months of fiscal 1 979 in 
implementation of policy to intensify and accelerate private 
sector economic development in Latin America. 

Financial resources available to the Company at June 30. 

1 978 were US$544.9 million, consisting of USS79.8 million of 
shareholders equity and US$465.1 million of credit facilities. 
The Reserve for possible losses on investment portfolio 
totalled US$13.4 million (after write-offs and allocations 
from current earnings). 

The Board of Directors at the October 26 meeting 
decided not to recommend declaration of a cash dividend. 

Mr. Joseph J. Borgatti was elected Executive Vice 
President, responsible to tne President for field operations, 
and a director of the Company. Mr. Borgatti. who joined the 
Company on October 1 , 1978. brings extensive financial 
and industrial capabilities and many years of working 
experience in Latin America. 

The 1978 annual report and information about the 
Company may be obtained by writing . 10 ; 

ADELA F1NANZAG 
Bahnhofstrasse 24 

Postfach (P.0. Box) 1034 

CH-8022 

Zurich, Switzerland. 


BELHAVEN 
BREWERY GROUP 


Redevelopment completed 
and the return lo profits 
and dividend*. 

For half yearly statement and last Annual 
Accounts, apply lo Belhaven House, 
Walton Road. Molest-v. Surrey 








financial iSnies ^ctoesday ; 197 $ 


Electra investmentlhisl 


LIMITED 


Interim Report (unaudited) for the. six months ended 30th September. 1978 

Earnings Six months ended 

30th September 


Gross Group Revenue 

G roup earnings before taxation ■ 
Taxation 

Group earnings after taxation 


1978 

£2,630,000 

£2,351,000 

897,000 

£1,454.000 


1977 

£2,277,000 

£1,987,000 

771,000 

£1.216,000 


Interim Dividend 

An interim dividend in respect of the year ending 31 st March, 1 979 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, 1979. 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 


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 

155*p 


31st March 
1973 

£70,647,000 

£68,323,000 

. 139 |p 


I CONFERENCE 

Corporate Investment Sr Acquisitions 
by Foreign Companies in the USA V 

This important two-day’ . Dates; 

conference will be chaired by (i December 6 9 7, 1978 V 

the Rt Hon Edward Heath < Vew*" / ' - i ^ 

.kesskski wk 

Committee on Invisible ; vjHL ■ ' Sponsored by . ; . . - • - p 
Exports, Yjj£3f> ./ itie London Chomb^irf-;v! a ^ 
\J/fm Commerce and Industry > 
The conference will examine L/jS y Organised by 

in detail the ways and means CffiJA Graham a- Trotman limited, 

by which international ' ' , „ . . „ . 

companies can make direct f/y ft ^° r octaascontacb ; 

investments and acquisitions Ir/iml Marie Lawn, • . ?:' ri ';*! 

In the USA. Distinguished f t ’ ] t Grah^ e Trotman Ltd, 

sp^kersiM" he coming frQm /jgij| 

Washington, New York and f Tel: 01-493 6351 

London, i * ■ Tdex; 21879/25247 (Grahamco) : . 



AN ELECTRA HOUSE COMPANY 



Helds 




Meeting w* 




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 Kin g dom., 
Europe, America, Africa, the Middle East and Australia; creating wealth and employment by 
developing resources to meet the needs of mankind. 


■ \ /. 


/ 


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. 


Salient features of 1978 

Profit before interest and taxation 
Taxation 

Net profit attributable to the members 
of Consolidated Gold Helds Limited 
Per Ordinary Share 
Ordinary Dividend 
Cost to the Company 
Per Share payable 
Gross equivalent including related 
tax credit 
Assets Employed 

“’.A ttl m jvsprrf uf the rijsfcft imipin Xnremfvr 19 


5 Year Turnover 


3978 
£ million 

87.5 

29.7 

34 5 
25JL 5p 

13.5 
9J9p 

1 3.72p 
596 


1977 
£ million 


25.0 

20.2Sp* 

9.9 

S.Olp* 

12.l4p* 

488 


Industrial and commercial operations: 

These include steel stockholding, distribution and 
production. Scrap metal processing. Al umin ium 
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 minerais.These include coal, copper, iron ore, 
rutile, t in, titanium, uranium, zinc and zircon. 


Group profit by territory (before inlcre5t r tax and exceptional items) 



Group profit by activity 

( before interest, tax and exceptional items) 


Realisation of investments 
and orher revenue net oi 
charges 16% 


C iinsiruction 
materials Sl'.o 


r 

Mining 34"J 




Industrial and I 

commercial operations 19°‘i 


. The Registrar. Consolidated Gold Fields Limited. 

1 Lloyds Bank Limited. Registrars Department Goring-by-Sea 
) Worthing. Sussex BN12 6DA. 

! Please send me a copy of the 197S Annual Report. 


Address 


49 Moorgait*. London KC2R 6BQ. 

International-Diverse-Resourceful 




■HI 

n 




nK 


mgm 


fj 

XfyRsisIBB 


The Directors have dec^ared an intenra. ordinary dividend ; 
o 73 p f? Kn) per share in respect of the year ending 31st March 19 
to be paid on lltb December 1978 to Shareholders can. the Eegistsr 
3rd November 1978. - ' 

The Directors present their Interim Report, (unaudited) for d 
haif-yearto 30th September 1978. ^ 

Year to Half-Yearto . Hal^-Yearto 

31st March 30th September 30th Septemb* 


5.337.000 

11.067.000 

7.434.000 

547.000 

1.076.000 

348.000 

3.515.000 
48,000 

3.634.000 
£3.790.000 

TifOp 

£3,788,000 


2.769.000 

1.059.000 


REVENUE 
.Grass revenue: . 
-Franked 
' Uofranked 


. 3.828,000 : 

183.000 'Administration. expenses 

521.000 Interest charges 

184.000 Cori>oratipntaX 

. . • . Tax imputed to' • : ... 

943.000 franked income 
.24,000 Preference dividends 

1.859.000 : '• - 

£1,969.000 NetearningB . • ■ 

. 4.11p Earnings per share 
£1,199,000 Costofdiviaend- ' 

• . Ordinary ‘dmdend . . • .* • 
2 .a Op per share- • 


1.024M 


4,534,001 





7.9Qp . . 2 .a Op per share- 

Note: Owing to the incidence of certain divideniis during“tbe "fc 
half of. the current year, earnings, for the second half-year axg$ 
expected to show the same Tate of increase , as in the first hhlf-yei 


CAPITAL 

Gross assets at vel! uatipn 

25,380,000 135,023,000 ordSnmT’divj^hd' ... .- 

225-5p 244^JpyNet asset value p«r share 

. . ' Irpastmeiit currancy.:,.. 

' ' prerruuntper share ' 

7.1p -5Mp. indudedahove ' 

Contingentti ability for. . 
- ' "'rap ila T ggfnftfaiTr . : 

lO.Op 19-8p per share '• 


8 Waterloo Place, London SW1Y 4AY. 
25th October 1978. - 


• -,>V, 



A 

IL: 


• -tlMltED* V 'i .. 

MANUFACTURERS AND DISTRIBUTORS OF LADIES' CLOTHIHS 

• r \ ’ . ,n r \ Vt i .. 

Extracts front the statement by the Chairmm t 
Mr Michael Rodin v • ■ " • : ! : : -;r ; v ; ' 

Results and DividendTam reportmg^ profits bdbre". 
taxation of £205*983 which, is lesrtte ^be prafo? 
achieved for the previous year' of £274,670.^^::; 
lower results shown are. 'maiiily IdUe to 
re-organisation that has fen taking^aCe^taduate 
over the last two financial periods. : / 

The Directois fepnunendthatan OitimSty dnOehSO 
"be paid of 6.036% (gross 9.009%^ ^Hch is the' 3 
maximum permitted. - "> - 

Hrtnre; prospeefs There lias ban' continning' 
re-organisation in the Company even within’the . 
lad: six 'months; We''V‘Iiave strengthened Jhd - 
Company’s management team 'bolli in sales -and 
production. The increasing'. units, and value of- 
turnover which. . we have so urgently needed are; 
appearing on our .order books and. should reflect .• 
in improved profits: in-the latter part of the yean 
I am now more confident for the. future especially' 
since there is at present a- positive, demand for '3 
quality merchandise, for which the Company has 
earned an excellent reputation and image. . - 



CREDIT COMMERCIAL DE FRANCE 

U.s. $45,000,000 Floating Rate 
Notes 1978-1985 

For th e six months - : 
November 3rd, 1978 to May 3rd, 1979 : 

. the Notes Will carry an 
interest rate of 12V4% per annum. , 

Listed ort the Uixemfaourg Stodc Exchange. ' - 

By: Bankers Trust Company, London. 

AgerrtBank ' . . • 


LOCAL AUTHORITY 


Every Saturday the 
> Financial Times publishes a 
; : table giving details of 
^ ; Local Authority Bonds 

■ on offer to the public 




Extri459 



















8 1978 



srs-i** 


Base Rate Change 


[ Tjii -' 


- r i*V 

Jtor«‘. 


. .» I- V‘ 

jO * 


Bank, of Baroda- announce that, for 
balances in their books bn and after 7th 
November, 197S-, and until further notice 
their Base Rate for lending is 1H% per 
annum: The deposit rate on all monies 
subject to seven days notice of with- 
drawal is 8£% per annum."' - • 

Tliewar that never ends 

We British are a peaceful people. When a war is 
over we like toconsignit to Lbe histoiy books - and 
forget it. "■ ^ 

But for some the wars live on. The disabled from 
jj&r- both World Wars and from lesser campaigns, now all 
"£$L ; too easily forgotten; the widows, the orphans and the 
chi Wren -'for litem their war fives on, every day and 
all day. 

In many cases, of course, there is help from a 
<f pension. But there is a limit to what any Government 
Department can do; • 

This is where Army Benevolence steps in. W'lth. 
understanding. With a sense of urgency . . . and with 
practical, fntancial help!.- 

To us it is a privilege Ep.help these brave men -ana 
women, too. Please wtflt you help its to do more 1 ? We 
must not let out soldiers down. 

The Army Benevolent Fund 

for soldiers, ox-siridiers and thbir families in distress 
- DepKgTj-bukeor'YoFkVRQj.LoBdwiSWSdSP 




appointments 


JJ. ^u<»|L CljO 


Lloyds Bank group post 

hfls be * n man and manaeins director «r Supplies), Welland Su..i a and a 
B SB*? L rNTS>£' fS.®r ® r LLOYDS East Sussex Engineering Group main Board nireclur ,.f Travis 
a di^etIfJ 1 ?nH NAT - 0N u L ' He is T,rior 10 * rs acquisition by and Arnold, mil he iwtvinu the 
f w? C<0 L “V* a vlce 'Chairnian of Aurora Holdings group f"r personal ro;..,uns. 

“Xtli Batlk and was chief * * 

?STLJ? ana ^f r , of L, 0J‘ds Bank x 1r John ha . . nn Mr. Midinel V. Hutton has! 

April Sg X rrllr """' >» am.oinled robins J«*wl '[if..' 1 ,™ '“""'Vn'i "?S 

yur . riipppinp A r vivvuai Dioro ,« n ments rmiMnn Ehl.l. AND 



i Mr r a. sioodw- 

3nd man ffSS T™™*' dim * ,U1 ‘ ^ 5E-. Mercer! 

National Group Motor*, has been * * 

appointed chairman and manas- ■»,- r .. . Miss I*. L'. It. has been 

ing director of OLIVFR RIV a . ^ r ‘ Mupwoml lias • ) p»oinif'd nijinaeiiu fiiiveiur of 

subsidiary. * bc * n appnmtcd commercial c *\|pBELL JOHNSTON J5XECU- 

* director nf HENDERSON DOORS. TjvE SECRETARIES, 

w. v r .. He was previously uilh the build- * * * 


Thus. Mercer. 

Tf 

Miss I*. E- It. t.iibliiilil has been 


FIGURES 


E/lGt- :r::;i 7f.o Glili Banr.s 
Annua! Ssoi-ri.Figures in 

U-S S C ,-‘1Vc.,cTi4« 

Dinar l 
= U “5. S ? =?7 

at 31-12-77. 



U S S 
22'jC M 


US.$ 
1856 4 M 


BANI-^ * SCLAVS . MERCHANT .YEWS «« drpuiy adiertisemcnl llr j. M. Jack win !i.,s been 

direct nr. For ihe past seven .veai-. ar i pll ,:nted to the r.nnrit ,if JAMES 

Feder^on G1 S S'SS ** ** **■ * of-'--,, *, Grin.en 

sags. *'■ J - M. Barter has resiemd ^ * ,,W! 

VERRE DE j'\ ppri“ S ,k R E ’ V UE *'* 2 naiwc d,rt ' clt,r of NALVESEV Mr. Graham Sine lair ;.n<l Mr. Ian 

^FSHDRK DRILLING, bm re- jincLellan have mined , he Board 
thi. ri n 1 S "j' 0 ™ Ue l beuveen tains his other rommilnu-nis af ruXTRA* .T« >KN' .SERVICES 
'"dustnes of the EEC w i,hin Ihe Christian Nalmrn GROUP |W pbmi i.„ v 

rSK, European Com- Group Mr. Ewan Brown has sGB yrou|J. Mr. Ia,r MTaSi 

office° lan uar^- iQ-n* WJ !I 13 sV jomcd lhe Salvc,>en OUrtore ra oimi«l direcloi. and 

SrS for DrilUn - BnHr *L »«■ ls a Ml. MarLcllan. I.na.ir,- direclor. 

S Cn depu°tv nf Noble n.c appointment/ foil,.., ,h* 

or of Cornlnn P d,rec ‘ * n-ec-iu mi-njur -r m,|; ri.„u Hue 

tor of Corning BIRMID QV A I. C V S T tt ,n, the CSC »i>-r:.i i.. n oilier 

tu, R .....n r, I FOUNDRIES) Siaie-s ihai Mr. ;,> 7 |iuiiitnienis ar<-. Mr. Gen{Trrv 

Nii-nncii PiMt- i" .PER- V. H. RitrrhrU has resigned as Ruvlcs. managing dii-oei,n- of SGB 
Mr n.,*Uu .. K has appointed chief executive r* f Perry Barr Export, to the R«*.inl nf SGB 
‘ ’ l* e " r H . ullu n as London rep- Metal Company and is succeeded Universal Builders Supple >.f ihe 
resenuuve m charge of its new bv Mr . r . j. r >0ll rdman. Mr. R. X. D.s. and -Mr. Tony O Callachan. a 
Omce in Winchester House. Crutch ley has become l Inane in! direct or nf the I. S cmnpany. tu 

.. . * controller of Brrmid Qua least ihe l-K-based -aili- uliary. SGB 

-" r - -Vnnrew Woods and Mr. (Foundnc-<) and will, fur the time F.xpnri. 

Jonathan Lane have been beinc. retain his directorship of » 

appointed to the Board of the Midcyl. Mr. n. C. Widden has Mr. J. N. Wimd h..s j,.ined ihe 
, r.*. 0 -NJV ersj ON AND been appointed to the manage- Boards of FINANCE FOR 
INVESTMENT TRUST Mr. Woods men! Board of Midland Mmor SHIPPING and SHIP Mi'iinr; \<;e 
is general manager of Scottish Cylinder Company. FINANCE CU.M PAN V MdiMdiarles 

Site Improvements, Glasgow, and •* „r Finance for lndn-m 

Mr. Lin* Is a surveyor jn the Mr. J. II. May Held, controller or n.wi-execume dir-ci-.r. H c wa » 
London Office. audit and invest ism ions al Ihe formerly director -^enei.d ihe 

* . British Gas Corporation, is tu General Council of British 

Mr. IV. A. Gordon Muir has become chief internal auditor hi shipping. 

joined the Board of WHATL1NGS the headquarters of ihe BRITISH + 

as a non-executive director. He RAILWAYS BOARD in January. Mr. R. V. Hnuliun ha-- hecomu- 

is a partner in Murray and Muir. ★ deputy manauin- director of 

* Mr. Edmund Morrison has llREWRY AND El.> WARDS and 

Mr. J. (J. O'Neil has been joined lhe Board nr WALLACE Mr. B. Angell join-, ihe- Board as 

appoinied joint managing direc- BRUTHERS COMMODITIES. financial director. Mr. H. W. Edsnn 

lor of GODSELL AND COM- * has been appointed In ihe 

PANY, international money Further to the recent acquisit inn Board as sales dirccti.-r. The 
brokers. of the building supplies division company is a subsidiary' of 

+ of ELLIS AND EVERARD by Reliance Knitwear Group. 

Sir. G. J. Suckling has been Travis and Arnold, that in the * 

appointed a director and chair- early pan of next year Air. A. ,\. Mr. Chris Medler has been 

man of ABWOOD MACHINE Ellis, a l present manauins direc * 01 appointed finance director of 

TOOLS He was previously chair- of Ellis and Everard tBuildini* McCORQl'ODALE BOOKS. 


US s 
10-1 6 M‘ 





THE GULF 

The Bank That Knows The 


Tel-?’*: Ku.-.ait 2015 (D<?-3liii!3 Rimti'i ?. 2783 f r .-irr-<- 1 r- iv:lr-r;!. i 
Teiephone*: 01-248 2843 tEuropea:! R-rptesenidtr.-.' jiii-.D 





THE TENNECO RECORD 






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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 
annua! increase, the eleventh 
since 1965. 

The increase brings the 
annual dividend rate at year-end 
to $2.20 a share, compared -with 
a former rate of $2. The common 
stock payout for 1978 will be $2.05. 

The dividend increase is 
ba'sed on Tenneco’s current 
financial-strength and realistic 
expectation of improvements in 
the future. During the years from 
1971 to 1977 Tenneco's fully diluted 
earnings per share increased 
from $204 to $4.11, an increase of 
101 percent. 


Annua! dividend rate at year-end 


$ 2.20 

$2.20 



$2.00 1 



£190 


$1.80 


$1.70 


S1.60 


$1.50 


$ 1.76 


$ 1.60 


Current annual 


dividend rate 

$ 2.20 

Current stock price 


(Oct 24) 

$31.63 

Yield 

7.0 % 


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 io efforts 





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 
Tenneco's Statistical Yearbook, 
Tenneco Inc , Dept. X-5, Houston, 
TX 77001 


TOasrtiet q TRjNC'r^aASTBvaviMiox nwx T ^ 

TEA/.ECv C- NEWPtWT^USsHI.By^JMWi o F»CiMWW0CC'W6«'.‘MHfO« . 7EW.fi: !■.:« 33 


V 









HB'ariciS! TBherjte 


WORLD STO 


Dow 16.6 weaker in moderate early trade 


Indices 

NEW YORKr®°wjo*E5 




4f. v 


JNVE5T.'TENT DOLLAR 
PREAIRM 


i .t : 


! .*rl *r Sf ] rmw 4 


Men 4- ff 7-1 or t IV C tfVLUUIILA ycaiCi Ud,V, vuiuillf ICMUer »-W»3 liunmna uaiuuja 

u!b» Investors were also disappointed M* *1» *• *”*' . 

MONDAY'S RETREAT on Wall jjjjj by* GeMiil^Molor^to SSi Canada Boarer " 5se 60 U 

Street was sharply extended in ££ MS naif - ft ■ ^ anaaa - Brown Boveri 

moderate activity yestenlay morn- |hc end of W7f Analysts said Umtinuine to yield to down- SwFrl^TO. 

as interest rate, inflation and increase had been cx netted ward pressure from New York. Nestle Bearer. 


i"£ ™ ,nl ™L ra,e ; r !j£ ati0 3 < n an increase had been Expected. 

iffeK?. and added **1 the move indicated 
undermine the stock market. g.M i.s less bullish on 1979 car 

The Dnw Jones Industrial sales than its previous estimates. 
A' erase, down 8 points the Gi\l. the second most active issue, 
previous day. fell 16.63 further feicl 21 to S5Si. Ford Motor shed 
to ms 25 at 1 pm. The XYSE All i in S3PJ and Chrysler j to $11. 
Common Index was 90 cents lower both in active trading. 


lo gsTIjS&'tss asa. ns a u vj^nsbtss rsks& «jfbsbs* asswJTi "j , 

a. JaL^irits^ou^eSmat^ fSFi.rtSSSSv " 'ZnhXSl ceudcals sector. Sundox^ Bearer Works Y35 to W 5: 


mse. Aiiuivm [«ui uii a« tv * .• . .»» Mwuyiw mi iw nl fllg.aJ.6g7.7B r TBg.tfj&mfii 4PTn7<~| 7 TOMB tt2l 

a Is. Alnsulwe Citizen Watch Y14 to Y44S, Kaken 20 cents ~ to HKJ6.05, Jardine ' i -J aB 

su Fr 1.675 and Chemical Y80 to Y2.500. Nippon Matheson 70 cents to HKWfi.00: EroaB nd(ri 86.4* 86.53, 8B.Mlfl8.Wj OT.7tf «B.8« SMS !«■*“'. j ■'• -n 

• A '■ -15 to Kmzoku YfiO to Y51L Tefcogawa Swire Pacific 35 cents torHK$£S0 ■ r ni . . 10 ■> ,. n am rig1g_tiV wfj« i «1 • 279.88 vtk 

Bridge Works Y5Q to Y1.S90. and Wfaeelocfc Maiden Intents TranaporL...: 218 HU« S1M« 2 18J»; 208.71,215.04; WSW»,j »»■ 

amnne multi- Tokai -Electrical Installation Y48 to HKJ3.425. i V .V 1, 1|U11 i MS1 ! mb, 1 m .< 8‘ flS.»l B7.1S -9I.07 11 D.T»-) ».H 165J2- mjs 
up 53 at to YS5S. fltsaraltsn Pharmaceutical Elsewhere. .Hong Kong. Wharf -- >' • i ' j till (Wild! ifaWi«v(2&g( 


commanded a substantial lead of '!£ d CommSs? ViJcrafl SuT ,n ., 2 i 2 - 36 and PJapers . 134 lo In a firmer Bond market, both 

P nnn«iw H 1 A fl«*d exception, how- Domestic and Foreign issues met 

" . ’ : “ “ Petroleum^ Oilfield Service. over . was the Golds sector, up 28.0 K00d demand. 

Closing prices and market Aluminium Steel. Copper and ln Ufl3J on illdex . " 

reports were not available and Rail stocks lower, but Gold Nornnda -A" shed i to C833L T/sb*/r» 
for this edition. glares advanced on the higher ^ company has cul its u s . U id J OKyO 

Bullion price. Canadian copper prices. Canadian Market finished wilh a mixed 

nine-tn-one over gams Tradinc Ration Purina, the volume Homestead Oil lost 3 to CSSJ on appearance following o- fairly 
volume dampened wmewhal by leader, slipped i to $11 i. A block flat nine-monrh earnings. active trade, although the Nikkei- 

some institutions being closed for n{ 1M.OOO shares changed hands Dow Jones Average recorded a 

the Election Day holiday, was a 3t *1— S\vit7Prl9nrl fresh gain of 7 76 at .*.945.93. 

moderate 17.48m shares although Pan American Airways eased Si Volume expanded to 3H0m shares 

above Monday's 1pm tifrure of to S7 in active trading, although The recent rallying movement *“2?™?.- ... . 

14m its October passenger traffic rose was sharply extended yesterday _ Public works issues, ui cl udine 

I'.S. Energy Secretary j, per cent. Addressograph- across a broad front in a large Constructions and Electric t-apies 
Schlesinger said the cut in Iranian Mnltlgraph receded hy $12 to business, leaving the Swiss Bank w f™ m S. 0 ™ f® 1 ™- W 5 ,w 
oil production would have a major S20:. )t has agreed to take over Corporation Industrials index " ,th anticipated good earnm^ 
impact on world oil supplies and Microdata by an exchange *:f higher at 27S.2. prospects also found favour, 

prices if it continued into next shares. Mlrrodata rose *21 to Sl«t{ One dealer said that there was Steels were generally higher on 


broad-based 


. '20.690 S6.O70 41.D50! 60.4601 »a|88ff68.4 


i I: - 


Index chxivc*t from Aug. 24 


Closing prices and market 
reports were not available 
for this edition. 


Johannesburg 


lod. dfv. yield 


« D^a Wgb 8ZMB 
. Oct. 80 | -O’cv LppRtt 


*** “ UllUd UUI I VI * — ^ VVIIIUUVWMUtC * . . - - • ] Q, 

*w- Domestic and Foreign issues met (jermanv „ J ? ... ■ — 

8.0 good demand. J .. .. . Golds rebounded sharply, in-. 

After relinquishing further response: to a- rise Jn the- 'Bullion - - 

3*. nr-i. . ground, stocks rallied on an inflow price, with gains- . extending - tn STAKDARB AHD PO0R8 

ud ■* of buying orders, mainly from R215 being mgBtered~inv heavy- - l [ • ■.•' i 

an Market finished wilh a mixed domestic institutional investors weights. ■ ■■■ .'v.‘ jrl: ” ri- ‘ i Xov. , Sot. 3ot- j 

on appearance following 3- fairly and bwin buyers, to. close mixed D f T ®®*! rs «»e 12 centsrto- R7.70 - .1 . *j, 1 - 3 i • 3 - | 

active trade, adthouch the Nikkei- on balance. on l-^v.. interCTt t ~ while .'PtefanuiDa. iny_nfi < 

Dow Jones -Average recorded a Deutsche Bank gained DM 2.60, and Mining Pinandals : followed ' 106 - ai { i 

fresh gain of 7 76 at 3.943.93. Daimler-Benx DM 1.50,' Yolks- Golds . higher. - Rostenbuj-g j BS.ta 88..18: 86.611 

Volume expanded io 3H0m shares wagen DM 2.30 and Siemens- P(a t!?° n t moved- ahead ilB; -cents -tCompoNte , 1 I ‘ 

, nf (290m). ‘ 2- 20 - hut Unde were to R2.05. — 

: ' Public Works issues, including DM 3 down. AUlanze Versicherung Industrials. hoyew; ■ 

' Constructions and Electric Cables DM 7 off and Harpencr DM 2.50 hesitant over uncertainty: about I - a< 

"fc were in good Torra. while shares lower. . the Iranian oU supply sftuafion.: . . « f - ! - 

no with dnticirjmed c«»od earning Bavarian Banks recovered some vlosiug with * softer biar after ji lo ^' , t»v.yf«''q % I 


Dow Jones -Average recorded a Deutsche Bank i 
fresh gain of 7.76 at 3.943.93. Daimler-Benx DM 
Volume expanded lu 3H0m shares wagen DM 2.30 
1 290ml. ' DM 2.20. but 


1 . r 3! j ' W j aigb to* 
107 Jtt 168.^ 186.6 tf 118.7 j ffkK 
86.8BJ :8I.18l ».0^ t^lo 


i6loo#_CatniftB 
~Hlgh ^ 
JS4A4 


m'8>f (filSl 


" its October passenger Traffic rose «S35 , Works issues, including hSftuS 

Secretary j . per cent. Addressograph- across a broad from in a large Constructions and Electric Cables DM . off and Harpenrr DM 2.a0 iSmiTJl ! iirESS 
in Iranian Mnltlgraph receded hy $1* to business, leaving the Swiss Bank m g .°? d for™, while . - • T>_ ntc r „ rnvp ^ a closing with a softer 

ea major «y : . )| ha.s agreed to take over Corporation Industrials index G2 " ,lh anticipated good earnm* B^ianan Banks re covere d some J ‘^ d ^ th q K ££1 
fplies and Microdata by an exchange *:l higher at 27SJ». prospects also found favour. 1 lfl ttnts Inwrr^ 


Bazaars were bid J jou. 


year. bi 

Treasury Under - Secretary 
Snlomnn stated that the 197!> JJ 
nirrent account deficit may be *' 
nne-third of this year’s, but the 
■White House said the fight m ” 
hold the fiscal 19S0 budget deficit 11 
to *3nbn will he diffirulr. 

Analysis enmmenrod that the To 


«. Microdata rose *21 to S16 J , One dealer said (hat there was Steels were generally higher on 
in over-the-counter trading, a Rood of orders, especially for reports that China has agreed tn 


iHrhfr on Bayerlscfce Verein>bank adding 10 cents lower at after 

Steels were generally mcner on ^ ^ interim results- . : 


DM 5.50. 

Public Authority Bonds showed 


.Lhik Got, Bend yield 


. Nov. 1 1 

LteL 2b . 

5.13 

5.09 

9104 

9.05 •; 

; 8.68 

;' . 8.67 - 


Oct. 13 1-TWn^faj^a 

T . .--W5 

■9.34 I-'; a .-pCBfr5 

8.65 , 


alia w.y.s.k. all coicmok 

developed a . downward .. L. • r.. • .. I 876 • 

« 0T ’I r! rrn w , u.- 


filBon »od Mia .'. 
)Not-4 j 


non-resident foreigners. Under centica] shares. 


Pome Petroleum declined 5-1 i current rules, foreigners cannot Fats and Oils. Foods. Paper- PJJfCfJ 3 ** 0D Monday. 

S611. Amdahl si tn S42J and add to their Swiss- franc invest-. Pulps and Printings, however, ■"f.. Forci *> n Loads "ere also 


NEW YORK 


ynr. ' Xft*. 
6 ■ 5 


Aboon Lat>>, 

Ad4i<mccTtpb ... 
Aenu LHe A Cv 

Atrf»"(lGC£* 

KlnnA in minium 
Al«w 

Alhac. I^t'll'im. . 

Allocbenr P.we» 
AH<e>i I’hwiii^ . 
AHlerl i-lnr^n .. . 
JJli* Cfaaliner* . 

AVAX 

AP'cnri* H *«•*... 
Acer. A*r*ra«-.. . 
Am*r. Bninrt^ .. ■ 
Am*- Br*wl-vi ..| 

imv. (.«□ ■ 

Amer. Cynn«Tiii'*| 
At"»t. Didt-Tei. * 
A raw. Flw*.P.**i 
Arr.fr. Kipn**-.. ' 


Comine (rlun—. 541* 
t PC f nt'm'rWwi 49 !g 

I’^nc 87lg 

CrocLer ,v«il V6>g 

iJ'nxnZci<(i*«'!i 321* 
Cnraonn- fc'ajr'f»» 30 Jg 
CuiuikVnini..., I4I( 


J.jbnn yUnnlle.; 
-lof>a*on J ub mu' 
■l<iha«qi C-Kiin.ij 


I lev km 

MemoM* WeiAir. 


32l(i I nSi« 


f JeyJ UaBahctur'jij 27^* 


Ur.rn.iide U. 4.... 7 &i 2 I ^7lg 


D«rr Iwtn-rne* J8»« 


Araer.HnmnPr.vl 27 !» 


Am«t. MedtcH.!.. . 20^^ 
Amer. Motor* . . i Slj 
Am«r. SaL /Hr..: *0ij 
Ara«r. sw.ndjir-1 -j 42 .5 
Am nr. j-toret. ... ! 32 
Atrer.Tei. A lei' 60-'i 

Ameuk 28J* 

AMF 17 

AHP ! 321; 

Ampei ..j 12?g 


Lleete • A3 1 2 

Uel Monte ; *log 

I'eltoo* ! 8lg 

Ueatiply Inter...' 16 1 * 

Uetroit Kill -on. . 141; 

UiaTTKtf.fi -h*mrU. 201? 

Dictaphone 141* 

: 46-; 

Uimev 'TValti 37ig 

(lover (.orfm .... ' 4l’» 
Ia-tv Chemical..... Z6ig 

Urnro 29 

Urerier. • 37** 

Uuc-ini 126l* 

; Kaarie Pitcher ■ 22$g 

Ewul Airline* 9lj 

I taxman k.>1at.. 59 


I k. Mar Curp 1 24>« 

Kalsri-Aluinini'nii 1 35 ( h 
V i »ima InAiiatnra' 2 In 

kainer Meei 20t-* 

Kav i J2H 

KrnneoTU ■ 25 

Kerr Metier 441* 

Kii'di \Vaiter..._ ; 30 
Kiitifviiv Ciarfc..' «5U 

Koppcn ' 20 

Kraft. 44.* 

Kmnrr <_*•_ .' 52 ■ (. 

i l-eMw-ay Tran"... 1 3ubf. 

Law* -Iraum 33 1» 


44. * 1 44m 
52 -r. ! 43 1« 


UWjt IJw. Font.i i6i* 


< baton ; 36 is 


Anheuwr Bu«ch.| 

A rrn co 

A.P.A 

Aaamera ini | 


Anrec 

Aabiand »m. .. . 

Ati. Ktcn field 

A'dn [lata Pry.. , 

A' I- 

Avcc 

A t ob Product*.. 
Pall, fr** Kiect. . 
Bam^ir Pimw .. 

B"to, America. . 
lf"nKer? fr. .' .V 
barter i Ui .. 
B«v«r Travenoi. 
P««tnce , 


Breton Dieiunina 53 1 
Hail A Ho*en.. .. 17k 

Hindis 36», 

Donguel 1.*in« -K' 31: 

Bethiehera *rcel. 20 
A Decker.. 17 

Boeiac 62 

Brute Cucarie 25 a 

B-?rdeo 27 a 

B--.ru W arnei 30 ■■ 

Bnniff lot 12-, 

Bruce n -A" 13k 

Bn*l..H Mter* ' 52 -j, 

B Pet A Dm K... ' iflii 
Bcclnr-sc r, r«p».. 29*; 

BriataicK \i,> 

Bnc.vnir hrif..... 161; 

Bai'.wa Watch 6i. 

Bnrlirgd'.iD -Xthn. 38 u 

Bnrniugh ?2S| 

t,*mpTicil!7'iap... 33ij 
lanadlen Pacihi- 19ij 
I. *n« 1 Kauiloi|ilj..' 9 ’■( 

Lanuition 271; 

t.arn« a llauerai' 1 1 
karler Ha»iev. . [7 

(..iterpi liar Tract ■ 56 1 j 

IB? 53it 

Leianate Uiriw» . 3M.j 
Central A U.w ... • l4i; 

trrtAJDlce*l IS is 

l e-ana An- ran... 3b'.; 
C ham piob Inter.. 201; 
UA." ilaulieluin aOa* 
Lheraiigu Ilk. NY. 38*; 
* he-ebigt) P».n.. 23i* 

i.iitswetciein.. 27 
L biJUCJ Brktac.. S4lj 
i.'hrvilei .. .. It'* 
C:oc. M1U.-1 yn... 28 j* 

C >■ Kim; MS 

l met Service.... 531-t 
1 iDveeuna.... 13 
t irrelarirt Lliff 27 

1 -"3W.OU 42i* 

Coiame Pium . 17. t 

l'«im* Aikrnau . 9>4 

’iumt.il i«a... . 25'; 

«_n:uniMa I , i..l .. I7J|J 
i>.m.ln-C-."l.\iu lb.*ri 
I i.ratuvi.Hi Lug . 35kg 
(.•■rnisiptiyii fc,,.. 10 3 t 

t.'i(t'int» 25*» 

(.7>mm. ^aiermr. 59^t 
t^.mpuiersvieiii. 10'a 
Loan ijteJii-.. .. j5 

l.finr*.; 15 

t_-.li K-Ji-ou M . 22 5c 

1 on -*J 1 fVvJt .... 23 Sg 

C-m-ui Nai Ua-.. a4.‘i 

L--U"urne> P..wei 21 >g 
CoDtiueulal i.,i| . 28>e 

L -ntiuciiui on..! 26-4 
t.nou Dental le>r 13>« 
C-'ntr*?l Mala ... 3 Its 

t-vper ln-l'jr 44 JJ 


28> 

50 

17 

17'* 

421; 

32., 

12f« 

13 

27 

27i, 

233, 

24 

19 U 

19 

253* 

251, 

14k* 

13*, 

14 

14 

43ia 

43ia 

531* 

53 >, 

39. a 

29> 

8>? 

81* 

231, 

231+ 

54 tn 

551* 

241* 

24:* 

21 

21?* 

25 1, 

247s 

34 

33. 6 

23 

22 1; 

59 >i 

59 la 

24 

24 

331; 

33 

17*j 

17* 

36>p 

33.; 

51; 

3-* 


E.6. A G ' 


fcl Paar, Aei. Gacj 14k I 


bllira.._ 879* 

KmeraontTeetn. : 34Ig 
bmejAiiFr'iitii 21 

Knihart 351* 

b.Al.f. : 3 

bogeihant 269« 

ttmart ! 251* 

Bihy. ' KlSg 

Exxtxi... : 499« 

PaiiL-htid Camera 30*a 
i-ed. Uew.v.m** a3Vj 
F tnearone Titu.... 13. g 
r*u Aau Iwctn.' 26'g 

K.**i Van ! 169g 

K.inllfcte ; 26 s * 

t ti Ida Power....' 30 in 


Liggett Group.... 1 3 2 »s 

Lilly ■ Klii 45 

Luton lotlu*! 22** 

Luckheeti AirvTt; 20 j* 
LuiieSlar ladu«l‘ 20*4 

Lntp laiaun Ltd- : l'.ig 

L.titkiana Laud 209* 

lailrria.. 1 42tj 

Lucky Slw«s ■ 14.5* 

L'keA'ungu'anJ 7 '- 3 

UacAlnun ' 8 s * 

! Maty It. H_ ' 37i* 

Mtu*. H*aorer...| 33 s * 

llafo 1 , 29?* 

Mara 1 him Oil 51 s ; 

Marine Mi'llaiKL. IS 


l.'li.-h'r*i 'lerie.i 2-i? ■ 
lh»t*HI Inter...- Alfa 1 

ff.ihrM A Haa> 33is ; 

lu.vaJ Duia-h \ 59i* ■ 

KTK I. ii I 

L’lmr lien-- • 105* ( 

llvder -Ii 2 15* : 

-wire wav *1.*^ .■ 419* 1 
-l. lie Mineral*. 25 1: 
M. Iletti* 1‘iitr... 29 tg ! 

rtnio Kc Inrl- : a2 | 

-ram InrH 01* 1 

-jan*i I ml* 5 i; ! 

-s-luitr Urealnjr.. 101* ; 
Si-nluiiii-er^tr . . 86 s * 

■S.M 18 

\->il Payer 14 V* • 

Nan !• His.. .. 20 

-w-mlder Llu'j.i. *u /t* , 


Wool worth 18U 

Kirir..:,... 4 1* 

Xerox.— £2** 

/ai«<* 13 ip. 

/.ecifti l!a>1in 131* 

Ir'jfL'ImiMftlMBl r94 
WTiwbVfl * i79>* 
C.S. no-lav 1411- . 8.86*. 


nominal of paper against IV nanuig. • ; 

, DM 10 "m purchases on Monday M-M 6M9j faxTi 

-. Mark Foreign Loans w ere a£o M ■ 1 *. ' 

• • After Mondflj - 

R'going of the. "Ranger -uranium wmoTRSAL 
p - agreement and tfie 4nure Ipromis- ' 

r « ns ing outlook for • ttve • rNarbariek 

Bourse prices were again mixed ^SdSr ' l«i»* 

with an easier bias after a light -Pefco- tomhtaed 


lHuw.TiadaL:..-.; 1,888 13* , ... 

.600 :;.-eogi:?3L 


68.78' ffll-88 nST 
1 tll/9> 1 (6/3J 


Kav. 1 >'ov. 

‘•ft . 


Cndmaged — . 371 [ -. 402 J . ■* 1 
NnwHight. — j-. r-a- ..." ~^S- tiS* 

NerUraa—— 1-48> : sa- - ' j=»a 
I - ■ ’‘I : . ‘-'-S ? . . 


Kow=Hlgh*. — >.,] '.v: a; ..r _ii.fi? 




HI*> -Wl -’/Vij Jj t 


419* I 417; 


CANADA 


zxSnZ .™ 1 ” bias after a iisht w^sr 'sss^ssn • 

Portfolios, Mechanicals, Hotels iSOjEf *? T0H0HT0 Cbmporiae 

and Oils were mainly higher, but o at^if n A l 3i joTTAinosaBUBB 

Foods Constructions. Metals and JOHAEEMBUBG 

Publishing issues generally eased. RalSein jSSLSti 10-tSS -to I- • . 

Weaker issues included L'OreaL AS2.60. while Pauconthtenfai _ 

L«gTand, Thomson - BrandL finished 90 cents down srFjmri-in . i 


i a06.J5 : WB*8ft: 208.75, 20fiL«f) «2.l4:(ll/Wf ■!-' 
211^7} 215.511.212.*^ TtOJO; 226^1 tlg/lP| f 


1228JP ‘ 1Z54-& -, T2S6.B ; liH8.8| 7 18a2.7 9883^30^- 

2M*.i37.a! w* •mav. injiiiai 'lai'B* 

274.4, 278.1 | 877.7| ffllAj 181^.(1/111 -. ' 184*7® 


27L9(KiS) 

IBIT.O/Mj 


V* 'll I hi Payer 16>4 

Aanic*' Ka»<*-.. . 5*t 

AluanA | urn.iiii.in St •-. 
\l(!pnw blep. ... .'5's 

Aslet^ ‘ 43 1> 

Hank ..i Mint rv*. -3.* 
B*aL\.iv* >ni i* 21>'* 
Dank.- Ke^Hirr-p* . 4.00 
U*il T*ter>li,Hie . : but* 
Bw* Vniw-I lull... 189* 


?ffeisS 


. . ( (14(6) iWilO)-. 
.1 r 83.il 47.6 

(4(10) (3(21 • 


331* l 34 lg 


| Uxr-iiall Field...; 163* 


May Lleyl . Nnrerl 239* 


30i s : 3oig 


13 * i 12»* 


P'WW I 53 ‘4 


K.M-V. ; 23 1, t 225, 

Ford 40 U : 40 s * 

Forern»H. Mrk_„ 181* 185, 

f3X*»4.-. ■ 32 32 I a 

trunk i in Mini',..’ 7 s * • 79* 

TrfT^t Miner* ; 25U 269g 

Frtianam • 281* . 289g 

Fuqiui Inda 9-j : 9i a 


Ml A 375g 

UuUennou^ 23ia 

\lcL*.uueii Uoou 29 1; 

Met* raw flill Xls, 

Meru-iex 29 7i 

Merck - 39 13 

Herrin Li neb .... 169* 

\le* Pen. ileum.' 27S* 

JK.M 41 

MidU lliu”A.\lli: 391s 

Mut-il Corp ! ta7ia 

Ui.-ataotu j 31 

MoqjiQ .1 . P 4793 

Uul.4vla 429* 


'*», lonlainer. .... 

^ Bantam ’ 

dearie ib.U.i 

•iearv litet-u-.-k... 

>KUCU 

Shell Uil ; 

Shell - Iran-./i.irt.. 

Smiwi - 

Vlsuofe i-iTTi.... 
simp llciu Pat ... 

Muaei — 

Smith Inter.. 

smiLli kune..,. . 

»iii1r*-o ' 

srailh.t'.nn 

■>Kjtheni Lai. fc.:, 
.'■uirtberu tv... . 
Mini. Aai. I. 
>«iLlwni ria.tu,-. 
-HmU*ernllg|iwa\ 


bP. L*na.la IS 

brawtiO 16i* 

Hrint-o :8. u 

Laiaart Pc<«ei... 37 k 

Lairidiiw Mine* . IS ® 
Larwia Cemeni .. 121? 

Laiiada AH Lari. 6ljr 
Cati.ImpUk l i-.n 29 in 
Luna.ta lu-lu.i... rei-* 

L-nn. PariAt. Ifgiy 

‘jwi. hdtlr 1m .. VIA* 
'.an. >u»«» Ml-.. 562 
Caritim U'Keetr-.' 4. 1 q 
L i«-lar A-4 ms-i.>_ t-l? 


driv-inc the market ^rp'ly* « b 5*“ ' AJSL34. " ’ wbita^ld rta iy 71.*! TLilf £2 & : CAwrnuan. HVnnOM*. 

B&JS&ry&S*” * a **ig£ ,m 6 ■**■■■" « ULU !«U» ;aa g MONDArs active st 

*?l eS : Overseas once* aftoim Oeiow aiM/w scrip issue. «Per Mara. Tprama* SinrawroiMl JBSJ* |aB867 1 tJAJXi !” OSM . 

exclude S or em 1 urn. Keiman dfrufendg o Grass div. X. it Aamned <MtUStauS after . | ! 78 a. I i9/li. _ . . . . .traded, 

are after teuttboMtoK tax. scrlo and'or nahre lasoe. k After total — ; Sony . ———63685%. 

♦ DM 5* d«nom. unless oihenvtse stated, rain tn % tax free, n Kmacr • (ndodfnn Ualicea and baae dated (all base •*»« Exxon — ---- 28MW 

fields based on net dividends ulus hrs. Uollac die. 9 Sam. q Share sutK. a Olv .180 except NYSE 411 Common - M Bot-lOS 826^00' 

V Pta jQO dennm unless otherwise stated, and yield exclude special twmram. r tndt- *ani>ardB and Pbors — IB nod ftinmto Sean Boeback — miN 


weaker issues included LOreaL AS2.80. while PancontlaenfaJ : : : — - — ' ■■■■■ : ■ ; ■ 

c T ? nd, i . T? Iom S , “ ■ Brandt ' fin jshPd 90 cents down atASIl.10. ; Ke». I pie- 1 WB t 1873 — * im-T hgT ^ rtr 

Saupiquet, Aoxlliare D’Entreprises GRA shed 5 cents to AS3^S as I. 7 1 vi™* ; High , Lew r 

and ArjomarL but significantly investors continued, to take a ' H rrrrr^TTTT -i~ ' '' r~' 

higher were l^a Benin. Pernod- cautious line on ' Monday's Aastraliai^) b«o.ll . o*l». tw.79-. *'».» Spain «>■ -w.70': to r Haw 

& j^diSSTrSSf-*^ "■ « 

Lefcbvre - Base Metals ■. diifteff. • ; down Denmark 1- :-88-8& :flwitia»rid(W Z/BSr mju Mf' m l 

.. ,, • through fack of interest, fas did _ .J : > " -. ! ■.• - uoia ! 

Hong Kong acjs 3 ™ i- i»S&. m: 

A further decline • in stockings 5 cents to ASUO;' but '■ ai& lffi»£«5S5 y SHSlSf 

pnees occurred yesterday, with Western .Mining hardened 2^ cents Holland {»?j • b«.3 '-B&.4 93.1 7p.o,. New* SE -471/08.. b Straw Ttoi*' 

heavy late selling on expectations to AS 1.72. , ; L. . ! V . ^ . j (tW?) cameo, d Madrid sBipowr *, 

of a rise in Prime Lending Rate Industrial leader BHP-; eased 2 Hong Krag j 622-/6 . 648.68 ; SBSa holm t nanatrt^ J ftyka-; 

drivinc the market sharply lower cents to AJ8J4. whiffed ItAly ‘J, 71. * TLilfaA j£g ? c ^^ aa ' *v***** 

The Hang Seng index finished Australia declined 6 cents, to 1 | <a>flb (10/i) MONDAY’S- ACTIVE STOCK 

I9^fi weaker at 628.76- AS3.15. - Japan **) 44Uli44L08 i<«Ul 368.01 *' 0 S** 


- • AIMS and North ^^;;hoW. emiuajiin sss.40 ! 830.70 J ssuf- 769% 

line in stock mgs S cents -to AStSB; ■■ but , '(19<W) (17;6) . cnjaurdale - luaua' : wi 

esterday. with Western Mining hardened -2 cents Holland («fj t4.3'-te.4 ,-95.1 ?p.o_ New* SB Anm. usnajw : 

»n in 3*1 TO • — < I lllifil 'III®) nDaori /) MnUM n un n, ■ T'JC 


Corporatnm. Ktlnvxflxhla. . 


ipan MK48U1 MLOi {Sll W& MONDATTS ACTIVE STOCK^ 

r 1 l (7/11/ }-|4;l0) .. . •* . t3n 

^“hSis ^ • .ss»‘- 

9 “ * " ■“ . SOU#. . M mtiH iM m— 63*wl|, - 

indices and base dxtev tall tram . values Exxon — — M8JW9 - '4Mxd * 

0 except NYSE all Common - M Boeios ,.. T 336^99 m -5 - 

amtards and Pliora — IB and ftnome Sean B optonck -i.: tblioO .sdf - 


39 13 1 599* 


-’uiitu ami 

Vui Uau-iare-. 

>l*n-n lhu*i 




rdaiflaii-l brmiul.. 23 ■« 


403, Ui.-oraulu | SI 

185, Moq.'iQ .1. P 4733 

32i_ Mul-tvl* 429* 

7^, MurpHyUil 461* 

269, •'■I'hcv 26 

289 * Xak.-u L lieniK-wi*.: 25 J * 

gi, National Can 15t* 


C..4.F 1 10 1* 

'j mi oei i ; 44 1? 

Gen.Atner.lDr,..' lUi, 

U.A.T.X. ; 26 

Gen. C«Di« I4i- 

■ ien- Uyoamtcb-: 715* 

ChO. kl&inc* 47-4 

uer. Pocvi. 33sg 

Geueni Mill 29 

'j*ni!nii Motor*.. 60 1 , 
Gen. Puts. Lili..., 175* 
Gen. hipnal—— .- 26 
Gen. lei. Sleet...' 2«l? 

Gtu. Tine. 24i* 

Geueoou ' 4'i 

Geo'xia I Wei 6c... 26 U 

Gro*o»m.-e. 24 or 


Grift Uil : 3698 


277* i 273* 


Gillette I 2e5, 

Goodiich B. F....' 18 >3 

Uwl>e*r Tire.... 155* 

Guuld j 28>* 

Grace HML ■ 29 1* 

Ui-cAtiao P8eln ; oU 
G it. North Iron. . 25 

Gne.lbLVjnfl 11 3* 

Guit a Ueitm..' 12>, 

Gud Ui 231? 

daltbunuo 65 

HauDA Milling... c2l? 
tUruGciileecr....! 14»i 


Nai. 1>i M l i lei-*. . 18-'« 

>■1. »erth.-e Id-1. 14>* 

NbiIoiiai »iel.... 301* 

>atu/ua> 40 Jr 

NUL 58/4 

NejAune Imp.. .. 2yt2 
Sen- Kuci*nd E.. : 22 
New Kngiaim lelj 425, 
Niagara M-KawL- 143* 
Niagara Mitre-..! 10 
v. |_ Imlueme*-- 194* 
N oriel LAW f»wni 22>* 
Nurth Nau Ga»...i s59* 
NUiu. ? later Pwr 235* 
Nlliwevt Airline* 24-’* 
Nil « eat Uui-.viv 2o i* 

Nuruu ?lmoc... 16 1? 
■A-cideuui Pettvl; 161* 
Ogtiv* Mather.. 21 

Ulilo Kdiavn 16 l? 

Uiin 249* 


-H'l.UtiCani’jriiia 46 

Mn. Ui i Indiana s2 

M-l. »>ii ui<K> • 36>« 

•jtxuQ Clieniw-al... 4ll s 
Mtnin* Ur iic - ... 141* 

Slu-tdctLei Sil* 

■suu «.u S 73s 

^iiipiran-1 45'* 

y nle< 29>« 

Tv hbii-oivr. * 103* 

leSlroiiiv ' 42 ly 

leiol.i ue 9U5* 

le<*x : 5 Ia 

leoeni ilia* 


Uriel lain 

U-lllincv-:.. _... 
Cunt,. tWihunl.. 
i-m-umrr G«*. . 
*- Ko*ain*«- 
'.<•*»« in 

Ohiui L level.. ... 

uem^Di Mini*.. 

Ifc-ni*. .Mniee 

Uuine I'Mtfraair.. 
IV'iii-nRHi 

LAnunr 

Uu|,eil....*. 

, l'«.ni||'icM|-k“ 


4 UKr IBB Ittiom unless otbrru-we stated, cited djv. u Unofficial tradUtp. » mnnrita ( W»— i jxm. uie last named baded oo S CaW Kdlson 22L1W - ^8 '. 


jiSurKr tBO denom. and Rearer afiares holders only, u Meftrer pend tag. -r Asked 
■in less otherwise srafed. « Y5fl tlenom ♦ Bid. S Traded, t Seller. ^Assumed 
unless niherwise Rated. S Price ar lime Sr Ex right*, xd Ex dlrUcnt -.XC Ex 
or suspension, a Plortna- h Sehilitnas. scrip Issue, xa & ad a Interim abler 


Mercer pending. * Asked * Excluding bonds. t4M Indnstnals. Tandy WJ88*. g»- ? 

I. t Seller, -r Assumed : *00 Industrials. 40 Urilmea. 4B Finance ITT .... * — -. 

xd Bx dividend, are* and 20 Transoart I Sydney *0 Ordinary. TexnCO .. 28T^u» - -JJ| -v 

Ex aa a laierim since -i Belgian SB fl'ISMO •• Cooenbwn SE Amur. TaL and TeL IBJIO.;.* ■ 

*:• ♦♦ ParlJi Rrainte |OWI nrnmnrav Hxlllbortnn 136-408 48- 


Iqdtntnals. Tandy 


rf nirlrfmri «n-r oenrflna rtrht* inc-reaned 


GERMANY ♦ 


TOKYO 1 


AUSTRALIA 


Pfioe ,+or; 


■Prirts' + oti-m^ 
Yeu | - -hx ; 


liliaiueVeraleli.. 484 


— - I gIaas. : 352 


P> ml Mel m f7S 


UMV: 


3.3 Uanno..., 


6.S UWW..- 920 


'itniTUn 

Glanllel'" kUilr. 


■ •ml tHi LaimIm . j II; 


UAiti-itorpu 31^4 


I 8«U1.’ H. J 

Ueubeiu 


He«le Paeknrrt...' 

I HoihlA.1 Ion* 

; Hi-niei>rflLe > 


[Uivictwei 1 60>* 


1 A met; 28»* 


Kiurlvu JiuUi'i 22 j* 
Huul' Pi' -AiUlim 121* 

Hutl-D iK.P.r 16;* 

I.L. InilU’lne,.... 263* 

l.N V I 38>? 

I naerw li'aud... | a3-'« 

I imss't (*t*ei i 44 'b 

luaim.' i 12’i 


82 . 63 

18)2 191, 

33}* 35 

60-'* b2 
U 1U. B 
281* 
22jg 2ilg 
12 1 1 12 
16}* lb ig 
263* 1 26 1* 
38i-.- 37;* 

323, ; b4 iji 

34's • a6 
12?, i 125* 


Uverre«« Ship*.. • 23 G 
Gwen* Corning . 27 ■ * 

Uueuv llliuvL-.. Ibag 

Pacitic G»f 2«9 b 

Pacilh.- Ll^lilujg.., 2U5* 

I’au Pwr. a U-..: 19ia 
PsnAiu Word .\j T ’ 7u 
Parker Uaaaihu. 24 -j 

PmbuAj lull 2la» 

Peu.Pn.aL..., 20 1 j 

Pena* J. G • 331-j 

PetuiAiii 29G 

Prvple- Cima 1U i* 

People* i la* 32.* 

H6 


te**w*j Feifiieuni 

I lexetv 

icxa-^ull 

ti-vaa Kvleru..... 

leva* I fiat' in 

i Gu-Oiikbo.,. 

; lexiuL'iiiiitc--... ; 

I'lmo’ln*. ■ 

lnue>- Mirror 

I luiheu 

I rane 

I rmn-ruvriiw 

1 

Iraiilcuuu 

Iran-oat latru.. 

I ran W-irlil Ail.. . 
IriGioi-*. . . 
i rii.L-uluieulj] 


I liaw'ker M-l.l.An 7l; 1 8 

Hu'-inue! «l/g ' *1 

! H.miei.lji V 4U1» *0 

Hin.i-iii Hh\ Mn S 2ui* . 211; 

I UuJ-tui u*\ f:0-’i 21 

! Hu- In I A Imp 411;.' 41 

I.A.L lCf»s i 1« 

I 35as ‘ 36 

lin|<erM< <>n ' 221* 22 

Inin -A 181; 19 


ln<<* 13l; 

lutaml Nai . Gn*. Ill 
Ini' l>.* l*i| -o lunc 169* 
Kaiser L'eawiiv IbU 
Iauii Fiii. 8 

LjMa» C "in. ’8' 4.30 
Mein-i'ii ll'ra»i ... *2l i 
Ms**ev P-.-ruu-'U 111, 

'li-liii i ie - 24 G 

M-*uv t.t|iii a5 

Mihjiiiaiii '•I nlell 2 80 
I SnniiiUi Mine.... 3*< 


ei 

Uh\ el - H.v(a* 

In* u ' eiviD-t-k . 
<. ilwlnl.Neii.urt-. 

■.•n'iiiier/l«nk 

*-<nl 'Giuniiii 

Lkiiiiiier-Ben/ 

Vl<Bll>-A 

U*’""!! 

l'raiiK.-be B«iik.... 
I'ro-aiuer Uauik ... 
P’ekeHujrt Zeml.: 

GillelinlTiiltDi: , 

Hai«u Liuid 

Harteuer. 

H>m4i-iI ' 

Hw-idl 

M.fieii 

Kali mnl 



ippoo 

hctu 1 

d..._ ■ L 

Motor*. — ' 488-. 

-0.5 26.56, S.8 UouwF.wl L15U 

-0.2- - | - L. huh 248 

340.0 t 1.5 Z8.W 4.1 lteY>-ki>1o. 1.770 

361 +2 17 ’ 5.3 Jacva _....! 8 

178 - 1 11 ! 3.11 LA. I [2.900 • 

310.1 *2.6 28.12, 4.5 K^arai Elect. Pw>X. 150 '■* 10 

246.5 +0.3 .28. ISfl 5.7 KtmMeu J 384 !+14 

238.5 t 8.0. 12 I 8.3 Kvoio-CenuDic'-'3,300 u_ 50 

99.8 -rO.3il4.04 7.0 Matswhiu Ind. 3 779 

156 ,-2.b !«ib./h 10.7 Ultsuluabi Bulk. 281 |4-l 

103.6 *0.5 '18.76 6.7 MUmiMbIii Heavy’ 128 +2 

50.7-0.3 - . - Mitsubishi Uurp;.' 427 , + 2 


At UI L i2a cenu>> ^ 

A now Aaotralta 

AMAHLSl : 

20 ' 2.6 .imcxtrlixiiloretfon 

i 18 • L5 Viuppi Btpmeum.;...'. 

hxm. MUwai-... , :... 

AraOc. Pulp Paper 6] 

A«Moq. Cbn. Industrie*. 
AusL Fomubition, Invert...; 

AiA'.I.LJ ! 

Aurtunco— 

i tint. OiE-A Uiw... .u- 

-1.150 +10 | 10 ; 0.4 Ufue Memr Ind 

f 384 . + 14 18 : 2.3 Uou|uadlla Clipper....:., 

; 898 i—l ; IS I M.9 Bramble* Indnslrlea 

3,300 u_ 50 | 35 I 0.8 Broken Hill Pm pn a o ur-.— 

! 779 ao ' 1.2 BH figuth 


_t 0.72 -fl-01 

.10.88 

tz.io 

tl^o 

+0-78 
1lr30- 
rLTl 1+0.01 


.11.85 -881 
tt.03 



«aske 


b kaz.il 


S5! !3S kokiV tf* 

fO-T9 ;-8j» ■ • • i^-43 

■rl.22 fbJM Acasibt..:. „.;.l 

U-54 |-»;nT BatHodo hwxJL.4 

11.81 -'-0.84 Oaocn ihui PW-.'.T L48 +OJZI0JS 

tB.34 j -i i.02 Uefgo-MinelraOF) 1.08 ' 

rr.47 , Mun Lojas Amur. OJ>. 3,16" ,aWi 

1 1.70 . . 1-081 £“«*"« M — 8.16 

tS'AO -0.02 S™ 111 OP 1.37 QiU 

21.35 • 2.42 + 0.071 l).2 


158.0-0.8 . 9.36 3.0 . II Usui \ Co. ^ 297 j + 1 


liO i-l ;14JJ4 5.0 { Milsukosbi 


hnrt>1i ' 323 33.44 3.8 Mi-Via Dense.. 1—30 


KHUIIml : 

h-i,-kiier U.UlCV.: 

HHU ; 

hwiin 1 

Liiiilf 


N'vtm hmsi.... l99s 


G.‘weitt>rau luo. ..i 1,590 


_ 3.7 .VlymatkilotcaJ 864 1—6 

94.8+0-8' — i — > I Man Motor*. 670 j — 5 

201.5 ♦ l.s ■ 18-/8. 4.7 Pkmcer 1.360 —70 

106 ■ — I - "Sanyo Elettlc...—; 270 + 1U 

276 r-S , 25 | 4.6 3«*irail Prefab.^. J 975 1-5 

; 2o 1 7.9 ubisodo 1.320 l— 10 


7.91 Dhhodo J. 1.320 


*i 0. I H.o>.in 


AllliM!-U|l9 hlif ~5 


Irili-n On A Gas, 

u:« 

jiNiiteniiiD P"* 

L.A.L. 

I LAI. 'CO 

LG I 

L unexel 

i. m.cirr N \ .. . 
Lmh.d (hau-n- .. 
L uiou t aM nile. . 
t. oh.'it OituiiKtrr 

I Luka 111' < am.. 


GHkn.--l IVl! 'll] 

I Pu-liii- L’li+i 31. 


Pa.:ilii- |Vi|ii||..|iiii 4i 
Pah. i. «ii Pci'in iaii. 


Luiiliaun. 94.0 + 0.5,9.36:5.0 bgny i 1,470 —40 

HAN I 224.0 t 0.5 I 1212.7 IhivhoMaruw — I 259 ] 

Whuui— ntxuu i 176.1-0.7 10.(4 4.9 PaBeda Chemical J 448 ' + 5 

Meiail-e- 241.0 — 1.5! lU i 2.1 lUh »..»...’2,08O ( + 20 

tluiH-ljeum Buck.! 630 '—9 18 : 1.4 l'ei!tn._. | 120 | 

163.5 — 1.5 — — lck.ro Marine..... I 524 L— 5 

i'h-wai: DM 10U.I 159 +2 l — I - lotto hienpowVl.050 iq 


“ ■ | vuwajUdi.j.M. I 

?? 1 i'S C| * ,9L Goldftehla Aim'. 

15 ; 0.5 Limoilner fSIJ 

•bMivliH- 

}“ I “•*' CWUIDC Riotmlo r. 

12 I UrabUa AiMlmHa". 

lz‘ 22 “4ulupBuUw(5lK 

vet 1 o’? 

no 1 ?‘x J^Bdrsair Ueeourcea — 
it ! i j ,|i ?* hriuamea 

13 ' n u® 9 ' Tdj ^ 

ir* .Vi - f 


°- 70 '+0.1 

j>te Bhi Doceppj. l.U:U+— 


Tamorcr Cr Jltt^em. Vofmse SMS '" 
Sown*: Rto Ce Janeiro SS..^ •• 


11.53 +U.02 
10.85 


jaj|MA6 

+3^15 L’aJB j Nowro&er * 


JOHANNESBURG - - 

. MINES : 


. : . . 

■f.:- . v ; 


.0-1.5! lu i 2.1 IUK '2.080 , + 20 , 30 I 0.7 I 

.5-1.5 - - jc4.ro Marine.... .1 524 f-^5 11 I 1.0 . laUr-Cuimer U.;."™!!’"' 

z.' i 4 i° 0*5.? Je*»Bitura1hd'ii«riei.:.. 


U5 novatnoOT T '. .R'wia "f. 

.... Snalb : A merican 'Corp m' — 

ConaoMdaied — . tl» vTS— 

.01 Bast OrieAmceln Hjo 

i .it FldFwiro .mi- J *«• 


12.15 1—0-66 f Etabura 


kVrkin hlmer. .. 
Pei 

Ph aa 

Pbel|+ UuliB.... 
PlailaileliiiiU Kle 
Philip ALjfrin... 

| Pbi1ili+ Pclto'rn. 
Pillshnn ‘ 


l men Pa'-ii*- i4*» 


Piluev-Bone*.....' *4 a i 




I'lesie* Lid AUK 


I IBM 264 


Inn. Fia+our-^...' 23 
lull. Uarreiier.. 344* 
Inn. AlujaChetni ,Sn 
Inti. Mult itewi'-i lbi* 

luco lb 1* 

I oil. Paper.......... 4H* 

I ui. Keen her 9 ■* 

ini. lc>. a lei.... 26 ti. 

lu«a Bed _i 651* 


II. Inernanonai. ! 10 >* 


, I ini Waiter j 


Polaroid 48 

Hotwwr Kiev.... 141* 
PPG !u«Ju<.trie>.. 25+i 
Ptt-iei Gamtiic.. 85 ij 
rtio. -*+r. Lle«+... 22)* 

Pnimna — 45 

PuPil 16 

Vuakt-r Oat* 281; 

I Kapnl AmerhaLn.. 13 

Uatthea-jn 47 

I III 'A 261* 

lieputwil titeri... 23 ■« 


Kerairt* Inn 35 1; 


I. uiro.ta 6U 

Lniioi Knurl..... 61, 

27i; 

I.+ (di-imi.... 2hJ r 

L r> Mine 23.% 

I 1 ? 20 

L ' iMiwveh*. 3Bii 
I.V lietu-lrie-. .. 17'-,- 

1 ir*i-.iiu Lire I 15., 

1 I'aI“H+iI lio 

A.i'iimio.. 40 1 a 
Uanet’lxniien. 2c >s 
"'Hf* Mnn'iueiH ^5'i. 
9 cn*’Fxr& a ' ••• - 27+, 

"erlerti Bau- ■ n c.6 
Wj-lern N. Imn 14iy 
" vsierii L Will.. I61* 
Ue-tiuifh'r Kid- 16 )r 

"wav +SJ* 

O vytrniBeu-er io :* 

9 lur.f»/-.i) St.-’* 

" lull- tvu. Inn.. 18s* 
I H'timm Li. IS <* 


Palm- 

IV'li-n l>v|4. *. 

< i nn. a tip. 

Plm.i.1 L'r • emiiinl 
Pi*" +d..,l |ri|Al'll 

1'rl.s 

- 1 nr-^r.,1 

Uanifer 1 *n 

liwl “leiiiii'ii-v. 
L'i.. A 


I li.\ *sn A.G 

inrut 

» F.a.\ 

1 e'e'ii-A Wert Bk 


120.1-0.1 1/. lb' 7.2 
187.0-0.5 17.1b* 4.6 
128.3+0.2 9.3t: 3.6 
297 , + 1 ; IB : 3.0 


Source Nikko SecorMea. Tokyo 


luikiKitrn 842.5+2.5 


JL2 BRUSSELS/tUXEMBOURG 


)>U tan 3M* 


Price + or • fn, Ifll; 


'■ 3.9 JeunioxB loduMrieo. 1 

'. Joweat Davids 

I Lenaaro Oil 

: f-® Meral, Exploratloo 

Li?. .UlAl Holdlnxa ; 

ro -'■joi twnpcanuio ' 

.\t»t i 

Moboka lutenattionaj .j 

' N'uftb Urobeu BMioxa'CiGc)’ 

LhUTOrviRe.^ 1 

: — . Oil 3<suidi....— • 

IVa'i - Oltey HxpUwsrlOO.~..i 1 


10.27 Hamffiljr U» . J 4 *"•*. 

10.95 !-«J» Kinross I.........:..,...,, %M J: -'f . r - 

11, \a UQA1 5 0d V - — - — 1 VL25 -'<7 . 

to .2s -u os ^**<J**B P f att nma ..... 2JST' •' 

tots Wf” f' 

Js >1 iJiii South veal 9129 .'ife.. 

»L66. ;+0,01 p,g^„ t 


■i+l l'< IJt+miit“' 

'i*3llilll 

*" ln-l: 1 in : 

Mine- 



-I.-*- ..1 1 HtiA.ia. 

Ii-* 1 Inai 
ll-Mfcli l «>MilM.. 

I ill. -III. >|.P.ilil. Uk 

1 111 ii • I inl-iiw Iji 
I run-. l|. uni * J, -I ' 
1 r- l* 

I tin- 

I M M* 'line 

9 ill, ei HimmiI 

"fl L<.«-l I mo*, 
W e-Jem Gei» J 


AMSTERDAM 


viioiii iKi.jh. — 
Vk.-o 'Pi. 2tA 


p- — __ ArheB — 2,226 

Pnre • + or | Div.TU. ^*^0. ••B" 2,560 

rl*. 1 — 1 % . % l.B.B. Gement.. il.lBO 

— r - " r - 433 

L 2H » « ■ lJa 5 ’ 1 SBiis 2.a25 


[ BeeUUA Colodu ,...J 

U- C.' bieutb ..’ 


tSBS t - UntoT Corporation , 5S5 LrK 

to«5 Leo; De Jeers Deferred 778 ^ 

ti M uk Blyvoonflfflchl ; .j. ... 4». ..Vf- 

11.30 r-8-D5 EaBt Rand Pij. .lL:-;-.. B.OB.' M 

Li , Free Stine CednM... ;u IS *3xtF-4' 

IY*i' 1 PreaWem Brand ... -ITEisir^F 

t0.39 j+0.81 President -steya .„...„...„ .34J«xds4. 

Ik-if 1 sauoBtefn 615 

In' la -‘ - - Writenl ' IBS'- .4 


COMP 


Blet-U’iiell ..—...'6.940 


l'i 2 * - 

'+5 177 

+50 440 


liii } 

loo 8.5 BxidtiraUon AM j-O-Of J Western D«9 Q-M i 




' ‘T!' ia> . 3 5^' 5 ~ 2 ' 0 '■'^ b 2 ® rtbr ^ ue - v *l— - « 000*1 A 


n Wenwro Mimna ihO cenlar.; 
fVuofiwriB-. 


I M iv.f ni*iu fclo-t.. 25:* 


: Asked. 1 Traded. 
[| New sw*. 


WILYiTi. I*.... 
Xiiii,*miL it'iJlOi 

otieukun 

<Vika1V| > ,||iiP.]0i 
Biilirm' lVuenale 1 
hl*fi icr 1 KlUUi ...; 
KiiiimN X . hearer 

Pnrluior*uPl.».lJ 

Li iilalUtvieavlva f lj 
Hvioekeu ill. 2bTj 

it 1 JAfi! 

lluuUi U.iPUUUil 


11.79 1-rD.B! 

».76 1 

11.72 i+BJJ 


INDUSTRIALS 


76 2 " ii 3" \^Ab( SR ' ll * 1 ‘“nr Bm .... 2.450 1+ 10 loO J 6.1 pjtDIC 

2o . ■ 1 Jiflc'f Goineii 1.324 +10 80 o4 " AKI5 

92 —2 . 2b 5.7 GBLllirux L) .il 518 1 1 un 1 c a _ — 

| i 5^ S'* HdeAen - - 2.685 +50 ",170 { ® 3' " ' Kor. T 

277"* 1 a -4 1 io '•****•••■ — -,14a j 7,7 r 

140.5 + 1.0 1 47 J 5.4 -2'}g£ I ,290 1 4.0 .“2“^*;”-.', 


♦165 Eftf aeci 

Anslo-Amer. Industrial ... 1LM 


90 6'j>. 
+ 30 1 170 0.3 


70.8 -0-2 1 94.nl 4.B u i?’*' e **el»(c_'6.000 

36.1 — U.T ; 20 | 5.6 huWin«s. *.o30 

97.3 -1.7 | 14 1 3.6 Keut i Bl "— : - 5.340 

k* 16, _ 1 _ Gen. Banque3.lo6 

22.5 -i' A I 12! 5.3 ?t»UenJel«i«u«j|.*.ap 


. Barlow Rand ■ 432 " *r 

GNA lovestmenta ,S,±. 12J5 

Pr* 1 ® + o» . P'f.J&i. Cnrrle Pinance • 03Z- . *¥ 

Fra. — Vra 4 Dc Beets- Industrial tl»»- ' 

—— J E dears ConaoUdafed . IBS. -JtI3 

737^1+4.4. 41*. o.e Bdkars Stores- 


liuuli-t U..ri.lUUil 22.5-0.4 12 5.3 ^ iTY j TJenraU 1 585 is 

fc.LN. ,FL IWA..I 1 52.5-— 6.0 HIm !?*' '* ?» + ?“ 6^]^^fr e ™^“va.004 l*f 


BASE LENDING RATES 


EUROPEAN OPTIONS EXCHANGE 

■Ian. Apr. Jul.r 

Scrim Yn!. !-*rT Vnl. • IlMl . YnJ. Ic«l S***-k 

• AK7. 

F.30 

11 

2 




- F.28 

IK V. 

F.32.50 

44 

1 

— 

— ’ 

1 

• 3.60 

\KZ 

K.35 

-• 



10 

1.90 

7 

2.40 

H" 

F.32.SO 



B 

'8 • 

— 

-- F.J6.10 

U" 

K.35 

10 

4.50 

- 

! — 

— 

. — 

Hi* 

F.37.50 

3 

3.40 

10 

4.50 • 



• : 

H»> 

F 40 

10 

2.10 



— 

— 

IBM 

3240 

5 

29 1- 

— 

. ‘ 

— 

— S2B1 

IBM 

S280 

1 

7 

— 

— 

2 

18 

IBM 

S300 

8 

21, 

— 

' 

— 


KL.U 

K.150 

2 

11.30 

— 


— 

• — F. 150.50 

KJL..M 

F. 133.30 

32 

B 

— 

1 

. — 

1 

KI.M 

F .140 

2 

7 

— 

- ! 

1 

17.50 | 

KLM 

F. 142.90 

6 

6.10 

- . 


— 

' 

KLM 

K.1S0 

14 

4 

11 

9 • 

21 

; 10.50 ! 

hLM 

F. 153.40 

4 

3.70 

— 

— ‘ 

— 

' — 1 

KLM 

F. 160 

r 

1.90 

1 

e ' 

1 

. 7.60 ; - 

KLM 

F. 161.90 

5 

. 1-50 , 

— 

— . 

— 

— 1 

Kf-M 

F.I70- 

8 

. 1.30 

48 

B 1 

38 

7.50 ' 

KLM 

F. 171.40 

4 

0.70 

... 

— 



VN 

r.130 

— 


10 

5 

— 

' - F. 109.80 

l.'UI 

F.22.50 

SB 

3.40 ■ 

— 

— ! 


- F .24.80 

PHI 

K.85- 

SO 

1.70 

85 

2.70 : 

2 

3.50 

i*Hr 

F. 27.50! 

72 

1 

78 

1.90 . 

— 


PHI 

F.40 

16 

0.50 • 

41 

1.10 



Kl' 

F.12U 

5 

6 

26 

9 1 

20 

10.20 F. 120-30 

.KD 

F.130 

Jib 

z 

3- 

4.70 

_ 

_ 

UM 

r.iao 

3 

3.10 ’ 

— 

— 

— 

— F.l ZB 


?45 

1 

4i"-» 


— t 


- 54B** 

XOS 

150 

a 

IS,. 

— 

— 1 

— 




*n 

r. 

r«K 

M 


BA 

»70 

— 

- i 

1 

*'7 

10 

5*i S60i; 

O^T 

315 

— 

- ! 

1 

aii, 

— 

- 816 

| TOIAI. TrtLfMF 

mid 

IV niVTUACTS 

1 


A.B..Y. Bank 11!% 

Allied Irish Banks Ltd. 1 1 A VT, 
American Express Bk. 10 ""j, 

Amro Bank 11J*?. 

A P Bank Ltd 11 1 «?. 

Henry Ansbacher II!'*;, 

Associates Cap- Corp.... 111% 

Banco do Bilbao 111‘V, 

Bank of Credit * Cmcc. 1 1 i *V, 

Bank of Cyprus lliT, 

Bank of X.S.W Ill «V, 

Bantiue Beige Ltd. ... U‘% 

Banquc du Rhone 12 

Barclays Bank 

Barnett Christie Ltd. .. 121^, 
Bremar Holdings Ltd. 121 "r, 
Bril. Bank of Mid- East 11!% 

I Brown Shipley ll'K’. 

Canada Perui’t Trust... 1l! n ;, 

Cavier Lid 11 \*i, 

Cedar Holdings 11!*^ 

■ Charterhouse Japiiet... 11 !«V, 

Choulartons lli% 

C. E. Coates 1 1 i 

Consolidated Credits... 10 l Y, 

Cooperative Bank *115^ 

Corinthian Securities lll 1 ^ 

■ Credit Lyonnais 11 ! *o 

Duncan Laurie 11 

The Cjprus Popular Bk. I14°f, 


■ Hill Samuel ...V 511}°^ 

C. Hoari- & (.In flli^o 

Julian S. Hudge 12!^ 

Hony krni” & Shanghai 11 
Industrial Bk. of Scot. 10 *^i 

Keyser Ullmann ll)°o 

Kncr.vslev A- Co. Ltd 12 % 

Lloyds Bank 11 

J. ■•iid'in Mercantile ... lll'?> 
Eduard Man.-mn & Co. 121% 
Midland Bank 11?% 

I Samuel Montagu ...... 

I Mnruan Grenfell llj'\» 

National Westminster H l°o 
N'nr.i ich General Trust 11|‘T. 

P. S. Refson & Co lll^i 

Rnssmmstcr lli% 

Royal Bk. Canada Trust 11? % 
Schlesincer Limited — IM'5 

E. S. Schwab lsi®!! 

Securily Trust Co. Ltd. 12*^1 

Shcnley Trust 11 

Standard Chartered ... 11 
Trade Dev. Rank HJ®& 
Trustee Savings Bank lli‘5i 

Tw-eniieih Century 'Bk. 12-i“n 
P..-.r>L- ,.r U* iwail 1 1 l 


nil. Mullet i LAIi.. 44.6-U.4i 19 I 8.5 
'■l.N«11u*»Pl.lO-{ 109.9 -0.6! 48 i 4.4 
N *ilL'rwmii« FT JS 57.5 +2.0' 21 7.4 
\wi MnJBkiPIxXJ- 202 ,+ l «!k! , 5.5 

U.+! iPUflJi 167.5M. -2.3 , 45 . 4.3 

gkuui 30.9 -1.0 S3 ’ 7.4 

' au Unimeif+i... I39.S — 1 O' — — 

l*aklin.>i . 47.2-1.2.- 

■inH|« iF-.K'i.. . 24.8 — *.6 17 6.9 

.'iu>-ii\ iTfPi.JiX- 62.0-1.8, — . - 

***»«• iF'ijiN IbS.b— u.i .UM. 7.9 

■biiiiiiu.f'j.Mii. 132.5—1.0- — j . 

■(■ii*uii- ■! ._U‘... 

.-•■mi llim-luhlcl-' 

-:h* iDHinj ' 

■*lf»lllGTilJsUi.. 

1.4.1..IV .UKtK.S 

Liiiirti-r i f ■— la . ■ 

1 IS lu- lln. ..IIJ.V 

rt •-■*1. I. Ii-. H.f *»» 


•480 — 1U AS. II 




coj McCarthy Rod way 
J NedBxnK: 


««» 

S.9S - *•? ,*-' 


uSS _Tji-B08 !i4: TO 68 ur.l>Afc»mL...J 98R^Ie : - 7 u 3T7 PwdHer rMltUns -J. .5.73-7- 

CaMla.il.lOi — 750 + 10 - 50 87 2f?'S - ’ 0 ' 1 7 *.|*7 S -. 

rjgagw^JdBl-;.-' tSSSSai «Sfc« ‘if (I t aJS Sassas- 

JUnmaorlMM.:.:..!' 63.0—0.8 1 - • - Rembrandt Group •**... .ui i .3.® ' 

S WITZ FR LAND • 697 ~S 48 *!=?f • 


l'ialUfMooUKTjcJl.860 


“ “ SWITZERLAND • 


- „■ 


ftice ; + oi : Dtv 
II*. I — : ■* • 


lsf'2 5'S' Niuanuiuiu 1.075 

151.2 -1.9 M../S 9.0 j HBC 'A' .......1.570 

ii'i ^ 1 ®- 5 L'Hm lirijjj- Fr.HXf 1,020 
100.0.-0.3 27£- 5.5 1*,. Pan. l+jrt.., 786 

J *5 — 5 .1*0.40 0.5 LV,. Ifact. i 608 

1»8'0 -- l.fi , 7.3 C re 111 duime. 2.186 


10 >SlS CaJ. si»d&8i "ttTOflS ; • • 

22 .2.8 iimaucui PUwui* - 522 .'-i * iaJj r 7J ' (Discount ot 42.7%> ■*. 

2-4 . 2.8. Ufcbefitt “8* >11 ;2».M 2 6* • . - j'*- 

ae I 873 _ — 2 * |j£.6j «.*• i .. 




407.5,-0.5 55 ' 5.9 rwetaer ibewrsci 555 


lo . 4.6} 34 jirtDa*;_... ....... 

io g .8?*y«i- 

. .5li +.5, -|?^Hy x- -i 


COPENHAGEN * 


. _ r (.mill suiat 2.186 ;tls i lb , 4 . 6 / U*#irlnMr_.,. ...... +34.9*2.4' 

'■£ |-3 tl , 'c* r v»«L ; 1.780 15 ' 10 1 is* IVrftaw.. ' 399 1 + 1 il*.- 

Kiwlieribnirsci . 1 555 {^ 20 ; * . *. 9 i AcMan 1 ..' Bu^u .7. 

lUmtuan Hi Gen.64.5u0!+ I600<imo[ l zlS*rwt.roc«rrf ~..i 3-8 >7 10 

Um. initial 11 .0,460 '+ 126 110 1 r*7 5®? — 2 f 1/-7 

I nierica *1 JL 5.625 i— 25 ) ei . 2 9 [.■flo ftai a.l— .-..-..i 821 >6 . '. — 

Id null '». tOOi . I,a45 1+15 si ! i ; 8 )-9a4m.Tacbuiauir.: 451 ’ i 91 


fnnwli >Vr. tOOi . 1,445 1+ 15 
\e*ile rPr. KU>... , 3.150 ; + B6 


_l*Hra- ■ +rir _ "tj(v. .Yirr 


Gu. 1C*ii ,32.245 

•-’rrtlfcuti UiF.ajQi.'a.SbU 

HlrelllB! P ■ K.llWH 287 


t Shaw 

i J 10 ? N'mrinber 7 •' ^ 

- jo^ ?-5 -wund : m 

it* I', Banco BfRrao .-_ : 2S3 

1/.2W a 6 Banco AtlatRlco tJ.089) . ZB 

"X~ Banco Central ; 30ft 

•• Banco E< 'trior _L— 2*5 

. 1 .?•* Banco Cwwaf 2» 

*-8 Banco Crowd* (LOWT) 147 

Room H Isps no .. — ' 23* 

I tod. Cat rt.OW) Mft 

i . t . i B - lwt ; Wcffiianaaeo... ' W& 
l* 3 ;} flaw®; Madrid a* 

I 16.1b 6.2 Banco Poorfar 291. 

-i “■ Banco'-' Santander isai 33S 

1 T - Banco UrqnDo |],000>^. XB 

• Rsnco 'Vtxcxym-' ...~. 252 - 

” T« ~ ,V 7 Y — Ba»c»v Zantcozam> '. St . 

I Kr-li Ml 

! |T , flan us ADtfatacta 173 

H I „ Bahcocfc WBcox 24 

1 aR 'ClC. — 

Orctodw 

ifiinobMitf 
B *. Arayoneaas 
. . . Eapaoele Zinc : 

fSl®rtL wa TUtfO 

8 -W.' f2[rcrw ii.onm . 

PWHJRJ Ni'Bikn 

6*8 ;8.3jGal PrrarGdn" • 34- 

8 .S-. I J Gnroo YcIannEr X40Si .. 1^ - 
8 ■ 2*} RVJmla 7425 

4 . 4J>| »Hy*IUATO 
. — Olarrx 

16 • 4.A P*bc •<« .R«W8d*» 

6 ' 

S' : » f r>fe.- «f > 

» 7 <i I 75 a.: 

. T*.- - 

1 tWiaiafj; .-.^r.v._™ »3B 


Kedonle .'. — 586 —3 


Easfl Trust HIT, 

' English TransconL ... 11 f, 
First Nat. Fin. Corp. ... 12 *7, 
Firsl Xal. Secs. Ltd. ... J2 % 

W Antony Gibbs 11 

flreyhound Guaranty... IM 1 * 
Grindiaj*. Bank 


United Bank uf Kuwait HJTi 
WhUeaway Laidlaw ... 12 % 
Williums A- Glyn's 
Yorkshire Bank 115% 


\ln1ni*l«uh«u.. . 

Haua 

fc«*i luaiielu... 

t-'liniirlnii*,-u.... ; 

linaxcrli.1 •’ 

rWl'niiu 

rijuali;l*l«iG . .. • 
'...N 'ili'ii U.i Krt*Ji' 
s.»t*i K*i«J 

Ulidat-nb 

HiiiaOniik 

HroviU'lainli ‘ 

raijih JJ+ron-cfl . .. 




140 

l!dS>, 

lolls— U, 
150l a -l, 
338 .. . . 

80 -I I, 


JawloriHr. AOi.a5.3UO >2J0r 2 b I z'n * 280 

Llo. Hart lw>. 403 I + 20 ; 2o 3 a fe»«nBUMa 8 ie._.j 763; — 

11 ' 7JH I sebnrtwr (.+/KK 1 < 248 ;-2 i 12 ! fbqaiMr UeaQ-ll^ 244.0:'—, 

12 j 9.0 SuwUtiFr.lOu, 310 >14 l 1 , Us INilMr 22 g 

12 ! BX Mir, Ft. 50U1 808 1 “ ' - • 


‘.I — * IZ8-H9-1 

: !— 10 Ima 34 
.0 ;— an 151b 5.2 


P?r cmi 
122 
1 283 

za 

SOft 

2M 

2» 

MT 

239 

lift 

: 1« • 
2M- 


14 ,IO+j I 4<*i«, Bub' Fr. 10O)i »+9 
12 . 4.6 Itftnrrjsxn 4.075 

- . _ I (Jnk >(i Bank 3.0 90 


IO 2.V 
40 2.1 


126^ 12 j u.7 5uncb Ina -.;10.B&0 j + 80 J 44 


STOCKHOLM 


280 • 

179»; 

1 14 -2 

141 • 

137 ' 

3731; -3 
164ji— 3u 


3.2 " ■ Nov-7 

2.1 • ■ ■■ 


r~« ;+ ofTHiC 


,-Krnnnr I — 


| MILAN 


12 1 3 2 
12 7.5 


rrt» i + nr ■ DlvTl 

Lire | — 1 Lira' 


1 7ili-inl.il- r* of uil- 
i.'ommirr,-- 


Arc*- puns M«i-. *' 


VIENNA 


: day ilc dosiis 9‘;, l-nwoih. drpams 




Guinness Alahnn 
Hambrns Bank . 


I ;-4 jv rjiiposii' np sums of ilfl'iw 
an.l niiilcr »; . ua 10 C5.BOO * 
kiid iin-r fjj mm 

1 <7+11 (Irpn-.r, rti-f II.HW ^ifii 
l n.-,iikni| ii-.-pruii* a - .i. 


-f- ur . U11.I.U 

“ - t ' 


Uavuifl 644 >8 ■ — 

f'lai ..'ZbQO >21 loO'. 

LS*. Hriv _. l 1.1*60 '+14 16Q - 

■'1 Din Ira ! 165 —1.13 _ 

MMraflnili 20.100 +35aj 6ug 

lanult-r 376,50. +0.SS _ 


l.‘l(iill|HUal*iU 1 

IVlUti.^Mr 

'••'t'.lH 

'1HICI.I 

-Icli Ihtiinlor..., 
V-i Mn^ii*»i,. 


' 342 


. lu ■ 2.9 1 Minna* ire* n — 

...' 18 1 

271 


9 ' 3.1 uiiiriu Pnr.. 

. 11.360 

620 

-1 ' - 

38 ' 7.7 J Pirriu li Ijv... 

.. -1.870- 

82 


1 — — j I’tnrili Spa 

.. 1 - 940 

204 

-3 

, 8* ' 3.9 ;n|a Vicrura..^ 

-■ 755 

2S4 

3 1 10 ‘ 3 .9 

i 



i 

r; ■ ■ • . 



55 J *0 5 
-255 ,+ s 


Marahau 

MoLhdrt)nn4m 

-jaimaia 'BUCiai , — 

•«K:K. ■ H! - Kn*. :. i- - 50. 

+km*irf liu AU.tn_ it 158 
I nailaa>ML'i KreC.v'-WrO— 0*5. 
l r 44chnHO 60 

¥*4*i*i£E — .1 ‘ ■ W.& 



iiV ; 'i 


ra*. . : — *. . .. 

M W.lVv 
1» ; ». 


• '4-^ - ‘ai-^9 






j*aLi*-*a.\ 




msm 









•Wednesday ^November s 1978 


FARMING -AND RAW MATERIALS 


r . I - , 


39 



inl aid meat 





iJSY RICfWRD ^qMCT; . . 

BRITAIN'S MEAT. pro'cereers can. 
3SJ>ect a sympathetic -bearing 

the ■ government., if - they 
lecide to seek investihent -aJd_foc 
ekfructurin® their .industry, Mr. 
■ohij Silkin, Minister .of - AgricjiJ- 
are. said in London yesterday. : 
Mr. Silkin told, tbe annual 
^h of The. Bacon- and Meat, 
anufacturers' - ' Assoctaiioh: that: 
t^yas Tqr' them to decide what 
TOKtural changes were ; needed 

Jndustry,_; T^hierfi ; this 

lOvemment can help is ta look 
yrapatheticatly at .the industry's 
ase for assistance.” he. said. 
r.The Minister added that the 
iovern merit would be prepared; 
?^e*ptonr the scope: Tor EEC 
els ■ towards the- cost of irarple-- 
tenting; a re-structuring : plan. ... 
'•'.Under', the'. Industry Act- 
;^eerumejiC. grants would be 
vaiiabie provided a strong case 
as- made, on an -industry-wide 
a«w. Such grants are already 
ring used to help . bring UK 
aucbferhotiscs up -to EEC stan- 
srds and to. aid modernisation 
i the poultry sector.., 

TT' fh'e Government "agreed" to 
■ovide fundf? to help re-struc- 

(rTng. of ‘tbe jneat processing 


industry., further financial aid 
might he available from the. EEC 
Farm Fund .: (FEOG&). This 
'could bring .the; aid total- up. to 
50 per: cent . 

' . However, sOme of -Mr. Sllkin's 
bearers' -later expressed ■ doubts 
about "the-. Industry's . ability ' to 
provide its own 50 -per cent share 
rif the ^restructuring bill. . Mr. 
Bill. Newtoni-Clare. the Associa- 
tion's. :chaiTmai^s^ meat pro- 
cessors wouldhot' feet like invest- 
ing while «tiH faring “unfair com- 
petition" : frpm. other- EEC coun- 

trieSi t_. • . .; *■'; 

. He was ' rfifearring to the EEC 
monetary compensatory amounts 
iMCAs). ij3tten;wiiich -was criti- 
cised in-a * LHUiit' Neddy " report 
published -yesterday. 'lot putting 
UK- manufacturers at - an 
“unfair " disadvantage. 

-But Mr. Sllkin also had some 


Hope 


hope- to' offer on this question. 
He said -he bad. lodged a ' ease 
with 'the. : EEC Commission for 
tbe redaction'; of certain of the 
co-efficients, used • tq calculate 
MCAsV applied to plgmeat. pro- 



_BY SARA DAVIES " 

-^TRONG CRITICISM of the in the EEE.and in particular or 
■e&n Pound and- m'onetary : the huge MCAs,' was to shift beef 
mpensatfon amounts ' <MCA) .production out : of the UK into 
.. sr made at the sixth natumal the other member states; he said. 
*at conference of the Meal arid The effect of this shift had 
vestock ComruissBOri .at-Vaiden-.. been partially - concealed iu 
ad yesterday; ' - ' ' slaughter figures by; a rise i in Hve 

- Mr. Philip Butcher. ; co-ordbiat- Be P u bli&i totalling over 0J3m last 
; -director for agrietdturaJ com- --year and 25 per cent higher in 
idities of tbe . National the first- seven months of 19TS. 

- - -\ '"rmers’ Union, attributed' the .. “ We expect, total :UK "beef 
... ■ eljfle in Che be£f herd, and-' tfie production, :.to . be i.boQt . L06m 
- -SKsted lm head' imports '■'-«■ ■; tonnes this year mid perhaps 

r- \ sto beef ..and . Hv.e; cattle 1 this tonne* next year." - • ' 

- : &’ <o the EEC -GrteurSfrutiK ^ dfifeline in beef ; rockier 

- ^TmCa custom . .ifcows must .stop, Mr. Butcher 

->*: k - ' warned. Given the right political 
' ^decisions; .UK fanSw ' -could 

'SvwSt 'SLJt' raise- annual beef production by 
' tl almosr©.4ra -head— an increase 
..rketnas been -discovered and of-J(5 ne^^ent 

-rrenfly any . other - mmber There m he skid/ a direct 
-..Me-Cafi drop surplus^ beef. jn - pirairet : between beef and pi*. 
UK- market >itb a_mohetary-. meat, where ti* >UK was .still 
asatution- front; lop. per .KU ff -.sbeJterijfr from imports of ifresh 
t 0 ,, 48p -at caitaee^ rates,- pigmear.Trom most other. J dbun-. 
lending on source. . .: •: tries by aplmal heilth controls. • 

-How mad can' we get wbeif Mr.' Edward Bishops Minister 
beet exporters are refunded . <jf • . state ■ ■ for - Agriculture;' 
a kilo to compensate, for the Fisheries and- Fobd said the 
. ..reciatinn of : aVunericywhiOn Government was .-. alive' 'lb * ’the' 
. tShd' shares vritb the LIK?'-' he. implications of. MCAs .on beet 
— ed.- . .... foj ilie beet market and farJhe 

Se7 Effect o\c lower support slaughtering and processing in. 
;es -tn-.lhie UK^thah- elsewhe«s’dttstxies. : : :. - v • ■ - 


duels such os bacon and canned 
5?™* M “Tbf« at last signs 
mat we shall see a response 
won." he said. ^ 

h.’S* Hi ni fi er a?rced with the 
Lpttie Neddy" rep on that the 
removal of obstacles placed in 
me Industry's way by the EEC's 
agricultural policy would not 
solve all its -problems. "To 
achieve its potential the industry 
itself must strengthen its pro- 
ductive base and improve its 
marketing, he said 
Mr. Newton -Clare also 
welcomed the rej>ort which he 
said nras “ crucial'* to the 
industry's future. “Upon this 
report our case rests." be said. 

He noted its revelations Lhat 
the industry bad made no cumu- 
lative profit during the past four 
years and thai very serious 
underinvestment was common- 
place. This was not confined to 
the bacon and ham sector. 

"The decline of our meat 
canning industry - is a national 
scandal — the enormous UK 
market for canned hams, pork 
luncheon meat, chopped ham and 
so on is almost entirely in the 
hands of the foreigner."’ 

EEC sugar 
subsidies 
to be 

investigated 

GENEVA. Nov. 7. | 
A PANEL of three appointed by i 
the council of the General 
Agreement on Tariffs and Trade \ 
(GATT) will examine a charge I 
by Australia lhat EEC sugar 1 
export subsidies are excessive. | 
reports AP-Dow Jones. j 

Australia claims the subsidies j 
give tbe Community more than j 
its fair share of the world mar- 
ket and that they are incom- 
patible with world trade rules. 

Tbe council's decision came at 
-a meeting here after Australia 
reported -that bilateral talks 
between it and the EEC failed 
to produce a solution. At its last 
meeting on October 18. the! 
GATT council had asked the two j 
fide* to begin consultations ' 
immediately with a view toj 
resolving the dispute. 

" At that time. Mr. Colin Teese.1 
Australia's ambassador, bad told . 
the GATT council that in 1978 i 
EEC exports of subsidised sugar 
-would account for at least 22 per ■ 
.cent of the world's free market; 
;saJes, or double the share in 1 
1976. He said Lhat EEC sugar 1 
subsidies ..were estimated at 
8830m ibis year, compared with ■ 
‘‘S-tlAra kv 1977. 


Farmland 
prices still 
rising 

By Our Commodities Editor 
FARMLAND PRICES in 
England arc continuing to rise 

I strongly, according to tbe latest 
i figures issued yesterday by the 
I Ministry of Agriculture. 

The average price of farm- 
land. with vacant possession, 
: rose to £3.272 a heetare t2.47 
j acres) during the third quarter 
I of the year. This is nearly £800 
j up on the figure at the end of 
September last year. 

I The latest figure is based on 
information from 366 sales of 
more than live hectares and 
totalling 16, 400 hectares, com- 
piled by the Agricultural 

Development and Advisory 
Service and - the Agricultural 
Mortgage Corporation. 

Farmland prices have risen 
steadily for the past 18 months; 
the last decline was in the 
spring of 1977 when the 
average fell briefly below 
£1.800. 

A weighted index, to allow 
for regional and area size-grerp 
compos! lion of the reported 
sales, has risen from 97 in 
February 1977 to the latest 
level or 167 (1973=100). Sales 
of land Tor development or 
forestry, gifts, Inheritances and 
compulsory purchases are 
excluded. 


NEW ZEALAND FISHING 



ain sailing 


BY CHRISTOPHER PARKES, RECENTLY IN WELLINGTON 


Ghana fears 
boost cocoa 

By Our Commodities Staff 

COGOA PRICES advanced on the 
London Terminal market yester- 
day following news of emu-rgenc;. 
measures in Ghana to comhat 
recent industrial unrest 
The March position gained 
£36.25 III close at £2.037.75 a 
tonne. Most months were at lifc- 
of-eon tract highs, following ih? 

recent upward trend in Lhc 
market. 

Rumours of problems in 
Ghana, triggered hy communi- 
cation difficulties between 
London and Accra, influenced tbe 
market throughout the day. 
before being confirmed not long 
before trading ceased. 

It was also pointed out that 
Ghana cocoa purchase figures 
have not been issued nn a week I v 
basis recently. The last declara- 
tion only covered up to October 
26 — tbe first three weeks of the 
main crop season. 


•TX THE early years of this 
' decade the world s major fishing 
! nations gave barely h thought to 
;the vast seas of Oceania — the 
1 1.37m square miles of water 
; which now constitute New 
.Zealand's 200-mile zone, 
j The fishery yielded I than 
' 100.000 tonnes a year then and 
! the domestic fleet seldom worked 
! far from the inshore grounds 
1 where skippers could fish in 
j surety and relative comfort for 
; prized table fish -inch as snap- 
per. and dredge for high-value 
shellfish such as scallops and 
oysters. 

Visitors came, mainlv- in pur- 
suit Of tuna which range freely 
over vast distances. Thy Japanese 
also came in search of squid. 
Bui few stayed for long. Research 
was rudimentary and the fish 
reserves and economic potential 
remained a mysteri 

, But world maritime policies 

l»ere already chancing and as 
the move to 200-niile exclusive 

economic zone? aalhered momen- 
tum the one-time predatorv 
passers-by- began tu linyer and 
visit more frequently. 

More trawlers came and during 
1976— the year heftire New Zea- 
land formally Claimed j 200-mile 
zone — foreign fishing r.oaij, cap- 
tured an estimated -HJO.noo tonnes 
of fish in the area. 

The Japanese. Russian and 
Koreans were especial’;.- active, 
building up their catches in the 
knowledge that “hisior-c rights" 
would play a lar'.*** part in deter- 
■ rninine arv nncua* :he- m:cM 
! negotiate in the future with the 
| ^cairmri Go* - ?i , :;aipnl. 
i Responsibility for >ueh a huge 
;area of water has brought many 
; problems and difficult 
! negotiations with overseas 
! ad ui in isl rations have not pro- 
id m-ed entirely hanjuj results. 

Mr. Robert Muldoen. the New 


Zealand Prime Minister, 
recently claimed a successful con- 
clusion to a protracted and sour 
series of talks with Japan. Bur 
while 16 trawlers and a flock of 
fquid boats in the Japanese fleet 
are to be given licences guaran- 
teeing them access to New 
Zealand'.-} fishery. Tokyo has still 
to reciprocate. 

Under the so-called agreement, 
which comes up for review next 
.March. Japanese boats will be 
licensed this year to take US.OfKJ 
tonnes of fio fish and squid and 
a further 7.000 tonnes of tuna 
from New Zealand waters. 

In return, accnrding to Mr. Jim 
Pio'.ger. Fisheries Minister. 
Wellington is hoping for better 
access to Japan for iis beef 
exports, an increase in the ton- 
nage of dairy produce nought by 
the Japanese and reductions in 
the tariff; imposed cm exports 
of fish caught by New Zealand 
vessels. 

Japan is aI«o tinder pressure 
If* allow in timber from New 
Zealand. The Japanese refuse 
s'Ccvsa now because they say New 
Zealand's mam export wood — 
pinux ratiima — :? un suna hie 
for buiidina. an odd ohieciton. 
since almost a’l New Zealand 
houses arc built with pine. 

Wellington has a rimllar deal 
vith tbe USSR, although the 
on S3 for reciprocity was pursued 
wiiii less vjeour since tbe balance 
of trade between the I'SSR and 
New Zealand had been over- 
whelmingly 10 the latier's favour. 
Last year New Zealand imported 
about SNZ25m vn-th r ft 3.4m t nf 
i-nnd- from the Son"! Union and 
exported ahmit $NZ144m worth. 

Much of ibi* wa« earned from 
s»lo-i nf beef. Ironical!;., the per- 
formance has no; been ronpjted 
this year. So f ar in 197S the 
USSR hr : • noi 'mooned :»nv meat 
ai all from New Zealand. 


South Korea has fishing access, 
too. and while much has been 
made of the talks and setlle- 
made of tbe talks and seitle- 
Zealand can hope for oply 
modest short-term gains— mainly 
from the fees overseas skippers 
are charged for fishing licences. 

Officials are plainly dis- 
appointed that more did not 
come of the Japanese deal. But 
the Japanese catch ;□ New 
Zealand waters of a fraction 
uver 1QO.QQ0 tonnes, while 
amounting to a quarter of the 
whole New Zealand allowable 
catch, represents only a tiny 
fraction of the 10m tonnes of 
fish consumed in Japan each 
year. In these circmii&ta luces, 
major import policy moves were 
never really likely. 

The Japanese also have a firm 
land-based presence in New 
Zealand's own fishing industry. 
Sealord. for example, a flourish- 
ing enterprise in Nelson. South 
Island, which catches, cans, pro- 
cesses and exports a wide ranee 
of local fish is 24 per cent 
Japanese-owned. 

Joint ventures between over- 
sea? companies and New- Zealand 
ones are actively encouraged by 
the Government. The West 
Germans, for example, have a 
3.5nfl-lnnne super-brawler on the 
way to Nelson to undertake a 
one-year commercial fishing 
trial. During the test year the 
fish taken will be processed on 
board and taken back for sale 
in Europe. 

Also interested in joint 
ventures are the Poles, the 
Yugoslavs. Spanish and East 
German Beets. Nothing had 
been settled. Mr. Bolgcr said. 
Rut two or three of the offers 
would be “very carefully 
considered." 

Joint venture? provide the 
infant industry here with a 


marketing arm for its unusual 
and sometime.? unique species 
of table fi.'h Such marketing 
enterprise as Is evident appears 
lo have been generated largely 
from behind a desk. 

A French importer buying 
significant quantities of scallops 
and monkfish, for example, had 
to seek out his sources person- 
ally. A small market has also 
been found in Britain's West 
Indian community for exports of 
trevally. a meaty tuna-like fish. 
Hoki. a form of hake, is selling 
well in the U.S.. and Dubai buys 

fish finser? from here. 

Mr. r.harie; Huffier, managing 

director of Sealord. aims to 
raise his plant’s throughput of 
fish from 15.000 tonnes "to 25.000 
tonnes a year. As the industry 
grows he is eager to develop the 
necessary inf ra?t rupture to keep 

it in good health. 

Mr. Nick Jarman, general man- 
ager of the Fishing Industry 
Board, is concerned a bom' the 
uncertainty of finding new mar- 
kets for lire country's little 
known fish, the cost oT freighting 
the catch across the world to 
the best-paying markets, and lbs 
fierce competition from the low 
labour cn?t countries In the South 
Pacific znnp. 

Other difficulties include a fall- 
ing catch rate in some prime 
ground?. Con «erva lion measures 
are already »n force and while 
the home fleet used to live well 
from catches of high-value 
species, exploitation of these 
fish cannot he pushed any fur- 
ihcr. Mr. Jarman says boats are 
forced lo go m Grounds which 
yield heavy catches of low-value 
species. 

In soite of the , \-orr : i's vnd the 
Fragility of the new industry the 
businessmen involved are hope- 
ful. 


Erti champions Common farm policy 


BY JOHN CHERRINGTON AND MARGARET VAN HATTEM 


BIGGER SENEGAL 
GROUNDNUT. CROP 

DAKAR, Nov. 7. 

Senegal groundnut production 
in 197S-79 is expected to reach 
lm tonnes from a planted area 
of 970.000 hectare?. Thi* com- 
pares with 700.000 tonne? the 
previous year grown on 1.07S.739 
hectares. 

Reuter 


IN A spirited defence of what 
some would call the indefensible, 
,Herr Josef Ertl, West German 
{Minister of Agriculture, 
explained today to 3 parly of 
visiting British journalists how 
his country's policies maintained 
a proper social balance between 
rural and industrial develop- 
ment. 

Almost any price, he indicated, 
should be paid to support these 
policies which, in hi? view. 
! guaranteed social stability. 

I Asked whether thw was not. 
per’japs. a matter uf national 
I responsibility. Heir Ertl pointed 
.out that the problem v.a* com- 
; mnn to other EEC members >uvh 
: .is France 3nd Italy Really, the 
British •.■ere the odd men run. 

• He defended German farm 


prices, which are the highest in 
Europe and about 40 per rent 
higher than those in Britain, by 
saying thev had kept out Com- 
munism which was rampant in 
the poorer agricultural areas of 
France and Italy. 

Pressed for hi? suggestions on 
how to dispose of EEC surpluses 
such as mi'L nov-rfor. butler and 
sugar, he maintaied that in lerms 
or the Community? position as 
a nci imni.rter of fond, th- v were 
not a major problem. In fact, 
thev were a sensible precaul ion 
against future ?hort he ?:*id 

In any case, pari of the 
trouble of over-production was 
caused hy ihc Communiiy's open 
Hank which allowed in cheap 
impon.s r.f soya and cereal sub- 
stitutes like manioc, and en- 


BONN, Nov. 7 

couraged milk production. proposals for dealing with im- 

Was he then in favour of balances in tbe milk market, 

stopping this breach In tbe Com- except to make it clear that tbe 

munity’s defences? He wasn't. Council of Ministers would be 
What: he was asked, about the far too busy talking about 
Community's subsidised food ex- Mediterranean agriculture and 
ports about which some coun- Greece's application for EEC 
tries complain? Of little membership, to discuss milk dur- 
account. This should, he said, ing the remaining two months 
be solved in GATT where the of the German presidency, 
world could be carved up into He did favour some restric- 

appropriate markets for the lions on milk production — as 

various producers. Inn? as ihey did not hurt the 

“In GATT, we must see 10 it farmer, the EEC farmer, 
lhat Australia and New German farmers might agree 
Zealand find markets in 1 heir 10 Mrim milk powder being re- 
own region — Indonesia. Hong lurned to the farm ai certain 
Kong and Japan. Europe and times of the year. And Ger- 
the U.S can share Africa and many nn Innuger gave financial 
Smiih America" aid to dairying — well, not where 

Herr Art! had little In .?ay there were alternative forms of 
about the EEC Corntnisbion's product ion. 


OMMODITY MARKET REPORTS AND PRICES 

V-SE METALS 


i?'.'.' : 'torwfriL inslJl bkdr "up to aroitBd £782'. — 

oa lie law kerb. Turnover TJ.S80 tonnes. 
amalg am; 

u*PER — Lower tn subdued iradioc on pial in Uie „ _ 

-io prion Metal. Exchange. Modest saU- at J 73 S, diree months 
wna tacR of Interest savr toward' catbodes. cash 17404 . 
ai ease from. 1730 £ 0 . £ 7711 . an. tbe -Kerb:- Wteehaca, three 
V "marker hut wv«wa agatnat chysitaU- AfteianonV-WiTebani. three- 

•• jmsc .DToniptHt '.a.Jvcowry in. around 79 . SO. Kerb; W 1 rebars, 

'-jpn The - reonrimr kerb- In - Ibp aner-. am, SOA, 81, 82. Wfi, jffi. 82 j. 

'•3.* downturn la sterli n g pnahed - 


. : + " M • . ' +or COC O A 

irfbUBj I — L DuWflB — 


T8.no rc«.* n.l m.op r-si pil.. Buckwheai— n-i. D->. . iv. o-IW.'i ml. n:l ,M d r.,h 
1 si- rest n>; •; »: re.r ml*. Millei — 1^.30 l-M.O-IDii.o. mi ml: May IO»n-iWO ni!. 



a njontha-| 76S5-9U 


PPRR.J 




6rj p.nu 

Cnd&wLj 


-JT-- , Till— Easier. A fall in the Penang price senJeui'i. 
]rT<K- coupled with- the absence. or physical de- -wL 
maud ' prompted 'soph: nervous bull Xew rortil 
liquidation Initially with forward standard 


SB5-9U [—87.6 7625-59 -122 

7090.1-110 - ; Der USS.O 87.0 T SS.O L86.1 


: Shu 68 


BUOB p— 17 j — 


• >■ 


6-68.0 

| — Maivh 20a7.u4S8.6 -ifi.0 2M '.0-2000 

May™ 2088.5 67.5 -55.25 2168.IU6.0 

■ .P.® f.- £ f e meiai"faamg"bat*: m“£ 7 p Kfl'oo ihtTpre^ ?«rr* - all.otaj -».0 2 iSi£tl.'o 

’ imarlML However, buying of nearby dates °®' 2B17.0-26.0 ,-r27.0 1085.8-2N0 

jL-_.-l767.54t5.-5.76, -4-ra widened .the backwardation to £208 7i7M. 7,69o, Kerb. SracJard. , <tan . h 20M.O-15.0 -r 15.0 — 

179-5-80-1-4^ mouTpruanly lifted forvard material Uilw montlui £7.fi6a, M. Aiieraooo: * — ■ ■ - — 

..-rr- ta -. £7700 - In the rings heavy hedge Standard, three months IT. 880. TO. 65. 55. Sales: „.»19 il.aMi loss of 10 lonnes, 

J selling’ depressed Lhe wice to £7;6» and *■ «). .35. «■ M. Kerb: Suusdird. International Cocoa Orvanisatlon ,U.S. 
746.5-7-5 t- 5J6 . ih^martrei traded around this lerel for months. 17, M5. M. c “!* PI 1, Pound-— Daily price xov. 6 

.767,5-6 -5.5. most of the afternoon prior to a close on LEAJtt— Loot wound reflecting rhe I.t-.v 'l.dJtV rndiraior prices Nor. T: 

.— I -the' lato. kerb of '£7,650 Turnover 2.469 smsnfnl trend In other base-metals. 15-day average l., 82 «.!■«. 10i. ^-day 

" .*73 tonnes. Forward jnetal opened lower at £418 a rerage 17-1.37 (I7igfi». 

' r « ' ~ 1 U and eased back to £415.5 in the afternoon 

prior to 'recovering 


TeMfi.le) +ui 
1. i„-e ' 1 — ■ 


PRICE CHANGES 


Price in mmie- iir.lnss othn-wiw 'ttwi 

; " " 

Ni-r. V + or M-nib 
1 iStd I — 

' , J 

ki.e'i.d.c.«. C a— Pita 82.Sp p.-r Metals 

J s 'l-.' v '-j' 5 '. England and Wales- Aluminium £710 £T10 ! 

Fw iniriM ci iafl,9n a n sr.gn m • 


Cs:il-.- numh. rs down 3.2 pi-r unt. auTMi 


£l«rt-on< 


OBlh-.i. 778,6-9*^4, . 
I'm'ns! ,75«r.5 
Jiodea f- - 

i 74*--5 

«ch>-H 767-Ji -SJUj 
I'Bi'm' 746.6 
- XnM^ 6ao ' 


Decern r«r . 
Fabruarr .. 

April 

4un« 

A uni'll 


i:S5- 23.S— 1.20 ISaOi.ii.Tll 
!*6 <-.e b -1.40 1,7 0 ■ BED 
l:6 5i->r.D - 1.46 liS.7-SB.aD 
i: 5 2 V. 6-5-0.90 
»15 Oif-15 0 -3.00 126.20.25.50 

C*cic<t«er lii DJ-.b 0 -1.C0 IJ4.U0 

Decern Vr.. ... lit 5J 17 .0 U.7B - 

Sales: M -TAT. lo:e of 104 tonnes. 



Platinum 
and copper 
end lower 


. .'Index LimiteOl-351 3466. ; ' Three nuwth Gold 220.7-223.0 Sukert tt^TTTasSveSatt'iSnnS! COFFEE 
Lampift^ Koftd, ttdabn_&W16 OHS- 
V L Tax-free trading 0/1 commodity futures. 

*2. The commodity fnnrres markef for the smaller investor. 


lorcouari.'rk iv 40 4 
Veal: Fnslisli fus Mo jo mr Dutch 
hinds and <nd» '-n 0 10 s h.n 
Lamb: English small j.’.n to 59 0 


19Q 


\RTGALLERIES 


«W GAUJEJIY. 45 OW Bond St~ 
Jj., 01429' B176_: DUTCH _A7iO 

VdlSH PICTURES FROM SCOTTISH 
ULECITOMS. -A -hoan- Exfifbltlon 01 
tbe National Trust for. Scotland. 
>4 -y- Dec e mber, entrance -fee- 80u. 
(t'-j-eBAOONARQ TciRA WINGS .for 
>4"4p^Forlo*o. •' WR1I 15- December. 
<4aSrf. ■_,SJtO,SJSQ: Thura. until 7. 


'WK & DARBY.' 19. Cork St- W.l. 
itHONY EYTON. Recent Pal mi no* and 

*«Ln». .... . 


8? ART SOCIETY. IAS. New Bond St 
1.-0T-639 . 51 IB. .-MAXWELL ARM- 
itD. 


COMPANY NOTICES 



ft-m. 



LEAD 

otnctei 

— j L-nnlHi.-i* 



' L 

£ ! L 


Cuh 

432-3-3.5 

-2.75! 42B.5-9 

.-7.25 

i mootbi- 

417.5 -a 

-8.S ; 415.5-6 

-5.25 

nett .mem 

433.5 

-2 Jn - 


U.&. spefi,-. 

- -u 




maric. 

ROBU5TAS were dull in a narrow range closing 


RUBBER 

asms qiLe: Lc-vn. and Peal reDOin'd io_*2 0. Imponcd frore.n Yl.< 4»3 lo 51.0 ""rm.mii-. Sol'l&li -35 5097^. 


Plalig 11 in 1 ivy ui-... £142 1:130 

Free Market.. E1G8.4 L'15'.a 


towards lhe end of Che shortened session. cenis a fc;to ibuvtr December,. 
Dread Burnham Lambert reports. Ttm*- &ale^' !T* ■"I". 


O. 191, - 

lln la-li £7.795 -I3D.Di'7.40:.; 


£3 higher on balance 


CUROPEAM COAL AND ST1BL 
COMMUNITY 

7*S» Fifteen Year Bond* Of 1«TX 
due 15th Janeary. 1988- 


OOFPEE 


Vrsnenlay', 
C ii-ve 


j Jt lonnej 


... Nn. 1 

ft.'i.f. . LI.,— 

+ ..r- Bu*ini*>a 

— Done 


1’ttnuw 

■-'l-vO 


l',,nr 


mill *17.630 -122.5 E7.1u2.5 

Tul.t-lm S 141.35. . S J AS. J4 

M'.ill in iii^.iA ,-it.. S 14 3 48 >142 17 

4355.25-1.5 L'374 


Dec .. 


MonUng: .Cash £433. K. 34. 35-5. 33. 
three months £tf. I8j. 18. irj. Kerb: 

Three mqnihs itli.5. 17. Afternoon: Cash 

£428, mid-Nov- 1428. three monihs £418. .. . . , .. . , _ j aD ' 64.90-G5.05 65.DD-B5 £U 64 7n 

. Ther CenunMon of the European Com- 15.5. 15. J5.3. Kcrt: Early-Xor. £430, 1SA5.1B57 -05.0 1538-lhiB 1” '.v;'.-: S'S? 52 “n ” “ . 2 « « « 

wiijiitwt ahnouncea that the first annual three montlia £416. iy. 1;. iTj. 

SSr^fijfi RR/HPjf 5Ef ilia iSio ioiS m5wf ^*58-.;- 

atn Nonmber. 1B78. after edged np to close at K89-S on the " Dl - V — : 

■ late kerb. Turnover 2,573 tonnes. September 


Pork: Eiiullvli. under I0U !b«: 'IT O 10 
«.0. l(HM2d lbs HO lu 4o.O l.'U-lfifi lbs 
OIS 0 1 15 I (inn i» and ISO :o 43.0 

Crouse: Voun- Bcsi ica'.'hi ImI.O ia 

; .';n 0. 

Partridges: Ynnnc '•■arn 1 '.'no 'i in *40 0 
COVENT CARDEN— 1 Prl, .a in sitrlinfi 

P"r toil an' iti.-pi where olh-. r-vlv? 

1 Staled —Imported produce: Lemons— Oils 

Italian' l'Jfl ISOs n«, crop SJD4 >1- P l. rn-.-nut • 1*8,11 

65. 65-64.00 tf4.2s-fi4.55 65.75-S5.fi5 African: 4.IM-7 M; Cj'prwi: rr*/e« 7 |M- (.rouiu'iiut ; 

CiT** b.r.O Oranges — S. African: L»i«wl Cr.i.l'e .» £35S 4^0 £320 

ra.-ilian- \alan- fUsin, .Mulaieo .. . f 608u —9.0 S615 


7»u«- in -li.. 
o rit-ii'h,. . 
Pii-dlBrr- . . 


NEW YORK. N'or 8. 
advanced slightly but platinum 
were lower. Copper also re- 
I'lwai and mure ended v eater 
iifkna. Counn was farmer, 
lower bui Cocoa held (icady. 
our »iarf reports. 

1 Cocoa— He-.- |T:*.J5 <17275, March 

17. 15 ,IK on,. May 171. M. July IrtSO. 
S' PI. lb9.S« Dec Win Ui Sales 302 
Coffee — Contract' Dec l."-tf j«i- 
' i3'< ii 1 1 j!.50i March U0.r.V!5«.»fl 
' 'III T.t, Mi- ltd »o. July in: Tv-|::i ■<« 
M IM. 75-132 Uv. ti- ... : ■_■<».#• I :tO.<K<. 

.fan-fa 127 (M-rm.Oj. Sales ’ 315. 

Copper— Nov b,.6> 1 8^.20 • P-'C. S.* 2ft 

•« tu,. Jan. ftjO. March ;•>::« M*« 

i.-t-). July TJ 4.i. Sr pi T'J.40. P«r 74 .'-ft. 


Ji 367.75 -1.0 V 581.75 '■» March t:.;w M-*' Tfciv lu'.y 


5720 


SBSOl 


tf 673 


.5775 


"•'* Sopt 7* 10. Sales: 3.5fti> 

Colton— No Dec eft.-ni.t-t, on -53 V'. 
; March i'2. 75- 72.92 <7'2.0?- M«v 7t.:‘> .luiv 
. 7i.*ij-,"4 bO Iji-t. 89.011. Dff m .March 
, l|H Saif S' T./ijil 


.rgTV'gtr ' idhruaM iM R tdRt uti JM-Alir’ S5.95-i?d.l0 63.a0-fi5.r5 V’llencij Larr 4 Pra: 

1361 - 1-62 two 1 A 62 isl! Npr-Jne BB.M-fia.tb ou. 904 . 8 .» 63 . 55 . 53.25 Laic 4 .-.UJ- 4 . 30 . Arorminli 

mST L 3?a 1^20 loift taiftiMi ■'Iv Sept, 7D.95-7 i.M HJB-IIM 7I.25-7D.68 Sren.a- Xnvllnas 4 24J40. 


Arncniiman 4 * 0 - 120 : 
Satsuma 


NKAUX . GALLERY Ol -VVlmMMlsn 
'- gents on- exhibition Of new palntlfiBS 
^mR.-KESTCOMae-from Oct 24 to 
AhMite Gallery. 74, 
Amfler Sriret. London. W.l. 10.3Q to 
dally (nxxept Sals. - A ' SunsO. Late 

•mo. to rwn each Tim. . TW.:. 620 
SO- 


D5M ITU'S. HALL; Poster Lane. E.C-2. 
. lUCHtteS OOLO^AW SU-VEft." 900 
Jrs ol Hal bn arks.- Una I _No*_..30tii. 
-a, —,70-30-5.00 daily, sot Sundays. 


^vnME-. ARTS,- 24, Oaeies. Street. 
. lPOT-^93 2630. RAOUL DUFY dr*w- 
Icjullmoletin, 7 900-7039. 08. 70- 
5,' 8- Mon.-Frf.. 70-4.' • • ■ • 


LS GALLERY- Exhibition, nt water- 
ftgSi drawing and oils by. JOHN 
AD. rX, it IS*. Clifford Srrecr, 
tBcnd- Streol. W-7. Mon.-Frl. 10-5. 
dt~No*e«aber '24th, ' : • ' 

1 '-GALLERIES. The Mall.' S.W.1, The 
e of Heaven. Landsdooes br .Gcoflw 
JflBBrt. Mon^Frt. 10-5. Sats. 10-1. 
flj_5 Mpy. Adm. tree. ■ - ■ 


PAUL’S GALLERY, 5 Avo Marla Lane. 
■( <off Ludoata Hill)-. -01-248 ,5359. 
■icd Watercolour Pyintinos. SpofoCuiw 

ggd ami - Unlramed fine Art Reprre 


fit*.: Oden. 


sue 


00 Mofi'^rL'- 


wwt STREET GALLERY, Recent 
terse by- ALEXAMOER In ' Stone, 
rttfe: - Bronrc and Silver. 18th Ort.- 
A.-HOr^ Mon^Frl., 7 P- 5 . 30 . Set. 10 - 2 - 


. »W S WALE'S SALOME. FtekOwurne 

wtes. 63. Queen'S Grove.' N.W.8, 

XKERAV GALLERY. 18 TbackaravR.. 
Wnoton • 5q_ Wj 8. -01-937 . 3583. 




CQUES KUPFERMANN. 


UNR8AI> LIMITED 


NOTICE IS HEREBY GIVEN that the 
Shard TRANSFER BOOKS of the company 
will be closed from. Saturday 25 November 
t<y Monday TI December 197B. both 
dates fncimtvfc- tor tbe orepereOon o I 
dividend wan- a nts. 

fly Order of the Board 

KT-3. MORRIS. Secretary. 


ZIKO 

a.m. ' 
O (Betel | 

1+ w i .. P-™' l1 + or 
| — Lwitteteii — 


.. & 1 

£ 1 a ; t 

C*rh 

36B-.8 | 

MUSI 5SS--B 

JmonduL. 

S68-.5 , 

1—7 I 367.5-8 — 1 



456.5 { 


iVlnj.wMt, 

— ' 1 

hSd.tvA.i 



-SbOOi - S535 

S205-'jic —6.25 8278 


Golden Delirious -ft-ih t? ;.rn-7 m. S4 . 
2.00-7 Ift- W-U| 77-5- l.w ICS 17.7 4 <vi-4 20. Grains 


■ 71 lift!) 

] I Lard— Chicago lo«s» nm *V4;UU*. 
XV prune tf-nm tf7 traded 82 


'Cold 

— "m. T17 '.'ll mil 

DSC. 

217 -'ft 

ii ■«# 

Ian -*1 4.90. K»h 

217 Ift 

AWiI 

1 20. 

tune 223 4ft. Mu. 

lO. 

•Ki. 

• -- r# . 

D-'v. ?r.? ji). Feb. 

Ji ' '■ft. 

tor.'l 

.'.ft 

luns 261 9u. Aue. 236 30. 

Mies. 


THE ROYAL BANK OF SCOT LA NO 
LIMITED 


' • . USI30 .000.000 FLOATING RATE 

- CAPITAL NOTES 7S«3 

For the Interefit Period 9th Noveinber treAMsly 


Morning: Three months £388. B7.5. bs. 13U7J 
Afternoon: Caah S335J1. three months lULS 
£367^. 87, 67-3, _ Kerb: Three months 
£388. 89. 

ALUMINIUM— Rarely changed and ex-. /^RAIIVC 
emely 





+ 4.5 £1.536 


July Si; 70. SiDt. lift. D<-c. 
: .179 rft Jail. 444 6ft. March 474 ■«. Mi- 



amoonr to USS60.9B78 por Npbe. wMeb 
wtfl .be payable 'on May 9 1979 aoainst 
preaentaflon -Of- Coupon No. 6. 

. Tbe payment date and dollar amount 
stated above may .he amended without 
notice in the .event of in masneton or [• % 


Humln'm 

x.m. 

T+or! p.m- t+or 


Ofifctel 

— [Dnofiletei — 

* 

i £ i 


-t _ ..... hlsher 


PriiteTlSyfeS ^A»Srt . 5 tnootba'.! 60 e. 3 .WJjf ..75 1 610-11 |*js Cood mwan was wen? 

' j . j i ! initially but country selhng In the afier- 


L' pertvime 


Jr noon eased values to close IS-2Bp 


nobles fl.W: Italian- Wet A 40: O Mont inn. Ore. ■« Ian ie Ore. 
n.M: Chiiirir OW. Brarlli — LWM P»r i indicator prices, 
ih 0.50. Tn-'-»'ini! (> 59-0.40. ChcstnuU— 


xHtr ton i 


CLUBS 


Morning: .- Three xntuiUut two, O-a, in, in thin volume. Aril reports. 

Afternoon: Three mantiu £609 j, 10. — — — — 

Kerb: Thres months £818.5. u. 

-Ceoib per pound, ism per picuL 
ton prevloia tutoffiefr! dose. 


EYE. 159. Reaeot Street 7M B5S7. A. la ofT VHD 
Carte or All-m Menu. _ Three Spectacular MLVrK 

Floor Shows. 70.43. 12^5 apd 1 A5 and ' 

music of Johnny Hawfceswortfi a. Friend*. Sliver was fin 


. .."A5 YOG LIKE IT 


S.lc: three-month 5S7Jc. up 8.4c: stx- 


WH&I 

M’nth 

T 

Ywterday - * 

cWae 

+ or 

BARLEY 

Yeaterday'bj + or 

F>OW j — 

■Nov._ 

B8.80 

90.30 

+U.1B 

79.85 

BKJJ5 

-u.lB 

Mar... 

U2.B5 


84.30 


May.. 

95.20 


86.85 

—0.15 

Sept. 

89.55 


«3.3U 


iw Ittn m.in ;vns Su-IZ M It" IS tin a ,n in-’--'inn u:»n.«u. tnestnuis— 

March 14 8if-;4 ?j]l It 7U-1BJ0 11675 iwjj VS® 10 k ' : ° S < ' 4 "" Span * h s li ' ,os 
Mar 1 IB Eb IS /s' I IS 75-18.80 118 75-116.5 


Enylish produce: Potatoes — Prr 25 kiln* 
round 1 511. 


•. ot:957.>883.[ JtMMnW* HA mDHih 619-Ec. m>-7.7c: aod M-momh BS6.9C. «B-2O^F0. lutertKlwial sugar AgreemeM fU 

NN. UnHI. -.4 Nov- Mefir-Fff, Clpafti Saturtoys. 01-437 B45 5. up J„ eta j OJKQ44 u S94i-598p -U^ch S3. 20-82. 85. May cetiTs per pound < fob and «owcd Car 


5^ teWl-SSSSS”^ lb VH*. 

YElHurftiftwMM “ Cucsmbcrs— Per inr 12:4s new rron 
Murb .Jbl 62-/8 6J.l43.8u-M 40 3.00-3.SO. Mushrooms— Pur lb 0.53-0. AO. 

Apples— Per Ih Eramley ft q4-n.nfi I.nrd 
Sales: 1 928 f3 1J4‘i lots of 50 tonnvs. n«rt>y 0 04. Cos’s Oransre Pippin 0 0641 12, 
Tate and Lyle ex-refiners nrlce for Worcester Puarnuln 5.04. Ritsrets 5.IM- 
granulated Oasis white sugar vie £2M,fi5 O.W, Spanan OflM.OS. Pears— Prr Ih 
fsaanei a tonne for home trade and Conference O.OS-flif. Comte-: 0.12-0 1« ; - 
£ir,30 i same i fur exporL Tomatoes— Per 72-lb Enc!i«h 2.80-2.75 


INDICES 


,S. Cabbages— Per eralr 0 RO-fi.sn. 


Carib- Pur bud fl. 57-0.70. Caul blower 



Or* 

t— rt 

t-l', £ 


The Outlook for J978/79 

Inter Commodities 

. limited 

Specialists in Fundamental Research 


I5S4-588C) and dosed at MbOKiv (3B4i- ^- 4 f 35 - 20 - Sem. nu. Sales 218 lotg. beu POIT. Prires for Jiov. 5. Daily 3^2 Lincoln ! Kent 100 BecirooL-P, 
58a iCI. e ?2. v i JM- SajlMiS.23. id.56»: IMay average S.82 (S.BSi. »-Ib ft fin-O.TO. Carrois-Per »-Iij «4 

SSJ5-53-30." 1 Sales' 82** 87 ^ WOOL 1 FUTURES ' 


silver! 

P«* ; 

troy ml 

I Bn "ton 
! - 8 sang . 
price 

+ pr) UM.E. 
— : ckm 

4- or 

Spot M..._ 
0 tnonthn. 
8 month* . 
12 months 

S95.9Sp | 
303.13p | 
31 1.25 p 
327.5p | 

+Z.4; 296.6n 1+ 8.4 
+ 5.3 305^Sp 40.55 

+ j.2i — > 

: s l_- : 


UH.a. H- Or HGCA— Loca-JOD t-x-farm spot prices: 

• — Fetd wheat— \. e. England £87J8. Berfc- _ . 

shire and Oxfordshire £84.06, Feed barley Bac&e - 
S- E. England £77.50. Berkshire and 


8.4 Oxfordshire £76.20. 


IMPORTED— Wheat: CWR S No. 1 


Celery— 

Pit 12 
■ T 

0 70. Capsicum*— Per Ih O-lsui 411 Cour< 
neiWB— Per Ih o su-d 73. Oolons— Pur has 

LONDON— Dull and featurdeM. repor, 

f£0. Parsnips— per 2P-lh (l«*0 Snrun'S— 
Per lb O.OVn.Ofi Cohnu»s— P t lb Kent 
0.40. Cent Cah* — Each 11,10-0.12. 


i Pence per taloi 


Austral inn Y'sirriiv’* - or; Su«me«» 
[■ra-ivVwli Wr,v! — ' Linn i* 


IH 


5 ' To: Inter Commodities LW. i 

3 Ll»yds Avenue, London ECSNf 
TdqihfflK: 01-4BI 9827 t . 

-Rease send me your report on Ste outlbok tor Gacaa in 
1 M7«79. - ...... 

ffemp t ’-: — ■ ' 

— — — — — 


UUE— Aunmyer w tiwi mis lo.rai vnuhero tiriw v« ,7, :' “ u - UCCeTnW...*S».»-3i-U 

ozs. Morning: Three months 3BSJS. 3.8, S** *Ureb :a55.0-J6-0 

3.3. 3.4, 3 J. 3-3- Keih: Three months cS£tJ karo ■ wmEMPS* «»Y SWJI-40.B 

3JBJ. Afternoon: Idree months M4. 4.2. S A S h t*, «“ Julv...„ iiO.ll-it.il 

AI- 4.1, IM, 3«J. Xert: Three EEC Unioher 

month 8 3M.I. 43. French unquoted. French Nor. £1«, Det u**7 t * r ""5« tll'n 

SPOT- AND SHIPMENT nm amounted £183 Eaa Coast. South African WhiS JJ areb 2“'2'« S 

to 188 tonnes, bringing tbe WUl for the Jaa-Feb- Ifi7..a UK. South African “*?•—* 258.Q45.P 

week bo far to W WtuMfl. M*. F. Taller- 5 «Dbw Jaa^Feb. _-W.7S UK. Barley: Sriess NU ■*ai»;i 


I 


Peru copper 
record hope 

LIMA, Nov. 7. 

SOUTHERN PEKU Copper Cor. 
poraLion hopes to produce a re* 
cord 300,000 tonnes of copper 


wiis- reported.' Redneod interest' brought En^Mh feed^ lob Dee. fwio'^ira^M^ Sydney' gheasy ' fS* oro^r concentrate This year, Mr. Frank 
only a. modest offtake. Customers u-we East Coac buj-ers. sellers, business. saJes>. Micron Archibald, chairman, said, 

more ware of price trends although import levies: Tbe Coairaa: Dec. mi. fi?,?-.33T.0J4fl.u. 25: H e sa ,<j Southern's, two major 

Toquepala. 


1 1 

m nnn« operatium occurred a certain 5P ov ? nE 1ST*®® ^ premiums are March mo. S33.3 333.h-S3.ii'. lj ; jtj a - ■ 

I Middle Easldm sales. effcctiva for Noreabir 9 in order 3W.n. 361.0. "£i 0-3M.1. «: July 264.0, hi I OPS. L-Uajono and 

■ wrirwi ^ PWS.Decnnber. Jannary Mio. 584.0-2-53 3. Or.. 303.4 . zgko. would reach Lhis fieu 


FINANCIAL TIMES 

S‘OT.6 ; XoiTj—flr.iiih a^ry Veer a^.- 

■1&6.67 : ab7.16 £62.06 F gj?.* 


iBa-^: lnlv 1. 1051 = 100, 

REUTERS 


XnT. 7 v '.iV.6~ 'M.m'fb w Vmr >».. 

1531.5; i&36.1 1517.1 ■ 14e2.2 

iHd.ie- SeoiPiiiuW IP l»Sl"= lM(ii 

OOW JONES 

Nuv. jl.'.iH'j, YrtT 
*’ "KU ' *p'.’ 


n>»w : Sw. 
•luntn i 6 


—W[ Bl 3U5.S5 38u.33 a7l 63 
F uiure*'3a2.38 3w3.4; deq.s5a30.42 
fAveraue ift'*4-ci»^?fi = 1 no » 

MOODY’S 


« 1 . . , j :Muntb Y«i 

iKv rev j 6 ) 3 ; tg» ,^ M 

Splr CV>mmty ! 9a3.59M3.S i97Q,4 flisTa 
• Deretr.hfir 31. IBTl = :nnt 


Soyabean Meal — Dec. 194.2M34.Vi 
• IVfli* Jan. 1 *i.'i.; 0-IW JO ijfc.;®,. llarcfa 
1?4 60-195 O'l. May 162 lift. luiy 1»1 30- 
1?.'40. 4Ug. 191 Ofl-lflft jO. Sepi. 180.C9. 
Oc' l e 3 nn. Pec. 185 HO 
Soyabean Oil— Dec ?j.l.>-:5.. , 0 ‘25 72,. 
Jan 23 25 25 .*5.721, Marril J.V30-3j». 

Mar 25 20-25.33 July 25.':0-2,V25. .lug. 
23 20. S-pi 24 60-24.60. Oct. 21.46-24 M. 
PrC. -*4 4P-24 50. 

I Sugar— ,\o !!■ Jan. S.40-S.P5 *f So- 
ft 25. Marih 9 19-0 20 U 13-9 a4<- May 

>» r;-ft "M July ft.42-ft.46, Sept. 9.82-3 K. 
He:. 9.75. Jut). ft.S3-S.S4. March 1015- 
; >0 2'. Sales: 2 67.0 
j Tin — T jO.OO- 715.00 nom ,'742 id asS'rfi 
‘ ■‘Wheat— Dec. ■W.vaji <.{ 6«i. Mareh 
_ S5S;,. ,Mav ".lii-Mi. July 353- 

j :72. Srpt. f-j !■ D n C. J43. 
j V.'IN'N'IPEG Nov 5. HRye— Nov. i(tf mi 
nom. ' 3 fta Oft nom.i. Dei 103 I ft bid 
■lOi ftf-iiK.ifi b,d<- Mar 10S 60 bid. July 
i ;fto.40 

' troats— D®c >^.00 <i5.0ft, March >1 an 
: hid <50 50 asked 1. May eOJlft asked. July 
1 mp in hid 

. HBarlcy— Pec n.70 i"S50V March 
j IT ; , ft-77.4 , i 1 7s.no asked-, May 77.30 hid. 
, Juu' TT.ift ast-'d 

1 §5FlaMeed-Nov. 2«S.OO asked ■ 2?2 
h'd ,. Dec 279 fin hid f 231 .20 bid'. May 
.iii'ift. lull - ,'4;.3n ashed. 

1 "Wheat— SCW rs 135 n?r cant oror*m 
cooieni elf St Lawrence ISO.ST isansc 

t !1 cenis ner pourib er-warehou?* 
■ unless otherwise stated. per trn“ 
- nuucj — lOO-ounco Inn. t Chiracs intwe 
; rj D n r iOO lbs— Drpi. of Ap pnccft 
ipre*. i-ius day Pr.me steam fob IT hulk 
Tap, - care- : C-mi pr-T bufhel »*• 
I var, tinn.se- i iWu hnsh?! lots. s*s i>*t 
I 'ro: ouftf. for JILot units nf w 


.Telephone No. 



".55 i>fr lur.ne 


v 







• • _••. •_ -. ' . ',. ••-'■•_ •• >-y's ^J 1 ' 


40 


7 -. FraapraaT > ? 


V" 



STOCK fvXCHANGF REPORT 


Pay and labour pressures accelerate fall in 

Gilts also easier as concern mounts over interest rates 

Account Dealing Dates lending rate increases, the major at 314p despite reports of a major 75p, Gestetner A, 145p, and Hoot- suspension pride . of 87p, to Heavywedgbts rsgfeterffi : gates 

Option clearing banks turned reactionary Spanish defence contract, while fug Associated, 280p. Smiths In- repsonse to - the cad. bid worth of up to f- as in West urmontera, 

•First Declare- Last Account yesterday as buying interest dried losses of 5 were seen in GEC, dus tries gave up 6 to 194p and 103 Jp per -share from. Scottish £20}, mediums showed President 

Dealings tions Dealings Day up. NatWest lost 6 to 272p and 306p. and United Scientific, 263p. IC Gas declined 8 to 350p. Far- Western Trust . - - ' Steyn 37 to tile good af «31^ and . 

Oct 16 OcL 26 Oct 27 Nov 7 Lloyds cheapened 5 to 25Sp. Philips’ Lamp receded 30 to 820p eastern stocks to react on domes- Leading oils held steady during Saint Helena. 20 up; aF 7IHH&; 

«w' aa q in m_ v V. Elsewhere, Bank of Ireland ran on currency influences and a re- tic market influences included the .course - of another, quiet Among the cheaper-pnced stocks 

i \JvV- back From an initial firm ievri of port suggesting the possibility of JardJne Matheson. which fell 17 trading session, British Petroleum Elandsrand were 9 better at 185p: . 

nov. uec. a 4oop to dose a net 10 down at a large cutback in the Dutch work- to 223p. and. Swire Pacific, 10 down barely- moved from the overnight South African' - Financials 

-ii™ Hw" dealfnsc may uk« place ;&5p following the disappointing force. at 130p. By way of contrast, closing leva, and closed without attracted a good- demand 'in. the 

rrooi 9js am are tmiiness days earlier. j ntenm results. Domestic market Engineering majors drifted A. Arenson gained 4 to 79 p. after alteration at 864p, while Shell also afternoon, after a quiet moniihg^ 

In the absence of any follow- influences prompted a fall of 18 lower in the absence of support R2p, in response to the sharply closed, unaltered at 563p.. trade. UC investments climbed 

through to Monday's technical to 26Sp in Hongkong and and on occasional light offerings, higher annual earnings and Gleves Investment Tru sts closed on a g to 200p. Union Corporation^ 6 . 

recovery, equity markets yester- Shanghai. Among Discounts,. John Brown- were noteworthy for hardened 2 to 88 p following the duH note' In sympathy with over- to 264p, and Anglo Amen can. and- 





commitments had given the Persistent small offerings left ponded afresh to favourable Press 438p. while Beecham 635p, and Iranian commitments tended to - th th iTK eaiiiTv -rnarket -Pro 
movement, substance _,and^ «itb SSL.”SS^LS °-enU.n with a rise of 3 to 114p CgJ^, SkJS. ^ JJnto-ZU.c decked: 3 K. .aSfji ioff 

hardened a penny to 27 p follow- Textiles were inclined easier;. f ta 4. 

ing the full report. Recently dull where altered, but: John Higgs Platmums_ ^ ™ oyed 

Black and Edging! on found sup- hardened 2 to 170j) awaiting the sympathy with Gold?. .RuscenhuTg- 
port at the lower level and lm- outcome of the discussions with put on o to 93P whilerl/jpala -and 


the positions now closed, the S. Son Alliance closed that much 
realisation signalled a return of lower at 482p despite news that 
the easier trend apparent through- funds of its SA. Linked Life 
out last week. Insurance have grown to over 

Wages and labour pressures , a Yf*** i^5, ce 

continued to keep institutional its launrtL General Accident 190p, 
investors out of the market and and ”“P» ,. s * 

selling later or selected industrial a° d £• E. Heath relinquished 7 
leaders was attributed to public at 238p. _ 

holders becoming concerned with Good interim figures from 
the lack of progress towards Whitbread faded to create much 
agreement on pay. As a result, interest m Breweries which dosed 
the tone deteriorated with the- easier, where changed. Whitbread 
r~T 30-share index registering a A finished unchanged at asp, hut 
loss of 6.5 at 2 pm Allied and City of London de- 

_ . . . . ferred lost 2 apiece at 81p and 58p 

The union deaslon to recom- respectively. Belfaaven Brewery, 
mend acceptance of the VauxhalJ *3^. fai | ed to respond to the 
wage offer made little difference ‘ fits forecast which accom- 

uiitially but reports tended pan i e rf the interim figures; it was 

£0*- announced yestertay that 
settled a net 3.9 lower at 469.i, j Lyons had placed its substan- 


its 



proved 4 to 88p. Dawson International ..Coats Lydenbttrg both Improved ■- 4J ; tO' 

Overnight consideration of the Pa tons prided without alteration lT6p and 64 p respectively;..'.--! 
annual results and fears about at 64p following 'the interim Coppers were subdued with, the - 
rhe effects of the long strike at results; notable exception : -of'- Roan. GoiuY 

Ford ' Motor on the company’s T . l* l._ solidated Mines which rose 3' ?to 

short-term prospects prompted re- \aOKIS fll^ UCT B7p following news fhat the -com- 

newpd selling of Lucas which fell a strong raHy in the boBion pany has negotiated -a ;£4m. line 
away steadily to close 9 down at price, wtricti closed J5.50 higher of . credit to enable- It: .to.: :hoy. 
292p. Elsewhere tn the Motor at $216275 per ounce, encouraged ixuning equipment from Britain^ 
sectors. Airflow Streamlines further buying of South- African A disappointing perforaiance. -in 

dropped 8 to 36p on th^ interim Golds, pushing the Gold Mines overnight Sydney ' markets-^ 
profits setback and the warning ojj higiier at 13SA Hie Melbourne . was dnsed .Jor. Mel-. 

a bout second-half trading, while ex-precnium index put on LI to bourne Cup. day— ncaused minor 
York Trailer eased 2 to 45p follow- iQQ g a ... losses in Australians. 

ing the forecast that the annual share prices edged up through- tegs drifted bach to- close f & easier 
results will most likely fall short out the day although business at l87o and .PanoontfaMntal T £Btl SO 
of the^ ^rn^forecast, Rolls-Royce, remained at a very low level, to 850p. 


financialtimesstock indices 


Govertmveot dec* ■ 

Fixed interest 

industrial — 


Gold lUnw.— — .— : 
Gold Mines (Ex-S pm-1 
OitLDiv. ITeld—.— 
Bd'rnlii6B,7*ld%(hiiI)- 
F/M Katlo (not) !*l — ■ 

'Dealing* mariced. 

Equity tuna aver £m .^| 
Equity baipaliu total- 


SurT 
7 . 

• Ktre. 

Kcr 

... i 

Kov. "1 


68.38 

.68.65 

68-58 

'68.66 

66.77 

70.01 

-70.00 

70.06 

70,17 

70u2a 

469 j6 

475/1, 

472>» 

473.4 

47 94 

ISOS 

138.1 

IS LS 

134.0 

131 .1 

100. Bj 

-99.7 

96.6 

97.0, 

96.6 

B.79 

5.71 

' 5.75 

5.75 

6.66 

26^0 

■ 1S.77 

15j88 

.10.85 

18.65 

a'oi 

RJ7 

8.S& 

.8 j>5 

£ .8.44 

4,434 

' 3.93S 

.: -4.665 

B. 106 

4.377 

1 


60.74 

78.98, 

93.681 


12.96a 

-13.5S2 

16.00& 163401 



10 am 4742. u un 4S3.3. K«M«» 1 P«B M82-. , 

• 3 pm 448-9. 3 pfn 448 A. 

Latest Mtx U4M 8024. 

•NU=7St. 


■ ■ 7 - 1 - 4 : 


-SlU^rr^i. • . .. .. . i- 

too cam t*a »«L ‘.Fixed 1st. IttS. Ind. On!. VWS. . Colli 
fl^'lndCX started June. 1872. ' SB ActlvKy Jui^Dec. 

highs and lows s.e. activity :S 



1976 

SI non OunipUadon- 


Blgh 

Low 

High 

Low- . 

Gcvt. Bees... 

78.58 

fill) 

68.38. 

i7/U> 

137.4 

mm 

49.18 
(3/1(76) ' ' 

Fixed lot — 

81.87 

(Bll'i 

70.01 

i7/ii) 

130.4 

|2S/lD47j, 

SO. 53 

0/Z//76* 

Ind. Ord 

635. S 
IWB) 

433.4- 
carS) - 

649 JS 
(14M771, 

49.4 - 
CS6/S/4Q)- 

OokiUlxiea. 

206.6 

|W/S) 

130.3 

<&/l> 

448.3 

123/6(76) 

- 43.8 
te6/10/7i) 

Gold Miner. 

tUx-3 p«.|.J 

138.3 

|I4/S) 

90.3. 

I1W4J 

537.1 

I3W74) 

84.3 

(H )/fl/78f 


I 


„ >. - ■ 7 ' 


4V' 


nsjg'iw 

Ipdottrlals...' 140.3j IsTzK ’ 
Soerulsttve J _ 30.41 3] 


MayAveragp) 
GOtrBdsed^U 
-iqdpMrtals-^- 
Bpecpisdvs- 
ToPils . 



:: itsvk- 


d |^ IU n 3 na\j poov^u IUJ ruwkvii' _______ _ . _ ^ m-i l^u Hb Q *p^jy aa# rw 

fhV° V '™nPu'I!J e tial shareholding in the company and Newman-Tonks hardened a *' 1 ^ we r e UI1 '!t tt ! ed t hP Cape Ixmdon buying in the Coniine Rio Unto ^aveup 4io, 

" i,h financial institutions, penny to G2p on the encouraging ?__T3^“#_ffc5 eos,,on ■ lhal -Jj”? monring got prices off 1 to a good 286p and Northern. Minteg-S-'to 

Despite the slightly, firmer tenor of the chairman’s annual , , e _ 0 - P ?-!L d :^ start , and they improved further SSp botfa on further tousKtion 


LONDON TRADED OPTIONS 




•_ gurtf 



took stock of interest rate trends 


exceptionally thin market and lost Westgarth, a dull market last 
4 at 40p, while recently-flrm Royco week on the halF-year loss, gave a couple of pence off at 3^i8n. after 
- - - - *-— - - - =— *“ Paoer/Prln tires. Usher/ 


l.„,u 1 •* ai miuc »ujiv weeK on toe nail-year loss, gave _ . 7 

fj?e vfeJT «^r?nMh n£ chea P pned 2 t0 42 P- Elsewhere. up 3 more to a low for the year tf. 5 !*- In , p , a . De r /p l' nt 

Mrnim .m liiS-^S^wSS Parker Timber shed 4 to 10t«p. and 0 f 45 P . Among Shipbuilders. a,k °^ ^ e, . d at 
hlXTn Snrr^hr nn a IS M B " d «r* lost 3 at lWp. After the Yarrow, 6 lower at 320p, con- lower ^tonm profits. 

U,e UK tankt„T sKtor ! relf^ lO^"' Roberts tmued to reflect lower annuel Properties gave amend 

HaHUitiaur llcrt imnnr.^ ^U»JL™ nCIO 31 1U-P-. _ prnfitS. 


despite the 


Account Dealing Dates MowaL Premier Consolidated O'u; 
First Last Last' - For Brook Street. Burton, '-Carton, 

Deal- Deal- Declare- Settle- l? wn “d City Properties, 
tegs ings tion meat *mten. Hal ma, '. British .v : Vlta^ 

on a Nov. 7 Nov. 20 Feb. 8 Feb. 20 Baal Electronics. J. Brown. -Loft 
revival of interest rare fears and Nov. 21 Dec. 4 Feb. 22 Mar. 6 Du P Ic International,; Xcboff 

io inp mincer - - --- 3 lack of investment Dec. 5 Dec. 18 Mar. 8 Mar" 20 Edgar Allen; Xonrho, 

Although hTirinM- «. ac poioti.-Ur set a,,d closed 5 cheaper at 3aap, .ground following the start of the supnnrt. Land Securities eased 3 . Hears Bros., Tarmac an it Barker 

li4it h ?eltine was Sffidem the bul Fisons raUied from the War's strike by bakery workers in to 223p. while Eagtisli and MEPC Forrdte mdieattons see end of aid Dobson. Puts- were -dealt 

thin condition^ ^ IKI.M ffiSfl fSffS -~ y 2 SR 

, »h p *nf prim fi*mros which were where dis^DDomtins annual re- nsirjiits* Grand J«etr(^ arranged if* tRtfisb ’Property 

ball announcement, but it was * flnrrv of snecuiatlve buvtnc ; ^ noli fan Lex Service, William and United BISculL . ‘ ... 


liabilities also imparted restraint 
to the market. 


ICI drifted lower from the out- Hilling concerns lost more 


the longer maturities J and the 
shorter issues by i. A rally was AlliaA Rpfailprc firm 
attempted following the Vaux- * vute! * neidlierb HTUI 



HOP. 


Up. w. KBWson jjj f ron t Q f today's Interim figures, annual profits and the 'proposed 
penny to 01 jj, after . , serin is«nie In preference shares. 


Stock 


tions cinsed only slightly above of 8 to 

the lowest. hardened a 

Pushed lower in early trading S«P. in response to the interim De La Rue disappoint while Bradford recovered from 
Int ers £r f i? ts *"*• Already standing around fi 217 p to close 2 up on balance «t 

SJSL,^ 1 rr S2t«a« iS W'alk^ contimiedfinnly. the ord/n- ^516,. in front of the interim 2 42p fo flowing the mid-term ICI 

inn ,SL J Wir nsm* 3 more tn 106p and the statement De La Rue fell away profits improvement. Mclnernery BATs Derd. - 

onfv afractioS Ini-pl a » d t e V C i°SS £ 2 Bambers. on the other f urt her in reaction to the dLs- were unmoved; at Sop bv the in- GEC 

rent Y«SdSv-rSF IvpH ^ 3nd - drp i ie ^ 1 J," 160p w ^® appointing first-half profits to terira results but. awaiting to- Beecham ...^... 

' SnSff-* .n-TM! W Cuit>-s and Home Charm gave up close 25 down at 390p. Adverse morrow’s preliminary figures. Grand MetropoL 

iircplv riMfi fn < nrf h J n "i n t «>roct L}° ! 7M 5 1111(1 % respectively, comment prompted a fall of 4 to Beflway added 2 for a two-day rise Shell Transport ... 

in Rmi, ahLi Jfr ?ul| ffiSS T . he . leadcre ende . ri easiBr for 50p In Bath and Portland, while of 4 to B8p. FoUowing the Barclays 'Bank. ... 

nn choice; Burton A lost 3 to l<2p persistent small offerings left termination of bid d^cus^ions RTZ ..'—v... 

Si fliX? nf N ™Shi it! as did Gussies A In 203p. BTR 10 down at 3I2p and Holt with the Initial suitor. Core Vickers 

Twh. 3 J Apart from a small speculative Lloyd International 6 easier at Exchange firmed 2 to 230p on the Allied Breweries 

ta Wfmmihl flurry in A.B. Electronic. 3 better i54p. Dnnbee-Combcx-BTarx. which news that talks were under way Boots - 

Boots SSunteri 7nr wire m at 13I>P ' af,er 136p - Electricals reported sharply lower interim with anoth-r interested party. BP 

dpak in^hPNinvpmvJr 9im drifted gently lower on small results last month, receded 4 City of Ahydeen Land Assoda- Inchcape 

neait in tne November 2W) senes, selling in an unwilling market- more to 90p. while vhnik**- losses tion returned from suspension at Marks & Spencer 

Firm since last week's base Kacai Electronics finished S easier were recorded in Eastern Produce, 104p compared ' with the Unilever'., 


ACTIVE STOCKS 

No. 

Denomina- 
tion 


£1 
25p 
25p 
25 p 
50p 
25 p 
-£L ’ 
•25p 
* £1 
25p 
25p 
£1 
n 

25p 
25 p 


of 

Closing 

Chan Re 

1A7S j 

'-1878 

marks 

price tp) 

on day 

high 

•' 'low 

13 

355 

- 5 

421 

• 328 

10 

231 

e 

304 - 

227 

9 

308 

- 5 

340 J 

. 233 

S 

635 

— .5 

743 ' . 

' 583 

8 

102 } 

— 2} 

121 ; 

r S7- 

8 

563 

__ 

602 • 

484 

7 

348 

- 2 

368 

; 296 - 

7 

230 

- 3 

263 

164 

7 

192 

- 2 

2 U. 

; . 160. 

6 

81 

- 2 

94 

-78 

6 

192 



237 

- v 184 

6 

884 



926 

. .■720 ; 

8 

357 



445 

--35D 

6 

81 

~ 1 

94 

i-67}:- 

6 

526 

- 2 

602 

',.476 




Jam 

nay ' 

. _; ; 4 

Bli . 


>■ f 

I " .i-eirf 


Hx'rana 

dxmtng 

r ■ / 

Cksing 

! Toi; ■ 

C/t Qatar 

-yok.- 

Snatty^j- 

Option 

price 

offer 

'Vo?;, 

■.offer 



HP 

930 

7 

52 

- 23 

„ 

■ 45', 

i-:.- J? 


Corn Onion 

140 

-5 

- ;: 8 

8 

7 

12 



Cum f-liwm 
t'rtiu Uulil 
Con* Gold 

180 

)60 

300 

1 

'83 

3 

. • l' 

• 

.-22* 

30 

'7. 

. 14 . 

' 33- 

• 14,. 



Court* oW* 

ISO 

. 3*fl 

'4 

7. 

— '. 


~"1! 


C-uurtaulda 

330 

1J® 

11 '■ 

4 

-5 

•'.5 ' 

-* “ — , 

GBU 

280 

91 

5 

. — 

— 

— 


-,308^ 

GKO 

1MJ 

33 

rll 

39.-. 

. 1 

_■ . ^i' 

r' 


GHC 

300 

80 

. 7- 

.27. 

• '• 3 

59 

• ■. t'v 


GKO 

adU. 

6- 

19 

13 - 

■ -4.' 

-^84 

" 'm “ "T*"”- 


GBC 

360 

. u> 

■ : — _ 

6. ' 

15 

' 

'. “• 


Quid lift. 

100 

9 

■_ 

111* 


iii* 

~rj ^ r 


U rand M(C. 

110 

3l« 

- * 

7*8 

17- 

' s»» 



Grand Met. 

120 

1 

‘ 

. .3- • 

. 3 

6 

, 10 


ICI 

ICI - 

330 

360 

■ , 38 
16 

i- 

■•"48. 

. - 98' '• 

-3 



"fS 

IUI 

390 

6 

.17 

11 

6 

. 18 



IGI 

420 

' 2 

l 

52* 

■ — 

'’.ill" 

. lL 


land Seas. 

200 

28 

— 

35 

J-7- . 


- ■ rrr m ' 

-mjf.g 

Land Bees. 

220 

14 

_ - 

21 


■-S8 

. -mL ’ 

-. .889^/ 

'■ ' * . 

Marks ft ftp. 

60 

34 

3 

’ ,27- 

' — 

‘ -T-'’ 


llarksft Sp. 

70 

14 

10 

■ 17 

• ~ 

Ifl' 


Mark/ ft ftp. 
Marks ft ftp, 

80 

100 

- 6 

3* 

IS.. 

U 

3 ' 


- 13 . 

\Zi- 

; 

ftbetl 

.660. 

29 - 

ia‘ 

42 

■ _ 

/ SO ' 

— 

-GfiSpsV 

ftiieli 

600 

. O' 

— 

. 14 

Iff 

28 


Totals 

. ’ 

. • 1 

;158 


.116 

‘ ... . 

; iie. 

V.-> 4^;" 




ifor ember . 

. 'Pebrosry . 

BOO Inti. 

7G 

1 


"■■■*■ 

: ; — 

* 10 

Boots 

180. 

- 13 ' 

" . — - 

19 

’• ■ — 

Boots 

200 

Z 

. 80 . 

9 


Hoots 

,'330 

-«4 

J- 

Si* 

za 

Boots 

260 

.’■. 1* 


’2 

. 1 am* - 

Boots 

" 260. 

1* 

' sy . ' . 


7 

BUI 

140 • 

•• 13 


'■ 


EMI 

160 

2 


62 * 


Imperial Gp 

80 

-• SI* 

...7 ' 

6 


RTZ. 

230 

14- 

. X, 

'24' 

’ — ■■ 

RTZ 

880' 

- :>« 

; 

5- 

; , eo 

Totals 



-98 


76 



LEGAL NOTICES 


NO. 003127 or 1978 

In the Hinri COURT OF JUSTICE 
Chancery Division Compamev Court in 
lUe Mntr of EVANTH1A OF LONDON 
LIMITED and in the Manor of the Com- 
panies Act. IWS. 

NOTICE IS HEREBY GIVEN, that a 
Petition for Ole WindinK up of the above- 
named Company by the High Conn of 
Justice was on ihe 16tb day of October 
187*. presented to (he said Court by 
MONDARESK LIMITED whose n-slstered 
office is at 30 Foley Street. London. WXP 
~LP.. dress manufacturers and that Uk? 
said PeUtlon Is directed w be heard before 
:ne Coun siitIor ai the Royal Couets of 
Jusrlre. S;mnd. London. WC*A CLL on ihe 
20 th day of November IPTE. and any 
creditor or comnbntory of Hie said Cnni- 
p.tnv d'-sirous to support or uopos.- the 
mal lnc or an nrdcr on the said Petition 
Riav appi-.ir at ihe noi.f of ht-irmc. in 
P'-rson ur bv his eouns<.i. tor that purpose; 
and a copy of the Pvliliun will bi* furnished 
bv the unUer>u:nvd ro any creditor or 
contnliutury of ttie said Company r.-nuir- 
itu such row on pajment of the retails led 
chars ■ fur 'h't 

PHL1.INS REUBEN LuCKJA'C & CO. 

43 1. Green Lam.s. 

London. N4 IHA. 

Tel 0l-::4> C20S 

Ref IfK-UCMIW. 

Selieltorv for the Petitioner. 

ROTE.— Any person who intonds to 
appear on the hearing of ihi. said Petition 
must serve on.- or scml ijv p.>ii to. the 
above-named notice m writing of his 
inR-ntion so to do Toe notice must Mate 
the name and address of ihe person, or. 
if a Arm Hie name and address of the 
lirm. and musf be sicned by ihe person 
or ftnn. or his or their solicitor nf any. 
and must be served, or. if posted, must 
be sent by post in sufficient time to reach 
the above-named' not later than fonr 
a'ctoefc in the afternoon of me I7tti day of 
November. 1978. 


charge for the same. 

R. A. R CHAT. 

Thames Water Authority, 
Broadway Building*. 

50 'M Broadway, 
i codon SW1. 

Solicitor for the Petidoncr. 

NOTE.— Any person who intends to 
appear on the bearing of rhe said Petition 
must serve on. or send by post to. ihe 
above-named notice In wrfrlrw of bis 
ituendon no to do "Oie notice mtta. elate 
Ibe name and address nr the penton. or. 
if a Ann the name and address of the 
firm, and must he signed br ihe person 
or firm, or his or their solicitor *W *nyi 
and must be served, or. ir posted, must 
be sent by post in sufficient lime to reach 
the above-named noi later than four 
o'clock in the afternoon of the 1 st day of 
December. I97&. 


MOTOR CARS 


No. 003323 or mrs. 

In the HIGH COURT OF JUSTICE 
Chancery Division Companies Coun in 
the Matter or ANDERSTYI.E LIMITED 
and in the Matter of the Companies Act. 
1948 

NOTICE IS HEREBY GIVEN, thal a 
Petition for the Winding up of ihe aborr- . 
n.imed Comp.inr by ihe ITita** Cuort of i 
Justice was oo ibe I6ih d.iv or October ! 
197?. presented to the said Coun by I 
JinNDAKESS I IMITEn «-tio»..- t*-a:stcrud 
office Is at 30 Foley Street. London, lv.1 
dr..,s iiijuu/aclUP.-r?. and That ibe said 
PeUlion is directed tu he heard Mon; 
Ihe Court si tuna at rhe Roral Cnum 
of Ju-.in.i-. Strand. Lundun. WC— \ -L L on 
rhe 20th day of November 197<. and any 
cnrtilor or contributory of ihe s.nd Com- 
pany desirous to support nr venose the 
m ,i km; nr an nrder on in..- said 

P.-ittlon ni.7T appear al the time- of 
heart ru' tn p.-rsoii. or by his ..uunsM-l, for 
»h.i» p«rpo.v. and a cony of Th. Peilllon 
trill be furnished by the undersicned in 
any creditor or eontribinorr of ih-- said 
•Tompany n.-nulrlny such .-noy on payment 
of the reanlated chars.? for the same. 

PULI. INS REUBEN LOCKING & CO. 

431 <7r.?-n l.anrs. 

London. N4 1B.A 

Ref MR.'AJG'M .1093. 

Tel. Dl-nr3 

Sollehore for the Petitioner- 
NOTE — Any pomtn wbo intends to 
appear on tbc hearing of rbe said Petition 
must serve on. or send by post lo. itu- 
above-named notice in writing of his 
intention so 10 do. The notice must state 
Ihe name and address of ibe person, or. 

If a turn the name and address of the 
Arm. and must be signed by the person 
or firm, or fats or ihelr solicitor 'If id;i 
and must be served, or. If posted, must 
be sent by post in sufficient rime to reach 
[he above-named not later than four 
o'clock in tbc afternoon of tbc 17th day ol 
November. W78. 


LEASING EXPERTS 
LOWEST DEPOSIT 
1-4 YEARS TERM 
1979 MODELS 

Immediate or Early Delivery 

FULL SERVICE 
MAINTENANCE 
SPARE PARTS FACILITIES 

KENSINGTON CAR CENTRE, 
181 WARWICK ROAD, 
LONDON W14. 

01-370 31S2/3/4 


(Christmas (Sifts 


SCOTCH SMOKED SALMON 

lj lb side £9.20 

2 Jb side £10.23 

21 lb side £11,20 

2 lb side £ 12,60 

Gift Pack with Knife 70p extra 
Ready-Sliced Sides £1 extra 

1 lb packet Lonj-Shced Smoked 

Sfl'non £9.10 

SMOKED TROUT AND 
MACKEREL 

4*5 oz Smoked Tram ...... £1.50 

2 x 12 oz Smoked Mackerel . £2.30 

POST PAID (N UK - CWO 
ORDF'l F".R*v mo r-upicTMAS 

J. & M. SHEARER LTD. 

8 Victoria Scrcei. Aberdeen AB9 IFL 
Tel: 0224 28206 


'.SAAB.TWiniCv 


No. tWlSM Of 197S 

In the HIGH COURT OF JUSTICE 
Chancery Division Companl.-s Court in 
ifw Mailer of J, E. RINEY i CONTRAC- 
TORS! LIMITED and In the Matter of 
the Companies Act. IMS. 

NOTICE IS HEREBY GIVEN, tbai a 
Petition for the Winding up of the above- 
named Company by (he Hlch Coun of 
justice was on rbe 3rd day of Novemhi-r 
1S7S. presented to the said Conn 
by THAMES WATER AUTHORITY. 
Broadway Build l tics. 20-64 Broadway 
London. SWtH ODR. anti that the sail . 
Petition Is dlrm led tn be heard h'-fnre I 
the Coun slttlnc at (he Royal Courts of 
justice. Strand London. iVCi.X 211. un rlt.- 
4tb day of D»-i\ mbM 19TS. and ,ia> creditor 
or contriluitnry of the said Company 
desirous to support or oppose the in ah in -: 
o l an Order on the said Petition mar 
appear at the lime of hvshns. ID person 
or by his whibcI. for That purpose: ami 
a copy of the petition trill be furnished 
bv ibe nruli-’niRTipd io any creditor or con- 
irihatory of the «U 1 company nrauirtne 
such copy on wunmcni of ibe reftaati-d 



OF GOOD FOOD & WINES 

Britain's leading packers supply- 
ing the great stores of the world 
and leaders of industry. - 

THE HAMPER PEOPLE LTD. 
St rum pshaw, Norwich 
Tel: 713937 

Telex: 975353 Ham pres 
Colour brochure on request 


PERSONAL 


HOW TO FANCY* POLITICIANS. Would 
you like m ar.end the boot- publiuiiDn 
'London and MonnuuitA. t3:h Nov*m 
her* and out »ocr views? addIv Hvdanim 
Puelrsners. p.Q. Box 752. Loudon 
W6 0EF. 


PUBLIC NOTICES 


i _ GLASGOW DISTRICT COUNCIL 

I Bills issued 8-11178. £a.7m a 

10 49-641PI* ma.-urirfl 7,2 73. Aon',. 
I cations tatallod £33 dm. Bills outstanding 
l £9 Am. 


APPOINTMENTS 


ENERGY MANAGEMENT 
SALES REP 

needed for simple programmable 
controllers. Huge power savings 
by users in U.S.A. 

For appointment call: 
Hoberman 01-759 2424 


HOTELS 


BURNS HOTEL 
Barkston Gardens 
London S\V5 0E!V 
NEAR WEST LONDON 
AIR TERMINAL 
100 rowns. private bath / 
shower, radio. tel«\ision, 
F.nslinh break i restauranl. 
liar — fully licenced. 2 lifts. 
Special terms to companies. 
Defaits and illustrated 
brochure or reqtwart. 
Telex; 27S85 

Te\. 01-373 3151 or 7OTI 


CLASSIFIED 

ADVERTISEMENT 

RATES 


Co mm erc i al & Industrial 
Property 

Residential Prope r ty 
Appointments 
Bmwst 4r I uses Uncut 
Opportunities- Corpora tloo 
Loans. Production 
Capacity. Businesses 


Per 

One 

t 

4.30 

2.00 

•LSO 


Sknate 

column 

on. 

£ 

14.00 

8.00 
14.00 


5.2S 16.00 


4.25 
S 17. 


IS 00 

lo.od 

1M 


For Sale/Wanted 
Education. Motors. 

Contracts & Tenders. 

Personal. Garde nine 
Hotels & Travel 

Book Publishers — 

Premium position* available 
(Minimum sUe CO column cm* 
1LS0 nor single column cm oxiraj 

Yur turOhT \UlalL% umc u. m . 

Classified Advertisement 
Manager, 

Financial Times, 

10, Cannon Stteet, EC4P 4BY 


NEW HIGHS AND LOWS FOR 1978 


_ The tottcwilmo securities minted in the 
Share Information Service yesterday 
attained new Hlqta and Lows far 197B. 

NEW HIGHS (5) 

BUILDINGS (1) 

Fed. Land _ ... 

ELECTRICALS HI 
A.B. Electronic 

INDUSTRIALS (Z> . 

Arenson <A.» Courtney Pooa 

OILS t1» 

Candecca Resources 

NEW LOWS <51) 

' BRITISH FUNDS (17) 

Treaa. SQ»t*c 1979 Treas- B'-oc 19B2 
Treas. gi-pc T5U50 
Exehor. 13oc 19E0 
Trens. TH-ot 1981 
Treas. 9«u>c 1931 
Eve her. 9';oc 1991 
Etch nr. 15 ‘,oc '81 
Treas. 8'-« '80-8! 

Treas. 14oc s<J82 

CORPORATION LOANS (3) 

G L.C. 1 J'.-oc '82 Glasgow 9LPC 'BO-82 
Do 12 ;DC 19E3 
_ . 3EERS (1» 

Scot. A Newcattl- 

BUILDINGS (A) 

Bert Bros. Smart ij.l 

Mowlem IJ.1 Whatl'ngs 

„ CHEMICALS fit 

F isons 

_ STORES (II 

Grattan Warrn-ui>-- 

ELECTRICAL5 til 

Berec 

ENGINEERING 16) 

Delta Metal Sere* 

Mananrriit G'onsc Week'- Assoc. 
Richardsons WVjjrth wolf £l«trle 


FOODS (21 

Bassett (George) ' British Vending 

INDUSTRIALS (6) 

Avon Rubber Eastern produce 

Bath A Portland Gestetner A 

Du nbsis-consho* Hoover A 

- INSWRANCI Cl) 

Sun Alllanca ■ - 

„ MOTORS w 

York Trailer Dunlon 

SHIPPING II) 

P. ft O. DeM. • ■ • 

_ _ TEXTILES HI 

Courts uldi;7pc Deb., > 


1982-87 
BAT Inds. 
Jenev General 


TOBACCOS '(1) 
TRUSTS (II ' 


Exchar. 9>«pc 1982 
Exchar. B'joc 1983 
Treas. 120C 1®B3 
Exchar. lOpe 1983 
Treas. l3',oc 1993 
ExchO. 12 pc 2013-17 
War Loan 3<UK 


MINES (21 
Wankie Colliery MjeuIhi 


YESTERDAY 
RISES AND FALLS 


YESTERDAY 


British Fends 

Corpus. Dam. and 

Foreign Bonds- 

Industrials 

Financial and PrejL ... 

Oils 

Plantation 

Mines 

Recant Issues l.... 

Totals — 


Up Down Suns 

2 63 11 

8 4 SO 

VI SOB 928 
4V MI 216 

3 12 22 

2 13 U 

48 «7 <6 

2 10 13 

IT7 854 1,362 


RECENT ISSUES 


EQUITIES 


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I 

1 HiiJp f Low 


-rdl 

1G1 


.1'. -<£' 
I' 24 


:i * 
u tin 
11 3 -i r 

ro 


Stuck 1|> "^l+.’rl 


|S% 

'“CIS, 
. 1 


44 lArn-.-lilfc I 44 / 

iif- tVVmuil i J3G4 +2 

27I|;)lntH-r 'lei lirii Mirtn 27l3i— 2 
f.» mat u « he Jii3 (_a 


ob.7; 

^i-l 


d.xl U. 
11.9 B. 
l.Oill. 


SI 7.1 
d 9.6 
& 9.5 
■ 14.7 


FSXED INTEREST STOCKS 


Cj r 

= r 

;7 i : 

I9W 

X ~ 

= .c 


Htlij 

to* j 

C99i, 

k.l* 





i:iO 

1 4 t 


9»j 

L* IOC 

Nil 

16.11 


.i'lti. 

*" 

V .!'. 

j Hi 

Uj|> 



rn! 

1 - 

-1,'UI 

lgpu. 

| 

k.P. 

IJ6 It 

; l -' s 

uv 

L-971; 

a 1 10 

125-1 

81= 

ft 



1 _ 


104 

KBSIo 

E50 

.10 I 

W 

« 

1-971^ 

no 

ili6.1 

9A, 

. ftl« 


Slnck 


i*l>> H«uwr li/aC-jnr. 

Hn-nin It^Luni, I'M 

iliungkiaig lan>i B? L^nn.__ ; 

l*hiv Ln tu ill i n— Lhi l. nv. LB/fsti ^ 

K irfc mn nr north A Uxbrldi-e Water 7* Vt/.. 

Itiicblwire lUSL'ouv. loi. M 

-auitl.mrt, I Mm IfM.b Il_4 1«n 


1+ °* 


99% 

94* | 
aiim! 

lOBp) 

i^piii 
106 
91a 
120 
47 
Bis! 


tv 


« RIGHTS ” OFFERS 


l-au»- 

Pnce 

Pi 


Ei 


■ aim l 
Uermiie. J. 


1B7K 


Uilr- 

♦ j • |HW l> 


OOp 
J9 
1 A 
26 & 
68 
09 
68 
159 
13 


m.| 

F.p. 30.6 44. n 
K.H. J18il- 30.il 
t.r. I - I0|I7'17. 
Ml 117111. 6/12! 
i-.r. ! 6 i..iiii 
' I" jJd ll. 14 21 
i r.p. . o.ii 8.12 
i r.r. il-l: 17 21 


Stock 


jbtnnU.Mi-ml.Wbtiry A Nadetoy 

j» I 68 jUlerkwond 
1 i I t.-'ilUhnnce W*/,*,... 

“ +■* lUniwoiy...^ 

Ifii-tniFru herein i Hirrey_ 

80 cm (ianii, 

-J 'rt-t-im .IV. L,i 


li 
4 £ X 
lBpai 

ft*, i — . 

-i ) *-s , Pn-t'tm . _ ____ 

136 I ltd | l'im« PriKlucte. 

I- ,v - 


U losing 

Price 

' Ml 


ftblim] 


W Ynrkyrtwri . 


14 
307 
l&nnj 
60 . 

60 ;+2 
177 1-2 
14 . ..., 


Hh » 


—2 

-Ifl 


RemuiLldiMa date owiiallT lo^t day for dealina free Of Uamp duty, p Plgures 
ba.r-fl ‘in pr««oetiij> (.--tiinai*-'- B Ash'iiBOtf dicitiend snd yield, a Korea* j[ dividend- 
•■•»»«■ bu:vrf ■.». ur v > imiK v«aT'^ eartunt... r Dividend aort yield tutted on prftsuectn- 
nr «ilier -inciai c- iiiiijl Ks f“ f l* 1 ** u Crnm. i.llijiiwj aoJumed. ; Cuver alinivs 
lur eunvprtimi r.i sbarw on* n,nB ranKinn f^r dividend or ranking only for restricted 
rtiTittniifi-.. * HUri>m price in public. - r- Pence nnfnns qihemoe tndjcaicd. f TssiiNf 
by lender. !' "iFere*! in halth-r-. nf ordinary -hares as a " rlshls." ** fsxwd 
h% wav uf rttHiuh-uttinn. it Brintrnrfiicyrl. L^lswiod in connection with renrjranNa* 
turn, merei-r >ir H'f InirodncHnn. ”7 fsbUed to ftinner preference holders 

■ Alln'inrni letters -or Inliv-Palai. ft Provfvifmal or nartly-pajd allnoncni letters' 
# With warrams. 


FT-ACTUARIES SHARE 

V . ■ ,V'w 

These indices are the jcunt conipOation of (he financial Tiroes, ihe 
/ and the Faculty of Actuaries 




. ... . V . ■’ **,'-} ■ 

. , . ... 

A . V- 7. "f,\' x.-* 


EQUITY GROUPS 
GROUPS & SUB-SECTIONS 

Ficures In Tcirt-ulhnse» simw nu wilier of 
iJuek.-, par mkIiwi 


1 

2 

3 

4 

5 

6 
8 

11 

13 

13 

14 

21 

22 

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24 

25 

26 

32 

33 

34 

35 

36 

37 

41 

42 

43 

44 
43 
46 

51_ 

59 

61 

62 

63 

64 
63 
G6 
67 
G8 
69 

7f L 

r 

81 

9J_ 

99 


Investment Tru -if s i sol 
Mining KtnanceH* . 

CHerN&asTra».lcrv.rt9i 



CAPITAL GOODS 1 171 1 

Building Mutcriaisi27i 

Contractimj. OonrtniriioQ v28> 

FIIcctriva1bil4) 

Engineering Contractor? i I4i._ 
Mechanical Enfiineerinm72i... 
McLain and Metal Kovmingi 16t 
CONSUMER GOODS 

(DL1L-UBLEH5.1) 

I-t. Electronics. Radio. T\’i 16).. 

Household ti oodsl 12» 

Motors and Distributors i2Sl.._ 
CONSUMER GOODS 

I NON-DURA BLEi ( 172) 

BroweriesfI4i 

Wi nes and Spi rils iQi 

Entertain mom. Catering 1 17i .. 

Food Manufacturing! 19i._ 

Food Retailing i Ini 

Newspapers. Pul*JishiniMl2»... 

Packaging and Paper i ) 5i 

SlorcM-Wi-.— 

TevtiJesi25> 

Tobaccos till 

Toysand\;omesi6i... 

OTHER GROUPS <99l .. 

Chemicui«(19i 

Pharmaceutu.al Pro«tuctst7» 

office Equipment 161 

Shipping t !t» 

Miscellaneo us* 3 7 1. „ 

IXDUS TRIALG R miPuaS l 
OilMSt 

500 SIIARi: INDEX 
F1NANCI A L GROUP! IWi 

Banksffii 

Discount Houses 1 10* 

Hire I *u rrha.se To 

Insurance iLiren lo- 

Insurance i< onipositei i7i 
Insurance Brokers i I0i ..... 

Merchant Banks 1 14) 

I*ropcrty 131 > - 

Miscellaneous i7» 


ALE-SHARE f.NDEX(673) 


FIXED INTEREST PRICE INDICES - 


British Government 
• ! 

Tiies. 

Nov. 

7- | 

Dbj'b 

chunue 

■ v -.i 

id rii 
Tu-day 

xd adL 
1978- 
to date 

1 

2 • 

Under5years, — _ 

102.81 

U2.&2 

-0.04- 

-030' 


: «0 . 

.-.,107. 


4 

5 

Irredeemalilcs 

All stocks. 

12026 

109.92 

-0 30 

!~—C: 

1332. 

, '9.85 * 


■’ 'FIXED .INTEREST"^ V, 

r - « VIELDS--J...V i'"-* 

Bf. Gott Av. Gross Red. 

-Teresa- 

... .'7 . . 

. Mon.;-. 

' Soy..' 

. -.8 

•,YjjaTH, ; ', : 

- ‘ 

MpproK . 

T. 

'■3 

3 

LOW - - • S yart •' ■ 

Coupons ' . .15- years 

25 years. ........... 

.•936 
• 1L32 
: 12J3 

951 

HJ26 

12.09 

. 6.66 V. 

. 9.«t . - ‘ 

• 4' 

T 

;6 

MediilU) - . * .5. years::,.; 

Coupons - 15 years.;.:... 

-35 seare, 

122 
1257 
■ -32J5T 

.-22.48 
" 1251 
1251 . 

3242:,: . " ^ 

.7 

8 

;9 

Hijrli . v ; ,:5 ywr. • -■ 

Coupons ;-'J5j'ear»!.^:.....'. 

. '.- . . SB Jrears^'.^;„ , 

13 J.9 

12M 
-13.09 
- 33J5 

- 958 V. . : 

- a.4r- : . , 

-41.44 V, 

iol 

IrredeffliBbles 

li05 




• • • 

TuwflisrrTfoT.-? 

Ueador 

; Friday* 
Sin. 

TbiitK. 

'.2f0y*; 

v 

' 2fwf. 

Tow. . 

W 

Una.. 

.UitU 

Friday! Xoaty. 

-act: - -ep 1 . ' 
•2S-. 

tedes. .1- XieW ‘ 

-Ao.v.1 '-S ■ ' 


15 

16 

17 

20*yr. Red. Deb Se Loans (15) 
InvestmontTrust Pre.fs. (15)- 
Coml. and lndl Prefs, (20) 

so.jta 

31JM 

tX3'.82 r 

13^44 

13JKJ 

, Sfcw l 88,18 

SI-OS'^ fii/H). 

. - t": 

56.13. 

• '■5 UR* 

-51.63 

|.b ! ij»'' 

4 :.:-' -• 

•swis’ 

•?W 

[•'56.68 

>1^7 

TK04 

•biia 

56.57 

.- T 

' 77jjf 



-•»"» -no -wi poevrv., Hw.mn hi vaara.-an! 'OntcUtbost arc~ H^tSiOshi^ ' Id ?-7 ; ;v<rAr - 

oi. EtW t MY. U Fri« , a5 t “ <! K S 









November 8 1978 




AUTHORISED UNIT TRUSTS 


\J%o 


Abbey .ttn.lt T*t Mngrs. LliL fgr - ■ FriunJIngton Unit .MgL Ltd. <a> Min«*r X1 

fe^sTii '■^2SCte3S^^^3 , S 5=;^*™' 

IgteSra-Sr . , W=r-WS7vKSr-Bi» 53 “I IS 

ppT&^&S . .49,31^8 SSI^-ISS ’Md ■ 13 “■ - 

tetued Hambro Group* fa|tsrt . .. ■’ Friends* ProvdL Unit; Tr; SSgnJf 'IV? ln ’ u .- - . - ■■■■■• l 4 * 5 ' ’’ «c ol -o’?] 0 s5‘ 


OFFSHORE AND 
OVERSEAS FUND! 


•■4779 -fl j 
. fa7.M:-0J 


I. Prm inrial i.ifo Inv. t o. Ijrf.y Satr St ProsptT'.'onlinue*! 

•M33W® 2i.'. l-ivlii'i'-. iu*:. 1. >' r. uiwKni iHniliilli 3Stwn* |M Llrt.V 


ftHJed Hambro Group* . . 

f lnmbro H>c. ! Niton Brentwood. tt*ex. 
1*83 3SS1 or Brent W dmI idem 411490 .< . 


j'lLA Lmu._ 


W&*=>~T I.. - «l> 81 -fl 2| n 

.vaMSKirV*™ 9 *' Johnstone U.T. Mgnt.V «al 


Pixhnoi £nd. Itorkui£. 


Pn-lilic (.-ml- [81 3 87 lul -I 01 3 28 >,,.>r»iN 

Iluh liu-.ni>.- |J15S 12 J 7-d -« 9; 7 SO ,*• H -lit . 

Pnidl. l’nrl folio Xnttrs. l.iil.V luitbflcl sflu k-w.i.ii 
IIH h-mKirf-.K’. l«w!!M| I'I^IS!»J=1 -ViJ-E' VI. 

I’piilenli.il _ |L2J5 13I0|-l.f| 4 B7 ' l ' r, ' ‘"' 


Target I >1. Mgr*. 'Scotland) iaMb> Alexander Fund 
Jfl. Ml..-) <'!■■■.. .in Li !ii- j. nj-SiBCIC 3" rue S«n- l'-*mv. 1'iv 


-Ims 1% Si .. ?5 A- •' - 

io XnarsL Lid * L..,h«,i ■ -77 |2»0 ?67 5 . . 219 K ' 1 " "" u "~ U ^ -'lien Harvey & Ross Ini. M«L. lC.1.1 


Kevsrr dlnuuin I.id. 
i*. Mine 11 ru<>i.H> 2. gn< u; o.icrTr. 

Kon-i-lMv .. F:IJ96 J5J:| *31 :« 

Honit’M'Iei. f:!Utf IRU.nftj — 

*>r.i \»vi-i'.*p £137 58 137 nr .7H7 — 

K.-,iel-.J«pon ... £12.20 - ;-:5H - 


sci.lE' VI.L- ■■ 1 691 Trades L'nion Unit Tat. Managers? 1. '.lknrini;i.‘ro“.» 1 SLIIirlKr 1 J»-.*' I. u.i.W 73741 King & Shasson Mors. 

■ | 'r»e. al • " ‘ 1 •'• ■' ' I HU. IVi.vlSirwi. K 2 ul-tZarWll AUK UijL Kdfi-Fd....|L10 13 10 14| | U.92 ] I'hanm 1 Cross. Si ilelti-r. Jrr;e; . .-q-iSM • TIT* I 

.Sr'hlesinRrr T rust . mgrs. l.td. <ai(?> rri .T.\.f 2.. ... 1*93 52 5| 1 5 4a Arbtithnot Securities 1C.I.1 Limited "f j ,‘ S- ft-tcr f*nri‘. «:rrue ■ivjhii2"'“ 


willed irt. _ 

f irtt ImKKUnrf . 
:n+» SlUv . . 
3«t IikJ. r>e 

uA Uled Capitol 

■tlaralirof nuil- 


SncmtK 1 Funds ■ 
iHlcb Yield V.1* . .. 
AUJChlriroine... 

JA H. Eq In. ' .’ 
HBicmxioiial FioMb 
dpternalkmal . .. . 

SPs'iflr Fund 


iO€D 


6<l Banque Bruxelles Lambert 

nit 2. Hue U«- U lU-fccme It 10m I HrusirK Lloyds Bk. tC.I.I L7T Mgrs. 
516 lleniaTund LF . . !L903 1.967] ,1]| 785 r.0.Boxl»5.Sl llvl,.;r. J..w. 

a 28 BartUy* Unlearn lnt. iCh. 1^1 Ltd. ; .^ f 

I. * hann B I'niwi- M- Ui'brr, Jr*;. itVH 73711 

OuiM.'ikincoiDL- ..146.7 <iij . i J2.00 Lloj’ds Bank Inti. Geneva. 

TWJ1 |7|ll«WI*eTrUBt SI >13 76 i;nj ( IS) p,-} u*. jtjj I.M I ,, . 

J TZi Unibond Trust, .. 111. M»« lOLra.OOli L5D ? LL' .iST.T . 


ImeroLl. Bd.Fd . 


BRnder.on' i ■SSKSSSKfe 1*9 I. ^ National Westminster^ 7.7 Rotb^-hild dr Lowndes Mgmt -a, HI "aB “ IS ^ 

r^vT.^,.1 . H2, «4 «s^k;JP . -ss fes gj Eg! !» n TtS-«: «.°t Sif,i .w 1 - ^ ^-JSi ^ 

-■Ansbaciier Unit J»gmL Co. Ltd. -■■■-/■ ,J » V «s 49 J 5Ji Rowan l nil Trust Mnfft. LCd.¥ in SiMlish BjuiWile Fad. Jlgm. U4V '. l, « ,ni }**6 «. 

jJNflblBat.lSCSV.aA.i. ..-OMSBRR Pwtloliuim'fii”’ Cll) GHielhe. FnM-ir, Sq..F«*2. ui-MiilwA rMst..\u<lre»'k!>q.t<ll'ibiL' t .-ii iXJUVCSiim 

Snc. Monthly Hand .|275. ,.,-lfe] „ ;4. 9 OJlt. Predaick^PL. OM Wwy. 0]-^8<Ilj paHwnalfvi.dl ~ gf fS Amenran s:...- 2. . 62 5 *5 5.J I 1 70 !. ».««.- fntw. . -|«i 523, c? ... i 5 27 

IT.,....],-., T .r : „ • . t»* A.C1 tnconw'^-^.JJI.Z - '44M_ f J- 4.M K -_ _ " 56.4-d-Oa ZJ7 Seiur,,,** So. 7 . 170 0 1B09 4 12 .U.uni L'nik JF7 3 610|.. 1 5 27 

^9>utnnot Secmities.LUL (aKc) .uv.t.G.cniwtMt^gjo - 'fia -07 ? J™ 5 * Managers LULV lane) iiui.vid k.»- a ... h * 577.... — - - - 

07. Queen £ l L on doaBCUSlBT 91230 5381 .WA.qTttr Eae^p 60 _ — I MUion , ; a un.£ Wk my Surrev mu l.Vrunt L ull -™ - 77“ n> - — 

•« HiJCh Yield . ..J46J «7d ; .. I 11.18 DeMfil* 1^8i«W«L . JfeUtar ..Ml ti]d.|t| 517 s ** r “" V 1 — ,5?S “" 

••.terumUoV, . 177- Til ,.-{ ILIK r t, nW : ' NelMar Hill. lnt .gas SlS-O.lj 8Q1 « Ln.L,. .^69 1018,.... 

vnebbirnSd...'! »*••-■ If *fS 77, London WaltECi :•"* • - 01^88563)1 Norwich Union lnsorance Group (b) Royal Tsl. Van. Fd. Mgrs. Ltd. 

4. Arcura Umiu. .. 54.0 - - -' SSI 
tab** •Wdrwl.tts.i 53 6 55 7 


urir w 93 Covetj l JohnRF 
-4ja.fi4 77, London VUU&CS. 


Hull Y Id Kwl ... 54 9 
i.S'Tiim L ull • '... . 77 4 

Merlin W 1 78 * 

i Ircuni LniL.i _. .[96.9 


577 .. 
8X3 .... 
82 4 ._, 
1018 . . 


■ \rcum. I ‘nil-.- . 185 4. ]94 8| 

c'.ijmal r«m I.. .. 126 2 132 fl., 

■ \. . uni fnn*... 1786 1B7CJ .. 

L -nii- N'.n | . 1092 114.84 „., 

i.l.dlBi l.'ml.. 157 2 165 2 . 

Ini Kuril \i«- i . 243 0 255.2, .... 

itrciim I'l.ibi.. 275 8 289 6, 

Trvl Now I . _. 106 0 112 4] . 

■.mum (. nil.- 134 0 J« 2 


Ift nos 1P5. ai 1 i vlier. Jiw ICCM ;7'i8l 

U(^ d.i Ts». O’sca ,69 8 64 Oil 1 1 Z1 

:*|-*i deslins date 7> cn emtier 15. 


PO Boi 438 1211 iifflwi- II •S'.vu ■<■■ inndi 


Lloyds In' t'lmwih jsTMJM 
Uo>dslni Inc JSF299 H 


SlS|:ilSl 


252‘ -VhlV %ar. Z - .f^—- 

9»4 xccum Dnl 


L2‘. 


2 .otJ P.O. Bo* 4. Norwich. SRI 3NC 
iOT l.roupTm.Kd . .IJSfl 5 X 


_ Grfeveson Management Co. Ud. . 
Wfeimfia'i»iSt.gc3P2I>S.. Ol^Ofil 

5 93 Rim Stan Nov. 1 — g}9J Sffl I 1 

3 Ifl lArromUnUgV .... BM W 63 | , 5 

2J0 Bmr.H.Vd.No*’. i_u776 lB60«i 4 


smaller Co'vFd. f 

Wr , JftLILiMnrn b InU Fell 
^ 1 Vn-r . u'drwL fi* i . 


Ffwnen Fd. 

s'. Amer tluc Fd 


414, -O.fa ?.50 8tnAH.Td. Nov.i_ 177 J 
,48 7 -0 « . 258 lAmnn. 1'itfllU. 2UJ 

3faE -OS 2 50 Ewfcuv Now. 7 Z2j\ 

-441 -0 6 2 50 (Aiium l : nll>i .... 2361 
285aJ — 0 5 414 CrnchST Now. 3. _ 888 

288 -0.9 U3 uvtm I’nitsi 92^ 

2X4 -ft.; X33 La. tarsia. Nov. U 78,9 

95,4 ■_ . 1 58 lAPUim t!mt»» 74-5 

.9K6 -a.9,-UD ' = . l - 


I 2481 -26 
■ 917 _i 
96 2 

. 1 74.2 

s 788 -.- 


■Rich hir Fund... ! 388 ^4J-9 -0 2 *A» 77. London WalfcECi ;• oi«8593) l>orw,cl1 Union lnsorance Group ,bl Royal Tsl. t an. Fd. Mgrs. Ltd. shu.s Ju.-ome Kd 

»?- ' “j ' ® 69 S-hl'r %ar. 3 - .r-_ JU42 -WL-fl 209 P-O-Bo* 4. Norwich. SRI 3NG «D322«K> W JerTnwnSHv.i.sU, 1 nMOIC-M Security Sel« 

sS^r«i£ ! St. TaaBoLSRr 1 ^ ‘?sj ! ?s 

iMinmodi}} Fund , r 640d • • 5.9B . ■*.* -r.‘,i, rr VrTr-n- "m jw irn Pearl Grmnh fd 1233 25 1| -0 5 06 Save & Prosper Group Stewart Unit 

Sftn.4 Prop.Fd _1* . 166 .179-10 IS lAm^lJrlisv .... Z358 • «63 5J® Pearl UmiT«t Ill 'q * \ r* ' f*?, ^ tV isr.nwaii i.tmenw 

GianUFunri ....58.6 416 -O.b BtnA-H.Td. Nov. 2_ 1776 1B604 tAirum Unlu, ' E, 2«nl 2a f?o twUtur^ uI.RM WW or imrs- ... ■! si 

&£ ************ w 

«mi!!er« l :o n s Fd.__ 263 205^ S 4R SnSr -- \ « * ,a »^ rter U**W VW' * l -,”3 -■ | S* nZXS*""*?-! 

\LK*.inrntlnll FcL 260 286 -0.1 X33 iA«.nm. l'mt*'-.„ V2 962 341 "‘i L . 903rd ~0 4> 497 jfy . 24 4 36 2*4 " “6 .tuinal'wi- . - 

rn.fi'.w'drwLl'i*)... 1M - 2X4 -0-.7 U3 La. t Br:Oa.Nov. 1_ 70,9 . 1 74.2 3 69 Perpetual Unit Trust Msgmt.y la) Unit i.rauih 167.5 72 5iq ] 7.21 Meahrir i 

Foreign Fd. B3J • •- ,95y4 . . 1-SB lAcelup. Tnittr .__P4l5 : -j ■ 38^ —.4 389 48 Hart SI . Henley <m Thames 048L.*CTI*I locrrasine Inromr Fund Slin Alliance 

few^sr^ii^ss tS L u Asr . «s*s nssr^m a? ~j « 

I Priie. hi Now' t .Neil MA. tt6sr9*o*.*T'' ^Henderaon AdnrinsfialionV (aVcXg, V' 3 ™, 4 1,1 I .K run*. ::i.t.,*.h..nift D 

Barclays Unicom LttLV (ajfcMgi . *• c%£M'*2 ”■ J?* 4i| ^I.fj ” in ‘ ~" THrS! V-ilS^L 

L'nicurn Ho \2tt kandord 3UL£7. - 01-fM 5MV =“**-. ... <C7J^17Z3t L-pii^Fumi ...Ei , 464^ . 6.40 Lurope j*7b 94 :( I 374 T.rg” Rrii.iiv . 

r , .,cm.*mSSr35 -! »*5Ki SlTfis jwl ' -*,^,, 4,, St2»£>« b &? 51-23 sa m-~ \ ui 


7 95 nculine dav A‘e*l».- A.w Trvl Sn. I . .. !ia& Q 

l W sebag Unit Tsl. 3Iana«i-rs Lid.tr lai !.'«umUn,. Jmo 

“ w 19 . h.« 3 ! I. Brfwiuy. H<e- fc-‘. .' ■>■ =w *»a « 4 -' »*► 1 “WgL 

I-.I.UC I .ipli.il Kil .433 3 W 9j -h t. 4 08 /-"Iw i '' u? S 

liironwhd.^O < 324-0 x| 8J1 ^rum’Lml., ‘..Il66.8 


J 5; Barclays Unicom lnt. 1 1. 0.. Man i Lid. " 

2j? ■.Thn rai s l ,iK.ii4iai tu.SL y«M48S8 Management InieraBUcmal Ltrf. 

834 l : niCornAuBl Ext |489 52b, .. 170 Hank Bcrmuila Bmldini:, Burciurii 

5 25 lie Alin Mm 311 335uli(l7 j 80 Canterbury i.V-L ?7 |U <wl K | _ 

IS Do GrT PacIRr _ 68 2 73 41... . — _ ' 

12 53 Uu. InU. Iocxmxm.-- 39 S 42 5d &20 M &i (• Group 

KWnStaJSl’.'.Sfc Si" 08 1.40 ThwiW^Tumer 11,11 COa U ;4C645i3 


1 .ipl'ul K.I .433 3 W 9! -n l, 4 88 /"i'w ” In? 

..... liirome Jdjpo < 32JI -0j| 8jl l .vrum , L'iiii-i '..[ibi.i 

Selection Lid. i«*-9un«srwip 

;ZT 15 l**.l ureoln*HinH«- ,, ls,l , .i'2. P|.*u UftW n . ■„, 1 ,i. 1 | 1 ,Mum.. . 80 5 

:J. -L“ ‘Bi 2i3ii.<l I IS 

Stewart Unit Tsl. Managers Lid. (at nv„ .' S 6 

VI '.P X'i • l,»i|.4icSa ErtiiK«ril_ UJL-JMK7t Ini. \i rum . _ 19 3 

iMvwaii .tiamvao I'nnd High Iik. Pnnnt>_. 64 6 

si..u.iurrtr mi*... I96 0 54 7J ... .1 158 Inierawimsit 268 

\. . mn. tniL- ,60 8 65 fJ .... J — >reviaIhlLv |34.l 

V uhikrnw.il l.'uil : 1*34 4b 3, [ _ _ 

■Mnun nmixfc i>r<»i 1'iin.i TsB Lnit Trow* 11 

M,iniUni . IJJJO |JgaJ-’-I 4 JO £ > l I .;ii,gil^l > ..iv..\niln>' 

.3., .urn. full- J 1 *? 5 , t . 171 *. " ‘I 9-° IH-Hlinc*> «*» 0 

I.Ufahre tTuo X ri. - A.«1 ih.TsRi j.u.n.1 144 2 


I 1 9X2 Bishopseaie Commodity Ser. Lid. auh K» Vu « .1 Isi s: ij :m{ "'] 

«j»»w« CANRHn-VwJ OW 3 15^ T Return LmL.' ...|lM.9 198 fl -0.d 

ln“i £2? LUCNT-Ort = Id 465 i614l | 3 

.{J: '.'riginalb iwiuiil ul 'Slu unit ■•£! 00. 


iM.nan .liwnin I'nnd 


'vra.il Krill** I'apl'al Fun-I 

38 4'.... I 1J0 >,,.,..1.111 .._|1J6 0 14gfli-."» 4 70 

262nt...| 4 05 .tuuml'a" . .J158 J 172 al - » 4^0 

.2 5iq | 2.21 l.itfahre tTuo X Fri. -'A'i*i 

Sun Alliance Fund Mngt. Lid. 

S64H I 7.69 ui,MK.-ell$aw_]1»r>n;iia uk'.Ml'l 

K‘|. hq T<4 Ocl It (£237 1 749 61 I 3 80 

71 2| ; 8 56 rriu-LHDulw trt 1 94 1 100.li -I 3, 3.84 

-*5*i J 951 Target Tsl. Mngrs. l.ld.¥ :aMgi 

. ?.l. 1.1 .fast. D.^ Iivlmv rvj9fi rr >»L 

46 1| _... | 539 T:..yet«i.nw»..li* 37 0 3981 376 

Ijr^rl Kinsmrial _ 97 8 bifll-l? 4 61 

94 7, 3 79 Tur^rl FV|iilly . 368 39bj-n4 fc?g 

113 «... I 3 53 Turv.lHs Xm B . 197 4 2073-115 7 27 

48 71 ....: 1 55 «lh. W CnH- 268 1 782 21-1, p 7 27 

71 8| . ... J Q 57 lururt Hill I'und 1168 12241-0) 300 

T..rji<i 1 .'.iwrth 2?4 295 -0.) 47b 

80 71 t :. 5 rirgid ITiCltH'I'd.. 27 4 2 9 5 . 1 10 

69 91 " 1 186 lb* R‘ , n>'’ i'niis . 30 5 321 . 1 10 

73 3 u Tarpnlm 3)1 334 350 

oil... .| J jo 1rt r ,,r %.«■ H. 1528 lbOB.d-38l 485 

, Tti In- .. 2»6 30 7-( -PM 8 58 

7547,..., 211 r.-Ll'rer 13b 150 1177 

549^| [ 7 62 l.i Np.^mlSH< .148 21 7 ...| 4 85 

' I 


?2alS ! \ W21 Bridge Management Ltd. 

2Q w - 0*?l AQi I* f* jCP. OriiA'l *.’.i> Tiv-«n. '.aw 


l'nic»en Amenes . IMA 31 -0 

To Aij«i, Arr • 72.4 783 -0 

Do Mua Inc ^57.1 61 7 - {? 

On Opilal . ..(fi A 70.3 -0 

>»> E»emp« Tsl . 1MB XU 2* -a 
jn Extra Income .28 2 30.5 k -0 

>1 Kmannal' . 608 . .- 653 -II 

xi MO 74 8 33 fl— OL 

V' ‘Spneral . . . 113 33ABT-0 

X* '7r.jM.Hi A nr . . no. a MX[ -(». 

Xi income T*i .. .018 90 6,-0. 

to rri a ns Tst (1459 1532, . . 

Prices al Ocl. 31 Next sub W Ni 
Jo Kn-nwer} (88 2 87 Bf 

>0 Trustee Funrt . 1132 - 122.5 - 0 1 

u..W-|riwideTsl 481 .- MW-fl. 

I'UJ In Kdlnr .r . 580 iOAid.VO 


-Txl'IeR aw Cahn* Recovery- —T* 6 -Z" - 
70 3 -0 6 '468- 

X2* -a* 468 'KM** «4»* l» v ■ 

0.5b -01 8 S» Ri«b tercnle Fuwjs - 

65 3 -d ‘j 5 10 Hufh Income -KU'. . 

IS ,C*b« Extra roe.. _.B66 
3*nT-03 6.S '-sbolPrefAtJltt ..(485 - 

44TI -0X 42S Sector Minds ' , 

90 6, -0.5 6J5 FinunciulX ITU 125.8 . 

532)'. . . 8.9s - till A NM Re&__.(27.7 . - 

1 rtay.Kov.JB laimtallciUtJ 

87 B .5 St l.jbot 185.3 . 

22.4 -09 529 Intnmibaiuii v- 131.7 ■■ 

M0 .“S'S. ?? , WW.WideNiiw.3_P3A ■ 

D Ait .-07 XS0 ft.— _ . 

70.4} -0.5| S50 AuSSlUn. ”_137.1 


484, -mj,: 6.17 PniulJ-Fund 
47 4 -<j5J 3.02 Areumlir Ku 
49.1 -0-2J 3.82 TevhniJoiy p 
*1 -a5t 6.43 FnrEowFil . 


High IncnnM funds 
■ I4«L lllRh Return. — 166 S 

X2R3HD. lrro,I>c 1**' 4 

I .K rumk 

—02, 10O0 TJKEyinly . ..J42.9 

+0 1 710 Orrrmi Fu>l«ii 

6.40 Luropc 187 6 

-0^ 6 60 J^uun . . . 1051 


. . 65.9nf~0.lf 795 
" 60.3 rOi} 887 
-SL^-a- } 12.00 

. 27JI -OX, 321 
. 1. . 29j|~0j] i08 

■ 9BJB«I — 04, Z82 

'' ^S -05 463 


48.5-0 7 bta J^uun. . [105. 

, . , -zz- - . 372 -0 3 660 S E Am:> ilulh t-ri .m3 

302 Areumlir Fund -62 4 676-0.1 6.70 t'S . 66 8 

3 82 TeehimlcoFun,! sag 63.7a -03 7 30 

6.43 F.iT Eaw f rt , . 28.6 30.1 -0.4 1 7B 

- Amencnn Fund. 2J 6 23.4, -0 3, 32B ' [2n 

7g Practical Invest- Co. Ltd-V (ynci Fuwir ‘ ]68B 

liM *»• Bloomsbury sq.wi | \2HA 0 1-623 8»n Kleh-Mlnimum Kami-' 

Pnnlb-.il Net- ] . ,1464 issn..-| 4 46 .sdret Inimw.ii . 1216 1 

321 Aceum. I_.rn. .... |yij 1 22«.s| I 4.46 seliri In.- ^nx- ,52 1 

L08 I 


Hi Oh I n* - . PnnnD_.(64 6 69«-02 841 

1 SB Inlcrnulinnul 26 8 28 61—0 51 332 

_. MrenjlAilv (34.1 36.4J+01) 5J2 

— TSB Unit Trusts 1*1 
4 70 Ul.-rti^nliy V..n..\nrto,rr. R m-s 020482188 
4-0 I v-nlmt* i*« 0-2M KW-TI-r* 


-OS 494 1 M BL '* JUr < 
-02 841 jN'lMSlii f 'cl. 2 _ 


*■** Samuel Monlaeu Ldn. Ajfls. 

1 11. t'ld tiruaJ Si f i.' : 0<.S/lguK4 

AfsiUoFd New ] J5F40 30 43 7m 4 ?S 

JspTmi Oci 31 .. ];r.-.5l*« ’*12 q 7q 

_ 1 17 Group Nor 1 ,UJU30 '.i r 10 

ll7Jor*o*''?ci 18 i3 *8 5 9f .. . 0 7C 


28 fl —0 5 332 ■II , U Bo* SM. Ilnnc K«WR 1 in Jersey Oci 1H 10 *8 SOIL. O' 

36.41+0 2] 5J2 Nippon Fd Nov 2. |li*r><( 72*4| . . J 0.74 117 JfyO sOci -5 r-9 Bfl 10 3bj . .1 — 


tl.iTMl lienor:.!... .144 2 

47 n 

• bilh. Ji i-iim 568 

60S 

64b 


67 4 

TSB n. fkti-h ._ .. 50 3 

85 5u 

ill'll" Awt'iini —.(87 0 

l : lsu-r Bankf tat 

92.6 


S3:.1 


39 a 1 0 3 

UBI-l 3 
39 hi -14 
207ffl-!l_9 
282 2|-l.e 
122«J -Hi 
29 5. -0; 


152 B 2b 1 ) Bid -3 
28 5 30 7-4 -0 

13b 150 


3 76 ft nrinf Elrwt. Rd ln-4. 


BrUannja Tst. MngmL iClj Ltd. 
C188 SI. Heller. Jersey. U534 

Sbrrlinjt Urnmiiulnl Fds. 

4?n Grc-uih lawcsl .. 35 9 388 .. 

al« IninLFd . ..86 2 432 . . 

7 56 Jer*« Kncrg* Tsi . 127 8 1274 . .. 

7 26 t-imil STtl file.. C2 30 2 21 .... 

211 Hifihlni sU«.Tu . £0 96 0.99] 

224 I'.c. iMllar Drnumjiulrd Vds. 

I'mvilSTri .(IIS525 J 53J . ... I 

loLHiBhlnl Tsl . Ill S047 ] Olj _| 


l.td. Murray. Johnstone <Inv. Adviser' 

U534 73114 im. (lope S' ■il.in-nii.-'" ST-IJ 

’Hupi-St Fd ... J SIS13 98 J .... | _ 

I 1 M Fuad | SI S1033 | 

l tw S.VV Oc'iobcr UL 


Value Ncn Tl 


»*' -It-alint; No*. 13 


jig ■Murrftw runu | SIM133 I .. 

1 00 NAY October UL 

loo Negit S.A. 

12-12 JO.i Roule-arrf lit-.- bl. I.uvemh-mr^ 
NAV Now i | SI M2 5b | .. 

900 Negit Lid. 


Bank r-f Bermu-ia P-Mcv. Hamill-n Fnh'li 


■ U-LT4cri>n*Kth...|364 391] -03| 544 Brown Shipley Tst. Co. (Jersey i Ltd. NAV Nm.3 ]C646 _ ]-0.:j, 


7 27 Unit Trust .Account & M gjDL 1ML 

2S lUu.'W. innm Si F'.'+m**!! ni«34f 

ill lViar- II- Fnn-I._h389 410, ...| 4 

. JS WKHen.nh Fnd. 30 8 32 5] 4| 

,10 l*M V-TTum . . .(36 2 38.2} } 41 

Wider Growth Fund 

8 58 KinrWdhui-iM ECHt !>.Ut 0I4C345 

1177 Ih. hhv I. nilv (30 8 32» .. .' 4 I 

4 85 >■ -uni L nils .136.2 33 21 .. 1 41 


r I. nils (30 8 

. Un-ls.. _. .|36.2 


^oenU International 

112! • •] ill ? at ^ d ^ e T nl Ltd * IhL^oitarFuid'lsV^- "TST- 1 - 

32 51 1 4 68 H.u Bca IBS. HiniJiun. Berm-irtr. < 1 

38.d ._..., 4 68 Ruiire^, Enun> .. glM *8 :5J[ .[ 153 Quest Fund Mngmnl. ijersos; Ltd. 

Buiimvlneutnc . |S1>191 2051 I 7.87 y ,1 u_, <cu K , 

Mifkii l*cl !». '.*»! su h. -U- Vie I! 1 s } "■■•‘WtJKWb 'L.V..4. 

oi4C349r.i for Capdirex S.\ see under Kejscr JKS 3Hf Pi-* S3 I 


T' n Hn*. 1M Si llelier Jtfecv 


k* An-um. ib7 6 - 70.4, -0 ^ 550 . AuxtralUn. l: 

taring Brothers & Co. U±f lalfxl ■- rffi""",— 
a. redden Ball st- KC.3L - - 01-638330 -SI. Am -1H 

traltonlyt 11855- 193^- ...j 4 09 £ abot ^2-S»t 

.10 Arrum _.-. U316 -7423. J 4.89 F*ot»y* Fuodte 


INSURANCE AND PROPERTY BONDS 


Crdl™. SA se.. under Kejsrr 5-"» J8 

III man Ltd. y u — .1 1 nil Hrt |si *0*11 awl 

(al International S.A. 1Y,e ■ ** ’• N “« d ' a,in s 

r Nr-rre-Dame. Xiiaemhnure. Richmond Life Am. Lid, 


Capital International S.A. 
37 rue Nt-lre-Danw. L'lfcmhimn:. 
'.'api'hllnl Fund. ! 51*17.72 J 


axv .T4-< 1 

1 1:00 
rn 

900 
•'■7. a 


4a Alhnl alrcc. I'cmlay I .U M 


For i'pnlral A&KeL* tine l f Id w-p PlThlSihcr Tniil ,111 E 114 5| .Q r, — 

■ - AbSrl . ... "g*. . t / t . a 6Ce u,ehinnndGd Bii |ll3 6 119 J .. 


t 11855- 193.3" ... j 4 09 Cabot Am.Sin. W 

- . -. talk -142.3 . i 4,89 F»qo y4Faiwta - 
\«t mb day No., fl, . 

lishopsgate Progressive MgmL Co.» „ w .. ,.' T .. ... 

. HlibijpSKUte. E-CJi - UI-S88K3W V® 13 *** •'' n “ Tb£ - W 

Vov 7 . .J1B2.2 194 If -an 4 U'..« B«eefiSl,£C2P2l J~ 

4ow 7 .. 12170 ' 23X3-20.4) 436 IbiBnllshTma (14 

:m 31 ..[160.1 1553 X4S irr Inti Tru»i._ _.P4 

T31.. ..(177.6 ' . 1S9.01 ..I HF (SilWlar Trust. ^-1171 


i j2JAbbey Life Assnrance Co. Ltd. 

* ** 1l_T «i7 Uanl'sCl. 1 evil Ri n, 


innl ' 1 tan Equity Fund. 


■fWlefr— Nov 7 ..ma.2 1941,-8.7, 4 u. l 5 s«wh Sl.£C2P2l-Y . 

rc CIS -No. 7. .12170 ‘ 23X3-28.4 456 Ib'HnllshTnist __(1492 

'gaielnl HcL3i.-p60.1 ISSS -f A4S - icrliitl TniiL-- - — 34A. 
Wrum 1 Ocl. 31 .. ..(177.6 ' . U9.0f .: ..I 34F («■ IWlar Trust. 711 ' 

New! sub. day.'Nirr. 17. ‘‘Jibi. JLL • (b-CupilalTrust . 2S-9 

- ■ • '■ ihlFinancialTnifJ.. Bt? 

-ridge Fond Managers .(ft) to oiiinA&frujvt 25.0 

*Sl* Hie . Mine W| til am.SL.ET4. g7 . 

_merican&Gen4‘-|22.6 '»« ; ...1 LS9 «W«K9 P«^ 


1-3 Sl Pauls Churchy ard. EC4. 
Equity Mind. 35.7 371 

Equity Acc . 30.8 321 

PfijpCTIy FH .. 1508 1587 

Property Arc. . 1612 1HJ 

Selective Fund . 90.6 95.4 

Convertible Fund . 1336 WOi 


. ■ 01400801 1 (Convertible Fund . 


'2S9J -J '555 * Money Fund. . .. 1242 
JT3 -a a • J OB VProp Fd Ser 4 . . 132J 
76.1 -03 -276 *Man Fd. Ser 4. . 134 3 
3X0 -83 493 SEquiiy Fd. Ser 4. 344 
tta -O» '5J0 *Conv Fd-.Ser 4 .114.1 
27.5 -OB -7.89 VMoney F(L Ser 4 112.1 


7.89iVMonry Fd. Ser 4 1121 


-.mericaniGenJ'-BXk '23.M :...{• 1*59 

■ffiT.- W Si; ~S| g ~ ^ I atel.«rtaHgt— -- '. V ' Albany Life Assurance < 0. iJd. 

o lec.t 41.3 44.0 ....... 3.83 KtChrlaopberSIreeLKea. ' :«Tal77N3 3L Old Burlinjtion SL.U.l. 01-43" 

*empt» 1420 . T52.1 . 5.64 r.lniet. lnr PnwLL_-.(S».fl. , 9X01 669 fEqurtyKd. Acc .. (195.7 205 . 

lerrll Inc t 166 17.7a .. ' 4JJ ■— • ' *-• .*' , r y . eFIxed Ini Act 1414 148.1 . . 

i.irrt- ... .185 . ..IM,- Key Fxn^JBznajrere Ltd. ta'KKi fGtdMonevFdAc U6J 1224 .. 

rail I* Tula. iWed. Fniurs. Prices 9JnU6)sn PdALir. 1107 115 ( 

31-Nov. J.3. 75.M1KiSl. ^C2l 8JK. ,-r : , DMWTtro yProp FdAcr nz9 118.7 . 

-Jtajftnttlb' ta.Fd_p6ft'e t . ‘81 8,-41} 3.49 fM* pie ln> Aec 170 2 1791 

rrtannu Trust Management (ft,® XeyBhuliyftilwj -LWr;' ' 4 97 Equity Pn Fd.Acc 2355 245 7 . 

L-tnidiin Wall Bui IdmjpL Xivadon Wall *Kcr fitpnigfl Fd -|lTC-2_ 1KJ .. j 5 45 Fixed I Prn Arc 1E0J 1891 

■ndon EC2M SQL ' ■ ' 01-638 MTan-TTP K"2- "55« .9-21 : Ctd-Mon Pen Acc. 132.8 139 7 

™*“lT71 ai« 'Rii 4 - • -a3 3120 tnUJIn.PnFdAcc... 1173 1234 

-— ]/13 78JH — U-] 4.o6 r*v C miI I r-w'^Pd Ul ■ 111* -H2E *M s_.s.k a.. rnc 1U< 


572, Price* al Nm 7 
627 } 


Ltd. frown Life Assurance Co. Ltd.V Lloyds Life Assurance 
01-248 Bill rr»«niU(eK»e.Wok*ne.CL21 1X« 'MflCVOS 20. Clilu-n St- EC2A 4M.'i 


aluailon normally Tueb. 


— 0-77 — Slang'd Fund Acc.. 102.8 

-O S — Mang'd Fd lncro. . 100 7 

♦04 - Manp'dFd IniL .. 1010 

+05 — Equity Fd ACc 93.6 

-1.0 — Equili. Fd lucm. . 91 9 

♦0 1 — EquityFd. IniL - 924 

♦0.2 — Pi-nt-er j Fd Arc . 95 8 

+0.4 — ProocnyFd. I:icm 95.8 

-0 £ — Properly Fd Iml. . . 94 4 

-0 7 — Inw Tst Fd Arc . 983 

♦0.1 — lnv T-4. Fd. Incm 95 7 

♦0 11 - lnv T« Fd. Inil 969 

ally Tueb. Fixed InLFd acc. 1000 

Fxdlai Fd. Incm 98 8 
. . Inier‘1 Fd Acc 1095 

Ltd. Inter*! Fdlnrni - 1096 

JSSSrJfc. SI 

• 1 Did Fd. Incm . . 1014 ■ 


J08JJ -0 4 
106.tf -O-i 
106 3[ —0.4 
98S-0 8 
967] —0.9 
97 a -09 

ioa» . . 


7 57 Mill «;i Vov 6. 


7 57 In SvVPr Nor 2 1«4 152 0 

7 57 fip.V.VEqL Nov Z 134 1 1<I2 

6 95 u P.V A H} Nov 2 155 8 1*4 0 


6 95 ugS'.VH) Sow 2 155 8 1©4 0 | — 4 i'.lSi Hc/en'j 

6.95 '»p.VA*Majl.Nni- 2 153 4 1615 .. - Frt 

6* i?».vPnHSow2.|Sj5 130 o( . . I — ?-<«,%;; 

975 I^ndon Indemnity* Uni. Ins. Co. Lid. V^L™. FtfT - 

9J5 mao.TlicFprtwun Rrsdinc^-RWii ■ ompTPero Kd i 

J ~S None*- Man »Srr |33J 35 6, ♦D1| •- EquilwPenr F«l 

<? $. >. Al. Flexible . - ,29 5 313 . - Pmp Pen.* Fd • . 

>T'.S Fixed In lerebl .134 4 JbJ, | Gill Pen* Fd. 

Oeppi Tens Fd t 


ro*® fProp Fd -\cr . mi 
349 Wplelnw Acc 170.2 
4 97 EquiWP-n Fd.Acc 235.5 
545 Fixed I Prn.Acc 5E0J 
921 C td-Moo Pen Are. 132.8 
1^3 InllXIn.Pn FdAcr... U7J 


_ iiinri. 

mm 


pitoI Acr S43 .-' • 58-4 

mjnftlnd.. ....... 57,* 617 

mowed 1 ty 795 ■ : 6S.5ri 

meslic.. 37.7 40Jrf 

wmu - - .. 1167 122 TXd 

■■ 9*91 (nrohwK -:Tj 396 .’'^47* 
— rEart . . 72J . .. 73.9 

_ iimcial Secs . . B3T ’ 67.9 

f Id A General 78.6 . -P45 

V -owth 82J B&4 

, * *. A Growth - 67.* 7154 

‘ w 1 -jmwtli .62 2 ‘ 6&.9* 
.*-iLT3i_snarei*_. 44 3 47.6 

nt-ralx . . _ 31 9 343* 

. n High Inc 766 . BZ 4*1 

' *u)wAJe 36 0-' - 387 

jrth American 264 .. 28.4 

ofesbional _ 52*8 .541.0 

opert> Nbare? -. 14 3 15.4 

■leld 44 8. - 483 

jIu* C hange—.. 30.9 332 

Jlr Energy- „ RfX2 335 


Msrg[-ea«ss (ss.% 

■37 itr iwu'i* : lr ^ lni f> «* Arr 


,££{. Kteipwval Benson Unit Managers If 


i'nr*n Bn lnv 'A' ]168 7 . — l ..[ — 
Crusader Insurance Co. Ltd. 

Vincula Haul- Twer Tl . EC3 01^68031 

Gill Prep Xir. 7 |73 9 83.8) . 1 — 

Ragle Star Insur/Mtdiand Assor. 

I.ThrMdneedleSi . LCZ. OI-SaBISIS 

JuiCle Mid. L'nils 152 2 54 1| -0 6( 630 


« q < ^ ."»nic» aivnnri wi — v 11 - — 

•* }. M. Flexible . _ ,29 5 313. - 

UOT In**** ls<4 5 **S I 
11X9 The London Sc Manchester Ass. Up.V 
d»7 571 "I'wltite Park. Fiver. IKhC-MISA 

*0 1 10 80 1 «P Growth Fund | 236 ? | I — 

ID 00 *n»« Eunpi Fd. , 140 0 . . I ■ - 

-0 4 91* AExempt Prop FB 47 0 {. — 


422 ». Fear hurcbSt .BPS 


973 k^fxi^tJa^V 

3.40 KBSirtrCo'bFdlpt 
391 K8JShii,V*,Fd.Arc. 
8X6 HighYld FcLlnc—'. 
236- High lid. Fd. Acc - 


95-M •— 
120 91 --■... 


IAMEV Life Assurance Ltd.* 

1 Alma Hml. Alam Rd- Reigaie. Beig 


I.ThreadneedleSt . Lfi 1» 1-5881212 Amem anFdM 

Fade Mid. L'nils |52 2 5* 1, -0 b( 630 rent Drpv*il_* 

Equity &. Law Life Ass. Soc. Ud.M FlvYirtdFd'p'i • 
Imcnham R-wad. High tt'seambe 040*3X177 
ttau.r+Fd |U2 0 1178) -1 C| - 


9E-.P * ln» TSI Fd 156 5 , 

Flexible Fund - 114*. ( .. . — 

I ru Trust Fund— 3366 | .... 

Fropertv Fund... . 85 2 [ 

tint Deposit Fit . 2012 I ... .J — 

MAG Group* 

Thri?v Qua}* Tower Hill f.31-' fiBi/.lu-Ctism 


Royal Insurance Group 

7-cww llall Place. l.ivorpr«il. RSi ITT *4 

Hew al Shield Fd. (1429 1512{-17| — 

Save & Prosper GronpV 
4 '’.LSI. Helen'}, Imda . Ei^T 3ET Oi-554 8a 
Ral Ini Frl . . ..0294 137.M . . 

Propeny Fd * . . 160 4 1691 . .. — 

(•ill Fd . . 1231 129 6 — 

Deposit Fdt . . 125 5 13li . . - 

■ omp.Pens.Kd* 210. b 221.7 . — 

EquiH Pt-iu Fd 1843 194 6 ... — 

I’rap Pcnr.Fd • .232 8 245 7 . — 

10I1 Pen* Fd. „<H 7 49.7 . 

DeptK reiu- Fd I lot* 107. ol - 

■Frifw on October 24. 
tWecJch dealings 

Schroder Life Group* 

Enterprise fTou'e. Fontmoulh. 0705 Z7T 
Kquily I , 239.6 | . I — 

Equity* . .221 4 2333 J — 

Fmiflnl 4 - ... 138.4 145 n . .1 — 


«1 *>74422 A i ,ro ES — 

, IT Ad*w erbn 


32 :DI-0 1C 4 77 
523U-0 3 4 46 
3tsffl-o;n 4 96 
r^-01D 5 22 

45^-OH 268 


477 Rothschild Asset Management 


P O Bnc VI 9l Julian* I'l Gu»m 


.4 85 ASEA'Mj 
6.04 AMEVMl 
604 AMEY’E*! 
821 AlbEVr* 
8.21 AllEVPr 


236- High lid. Fd.' Acc -1*6" 4 . ' "502j,:.. . I 121 AI4EV Prro FdU. 5i 

3«o LAC Unit Trust Manage m ent Ltd-V amet^wij^ b un* 

2 g The Stobk- Kchaafer. EC2N »H» t .- 01 wa »» 198 3 

LAV I nr Fd. .. (1*13 MS.7J . . | 8 16 AMEV/FkamUagtau 
•L&G l hia^,Geoj:rt.}9B.4 . ; rlOlii ... I 2 06 A men« w 

SJ2 Lawson Sesd LtiLV laHO inLCro«hT..Z-'m8 

4 97 '39, 'Queers St. iindDU S.’4R | NY ul -2.« 5281 . 


rfwiicmal _ 52*8 . 5*1.« -0.8 <U 
opert* Shares -. 14 3 15.4 -f 3 2 67 

■lew 448. - 483 -0.5 SJ2 

— Charge 30.9 3x2-0 5 497 

il_v Energy- (3X2 3331-111 264 

he British Life Offiee Ltd-V (at 

■llan re H>e_TnnlindKO WeJlB. Kt CHBg7l 

^firitbh me M9.B • 527rf -0 2} SOT 

•— ^B«lai»ned*.___M77 5X£hS -Jii- 587 

> Dividend* ,426 45.6rd -OJbf 977 

■Pried Nov. 1 Next deal Inc Nor. 15. . . 

riiwn Shipley Co. LtdLT 
ngrt. Founders CL EC2 ' 010008320 

;UmlsNw7--_l215B 232.81 -3J5,. 463 

1 iCC 1 Now ,2715 294 Of -43, 4ftl 

. ' eyoic Tntals lal up - . . 

baninal tti-7 - . 35.7] -OJj 4 6a 

: wml . IBS- . • 19.4a -07 573 

, -QWth Acrunt—J- (63 49.1 -<t2 5X3 

•"» Awth Incomvz— 16i 33J4 -02 S13 

.- gblocomex 29X •. . 317 -... 976 

- - TO »5=." •' 20.7* 3« 

■ - .dev. : ZJb • 25.D -.02 4.47 

• Awwaa- L 17J • ; .164 -0 1 3 22 

. TTforamncO^. : 5£2 - ‘■59.6a -€« 4.55 

' - TCWO T n . -■- i n 3- •' 226 '♦01 6 12 

. , vrmpl Uctltt— ,1*i2 .- 648, . . 457 


General Portfolio Life Ins. f. UAV Ijfe 4 | " 

flbSariholoinrwVi .Walih.un Cross. WY31B71 Price- n n ‘Nw I "Sot 2 "’iri 11. 
Ponfoi ! o Vapqol” 1*24 14&J 4* bf !- '! j " Merchant Investors Ar-suranceO 

, lIm «„ si-- V , A levmH-c i-rili'Khsl.i rnydan AI-OT 

Gresham Life Ass. See. Ltd. Pmocnj I 1597 |.. 1 


»n e 


FiWlnl 4 .. ... 138.4 14 

— M Banged 4 . . 1341 14 

- Moncw 4 ._ 109 4 U 

Owerscas«. ... 86 2 9 

Property ■» .. .1619 17 

iM« K A S iTowt Seer 4 121.7 12 

RA.feaiap P . 1239 13 

. . K S I'm ACC R 1362 14 

Mngd Pen i'*p. B 709 0 2? 

_ Mngd. Pen Acc B . 251.3 26 

_ V fni Pen. Van 8 96 3 10 

F Ini Pen Arc B 98 0 10 

_ Monet Pen Cap. R. 97 0 1 0 

_ Moncw Pen Acc-B_ 967 _ IO 

Prop Pen '.'up B . 1069 11 

Pr-Ip 1*cn Ace R - 1087 11 

“ Scottish Widows' Group 


under Keyrer U liman Ltd. rm FiannuniRd ,ii5BJ ib 

,-T. Do Diamond Bd . 42 4 an 
Charterhouse Japhet Do F.ra incomead Il65 9 17 

I. Vaicrtiosier Hon. E - '4 rij -J48 anas 

, Adirapfe — I'NUIU 3:10,-010 4 77 Rothschild Asset Manag 

- Adnertw M4JJJ fi? P O But «l St Julian* i'l Guem 

Fondak BW1 88 jisn-Oifl 4 96 v _ .-... o. 111 

Fondu - _ DU21H 2T?3-01D 5 22 n r IS- P*d°V««?i ' 193 7 lhi 

Emperor Fund. .. . i3 20 3.3d - , • M l fvi i \ 

I Hl*p«u. ._.... - N» -0« 268 iySiErtV *4M 14 

Clive Investments (Jersevi Ixd. ■»»' Vornmndiiy i«4 4 15 

P I " R r i 3 S t S, » H 1 *%; l ^ a)tft , ““j™- g -'l-ncA'^'irf 

969J ' j il 00 # 

Cornhill Ins. (Guernsey 1 Ltd. Rothschild Asset MngL 1 

pri aim 1ST. SI I'ei.-r Ivn liucrn-'-.' I' 11 Hew KH Hk el Bermuda 

in'nl Man Fd (171 n 1«-0I I - Hw.-»-ne Am-'f Fd,l!‘lSM ll 

DWS Dentsche Ges. F. Wertpapiersp ,,ncu on , ’ r| - 11 dMl 
«'njneiiun>weg 113. flfirti Fr-nWun Royal Trust ifli Frl Mgi 

lR*#*ik IWN1M AJOI-U^l — P.M fin. IM.RomlT'l ll-.-.Jer 

Delta Group n t inn Fd . iiisia 11 

P O Bn* 3012 N41VMIII. H»h-lr.A- JL T.ic« -l! . , ri ^l! 

Dell- In. New 3 |i:s]« 1J*1 .|_ J nee* a, Vn. ,. NcM dv-l, 

Deutscher investment-Trusi Save & Prosper Internal 

r'a.Lfur h 2885 B i-b-rca-wr fl lUfiOCXi Krankl'in. W.jlinr ir 
wonenuni , IDIiaJt 21 S0|-0 101 - 37 Bread M. SI Helirr. J-r*. / 

lor. Hwiienlondh |PV48M 7858, -0«;l — T S. Pallar-dmominaiM k n-id* 

Orej-fus Intercontinental lnv. Fd. ^,0^ V 8M fl 

PO. Box ND7I2. N.i^an. Fahxnw- Far hn'lorii't .55 81 M 

NAVOcLSl III <1538 1631 I .. Vorh AiBcnran*! 3 70 « 

Emson & Dudley TsL.MglJrsy.rxd. t ”* . 17 

rO Boi73.SLHe., r r 3,.,.' TSSSttSThlr* 7A 

r. D.l I. .T . . |121 » 1292, -.'O] j DO I’hanncl lilaiul** J47 1 IS 

The Fneliih \ssoeiation •'■inunod.'"! . 138 4 JJ! 

■ w c . . _ — . _ lu , s*. liepo*ii . 1(<0 9 ic: 

4 1- ore Sired. E>. 2 l»,..JSI .nxi m r,*cd**-: 1063 112' 


i§- ! 1 - • 

bl I 11 54 


■ 1 1' Kq Ft Ocl 31 . 53 1 5b 64 [2 £8 

0. r mc.Fd Now I 153 7 163 5--<. 7:* 

».»*' Inil Frtt . 51 29 1 371. . ns 

1. »'SmV<iCicl31 140 1 1CS5 . j 5A> 

■ »'■ Vornmndily* 1*4 4 153 N I 4 2(1 

CUT Plr I'omdly t (529 D3 30 Wj | 0 >5 

■Price* on OCI 31 V-v ricxlinc •;« |4 
ipnic' on ocl 23 r.-ti ili-alinc .No 7 

Rothschild Asset MngL iRcrmudai 

I** 1 llei 801 |t» <A R.-rmnd- El-1 . p.cmi' -la. 

Hcwr-ne Aisw'f FdJS! *1828 M::( | _ 

I'ncw on i.i-'i 31 Nr*:' deal in,; \v- 7. 

Royal Trust 1CI1 Frl Mgl. Ltd. 

I'.ri Hn. IW. Rpw-I T*l H . J»r-o\ u.VJ .’"l «i- 
n T Ini'] Frl . (11.593 *K>4.0il| 

JL.T Inil iJe> . Fd ,81 0 S7 0*H -3 dJ 3 21 
Pnce* ai vn.- 7. Ncm dtalinc N'w. 

Save & Prosper International 


Dir Fxrt Ini.’t 9 2! 

!ni<?ni*:.<jr"{ 8 03 

rarkn-iom-t .55 81 i 
North AiDcricHn*! 3 70 

Fepr.Pt 15 C2 

Slcrhiut-dcnntnln^lrd Fnmb 
l tmniiPli JfiUlO 12319 


Gresham Life Ass. Sec. Ltd. - T-wpen; ” 

2 Pnr.ce -.if Wale* Pil. B'moulfi 0202 7S7A55 . Plopvrij' Pen- 


^ , inbUJ Si E H: Wardgaie^Cm' FiJ* *|Hl JB S 

'“•^■fcrlras. 984 3 183.3 - rto.nr cNew H "NOT.) 

inw-*i lull Now 3 99 8 I05.it — Eurobond Holdings W. 

SwlifSTSSil. Si !Sl 7 •S'tRSa 


. J -,T» l bHimol . ar-ulc 231 9 

-f a l J 00 I'hannci Island** J47 1 
• onunod."*"! . 138 1 

S:. I KWH . lfO 9 
(„..«! .iin{ M n*od— t 1 86 8 

Trice- i«n !?■ ■■ 


f-2S 

I W 

■No-' 


lnw-*i ( B*h No* 3 99 8 

r»-«SMPI7l Eil'i Acc.Oci .11 1382 

I _ El Vl.lnc Ocl 31. 1346 

' ‘ . M« Pen Nor I 266 3 


Wanfcnt* Cm Ftl-,£1I6« 12 85 | - ' 

■Ntxi dealing New n -Ni-ju •IcaLng .— w. SchlesingCr International MnCI iJr!. 


Z64 lRa« Material* — . 

“-JtiAcrdRiAinlibL •• 
1 tirawltyijnil _ _ 
am *lAiviim L'liitn'.- 
;■» JTf.Ul and WurranL 
fS' fAmericanFcfL.. . 
077 UAceamL'hiui . — 
i Deal *Mon- 



For Arrow Life Aasurasce *ee 
Providence Capitol Life .Vsaorance 


1 33 Barclays Life Assor. Co. Ltd 
Jjj£ 2S2 Romford Htt.E 7 91 

Bwclcjbondi- (124 7 133-3, .... 

- ... -hiA4 12x3 -0 


v-I"’ 15 Deal *Moo- *Tues. tfWed iTIuirr. B*rcte>l>«KU* 124 7 

. ‘ - ... , lib. 4 

*■•.'. -Legal &■ General Tyndall Fond? - - loan 

O1-SW89Q0 Ifl.CanjmseRirtBnjwtoL 02723ZMI fij 

.30 4« 1,1 * «* H--~ X...K3.2 ' 66 fl 4 U — - 3J 6 

Jit 2 m (Aecuia-fniui... M-S . . *60 J7-I.: SSa 


4OT » Hooey 1IW.6 

- Meil sub. duy. -November 15. Krn>entAcciim... 881 

* *8 Leonine Administration Ltd. cjtSdffeuLAN!* flj 

. T? ilioiieSL London WlHeDP. 0I-48859BI Do Initial- .. 92.8 

SU - Leo POT. Li 1756 79 81 -8 .71 4.96 Act - 103 2 

9 78 Led Accunl: -.(83 0 87.4,-0 81 4 53 Do.lnittal— — — —.[98.9 

Siri-- ^ — - -nhurept units vj 

'*■ n»4. Bli 1T.ll Hr. 1I.M. 1 lA W 1 . 1 


UJJ 

12 X 6 - 0 . 6 , 
11X7 -05 
1160 
902 -10 
1144 -0 5 
105.4 . . 
183J -17 
996 -17 
10X2 -04 
97.7 -01 
1087 ♦01 
104.7] 


I - liLl oshFund MX .. r JD 71 7 I - • 

C I. Enuiiy Fund..- 106 4 lfi.O ... .1 - - Tnu*l> P"^j 
. ™ LL Dill Fund. . 1126 . • lias -■ Money WK.-k-' 

L InU Komi 102.4 107.S — Stone* . MVl r+n< 

araace c , Pp|v Fund. 983 183.5, ■ . - gr?»« „ 

Depimi Pi-n* 

j Growth & Sec. Life Ass. Sjc. Lld¥ 

niA34»« t***™ IriTKiuHw"' ■. 

' ^ >l«iblc Finance . CUM. 1 . | -• D*> Pen* ... I 

.... - Lan (than k Sees - 5411 J . .. — ]m| Uanacrd 

:8j - m V903 l H...::| = p ”" u “ a 

— .. _ _ MEL Pensions Lid. 

-10 - Guardian Roytl Exchange snitai. «n. Dwk.M. m 

_D ' P.pwttl Exchange. S' "3 01-283. H07 NjI», i an ,I8»5 


Solar Life Assurance Limited 


Eurobond Holdings N.V. 
Uondelakade 24 U|llcm*lad. ' lira. *.. 
Loodnn Acentar Intel. 15 rhrlstophcr Si 
Tel. 81-247 7243. Trtex: WI448A 

NAV per :h«ire Now. 3 Sl.'SSng-. 


10 12 El; naceUmdonECINffTT. 01242 2005 F. & f. Mgml. Ud lnv. Advisers -f ar East Fund 


41 Iji Mime Si., si Hi-Iivt Jit 

“lit 173 

h.l.OI. . 0 57 

• ■ill Fd 22 2 

l ml Frt Jcr'-ow 93 

tnnl Frt Lunl-rs S'- C 


FTupcn.v Bond* |189 8 197 71 | — 

Hambro Life Assurance LlaJlsd ¥ 

7 Old Park Lane. London. VV1 Ul-.»hv 


Milicn i i-iri. iKjrking. sure: 
41-283 .107 j..,,. , a P . |8* 5 


— Solar Managed 1 

— Solar Properly S. 

— Solar K^iully S 
Solar Fid. Ini S. 

— Solar Carb S . . 

-• Solar I nils 

— Solar Managed P 

-- Solar Proper!' P 

Solar Equity P. 

Solar FxclInL P . 
Solar ia*hP . 
.ip 1 1 solar Inti l* 


133.2] —4.61 
120X . ... 
171.9 -12 
1213 -04 
108.6 . .. 
932 -0 9 
132.1 —06 
1282 

17X3 -XS 
121.0 -0* 
1083 
91.1 — 0.o| 


1-2. LaurenrePwAinmeyHIll. kX'llt OB.V 
01-023 4091 

t ent Fd. Now J .. J SI'S532 i i - 
Fidelity Mgml. A Res. (Bda.1 Lid. 
PO Box ffW. Hamilton. Bermud-i. 

Fidcl'iy Am. -Vx* SI.S2210 

Fidelity InL Fund U S2XJ7 -- 

Fidel I ly Par Fd SCS5686 I’l -■ 

Fidelity U rid Fit . SrSI<?17 -013; 


[73 70j 

-i; 

9 29' 

0 57 092 

1 

Iftl 

-il 

4 3® 

22 2 22 4 - 

93 W 

0; . 

3 7 T , 

S’. -57! 714^ 



102 1061 

* 

2 73 

«J.t ".wi-mhcr 

S 



— Fidelity' Mgml. Research (Jerse; i Ltd. SM-m-mm 


.Schroder Life Group 
r;.icrpn*e Hiuto. IVr)>mow.ih. 
IniernalioRal Fund* 
ifqml;. . . ,1061 J1I 

SE-iuill .. 14 JO J 51 

£Fi*-dtM«nW L«a 3 id’, 

IF v.-dlnivre*i IBS 8 111 

£ Maianuri 1232 131 


SB--U9P* Li T7S5 79 8,-8.71 496 Act .003 12 lMg *0 1 - 

0 76 Loo Avcon- — • -_(ai 0 87.5, -0 8] 4 S3 Uo. Initial— — 193-9 184.2] . | — 

— - -H^iiTBit unns value Nor. l. 

Uoyds Bk. Unit Tst. Mngrc. Ltd.? ia> 

35aA«^B:. sg pssfe ± as ss assstfT »>• » T- sb5!&- 

maria tJfew IJnii Vwif Mnm | jAm yortdwIdeOOTh. .. 510 551 -0 * 230 PenFIDyoAcc 

JR. 1 1 ui Ufft UUJl.TsX .TingTiw, LJ41.T [in (Areum i_'.—. 634 70J —0.5 '230 fail aria TTfft Jrrnrttww Cn Pun Pmt> w’;p . 

-SThxh Rt. Potbefs'Bar. Hertr . FTar5lU2 Tncwnc 823 M4o -0 6 624 f^eAlWiranW CO Pe„ Pp.y '.r; 

ui lien DtsL ’firs- ' 39M -041 4 62 .Do '< Accum. i 115J 1231 -0.9 624 --6 Hlgu SL. Potter* Bar. Hens. PJlar 51 in Pen. Xui I_:i 

rr^n 4vHin»--j!ri«6-3- : -• 483-0 4, 462 .Extra hnume — —6X0 W5 -Ol EqrifSthFdtJoir.i. I 611 J ., — fen X:n Ac- 

•lint DOT. ■ , ,^-iB£9'." 347d-C2| 777 Oe rAccum'i (M3 747,-0.2, 790 RetmL Fed. Nor.8..[ 1144 | ( — P»(i:ll?df WJ 

* Inc. .Mmot-Jh*. - .46^ - 8J| 762 L| ^]- s ^ UnI t Tst. Mngrs. Ud. ^ , • rS 5 s " 

apel [Jamesl Mngt- LUL9F . -. r .-724«.iUiiehoiiicRd^Ajittbur>. aatusMi Cannon Assurance Ltd-V Pen ns a<<-. 

UlUd Broad sc. Ef3NiSe 0r-S8»l*l!0 BqrilftAcCiun .. (1598 Z6&2, , 4.00 1. 1 Uymph: Wy, Wembley RA90.YB "J-SCOaBTB DA.F lap. 

*£♦ *'o eLa»'**m =J’...| - 

«ri«WOTNw:.X . htaw .itaanPgNow- 15. • Thl^'fQimr, lb«er Hill. EC3R fiBQ. 01KM VM 14JS - | “ 15-17 Ta-.uinck 


■i pisj> war. Henr _ rgwar 

ul UinDW. , -ZI3F6-. 39.61 — 0.4| 

rT^n Avenro-^^ *6-5 - • «8 ^ *-0 4t 

•line.' DOT ."Vi.-t J£9;. '_ 34 7d -0 21 
* Inc. Veenm- -J. 44i . 46 S -03) . 


Canada life Assurance Co. l .»? 

624 High SL. P phen Bar. Hens. PAar 51122 Fm.Lui i_ii 


7 90 ItqtyCtWdfiar. ]. 
7 90 [RetmL Fed.Nw.6.. 


Equity Units. U 


*6 J — Fixed lnt Dep _ 127.4 

. | — Erpilv . . 179 4 

l. Prasen* .— 170 3 

Maaaj;e<li.'ap — 142 7 
, ^ Uanacvrt Acc -— 177 1 

L¥ uveroea* -_ IV. 5 

014331288 'Jill Edged -l3 9 

i Aiuan-.-en Acc _ ’ 7 

• ' — Pea.FI.Dep Cep 9 

PenFIDyiAcc U2 3 
Pen Pro® *.’jp . 2IZ 3 
Pen PriO !.r; -A? 


Ten i*=.i \r- . C.-7 

Ten. L ill “dr ‘".r IX3-I 8 
IVw 1111 Z-3S An. Il2c i 


I — N>1— r-j \rciim [114 5 

..j.-j u Neie\ Li.ifi ?* w .ip ilS 

Ne!?T viu.i *.cc 668 
UI-.CPft*JI Nc*cv«-ihln. ,- ap 51! 

I _. NHe iwJlh Inc 4i-r 53 1 

_ NelMi.i FH Cap 444 

NeJMxrt Frt \*c 50 8 


Sun Alliance Fond Mangmt. Ltd. x ' l ' l,n SL ' Sl Ho,, er.. , ^■^s , .■; 

SiiriAH.anceHouMi.Hprsham OWBWH1 Son ^\, }nmL , j US , , ■ 

Lcp Fld oLQri 1 1 - (£153 2 J615( I - Sene* tS > PaclRc . U» 58 I - 0 1 ll 

In! Bn No* . I C12.0B 1-BJ« — Serie* PilmW' ItXJ 77 I ' 


lii US I “ ,nl BnNo " 7 • £KW <- BJ « “ Series Pi Am is* ' Itl397 | ' 

Frt’Vxp 444 519] I “ Sun Alliance Linked Life Ins. Ltd. First Viking Commodity Tnisl* 

NeJMxrtFrt \*c 50 8 .. 53.4[ | — Sun Alliance IIoum*. ilorsbaui (MU-1HH1 8. bl 'ieorsr’sSI . Douglas. l.u.M 

Newt -ul. dav ..nveraber 2.1 Kruim Fuad 124.6 1312,-14 0624 4882. lain An* Dun bur & i. p . I r 

v— f Ppniinn Management lxd_ Fixcdl nurnll'd 105.3 110 1 -0 3 — 53. Pall Molt London s»' 17 SJH n: KT 

gJST 0TS342D0 fsa,- sv .03 km, ks : \ 

Manege JFnml 1 155 3 161.g I — Depasil Fund 98.5 103.7 r-„„j c . 

PriresN'ow ! New! dealing Dec I M ana ced Fund .1087 U45-0< Fleming Japan hand 5.A. 

^ -«tand fa lU.K.i Ltd.V Sun Life of Canada CU.K.1 Ud. ^«\T7 ,a "7 H®?’" U'fli' 
JJailIxml llwui.-.r Sn.iih.nd SSI 2JS 07ir28=865 2 3 4.i «lutpurSf SW1YSRH (l|.«0M(i0 F I M p . , . . 


rwrwT *UI. env .Mivwnwrr g.i Kr|k||l* Tund 

yTI Pensions Management Ltd. Propert*' Fund d 
JXU.-acc.-hun KM F»^r3Hll 0UC34200 Inicroal'ienal Fd. 
Mont jcJ Fiiml |ISS 3 161.8] | — r*rpo>il Fund 

Price* N’dw ! .*■>'! dealing Dec I Manaced Fund 


waxLTMi* 0 Boner. j.-pwc; j H ^ nr i Schroder Waeg A to. I 

Sonis Miami.' |L339 I ; 12U.i"heap«ide. h.l.’ X 

Sene* B iPovinci ,£958 l-O’.jl <hi ; ap5Now6. Il'MIXS 23S 

Series Pi Am A** . (C1397 I ' -- Trol.iIJiirsepi.W H S13708 1 

First Viking Commodity Trust* iwffJcr.i^N^s iCfnf fn 3 1 ; ? r’ft 

8.M <'<eorgr*x5l . Douglas. l.u.M .>»pnn Fd Nm 2 if SO 84 a 5c] ! 0 42 

0624 4682. ldn Acts Dunhur & i.n. I til 

53. Pail Mali London Mi 17 SJH n:«ixi Sen try Assurance Inlerrm inn 3] Lt’L 


FU l ik Cm Tsi . [37 6 39 6, . | 

Fn Vk Dbl Op T.j 1 63 0 66 0] . . j 

Fleming Japan Fnnd S.A. 

37 me Nmre-l'amc XuxemtinirC 
Fleming No* 7 | JI S65 36 ,-• I ti‘ 

Free World Fund l.td. 

HuUrrticM BJdc. Hamilbm. Bermuda 
NAVUei.21 I UK1980S | . 1 

G.T. Management Ltd. 

Park Use lit Fwnshnry 1/mrton 

Tel 01-628 UCU TLV 888100 


*rftoi Unit FC Mgrs. Ltd.V faKe> -American-^ ---K jivchaoce^Mnt^' 
jflwrpftaOTs.lifewir^tJe.iipiin-Tj'ne . SIMH lAccura. l.Niitai- .. H5f 4f4[ -0.3 
trim) 46 64 . bB9ol I 4 uB ■.vmtrHlmjUn-.- 151.0 5431-10 

W 1 . ■ . *3 -- - 1 <*- m gsss??r “fe S3 -0? 

.-High VieTil-lJ^ [4X5 - *4 Ort — J J77 -lArmnuw L’riitfi 1847 . 90 a -0.1 

j'Acrunx r-nll*. . (93.9- .564 • •[ 8-77 - Compound Oro*flh [11® 2 119.H -0 * 

. Nen dealtoc date N'osemnrr 1 . - -ConwoiMori firovrth[63 3 674,-0 2 


.7X8 - 

1043 — 

X42 12.0C 

li7S 1435 
337 14 15 


Pen H S t ap 

Pen BK Acc. 


— Hearts of Oak Ren sf<2 Society 


Klwwi Ki-> In. I’lxi | ISO 5 
Small Ce'i Frt ,94 2 
Technolwi^w Fd 10S , 7 
Kxlralnc Fil 919 

Falralnc Pi*i Frt 95 0 
Amtncw Frt 92 1 

Far fc'.isl Frt 114 7 

CillLdgcdF.I 105 3 

w'irii Dcf»:.iil Fil r* 2 


Mnpk-Lf. Unh , 20X3 I 

ItapJc IJ. Vantf 133.6 .. . 

MnpfrLf En*'. 127.9 

Peneil Pn. F n . ! 2066 | I 

Target Ufe Assurance Co. Ud. 

Tnreot House. (lolehouie Rd Vrtednj 


rtof Hoiw. (jafelioufr Rd V T ^ Sg |' c 01-628 Tl 
ink* iV>leFhur> i02®6i5WlMA3adun a sen i a [«r 


r Acrunt HniU. ^ (S9.9- .5&*l . ■[ L77 - cornpaundOiD^lh 110 2 

_ Mbe dwe N'o^wnhrr 1. - Cofi\«w%too GrMlh 63 3 

(unties -'Official JnvesX Fd* dm USd " iw: — UD 2 

UowtaaWall.ECSN IDa M77 

<9)meOcL17^ Q37J8 — ! .... I 6ftl European 500 

ajm. , - 1 cLl7_.» . (27X47 — i Areum IJnil*..'— 51-1 

LpaiKh Xm]y available Ul Reu. vrhanlie*. Extra Yield..-.-. 85 B 

g ltiarlcrbottse Japiet see" James Finlay — U 7 j* 


72.1 -0 1 
130 4 -.0 3 
2473 +0.4 
533 .. .. 


Far Eastern-. 

Heftala Trust Managers Ltd.V OHgi ^ | l ^~ 


125 bj +0 
63 fl -0 


-OB 232 
-0.7 2-52 


189 7 -0.1 
19X4 -Of 
2224 -0 1 
280 6 -02 


1 55 2d +0.31 
J05 fl +0 5 


SewStZE3M4TP. . .. . 0I--J83 3532 f Accum UniU). ..T 74^ ^0 799 -0.9 509 *-** 

'netean ,I(rH9J « 211 -0.1 1.92 Gonend. 16B0 1789 +0 4 |94 

tfE+wernTnuK . 250 .... -.100 f An: am. Unib.1 2614 27S4 +0.6 5.94 

•gh Income 4XS ’ 44.7* ... 926 . iilch Income. ' 105 6 112.5 — §•! 8 56 Canj 

temalionalTst-.. £K3J 251-0.1 2OT. lAicuht Unlwi..:._. 177.7 M93 -0 2 M ' JJ 

■Wc Rc=.«e TM.46.1 2R1 -02 -W Japan— - £ 1781 1897 -O.f 263 l«»U 

■ % m Growth Toi . 23.0 24 7l -0.1 739 -< Areum. Units) 179.7 1414 -0 F 2 63 hey I 

,-w ■-'■•'• VoRnutn' 206 9 2224 -0 1 4-52 Paco 

mfMeralion Fnnds Mgt. LttLV. (ai (A?uni Uniw — Ifiio 2sot -02 jk 

wliraacery Lone. WC2A IKE ni 0282 "‘^1 »J\ d . -. -■ 1 wf j Irt ! SCChftl 

Fund. .. .. .143 9' 46 If — 0-fl| 4XS lAgQ**?--: ^ 

ummuJIliiA UhhJ UmSCMi: lAssBIOn.VnBs' .. ■ 83 8 946 -0 1 4 05 yi|i 0 

nanopoutan hum Managers. s+-Podr^iw 1733 i«o -o? sw ctin> 

PtmlSlrevL London SW1X9FJ 01-2358525. i'Accuol X inilsi. ". 763 2 2856 -0 4 5 24 c j, n i. 

«nopoln (7ft Frt. ,17 9 . 193 1 536 SnailerO- 3654 1795 -0 5 4_M ,. h|tt 

■Income Fd. , - j*8 6 - 51 b3 . , 11 Z2 lATirm Umtai ..-(210 4 22ft3l-07l 4J 4 Clint 

tigaonnl -L'nit Tst. Mgrfi. LUt . Tn+oee*^ 1 155214 *0.31 6S2 m«ct 

SFastpr Lane.Ew*Ct* BHFL ' OI-ffl»tCgr lAccum. L'nlloi 2893 JOS 0 +0 5 6.fZ 

Bh Income -1*5 9 449| - j 4 50 Ch.inhjniKK-r. 31 . 1M3 c ,# v 

wui Atpertr an ..(46 7 49. 9l— 0.4, — Chnnlrt Now 7 .144 9 1471a -31 7 95 LB) 

({MouiuHicMdc k*2 ,50.21-021 100 i*crum CnilM... ... lg-9 IWJ -3.V 7 95 Rmgi 

.-. . .Tens. E* Nuw 6. . J137.6 l*52flf . ... 593 i.’rnyt 

nesebat Unit. TsL. Mgrs. Ltd. (agg> • . .. , . ... ifesi 

WvtUeCraL'^dnbiiigbJf ' - u3i.2264fQi Man il Life Management Ltd. Mum 

‘‘s. Arrer+u 223 23.7*4... 174 SLUeurce * Way. Slew cuoge. IM.WS4JKM EqjJll 

<6. Internal*! — 56d 601 .... >M t«rowibUnltx-«. -153.5 563( I 

ill ^ii 517 Mayflower Management Co. Ud. 

es Tokwo. — 1»8 26fl - 1% Hii8t;r*^amj5UEC2V7AL'. Ul “w, 

iscretionary ITnit Fund Managers "Igj 3 sra ^ 

BJomfteM SL.EC2M 7.4L D!rt£J844}B . i n t«mtl Sw. 7. [43 6 45.9| - J 51 3 00 p^n* 

-U.CCWK..-JUW m i s« Fnnd MaMgm U1 

■ r. Winchester Fnnd Mngt. Ltd. ?a Gresham si. Kt'XP 2F.B. . Fun 

dJwnj'.EW ' U)^U021H7 Men; 'am Nw rt _p96 4 2t»g-5 3 4 43 PVrto 

to WlnehBker. .DM - » 1- « « A.f 1 ! L- Now 8 . fo9 2 fl 3 * H 

Cr+esiftOJ 2Z.S . I 315 Merc InL Nm' A ..B6 5 | 1 CitV 


2 71 B*l Bd'Execa'nll 0337 14 1 

; Z1 Deposit Bond 1UI 119 

l Bl EQulD'Aecwn. _ 178 — 

181 Property AeeuaL_ 0X27 _ 

J'SJ Mned. Acc urn.. X646 

2S SmT^iii, 913 96 

3 97 Tati Properly — . 1076 113 

3 35 2nd Managed 99.2 105. 

gja 2nd Dippsll — 983 IW. 

8.09 2nd CUT™. KU 96. 

8 09 2nd. American 182 82 

, 76 2nd Eq PcnWAec . 968 2B2. 

jyg aidiTpPenA/Att. 1127 139 

2nd Btad. PnoJkcc U29 108. 

i 2 pep>«OTA*e. 101ft 107 

2nd G Ilf Pen W Arc. 9X6 96 

7 M Ond-AULpenfc/Acc. 80.9 85 

fo, LdESir I 390 4X 

^ L4ESJT.2_ 273 29. 


_ 15-1” Taw uinck Place. ( aCIHKvM 01 as; 0u20 Norwich Union Insurance Gr-oupY 


— • Hearuoi'uaF . . (37 7 39 0] . ( — 

” Hill Samuel Life Amur. Ltd-V 

— NLA Twst . .Adrti^comne Kd . t'roy 0I4VK43M 
“J — PPropeny t'nus 1U2 -J70«l 

+0 3 — Proper!; Sene* a 105 6 11*3 — 

... — Managed l'nils 1617 1703, . — 

♦u.l — Man aged Senes A 954 100 5] — 

— Managed Sen*-? C 914 9681 — 

— Mcmew'i.mta . 122 7 129.3, . — 

-0-2 — Money Senes A... .99.1 1043^ . — 

*02 — Fixed IM Ser A . 926 973) . — 

••• — F.qu'ri Snri«A . 90 9 95 T\ — 


82 Bj -02 
IBlfl *02 
129^ ... 
108.4 *01 


Curreoi value Nov. fi. 


|U Capital Life AssoranceV 
2 63 I'ontaJdn House. Chapel Ash Wien nEro28511 

2 63 Key InvesL Fd I 10503 J . ..( — 

432 PacemakeriovJFd. ,| 107*1 | J — 

6 92 Charterhouse Magna Gp.9 


— Par Menaard C+p 141 1 

— Pn* Managed Arc 150 9 

— Pijk il'iecd Cap - 1072 

■ - Pn* '.Viced Awe . 114 7 

— Pens Equity Cop. 1001 

— Pros Enuiiy Acc 1019 

J*ns.F*d-Ini.Cap 95 4 
PnsFvd Ini. A it.. 97 1 
Pros Prop Cap 967 

tVn* Ppup A.-< .. 98 4 


PO Be 4 Nprviw liN'RI PNti WQ 22 

Managed Fund 214 4 225 — 2 — 

Equal; Fund . 3«6 362 7 -18 - 

Properly Fi.nd 1339 14X4 . 

Fixed Ini Kill'd 1512 159J -08 _ 

Depmul Fund 107 9 113 5 . — 

Nur fnli MCI ! ■ I 220 6 - , 

Pheeniz Assurance Co. Ltd. 

+5. King nilliamS! F'.'4P4HR CMdMB 
WeaJltvAx*. . 11110^,11691. j .. 

Eb'r Ph Asa * 2 J 

F.b'r Ph.Eo K. 179 7 83.9( | - 

Prop. Equity & Life Ass C*.9 

IIP.' >1 *forri S - re.i AlHXXS. 0 1 -488 01 
R. Silk Prop. Kd. I 104 | ... I .. 

I»o. Equil; Bwi. 735 J .. I .- 

FUaMroe; Bd ! 1*96 ) .. | - . 

Property Growth Assur. Co. Ltd.V 


I -• Buck* .VjIeFhurw lOaeiMW 

' - Man Fuad Inw I960 J01 (M . — • 

SrOUnV 4 h Fund Vrr 1187 124 9 . — 

Prop Fd Inc . 11Z9 1181 . . -- 

WTOEEDO Prop. Krt. .V- 144 8 . 

-09, - rropFiilnv . .11X0 ... — 

-18 -. Fixed InL Kit Inc 100 7 1 06 0 

— Dep.Fd. Inc 96 8 101 9 — 

-0 8 — Ref Plan \c Pen . 70 2 763 - 1 6 — 

— Rcl P lant' an. Pen. . 58 1 63 1 -1.4 — 

-- M ml Pen. F'd. A ce 124.1 130.6 . — 

Man.Pcn.Fdi.'ap 112 7 U8.6 ... — 

Lill Pen FdAcr 1318 138 7 .. _ 

CH-ttWB876 Hit! Per.. I'll Cap. 123 0 1294 .... — 

I Prop. Pen Fd -Acc 1554 1636 .. — 

I Prop.Pen Fd ».'ap. 154 5 J62 6 ... — 

Guar. Pin. F (LA cr . 965 30X6 -. 

■ •uar Pen FcLL'np 96 0 1010 

9.(7 D A Pen. Fd. Arc.. .965 1016 


Anchor 'B' tails UIA3B7 1 
Anchor Gill Edge C4 13 9 

AnehnrlM Fd Sl SS25 S 
tnrhorln Jsw- Tct 30.8 3; 

Berry Per Krt . .. U'SM>02 

Bern Par Slrlc 320 0 334. 

U T Asia F<L HIC1!’ li' 


I Li, . 1 ftS 
4WU<iO: 13 il 
SSU 189 

32U 099 


. '■ 1" AMs Sterling 

RcLPIaul'an.TVn. . 58 1 63 1 -1.4 _ -i T Australia Fd SAID DO 

Moil Pen. Fa. Acc 124.1 130.6 . — T Bond Fund SIM4E -005 522 

Man.Pcn.Fd.L'ap 112 7 Ud6 ... . — ij.T Dollar Fd SL'S6 75 14? 

Lilt Pen Kd. Acc 131 8 138 7.. — H.T Dir. iSlrifi i F-1 £4.65 9 02 

■lib Pefi.h'd Cap.. 123 0 1294.... - L.T.PacificFd 51K1683 -00-; 0 92 

Prop.PenFd-Aec 1554 1636 .. — «. T Phdippuw Fd JU'SUB 11 r, 

&E5S.FdiS-. %5 5 10X6 " Gartmore InvesL Ud. Ldn. Agi>. 

■!uar Pen FcLL'np 96 0 101 0 -- 2. 9i Man An . Lorwri-n. Ei.TI 01 'JUL- .’.-.I! 

L' A Pen. Fd.Acc.. . 965 1016 -■ Lartmarr Food JTnKl IL l.i Lid. 

n LPcn Fd LAp .(96 0 IOLOI — 41. Brand St.. SL Hefivr. Jerar* ifiAJ-T.’T- ' 

Transinternationai Life Ins. Cn. Ltd. Fi^d''*i D gL° ^ Far emi lad 1 “ ° 

2 Bream Bldgfc. EL4INV 01-1056487 IM3 HulchiMn Hw. 10 Harcmn Rd il K-ns 

VTiibplnvew.F.1 Q42 7 150.S ... [ — fc ! hie L' TSI RKHIB 4«j I 1SS 

CTulip Manet Ft mjl 119 3.. -- B'0?£ 5S’ 1 ' 1 


320 0 334 J 
SHK31!’ liT 
C1615 17] 

SAID 00 

si'6i4 a: 


7?n 1 11 t’ 1 *' -OS H.'imill..n .1 h'‘niu»L 

“ >u M.n.igwl K»i nd .1!' JOS Jn-l ' — 

Singer & Friedlander Ldn. \r*nl' 

_ .'O.i'annnp S' ft'4 ft.-I’-JOfr'-'' 

: n'l .ilomlw jl'VJbM 3»ra|-o >r: i. r.7 

T'A-uTw' "1 : 31 Jll-4!«e -;«| \ ]« 

— Slrunghuid Management Limiteri 

I* 'i IM'- 315.51 HtlP-r Jer rt iF..i4-7i4i9) 
u-, ; ' mmoilil; lni-i 195 40 100 4]j ; . 

Nurinvesl Jersey i Ltd im 
185 uinvnwllu' Den IM m IM..t ' iV.V'.T’IJ 
?!3 Am.-nr.il> lud T« ‘17 03 7 l8|-fl’., 

1 89 , ,ip Wr Ini'i If 1 1 64 3 1 92 - ,'isj 

999 Jar- IndL- T-.I 1L1061 il«( . 

083 

TSR Unit Trust Manage^ ■ 0.1 .■ l.i.i. 

. ij I— 4. Uollw Kd Ni ya-'ipiir. Jin.-. vu 74'*! 

J.- l* A - Fund |47 7 M2|-l.'l i 73 

522 ■•nPrn*e> Fund |47 7 502; ! r! 4 70 

1 45 Pr.rv* in .■-uw 8 ”<■*! -i.li 'la- ,\'r ;. 


MIJ-I.I 4 73 

so 2| : 4 to 


DI-488IJ857 D.XPenFdLAp 


D9: Tokyo Pacific Hnldingb N.V 

Iniini'- Man.igvmvin ''•• '■'■ - "r.. -■• 

\l |<vr -hurl- '.'i« 6 SI .Vj. 

' n ' Tokyo Pacifir Hlrigs. iSeaixiardi N.V. 
;7;' Iniimi- Mnn jg'.-monl i'n *. V ' ir.i. ... 

12 0 NAV per rh.'fw 6 i( M; *' 


— Lwo«w ' ri'.wrt'in.i.HB ILL' 


Imperial Lite Ass. Co. of Canada 


„.l — Imperial Hvnae.lluildfnrd, 


Propenw Fund 
Property Fund -A ■ 


DuvnrMW VMan Bond Fd ..,1166 
, ^ Man Pro Frt l ap U9 8 


"j! flv * .SlephenMH Rm. Brunei Centre. Bleichley. OtT' 1 

-M a “ hJilton Kcynraoaofr«l3T2 Fixcdim Fd 


Grl.Frt. Nov a.. 174 T 80 8 .. _| _ 

Pro*. Fwl Now 3 . (67 8 73.7, ... . [ - 

■.'nil Link'd Panlnlm 


71255 ASncalfnral Fund | 


01-W56487 IM3 HuichiMin H>r. 10 Harcnun Rd il K-ns Tvndall Group 
[ .. [HK& Par L' Til J1RFL41B 44JM I L20 I' „ . 


r 41 ■" 1 

2*. Cbrthae Energy _ 
2S Chnhae. Money... J 
4J4 ' hrttv*eManMed- 
^ Chrtltse Equh>-_ . 
Magna Bid Soc ... 

6 82 Magna Managed . 
6.82 

11 M ^ 


7.2 398 . . — 

9 7 31-3 - 

4.0 36 ffl . . — 

* 9 36.91 „. . - 

134 5 .... - 

15X0 !-... — 


Secure ' an Fd. . (97 7 1QX* .. 
Equil; Fund- - - Ml 1W4| 

Irish Life Assurance Co. Ltd. 
31. Finsbury Square. Kt‘2. VI- 

Blue Chip Now 1. ,76 3 8031... 

HI TpSrllNovl . -. 93 J 9ft2| .. 
Managed Fund _ 0381 250 fl .... 


795 City of Westminster Assur. Co. Ltd. Mangd Kd.ser if 96.1 

55 SSSgft-ii 

SfiSaMKJU « i 8 J::J " 

«|0| EouiDFkigl.:. 60 6 63^-04 _ King Sc Shaxson U 

451 Farmland FUntf. . SX1 85a — ■ « w in r.s 

Money Fund 1250 132.« - l Z -fCP/' 1 ! 1 K 5 

(..‘i IT Fund 6X6 64fl-01 ~ Bond Fd F-xcmpr I10L9. 

„oj Pl'LA Fund . . 1733 1767| . . — Vert dealing d 

aia yeM Mn*aCan_ 12X0 3273 . J — Ijnrham I ife Awn 

f!3 penx Mogd.Acc. 1264 133 9 . .. — Langnam XIIC ASSU 

Pens. Moats' Cap- 97A 5fl|| — Langham Ha, Hpimlirook 

300 Pena Money Ace . $8.1 KT . .. — Irtngham'.V Plait. |67J 

Pens Equity Capw .541 56^-0 6 -- 9Proo Ronrt 1*52 

Pros JflatilF Ace .. 567 596,-0.7, .. UhJ iSP, Man Fd|77 0 

4*v lAind currentij .rio*«l Jo ne* insesimenL , _ - , ... 

443 P*rion»Hnita. , 2195 I . | - l*oga« & General il 


”[ AnbeT N«l Fund 

\bhei Nd Frt ■ 5 

J Inreslmenl Funrf 

.. .J Invoiinvcm Fd .A 

.. ., _ tqntiw-Fund- 

I _ Eqully Fund i.V • 

• Money Fund 

UL-’ Mnary Fand'A* 

VI-028 8253 ArmanolFund 

ITS staawi. 

" ' Ofteilre Annuli* 

I 9lmmc.J Ann'l- 


Man Tro Frt L ap U9B 126 U . .. - 

ttan Pro Fd Ac- 127 9 134 M . - 

»Mn*l Inw Fd [aU962 101.2 

VMncd Im Fd Acr|970 102 0, . . 

Trident Life Assurance Co. Ltd-V 

Wroslswdo Houwe.iilnwici-rter 04.52 38 


pfiHIB 4W, | LSS '■ 

.. Japan Fd. Ill H4G ad-1 n 050 p "• 

__ N American Td KIM9 95 ll«l| 180 . 

‘ — Inil Bond Fund |si>an 1] V, : 5 60 

— t.artroorc laveumeai Moil Lad. 

P ri MovXI. IKniglasloSL 

— Cart more Inil Inc 120 9 2220) | 1150 

Hj , liannvjre InU <;nh|b8 4 72 81 ! 2*0 

0X523OTH Hambro Parific Fund MgmL. Ltd. 

i -116 I'Minaocht «'rniro. Hnnw Eons 

Far Fail Now 1 UH6UM ilQri ,] - 
J — JnpHn Fund (tl ^1810 Utf, [ .- 

?® — Flambros Bank (Guernsey) Ltd./ 

— Hambros Fd. Mgrs. tC.l.t Ltd. 

— ru BLaKUuernaev ihsi ji2-’: 

n7 — I- 1 Fund 140 8 150 lid -6 6| 3 7ft 

’ v ~ Inlnl. Bond 5LS1M44 1117«-|4ffi B53 

“ Ini t'Tiiil;' SL'F 1XD3 njH-Olfl }Ifl 

■ — lnl Swg* A' SI."! 105 lOS-00^ 

~ Ini Mg* 'h SI'S 113 nfl-OOlj 

ITtcv* un Now Next ilraling Sir. 

; -- Henderson Baring Fund Mgrs. Ltd 

605 i iammnn Hour*'. Hong Kune 
Japan Fd. Nov I ,!i>2SS2 ib UB ] _ 

P*. tile Fd* Owl 25 Sl'SlO 07] j ' 1 
n . Won't Fd 'Nov « 5CS10 645 ! 


IM.-WS«lftl Equity rand.:....'.. 60 6 
I 451 Farmland Fund. . 8X1 

Money- Fund ... 1258 

Lid. ui IT Fund . . — 6X6 

,11 mawraiw) Pl'XAFund .. 1733 

ST yea * Mngd.Capw_ 1218 

"iS, IS Pena Magd. Acc 1264 

"? ? 5 m Pm*- Moats- Cap- 478 
-2 3, 3W pent Money Ace . 58.1 
. Pens Equity Cap . 54 1 

0- Pros. Equity Ace... 567 

ti l-i9j0 4.W 1'und currently cloned 
— S 91 4 43 Perform linn*. , : 

-7 a 4.43 


Prop Cmiit Pro* (on* * .\anoiiie* Lid. 

All WtherAr I 1*11338 139.5 | . 

9 Ail Weal her Cap. 11231 129.71 . . . 


KintwKr.nHM- i»oi ul 

King & Shan son IXd. _ Conv Pro* Fd 152. 

Kt'oraMH E.^ ul 8XJWJ3 u n ' Si! ‘w?/ 1 1 1 m 

BondFdFAcmw ,20X43 1032^-0 031 - 55» fKa Cap ■ » W 

V«*n dealing dale Ntiw. 15 Prop |>ena Fd 151, 

Langham Life Assurance Co. lad. jSS^^'n i» 
UnRhamH*,H(w!inl>rooVL'r.NH-1. 01-2023211 RWaSoc.rap.i l ! 123. 

♦Prro a Ronrt nK *' IS 52 i2S^ ~T. Providence Capitol Lit 

W!*$ iSP, Man Fdf77 0 81 ol . I 30 L'vbndgc Riwuf iVirSPU 

l^ga, & General Unit Assor.) Ud. £j ^ 

Ring.swvtf.id IUjum;. Kmgiwnsd. Tadswurlil. Pcnm"n Ftiuilw 1276 


. * ~ __ , An.. I'Ll No* 8 .. 171.7 

i Oudlev TsL Hngninx Ltd. fjwiDwiJW .. gf37 
■•■VUiwton Si SW 1 M-CT7WI AciviT* sepi a> |2954 

WMDuitiewTj (71 1 764, i ^'Midland Kank Gronp 


•..Wirwton-Si ,S«l H-WP7WI Ao-mU" sep* ■» 

rawDudlew-Ts. 1711 76 4, i 3.81 * M id]am ] Rank 

.. 'Far EtmiUttSmintu* l*& L'nit Trust Mat 

f~2 ' sse' Abbey XnTt Trust Slogrs; i'ivin«winl )|i4i*«, 

qaily* Law Un. Tr. SL¥ taKbHcMH SSSlJlJaSL. 


76 Jl -Zt 
253 <fl . 
307 71 


2 9i City Westminster Assor. Soc. Ud. 

4 40 Telephone 01-884 9064 
4 40 KimlCnitt . _ . ,129 2 33561.. ., - 

Property IjiIu^ .. . |54 7 57 4, | — 


Hanaiced . 123 2 

HldMgd... 1484 

Prnp«1* . 153 3 

Equity American 80 1 
1.' h' Bquilv Fund 109 5 

High Vivid 14X2 

(>ill Edged, . .1225 

Maw; . . ... 125 0 

Inlrraolional 98.4 
Fiscal .... 1285 
firoaihi'ap . 125 2 

CrowThAcc.. • 1302 

Pnnv Mngd. Cap. 116 1 
Puna Mncrt Ac. 1224 
Peni GldliepL'ap 1041 
Pena GtdDrpAcr. 109.7 
PCIW Ppl.» Lap . 116.9 

Pen* Pty Are 123 2 
Trdt Rond J6« 

•Trdt C I Bnnd 1 


130 51 
1572 
162.4 
84.8 -0 8 

116.0 -IS 

149.6 ... 

129.1 

13X7 

104.2 -0 7, 


p il. flnt 1256 Hzmilln 


Rrrmui'*. r.'lTrtl 


nva- '.in 1 i’.'vlll 

i:s ' 

t "1 

\euin. ' nil-' ]*■ JlH 

V.W.'a; In: >■-■! IP I'.l '2 IK 

m i 

1 'jO 

I vri. M.S Jtclicr. Jrrvi 
Ti'KSl.N..' 2 27 25 

v -i uni Share* ■ Ll2_60 

M53* 77.7; 1.2 
7 35| i 

12 50 i 

.'.ri-'riwan '»nw .' 77 5 

£3 5 | 

2 0<l 

Venn >h.in-* 77 5 

i3 5 r 

7 re 

r *r Kj.,1 Mn. C 09 5 

96 ft 1 

2 M 

i.wlim. -Jiart>' 09 5 

46 0 ; 

: or. 

'er*e Frt Nm I (216 4 

r?9 4 1 i 

6 27 

■'rw-.' A'-r l'i* • bo<i D 

j:; * ; 

b?7 

■ ■il: Fund *-'<n 1 pD5 3 

107 fj 

11 !J 

iwcum Shares' |1404 

I4S 0| ! 

:i :: 


it's iDfl4« inra-Mfl 

sit ixo3 nifl-o:fl 

51.' 5 105 loa-oo^ 
Sl : J» 1 13 1161-0 0)! 


-1 40j B 53 

-oibj no 


•lUiiy a Law im. IT. m-T tan'wn** (.^uwndHv xr«n. .164 5 
'WniWRd . High Ww combtf. WM XS7: n» .h»am ■ ■ W * 

rqlii-4 Utv . *7T|— 0£| 4 43 -a. 57 5 

mes Finlay Unit Trust Mngt. Ud. 

M. West Nile Street, ntasgiw.. Ml 2W 1321 income . ... — 51 6 
PlntavIiHernMl |Z3 2 2Z3 ■ | Dr. Awwu'iL - Ml 


L'nit Trust Managers Ltd.¥ ia, ... 

< 'iwuiivuinl H'41-4!. MUer'»rw4 Hvwl,' , j “ ^ Gl ? ZP 

SheHielit SURD Tel' 0742 7B«3- Sl Helen fl. 1. 1-ndersbafX EC2. 

L'AiwnodHy fc'^vn. ,K* 5 . 70 art I 557 Vr An. Ac. Nm\4 . J 5628 
n.1 Acrum . 83 N *57 D*. Annuity Lia , U83 


PinlavIiHernul 123 2 
. cum l'nit* . [24 T 
KiaLiy Incnnic -. >33 2 
•■'tiiia}' EinuFm 1265 
cum I nn* 30 8 
FialayTMIn'Td M2 
cum L n:L' . . . 132.6 


2 95 U. Awwu.il . 60 1 

2 95 lnl^ni«li«iial. .- . 122 

894 l<o D rum . _ »50 

2J7 llieP 3'feIH.— .'. 61. fl 

2.37 v "il 67 1 

4 60 Xqu.iyEifnipt* 104 0 

460 Do Areum.* HMD 


70 art 

836 

37 7 ... 
404 

27.8 -01 
30.3 -0? 

. . 55 5 -0 4 
64 7 -05 
' 45.6 -0 5 
485 -OX 
66.1 -O? 
722 -0- 4 
1097 
Jfll7 


4» (Confederation Life Insurance Co. Ft .__, ,..., h 
Ja».aiaaeeiylane.WC2AIHE 01-24202C Do ^cemn' 

Ll'n.lln..rnnil huW I 


Cm* t iri Sw.-tv* KTS'SFC. Burgh Ilri 

SOC. Ud. a'axti (niiial -96.0. . .lDllj *0, 
rm xccum 99 0 RMjj *0 

l _ Equil.* Initial . 128 9 1273, -I 

" _ D«i iccurc. 124 7 132 » -l _ 

•"- 1 pitedlniual ■ . .1159 m.2-0jj 

Tin Accum . 1195 125 8-0 5 

lull Iniilal , - pX9 96 fl -1 

m in — rvi tl® Areum . . 93.4 984, —ft 

Ul-.Ki.iigy Managed Initial .117] 123 3 -d 

■ I - Do Areum 120 7 127 1 -9 

I — Propyny Initial. IMo 30S 3j 

Do Act-um . ... 183.5 1067, 

. . Legal Ic Crneral ri all Pro»l*n») Ltd. 


123 3 -0,6 
127 1 -9 7 
104 3,1 
1087, 


Prtn idence Capitol Life Ass. Co. Ltd. m .. 

30 L'vbndife Riwiri LVI28PU 0I 74BPIU. FquiiyNow 2 
Sel Mkl Fd i'hd 88 1 93 1 - R«id Nvn 1 

Set Mti Fd Sul 1051 1111 .. .. Property Non. 3 

.. PcDKi'in Fcuilw 1J76 1315 .. _ PrbiiailNow 

:h liraih TAsSS PrnsInnFul Ini 1181 1219. -' :«-Wow Pn iVf 

DepmliFd < i» 5D,0 . . - IS 1 

Dwpw*iiFrt Act 47 4 50.0 .. Mn Pn 3-» "rL 

Equilj Frt I jp 4*7 47J . .. U>> bqwly wi 

W&Tfcr . Sl SJ .... - 

a'lV S5 47 4 " Vanbrugh I 

mini A wr 46 2 47* _ 41-43 Mat)d.>x > 

Managed Fd ■ 45 8 4g4 Managod Fri 

Managed Fd. Arc 45* 48.4 . — Equity IM - 

£ Dp * rt - l 'K-'> p Se Hi ■ “ ln«ni Fund . 

Property Fd Arc 47 5 58 1 „ Fixed mur* f 


*faeh walue fur £100 premium. 
Tyndall Assurance/ Pensions* 
ifl, L anyngw! Hoad. Hn<tnl ftiTT .1221 1 1 


i iammnn hoiww. I long hicic 
in Fd Novi |Si.*3S2 26 IB) . .] 

Uw Fd* Owl 25 Sl'SlO 07] [ . 
t Fd 'Now rt| SI-S10 6*5 i 

• ttclu.il *r >i air* nreltm chare- 


Rond Nuw U 167,6 

Property S'tr. 3 109 0 

Dr mail Now 2.. 130.2 

:i.tfni Pn 'Vi io 15il 

U wegxinc Jlnv a 75 8 

Mn Pn 3 -W "cl r 1766 

i>. bnvil.iurt 2 2738 

Dp. Brad'M 2 . . 181.0 

Du Prop UcL 2 . 90 0 j 

Vanbrugh Life Assurance 

41-43 MndiI"XM I Jin WIH8IA 


125.9 


1651 


167.6 


109 8 


130.2 


15X1 


758 


1766 


2738 


131.0 

. . 

900 



Hill-Samuei & Co. (Guernsevi Ltd. 

8 I eS ebwTr Si . Pel or Port ru..Tn>v> . ' ' 
.luernserTM |1«64 156.6] . | 2 79 

Hill Samuel Invent Mgntt. Inlnl 

I'M Rq\ A3. J L-rvr- . fi.’Lri ;7dil 

IlSChannellr V 11185 126b| | * M 

Rox 2622. Bern. Switzerland T«:l»-w .LM1". 
H.S ihorFea* Fd [MJO 1903j-(]]j| - 


VMvn- Hpuiwc, Dougtafl. l<leol Von 84212*111. 
j jij" viin.'Cfl'"-i ifl I1M ♦. 141 8 . . 

jij i. niliie Assurance i Overseas i ltd 

,•■> R.iv l.'OSw. Hxm li'.rw V7I. Porn..';. 
.rT'-ml Mniid Fd i . ! 

td Cnion-invcsinient-Gissell5cb!ifi nibH. 

I*iv>.!ta'-h UTK7. [I 9««; KranM'.ir :«. 

_ \'l:i nlietnmii 1250 1310 [ K' 52 

Kw.rripjl.mrtv . 2805 5“58-9:*i| JBOf- 

I r.ifundi 19. SO 50 M l *.954 

i nirvnui al 75 «3 30 -a] 79 

. 1 ni*pi r, ai 1 6125 b4 40|-j'0| 6155 


. .1 - International Pacific lnv. Jtngt Ud. 

1*0 Bov S2S7 5d Pm sr Swdn-n. \ u *; 
m j‘»jii*-i Javelin F-quity Taj ]»A2 33 245] f 


Pnc'j-’N'jw. T dealing Nm 9 ' 'in.w *«i Owl 31. Next 'taal.nfl '■*»* 

CORAL INDEX: Close 466-471 . 

INSURANCE -BASE" RATES 

- f Property Growth-- *■•'•— ••;•■ ; — ...-H 11 * 

' tVantaueh-irtiaranteed ■'■■■■ ■•■ — - 

. - . lAJdicri shWIi.'indrf .1 ?‘»ir M” imcUTupetly Rnnd TiJjle 


6 85 *^5t> TuniL. „ 1168 6 177 « 

1 jss&ssx. r* si 

t H UrouPHned Pro.. 1978 Sl 
lii Fixed Im Pro 2060 207 

Equity PWuion 2504 256 


I Equity Peniiun [2504 
Prupvrtv PeiLd cm . (1501 


ICorahlJl Insurance Co. Ltd. 

Liz rornlulL EC 3 Ol-tW S4;« 


Einnpl i'jiyh Inlt [9IJ 
Da Aci'.im . 1009 
F.ICTTipi . l JJIY IniL. 134 0 
Dp Anugv 137.7 

F vamp) Fixed Inn. IIS 3 
r<o Aerum 118 5 

Kcanm Mnsd.JniL 1299 

I*u Accubv 133 5 

F.xroip: Prop Inn 98 3 
Do Act mn. J009 


uw . — 

1 * 0 . 6 , . 

io3i! .... _ 

106 j| . 


Provincial Life Assurance Co. Ltd. 
222 BUehnpoaair K> * DI.247GS33 

Fro*’ Managed Fd 1207 JJJJI ... .. 

Prow Cash Fd . 2d* 7 1124 

.•ill Fund 20 115 0 12X1 -0 5 — 

Property Funrt lgl J 106.7 

Equity Fund 1002 105.6 -0 fl — 

F*»rl In 1 Funrt 96 7 101 9, _ 


Msnagnd Fri 1475 

Lqullw Fit . 232 9 

■ n<nJ Fund ...... 96.6 

Fixed Interfl Frt 165 6 

Property Fd , 149 B 

w-‘a>twFund . . . 121.1 


245.2 -IF 
101.7 -05 

174.4 -0.4 
157 7 

127.5 .. .. 


i'a»h FunwJ . . .1121.1 127.5, .. ..| - Jardine Flem 

Vanbrugh Pensions Limited • •■it""'- •-«>» 

4I43Maddo.Sl.Mn WIRpl.X D:4W4K3 j?l2!{E Ja\ 
Managed , |989 18*2-0 jSSTsP*" 


lTap_ Feb OcL IS.. ]130 0 — ! | — . -«■_ . rrn _ ... , .- ucuaacr iuu.ua> ■.wnrvwr i>mun 

M«tS?FdCW S M U79 S 5 lifl J - 3BA7Nev.Mrod$i_wiT0R W «"-4«iaKi JJ“" '‘f 3 * uko . Windsor Life Assur. Co. Ltd. 

WOT Fnilr 19? 4 1 023( ^ 1,1 Prop Mi I • - I - R« .1 Alhort Hre . .-heel -l . R 1 nd.- ur 

Credit * Commerce lnsorance Lloyds Bk. Unit Tst Mngrs. Ud. .« 6 Fu«ra uHd" tba. f 4 ® 22 00 V 1 

: ISO. Reerat^X- London W1A6FL OlriOTT 1 *! Tl l.uni»aril V. FCA . ni «ri.,-.np r*_ * 1^86 ira 11 FuHircAwrtnih.li. 45 00 [ 

iCkCMogLTd^.’, 112.8 0324,-J- |8k. !«.4| -2^793 N t ^ bub HWJSi ■ 1 ^ •R.tfrl&a LMtiJ 


Pn Acram . ... . I1009 i06j| '.' ”| _ Prudential Pensions Limited^ 

Legal & General Prop. Fd. Mgra. | Art Unborn Ban fl'IN 2 Nil ounspc- 

iiSvTrS 1 01 * hsai ”*2 1 " 

W.PrpFd Npr . (90.7 203 31 .( - Prop Fd Nuw Ifl £27 74 28 .... _ 

- Neil aah day Dew I - _ „ . 1 ‘ 

, ;r„ .• Seltance Mutnai 


Managed r .. 98 9 18*2 -OJI 

Family. 103 2 108 7,-0 5 

Fixed Imemi. 97 8 103 6, —0 5j . - 

I'MPcriv. . .. |?9 9 105.53 *0.ll - 

O imron 1 ced .n-e lux Ease na'i-. table 

Welfare insurance Co. LttLV 

Wm4li.de Par*. Kv«rr .iSl.Af. 

Moi.pw maker Kd . | 105 7 , 1 - 2 1 

Fur (4 her fiinj* iwle^'e refer Id 1 lie London It 
Manchester «.phi|> 


J.E.T. Managers fjcrseyi Ltd. 

Hi'Bow WH. hanni'I Hwi^.-.Jerwww- n r ,M 7.i 
Jer-j-w- K.xlrnl T« |1710 161 0 1 

M al Met. .11 Nevi sub da> \ Q , w. 

Jardine Fleming & Co. Ltd. 
pqh Flour, .-oanauflu 1 V.ttrv H-nc K. :.. 
JardincErtn Tn I1K537B56 -::*| 13 

JandmcJ nn.Krt • liKI*32Bl 0? 

JarrimcSKA Sl <2889 1 7 

larainc Flcmlm 1 IKS 12. 42 - J-V - 

InU Pac Seen 1 1 he : HKSiSEQ 1 , 

DuiAlturii 11KV15 b6 i 

N AV l.m :il •| >4i.iwali>:i' U .spl ij 
.‘■'nl “nh Sm li 


nd. Joint, ttngmnt. iC.I.i i.tri 
2 ’9 '» Mill" 0-JsT Sl reel S: Hdir,, J.-r*.- 

I 1 h Funil [51 110 13: I 7 5S 

I nited Stales Tsl. Inti. Adr. to. 

• ‘ ", Iwui' A!drin*'pr. l.'i'.irnilHi.if.. 

. * T*'Mrv K-nil | Jl M0J3 (-■;■ J; , 0 % 
■Cot a*£i>;c, It 

S fi. Warburg & Co. Ltd 

1 .1 d. ,»i. ' .reshsni Sl n.i'1 . K C'.' '* , «■■; 

■ r.s Mil. **<jv ti . 5i.b9 70 1 ' 

K.e;c Im fi SI S17 05 :-6{li 

i.r y SFrt "cl 21 I!'S7 19 j 

Mere Fh.l *; r w • Jl.;u*3 13 <5 il * 7 -.e 

\?T.- M.'rt'Mr.v MkiN... fl £10 09 lOlfl! 

Uarburg Invest. Mngt. Jrsy. i irt. 

1 r.itnn. ''rufii si Hel».-r j-. ■ 1 T..T :j 
1 MKInt (m 2R (II S"" ! — 

, '.H l. o . -.-A 26 . 114.62 15 OS ! - 

• <W M-iaLT.i >vi ip ru W li?7l 1 _ 

OS! TMT"r: 12 Ji *1139 11 6=1 ' _ 

170 T-.n i it :: -nil :ici}] ! - 

World Wide Growth Mauaccmerl? 

■in 1 ■«. inward ••-■■".i 1 Oiwvm''v>:'e 
orirt 1 ' ■■!'■ '.'h Kd; Jl -1S-J •- 1 


. Re, Peon 

FJu« In* i'.km-Ji 


I’ricc* do n<H include I premium, w «■ 
indlwalrd 1 ivld*- V . -hir'i m In-: ■ 
SBI+4 incluilc .ill ex pent- 6 r»it)w 

vpening prur h r'i*'ribli!ion free "f 


NOTES 


■ v rw*e ii*rtif» , i»i -r wiw< ar* :-i j— nr.. .iin*-» -iiniv * . 
s.i-i’i all"'-* ler .11 ! bL.in; 1 jn-n-i ■ a 'I'lwri-rt r-- 1> ■ 
r \ i«. ]<• I'B-cif nTiffer f-rve d Hviimairl £ Te-tfr 
K ... p .'••.''■'•li' i-rrmii'ni ir. -uran.-cf * t -~, 


I 1 26 *6 

(105 B 1] 


1 _ premium (h-.uruncc < 'iffertrd on-:'' mclud: • 3l; nipe- e w.c-p* • ' . •'^r '' •• " 

I I — 1 "K'.'ivl pnif inrlu'le.* i'll ■■'.}*•.■ 11 if WtiSi :li['n.rh in.iri.n'. • ; n«i ■ - ' " • 

; .. V TCci ni lax un rLaJi>i;d ■ .1pn.1l jiicn-. -in:.-., mi... .v.iii b. ■» " ‘.i.n-rruc. s ik>.< P i'i 

| 4 — * '■ iclrt hd'c I £4* * Xy-.-ii&d.' i*:un 




CHRKTIE&CO 

32 Baker Street London W1 
Telephone 01-486 4231 

Nine regional offices 
Specialists in the sale of privately 
owned businesses and companies 
Valuers - Licensed Dealers 


BRITISH FUNDS 


FT SHARE INFORMATION SERVICE 


jrm£n.hii Times We&esdajr 
• - FOOD, 

Hhflw I SiaA I 


BONDS & RAILS — Cone. 


CHEMICALS, PLASTICS— Conu 


price |+ crlKr. 'r Bnt 
£ 1 — I liicx Yirtrf 






FINANCIAL TIMES 

BRACKFZV HOUSE. 10. CANNON STREET. LONDON EC4P 4BT 
Telex: Editorial 886341/2, 883897. .Advertisement : 883033. Telegrams: Finaaftinw. London PSA. 

Telephone: 01-248 8060. 

For Share Index and Business News Summary in London, Birmingham, 

Liverpool and Manchester, Tel; 246 8026 
INTERNATIONAL AND BRITISH OFFICES 


EDITORLAL OFFICES 

AmMerdam Vu. Bov U!SS. Amsterdam-C. 

Tnlru 12171 Tol. L'-W SSP 
Birnimplmni ifnisr Huu^ff. CeoEKC Road. 

Tvlvt ilUWJSO lfl. (TJ1-J.V) «>22 
Bunn: Pro^haiK 1T104 Hei!»aJtee 2-10, 
Tclvx 8WS542 Tel: 210038 
B niwpl v :JP Rue ['iicjle. 

T»*U*». 2a2«l Ti-1 512-9037 
Cairo Pi* Box aMtt 

•r.-l: JX1R5 10 

Du hi in: H f’liniillianl 5qi|ir«. 

Telex MM Tel: 785321 
Edinburgh: :17 ircurcn Si reel. 

Telex: 7.-4*i Tel: <W1 -220 4100 
Frankfiiri* I m Snrhxen laser 13- 
T«-lv«; -IlKtSI T.-l; 5S57JU 
Jnh.mne^bura: I***. Bnv 2128 
l>lcx 8-6257 Tel- >«l<-754 r « 

Li-hon; I'rai’a d.i AIcKriii 58-U>, Lisbon & 
r«-lr.v I2K13 Tel: 3&1 j»« 

Mrfilriii' Hsiirr.nin.s1jL 32, Jladrid 3. 

T.-l- +41 H772 


Manchester: Queen'* Queen Street. 

Telex 668813 Tel: 061-634 *38t 
Moscow: Sxdoi ryNamwer Knaje 12-24, Apt. 13. 

Telex TWO Tel: 200 2748 
New York: 75 Rockefeller Tiara, N.Y. KKMB. 

Telex 68380 Tel: f2l2i Ml 4625 
Fans: 36 Rue du Scnlier. 75002. 

Telex 220(144 Tel: 236.57.43 
Bin He Janeiro; Avemdj Pin Virtu 418-10. 

Tel'. 25.1 4848 

Borne: Vic della Umrde 5S. 

Telex 61032 Tel: ffTB 3314 

Slorkholm: c o Stenikn DasbladeU Xaalunbivaflm ' 
Telex I7«B Tel: 50 81) 88 
Tehran: P.O. Box 11-1870. 

Telex -I3OTO Tel: 682608 
Tokyo: *h J-Tonr, "Nihon Keizai Shlmtana 
Build mi;. 1-0-5 Oienuchi. Chisoda-ku. 

Telex J 27104 Tel: 241 2820 
W a-ftingion: 2nd Floor. 1325 TL S treat. 

N.W.. U'aahinelon PC. 20004 
Telex 440340 TeL <202! 347 883 


ADVERTISEMENT OFFICES 

Birmi n chain' ifeurstf House. 'Jeorfie Road. Manchester: Queen's House, Queen Strut 

T.-lex iLtftfSu leJ 021-454 IWJ3 Telex 666813 Tel: 061-634 8361 

i..lm''«rnh 37 (irunii: Street New York: 73 Rockefeller Pba- H-Y. 100 ID 

Telex 7248+ 1-1: 031 226+1 :«> Telex 238100 Tel; t2I3) 489 8300 

Fuinkfnn: Ini Nai-h-enloRor 13. Paris; 38 Rue dn Sentier. 73003, 

Teles ItCKi Tel: &M6K7 Telex 220044 Tel: 23686.01 

Lr-its; I'ermnnenl Uuum. Tiie Uudruw, Tnb'n: Kiuhan Building. 1-6-10 T’ebfkand*, 

Tel. U532 4540SJ Chijoda ku. Telex J 27104 TeL' 2SS 4050 

Overpeas advprti/cment representatives in 
Central and SauLh Awrrwsu Africa, the Middle East, A»ia and the Fat East. 

For further ileimls, p leave contact: 

Overseas Advertisement Department, 

Financial Times, Bracken Hou.se, Jp. Cannon Street, London EC4P 4BY 


SUBSCRIPTIONS 

Cupi« otoiri treble Ip'm Tirvrsn cents *nri «nriil«ide nr ni insular Mbscxijfltaa from 

Sul. v- njit inn neparlmeM. Financial I* lines, Tonrlen 



£11^600 
302 220 
346 84 

<W 61 
1 T9 60 
£57 E40*j 

275 122 
”218 134 
31 19 

■66 45 

147, IQ 

41 27 

49 41 

£95 £87 
£99 £83 
C98!; £83 
81 64 

79 59 

T8 57 
27 19 

65 Cfc 

34 Wi 

'40 16 

mii 69 

65 42 

75 3ft 
394 315 
27 131. 

21 156 



Hillard* W- 
HintOfl'A » i**P 
Kraft 


In-kxcoocb 


RctatMMi Finds 


Barlm-RdRIUr. 


220 Glue Cite leu 

61 Blundell taw 
75 Urecxtun Utnc-. 

21 Brit. Dredging-- 

24 Brown Asti 20p 
48*; Brownlee. .. 

36 Br.-anUOdc*.-- 

153 Burma Si H 

170 Burt BuuHuiS 1 . 

22 i' Rohw W 10p 

20 tal udcr"'iU.- inp . 

40 Oaminhni.. _. 

40 ttirufi 

681; Cement Riwfctone 

27 '.'amhen i ip IHn- 
157 i.'iHumR 

31 t'ountrvnrtc.Sp , 

62 Cnr-Jey fflifc, . 

80 i'rouduTl.i Sty- 
es Crouch (Jtoup . 

84 toaglfeRohtM 
100 Dinting HI, 30p 

68 Enlh 

13 FP.Ai.VhKii 
U> Fhirclnugbl/oA* 

19 Fefo.Iirtl lOp _ 

19 Ikr. vV IUp 

34 KedLandiBM 

21 Fuiianrintimltty , 
ll*j Fnracis Hkr. I0r- 

40 FVinriviiR-Mp. 

26 French Kier . , - 

■ 52 1 ? liallifurd Rr.ip.. 

25 Gibte-D'dyAlOp 

37 I'Heewn'NJ-ilty. 

•w aitoMjpir.acj..- 

69 Gch'.'«iper20p- 
: 221; R VT Grp Kip - 

21 Helical Bar .. 

59 Hcraf«n.'AT0p 

41 HwdenSl.lOr 
i £220 Do Tnctbnr . 

64 Heyvid Wm 50p 

67 Hi^-&Hill 
66 Hwerinjhani 

55 rjaRerUi 

12'; [[.u-ard-ShuLlup 
104 IlM JBp . . 

125 Ihsrih'kjah8'«n. 

108 Ini Tlmhcr 

H 41*; J R llitihnc- |i*n» 

22 . . 

160 JuTvm.1- . 160 

73 Jennin?!- SAUDI 74 

79 J"i\iWHi-R'.>-iutxt 881; 

10 Juuev Edxul Jnp 13 

31 KenLiM-F-lOp 40 

; Cl LafaweS VCifej L35^ 

73 Luinr >111171) i ” \ '. 73 

84 laHuunt.1 ,tl . . 107 
88 IjWWkc'W: 92rf 

70 l<wclnffmia»|i 83 

57 (tiridtid Paint... 82).-. 

61 1 alley K I < ' _ 69»tf 

61 U'Ddan Rrirl. .. . 65*1 

74 l>A«lliV.i .. 

28 Mr\cill i inmp 
1 13 Musnel A M.'in> 

421; Vutllinpun-Urnns 

84 RamJerv.inns-. 

107 MsTvimvl 

68 Marlcy . 

71 M:ir>hJI-.lil\ 

57 Mest i ILfcv-«*il 

13 Mear- F'.rrw 

38 y.-hiiror 1 i-w 

73 JIner Mi+ii 1.- 

321; Mifhurj - .. . . 

9 Miller ftani- 

52 Mlx>nflrr<lP 

35 Mod Er, jnwrv 

79 Mmk>A 

103 UtatiPitr-I _. 

138 \cwaithil1£l . 

79 \nn»i>rl(ul-4 

210 '»•«. HnrV jij|i . 

40 iinnel vr - lop .. 

97 l‘ , ^VerTi«nl>e r 

138 Unwin Timl^r. 

82 Purina- 

107 It.U« ' _ . .. 124 

116 Rmiiard . 152 

70 K i’ll ib. Wall iiip 

94 Riiin.fi- Vlljr.i 

80 Ruhan > ii-up 

20 Rtn*liavnn 
29i- Kuiititiiuup , 

30 RtihcmM 

66 Rux’ln P Cemeni 

135 SCBi^iMip 

31*; xJuil Timer !Or- 
301; MurjH-f. Hvlier 

39 Sntirl iJ • Hip 

6 !*-^)lhi:n)>.o7)..'.p 

20 Sirort-^s ]up 

124 Tamnr 
330 Tarhirttr«v|ri« 

233 rifbu.n < "rr£! . 

129 T»ai:*i Irn.-M 
225 Tuni>-I B.Iiii 
64 l.'K«t<lm'i|i 

24 

1 55 Vibri.uilaiii 

32 Mar.lill.li. l«li 

35 Uarnitfici . . 

95 Wjl.-PJ.ik..* 

30 We-jhniVltn.!' 

56 Htncni Rf— 

39 Wli Jlin..*-r.|i . 

28 Win! .'Ii'm rj -p 

22 tlipn-i'm. Wt 1 
99 Wir-«I.I i m.i- ill’ - 

b3 W iixqx-j i« ieii- 



LO 12.0 111 4 

f J 44 26 BtaekAmwSty. 3S -1: 1-610, 

a a a t *s- Bgaffit *s ; 

T ,51 -1% * a Kp5-viop- 42 ii: W- 

j \%\ i* m 127 B«Aa-.Vfci:.5lSp: 270 »7.43 - 

r |,l|| 11 161- 102 Boti Henry iSJp. U3*d +1 - 

IS ° 7 184 !92- nSt® - 

5-? IS H £7 a7i 4 Bom-W.l'SJStaO £20i, -*« QS2J7 

l 7 32 163 Bowser £ I ,... 175 -X' 19.85 -i 

♦ *gi f 89 66 BmbyLKJralOn 69 M*,; 

f* H « Brady Inris. -V - 66 3 

lr ai.fj U7 73 BmaneriRiata- 107. thiS4 -■ 

Iff '121; Etjctend Pror $. S* 2 .i_- _->V, + 

♦ 120 % BriAw 10b -2. 623- ? 

12 H 39 29 Brtdpurt-G20p-_ 33 -M- T 

?-5 9.fi b2 M 47- +1 <12.70 : 



' [29*2 19 iBrinarias— S..-+- -19«5 — 
385 .iB. H.fYop.Vtl-- 6SO -5 


*w 


« j “ 13*3 Borrafenejp.-^ 15 h i-J 

ca flzln ^ 32 fiww.wrtiop- s<r v,_.: ax 

It 35 26 ClllmnODp- -£ -1 Z0 

11-17 zS 73 50 i^mrtaJOo.JL .51 -2 4.0 

17 7.4 7 n 56 rarmS^ ,- 66 .&.[ 

xn« l 7 136 108 Cape Industries. 127 -1 - 

?9S itz 118 *2 CapfamProf % 107 48 

a a Ha an 96 66 CaSCarel.ii.3Jp 69 -1 tfJ 

H *1-5 5? 240 14ft l arfioi) Irids — 212 & 


DU Oi. R.O ujn ion 
L8107 i62,Pc6 m 
23 10 4 <5 5i 49 % 

113.5 - .ml n. 


renL Steered 5p 32bxC ..... fhl2 29 

,'entre»w-30p - MJK 1226 4.4 

Tiawhertainu'p A5 t280 2 

Tamhlan Hr !0p. 40 217. 3L 


t Oh i * 142 CboWiBhi 135 -1-* t5J9 -SJ 
}, J K 5B ilarteidanedb 82- ...... *Z 19 

f-2 I! 136 93 OtiiRlf.: 94«r -fl l3.77 5J 

90 47 a? 2fL Cnpenlfebbajp 74 +1- fL90 b2^ 
fS iJLfi £28*4 £L87 b Com1Gzp.il. .. 09*; C20 ‘J 

44 6 5 ( M 13. H COBt StawnriOp, 34 1- 

17 1! 6 II IS* S i'opsAUmah5p. *PmZLLi$hm 

72 3 5 5 3 S f* 1 ® M SS S 

£ 41 ,| f j atsat z* hl E u 

28 7 4 72 Kg M? CreaniJ.i30p.CC 190 .... TR58 17 

M If 

» » || » i SKStt- ■#: It Ut. iJS 

I I If I BWSrt:# ?*»r 


L0 1l3.ua, 10», Diamond SL+ltip 17 hfl.66 5J 

L, l?0 an JJ, ,6 WataeHertSp. 14-. .:..<fh026 « 

* 5 8 * 12 5 -•- -1 ' 3.85 *& 

28 ililn ’i? 2 » afcmtaklfjp 101 ..... b4.06.iS 

<-o h i + « t-i in- m. ..•_«« i aI 


r a a * . uwvumiiHigH « - . . . . IIIJ-U *.] 

J 2n ? 4 IK 90 rhuiheet'cro. top 90 -4-5 66-.3J 

39^ 7 0 4 5 4, 5 . ?? rhiwkninnaip . 42 Dfc44 XI 

J'3 75 58 ,S* J* £*piejat!ip — 22-- -h t0.«T 41 

H 7fl L*® 93 Durapipe... .. 139 . 4J4 , 3. 


0 6 sf ,15 9*; Ri.' Cases lOp . ; . 9* j 

\\ 44 47 122 S^nifYndWp. 75w -4 K.42 84 -:88| 

| M-K Z20 Qbarlmh.9llp:; 245' Ofl.a S.4 

li 50 11 4 H! 2 gM.MlL. . _ 15*2 , - dL13 13 1--=, 

3 * 7 5 63 5° 39, 2 El no 10c ;-«7 1.94 *' 6Jl 

22 ill to ^ ^.■tJnrt.Sec... 58 t3.04 il AM 

27 79 Is ^ }l IS?*™® JOP - -XT. --- 0.25 - - 

5 8 20 9 8 JS W-BmlSrtihlii, 82- 13.18 4.1 

»C fq n? *21 17 QwiekITpa-5n lfff ;... U.00 33 _ . 


g y » &. 9 ;= BBT* : t ^ A 3 

1 8 I f f sssfes? t* i w $ ... 

1 14 f ’A W 

7 ft « S Erode Hktes.30p 3!9. hXIS 4.7 

] J jj & W saswf? g ± f?" 

i] f ig S-- SiBftfc' 8,-lPPR 

2 |-9 .-43 172 - 127 FennOriT H.r. 156 .._ . T6J0 23l 

| 5 73 ^ g- KehauMlnrl-v. : JM: .. .; 6D9 13 7.71 

fin 44 M M FenJewan 30p _ 30 +1 U4J ' _ j *«. 

I if 23 » 25- Fi f39 -1 17193 '23| 

a ?H I? !K!«dsn.i. ® - 5 m 

l(ty . . -39. . -rl t2C 


51 1 3T ftTwM. 


? hi& jr W FrtsBiftan.-. 4S ' .' :.. qS.s - _ 

If 334 1 ,S 3 *isa 33J 7JJ. 

12.5rH& ,|3. taanyflE,.-.^ IK" fh259 96 2St 

183 128;. SiKeroVDovep., -147- -1 +4 65 2 7 -I S 

' ZiA 1 .If ybTOllHaiwy-'lTOK. H6 9* 18 .93 

860 ' 455 • RankfiBlOntil 53®. f Q30<' _ 2« 

61 fTrariiThoxIOp ' 65 .... ?2.84 4.3 6« 
ETC. }I2 85 FrieOtoriilligt!^ .' 96 ‘ : t3.18 44 4.3 


CHEMICALS, PLASTICS 


th/n 

Ujin-Ji- imh . 
Mutil'j-L 10 d 
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Garages and Distributors 


2.5 

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38j 801 5.0 
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14 

120k 

59 

£ 141 ; 

303 

37nj 

22 

40 

15 
25 

116 

20*2 

33 

10 

54 

235 

IB 


+2 


-1 


17.0 


Qhlllr 

+3.41 

SSSl 

L75 


( 0.00 
L92 
12 
0 50 
5111 

2.03 


04D 

dL 06 


5.6(12 4| 


m 


hi 

3.01 

6.4 

Tzj 


2.2 

23 

7.0 

87 

11 Ol 

t\ 

7tfi 

55 


o?n 

55 


4« 

■*20 

£42 

178 


106 

3 T 

41b 

*6: 

iaj 

?<; 

105 

5o*j> 

So;- 

bi 


445 

£1 li, 

108 

401 

920 

:&j 

151 

Ciii 

657 

o5G 

b]4 

330 

-:itv 

289 
CG9I; 
241 
970 
-68 . 


119 
£:0'. 
121 ' 
456 
134 
til* 1 . 
£101, 
Cl 03. 

249 

174 

£24" 


755 

37B 

£20*4 

950 

172 

204 

25 

£2054 

£!6Ss 

£18 

215 

60 

207 

158 

igi 

30*; 

518 

237 

59 

189 

93 

£!5 

278 

340 

73 


2H1 Nar.l.Tf f[ 

130 BunEfiaies 


600 

155 


. 10 76 
.. =13.2 


+ |126 
2.fl i 


15 

140 

131 

820 

336 

27 

75 

68 

140 

40 

223 

22 

40 

7 

143 

lb*j 

50 

178 

42 

70 

£15* 

40 

570 

300 

164 

70 


30 

420 

t>0 

305 

185 

11 

350 

310 

93 

11 

84 
640 
470 

7B 

73 

270 

87 

70 

245 

340 

240 

85 
100 
ICO 
270 



Ausn 

IALIAN 



978 

Lew 

Stock 

Price 

- or( Pic. 
- j Nn 

Or 

10 

Artnet-V 

10 


_ 

_ 

64 

fVfj;aini , Pi--<i7fr^. 

122 


+Q 80 

L4 

6* 

BHSuilhbtk- 

118 




190 

■ rural I'.* >lir . 

310 

-70 



148 

• nr.tjn' Rirt.ut» *V. 

266 

-A 

itilOc 

2.2 


Emleaueir J>r .. 

19 

-1 



45 

iM F-.lcrtiriifiL 

60 

-3 




JH 

M>'tnaiiiiMN l._ 

30 





81 

Hnn^Kti .Uva-::.p_ 

121 

-1 

D55 

2.C 

10 

Mria3.'L\..i<f . 

27 

-1 


. 

l/S 

M 1 11 Hlrtu- f*k 

187 

-6 

Q9.: 

17 

10 

Mmefieli+'E-pl 





10 

M>«jnlli<Hl2fic 

32 




1*; 

bNHM.il Ik 

5 V 





North D Hills*— 

105 

-1 

ii*.- 

13 

»* 

Mh-Kalcarl: . 

14 




i2 

Mfa.Mt*:t Mining— 

22 

-1 



11/ 

iQtl.rnl-rSAI 

122 


(»2c 

19 

10 


26 


30 

['amuM'iirw- 

58 




750 

illll util'll . 

850 

-50 

_ 



l.' 

fennra Ml£* "<r>_ 

21 

-2 




310 

Vki-WallscfadTOc. 

463 

-11 

qi5c 

♦ 

50 

Southern r'jiirc_ 

135 

-5 




84 

7<>an Mir.in-.'SJc. 

134 



07 

35 

Uluini'reofc^'i.- 

55 

-5 



?3 

Tl 

Viral. N’iceria 

[NS 

24 


707 

17 

.>40 

V"urHilamSMl 

340 

-5 


05 

45 


56 



4.4 

•a 

200 

Kerjum.ni.Vi I 

225 


QUO*- 

111 

iitvier . 

180 


_\fc 

8*' 

[rtfd b bx* 

11 




22ft 

topcnjit.'i-n,. 

320n 

-5 

Tl5.?o 

0.5 

130 






78 


90 

+5 

yio 

L6 

7 

JjiiUJ tl';? 


68 

Ksnuiui ti 2 5.41050. 

72" 

+2 


2J 

450 

280 

Killi n-Jh-ilt 

Malm lTedC:r.;SMI. 

630 

425 


0125 

+Q95i; 

P?l7b. 

i?fl 

40 

iP.-iham;. 

61 

+-1 

115 

50 

PeneteJen lOp — 

68n 


6 60 

I 3 

165 


245 


1Q80l- 

16 

49 

Sami fVran - 

80 

+i 

P+13 

65 

47 

<outfa 1 nrf/;. Ifp. 

67 


4 19 

70 

140 

South KiiituSMu.iO 

210 

+5 

<(145.: 

06 

250 

Sihn Mifavan S.V1]._ 

315 



11 

134 

Sutipe) (4MSM1 . 

210 

+5 

«5c 

5 3 

55 

bupnvnci nrp SMI 

75 


TOTOf 


85 

Tanjon; !:•[> _. . 

90 


D c*0 

OE 

/4 

Tun^ka'n Hrl-r SUi 

100 

+ 5 . 

W-111% 


148 

Troouh SMJ- 

230 

r5 

7t/83c 

L6j 


44 

Jo 


40 


11.6 


2.0 

Ti 


17.4 
14 0 


10 5 


14 7, 


14.5 
79 
33 
93 
14 8 
9.0 
b b 
29 

10.9 

9.9 


COPPER 

104 ( 62 (Messina Pit 5 1 | 62 |-1 |iQ30c( LS( i 

MISCELLANEOUS 


68 

17 

300 

465 

263 

90 

£22 

85 

185 


35 

9 

180 

245 

164 

30 

750 


toynnn 

Burma M 11 K+ ;7i;p. 

•’•in.-. Murrh 10c 

NortheaieCSI 

S.T2 — 

lAahina In.+s. , .'3I 

50 [TaraE'.rtn.SI..._ 
43 |Tet.id} Uinerals '.Op 


120 


VuLiinCon: OSJ 


50 
15 
180 
369 
230 <r 
42 
850 
80 
150 


-1 


— 

*- 

♦O30c 

26 

95 

2.8 

♦135 

■5 

Q?c 

2.9 


62 


2.5 
*1 *» 


GOLDS EX-$ PREMIUM 

London nu-suiiion^ for ■»Ierte-.+ South Ain can ;.d«i mining 
shores in L'.S. currency e\.-lur1ini; the invustroenl dollar 
premium. These: prices are available only to non-L'a 
robideuts. 


$15% 

511 \ 

585c 

S28*s 

tlfJ, 

S13< 

465c 

S22i; 

Si7 

531>4 

SUI; 


511V. 

Bufl'Dl-.Rl 

Sll'a 

+.V 

Q17fk 

in 

850c 

Etifl DnpFfl ----- 

875c 

+15 

lQ76r 

17 

ITflr 

Eatt Rad Pn* RI_ 

■XDOr 


_ 

31 top 

PS i«dnld:i> 

S10,.c 

-V 

W?15*- 

5 

97 5 v 

Pi*^- Bran*l-T*.ii-__ 

SU',.0 

S10>4 

+- 1 it 

Q150r 

O 

90ft- 

Sf Hel.jiaHi 

+1, 

kflOO.- 

4. 

31 to 

St ittonie in >»•■— ■ 

395*r 

-f 

+Cf22c 

23 

516b, 

l;ulHevD.'«*e— 

SIS 1 . 


(ft 15c 

33 

l’l 


S29-V 


was.- 

L7 

S19>, 

**•« Hid;- Sw- 

S23';u: 



4> 

895c 

WtraeraiA-epIC— 

$l6* a 

+*a 

<i3LS.r 

24 


17 2 


196 
15 2 
21,4 
b4 

7.3 
15 'I 
20 4 

9.4 


NOTES 


MINES 

CENTRAL RAND 


88 

6.7 

3.7 
81 

1H.9 

T 


2 a 


145 

?44 

£28 

73*; 


Durban I icepR 1 . 
La..lF!nafPrp.P.I 
Ranijf'ini n L>-. m 
Wert llandRI 


328 -2 ~ 


273 -2 - 


£29 . . rqjjfK 

2 5 

99 *2yiQ13c 

6.7t 


EASTERN RAND 


57 ! : 

Gra+iicn . 

65 


Q-I4r 

IB 

Ea*i Iui.;caFii 

23 

-1 

tv20. 

2>b 

r rn -i.i »>.*> - 

2°7 

-b 

luM). 

7f. 

i.rivi'.Ieil'k 

89 


+UK- 

’44 

K.nr-r. hi ..... 

249 

*5 




42:.- 


«21- 

52 

Mane* ale RiC : .. . 

82 

-f 

+Q46e 


:-l Mira: an I,i .IV . 

54*; 



*1 

Matd'.nk+uDfc . . 

42"; 


1/25* 

sir 

lVi.iU-Iha.il- Fil . 

553 

-9 

0*129*.- 

51" 

Wit 

371; 


— 


FAR WEST RAND 


: r f! 

ni---.r.<25 

280 


*/0 3f 

1 6J 

*02 

nairi . . 

777 

-/0 

Q170-: 

IE 


n-elktartJRiOi _ 

SO 

-li. 

- 


214 

IkHin Junto n R, 

266 

+4 

QSOr 

23 

:4J6 

EarilT.eF.1 

597 

-5 

tv73i 

1.7 

ib.t 

ElaniL-Tj,id'.|.i J* 

195 

t 9 

. - 


X) 

Qd.uruP.l . _ 

B4i_. 

-li; 

^230 *: 

10 

IW 

llaneiicert fti — 

£11*; 


lb 

408 

♦JtrtH ■ H l . — 

464 

*13 

O40c 

26 

432 

ljfiar.unh'1 ._ 

457 

A 

thOD.- 

2 C 

419 

SouthvM! 5*v 

430 

*7 


10 

206 

Milloiitcm -a*.- — . 

270 

-5 

nj22.- 

23 

LJ1 

\ Rc+ 

£121; 

- 1- 

3 3 

I7Z 

'* entcr-to'-C K ; — 

174 

•9 

y2:-- 

2.7 

CJtv'r 

K L.r:'-R: .. 

£20- 

- - 

1/335.- 

1 7 

13* 

Ml«*4i-ra Are.i • Rl 

137 

-4 

to: 3. 

27 

589 

We*- i-m I ■iT-p FC . 

641 



24 

365 

2anilf^n K! — 

195 

-5 

Wi 

♦ 


O.F.S. 


7b 

Fnrobiaif Ik-. 

95 

"10 

Q!2- 

20 

£111, 

KMieibld tm 

il2Su 


Q31:>. 

4> 

s+ 

F saai plan* R!._ 

69i; 

+ 1 , 

— 


256 

liLnrwn;. V*. 

273 

*1 

+055. 

20 

6b 

L.'fniWk! 

72'; 

*1 

V- 

05 

66/ 

I'll- Btarii+bn. 

///iD 

-20 

0150. 

♦ 

616 

Sr Helena Rj 

700 

*29 

QI90-- 

♦ 

114 

I lit - t! ... ___ 

181 

-2 


1% 

T-Vlk.im+ii.. 

222 \T 

t2 


♦ 

£ J?‘j 

’A HnMin^rOc _ . 

£16>c 


Q415t- 

♦ 


FINANCE 


424 

,Vr^' Am l":wl 50c - 

530 

. 

Q60*- 

gvi?. 

34f 

746 

Antlu.Anrr l*r .. 

296 

*4 

?fl 

114*1, 

L-iH'-VTi'b-jln F.i . 

£15*; 

*i 

rtil6v 

QU5r 

1.1 

6?1 

4n+ Viol 56c.. 

700 

*25 

33 

U'/ 

Othrieruin?. — 

133 


8.43 

qU 

lb! 

L'ctot, (Sold FtdiL - 

176 

*1 

9.19 

7? 

16*, 

Ea.d Rand' "or ii>p 


+‘* 

111/ 

n 

1 14 

Cen Vtimn- Itl 

£16*4 


i0225i 

Ql35c 

71 

£10?t 

'■dd Field? S 4 A . 

£121; 


19 

no 

Jo imri Corf R2 _ 

£13*4 


qi70c 

36 

158 

Middle W;l2fc — 

145 

^ ... 

925c 

15 

il 

JJiDfdrpi: 1 ^. -™ 

60 


U.?7 

19 

126 

M:no. r «t58ni,4*j_. 

158 



15 

9b 

N tv *V :l iii-.. — 

102 

-1 

13189c 

♦ 

Ml 

Paiimi ’«' F!v? .._ 

Lllh 


EK'Wr 

4> 

>9 

Raul |i> mdfir !ii_ 

39 


aft: 

3.0 

375 

ScIwiiraiTpja — 

446 


18 9b 

19 

161 

S.-ntniS 

181 

*•2 

a® 

15 

29 

S:l erm.nc'2'.*p_ 

37 


17 

122 


160 

*7 

Q 10 .Q 

911V 

78 

fll 

Lw frel Hip . 

Tvjfll'ioiWRI. 

90 

£12 


163 

♦ 

1K2 

L'l" ItiuVR: 

200 

+8 

+Q30. 

12 

238 

L’nwni.'orpf! 625c. 

264 

-A 

+038i- 

16 

40 

\o;'el+2*^ 

60 


KJ7i a t- 

10 


1] 8 

8.5 

bn 
13 0 
54 
137 
29 
49 
Si' 
96 
U 9 

71 

22. 


75 

14? 

1 T 0 

49 
♦ 
7 1 
162 

it’s 

155 


68 

73 

b3 

98 
9.5 
7.8 
96 
8.3 
70 
7.7 

10 3 
1 % 
U i. 

58 
119 
2 5 
153 
65 

99 

&* 

80 

56 

9.0 

8 

75 


I'nless aChcTKl^ indiiralrd. priw ami nrt dhidends ar- in 
|prnr« and drnnminalimu are 25p. F si (mated pricnraminc-i 
jratltn and eaten, xt* based an tales, annual n-pnnsaml venua:, 
land, where possihle. arc npdatrtJ an half-v-arli ri cures. T/Ls am 
jralculaied oa the basis of nrt dnaribaiUm; hrarhe^d Ceures 
jindiraie 10 per cmL nr mare ditfemirp it calnUlrd an "nil’ 
Idfeinbuiiun. I oirr. are bawd an "ns»<mum'* illsirihurran. 
VicH' are hased nn middle pnns. are [mu adJiMcd T n! 
(33 per real, and allow for value if drclari*: liiMrrhuuans and 
Irifhlii. Securities with denolmnalinns other than sterling are 
[quoted inclusive of Ibe imesimem dollar premium. 

A Si-rlmn denomi oared useunlies which include Lnrestmesl 
•loltor pn-mjura 
■•Tap'' Ximk 

• liiuh.*- und t«wi marked thus hare been adjuiicd to eUow 
fur n;hts i-vuc-. Tor rah. 

T-rn-nm since mcrecsed or rrurnwH 
I'.t-.-ri.n -i nee reduve<1. pas:-e <1 or dcferretl, 

bt I.' .r'-c- to nnn-ri»idenl« on applies Lioa. 

;* >•.< r-.-i or report o waited, 
t f r* li -r.-d •eeunlr. 

l-i* •• .it Nine of su*pensibn. 

. '-si ■liviik-nil jfior tending scrip nnd'or rights issue: 

■ • .or ti ’.•!■■» to preuou' dr. idetids r.r forecasts. 

• itvr v .T ..-. l ..r rcrtvwaisauon. m protress- 
i .vni> ir.i'-le. 

• .• .i.i.- inieriin. reduced final and'or reduced earnlccs 
run •.!■: 'i.iilend; cover on earnlncs updated by latest 

ii.'. nrn ii.iii.-rK-nL 

■ .ii;., -. . inr ■■un‘-i-r.inn of share* not now ranking for 
JiT'K-rij: .r r^inl-.-ne only for tvMneud dividend 

■ >!•» • nu'. a I low- tor «h.ir« w+iich nv,y- also rant tor 

d- ■.l--.d ... f'ltarr. dale f* K rritio usualfy provided, 
iidl .If- id'.-nd d*--cl Ji-jlion. 


>:• 


.-..-I 


'J T.. • 

r.rr-.:. c 

- .. i -ii..; 

r flv.|e;iir»i. 

u In 


■iMi.i. fj; • 


c.ir.i 


v (.K--erf n n pm .-per in* or other official 
it rnvidonri rate Paul or pa; able on pari 
...i'V -1 ••>! dji i.].-fi.| on lull capiiai. 
Id. I Mai yield e A'sumcd d:v-.dt-nd and 
.1 .In i.l-.M'l :nri yield tiler *cnp i«vufe 
t- ..Tr-H i.-i-m . upil .,1 »..•!•. t Kenya. n> InR-nm hipher 
Ih.m pn-’ui: :•>! >1 n Biebl< l^-uo pending q Eamnrs 
?ri.|im:ri;r:. lu'iirir * 1 m« i.|«-n«l und yield c-ielu.l-a 
; l Ir-i vjlol diuilr.-ial emer rciiites til 
it: i"F r.itu. 'it -.-I un lotc-t anrual 

■ •j t .li. ule-id iihi-i •■.LL.I r-n pivv :..u. j ear s 

lr.-*- -j|- *|i ir, ltiv i. w Yield tlW»-. tor 

v |i.t |l*i |- 1 \ ...t.i i.., -.-I . r, rn'M* l.-mv. 

•vl-l i:.«iu ie.i t.il r«.-n' •.'«•>•.+ Joy not 

I .. . «,>-»• \ '.v' d.vi lcn.t I 4 iv Id R 

•-.•■•; *-.l •■+ d..|« m«l C •.‘oR.idi.-in K I'.'iic 

(■• .• ■••Id iia vl <-n pro* PC' (or. or other 

■ ... •. \».uii*. i Jiv.^cn.* rf.n.i ,ivld 

r-1 .. .f n.liL.ivue It flttpivod V..1 } .eld 

:*.••. •« .thei ..III' >.>l » ,'.m..l<"' for 

...i *.i« pr.*~ion n*. or '.il.vr .ilf.riat 
nd an -1 -.i< !•: h..inl ..n pr<.xj*..etus 
l.-r IKh N I'uiiVrHj and vi.-M 
■- r ,'ilu i jl i i malt;:- t-<r !0W P 

.. . ■- ni her nff I,- 1 si i •••Jimasev for 
.“ uuwf 7 pindi-nd loi.il lo 
•ii Trcsaurj Bill Kate stays 


ft.' 


■ii. 


tor >1 I’ 


.« t . 




" Rkhii issues " and " Rights ” Paso 40 


iTbSi o'ni: in jtaifahlr to r-,rr> L otr^iatiy dealt in on 
Slock F.\th?.n“w~ thrMd^lio'J’. the L'nilet! Kir.R'Vj.Ti for s 
fee i.i £400 per annum for each security 


ESG50NAL f^ZAEKSTS 


Tl:.- 

prv.- 

i -■ «i» 

:t IV . 


•Il ,|T<.- I 

hi: Jn. ii 


■f I .null -i, -ju* it. i« urns nf %n.ires 
•imi.il linnet i'r.ie- *f in^ti 
i>i I.IIM i:.i 1 !i led in lt.ir.driR. 
e .1 li.iu;*- 


-"f 


DIAMOND AND PLATINUM 


£49 

488 

Ellit 

230 

83 

117 


Li-0 

25. 

925 

128 

54 

70 


.Irclo.unlnvjOt- 

DEtcer# Hat 

[» 49pv F+.R.i. - 
ImpalaPlu 20c_ 
Ly*nbarsl2*^:_ 
Rw PlztJOc 


£35** 

350 

ti 

%/W 

11 

73 

£10 


9200c 

3006 

176 

64 

+4 

+4 

91B.4r 

96fr 

32 

6 

93 

+5 

Q3c 

* 


210 

24 

80 

41 

171; 


CENTRAL AFRICAN 


155 

15 

57 

KjlronRhSOr 
RhoffnCorp. iffy. 
SoanCon-Fi 

166 

15 

67 

-4 

+3 

QbOc 

0 57 

+1 

29 

10 

War, kioi.nl Kh 1 _ 

29 

1Z 1 ; 

-1 

99c 



10. L 


219 


18 2 


W Sji. 

Fi-n.-ir