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^fW^^n^raiengpn^etiiigi '' U 
"r^fa^teherSiTefirieri and ' ,'• ' .’"' "" 
f Vrt'piiQhtrnetals!;;;' ■-.' ;-: -:-> r . 

■ fylfLimked,' Btirap^him, England 



;■■ No. 27,710 


Thursday November 9.1978 




COHTlNpnAt SELUNS yatCES; iuSTRlA Sd{ 15r tfLfflUM fr 25; DENMARK Kr 3.5; FRANCE Fr 3.0; GERMANY DM 2.0; ITALY L 5M; NETHERLANDS Fi 2.8; NORWAY Hr 3.S: PORTUGAL Etc 20; SPAIN Pt* 40; SWEDEN Kr 3.25; SWITZERLAND Fr 2.0; EIRE 15p 


NEWS 'SUMMARY 


GENERAL 


BUSINESS 




I m 


up 




in Iran 



• GOLR rose $3to$219I in 
aetrve" "tracing -• in London, 
jfailliiin . bas risen in twtS 

days.’’. In New- York the Comex 
November settlement price was 
$217-30- ($212.20). 


1240] 


2S0p 


Spat fine ounce 


London 
-GoldPrice 


f180‘ 




h m 


JUR JUL "AOG SEP- .OCT MOV 


Iran foraidDy: announced the 
introduction. Of . i f ordgn ex-; 
change controls in an attempt to 
take a ; grip on the; eonntry’s 
worsening; economic' situation. 

The military GoWrnihebt also 
announced that' - five more -civi- 
lians had been, appointed- Mi n- 
- inters, including^ three who .-were 
in the- -administration' ' which 
resigned on Sunday.- : - L- 

ln addition to the six former 
Cabinet Ministers - arrested, on 
Tuesday. Amir Ah ass Hove(da, a 
farmer Prime Minister,, has also 
been bpld. - 

The currency controls will 
mean the limiting- of -individual 
transfers in 820,009 a year. There 
will he exceptions. for -students, 
pilgrims and peopJe goingahroad- 
for medical reasons.- Page* 6 and 
22 . ■ • 

Botha’s threat 

South African Premler^ P. W. • equtJ'BES started in amw- 
Botha, facing ’a major clover but hy the dose 

funds S-d“taVw lg£l£ * he 4 7, 

issodScrf? ^ tadiy^- & &d»w 

Jones index up 14.01 to a new 
peak - of 5^957^4. The • Hong 
^ . Kong! market's recent .-.sharp 

-. The sacking oLLatmpr-JilP Brian ratreat (mickeaeti as the Hang 

KS'SJLI SSUSSS' 28 :18 •“ •»» 

plaints that the -Government- is.._ : ■'! , 

interfering with the rlgblS- Of -® GlLTSdnsed at their- best, 
individual MPs.fagetO : . . - with longs qp i an* shorts up 

-i ; - ) i. TheGovernnieiit Securities 

Syfinrl ; <t y p r m fe f - A iades Jcse O^S to 68 - 63 . -f. 

- 'Bishops I and 1: :Taity ■ ' vutgj r- j^'-inS^t feir^to Ni- (62.6). -the 
..favour “but U^Bmrse of Cle'rsy >donaVs_ depredation widened 

voted against; _ lo lfld per cent (9.6 ou J8ftn- 

Strikers defiant 4,50 .V';;.- 

Government wprkecs on strike in ♦ WALL STREET closed 7-5'< 
* Ghana, where a state of up at 867.61 on bargain hunting. 

■ Enterprise Agency is 

: Work order . by the supreme:* 0 '.^ set . «P t? help sma.i 
military council. At least 70,000 businesses m - inner London, as 
workers- are 'said to' be- ifl?olvad' : P® , ' , of the - Government s cam- 
in ^’different strikes. " '. . paigti. to encoufage large com- 

- if.*!.- ^ -pames to Jiclp smaller ones. 

arrested pa * e / 

• BRITISH GAS Council is 
arranging/* .large issue in the 
y;s; corain ercial paper market. 
Back and Page 27 


Sacking row 


J apan ship prices 
may fall 5% after 
controls are ended 

BY IAN HARGREAVES: Paris, Nov. 8 

Japan is to end its price controls on ships for export from the end of this 
year. The move is expected to reduce many quoted prices by 5 per cent. 

The news alarmed some He cited in particular the But at present, with tbc tradi- 
European delegates lo a meeting British Government's iS5m ship- tional Japanese edge over 
in Pans of ihe shipbuilding work- building intervention fund. Europe on ship prices blunted 
jog parly of the Organisation for details of which were presented by the sharp appreciation of the 
Economic Co-operation and to today s meeting. yen. a' 5 per com reduction in 

Development today. After the meeting. Japanese some bids could be decisive. 

The Japanese Government officials said that, with the The move indicates Japanese 
agreed to raise the prices of its Tokyo Government negotiating determination to bid strongly 
ship exports by 5 per cent in whvi they described as a “pain- for the few orders available in 
March last year, after almost a ful ” 35 per cent culback in 1979 and conics shortly after the 
year of negotiations within Ihe capacity, price controls could not announcement of a $160m 
OECD on ways lo cope with ihe be sustained. scheme to finance soft credit 

impact of the crisis on the ship- Details of the Japanese ro- packages for ship exports to 
bui/ding industry. structuring plan will be announ- developing countries. 

The decision was regarded as eed in Tokyo on Tuesday, but Mr. Mano said it was un- 
a breakthrough in co-operation are understood in involve ihe certain at tms stage how many 
between Europe and Japan in loss of aboui 50.000 jobs in a Japanese . ? bipbuiWers would 
arranging an orderly ' market- cuts programme covering the 15 e !? a Ji'\ e i r P r . ll ' e5 as a result 
sharing approach during the months from next January. of today s decision, 

recession. The price control The culs will be financed partly . Japan and Europe are engaged 
agreement was due lo expire on bv ihe surviving yards, with help ,n a long-runntnp bartle of 
December 31. but European from the Government through statistics over v.-meh group is 
gover. menis and Ibe European imprest subsidies. benefiting most from present 

Commission have strongly urged Delegates at the meeting dif- market conditions and Govern- 
Japan not to abandon it. fered considerably on the menr policies. 

Mr. Tadashi Mono, director oF seriousness of today’s develop- Japan says Uiai ihe balance 
shipbuilding policy at the merit. ' 5 ^V nd - *'* s 

Japanese Ministry of Transport. Some European officials have restore “ ,n " r>l nalf tbe 
told the working party that Japan always doubted the effectiveness ycar J'LP ef l r'H 1 r L ; p " ? n,i J , a P an 
was no longer prepared lo dam- of the 5 per cent increase and ra ” a| mosi neck and neck on 
age its compeliliveness while point out thai in a market where shipbuilding orders, measured in 
European governments were the boliom bid for any order is C0 5?P en ^? ted E .p?. na T e . 
l '' , ckin'> Jheir cK:, »vj(— '*■■ marker- frequently more than 50 per - e ^ tel ^ a ' ,Dn al 

ing efforts with increasingly cent below the lop bid. a 5 per Continued on Back Page 
heav\ subsidies cent factor is not too significant Editorial comment. Page 22 

Ministers reach limited 
deal with TUC leaders 



2 AlvaiJa \Kooken v the America rr 
secretary: wanted m connection 
with' :q shooting. i3 being, ques- 
l^dneS by- police following. a 
- > cUiaeh’s arrest by James Hazan 
'■.out side --a hotel in Kensington,' 
Xt/rjapte •••-- 

Rowie kiflings ; f 

An -assistant, prosecutor. and two 
-of. hite-staff, were shot dead with 
mgrnlhe guns when their car was 
forced' - to bait outside Borne. 
Fedeie;.,Calvosa is Ihe third 
magistrate murdered - this-- year. 

Page.#.:.; v 

Alport threat 

Tomgal may force British Air- 
‘Avays r to use an isolated seuu • 
naUMAry slrlp instead of Lisbon 
-. airport: rf the UK goes ahead 
'.with a scheme to switch the 
Portuguese state airline from 
- -UgatlHW-to Gatwick. Page 8 

‘Democrats hoSd 

viBempc^ats retained firm control 
roflCt^i^ress-hn'd most State legts- 
laftar^s-;in,tbe mid-term elections 
.'bn it.. ihe -Republicans were also 
^lalnjinff' ■ satisfaction, with the 
.'results; Back and Page 4 


’ Sdme^esffmates suggest up to 50 
; per cbm of normal bread output 
> is being rnaihiained in spite of 
-;the strike, but picketing at sev- 
. eral 'plants is' to be stepped -up 
J today. Page 18 

Briefly... 

.’.Average '.cost of a funeral, is 
£200. according to Social Services 
’■ Ministry 

>RoHce killed a suspect ed -BaSqUe' 
vsqwratisl and held four others 
in a Billina gunfighL 
'More than . 200 photographs by 
-XeciT Bealun will be auctioned in 
New York today. 

England’s louring cricketers beat 
'. A Victoria Country team by 71 
; runs. 

' CyuaecoJogfel Patrick Sieploe is 
. to -set up the world’s first lest 
tube baby clinic near Cambridge. 
.Teenage actor was jailed for a 
.year in Vitoria, Spain, for mop- 
ping his brow with ihe national 
tteg in a political satire. 


BL CARS, strikers at its cimi- 
T>orieiits plant at Drews Lane 
. : faave. beeir told by their local 
AUEW committee to return to 
work. -The strike bas already led 
to 17,000 Austin-Morris workers 
being laid off and up to 30.000 
would-' he idle by tomorrow if 
tbe .3,500 strikers do not go 
back. Page 18 

•- TEXACO; Gulf and ICI are 
withdrawing all petrol sales 
subsidies from their filling 
stations, following similar moves 
by Mobil; BP and Total. Petrol 
prices are expected to rise by 
up to 5p a gallon. Page 9 

• SOHIO, BP’S subsidiary in the 
U.S., has won support from 
voters in Long Beach. California 
for an oil terminal' to enable 
Sohio to transport oil from 

' Alaska. Back Page. 

• ASSOCIATED DAIRIES, the 
northern supermarket gruup. 
bolding talks with Allied 
Retailers which could lead 10 p - 
f30ui bid. Back Page, News 
Analysis Page 26 

THOMSON CSF, France’s 
largest electronics company, hi? 
signed a technical assistance 
agreement with Motorola of ti:c 
U.S., to set up integrated cirrrji 
factories in France. Back Pas* 

• LLOYD’S of London applica- 
tions for membership are falling. 
Tlie number of applicants for 
election has drdppetj 12 per cent 
.to about 3,200 compared with a 
year ago. although total member- 
ship stands at record levels. 

COM PAR IES 

0 READICUT International pre- 
tax profits fnr the half-year lo 
September 30 rose From £2.45iii 
lo £3.73m an sales 21.6 per ceni 
ahead at £39. 92m, Page 24 

• BARLOW RAND, South 
Africa’s largest industrial cor- 
poration, reports turnover up 
from Rl^bn to 'Rl.fiSbn- boosr- 
ing profits from R154m to 
R191m. Page 29. 


CHIEF PRICE CHARGES YESTERDAY 

(Prices in pence nnlcss otherwise indicated) 

" RISES . , . 

■Treas. sipc -T7-S0 ..JNs + » 

J-’lYea.'i. 13ti»c 1U93 — i I 

Brown W.) + » 

Gr.- Portland Esfs. ... 212 +•* 

~lt\ . - 3i'l + w 

London and Northern JR + 2j 

‘Liicat ImU: Jg.J J 

Aldhbnair t " 

Metal. Bo* I 1 

IJ.) ^2 + » 

Sotbeoy ^ + | 

Viwtw Dev : ° 

. WaJIter.- (JasJ . HO -r 4 


Blyvoor 2SJ t ? n 

Harmony 2SS r 10 

impola ISO + 4 

FALLS. ,, 

Bright (J.) 32^ - 24 

Brown and Jackson... 2J 4 g 

Eva Lnds 92 * ? 

Gold Eields Prop. ... fj; - * 
Prince Wales Hotels M - b 
Rush and Tompkins » * 

Berjunlar Tin v» “'{2 

Canzlnc Rio tin to ...— 2-™ 

Malayan Tin _ }|j 

Sot! hern Malayan .. 30.i » 

»■ ' ■ ■ . i 


K ' T- : 

,BY CHRfeTIAN TYLER. LABOUR EDITOR 


MIMSTEtiS AND TUC leaders 
bave rea»:hed a limited agreement 
on price control “safeguards” 
and pay bargaining deigned to 
encourage moderate seli'ements 
and keep inflation to S ptr cent 
or less. 

But the commitments are 
modest on -both sides, following 
tbe TUC negotiators’ rejection of 
a detailed plan for wage 
restraint through the price 
mechanism that could have 
meant a real shift in the Gov- 
ernment's pay control tactics. 

. As it Is. there is no sign that 
Mr. James Callaghan will be 
tempted tot relax his general 5 
per cent limit, even if waivers 
aTe given in some cases, quite 
apart from the fact that the 
nnblic oninion noils continue to 
show support for his policy. 

Tbe two sides had hoped to 
have a joint statement ready for 
yesterday's meeting of the TUC 
economic cnmmftte to endorse. 
But the five Ministers and six 
TUC negotiators were unable, 
despite' talks lasting into the 
early hours, to agree . on a 
formula for helping the low paid, 
or' for' linking the earnings i*f 
public sector workers lo their 
equivalents in private industry. 

This has made necessary a 


further round of discussions, the 
first of them expected lo be held 
on Friday. The hope now is that 
Mr. Denis Healey, the Chan- 
cellor; and one or two others m 
the Government learn will be 
able to altend a special meeting 
oi the TUC economic committee 
next week to explain the state- 
ment and ask for its endorse- 
ment both there and subse- 
quently by the whole general 
council. 

Guidelines 

The statement is expected to 
promise lightening of some of 
the “safeguard clauses" avail- 
able to companies under price 
control legislation, but oot the 
safeguard for loss-making com- 
panies. The CBl. while opposed 
to any tightening of controls, 
has highlighted the problems of 
loss-making companies in its own 
talks with the Chancellor. 

In return, the TUC leaders are 
preparing guidelines for trade 
anion negotiators likely to 
emphasise the importance of 
“containing" units costs in the 
private sector and nationalised 
industries, hut without assenting 
to any general pay or cost limit. 


in addition, it has agreed to 
monthly meetings with Ministers 
for monitoring pay and prices, 
so making itself more account- 
able for its members’ bargains. 
The CBl might join Ufls process 
ir satisfied ir has won the main 
baule on prices. 

' To tighten up the safeguard 
clauses in the way proposed 
would not need majpr legislation, 
only a Parliamentary Order 
which would be much easier to 
get through the House. Union 
leaders have accepted that major 
revisions would have to await the 
return of a Labour Government 
with 3n overall majority. 

Yesterday Mr. Len -Murray. 
TUC general secretary, gave the 
economic committee the briefest 
of reports on the talks and it was 
agreed that they should continue 
until a firm statement was ready. 

Meanwhile, although It is 
intended that the statement 
should influence Uie going rate 
of settlement this- winter — and 
avert a show-down with low-paid 
public service workers — the 
Government is already facing a 
rash of breaches of Us 5 per com 
limit and much greater industrial 
unrest than at this time last year. 


Sterling 

loses 

ground 

BY MICHAEL BLANDEN 


THE POUND came under pres- 
sure in early foreign exchange 
market dealings yesterday, losing 
ground against the strong Eur«»- 
pean currencies and ai one stage 
even against the iloilar. 

Tbe U.S. currency wav also 
generally weaker in European 
markcls. losing some of the sharp 
improvement recorded last week 
after tbc announcement of the 
official package of measures to 
help tbe dollar. 

The decline in sterling 
appeared to reflect uncertainty 
about the prospects for ihe UK 
nay policy and inflation, and it 
was thought the Bank of England 
offered no resistance lo Ihe early- 
selling pressure. 

At noon, the Bank's calculation 
of ihe index of sterling’s value 
against a basket of currencies 
stood at 62.1. down by 0.5 points 
or 0 8 per cent from the previous 
nlsht’s ctosine level. 

By Ibc- end of trading in 
London, the index had picked up 
lo 62.2. but the pound remained 
significantly lower against tbe 
West German D-mark, the Swiss 
and the French franc*. 

It closed slightly higher 
against tbe dollar, however. ;i 
*1.9750. up by 25 points from 
the previous day's Hose. 

The renewed fall in ih: 
dnlbr arrears in reiircr urwinj 
uncertainty about the intended 
scale of official support, in spite 
of the news ihai ihe VS. had 
taken up >C**in of us planned 
S3hn borrowing from the Inter- 
national Monetary Fund. 

Tb° dollar was sunnorteJ h\ 
the West German ind Sw|« 
*uthi»riiics and by the Federal 
Reserve. But ii Hosed in 
London a( DM I.S770 n sains) 
DM 1.8870 r.n the n*-evioiw dm- 
and at SwFr 1.01D as.dnsi 
Sw r r 1.6395. 

The decline in the dollar v:h 
refle?ted in the void price, which 
rose by S3 to S219j! an ounce. 



knowing about 



BY ELINOR GOODMAN. LOBBY STAFF 


THE Conservative Government 
i of 1970-74 knew nothing about' 
the way British oil companies 
were evading Rhodesian oil 
sanctions. Mr. Edward Heath, 
Prime Minister during the 
jwriod. to Id MPs yesterday dur- 
i ng the second day of the 
Commons Rhodesia debate. 

Mr. Heath said ihai the swap 
arrangements operated by the 
oil companies as ;i means of gel- 
ling nil into Rhodesia were never 
raised during the Four years of 
Tory governmenl. 

On Monday. Sir Harold Wilson, 
who was Prime Minister at ihe 
rime sand ion>; were introduced. 

. claimed that his Goveromeni was 
‘similarly ignoranr of the way 

i sanctions were being broached, 
j Mr. Healh yesterday refuted 

i Sir Harold's claim that 

the Conservative administration 
knew “as lirtle and as much" as 
the Labour Government. In a 
brief renewal of ihe confronta- 
tions which occurred across the 
Hour of the Commons when both 
men led their parties. Mr. Healh 
said that, in accordance with 
convention, the incoming Conser- 
vative Government had not been 
given access to Hit- Cabinei 
documents of the previous 
Administration. He therefore 
had no grounds to suspect that 
sanctions were heing broken. 

Mr. Healh also rejected Sir 
Harold’s call for publication of 
Ihe Cabinet papers covering the 
period during which ihe 
Binebam inquiry showed sanc- 
tions were being broken. Appear- 
ing distinctly lukewarm about 
the need for any further inquire 
. in the wake of the Binsham 
[Report, Mr. Heath said that it 


would be a dangerous precedent 
to siart releasing Cabinet papers 
so soon after the events 
covered. 

Ministers needed to he able 
to discuss matters free !'-■ in the 
knowledge that (heir discussions 
would nor be made public. 

The same point about Cabinet 
confidentiality was made by Mr. 
Sam Silkin. Attorney Genet a!, 
in a tong rehearsal of the pros 
ond cons of the varinim forms 
which any further inquiry into 
sanctions-Imsiing might take. 

He confirmed that a senior 
police officer was already in vest 1- 
".ding the questions of criminal 
liability arising from the 
Bingham Report 

The publication or Cabinet 
document would he an import- 
ant precedent which might 

inhibit ihe fro--dioi of discussion 
in future Cabinet meetings, he 
warned. These in favour of such 
a move should ask themselves 
wheiher ii would be right tn 
abandon confidentiality 'retro- 
spectively. 

Mr. Silkin insisted that the 
Government had not made a 
decision yet. but appeared to 
favour a privale inquiry' by a 
committee of Privy Councillors, 
who would be able to see 
Cabinet papers without estahlislt- 
ing the precedent of more 
gt— -M-al disclosure 

The Government comfortably 
■survived ihe first of two roles 
on ii> Rhodesia policy when a 
Tor yamendtnent condemning it 
as inadequate was rejected at Ihe 
end of 'be debate bv L'7S votes to 
52 .’{. The Liberals sided with the 
Government. 

Parliament. Page 10 


Government’s fate 
on Ulster Unionists 

BY RICHARD EVANS. LG&iMf EDITOP. 


ac 


E in New York 


**nf«l 
1 TitnnTh 
.’ imiiitliv 
1 ? in. ml Ii* 




n jx.n •• .«|. 

1 If. t • 

* 7i-.- V . .». 


I'ri-i inllH 


<| h 7 ,i,.« 74» 

t.irLi>.«t .11. 

-• . Vi ,i„ 


TUB FATE of ihe Gmy.inion' 
and the prospect of a Dl-.-iii 1 :** 
general election will deo.-rd. in 
ihe Commons tonight, no ihe 
imoiedie'-thlf votes of L'l-iei 
Union MPs. 

The division at the end of me 
. ^even-day debate on the i'»n»-en's 
! Speech will he much more oi :> 
-lifl-hanger than Government 
whms hail anticipated, wtih a 
decision last night by tie.- 11 
Scutlish National MPs to m ! e 
with the Conservatives. 

They had been asked by tiieit 
executive in Edinburgh to hack 
*he Cover'-' will or ab^i.vn in 
order to ensure thai Mir-tier? 
introduce legislation for S:-u- 
tich referee Ho m next M'nvh 1. 

Bui ihe MP* decided that 1 he 
best was to onpo-.; he 

Gcr-'ernmeni in the hop.- tint 
ni her minority parlies vmild 
comp in Mr. Janies Callaghan's 


However ihe 1-1 Liberals, with 
til.- .possililt- exception of Mr. 
•n-raint HompIIs (Cardigan), are 
now pledged lo vote wiih tire Con- 
ferva lives because of the careful 
i ram m a of ;■ Tory amendment, 
culling for an immed.ate general 
election.. 

In addition. Mr. Gerry Fitt, 
the Social Democrat and Labour 
Party VIP tor West Belfast, 
usually »me cl (he Government's 
most loyal supporters, was 
tnreatening last nijht io back 
the Tories, tie was incensed by 
the temporary security arrange- 
ments in Ulster and hy the 
introduction yesterday of a Bill 
extending Noil he ni Ireland 
representation at Westminster. 

The Government is in a 
minority or five against all other 
parties, and therefore needs one 
minority group lu vote with it 
o»' abstain 


Sainsbury winning prices war 


BY DAVID CHURCHILL CONSUMER AFFAIRS CORRESPONDENT 


THE J. SAINSBURY super- 
market chain emerged yesterday 
as one of the winners so far in 
the High Street price war. 

Salisbury's interim results, 
for the 28 weeks to September 
lfi. showed pre-tax profits up by 
almost a quarter at £15.6m and 
turnover up by just over 2$ per 
cent .to £521m. The company’s 
sharp volume growth reflects the 
success of its Discount 7S cam- 
paign launched last January. 

Significantly, Sainsbury’s net 
profit' margins, at 2.9 per cent, 
were slightly above the average 
for the past five years although 
down a fraction from the 3 per 
cent of the first half of last ycar. 

They indicate, however, that 
the company has been able to 
maintain, and even strengthen, 
cte position ■fn the fiercely-com- 
petiiive High Street trading 


battle without further damage to 
margins. 

Since its discount campaign 
began. Sainsbury’s share of tbe 
grocery market bas jumped by 
about a quarter, from an aver- 
age of 8.6 per cent in the three 
months in the end of January 
to an average of J0.fi per cent 
over the past three months. 

Tesco. which sparked off . the 
High Street price war when it 
dropped Green Shield trading 
stamps in June last year has 
about 12.4 per cent of the gro- 
cery market — a rise of just 
under 10 per cent since last 
January but more than 50 per 
cent up on its market share at 
the time it dropped stamps. 

Both the City and the grocery 
trade will be closely watching 
Tesco 's interim results, due later 
this month, to see if it can emu- 


late Sainsbury and turn sales 
volume into profits. 

However. Sainsbury remains 
cautious' about trading in ibc 
second-half of its financial year. 
The success of both Sainsbury 
and Tesi-.o prompted an autumn 
counter-attack front other big 
supermarket multiples. 

International. Stores, the BAT 
Industries subsidiary, started a 
cut-price counteroffensive early 
in September when it dropped 
from most stores the. Green 
Shield franchises it bad picked 
up front Tesco. . 

Meanwhile, the losers have 
been the smaller supermarket 
chains and independent grocers 
whose margins and profits arc 
being sharply squeezed. 

Results, Page 24 
Lcs, Back Page 


CONTENTS OF TODAY’S ISSUE 


European news 

2-2 

Technical page 

... 12 

Mining r.i 

.... 26 

American news 

4 

6 

Marketing & Advertising 

... 19 

Inti. Companies 

Euromarkets 

Money and exchanges 
World markets 

27-29 
27-28 
... 30 
... 31 


ti 

Arts page 

... 21 

Home hews— general 

7-9 


22 

.. —labour 

—parliament ... 

18 

10 

UK Companies 

24-26 

Farming, raw materials 
UK stock market 

...37 
... 35 


Wby Ihe Shah lias almost 

hui out or options 22 

Economic Viewpoint: 

Giving money its proper 

value 23 

Cyprus: Call for UN sanc- 
tions against Turkey ... 3 


FEATURES 

Business and tbe Courts: 
The drawbacks to collec- 
tive wisdom 20 

ludo-China: Treaty thai 
could lead to war 6 

A superman for every 
sales force 19 


Expensive faeeiift for 

Dutch shipbuilding 28 

Spanish citrus growers feel- 
ing the pinch 37 

FT SURVEY 

Vending 33*36 


AppfintoKius 

8 

Jobs colum* .._ 

ia 

Add ointments Ad*f£. 

14-10. 

Letters 

23 

Business Amts: 

U 

Lex 

« 


20 

Lombard 

20 

Economic Indicators 

IB 

Men and Hauers ... 

22 

Entertainment Guide 

20 

Racing 

» 

Esro-Opricms 

31 

Saleroom 

7 

FT-Adnartcs tudtcei 

* 

5Jtsre Information ... 

33-0 


Today's Events 23 

TV and Radio 20 

Unit Tea sis 30 

Weather <2 

Base Lend Ins Rales 31 
INTERIM STATEMENTS 

SaJnsiury 2S 

SA Breweries 2fc 

For latent Share Index phone Ot-246 $026 


Tekiro Tnw 20 

Lrfjrae 3S 

OsMvy and Mather 20 


ANNUAL STATEMENT 
B*tiew Read 2t 






BeiX§ 


j 

*<# 



i ,*>' JFlVij 0” , 3 

-•.•j, ■ »./«-■ I 

' « .L ' -.ML* - 







& - 









Fi nancial Times musffiy K7S 



EUROPEAN NEWS 


Giscard names economic targets 


BY ROBERT MAUTHNEft 

FRANCE'S Government today 
took a cautiously optimistic view 
of the country's economic situa- 
tion in the coming months, after 
a steady improvement in trade 
figures, a recent stowing of in- 
fiat ion, and a satisfactory per- 
formance by the franc on 
exchange markets. 

President Valery Giscard 
d’Eslains said aFUr the weekly 
Cabinet meeting at which the 
chief economic Ministers 
reviewed the economy, that 
patient efforts by the French 
people were beginning to bear 
fruit. But the results were still 
insufficient and the present stabi- 
lisation policies must be pursued. 

Apart from the continuing 
fight against inflation, the Presi- 
dent set as France’s main econ- 
omic objectives for 1979, a fur- 
ther increase in exports and 
stimulation of the building and 
public works sectors, which 
would help to bring down the 
high level of unemployment, cur- 
rently running at 1.3ra. 

M. Giscard d’Estaing empha- 
sised that an important condi- 


tion for economic recovery was 
the creation of a European 
monetary zone and that this 
would remain a central plank of 
his Government’s policy in 1979. 
At their meeting here last week, 
the President and the West 
German Chancellor, Herr Helmut 
Schmidt, reaffirmed that the 
European monetary system 
would be implemented on 
January 1, next year, even if 
some Common Market countries 
refused to partlcipate- 

M. Rene Monory, the Econ- 
omics Minister, told the Cabinet 
that, after the upturn In private 
consumption and industrial pro- 
duction during the second 
quarter, the economy should ex- 
pand at an annual rate of a little 
more than 3 per cent during the 
next few months. According to 
the most recent official forecasts, 
GDP will increase by 3.7 per 
cent in 1979 after a rise of 3.2 
per cent in 1978. 

This should lead to a con- 
solidation of the trade balance 
which has shown a cumulative 
surplus of nearly FFr 2bn (about 


£230m> over the first nine 
months of this year, and to a 
stabilisation of employment. 

M. Monory also saw. as a good 
augury for the future, the 
marked slowdown in price rises 
in August and September, when 
the official cost of living Index 
rose by no more than 0.6 per 
cent in each month. He said it 
showed that the freeing of 
industrial prices earlier this year 
had had a temporary adverse 
effect on inflation, as the 
authorities had forecast " 

In this context, the latest 
figures for wage rises are also 
looked upon by the authorities 
as encouraging. An increase of 
4.2 per cent in hourly wages 
during the second quarter, which 
had caused alarm in official 
quarters, has been followed by 
a much-reduced rise of 2.7 per 
cent in the third quarter, 
according to provisional figures 
issued by the Ministry of 
Labour. . ' 

M. Monory played down the 
inflationary consequences of the 
large budget deficit of FFr 30bn 


PARIS, Nov. 8- 

which France is expected to 
have this, year, compared with 
an original target of no more 
than FFr 9bn. in spite of this 
deficit and a ' large inflow of 
foreign currency, the growth of 
the money supply this year 
. should be somewhat less than 
tbat of nominal GDP, which is 
expected to increase by about 13 
per cent, according to the 
Minister. 

AP-DJ adds: M. Joel Le Theule. 
France's Transport Minister, 
told the National Assembly that 
the Government intended to put 
into effect’a miniber of measures 
to assist the shipbuilding in- 
dustry. 

The measures he outlined in- 
cluded offering shipbuilders low- 
interest. credits over long periods 
to attract export orders, an 
easing :of . the conditions under 
which shipbuilders receive direct 
state aid. an increase in Govern- 
ment assistance for the conver- 
sion of shipyards to other 
activities and increased public 
orders for ships. 


Swiss rate 
of inflation 


dead by 


Defence budget approved I NATO pursues arms goal 


BY OUR OWN CORRESPONDENT 


PARIS, Nov. 8. 


THE FRENCH National 
Assembly last night passed the 

1979 defence budget, which pro- 
vides for spending more than 
FFr 92bn Cfllbn), a 14 per cent 
increase from the 197S figure. 

The budget had an easy pas- 
sase throunh Parliament, com- 
pared with previous years, mainly 
because the Gaul lists had been 
won over by a Government 
announcement last ■ September 
that ronstruction of a sixth 
nuclear submarine, the Inflexible, 
armed with the new M4 multiple- 
headed missile, would start next 
year, for commissioning in 1985. 

A few months ago, the Gaul- 
lLst Party, which has been call- 
ing since 1976 for a sixth nuclear 
submarine tn he built, threatened 
not tn vnte for the defence bud- 
get unless its demands were 
satisfied. 

On the Government coalition 
side, there was general satisfac- 
tion that the Government had 
decided fo step up its defence 


spending progressively over 
the next few years. Next 
year, defence expenditure will 
amount to 3.26 per cent of 
Gross Domestic Product (GDP), 
compared with 3.12 per cent in 
1978. and will be 16.79 per cent 
of the state budget By 1982. 
the defence portion of the bud- 
get will have risen to 20 per cent 

The decision to build the sub- 
marine largely explains the i 
sharp increase in appropriations 
for France’s nuclear deterrent 
force, which have risen by 17 
per cent to more than FFr 33bn 
(£3.9bn) for current spending 
and by 24.6 per cent, to nearly 
FFr 43bn (£5.1bn). for future 
programmes. 

M. Charles Hernu, the Socialist 
defence spokesman, described 
the sixth nuclear submarine as 
“a Loch Ness monster” which 
had been conjured up to defuse 
the tension between the coalition 
parties and which might never 
materialise. 


BY REGINALD DALE 

THE EUROPEAN NATO coun- 
tries are to pursue their search 
for joint weapons projects, 
despite the disappointing results 
of their efforts so for. The need 
for the closest possible co-opera- 
tion was reaffirmed at a two-day 
meeting in Rome this week of 
the Independent European Pro- 
gramme Group, the 12-nation 
body set up to Investigate possi- 
bilities for European arms 
procurement collaboration. 

Several participants at the 
Rome meeting, including the UR. 
expressed their regret that the 
group had still not come up with 
a successful joint project after 
almost three years of delibera- 
tions. The British view, how- 
ever, is that prospects are now 
reasonably good for progress in 
four main areas within the next 
12 months. 

The leading contenders for 
collaboration are tactical combat 
aircraft, helicopters, light anti- 
armour weapons, and 105 mm 


artillery ammunition. It U 
thought thftt even if agreement 
can be reached, on only two of 
the four, the Group will at last 
have shown that it means 
business. 

Hopes are particularly high 
that agreement can be reached 
on a helicopter “package.” in 
which Britain and Italy have 
already announced they plan to 
co-operate. • Both countries’ 
navies need heavy 10-ton heli- 
copters. and It is hoped that 
West Germany might also be 
interested. 

Other possibilities include 
setting up second production 
lines for light anti-armour 
weapons and 105 mm ammuni- 
tion in less economically 
advanced • European NATO 
countries. This, however, would 
depend on enough smaller 
countries grouping their require- 
ments 'in a large order, to 
lengthen the production run. 


BY RUPERT . CORNWELL : , 

* • - . : . •; -v_ y" : . : 

A WIDE-SCALE, police search- seventh magistrate in Italy to 
was under way tonight for -the /foil victim : to terrorism since 
left-wing terrorists .who have 1971. and today’s incident- brings 
claimed responsibility for the- the total of identifiable political 
e killing of a senior . Italian killings in the country so for 

4 magistrate and his bodyguard this year to 23, compared with 
er and driver early this m orning f -/ s ix each in 1978 and 1977. 
w Slg. FedeLe Cafrosa, the public - This afternoon responsibility 
Prosecutor for Frosinone, some,' for the attack was claimed in an 
60 miles south of-. Rbifie. was anonymous telephone call to the 
rt ambushed shortly after leavihg/Milan office of the Corriere Della 
id his home hot for from, the'-- town. Sera newspaper by the “ Front 
Three yonths leapt out. ij>f vLine ” extremist group. This is 
another vehicle' blocking.'; -fo,e.. the same organisation — -believed 
road and. poured machineipftt 1 to be something of a southern 
fire Into the car. carrying, him arm of the Bed Brigades— which 
and his two companions. -- --‘said it killed Sig. - Alfredo 
Sig. Calvosa, aged 59, lathe 1 ^PaoleUa. a leading Government 


ROSES, Nov, 8. 

crimino logist, in^ ’Naples last 
month- ' 

; Sigr Calvosa’s death, is protfL if 
axis , were needed, .,thai jthe- 
terrorist menace is as strong, as 
ever In Italy, despite, the appar- 
ent successes of police operations 
against the Red . Brigades Lilt. 
Milan, and the capiiire of several; 
of their most sezuor 'members;. ' - 

;One member of the -terrorUt’ 
gang was wounded -by accident:- . 
and subsequently die'd In - the 
shooting. Tonight' hundreds of - 
police were manning, ropdfcttocij' 
around the area ra-jaff'attemxif jitr 
seize the - fugitive gunmen/- v 


Concern over UK view of EMS 


BY OUR OWN CORRESPONDENT 


■ROME, Noy^fi. / . - 



ITALY APPEARS willing to join Thus, increasingly, a joint stand - Meanwhile, . a . limited.- GqwSt^ 
the Eurpean Monetary System with the British is seen as the meht reshuffle /is hniniaen^a^ 

, (EMS) from its planned tacep- only way In which the lira can Sig. Carlo Boaat-Cattitt leavag& fei 
[ tion next January only if Britain -foke part post Of ;■ Industry Ministeiy'fo 

. switches its apparently hostile .Whether such a common line become deputy secretarygener^f 
. line and agrees to. take part V: ' can be agreed will become plain of the Christian DemocraUr-Sig/- 
The close Identity of British: ral y after this month's .visit to Andreotti haseaid.he wUl creat^ 
and Italian Interests was '-tinder- ;London hy Sig. Giulio Andreotti, a new • minister .with, response 
5 Hned at a second meeting oO-the the Tta,ian Prime Minister, for bility for union relations an*- 
i vexed issue of the EMShetween with M*- James Callaghan, wage negotiations, -^espeeiafly fe 
Sig. Filippo Marik Rmdalfi; .the tiie British Prime Minister. :• the public sector.' ..- /. 

Treasury Minister, and~edbDoihic-. : •"/. 

support to the minorityX^uijtiw Patent application doub^l 

I Democrat Government \ \. T "• 

Tbe discussions were jLresptdp^' BT *■ H - HERMANN. LEGAL CORRESPONDENT j 
tion of those interrupted ' last BRITISH PATENT agents have , patent protection - to • phactl& 

1 week by news of the ^revised serious doubts about including ceutfcal products. -' • ' r . : -'Vvff g 
1 Franco-German offer ; to induce ..Italy as one of the designated: tha rhat-tararf - t 
the Italians into .the proposed -countries in applications for a p at ent Agents wili'rmnnwSaiS 
jjmngemmtfcTbfrnfferpernuts -European Patent 

the hra a 4.5 per ceot.fluctuation The inclusion of Italy in Euro- t« sue of its journal- 
band, instead of the 225. per cent pean Patent applications will should. seek the adricJ offfi^ 
first envisaged. y * j rf become possible on December 1 Italian - . : colleagues - .Vbefujte 
But the main concern appears following ratification deciding to designate Italy jj£»' 

to have been worries over the. y European Patents conve n - European application rather tfiaS 
British attitude. While ■. "the St on Rome in September 1978. filing a national'ilalian appUca^ 
Communists reiterated ‘their However, European Patente tion* . , ' 
opposition to any "EMS tanta- "fwihracing Italy may not be.: vahd . ,= ^ irfrAm* 

mount to an .j^that country until the Italians JJero were *ome 

mount to an enlarged version nf bring into force their own experiences -under ■_ Bitmjar 
the existing snake5tbe Socialists internal regulations -on the^umst«u^-.affer 2954’.whte;_ 
and Social Democrats desoatched matter. Italy ratified the/London text of-- - 

official to L^iS to ^Sin International conventions are the Paris Convention . by .which 

the Labour GoveramentfPoos? not directJ y effective in Italian forfeiture of a patent for-rid* 
n,e Laoour uoveramenrs, post- doraeglic law and n0 regulations working would not occtiMhle$ 

• ’■ . for the implementations of the a' compulsory Ucence-h'adf;;heeiiL 

A basic fear of the: Italians Jk: European Patent Conventiua ~ previously granted.: ^peej^ g^ gg 
that if the pound remains -ant- have been made so far. There did not come into . force ffln tS: 
side, the lira, as /the only , is a powerful lobby in : Italy 1968 and in the inter 
“weak" currency' inside" the opposing the European 1 Patent Of patents were forfeit 
system, would. have to take the Convention which obliges Italy, working -without tbe priorigtaSt 
brunt of any speculative attack, among other things, to grant of compulsory licences, 

• '. v ■ ' 

• ••• — - T't". 5 — . "/■ : x/.- 


- * 

11 Hi 


Irish minister holds Bonn currency t 


The only daily 747 non-stop to Dallas -Fort Worth 

and South -Western U.S. A. 


BY JONATHAN CARR 

IRELAND^ FINANCE Minister. 
Mr. George Colley,- tonight 
stressed' that • politically and 
economically his country wanted 
to-be' a full member of the new 
European Monetary System 
(EMS), and said he was 
‘’extremely pleased’’ with his 
first day of discussions on tbe 
topic in Bonn. 

Speaking, to reporters after 
talks at the Economics Ministry, 
Mr. Colley said he believed mem- 
bership of the system would help 
bring Ireland lower inflation, 
lower interest rates and currency, 
stability so that manufacturers 
and traders could betler plan 
ahead. ■ 

He made clear that Ireland 
would not want wider currency 
Ft’sycr.iAL Tmrs. puhiuhcd dadr except fluctuation bands than those to 

ssr-s? fiSTeS* nrss * n s?s^!g; .“s h » rt . 

por annum. Second class postage paid at countries within the system (for 
v'ork. n.y. example tbe currency snake 



states- and France). . But. it 
would not oppose wider bands 
for those countries- desiring 
them, such as Italy. 

Mr. Colley said the West- Ger- 
mans bad ^ac^entctfr Dublin’s case 
that . a - transfer of resources 
would have: to lake place to help 
the Irish economy maintain the 
disciplines implied by member- 
ship of the EMS. ‘ Precise figures 
had not been mentioned; — let 
alone specific commitments made; 
Mr. Colley said he did not expect 
such comm it meats to emerge 
until the European Council met 
next month. . . 

He made clear that Iceland 
wasi rooking for more than loans - 
— even loans from the European 
Investment Bank with subsidised 
interest rales. While such, loans 
might form a small part of. a 
final package, Ireland was not 
prepared greatly to increase its 
current borrowing. 


y,. y. • 

It .was- . conceiva)%y 
another »paft of 'a 
could- be provided throng exid-; 

Ing Community institutions siij^. 

as the - regional ’ fund,‘ But ’MP - • 

Colley drew attention-/ to 

problems which, would/ 

here if not all Coramuriity meulr. 

here joined the EMS at the stall/' — — 

He indicated that such, dlffictfl'r 
ties would . probably Ifr , 

topics he - would be. discussing 
with Mr. Denis Heaiey»x/®K 
Chancellor oJT- the ExcbeqUeL/fif*. 

London tomorrow;- v/ i-./ . (JO * 

• Former West -German ChaW-H V 1 1 
cellor Willy. Brandt said in/*, ^ 
television" ^ Interview- today- 
would not be a candidate for tbevjli « 
presidency of . file European. Fail’ O z* 

liament to be direttly' clecte* 
next-year, AP irepocts from UfLe5-C ... 
However, he. would, stand: for’’- 
election as a membe&of the Par^T - „ . 
liament ' - r r M - 


No oilier airline comes within 
sight of it The only 747 non-stop 
daily service to America's South- 
west from Britain, the only 
non-stop service from London 
Gatwick to Dallas-Fort Worth. 
THE DALLAS-FORT WORTH 
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And from there, only Braniff offers 
direct connections to 20 cities 
throughout the Southwest Far- 
West and Mid-West of the USA 
and Mexico. For example: 


Leave London Gatwick 11.45am 
Arrive Dallas-Fort Worth 3.05pm 
Houston 4.50pm 

Las Vegas 4.45pm 

San Antonio 4.47pm 
• Oklahoma City 5.00pm 
Tulsa 5.10pm 

Denver 5.30pm 

Kansas City 6.40pm 
Mexico City 7.10pm 
Leave Dallas-Fort Wortii 6.45pm 
Arrive London Gatwick 9.3 5am 
There is a helicopter link, or a 
ground link, free to Braniff 
passengers flying into Heathrow 
on route to Gatwick for the 
Braniff flight 


FARES 

There is a wide range of low 
tares, including First Hass, 
Economy, Advanced Purchase 
Excursion. Budget and Stand-by. 
To Dallas-Fort Worth there are 
no lower fares than Braniffs. 

RESERVATION SERVICE 
For flight schedules and reserva- 
tions (includingseatassignmenl) 
call your travel agent or the 
Braniff reservations centre in 
London 01-491 4631. 

Aberdeen 

Birmingham In these cities 
Edinburgh Dial 100 and 
Glasgow ask Operator 
Liverpool for Freefone 
Manchester 2276 
Sheffield 


ThisanfWuncernentappeareasamalttM’pfcecordbnly’. ■ 


.4SHV 


nv 


LONDON 


LflKAM 





> Atwdeen 

i Amsterdam 

1 Brusseb 
Bergen 
CopowDjte 
Dhatran 

' Edntiugh 
FranMin 
Geneva 
Gtesp* 
Hflrstug 
JWM.«1 
L w * ! 
Umcnnuar 
Oslo 

Borne 

Stayangar 

-fehran- 



e^htyear Multicurrency Loan Reality 
provided by : . 

Amsterdam-Rotterdam Bank N.V. 
Algemene Bank Nederfand N.V. 

Bank of Amarica NT & SA Amstenfem Branch 
Commerzbank Aktiengesellschaft 
Continental Illinois National Bank 
8-Trust Company of Chicago 
Credit Lyonnais 
KredietbankN.V. 

Midland Bank Limited 
National Westminster Bank Group 
Union Bank of Switzerland: ... 


advrsertothe Borrower 
NJVl Rothschild &Sons Lifted 




manager and agent 

Amsterdam-Rotterdam Bank MV. 


Mainland USA, A lask a , Haw ai^Meskx^SouiJiAmerkia and Europe 


Ctetober1973 




! 







Financial Times Thursdav November 9 197$ 


• x,:i »»v. • ' .7 . - '• •• • • *.a v; 

; .v-~ -X . •.' 



2SEE 


Winter strike threat to 



fit" 


( 1 4 
V. i 


til) *' 


BY AORiAW DICKS 

THE i-f ARD-HKESSED Wo.*; 
tie fin 3 n -u*e! imui-iry Oce 
a sink.-* this •* inter. The nation.:! 

v •„* ».f r>j,- itorlworJcern’’ 
u it inn I i’i : n I, is iu 

give i he ur»- - ih.*yd i«» ?■ r"«ine^r lu- 
d'ty from tIjc loiriti tt-ader-nip in 
Nmili iho 

iwiiiMj in? reemn. to 

h;i|f| a <iriKe baliut on W.i-mher 

1 M 1 . 

Ne.ine .Jlfpnriiivj ihe uninnV 

c Mi fi-l elite fnr -si >.■•■! imlvxtr.ii 
jii'wartl? hen* th: VLerk 
»uul.;| liv in unv doubt thai. m 
1 1 n prison! apind. ?.tee' w artei's 

Will noi hesitalo HI vole l hell 1 

Jc.-tderj* si; ike no vi ois, and in see 

lilVIM IlSfll. 

The Dims i:»|jc;«r>- m-i fur 

the sice I in du -i r>. suffering 
though h is in ih.' fourth tear of 
j v.'oj I tiw self i-risis. in ploy aui 
iho. M*:«snn‘3 major Wcsi German 
ri j 1 rolaiinas drama. 

B-ali: liic* main acior* have. ir. 
f:n;i. ii*‘-i>n rehearing (heir par's 
SMhie niMiiliis. li cm nit- a- no 
.u;. - !*ri'i* that iG-Mc-la'-i snouM 
:u;e piv-fiiLeJ. a? the vnirre 
Piece of ihi* .war'- »le*/i;<nd- fur 
ih'* lbTS-TP '.-mi navi. j fa!! 
ii r ;i Monfijrd :>5-.ioti. v.urk.'n? 

'in |m s s pivjici.mle v. ,«•; flit- 


oven lu 
As a 
ier the 
1 cached 

and 
I a -.mi re 


of l ho i!:s|H! - .y than # .‘:e f aic >.f 
tit-.- Mtf.'! in.h;,»r;. alone. The 
it. non. v. hi. Ii i opi-(.*.tnrs engineer- 
•iii. in* •’.-.M- Kuhisfrv. aircrafi and 
elh-.-r v. iii'koi'ji in more affluent 
sectors. .scorns in have picked 
«u*' ■■! as '.lie jy m pi:i m-ufT imint fur 
a 35 -! imp v wool: precisely bveuusi - 


->1 L LHItJAi/K^jn; 


iUV. b. 


r-ii.rik ; 

*c f a 

-al nf the > 101 . i i 

Oinplfi - 


it-dcr.iiiiin u 

cunicniiJiLi- ; his *;!:«mii 

rc*ul(. 

Iviih s.-lcs I'nn-u 

ri'-.i. 1 -, 

at ( •»: 

!S >11 lltlV ” 

•j I - .. 

. K 


Tlu - 

1 m mu Ujiili. - ’.-.- 

emulu - 

-.■vs 

ar«: l-n’h wi*l 

Ihal iiinri - 

r <n the •• 


ii is joss able to withstand a 
strike than other industries. 

The call for a 35-hour working 
week lias thus become somethin-.: 
of j svmU'il not uniy for IG-Meiali 
but for Iho emirc union move*, 
meat. 

The employers, for ih'«r pari, 
have lafccn up the challenge. Herr 
ouo F.sscr. president of ihe Wes* 
German employers* federation 
i BOA i. said in a newspaper inter- 
view* trial at well as lUTending 
its own interests, the sieei 
mdiiilry would “ obviously in* 
ttu ruling in for the vital interests 
of ever;, other spilur." 

it i; not hard to understand 
the employers’ dossed resist ante. 
They acc'ihe shortening c*f ihe 
working week simply us an 
add? lion to their wage bill. This 
prim! nf view was put no less 
bluntly to the IG-Metall cun- 
rerenee liere by Viscount Etienne 
Davignon. ihe European Cnm- 
i)] unity's Commissioner for 
Intlusfry. 

Asked hy seveial steely shop 
siewarrfc iy sunport the 35-bour 
week a> a social objective, bo 
answered 'hut it could only be 
contemplated if there v.is no 
■1 an; a pc f«« rhe cumpetivlty of 
West German si cel on world mar- 
ket-. 

Yisnjunt r»avicnon w:i«* 
rf-.varriert with u frosty recepiion. 
His pledge that Ihe 0>mmis- 
s ion’s steel crisis plan was eum- 
mitH-.j io social c?C|fi iL> no less 
than to ••eslorins prnll lability, did 
nothing in convince lie. - 

a sse m tiled ■ shop stewards and 

works council chairmen ihal the 
plan is noi. on ili« cfintrarj. 
uiere!' 1 a cloak f.-i allow the- steel 
com panics to carry out niuss lay- 
offo. 

In IG-Metalls view, the 35-hour 
v.vck is nut only a device for 
sharing available work more 


ra,r! ** falihruieh jn priviue some 
union leaders ifcu^nisc this 
arvniiioni as ecynomically somc- 
l -b-'M .s;nii«liaiici Its ivai iiupor- 

la:n-o i. s iwi>-i' u ld. 

hirst. tin? Ii'i-,tf(.>i;ilt steel 
in r! ti.~ i i*y executive Board tneiu- 
her. Herr Ttuduir .Uid:!h. a rimes 
ina! it ■.huu id mal*,. ..xisling jobs 
saior. Sccund. it is Sven as a 
notes -'a r\. and indeed, oier-due 
pu!iLic:i | defence atiaiiisi liic 
socnmtyly endU-.ia run-down in 
tno iruitisir;. *s manpuv.ev. J 
Herr .Tudiih luid the r-ui’fer-j 
I'nce ihal the slept employers 1 
nan- acit-d as though ihe. 
m (III si iv's skilled workers were! 
not Us most valuable asset, but! 
*’ ■*" much baMruj. which can be 

thrown oi er beard if the uoinc I 
4-'N- ruugh." ” I 

The unions are not. of course. ( 
unaware of the industry's > 
relative disadvantage lie cause of' 
its high wage levels and because | 
of the revaluation of the D-mark, j 
M or ciive ( *. ih v.orko r-p a rl i- 1 

<1 pal i<i n OiifibesfiinniUDf/t gives i 
iht’ii a direct look at the com- j 
puny's, hooks. JG-M c-l. ill's caleula-! 
lion appears ip ne that, if only : 
r ‘jr cash Sluiv reasons, some steel 
m.maeeiji.ni.-; may actually *u - 
more witling than they let on 
i<* sign a new wage contract 
which ^ives .v.vaj lime rather, 
than in i hi*;-. 

If Hi i? i.ali ulaliuD succeed**'. ! 
thai wiii 1 1 (| no i nnlj represent a ' 
'* ii-b'iy oi t*r an issue in wnich i 
Vi’esi ( Ji.*i *,ii ally's biggest union ■ 
hai slaked so much of iis pres- 
tivc* The- whole movement would; 
enjic. the *|ico:icle- uf employtia ' 
divided aninng iheniselves — a \ 
chance in vircumslanirtra ihal 
might «io j ereal deal for union 
morale afier several years 
during v.iiioh the movement has 
felt ihar everything was goine 
against ii. 


iin- 


ystal night 5 commemorated 


Ml 


BV LESLIE COLITT 

P.GTI! EAST and West ijr-inuny 
i ' ■.* ci iiunic morn ting mda\ the 
-'-’ih anniier.iary of ihe Nazi 
!■( -■.■nun rhc'i i -Hctni Germany 

• io : ur: tin- niglii nf Nii-.einhc-r H. 
IVvS lhai icd '0 lh«* "tinai solu- 
'bin ” in wh‘r.!i hy 1JM5 Km 
Ktif.irtvn Jev. n had perished. 
Hi.? Any is Inter cnivkHv re- 
■cfcnv.i so thn night’s burn me 
-I S.'»j7 ^yn:t’j!*yies. Hu; arrest of 
:ri.fl«lfj x ynu ihe pinruleri;:: 
d -7.5U0 -le-.vSh .J/iirin^sscK as 
. ii*' -Ceif-iiV ei-ys|jl niarn.'* ! .** 
The i*vcnt«( '.**» re* ;i ’* di’t-s* 
vb-Mr-i-f for Git pubseu.iien* 
u.7s-- ,ni:id .*r of Jew accrdmc 
Herr .Heinz Gaiinski. heart nf 
he H'v-iMi community in West 
r li:s. 

T!:tmsan*!s nf V/cst Beriinrrs 
.vaikevi i'lilay in a merr'nrid 
dlon; march io the rebuilt 
JeWl*;b synugoyjii.* in tlie 
P.'esan-?n-riratfsc 


West Berlin’s Mayor. Dietrich 
Stop he. said Hurt the. Nazi 
destruction of Jewish life in 
0* •rural Europe “weighs heavily 
upon i be past the present and 
the future of our country and 
our people." 

The chairman of Iho West 
German Trade Union Federa- 
tion. Herr Hem;: Vetter, said 
that ihe destruction of millions 
uf Jews was nut only the work 
of a lone band of criminals "but 
{unk- -pliH-e' . in the name of the 

i ii. rin up |>eu»7lo." 

West Berlin’s Jewish -urn- 
inunity is now ihe largest in 
(’ ier many, with 5.WU members — 
• if which j number have come 
frum i he Soviet Union in rei-eni 
;.ears. Some 35.00(1 Jews live in 
West Germany and another 75u 
in Eafl Germany. 

The Ea?i German Government 
ha« marked the anniversary by 
donating (tOOO.OOU East German 



....has a Super King Air turbo-prop 
corporate aircraft at its beck and call 


■afri' 

bad 

did* 


Mrr r ?n-1 mom <j0-3nci!d 
comp 3tu**f ->t** srciriJ lb' : 
lick: uou! f^r (HIV's rrave! 
ond cem.nG c*nre a 
n-ie'i^jem-i'i seam has felt 
t' rt r>eri*='u«. of a ccrporaie 
•a't ra-'iiiiy it douK r.oi loofc 
..ii(3i ihirit jitaut (he 
rente 04 !'. wen ernving at 
V'>of bo si nefs. rte sun at 
she; ah me hassle aed 
IrusHac.-i.-i cr r»>.onifi! r-avel 
an:? ihe ul.-ilMy * r *:ep evil oi 
the cc.Tpar.v's c.vn fast, 
conu'i'.iahle foils pressurised 
e-ecuhst* a 'u. rail iin which 
you -.vere &hle ic- we*K in 
ns «vuh ivrsr n sneer car 
icu.ncy :c go from anvol iha 
ho js.7na pliis airhetds 

1) in i ugh cot Europe. 

The laieit mode! in (ha 
rc-r-cuvn^d beecncrall ranee of 
Sop-? r k'lia Airr is 200C. — 

the C stmds lor conver'.'Pie— 

ond ii ;i:e fai.:lil," to be 
used c-nher as 5 coniforiabl'? 
12 scater commu’er or as a 
6-3 5631 "flying boardroom" 
As wnh all models in the King 
Air range it :s ^asr. safe, . 
r-ticblo, eoor-orricai to acquire 


and easy to maintain — it’s a 
greai favourite wnh air crew 
and -.vi ih financial controf.’ers; 
und o! course with ihe 
executives who return from 
negutiation and decision 
making spnoinimenis iusf as 
fresh as when they leli the 
OlflC.1*. ' 

To find out mere about the 
economics and practicality of 
nppHmg one of today's most 
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your enterprise, and ihe 
wealth oi aneikarvand back- 
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BERLIN. Nov. S. 

marks in renovate the mmn 
East Fierlin synagogue in The 
Rylesirass**. which has been 
rceoTiscvralet! tiiis week for the 
Ea*i C-erlin, Jewish u-ummuniiy 
nf 3 -ill peiiple. The Jews there 
.<!>o have a kosher butcher shop 
lu v. ho h the city covcrnment 
gives lsu.000 marks a year. 

Ewr;. two weeks, a rabbi is 
H *.■’•■• in rrem Budapest. Hun- 
car; . in • supen isc she r.iual 
j-ui'.i.'.liier. as E^«s Berlin has no 
ra-'-'u 

In a S:i;.i irumc f.*i*t of li'.s- 
tor;, the Je-.s that renviin in 
Ed>i and VV v»t Berlin have hem 
alviui-l tutaily severe; : r* »: :: each 
other by the Berlin Wail and 
the ideological warfare between 
the two Germ. in;. >. 

November h. I93S. out ,n end 
:o ibc legalistic phase of Adolf 
Fillers unii-Semiiic proa ram me. 
This culminated in the Ntneii- 
iierg race laws under which 
German Jews Acre isolated sum- 
hy-step as « in Propaganda 
Minister Joseph Goebbeis’ 
phrase I a “cancerous foreign 
body." 

Hussein resists 
Bonn plea on 
Camp David 

By Our Own Correspondent 

BONN. Nov. S. 

KING HUSSEIN of Jordan ended 
his otllcia] visil to Bonn lods;- 
reatirming his opposition to inc* 
ijraeii-Egypiian peace agcvc- 
suenls. But he msi.-ied ihal 
altbougb (he Camp David accords 
were unacceplabSe to Jordan 
and other Arab states. “ ihal does 
nut mean an end ;o the search 
for peace." 

The King said Jordan had 
come, with" deep regret, io the 
conclusion ihal : hey v/uuk! no; 
lead io -j coin prehen.*! .Middle 
Easr seitlemeni. 

Jordan's position remained that 
of insistence on implementation 
of Security Councii resolution 
242, recovery of Arvo t err: lor; 
lost in ihe 1S67 war. return of 
Arab sovereignly over the Arab 
part of Jerusalem and recogni- 
tion of Ihe rights of (he Palestin- 
ian people to self-delerminaiiun. 

During bis slay in Bonn. King 
Hussein was strongly urged by 
the V»'est Germans to accept the 
C’.ainp David agreements as & 
starting point fur further peace 
moves. Chancellor Helmut 
Schmidt said the accords held 
out opportunities for real pro- 
gress and hoped all those in- 
volved m the area would make 
use of those opportunities. 

King Hussein is follow! ns up 
his Bonn siay with visits to Ham- 
burg. Berlin, Lower Saxony and 
Bavaria. 

Other Mideast news. Page 6 


A'«. ii c? h £ 


nots 


reject 

resolution 

UNITED \ ATI (>:<>. Nut. S. 
A GKOC I 1 uf mi :i-:i lie licit 
slates lu-t uighi suiiKitUcu a 
l'l-soluiiuii «i *i !h«- Cypru- 
<iur%trun «'nliing fur ill!* 
imnii-dialc wilhilr.tM.il u! :»I| 
furcigii iruups from ihe isiaurt. 
hut Turkish (NpriuN iinnicdi- 
aicly stud it w:is iiuacn- pluS'li - . 

The drafi urged the ■'itr , - , .*iit 
re«.innpiiiMi in a miMiif ugfii! 
niui i-misinicti'i* inaiuii-r" uf 
lung-^luMed iii-g*‘iiart«ii*- - >it*- 

twi-i-n rriirc-rf-nlati'.L's nf l in- 
island's Greek uni 'I urkish 
i-niniiiuniiics. 

The rtrun. siiiiicv. iiut Iijus1i«t 

than (me lulnpled at last week's 
assembly, also recoin me mis 
ihal • lie Set-urily I'omiefi 
examisie huu it- rt-le\:i:i: 
rvsulii til* its h .ne been iiiiple- 

mrnii->l and consider am! 
ndupt, ir necessary, |!rt--ihle 
measure.- under the >-liarter 
tn eiisuie they are carried 
out. 

Hiplonialie suiirce*. said Ihe 
t .Gurus ili-le;atiini -Ai'Hlil ha - . e 
lik-d a re fi - reiiei* lu tiyssilile 
action hy ihe *.’*it(iie:l i.rirlf r 
liic- UN chillier-- -a nr liens 
prmi-iuii-. I»vt r< - ali<i**l iiui 

this was imiiraeiical. 

The drsff! was .-eiecieij Jr. 
ihe Turkish < sprluis. Their 
leader. Mr. Ehiuf [ienklash. 
lier** fur liic dehaie. iebt 
Ihal ihe s!\ melll- 


W till 


min 

aclei 

help 

iiear.-r l«» i - < -- .uin; - l!(ui »*l 

ititci-cuRimuiiai nesiiiiaibm-." 

In Bn;-*-/. - !-. V.’.TfJ -m inv- 
saiij Mr. Jnsepli f.iiu-. 
ihe n rganisa lion’s seeivlaiy- 
geuerai, i-. lakin-i an iiiiliaii'e 
io suftesi Turkey'- opposi.inii 
io propn-als fur bringing 
Greece hack fully i::io the 
(Vestern alliance. Mr. Litas 
will visit Ankara !-ii*r ibis 
nion;!i iu preparatiun fur a 
(Heeling nf NATO Foreign 
•Minis! >. - rs in Brussels on 
December 7 and S. 

Reuter 


CYPRUS 



<r& 

D *4 "if '4 
jL JL. 



; • i 

a 

o' . 


ET ANDREAS HADJiPAPAS IN NICOSIA 


i.KEEK GVFiil'.iT 
and par;;. hie;.-. . - 
TurWi-n Gypi'i n -'l-:-. 

DcOkia-h .uk: «u :i*« 
Sicuignani*. ef r - n 
',’url: fur ’.i»c * i-. ■. 
•jluidst annual .;.*.: 
fyurus lie - bide :i-.e L' 

-Vi=«: in hjy. 

Cmidueiira .' - i 

in-.; c.i'-Dpaiiu i:i .'•■ •. 

In.*: r rc.-;". -- . - M'.e 

Mo-.; j iHi, ua:i : 
*‘u i.-a. h 
A <;-■(* nt bi>’ ■’•er.^i** 
i : ■ jrds an dliei il ■: 
fkiure ■.viit-u. fur '. 
*.\ -- r. ihe vr.i - 
will be Luncivr..- 
i-affreenu :i« . : 

Securilv 
.-■anejiun-; a y.' 1 - 
»*n sll »■•-* i i i: p ! c hi 1 

oils UN re- it: lie:- : 
The is io 
r-diiruv r* - ;>*\. 

i., X i:'irtrjv. it- . 
idard. 

The T.reeV . 

•he mli?rnjt:‘.?t:i;. 
^.e.vrri'uen "u 

ieh.ru! < •-rtnui *1;. . 

eban'C •*;’ 

at ure-f*:*. 
s'u; rus K;* -, ri:-P'<.; . 
r.*.-ent ii-ter . y. 
difficult" ’.*• > •» 

aetieg under 

UN '.hutt-V. V.:.-. 

• lll.-.-I *"M ef - •. •-. 

r.i;-vJ" M 

th.^ T*n-, 
i>-;irus. UN r--- 


i ' . 1 i -.-*.- Tj s 
- , f l 


rid 


hr- 

, , i • .*.- 

' ;.n 

■ iii 
■I-::! 

in- 

*f - '»r 

r.... 

••-. j:-*- liie 
1 U I'jill'-T 
' : .• ;!u - i«e.ir 

• Jrni - ? 

.’is. in ihe 
’ :.i - ](ri.l i r* j 
!’ • i ; k<-;. i — in 

•t. ...f :t .-« i- 


-.•ti*. ici t s: urjia Mi 

Sc.-.in;;. • ;.i -dir.'* ".il* 

j". i0. 1 i.'.t-.'i* ’ M‘ 

- .*11 ..*..■• ;-. i-i.pi' itl'in " ■ >f 

ji -• t.-- >!u ■ • '■ :i i>t - t!: : ,r ai! 

tin g-:nv8.-. 

A.! UN -:Pi-e l‘ : 74 

■ff? nGi'i-i; 

■ h •- .-I 1 In • 


j.-; he 

pet if. ;u i:ti:«riii 

;(./• in;.*! - - • 

! -.•aln* - .--*. ,:id. r UN 

nMmriuL f««ru;*: of ’he : 

.'■:|C t l'.'G .-U . - ' - :'1 

•s - ■ . il 


• .f ;( 

,.* case. .ui. 

L'cni.lasb IJ.i • 

:• 1 - u* ■ 

.'.-.•u -s! .ic- rc'u iin 

rcpL’j 

.-ii h!> offer ! ni- . 

, ! -nci:’*i:i- as 

»> ; -.1 “1 

cr -.i;i :■!! .--ucS 

v.-ah 

•ir. Kjp: -, ..i:m;i " i 

(• d !»!■!■>> ll ;•-*.. 

c.’ui.ii 

-.•n a..:*.— ..n -.ci- 

a::;, r Ti 

ng iio tvi'l i-ring 

lu ' : .;y ? 

:p :• j-.i: 

:v 1 : - "»ry 


:iii. y ■ i'i 

i ;i i - . - 1 . e-.ui'ir. 

iru.i v G- pi t.- 


u.-n 


The 

Turk*; lis.ii 


-un-. 

in rCl'l-.' 'in- 1 

-.rnblfeiVi 

*lm;iid 

; v -.v fill :u ib - ;’i - :u!i 

-jf ;ii-- 

- frill r JH I* - !. Pc? '■ 



■it Hr. D-ilk!;--. t 

i::ti the 

i-j'.c r* 

ixsldcm Mid’iii’!".- 

in !■ vb- 

! - u j ry 

I ;«77. Ill 1 V.I 1 -.-J 

Uu l.iv 


Up -if "ip md.'i 

loidoui. 

n'.n-:»h 

g:i'-d. 1 H -fii ill imi r.-il 

fcdi-nl 

st-.'l'*." 


. 

Tne 

Grco!' C ,- !i! -, nK . 

:*y Iii !■ 


-ii- 


c:- li- 

ii the 


r, 


•led J 


The tv.’o sides remain a*? 
far apart as ever *n all ** n "\ !V ' tr ' !, -'“ ,: * 1 ; i, ' n ' 
issues — CUL-n-Ji even r„ r lu ti*.^ niU s; til-1 be fubnd. a:u 
tl' 4 l’ee ‘.'li lieiLil'I'Z up I* Iiu*:* .naintai.i TtirLinli 

• = ’. . tide’s ij-s’diu-g Is sii bni 1 1 1 c* ii earl ivr 

joint i:ivs.?l!§alui x coin- ... :n fid s.iu-.-prim 
ir.iLLee to ti'iioe hundreds fur ;i.e island's ; --.i ri ■ ■ ; u r> and 
O' pc-oph missing sine? 

the '.var. f«*r Ui-. ir part. m-i-I iii.i ;n-.-:r 

;.jv.ro.-::ls '.-un only he ik.hIm’kU -t 
;tie hcwoGatin.; tab'*- 


Tit.--'* - - n -r. a-.-*. ';:•*• .N-m- ,\ 1- e a ivd U.S. miuaiivc 

.I'l.'vt Si;*i'-» r.*.yi.;! .! : n : -u- r.< ;..ciii - >*.y t!v> yy peeled 

in - - ,r! N-*..':-.^ •!■-> ;.s!r*rt ijr-s-jkili/'Hiyh :;i *.iie v.ikv uf me 

S.-c. - . -- *'.; ’ • icc'.i i-'k.c ^-.werican dec 1 .* am *•• li fi Uv- 

1 ii iv i :.:■;••• k t-iv. Large . n Turke*'. 

"*• " •• 1 .J .*Oii-.'!Vran ..r*i*s -• f av.-ni - 

i’ ta T •«. t-.v: hj%- 

■n:':;.- e. .- *. - * .V-.m ;.v* Ank..r'.. ... - r.vi --flviiv i i.* a";- 






c-:.:-;: av-Tu.ic:- Hi - . - „, lic , 

*••: > .. 1 • i / _ i: : > . i:n r 

piveii.- i ■ r • ’ t < *.-:■ force 


•n 


(if till* 

imii-aii: 

•ncri 

grim i. - 

iin ; ii)|-lvb<*-nl< i - - !!| 

; |V ; 

** >»r1 

'*(! 

•ui 

Ih.* 

l. - \l 

- mu bur*- 1 ' •: : • 

••.!•■>. ' -. 

irs'-d 

!u 

lake 

cur 

;s?«*:is 

i-luggo ii > 

: Iin 111 

r-msi floral inn 

..ml 

ha* i* 

;u *,51110." 


in ;t 

uh; 

.- whiili will mil 

Mr. Nicn* 

. •!.*'. tii*. 

the 

p;i 

iriii's 

la 

cni:n - 

l:i-.";.i - r*r*us:rn - ***:.i-. • 

- •:;)( 


rup-ign M *iii - • 

i-:irlicr ll*is :• 

,.:i'if-i:ij govern i ii*. - n' ■■ 
Vi irk. ' He 'Ic-s 


•I. 1 yarns 

‘-.fCin.* iii'. 1 
•*rr. *u 


il'.* 




: a- 

* -j i- 1 . . ; 

•' .1 :»•' •:• 
•*: . • ..pi. 

•’ i'-nefa. 

* id!, ri.-'* 

I»: 

I r. >• !*i! j i ; *i 

»'.*. . '.-''J 


i - c - 1 




;. j.rK.’ a •’irsek pi'iu! 
p ■ i a j rk o ri . ! T..- *1 d^ ° t 

u rii*: - . •.vnu -i". I* res iii'. Til 

ypn. ri'u! in V* a- : • ' : r 5 * • .7: 

■ ji'h i.'Huiiei . !S*iu*. - *! bin: li.*.i : . 

I..; - .*.* :• in- Adisiins.-trj’ - »r. .-.uu'd v. 'Vi: 

-i:."i. - i .-i*.*' vl fur .* j - L .* n*l i.i-li.:.* 

' ju-.i- --.-i'i>. - n*.-iii. !•: tin - v 

'• a-*;-: •>:’ . 1 1 S lie re. !■■■ a nr. il:- 

■. - U.S. ;.- 1l'J-\ - .Mi.r** -.* .rlCV’.-iivl 

'il! - .- al.iiyr Glt*i.*|.- i'll J- 1 - • *. *■ -]:*.•! '.7: 

i - .* ii •!’. ims (li.;* AcJ/.in aod • u’v -i.*’> inUu-. - 

i.-. (.*■• ij’iiii. ‘-ii - an r-crurj m;*i in*, niiliiary -.•in^- 

.! L-jc'er'.-iici* un uf :V-\T».» irian - *.un :ii - .* laancii- 

: :iu of reji 'n.a.-c i.iiuuvivc* un 
..f r: vivir .2 active VX Q-P^us 


cr. i;i 
;T’ ’ll*. 

- ' 1 --.U -1 


rr*ci-»i m ions as •:.*. -tv.*. -; whicii 
could nut hr eash-d. Sumo *.if Tip- s*! 

them, be said, hid peri endor.*'’.! media i - r :: _ is g.-irin-j gruynd p_ t i. resent. j|j u.S. efforts 
by ihe SecuiMy '...'unvil :-nd i <(-ca i i - e t.ic* :<ri..i*.ri _ed ?:eti*j- -ippi^ar to hinge on liic- prospect 

were therefore •*co.-j for rsi - ' 

;nent." yet trie rv v.-j; r,n hank : .u 
ca-h these cheques. 

The Greek C.ipriu:< hope :r, 
secure from ;n.;* A--.ribi;. a 
** strunger" r'.-p.iu' ;*.n than ilv* 
one aanroveri fas*. a!* hough 
Iasi j car'.* d ra ; < cunsid - ?! ed 


loer in ihe : n: c ;■- v-. ' .'Tiniu pear-.- f , r = tlcji over Fantacustj 

' — pigrsuading the Turks tu puli 

Tb« 7::;v ? - ii Cyr. .■!■•*$ cn-idcr bavk from "he ivsiijential and 
the L r N dviiai- 1 a v.»sie •>? lime. Imici quarter nf ih;s svaaitic ioi:n 
.-Ml ih-.* s—.:e. Mr. DvuV.Lasb i which ha* b*?er. ab-ndoned bince 

dnciiKd ti ye n;i* - k io ;h? UM coming under Turki.-i, cunirol in 
lie:.dri::art*-rs i. fn.in viier-* he if'7-?i and geii.iua the Greek 
i eiurne*i on oc! -» r 2f> » in order. Cy.nrioi owners h.-ek to their 


emu !-'i; ,*c ir -.-e iicnrired- i.u' 
pci - pi.- ‘.r-s’ng •••:'. .v t’r.*.* •.*. •. 

T':». ii'y fi-r--ii .f»-* 4 ..* 1 .ir.iri-n’ 
frui:: ‘v 1 i:: - ki-!i-h« - lrt 

:i if: ■:. - . - . -,- !i i*- j i-.vi - i 1 1 ,* i i -pe 

*-h i' i.ji - n ; breom-rg 
ip- .■•■.< -jn:!. - 'leciu-i - if 

' >r.*' !r:cl i-t.*. t.i-.-n inilj- 

G" 1 1 'ic vre.-.Tiev 11 uf .n-'iJ.s 
.“i.i s._ l; l-'v uuin'.jhd 

T nr!-'-.-.. . 

■"I'.n-"' in in*- ! * i -/ s n I :• n il 

h. r.:. i:.; .,;)*• r - i:n- 

iirdii:';-.’’ -.•'■.-■le j-\., j; J-'u, bi:':. 

rhe T:» |.*.«. , *.* 1 - :rhn 

'.’ .IS , r -< : 1 1 , ■ .■ ! y \ r -['r,.. • -j , . l f 
G;. :.r.:s T o : i..-; . i *.i n ; , y row- 
ing mm \ . •; i r *: - : m. ; -i 
■1 ad.. J r - -s»r": - 1 • I f c ; !!ie 

e '.a: no: ivy 

P I -.*-! ii *.-; 1 1 ; p ri.: ;u ' *.*. no.-e 
r. . ■ i 1 ii u n : ha* j i n i d i", 

i. -.-i'ig: mi.-. - i:-:iijni . h..i promised 

ihal ir. (iv ev-. ni .! a 
Cynr.:- =e*i!-r»«*f>i ci;.-i>ring the 
imi:y u: i;i::nd. " n-.* In-. e?y»- 

iiicqi -.-ri!.; I.;! scidiiii.rjai 

o: •w:?" tn*- T - :r*:i-h 

• .s.;in':-.: n' ic-'v.- jOC 

-)• •• ; |- -ir. • •• m- - ! ' 

S.i i -r 'b. h ••• :• **e •• : 

{'..M V: 

UNI’M ••• • - c.i:)* iit. • • 

»t i. v- i- . i I -vi - ..* • ..|»ly 

*• iv:) : *. .-a. -a 

il l *ij- - i r ; .»•_*- 1 h : 

;*.-.. -.o* o '•••■.. ■ ••:*. ; - i. . 

i ; • . 1 ' i*. v- •.-.r -- y t ■: -.i-.i _■?. 

i; ■.’•i'- i ,i ; . i * • 1 t • f 

i - : - . 'H u m a 

i i m. - s n: Nu *-i;. 

'*.;r i • :::-• G reek-Cy r- rio *. 
are in r’s i -i: - r. ol i rade 
un: :ti 

Th-.t she :irs? s i t : - ih: : t 
-.hi. - i •; unmunii! ;•>. v. siaiever 
•rh:- prv-rnr .;l:vi« ! oi:i ana ‘ri? 
ii-.s-shiy ihe pa.-t. aro begin- 
ning .*< >. - u!i»e t i they „i-o 
ha’.c ii.ariy eo:ui i'.' - i :n*er - : - it«. 
and ihal. since .i; - :y U- v to 
share life on =h!.* issimri. ihe 
sooner : h cm bark -m iui 
! >ng rua.i u- r'-cunusiation !h«.- 
b-.-i ti* r. 


on 


NOTICE OF REDEMPTION 
To liic Holder? of 

Skandinavista Enskilda Bankeu. 

10 Vir«* Capital Note? Due ^‘ ,8i 

VriTT.T T“ T?rx;FP.Y C1VKX that all of ll.e al.nve Nuir- have 1-tu f«r . reJen.f-titui u 

lW,Vllrl . loA « «hr a,ic U .bli 0 H r-ri- - uf 100^ nl .la - ynuni^ **nui**,* 1 \y : ^u,n 

.. ,.„r. itin i ;o ihe i.mmIi paragraph oi *a«i Nolc* a» J -' r ; . 0 • ,° r ,l f lr "-' 

: . f/.; I I. 107!'.. lia rvulw- v ill l-Ci-vliii- .1.1- 3R" l«f *"» "»'“«} ■’«»• “ r vurr^.y -ff 
,v 5jS ;; Of Amcrh-a a.-.rt ihe limp or naunc.U -hail I- 

i.i i mien - ..‘i- ' • ... , i n--i’-rit(:kii>iM ami surremier uf -eaiu Aoies ai ihe iwam 

u*ii r'uf'i.rS' 'li.^fS.viuiiV.rjMn'GiJrai.ljr Trust Company of N C wr Wfc, 30 V»l 
H^dv.,y,>;Yu : k^ 

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By; JIoh'-ak Guabaxty Tk’-st Co.mpa.w 
^ *ip >ew i onrK, Ti-it*iee 

•'J-.-’ ->tsi T*". I f '73 














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Financial Times Thursday' November 9 1978 


Inconclusiveness brings comfort 





THE US MIDTERM I’ 




SY JURE* MARTIN, U.5. EDITOR, ^WASHINGTON, Nor. 


ELECTION RESULTS "v 



IT IS bard to find an adequate Democratic majorities in both But in New Hampshire, too, .middle -of tbs' road -victor. Carl bastion of Republicanism, now 
turn of phrase to sum up the chambers remain substantial and sitting Governor Meldrim Tbora- Xev*n^ has two Democratic Senators, 

essential inconclusiveness of the Democrats have now woo the son. that arch conservative, was -’ , The. Republicans also con- The net result is a Congress 

yesterdays mid-term elections. last 13 Congressional elections. kicked out. while other well firmed their 1&7B strength in the whose overall composition, both 

The American voters, who did The Republicans picked up publicised Right wine challenges far west: grabbed For the ' first in number and philosophy, is hot 
not turn out in droves, provided perhaps half a dozen extra < Jeffrey Bell in New Jersey, for time since .reconstruction a much changed. To the extent that 

a little comfort Fnr everybody, Governorships tthey held only example) were found wanting. Senate' seat :5n- Mississippi l in a President Carter, in the final 

confirmed, but not overwhelm- 12 of the 50 stales before y ester- ' ‘ u_ 41 ’ 4 ; 

ingly, the well known conserve- day ! and made some gains in 
live national mood, especially on state legislatures. Both will be 


inents and to^avethe^hintof tfie ■. - V V Wopn fmA 1 -feithfrr i »ri Rh t thinkiBg , ' ? gandidatCT , .Dielc 

sort of- campaign he talght wage candidates for 1980 ..Si dWeat - in Iowa for 

mSrion?" pus . hetL iEi^JS^SSS ^SS.’SSr effiorts -and' -money of the 

demonstrate that 


the -Jtemocratlc pushed, iflto 

, .-sophy. jjj. qf fiscal con- -anti-abortion . and. ^anti-union 

t 52 t J.kT» a *i5^. bl ® genera 1 constra in t of fiscal con, . u {jj -^1- bet that Con- 


econ tunic matters, -and responded useful when Congressional dis- 
vicariously to vast expenditures tncls are redrawn after the 1980 
of campaign money. census but they do not constitute 

They produced a number of an unprecedented leap forward, 
intriguing upsets, as always Ideologically, neither the 
happens, hut it was clear that Republican Right nor the Left 
local issues and 'personalities can claim to have made their 
were -invariably paramount, points convincingly in their 
which means that the runes for eternal battle for control of the 
national politics and for the party. Senator Edward Brooke 
1980 elections are not easy to in Massachusetts, the only Blade 
read, if they exist at all. in the Senate, was the most 

The Republican Party, in a prominent moderate casualty, 
substantial national minority, but Charles Percy survived an 
bad most at stake yesterday. It unscrupulous Right wing Demo- 
did not do as well as it had cratic onslaught in Illinois, 
hoped a few months ago. largely Of the new Senators, three, 
because so many Democrats pre- David Durenberger and Rudy 

Minnesota and 


The U.S. Mid-lerm elections were essentially 
inconclusive, producing no dear^ut lessons for 
either Democrats or Republicans^ But, to the 
extent that voters yesterday showed their 
preference for a fairly cautious middle-of-the- 
road stance, the results indicate that President 
Carter will not be easy to unseat if he decides 
to run again in 198U — provided that he is not in recent weeks in some of the 
undone by the ravages, of inflation or by a deep toug^meesfo^gmoerats^and 

economic recession,/ ' states was modest, "but this is 

not considered an indictment' of 

... his leadership. 

• -v «... ' Others with an eye on 1980, 

The Democrats lost two Liberal classic three-cornered race in however, had reason to be 


months of the last session was 
increasingly getting his way on 
Caj>itol HilT, bis problems do not 
appear to have been compounded 
by yesterday’s results. The Bal- 
kanization o f Congress, so evi- 
dent in recent years, will persist 
and that may be the biggest prob- 
lem of them atL-- 

It is -hard to say that the -mid- 
terms particularly affected Mr. 
Carter's own reelection chances 
two years from now. assuming 
he runs again. He did campaign 


to cut taxes and puttflcrsBendlng sprvatism- 7 ■ • . «r&swiU- in the ■'nest' couple of 

and to adopt ore - d I sck, . Senator Edward J^conedy^ f or. &ite tbe- buyer of Federally 

-uhmiri-nnt he devoid- o £. , congressional elections. 


plined. auwtere approechin th^ eMmple/ Would mrt be dWo'Ul of: ^“^d 

H5“ “2-r.wP 0 ' ■'% to manbeinrre lfis-.hasicaUy- 


mined. to make ^ poSSS for 

^retirements of THe el SSmh£ Wlihols, '.though 

^ should President Carter . repopraeuto the, nefarious was 

-*i- he tand he seek the. .nomination- pretty : commonplace : this year, 

first new idea w t0 lhe extent that the - MassachoSetti. certainly gave the 


-Y^J'eWrfaymdicated their Vation " a lesson in civility Iasi 
iTO pSf^ce for ‘a fairly cautious night for there was no more 


Opposition was satisfied. Two Governors, Repub] l- 


Mnpted natural Republican Boschwitz from 

issues, but it did not do badly william Coben from Maine, are standard bearers in Messrs Lark which - the „ rr 

either. certified moderates- The bard- and HaskelL plus William Hath- divided) ahdmadenet gains in can Jim Thompson from Illinois 

In the U.S. Senate, its net gain liners picked up Iowa, where away from Maine, but comped- the midwest, most notably in Min- and. Democratic Jerry Brown 

of four or five seats was rather Roser Jepsen beat incumbent sated for this by electing pro- ncsota. (where the dominant from California, were easily re- 

above expectations. But in the Dick Clark; Colorado. William gressives in New Jersey and Democratic Firmer Labor Party elected, as was Howard Baker. 


House the .probable addition of Armstrong over Floyd Haskell; Massachusetts (Bill Bradley and of Hubert .Humphrey and Walter the Senate minority leader, in 
12-14 extra Congressmen is well and. in a big surprise, probably Paul Tsongas respectively). They Mondale is in. disarray 1- Tennessee. The only .declared 

11 n ft or h,IF tho ->v»»aa -utcanra M.n-J ttomnehira oirlina nilnt -, 1 c-, tnaU +«i UinVin.n tk. nriD'-l.. a.niliri.ta araK-ann. 


made by the “ out ' 
year balloting. 


-party in off- Gordon Humphrey over Senator seat from middle of the road lost, the Kansas Governorship, servalive Congressman Philip 
Thomas MacIntyre. incumbent Bob Griffin .with while Nebraska, supposedly the Crane from Dlinois, was also 

'*- • ; returned. 


THE WINNERS AND THE LOSEKS 


Basketball Senator is seen as 


possible presidential timber 


BY OUR OWN CORRESPONDENT 


WASHINGTON, Nov. S. 


THE 96th CONGRESS, which 
convenes next January, may 
not be much different in 
ideological composition from 
the 95th, but the cast of 
characters has changed 
appreciably as a result of 
deaths, retirements and 
defeats in primaries. 

Certainly the most cele- 
brated newcomer, in the 
Senate is Bill Bradley, the 
new Democratic Senator from 
New Jersey. Thirty-six years 
old. Mr. Bradley retired last 
year after a successful 10- 
year career as a professional 
basketball player with the 
New York Knickerbockers, 
during which he won the repu- 
tation of being one of the 
most intelligent team players 
in a sport dominated by 
spectacular individuals. 

Both his supporters and 
critics have long said that Bill 
Bradley was running for office, 
eyen as a sporting superstar. 
He assiduously declined to 
engage in commercial pro- 
motions and endorsements, so 
as to keep himself “clean" for 
the political struggles ahead. 

His politics are mainstream 
Democratic. He was obliged to 
tailor them to a degree for 
the election to counter the 
onslaught from the right of 
his opponent. Jeffrey Bell, 
Ronald Reagan's former “ideas 
roan." Bradley used to be 
known to bis teammates by 
the nickname “Our Future 
President." and there are 
those already who see him as 
potential presidential material 
10 or 12 years from now. 


The most unexpected new 
faces are mainly Republican : 
Rudy Boschwitz, a plywood 
manufacturer, and David 
Durenberger. a lawyer, both 
from Minnesota, and Gordon 
Humphrey, an Allegheny Air- 
lines pilot from New Hamp- 
shire. The first two are 
moderates, the latter Right- 
wing, as is Roger Jepson. who 
bear Dick Clark in Towa. and 
William Armstrong from 
Colorado. 

By classical political stan- 
dards neither Mr. Boschwitz 
nor Mr. Durenberger should 
be coming to Washington, 


since Minnesota is supposed 
to elect only Democrats. But 
the combination of Democratic 
disarray in the state and the 
unpopularity of the candidacy 
of maverick Democrat Robert 
Short, has turned the political 
map there upside down. The 
same could be said of 
Mississippi, which for the first 
time is sending a popularly 
elected Republican to the 
Senate (in the reconstruction 
era Republicans did represent 
Mississippi, but not as a result 
of popular vote!. 

The new Mississippi Senator 
is Mr. Thad Cochrane, for- 
merly a Congressman, who 
assumes the seat held seem- 
ingly for generations by 
Senator William Eastland, who 
has retired. Mr. Cochrane won 
with a minority Df the popular 
vote, the balance being split 
between a regular Democrat 
and an independent the black 
Mayor of Fayette. Mr. Charles 
Evers. It is also a sign of the 
changing times that Mr. Evers, 
brother of the slain civil rights 
leader. Medear Evers, could 
win a fifth of the vote In the 
Deep South. 

Of the other Democratic 
newcomers, most scored pre- 
dicted successes. Mr. David 
Pryor has been both Governor 
and Congressman in Arkansas, 
where the Democrats rule the 
to o*L He enjoys a generally 
progressive reputation, though 
the tradition of Arkansas 
Democrats is to be more con- 
servative on social and 
economic issues and more 
liberal in foreign affairs. 

Mr. David Boren from 
Oklahoma and Mr. James Exon 
from Nebraska have also both 
moved from the Governors 
mansion to the Senate build- 
ing on wei-earned local popu- 
larity. Both are considered 
relatively conservative by 
traditional Democratic stan- 
dards. 

jEven with almost all the 
votes in. no winner has been 
declared yet in the two prin- 
cipal Texas races for the 
Senate and for Governor; 
Senator John Tower, the. 
Republican incumbent, and' 
Congressman Bob Krueger, 
the Democrat waged a virulent 


and unrepentant campaign. 
The gubernatorial contest 
between Democrat John Hill 
and Republican William 
Clements was more polite but 
just as close. At the latest 
count both Mr. Tower and Mr. 
Clements held fractional leads 
which, if maintained, would 
be a big boost for the Republi- 
can party in Texas. 

There also seems to be a 
chance that John Warner, 
Elizabeth Taylor’s husband, 
will achieve the narrowest of 
wins in Virginia, though ‘ a 
recount has been ordered Mr/ 
Warner and his Democrat 
opponetn Mr. Andrew Miller 
have waged an uninspired 
war. 

On the gubernatorial front; 
intriguing newcomers include. 
Mr. Forrest (FOB) James,, 
who takes over from Mr: }■ 
George Wallace in Alabama. 
The slate may be in the pro- 
cess of political rebirth jritfrV; 
a pair of new Democratic? ■' 
Senators. Donald Stewart and 
Howell Heflin and a Governor ' 
appreciably more progressive^ 
than the old guard personified ' 
by Mr. Wallace. 

A surprising defeat was that 
in New Hampshire of Mr, . 
Meldrim Thomson, an arch- 
conservative, by Mr. Hugh 
Gallen. a local state assembly- 
man. Mr. Thomson, it appears, 
was actually.' undone by an 
issue dear .to his heart — 
continued • nuclear power 
development in the state. 

All told, 12 governorships 
changed hands, of which the 
most important was probably 
that in Pennsylvania where 
the long-standing Democratic 
hold was broken by Mr. 
Richard Thornburgh, who 
overcame Mr. Pete Flaherty, 
the former Mayor of Pitts- 
burgh. 

The biggest upset was prob- 
ably in Arkansas, where 
incumbent Republican Bob 
Bennet lost to the state House 
of Representatives. Speaker. 
John Carlin. The most unusual 
result was in usually liberal 
Massachusetts .'where . a con- 
servative Democrat. Edward 
'King, beat a progressive 
Republican Francis Hatch. 





Above (top to bottom) : 
Sen. Edward Brooke of 
Massachusetts, Sen. Dick 
Clark of Iowa and Sen. 
Thomas J. McIntyre of New 
Hampshire. 


While Governor Thompson • 
coyly refused to commit himself 
last . .night, predictably 
Jerry Brown did attempt . to 
read more Into the national 
mood in his post-election com- 


h sense he isriPht' nrT-ikl stance then the President, who graceful concession than that of 

very much in the middle of Senator Brooke and no more 
£L d „ a |^ i y ” te v a ?Li t e JQQ r th Q majority tarty, will not he modest acceptance than that of 

m. P £!3ai£ 5 '^^ Sv fo uil^t l^and it is a Paul Tsongas after a battle In 

Stili ^condUted'yeSSaY^S^ \ffv$JSSSbie is not undone winch Mr. Tsongas bad declined 
iSation wS titefSS b? tKavage* of inflation ^or .a to- - take ? adyaatage . of Mr. 
domestic ionce^a^S Seep economife- recession. PW5 ° IUd 

cutting G over nm eit SpendiRg Thrre were a few other toaoM. 

wa c the best \vs 7 p nrh fp - v -"to fit* • dra^n fpocn yp5t6rd3y*s .. .• Sft clGCtOF 2 te Also snowed 

Interestingly.' they atoo fbuhd elections. One is tta ?rtI“ 0 3S StiuMTinudEi 

the public blaming Congress, the - counts— perhaps too much. Not. of toiled 
labour unions and- busmess,- L ln- even escalating costs can fully 

that order, as being primarily explain the vast fortunes 
responsible for inflation, but bursed in the pursuit 9* : -® 1 * 

saddled. .President Carter -with: elusive voter. . . ' vrir 00 ; 

little blame. ; . V. Senator Jesse Helms, the con- if not-uf cgimtyi WtGi tire defeat 

Both the public opinion polls servative Republican, raised over of the -anti-tromMexuaTproposi. 
and assorted referenda across Sfim to get returned , in Nort^ . tion .m Cahtornut and O^on 
the co untry . also showed ffie eleiv Carolina — hardly a megastate— And ;*? u *®§v i S? j. ^ 
t orate divided over the fcfficanyrahd . his ; example . was ' by no which, lost- Its .only-. Mack mem- 

of deep tay cuts. r . ; means exceptional. . ■ be r, .uovr ^ s an el eeted_ wu man 

The proposition tbessage - Special - interest groups from JR, . its ranR^ . Nancy. London 
spawned in California, therefore, left and right,’ particularly the Kassenbaum from. Kansas. -She 
has yet to become a national tidal latter, spent freely both on. is ' the daughter --of AJr Landon, 
wave, though its ' cause IS ^-far- special issues (the tobacco in- who -lost to r uR in 1936 hut. who 
from dead. . : ' V; : , d us try raised pver.S5m to. defeat campaigned actively for his off- 

Thus neither President Carter the anti-smoking initiative in Cali- spring. That was. thei.. mort 
nor any of tire other proto- 'fornia for. example) and for touching story ol 1978. ■ 


Tax 



«Y DA YU) BUCHAN 


' WASHINGTON, Nov. 8. 


THE NATION-WIDE tax revolt 
predicted following the June 
decision by Californians to roll 
back their property taxes, did not 
materialise in yesterday’s polling. 
Vote re in six States did approve 
cuts or limits on State taxesi but 
the Oregon and Michigan elec- 
torates defeated property tax- 
cutting proposals virtually iden- 
tical to the famous Californian 
proposition • 1J. 

Certainly, the issue of federal 
taxes and spending figured in the 
campaign rhetoric of almost 
every politician running for 
national office. Today, the White 
House announced that President 
Carter had signed the new tax-cut 
Bill, passed last month by the 
outgoing Congress, that will lead 
to a $18.7bn cat in federal 
income, corporate and capital 
gain taxes next year. Though Mr. 
Carter actually signed the Bill, 
the White House Press Secretary 
said today that it had not been 
announced before because tbe 
President did not want to “ play 
politics" on the eve of the 
election. 

It was only in 16 states that 
voters were given a chance to 
mark on their ballots whether. 


they wanted local taxes or, spend- results have- yet been -counted. • union -membership as a comb- 
ing curbed. Proposals to curb Michigan voters rejected x plan tioh of employment, already 
state spe nding - — which, national- to cut their property, taxes., in: exist to me 20 states, mainly 
opinion polls conducted . yestert-fealf, but ..- they approved * jh the south; and south-west 
day. showed to W a-.greater^measure limiting srate jspending. Conservative ;- apti business 


priority for - voters ; ' than - > to and' taxing growing - faster than", interests ha'if >pugbt to esdenfl 

■ Afiir CitAMmlnil .. «m AmvAnxI- iruvimA. Tllic tv'rvo. jQj 1 ^ ‘ to Hf ierAnm. utWiaVi fa ■ 


reductions — -succeeded in-person al . income.- This .typer of- this- to Missouri, which Is a 
Alabama, South Dakotai -^Arizona. more balanced ' prpppsaii to relatively heavily industrialised 
and Hawaii, but. weise defeated in': match tbe state's financial remand unionised state,, while 
Colorado, Nebraska- and -quirements more equaHy- with organised-'. 1 labour mounted an 
Arkansas. ' ‘r- • the ability of citizens’ to bear extensive' effort to stop them. 

With such mixed results, : to them, found favour in other in the event, the unions' Wrin 
and expenditure cutting / pro- states— such as Arizona which a major victory/ defeating the 
posals have- clearly previed-^a yesterday passed a -.proposal to proposal easily by 60 to 40 per 
double-edged political gambit -)#.- limit the state's annua) spending 

this year’s elections. Tte largest to 7 per cent of personal income. •> . . . . • - 

poll ever of its type braducted^ Hawaii, for" instance.' voted . to - J ; '-r . 

yesterday bv. the- hatidnkKTV' link increase in 'state spending . Virginia voters turned down a 
network -NBC anfi the Associated 1 . rather more genersrtLv . to tbe’mpye -to legalise Jiqjhjs. race 
Press among some state's 'economic growth. - ... 'betting .in a -state -fainphs for. 


tfty .: . . .. .-. horse breeding,- "but Wtthdut aay 

i ? g ' To express - their views op: a major, -race - tracks. ' The propo- 
^le whole raft ■ of is.-nies — some of neats of - the badve.-which would 
seemingly , frivolous, such introduce a stateiohtroiledTorm 
-• js that passed ib : Gregon to allow of to tatisator -betting,;, would 
J dental technicians (not just bring in-the state eome fSfim 
th- dentists) to make^nd fit fa fee a year, But the well-org^jised 

. ttberteeth, or that: passed In ^Sissis- apponeMs^-arfU^-tiiat 'spfecW 

tic expenditure^ when the mrih- sippl to repeal an old state law interests, including orgaatwd- 
her one coheem of the U.S:' eten-^banning duelling, but some of crime, would ' benefit far n»re 
torate seems-‘to be inflation. .; * them more weighty, such Sa the than the state fj»m legalised 
In Alabama;. Idaho,' Illinois* .move to introduce- a “ right to betting/ In addition,- tire betting 
Neveda. North. Dakota and Texas, work *?, Jaw in Missouri. . Such proposal was strongly opposed 


emerging from tbe voti 
showed that an ovetwp 
majority were for-.-* 
restrain on government sp 
It would appear that Ain 
are proving -rvery alive 
dangers of ratting taxes, 
out at the same .time paring 


to cutting proposals seem ed to. laws, Wrefr fr atith e. closed- imion by. many, MnaT 

have passed, though not - aQ the shop *id\ any', requirement of saw it as : ijMHhralr;“. v : 


Brown stakes claim to the White House 


BY MAURICE IRVINE 


LOS ANGELES, Nov. 8. 


CALIFORNIANS gave Cover, 
nor Jerry Brows the major 
victory be sought to project 
him as a leading White House 
contender in 1980 bi a general 
election which will set the 
political direction of 'the 
nation’s largest state for years 
to come. 


But Governor Brown’s L2m- 
vote landslide win over 
Republican rival Evelle 
Younger, was marred by the 
failure of his black running 
mate, Mervyn Dymaliy. who 
lost the lieutenant governor- 
ship to a Republican. Ur. 
Mike Curb’s victory means 
that for the first time since 
1894, the state wiU now be 
run by a Governor and LL 
Governor from different 
parties. 


If, as many expect. Governor 
Brown challenges President 
Carter in the 1980 presidential 
primaries, as he did In 1976, 
Mr. Curb would be left in 
charge of the state for long 
spells. Should Governor 
Brown win the presidency, Mr. 
Curb would automatically 
become Governor. 

Governor Brown also failed 
to carry with him the Demo- 
cratic nominee for stale 
attorney general, Yvonne 
Brathwaite Burke, another 
black candidate. She fell to 
the chalieuge or Conservative 
Republican George Deuk- 
mejian. state senator from 
Long Beach. 

Governor Brown’s controver- 
sial appointee as Chief Justice 
of the State Supreme Court, 
Bose Elizabeth Bird, was how- 


ever confirmed In office by 
voters. Miss Bird, who has been 
under heavy fire from Conser- 
vatives as “soft on crime,” at 
first appeared to be' losing her 
bid for a fall 12-year term, 
but returns from the large Los 
Angeles area gave her a nar- 
row 52 per cent over 48 per 
cent win. 


Roth the Governor and tbe 
new Chief Justice are firm 
Opponents of capital punish- 
ment, but 'Californians gave 
massive support to proposition 
7: a proposal to expand tbe 
state’s death penalty laws and 
make them the nation's 
harshest. Proposition 7 ex- 
tends capita] punishment to 
include nearly all first degree 
murder cases. It permits the 
death penalty for treason and 


for 15 specific murders ineiod- 
‘ to murder during rape. There - 
have been no executions' hr 
California since 1957. . : .f 

Voters took a liberal: stance 
however on Proposition $,■ a 
measure aimed at barring! 
avowed, homosexuals . from : 
teaching, one of the most hit-': 
terly debated - issues ■ of ttt 
election. Governor Brtrwn had 
opposed it and voters agreed, ' 
turning down the proposal by j 
a 58 per cent to 42 per cent 


State Senator John Brfgga J 
who sponsored Proposition V 
blatned its failure on unex- 
pectedly sharp condemnation : 
of the measure by Republican ; 
leader Ronald Reagan. Until - 
Govurnor Reagan, spoke . out - 
against It, It had lad in most 
polls. 


OTH^ER AMERICAN NEWS 


-i** ~ rr ** - 
•f" -r< =-\ 






U.S. homes market 
heads for slump 


BY STEWART FLEMING 


NJTW York, Nov. 8. 


A GROWING consensus that the whose members include the main 
bousing market is headed for a financial institutions which make 
slump next year is strengthening borne loans, is predicting a 15 per 
predictions by many private eco- cent fall next year in housing 
noraists that there will be a starts. 

recession in the U.S. beginning One factor behind the forecasts 
in the second half of next year, is the rise in home loan interest 
t— latest- ppnncvmic assess- rates whJcb is following the 
mSt cS bSik tte S increasing cost of money. - In 
fare«t US bank savs the raan ? re ^ ons home 1°*" . costs 
tfJSSSiniT „f Federal Reserve have **■« above 10 per .cent 
BoJJd monetary policy ^ w*th lending institutions predict- 

siwsc 


beginning of* the recession which SJJJiTL h ?JJ e Joan rates 

th. hant has been nredictine for ri _r.S l ° 


thebanlT has been predicting for "^l^^lso^redtetiWthat, 
_ ' t ... at current high interest rates, tbe 

It adcU, however, that until it growth of deposits at thrift 
Is certain that the Fed is taking institutions which make home 
a tougher attitude, it is sticking loans will slow rapidly, and this 
to its earlier prediction of reces- w jn force them to cut their 
sion in 1980. with an increased lending. 

possibility- of an earlier decline. Historically, this has happened 
After the Fed's moves last even before interest rates have 
week, which have contributed to risen to ID per cent. But last 
banks' prime rates increasing to June, federal authorities a Howe d 
103 per cenL and a rise of be- thrift institutions and banks to 
tween 0.5 and 1 percentage point sell new savings certificates, pay- 
in money market rates, fears ing interest linked to the rate on 
about the outlook for the bousing six-month Treasury bills-. These 
market have intensified. certificates now earn over 10 per 

Mr, Michael Sumichrast, chief cent. This has helped thrift 
economist for the National institutions maintain deposit 
Association of Home Builders, a growth so far, because savers 
leading industry trade associa- have not gone to other, high* 
tion. says that housing starts next interest investments, 
year could decline by 25 per cent Now. however, the high cost 
to l-5in. from the surprisingly of these Funds is leading many 
strong 2m now expected for 1978. thrift institutions to reduce their 
The more optimistic U.S. willingness to issue the special 
League df Savings Associations, savings certificates, 


) 


President 


signs 
Tax BiU 


By Our Own Correspondent 


WASHINGTON. Nov. 8. 


PRESIDENT CARTER has 
signed the new tax cut Bill 
wbich will reduce federal 
income, corporate and capital 
gains taxes next year by $21.4bn, 
tbe ' White House announced 
today. " 

But the President has warned 
that he will not approve any 
further tax reductions which 
might increase the federal bud- 
get deficit until inflation is 
brought under control. The 
Administration’s aim Is to bring 
the 1980 budget deficit down to 
$30bn or less; 

The new law provides for 
$12.9bn in personal income cuts, 
$6.4bn in corporate tax and 
S2.9bn in tax relief for taxpayers 
with capital gains such as those 
made . on property an dstocks 
and bonds. 

President Carter had originally 
opposed any lowering of the 
capital gains tax rate on the 
grounds- - that this would only 
benefit the better-off taxpayer. 

However, Congress, anxious to 
benefit ' the middle income tax- 
payers in this election year.' 
insisted that capital gains as 
well as income should be in- 
cluded in tbe overall tax cuts. 

Mr. Carter began by asking 
Congress for S25bn in tax cuts, 
but as Inflation came to super- 
cede economic growth as the 
chief worry of the Administra- 
tion, he scaled this down. 


MEXICAN POLITICS 


A revolution in need of a revolution 


BY WlUJAM GHISLETT IN MEXICO CtTY 


The future stability of Mexico, 
a country whose record of peace 
over the last 50 years is justifi- 
ably envied by other Latin 
American countries, depends to 
a targe degree upon the success 
of reforming the country's 
Institutional Revolutionary P»rty 
(PRI) which has been; in power 
without the slightest opposition 
Since 1929. 


There are those in high office 
who believe that unless; the PRI 
is opened up considerably - and 
other political parties are. given 
a real opportunity to gain access 
to power — instead of maintaining 
the present system , of an 
“ opposition " facade — then the 
present government of Sr. Jose 
Lopez Portillo could .be the last 
peaceful one in a long line of 
basically stable governments for 
the past 50 years'. . 

Cynics-— and there are many 
in Mexico — say that, political 
reforms are only being earned 
out now Is order to prolong the 
PRI’s life for another 50-years. 
There is more than an. element 
of truth to this. But at the same 

time there is a growing- hody of 
opinion within the soyerpment 
which believes Ihat. jtiSt' as oil 
: s the last chance Mexico, will 
have to bolster its weak eco- 
nomic structure and strengthen 
the state so. the timid political 
reforms represent perhaps the 

last opportunity to save Mexico 
from the political unrest so 
abundant in other Latin Ameri- 
can countries. 


plez,. deceptive and labyrinthine 
organisation. Founded in 1929/ 
after the 1910 revolution which 
overthrew the dictatorship of 
Porflrio Diaz with labour, 
agrarian, popular and militaxy 
wings (tiie military one has since 
disappeared), it aimed to unite 
the different seetors of the popu- 
lation in the name of soeial pro- 
gress. It also aimed to avoid any 


ing at the rate of 3.5 per cent 
annually— how much longer can 
this last. . 

The PRI of today is a far cry 
from the days of General Lazaro 
Cardenas, who nationalised the 
country’s . oil industry -and 
carried out democratic reforms. 
“I know of no other government 
whfch lies so much.’* claimed Sr 
Herberto Castillo, leader of the 
Mexican Workers Party. 


There is a growing body of opinion within the 
government which believes that the timid 
political reforms represent perhaps the last 
opportunity to save Mexico from the political 
unrest so abundant in other Latin American 
countries. 


further revolutions and the tur- 
bulence which followed the 
Immediate years after tbe 

revolution. 

The name of the party gives 
some idea of tbe contradictory 
thinking of the party's fathers. 
Revolutionary change had to be 
institutionalised and open con- 
flict avoided- Further revolutions 
have been avoided. But given the 
huge problems such as un- 
employment and underemploy- 
meat ruuDto at over 50 per 
cenl, one of the most unequal 
Income distributions in the 
worid J anrf.A population uereas- 



Certainly (here can be few 

K arties )d the world,, except per- 
aps in lhe Communist bloc, 
where the gulf between what is 
said and what is done is 
Vast. Contradictory revolutionary 
rhetoric embellishes official 
speeches and adorns newspapers. 
We - can nn longer go 'bn conning 
people, said one high PRI official 
and dose adviser to the presi- 
dent The constilution is soci- 
alistic yet all Governments since 
194ft have been highly conserv- 
ative, and made the private 
sector immensely rich. 

The PRI now accepts that many 


people have been corrupted by 
tbe organisation. Radical student 
leaders are given tempting posts 
.after they have finished protest- 
ing in. the universities and a few 
. “ opposition " parties with high 
sounding names, like the Party of 
the - ; Authentic Revolution, are 
represented m the. chamber of. 
deputies through a system of pro- 
portional representation to give 
a semblance of resistance Co the 
government. 

The ^ruling elite has been 
remarkably successful in control- 
ling dissent. Sr. Castillo, prob- 
ably ;■ . the. must respected 
opposition leader in Mexico, is . a 
case in point When he came out 
of prison in 1971 after spending 
over; two years in goal without 
trial for" allegedly helping, to 
mastermind the 1968. demonstra- 
tion, .which resulted in police 
and troops shooting dead over 
300 V people, the Government 
offered him limitless funds to 
form bis own political party, in 

the hope -of taming him. Sri 
Castillo- turned down .the offer... 

Then in - 1968 there came a 
crisis of conscience as Sr. Lopez 
Portillo said hr his annual state 
of : the - - nation, speech • hr 
September. Until 1968 we only 

looked at .the achievements of 
the Mexican Revolution (the 
revolution of 1910), added the 
president. Now an attempt is' 
being made- to -look at' the 
failures and Sr. Lopez . PbrtiUo 
gives every impression of -wish-., 
ing tp ;end what .has become a 


corrupt system. But be is faring 
considerable res istance, from, 
within the PRI elite, whose: 
privileges are threatened. 

“The President, does not want 
a fictitious opposition," said one 
■of. his close aides. “Sr. Lopez 
Portillo U hoping that the pent 
up, frustration of. the many 
people who .have been neglected 
will he channelled into a re- 
formed PRI, so strengthening It." 
_The Secretary General of the 
PRI is the President’s man. But 
the president of the party is not. 
He js a left-over from the pre- 
vious administration. In previous 
administrations the President . 
has always managed to -have his 
man as PRI president but Sr. 
•of the 'Confederation of Mexican 
pie tion of a third of his six-year, 
term of office, has not yet 
achieved This. Similarly, the head 
•of. the oofederation . of- Mexican . 
Workers - (GTWh Fidel VeUz- 
quez — who has held the post 
riaee 2949— is still in power. 
Though there are now moves for . 
a change: The CTM is the most 
powerful sector of the PRL 

“Onr hiain- problem," says Sr.: 
Castillo, who claims that bis . 
party "is being discriminated 
against- "because Jt will not be 
registered ip ■ time for the elec- 
tions, " is just trying to wnvince 


■*“ — 


I . : 


people! hptwbal we are .saying is 


true; The people have Listened to 
so many lie: *fbr so' many years 
that ii.tsnot. surprising that no 
one be never os. when we-say that 
we will caiy ont ri^airms."' 


V> : 







-Ffjisreial TnHejrTffnrsflay Noveinfer 9 1978 




S 


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Of course there are things 
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Here’s where the twenty 

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Betamax is supplied with a 
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it is also extremely easy to 
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And it’s backed up by a 
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created for video recorders. 

If you have ever complained 
that you never seem to have the 
time to watch television please 
give this numbera ring:01-434 1713. 




ena 


Betamax will switch itself on, 
record up to three and a quarter 
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switch itself off. 

You can set your Betamax 
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arogramme that’s on u 
so 72 hours later Enou 
time to have a business 
dinner on the one hand, 
ora trip to Brussels on 
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r-^ /-• r~-> 


The person at the othei 
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Sony (UK) Ltd, 134 Regent SLLondon W1R 6DJ. 




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watching television. 

. You can do both, with the 
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, . n i _ _ ■■■■ m 11 iTTHTgriMB^^ fiBa 

itis unlawful to record BBC or IBA broadcasts otherwise than for private purposes: and any material which is the subject of independently owned copyright may only be reproduced with the comer; •: r L ; : e con n:r,t me 

If you are inany doubt as to your rights and obligations, you should refer to the Copyright Act 1956. 




^Financial Times 



OVERSEAS MEWS 




N F.WS 


Iran announces exchange controls 
to meet worsening economic crisis 


BY ANDREW WHITLEY 


TEHRAN, Nov. £. 


FOREIGN EXCHANGE controls those going abroad tm anedtcal for the first time in four days; "Most hanks were receiving; 
were formally announced in Iran reasons, while applicants for but with the military grip requests for about S5,000 a week. ; 
lodaj — the first practical measure further facilities, would have to remaining as tight as ever. and Among those known to nave 
taken in recent months to come make their case (n the High fears or demonstrations and applied limits were the Bank of 
to grips with a deteriorating Economic Household. potential clashes. tomorrow, Iran and the Middle East, the 

economic situation. The appointment of five more business i.s almost non-existent. Irano-Britisb Bank and Bank - 

With no sign of an end to the civilian ministers to the military- ]_ ,h c provinces the martial Etobarat. , 

strike in the nil industry, well- dominated Government was j aw aut hontie^ have tightened Today’s announcement did not; 
informed sources said that yes- announced today They include nicht-time curfew in “several clarify the position as far as the 
terday's production from the three men carried over from the towns* mcladinz Kazeroun. commercial repatriation of pro- 
main Khuzesian field was 1.1m Government of Prime Minister jahnoln , n d Shiraz. flts “ conc enied- But [ran is 

harrels and was split equally- J safer Sbarif-Emamj. which . , . , . . known to have been most eon- 

bet ween domestic and foreign resigned on Sunday. Amid indications of continuing cerned by the private flight of 

outlets. An economist and senior disturbances in many parts, the cap it a l. estimated at S1.5bn since i 

Industry experts calculate official. Mr. Ahmed Memarzadeh. Opposition National Front is lhe end of Junc 

that a continuation of the strike, was named as The new Commerce “.?. ,n " ,n ? l ' ,al Rve people were Meanwhile, management in 

until the end 0 r the year could Minister killed in the troubled city of y ali onal Iranian Oil Company 

cost Iran nearly S3bn in lost The man brought in as Minister ^ an J a "- we * of Tenra “: .vesier- and t n e western-owned Oil Ser- 
revenue. of Justice in the last days of the day - Five others arc believed to vices Company of Iran, which 

Speaking after a meeting of Sharif Em ami administration. jl av ' e died In thc “° y c - 0£ npqraies the Khuzestan field, 

the country’s top economic .Mr. Hossfiin Najafi. keeps his L,om. appear 1 Lo have dropped their 

policy-making body. Mr. Yussef post — one which is likely to prove Formal confirmation of foreign tough approach towards ending 
Khoshkish said today that controversial as the "promised exchange control from the CB1 the three-week-old strike in 
individual foreign transfer would trials of top figures accused of confirms the de facto limits that favour of pacification. An appeal 
bp limited to S'20.000 twice a corruption and maladministration a number of commercial banks to return to work “in the 
year. Th*rc would be excep- get under way have been placing on transfer interests of Iran"* may be made 

tions for students, pilgrims ind Tehran itself has been quiet requests for some weeks now. shortly. 





tosecure 


BY DAVID -WHITE' \ ; . rJizu^ Nov. 8. . 

THE FRENCH Ctoverritnent is ouestioiw in the Senate, ha^ up hr the Government 'to create 
strengUxeolng Jts efforts to«ttrect come through the shipbuilding alternative industry .m wis^h it 
new orders for. -the country** crisis with relatively ttttle sectors.. . 
shipyards and . to find’ ■ Ttlter- damage so far. The workforce at especially at- these two- arete, 
native occupations for sblpbuild*- the main shipyards had been. -The Government ; ,v?as_" also 
lag workers threatened" "with" reduced from 26,600 ia nreteiig for a reojraamsation ttf 

redundancy. • • :;2l’2Q0 1 involving only Him ted the shipyards ana -M ' ?e Tfceule 

M. Joel le Theoife • the '.TtazU^ redundancies; he said. confirmed that ■' It - "favoured 

nni*t MinictBP a*l J . - - -- . m 1 _ J t— — .1 Ll_ ; 




Mrs. Indira Gandhi 


Rhodesian 

minister 

resigns 


UAE will continue aid to Egypt 


Janata 
jolted by 
Gandhi 
poll win 


aid for me industry - . epast and the Marseilles region- 

The Government is. currently The Minister said the Govern*. : 

spending about - FFr 15bn-a year ment "had discussed with the com- The .iiFdustfy is pressing! for., 
in shipbuilding subsidies. rnniw concerned the possibility stronger Goreraraent -interveia. r 

At the same time. M; le TteulB of subcontracting part of the flo* 1 To face tip to 7 the crisis, in- 


gave details of a series of. orders work on the next generation of which ordera revive d -by - yfirds 
from the public sector, worth the European Airbus to ship- in the lasf.I2nidnths sufficenoly 7 ' 
about FFr -MWtn. building companies. to maintain a garter" oftheir" 

France, he said, in- response to. The FFr 3bn fund recently set normal level of. activity,': y-. . 


BY KATHVE»i BEHTAW1 


ABU DHABI, Nov. 8. 


By Tony Hawkins 


TRIBAL TENSIONS within unacceptable. 


THE UNITED Arab Emirates ferred out of Cairo in tbe event be maintained was that Egypt 

says it will continue its present of full diplomatic relations being provided thousands or teachers, 

high level of aid to Egypt even established with Israel. A doctors and administrators to tbe 

if the terms of the Egyptian/ queslionmark also hangs over UAE government as well as 

Israeli peace treaty prove the future role of the Arab workers in the private sector J 


By K. K. Shamu ItaUfflj Ffifllier tO. ^ 

new delht, Nov. s. r 

A TRIUMPHANT Mrs. Indira _ - .' ' ! ITIPrPSIStA ; 

Gandhi. who was returned! to * - „ J ‘/Si:.* ^ " ■ ■ .fl- . . : : ‘ r :v 

ssr»v??.?&. by ,s as import t-ninese oil charges i 

the Cblkmagular constituency """ • . ' 

in Karnataka state. was BY RUPERT CORNWELL"" ROME, Nov. S. :•:> ; !..j 

cheered by crowds of sup- .. - . ... ’ : Financial Times. Reporter y .i'v.f.' 

porters who thronged her 11S W1IA T is said to Jte an am r > of China's wtlUagoess to.eaport \ * r ^ 

residence here throughout the precedented move, a :|laropean more widely from its consider- THE. BRITISH/ OwisiaBijrrUB'-* 
day. company has contracted -to- able reserves of oil, lfes in its Board (BOTB> ft t& -Increase^ itsC; 

The 'margin of her victorv over import directly a quantity : of timing. charges for a'rarige of Its export^’ 

her Janata Party rival. Mr oil from Chm a. Hitherah China's Meanwhile, a West German "services, the first. -of 'which'- will & 
Verendra Patil has clearly exports of crude have : gone. to- -producer of synthetic leather come into. foretjon January' 
jolted the ruling party whose ^ a P an * °tbe r Far Eastern buyers, ana related products. Konrad -Charges to companifis- exhibit. S 
leaders camDal'med vigorouslv and Brazil. ... PTorhschuch. has agreed In prin- ing id -trade if airs overseas" tinder." 

to defeat tbe former Prime The concern in question is: the ciple to set up two factories" ia the board’s Joint ATentiire ScSfene -? 

'Minister Comm<* after ber sa,a,, Genoa-based independent. China to make adhesive foils and vdll be increased from. April 1<^- 

Congress Party's win in the| reflfler Garrone. The oil, 106,006 artificial leather costing the to PIS a sqtfare metre for instte •' 


BOTBtor 

increase 


BY RUPERT CORNWELL 


ROME, Nov. S. 


Organisation for Industrialisa- “We want to continue to rely 


Financial Times. Reporter; 


internal Affairs in the interim -“J™ w aid^ W ^ nearly StOOm of Egyptian Eg^tians are bSed To om- 

administrauun and a prominent, . projects in the power, fertiliser number the Palestinians in the 

member of (he minority. The official made it clear that an( j hotel sectors. It is also country. So sensitive is the sub- 
Ndcbele tnbe. ;tbe flow of investment and sort helping to pay for the modemisa- ject of the population make-up 

Announcing bis resignation ■ loans would continue even if the 0 f g uez Canal and con- that no analysis of it has ever 
from tbe interim government and {terms were poJiUcalKv unaccept- Chutes 15 per cent of the S2bn been pubUshed. 
as deputy ' oad ® r Chtef.able to both the UAE and other F^ind for the Development Sflch "consideration mav also 
Sin’ 1 ? SSL United I Arab states. of Egypt. - influence S poUcles of the 

Peoples Organisation. Chief. f e j t t jjg t t0 boycott The Gulf Stares feci that what- other tiny, rich states nf the 

Ndiweni said he did not oeueve j Egypt either diplomatically or ever is the outcome of the Gulf. Qatar, too has thousands 
that* the proposed ft ew i economically would only Washington peace talks, they are of Egyptian® and Palestinians 


■jifiou' 


Nd iu?ni said he did not beUwe * Tb ? U Jf “2- b i? ycott The Gulf States fee! that what- other uny, nch states nf the as a demonstration of growing Tao. would be worth around first time a major West German charses of £40 a square^mkfre^ 
that^thJ vnooLdLl'CMShtu-****} eiX u eT diplom * tlcalJy ? r the 0Ulc JT K f thc Gulf Qatar, too has thousands disillusionment w^tb the 510m atcurrent world prlres. . company has. token advantage of fYom April 1. antf £26 a sqoareX 

fon wot5d provide adeoSte ecoponucally would only Washington peace talks, they are of Egyptian® and Palestinians squahStagSSata Party. Th e significance of Ihe, deal, C&Im's new poUcy of accepting metre for outtWe:spa». “ ; 

representation P ^nd aiemaS accc , Dtuat f 1 . ?Lk cha ® 1 ? M w A h,c ^ ? om 8 to suffer Many of them workmg lo Doha, and Kuwait s siSificantV. the ianaSf party apart from the evidence It offere compensatfon trade. The . coet . Of the Esporl- 

representation ana sMeguaros exists ,o the Arab world. “Arab have large Palestinian and Palestinian community is esU- Intelligence Service will-, rise 

sves? ss&lh nfiiFSSFiZS ySS — — tnmJSgor *.* xs ^ 45 ..:. 

card- with a tninimnin ; prepay- ^ 


which accounts for some j We would prefer to keep Egypt in both the Government and the total population. Ominously, 

ff. tke Arab camp.” private sectors. during the Camp David summit 

?.!* vAehM * 0 mLmhwc n?"?i2 1 N’everiheJess. it believed that The UAE said it had a special there were strikes in various sec- 
fw . : the headquarters of the Arab relationship with Egypt. One tors ofthe economy by palestin- 
svsteni of 3 M reserved seat >!■"” for Ucagnc would have to be trans- reason why this was going to ian workers in Kuwait, 
the Ndohele people in the pro-! ■ ■ 

Sadat 6 seeks $15bn from U.S.’ 

Kalanga tribes, which account; . 

for ajmnst one fifth of the hlacki ,y mattucia/c r*AtRn Vnv s? 

popujation are demanding that, BY ROGER MATTHEWS Nov ’ b- 

the 72 African seats in the 100- . PRESIDENT ANWAR SADAT of that the extensive financial assist- the Jordan and the Gaza Strip, 
seat assembly be split equally Egypt is looking for up to S15bn ance would be used to solve “Such a link is essential. 1 
between the Snona majority who . f rom the United States over the Egypt’s economic difficulties, am not after a separate or partial 
form about SO per cent of j°*:five years following the signing including th# building of new agreement, I am alter peace.” 
hiaek population and the 1 0 j a peaC e treaty with Israel. As towns and improving telephone, said Mr, Sadat. .Be added thal 
Af^uabelfl i minority- ^ ; two of Mr. Sadat’s senior nego- electricity and water services. Egypt's priori ty;i>as the estab- 

Tbe Ndebele is the most j tiators. Mr. Boutros Ghaly. the The U^. is understood to have lishment of a 'sa^d link between 
cohesive and united t”bal group acting Foreign Minister, and -Mr. already committed a. total of the peace treaty ahd a compre-j 
in Rhodesia though far from | Osama El Baz, hts Under Secre- Si.3bn in various forms of assist*, hensive. Middle East peace. . . . 
being tne largest, its popui^itary, left today for Washington ance to Egypt next year, an However, even if some form of 


Cfcdkraagular by-election. The 
emergency did not have as 
much Impact in south India — 
. where airs. Gandhi’s party did 
relatively well in the 1977 


St? M & S Tokyo stores deal 

larty did #v rniiHM rniwiw' . " - British Export: Marketing Cen 

lS? BY COLLEEN TOOMEY . in Tokyo will be fncreasedtbX 


n ‘ 

'I (rn pi 

■ 1 ( i * 


The participation fee Tor © e - 
BritJsh Export : Mayketihg; Centre^ 
in Tokyo wl?I be increased t5 £300 ^ 


Karnataka rather than in the to Japan totalling Xlm. U was f 10 ^ 5 and l 6 lh « S est ' und5r Uccnce . 

northern states where she is confil l ed ves terday - \ ng contrac , 1 UQdartak ® n arrangements. - . v 

still uncertain about her con,irraed >«teraay. Japanese store. Daiet said this - • - : •/. r 

popularity. In an exclusive import -deal week that by 1981 it expects sales •*> ' i c * 

However, her victory is bein« with Daiei, Japan’s largest chain of M and S clothes to total KfiCai opfilllSn SCC^TO . 
claimed by her Coogress Party st 0 ™ * nd retailer. M and S ar o^ nd Racal is to join. forces with the 

as a public endorsement of ^reived further orders T or l T| le . r f, has b ® e ° . ooly Spanish GoYera ment-contrdlled 

Mrs. Gandhi s decision to im- St. Michael brondh clothes i worth- hitch tn an otherwise Bmobth company Equipos Electdn^of 
pose the emergency in 1978. more than £500.009. In MgW.- ex porting operaUptf. Some of tile Ma dria ' to manpfartS^^m 

tUa., - .1 a -i n*ai0i hnucrKI a ronao nf r Jnthmcy ci 7 Pc slpsi tnn Ionia. fnt» .. - uihu^ioului 


BY ROGER MATTHEWS 


CAIRO. Nov. S. 


cenesive ana united tribal group acting Foreign Minister. and-Mr. already committed a. total of the peace treaty and a compre- former Prime Minister should 

in h nodes! a though far from | Osama El Baz, hfs Under Secre- Si.3bn in various forms of assist*, hensive. Middle East peace. . . ." . slop, suggesting ..that, the 

being tne largest, its popui^ ury, left today Cot Washington ance to Egypt next year, an However, even if some form of charges of corruption and 

eancr is Mr. Joshua NKomo, co- t 0 continue the talks with Israel, increase of S3Q0.000 over 1978. linkage was achieved o.n paper, abuse of power arising out of 

leader with Mr. Robert Mugabe the Cairo semi-oflicial daily Al In a separate interview, Mr. and the Israelis are strongly the Shah Commission's In- 
of the Patriotic Front guerrilla I Ahrajn reported that the Sadat told reporters that Egypt opposed to it, there is Mttle vestigation of the emergency 

atiiance. and tms means uie . Egyptian leader was seeking the would not sign any agreement chance "of its implementation fo!-j shou’d not be pursued, 

uniiai rut witnin tne transitional . equivalent of a Marshall aid plan with Israel that failed to outline lowing the Arab summit meeting ! There is no indication, however, 
government rms considerable J.m-j thte “would perform miracles for precisely a timetable for nesotia- that concluded in Basrhdad that the, Government plans to 

portant*. Earner tms year Cnmf : gouajry." tions \ V -1th Palestinian leaders. Dewpite Mr. Sadat's strong drop the charges. InfacLcon- 

ivniwem appealed to nir. (\Komo [ Quoting an interview that These negotiation* would lead to words, few people here doubt .scions that - Mrs. Gandhi's 

^°. n u , , 1 s F ln . i!. r S '".President Sadat gave yesterday to PaJestinian autonomy on the that he .will sign the peace constant effort has been to 

watawetana — loreiumiOjU.s. a newspaper. A\ Ahram said Israeli-occupied West Bank of treaty with Israel shortly. politicise the charges, Mr. 

Rhodesia. The Transitional ; Shanlj Bhushan> ^ L 

? henri 1 “Si • Minister, last week announced 

^ leader to become the . Mrs Gandhi will he nrrK^utPd 

d“! Amin offers to withdraw from Tanzania 

on Thursday to try to resolve t0 do th pf Tnfic fi rthf 

the dispute and the chiers BY JOHN WORRAU. NAIROBI: Nov. S- election vicTJS)' noi 

L^'uShaoSv °Sh lrl the e % 0 rtnula PRESIDENT AMIN is ready to or support Ugandan exiles in the report was “absolute rub- /^ter- them." 

Shich is ejected to be aSd withdraw bis troops from Tan- Tanzania. bish.” She also told reporters that she 

Comma when the renewal of zanla. He anounced the move Ugandan forces at present H is believed that Amin moved ( * mierested in. becoming 


They, also say ‘that the Mel bough g 

political persecution” of the men s ar, d childrens datHi?s Japanese customers and Baler is mentMax .Wiifcinsnn 'vrritnK^hk 
former Prime Minister should worth £500.000 to sell on a ttld. Offering an- alteration seihrice. 


contract is Jtir ihe^pGrtfi^rictimr of 
Kkcal's 349 CIansman3adioBHd : . 
a three year manufacturing pro- ' 
gramme, wilt start from nest " ■ 
spring in Madrid:-" . ' 


Saudi sports complex 

" T4YA;^sfajt. the Swedish con- . 


Amin offers to withdraw from Tanzania 


snou a not be pursued. BY K./K. 5HARMA - " /*•’ ’’ - j C' 

US STo - •NWA.. 1 S hoping to be able ,o pbulbilltfe of ^ere«.d trade Sfflldl Sports COmpfe 

drop the’ charges. In fact, con- use tmutibsed British aid to fin- between , the two countries. NYA,A*sfait. the Swedish goo*. - 

scions that - Mrs Gandhi's ance- a new steel plant A request Such a dwision would inevit- structidn ^company, lite -received 
constant effort has been to bafi been made.- by Mr. Biju ably have to. be. taken at a a.SfiZm order from Sain^fliabia^ 
politicise the char-es Mr Pa t° ai ^ lhe steel Minister, to Ministerial level in London, or for the construction of aft exten- 7 
Shanti Bhushan The' Law Sir Frederick Catherwood. chair- higher, as. it represents ■ a sive sport® ground complex in 
Minister, last week announeed man of the Br, ti sh Overseas departure from the present'fhrm the south xvesk of the country": 
Mrs. Gandhi will be prosecuted ^ rade Bp ar d to find out whether of British aid to India. . " John Walker.- write® ...from ;,-] 


BY JOHN WORRAU. 


NAIROBI: Nov. S- 


to do their wors\ This f the a visit 10 India t0 ex P lore lha identify projects 
election victory) will not ^ — 



the sanctions is being debated J t0 day at a meeting in Kampala occupy some 700 square miles of T° a l ^niflabSri^im 0 “ a T mS^ 
at Westminster, the Ndiweni L, Tanzanian territory along the J^Ued him a motfen^ 


dipmmats ministers and day Hitler." and has been 

Already the interim government I pernwoent officials. The Presi- up a bridge across the river. I!}??'L ,sln8 forces for a counler ' 
has heen seen to be split on tbel dents speech »as broadcast over After claiming that Tanzania Fa _;_ foHav T;„ an j n n 3f ii n c a id 
timing of elections, on the ques-l Uganda Radio, had invaded Uganda President Tanzanian forces were shellinc 

lion of the conscription of young ; jje said the withdrawal was moved troops and Russian Uganda across the Kagera River, 

blacks into the Rhodesian forces j QD a guarantee froin ft border int0 near lhe Rwanda border. It was 

prior lo the implementation of \ , «._■ « i.i_ ^ . TaxiMrua a. week rennrtprf that ih^ Tanyanians had 


deter them." 

She also told reporters that she 
is not interested in- becoming 
leader of the opposition, a 
comment that cannot be taken 
seriously since this is widely 


Japanese semi-conductor mission to U.S. 


seriously sln« u;ris W wfd^ BY YOKO SHIBATA . TOKYO. Nov^ \ ... 

considered to be her aim. The EIGHT MAJOR Japanese semi- ’‘Japan-U^- semi-condnctor war,'* 41 American manufacturers have" .v 
present leader of the opposi- conductor mannfacturers will and point out that semi-conductor become very cautious, since the . ’ 
non. Mr C. M. Stephen, who is send a mission to the U.S. on trade between the two countries Japanese manufactures as lat^ 
a member nf her party, has Saturday to refute increasingly last year greatly favoured the comers in this field are quickly -• 
already announced his decision emotional American criticism of Uj». - — a Y13JI6bn f£35.65m) catching up an th^m— a siruation 
to step down in her favour. Japanese semi-conductor sales in surplus , in: W77. and a YSJIbn reminiscent of colour TV or CB"! 

on "TCis? srsd'ts; u * . . . 


prior la the implementation of Mjaimjan 0 f n,e Orvanisation iansa . a a a '°°" reported that the Tanzanians had Parliament's next session begins the U.S. 

majority rule and on tbe issue ) “ ai ™ an WE ur s®^ ano ° Whether there was in fact, any moved about 10.000 troops up to on November 20 .and Mrs. «... , 


of whether or -not sanctions of African Unity. President Tanzanian invasion has been a the river and were about to cross 
should be lifted immediately orjNimairi of Sudan, that Tanzania matter for speculation. President a bridge situated in the Marama 
only after majority rule ■ would no longer invade Uganda Julius Nyerere of Tanzania said hills. 


INDOCHINA 


The treaty that .could lead to war 


BY DAVID HOUSEGO, ASIA CORRESPONDENT 


TREATIES of Friendship with in South East Asia. For Thailand, may be much weakened by attempted to build up on a visit j 

the Soviet Union have an Cambodia has been a traditional internal revolt®. The number of this month to ihe ASEAN states.) 

unhappy history in Asia. buffer stale against Vietnamese Chinese advisers has increased The more likely ‘Lactic is to try) 

Only a few month after India ambitions- The other members to nearly 20.000. The present to grind down Cambodia’s armed " 


GamibiTs^G.^ected to become . Tbc Japanese mission consist- ^The ^Japanese mission ib J ,hlcl1 . led . 1° t ! lc demise of ■ 
leader or the opposition soon 1?® 2? scheduled to tave a meeting with industries. • • 

after she Is swam in as a Machinery. Tokyo Shibaura Elec- American manufacturer^ in Japan s semi-conductor exports 

member of* iSu* SabhJ 5 SaS. ^SSSVb llicoS Jo the U.S. in 1977 lncreased W f 

(Lower House of Parliament). k 5r at |fiS? 0 E {225 Valley, .where Amercan manufaCr IS per cent to V28|bn. while - 

Th is will make it difficult for the ]* at H!£5 I ?. en 1 ? i turers will bold a meeting to £rom U.S. declined 

uovernment to take the action £°*3. 0, «! n i} nf a ded by Mr. potest a t Japanese semi- ®-2 P* T cent, in the first six) . 

aqainst her which it has said it P resldent eonductoc sales two days later, months of this year. Japan's 

plans. To prosecute Mrs. Hltacn ' Macnipery- .According' to the Japanese? the exports rose by 2J.S per cent 

Gandhi as a discredited Prime The mission will try to probe U.S: .criticism result® .from to YlTbn, while imports "from the" 
Minister is one thing, but to the source of friction, which has prejudice and misunderstanding. U.S. rose by only 3 per cent to .. 

lake action against the leader developed into a so-called At mission spokesman said: Y22bn. • 

of the official opposition who Vr . ' • ■ ■ • 


has an impressive election 

victory lo her credit is GDI LANKA 

another. This is especially so 

now that the Janata Party's 


sought^ Russian belp_ in ^ 1971 of the ftijp-natioD ASEAN^ group visit of vice-premier ^ Teng forces through border attacks j Mrs° P Gandhi 'feaves” for^London 1 


through a Treaty of Friendship, are fearlul of an excessively Hsiao-peng to South East Asia while encouraging an insurgency* U « °JIr2 on 

it was at war with Pakistan over powerful Communist Vietnam. wa® intended to offset Soviet within Cam hod ia itself. - About i tLi* ,en ' a3 -Y 


Free zone gets off the ground 


tbe secession of Bangla Desb. To Vietnam, the. quarrel with influence and increase China's 25. 000 Cambodian guerrillas are! 
Iraq signed a similar treaty tbe the Kbmer Rouge regime in friends — though paradoxically it believed to have received train- 1 
following year to secure a flow Cambodia — once their allies in a Iso hastened the Vietnamese ing in Vietnam. ! 

of arms and Russian, protection th e war against the U.S. — has Tbc anticipated campaign will j 

before it embarked on a major seemed an unnecessary dlstrac- _ be a test of the readiness of • 

military operation to wipe out jj on from their post war efforts , CHINA bot ^ China and Russia to i 

the Kurdish rebels on its border at reconstruction. It bas its roots - o Mites rso support their proteges in the 

with Iran. in rival border claims com- *t _ '‘-7 ^ region. For the Chinese this 


Mites 250 1 


wimin uamnoaij -itseil. - Aooutj visi , Shp h _- -_ ain _T. - . "T7; - - 

h2i?2S a J a t mb h <iian gue -™ l i ll fJ l iir Permission to make Ve frip BY kKRVYN DA SILVA IN COLOMBO 

believed to have received train- 1 froni co u ts -hp • 

1D g in Vietnam. { faces several char sea Ironic- SRI LANKA’S free trade zone exclusively for the ILS. market. Switzerland, Malaysia and South 

The anticipated campaign will ally, the government has given heralded by President J. R. The investment for both .comes Korea: . - , " • . 

S* a *“* of l *»e readiness of. her a diplomatic passport. Jayewardene. the successor to from : Hong Kong based .com- The lack of. heavy ^ industry ud 
b Snn nr» Ch »Th“ 3Dd Mr Chandra Shekhar, the Janata Mrs. Bandaranaike. as a major" pame^-tbe bigger of which, is. MpbisUcated.tec^o logy concerns 


There is now a sense of fore- poun ded by ideological hostility 
boding in Soath East Asia that ^ce both gained independence. 

with°Riis!ris 11 haS come to a bead 

JSSf SJifS til? 

fh% Ivy ™mi h ^ ns w«k-I nd r n 'd na thL I ! SSSSS" « 5 im! 0° priml 

hefor it erupts the ' Vietnamese £’f nl {J tGr I |h 1 at Pl 'is 'eniier ''non 

ssrja srsssrsr M 

lar— that they have the full back- 

inB nf fhp Soviet Vi iron weeks are crucial in that afier 

The nivot of the conflict P ODths of sporadic border fight- 
between the Communist states * ake " * J® 1 ' 

of Indochina — which is also now ?' j^ ot J sides 

drawing Russia and China into ESSEL^Sf waters > n 

a potentially dangerous clash in Indochina will make po&sible 
the region — is the future of he iT er Sround attacks. 
CsnibodiH. Toe Vietnamese now have 

The Ch'nese seem deeply 60-80.000 troops on Cambodia's 
embarrassed by the barbarities border with a further 20.000 


support Proteges the Party president, said todav step towards boosting private w j - - -is . obvimisly .being felt Mr. 

region. For the Chinese this that Mrs. nanrfbi hf,c invertment Bets under wav nn According to the head of the TVuawardena regretted that no 


M region. for the Chmese this that Mrs. Gandhi has an oppoc'- investment gets under way on Accormng to t^ head of the wjjawmrdena regretted that no 

eg r^ i P oses a serious dfficnlty tunity to demonstrate thatkhe November JS. The first two Greater Colombo ^qnomlc Com- ninmnatloiiaj ' corporaoon bad 


wnoua (Unity to demonstrate that she Novemoer is. me nret two 

because of the unpopularity of! has given up “her aiitori! factories are due to open then, Ration* expoi^from the two “J^tedjn the zone. On^ one 

the Pol Pot regime and the prob- ! tarian style" of action h» fortuitously and hardly coinci- factories., will start- by "the end electronics- company-— Harris 

lems China has in physically hoped she would work S denSly. tfae same day that the ^raJ &^ondurtore of the U-S.— had 

ferrying military equipment to strengthening democratic and Finance Minister Mr. Ronald de UpalJ -Wgewdena^says « ” e also 

Cambodia. So far. China’s most parliamentary institutions Mel presents his budget. ject a, have heen .approved so ftr adnks the Jack of a liquid tdiro- 


maintain pressure on Vietnam's] ruled out anv 


ITHAILAN1 


border. Fear that this could I party from 
i VIETNAM! turn into a serious mirflict was: 


my Throat to their stroked on T small be infill production by the end fh^ 

Mrs. Gandhi or any investment promotion zone -at ^ 


PENH*r 



m ZZjSLZ i Put^quamr. ff-thereTs Katunayake near Colombo’s air- ^JSS^SSlV^i: SKIE' £ 


M r. hy ^ wo«W b. hSSisI port. .This areo. which will. TO? '2S^J l RJ5® r 


Vietnamese turned to ■ the] of ‘lack of' performance of the eventually expand' to 570 acres^ 1 • qoolter-include garments f2B>. open to investors in exceptional 
Russians for helo and why the .lanat.- P:. rrv- 1.. various, rubber products made cases. To continue the at tractlve- 


Russians for help and why the 
Russians made such an ostenta- 


Janata Pariv -^nf P DiJn„ I rorn-^4enli u,» flrsl ipciinfr™. rartOUS. ruooer proaucis made cases. JO continue tne. siiracuve- 

ls shared hy many. h "- ^ for% free trade zont wfic™ 


i HO CHI MINHU 
Cl. t Sainoni^y 


tious display, on Tuesday of .The .fanSS l^derThlp. however. Sjertei to encios^uttSely Sf L^-SSSSSE?? extended the tax. . 

£22? the v iemam^l a £ e ”i been taken aback 200 square miles. 


having the Viemamesc leaders; 
beside them on the reviewing , 
platform in Moscow for the I 
military parade marking thej 
anniversarg of the revolution. 

Though the ASEAN- states 


ment, the-, totroduction of new. 




emoarrasseo ui ine Daroaruies inoueo the ASEAN- States' imaee.mabtno Dvom;» V'Ji» ' ZT casnew prucEaaiug. . • - • projects approved are employ- 

of the Pol pot regime and appear already occupying temtoiy up to into signing the TreaU'. China’s obtain some immediate satisfac-j and abroad. While there St »"<? “Sffli S •: The totaLinvestment involved ment, ;th(r;.totrodnction of new 

to.be reconsidering their com- 20 m\\e& vvtiun the frontier, com mittnent to Cambodia has t ion from waleh Ing the squabbles j no immediate danaer m Sp 

mitment to Phnom Penh. But Russian advisere m the country been further underscored this of the communist states of the! government. L TmwT* i? in « »«. M 

they equally see Pol PoL or at have been doubled to about 4,000 week by pledges of support for region and their more powerful j feiotS*Sftte' ne/d*"?imiSre “raS^v. G ° Vernmenl ^ econo,nJc ^ es ^. e -“, t l hc wne.'haslargdy 

least an independent Cambodia, are are expected to increase its independence from Vice- patrons, the deeper fear is that* its image hv stooVno th® ' ' 

as a crucial safeguard against further irith the signing of the Chairman of the party Wang 3 uch rivalry will spiU beyond] squabbling within its 

ao expansioT» 4 j Vietnam. To the The key phrase In it is Tung-tsing who has been visiting those now concerned. It wasi that has been cotn^nn fnr 

Chinese. Vietnam with whom that if either ^arty are attacked. Cambodia. largely this fear— and lhe pos- : many months, 

they have long standing bistori* both shall take “appropriate and Most western observers believe vibility that Indochina rnuld Mrs. Ghandi's nartv is thr n(K. 


ral squabbles, is already too effective measures '* ti 
powerful in Indocbina through guard their security. 


sarc- mat me Vietnamese are un- once asam hncnme the focus of- rial opposition in ParllantPnL Lanka’* cheap labour and coni «i * - . 1 - -Bixing investors special 

Tile likely to push their troops to rivalries between the great; with 7S members in a house nation to SttalnTli" hS!^} " tr,€ trf? rt v£??? k 1 TOne S“ ar d9 ‘O the constitution, 
over an ->it mu nffunsivn in nnhm nn u»rE_ih.i 1 -... wi li ? ou " pn5,UD . n 10 ■ na,n l "P nope of are Hoflg.Kpog (whose .figure at -However - the - JaycwjtdeoE 


its domination of Lao® and its Russians bave also taken over an all out offensive to capture powers— that lav behind the of 524 members and k\w U h! hmnninii a o-SEL 8 ! areHong-Koog (w.hosc.fiRure of -However-'the J, aye war dene 

close links with Russia. most of the aid projects Phnoru Penh. This would be action of the U.S. last week in< thought likely to'trv t 0 attract Th? flrrt tW 1 i. hl ? e, ,- a S? eI Se A U , SP 8 . ^ Govemmenthas taken -a firm line- 

. T . be Chinese have support in abandoned by the Chinese. an example of asgression that drawing the attention of the UN'l not only othlr ^position pa?- MtattaS *or«* H2? 

enmis iriAc hoim ...I,, . v? f f “"VVi. -weue unions ca ueofpix: a one aay 


their soal ror a neutral Cambodia Cambodia has an army would undo the good will that to thn growing risks nf a conflict j tics to her side hut also some tries Vin-’ attracted Rnrh win - 

from Thailand and other states estimaled at 60,000 but which Premier Pham Van Dong between Vietnam and Cambodia, i .segments of tbc Janau Parly' produce ready made garments aapo^'e^^T^alhmd* PU Belginm^ 


TT" 




m 




<: & \ -. •>;. 7’V-v • •! •; .. ; 


-/..’jV- ■5*.' * 





°ntt 


Tf *-S- .. 




?0I B| 

^creaj 


K i-'j: '*-..- 


car market 


Mortgage rate 
decision likely 
to be delayed 


BY.KENNEtHi'COQDli'lG. MOTQRJNpUSTRYCORRSPON DENT | g"*/^ ff|P k lj|VP k fl 

ANOTHER JJAPM^Vmo"lor^ .s^ir- a little vague:- But ihe facturers Association MAMA ) 1 ”v Wvlil J vli 

manufaemrciY Stiqi ki, is -to start company; said: “.We expect the which resulted in the Japanese! 
selling: cars and Ja^hf. vans ■ In- first Shipments in - January or giving an undurtakin" to 1 

the UK early nest year/ in splt^Febnmy;an<3 we are setting up continue their “prudent"! BY MICHAEL CASSELL. BUILDING CORRESPONDENT 

of recent pressure - on the a motor division tp; handle them." approach to the UK market i 

the m..n! BUILDING wdcUc are not their own interest rates are due 
^£!f 7 ni!^^^ HmS Motor^SoJo Jar>jnys ;t car importer and the expected to recommend an for another increase II a high 

uflSSS ifntad SSiSber" of r ,n r l,,lant against a cominua-j increase in interest rale.s when inflow— and a high mortgage 

1 f ^25?* ; l3S? Jecrw ,i0 .2 . or Vl,Iun,i ‘ r * v re.slricllons. ihey meet in London tomorrow, lending programme- is to be 

tion to the.- weR-established rccrea- sa ,*d i asl n jj, ht it W0llld delav a! although higher rate* n.av he continued. 

S^^STwS l- Per ? ni price increase due ' for only ."few Seka W Mr. Peter Shore. Environment 

■ November 15. "for at least The Council or the Building Secretary, yesterday told the 

tn Vnak^^onm' for » hv^a^SQO cc- four-stroke water- anolher lhrcc muniha. Societies Association convenes House of Commons, more home 

shipments to. make room lor -a _by.a _pyu. ee,, louraLTOKe. water- Thi . t,*i n n,.-,- ; n ,i 1A «r ««b a « i M iK»»Mng>>nnuHih. nM Mr 


Britannia 

Arrow 

executives 

resign 

BY EAMONN FINGLETON 


Socielies Association convenes House of Commons, mure borne 
Dalsun in the wake of last week's loans are being granted than ever 


K«. n n»nLi visiw it the smallest of the deaIers * who go into next year increases tn lending and deposit before— 602.000 in the first nine 

^ Thi& is what happened when . Suzuki is toe smallest m the vepy shon nAU/ Mra ./ and ra!es hy [he maj( £ banks .% llt months-and societies .ire 


inis. IS wnai . Jiappeo«i wwpr . ^ very short new ears ■■ inrl rat* 

Suburu imports began:: just over;-car-matere- in- ton. wUh an en / h] * ti0 ™ {£" ^ X 

a year ago. -- .... output last «r- of U units J5L5S 2S 


consensus among societies anxious 


societies 

maintain 


light coriimerci^f vehicles have- previMis year, and an illustration Other -Japanese cars are going ,n Minimum Lending Kate societies couio no longer con- 

shot up in recent, months, wiU .oY.tSe'waythd- company 15 build- U P in Price, however. Honda is cou, j! entourage the societies to jmue to fin^nc^ SU ch htgh tend- 

not be pleased, to -^ee. -another Vini: 5 -exports .-from ...a small implementing an increase this 3 ° t , r ° r ,. an >*nmedia jo increase inc ‘ e .J e /? 

Japanese .van . .make its- beginning.; ••• week which varies from £70 at ra ^ ,e r l^n wall uni ri December, that if the hou-iOp market were 

appearance in the UK. . .... News of the' Suzuki venture the bottom of the range, for the Societies are now enjoin a a m • IJJ.: 0 *" 1 -'- !!!***■“„ 

Suzuki* is. best-known- - for its*. comes in "the wake of two days Civic three-door — now £2.745 — reasonably high inflow of rumR b* 1 '' 1 ^ f c * aD ,ncrease flow 

motorcycle^"... arid its plans r to,' of -talks between the. SMMT and to £126 for the Accord automatic ;? el recetpu* last month are °* ,n ; . 

introduce: 'four-wheeled vehicles .'the 'Japanese Automobile Manu- four-door — now £4,375. !£~ shl to have risen io about Mr. Timberiokc. who did not 

; - •>*.' £3i0m. l he highesi monthly total actually call for an increase in 

1-7 — : — : " . ; 7“ since January, and receipts this rates, will be supported hy many 

•' .' ' • - 1 • "M mnnih could* remain uvtrf* ihe people within the niovemenL 

Sdutious bank- used m fraud « <*- s? jjasi-" s s 

AI WUU socielies have been rnreed tn banks higher raies. The Wool- 1 

.' ... ‘ ' • draw heavilv on liquid funds to wieh Building Society said yes- j 

BY CHRBTINE MOIR ' " - • ' iry lo meet even the reduced terday it would prefer to wait 

* ' , ■ . , . . . . . . , lending levels first agreed in until December before making a I 

A FORGERY trial, which ended defendant. Hr; Heinrich Pcier mvnivin; a sister bank. Inter- 1 March’ with the Government. As decision. i 

vesterday at thp Old Bailey 'Untertaggauer. pleaded guilty in national Banking Corporation. result, average liquidity levels The mortgage rate last went up I 
revealed ‘.‘only, how -dangerously sibilar charges a»d received a whoso principal. Dr. Felico j n ihe movement will have fallen in June, from Si per cent to 9J 

easy it is to get hold Of spurious one-year sentence.- It. was recom- Morelia, was jailed for three l0 aboul 175 pi - r rent by the end per cent, while the ordinary in- 
companies and perpetrate fraud.** mended, that *be 1 should be years in June. c ,f jsys, againsr- 21 per cent at vestors" rate rose to 6.7 percent. 


follow them may be premature. Mr. Tim Tim her lake, chief 1 
There is just a chance, how- general manager of the Abbey 
ever, that a substantial increase National Building Society, said 
to-day in Minimum Lending Rate societies could no longer con- 


Spurious bank used in fraud 


her involved 


or both 
'.spurious 


companies and perpetrate fraud.** mended that ne ' should be years in .June. c ,f 1975. againsr- 21 per cent at vestors' rate rose to 6.7 percent, 

according to Judge Mrs. Nina” deported. ; 7 ... . Recent hanking law changes beginning of the year. equivalent to 10 per cent to, 

Lowry. ' • . The" cases-' of both men h3 ? n banned companies from More" significantly. they savers paying the basic rate of' 

judse Lowrv made her involved a “spurious bank'* H*!" 8 ba °- ■ n thel j believ ^ t hat * despite the recent tax. The major banks are now 

remarks in spht^cihE Mr Josenb known as ^urotwao and Arabian 1 1 . c ® without permission and improvement in receipts, the out- offering between St per cent and 
S3£ in a Sfi LeS M bito2 S ' bSS? T^teiS in M^ilU. JJfi? fr0m ^ DeparUnent ° f * «ot encouraging, and that 9 per cent on deposits. 

man. to three years . imprison- which* Was used to issue worth- A v of thp — — — 

ment on each of three charges lesscertifleatesof deposit with b .A Cjt ^ * ■ d ' - . _ 

involving conspiracy to forge a face value of more than S7 Am fraud [quad saitT that it was 

bank certificates of deposit The for -till ^ purpose pf acqulnog five investigate mofe than 100 casS l31DHDgS 10lCll 

^ "Tbrl^tefeliK. nferred where^th.S'bS' bLn'.fe" F0RE ' GN B "' S ER * »“2 JS? 

Last- ^ t«d. wort. n i5 m . London S 

•. •" ; •: - •' • “ ‘ . vesterday, which totalled fiji ber f 0 D ' ir * r 

m JW_ •l-'. 5 ' ^ -JP jLH 1 1 _ 1 £395.450. 


Paintings fetch £195,450 


Mail order code of practice launched 


mdii uiuci turn; ui iuatutc iduiicueu | Beckmann. Germany, gave the 

"■ V " S.'-T . highest price. £8.500. fur a CA leranuTfciMI 

BY DAVID CHURCHHX, CONSUMER AFFAIRS CORRESPONDENT w ork by Ludolf Bakhuizen of SMI.C.KU4IIV1 

. ... . . . .. . . ... sailing ships in a stormy sea. A Pamela iudge 

A CODE of practice To protect were made to theOflke. .•'Here traders who have heen forced io rI.^ e fftr . Gerl "n ^ r-. i i l 'r T r * Sv 

the 15m people: who use mall wc have an example uf an give the Office assurances of good 1 ‘ , hf f . ” , i *„,,*» i.nV — 

order cataloques_eac]i -year, yras Jndustry^-part of which has very behaviour under the 1973 Fair fiS! ! h! Sir a van nu-t A ,, 

inaugurated ..yesterday , by thehigh standards— striving . to do Trading Act. Jlr. Borric said. , ? J f r .JoniViJ Valuab,e and a few, 

Mail Order Traders’ Association even better.';. . . The Code covering the mail f=oJilnrt. nlH^nriV^*.' i,..vpr ? a "‘i st ' rip,s n L J,Je y totaI of 

after consultation with the Office -Abopt -IO per cent of- the total order catalogue trade— the 14th ! «ieees«rut wiiiffS 000 ror’a fll9 * /,s at ‘-hristie's. The. 
of Fair Trading. ' ■- • mimber of complaint? received code of practice agreed by the,*?' uiv- bv , jinckar startling pneo or £60.000 was; 

The code will give mail 'order Hy the OFT are from jaeople who OFT since it was set up five years i B * * ’ S» v en by Clifford E. King, 

catalogue customers- more pro tec-, have l>e"en defrauded or' received ago — completes the schemes Japanese works sold through London, for a treatise requested • 
tion when, buying goods, which inadequate service.'- from '.mail which the Office has helped bring! the same house fetched £143.410. by Henry MU when he was seek* 
they cannot see* or handle 1 first". order. \piirchases .made ‘ through in to protect people when they Kyoto Bisho. Japan, bought an ing grounds for divorce from 
Mr. Gordon Borrie. directorr newspaper and magazine- adver- buy hy post. early Kakimon jar for £7.400 Catherine of Aragon. Perhaps, 

general of Fair Trading, said tisciments. . ” Under tbe new code, all goods Sotheby's Belgravia held a the oddest uuy was a collection] 

that although 600,000 purchases . .-MatiLorder. traders who.^iperate are sent, lo customers “cm sale of English furniture and of 19 17th century song-hooks 
were raadeeaehd&y 6r cataiogne -througb-such advertisements are approval” and they have 14 days Engl'sh and Continental bronzes, which went to McNutt, London, 
customers, -very : few coiupHunts the -’third-bighest.;' category of in which to change their minds, works of art and other items ror £2.800. . 


SALEROOM 

BY PAMELA JUDGE 


Valuable bulks and a 


MR. BRIAN" BANKS resigned 
yesterday from the Britannia 
Arrow group — formerly Slater 
Walker Securities — lo set up his 
own investment management 
company. Five other top execu- 
tives from Britannia are joining 
him in the new enterprise. 

Announcing tbe departures 
yesterday. Britannia said its 
future was secure and it hoped 
to pay a dividend on its ordinary 
shares next year for the first 
time since 1975. Britannia is 
paying £720,000 in dividend 
arrears on its preference capita]. 

Mr. Banks's move ends tbe 

last major link between the com- 
pany's old role as financial con- 
glomeraie and its new one us 
purely a unit trust and invest- 
ment services group, for he was 
the only remaining director of 
Britannia from Slater. Walker 
days and he played a major part 
in nursing the group through 
financial difficulties after Mr. 
Jim Slater resigned in 1975. 

Mr. Banks's new company. 
Tower Fund Managers, will 
initially -concentrate on manag- 
ing investment portfolios of 
£25.000 or more. It hopes to 
establish soon a range of 
specialist unit trusts. .Joining 
him in the new company are Mr. 
Jim Nichols. Mr. Eric Farrell 
and Mr. Roger Porter, who are 
resignine as directors of Britan- 
nia Financial Services, and two 
further Britannia executives. Mr. 
Vick Bancroft and Mr. Nigel 
Slade. 


TI in joint 
clutch venture 

By Maurice Samuelson 

TUBE INVESTMENTS and 
Dana Corporation, a leading 
U.S. manufacturer of power 
transmission equipment, are to 
collaborate in the growing 
market Tor industrial power 
transmissions. 

Dana is believed to have paid i 
Slim for a half-share in thel 
two Tl subsidiaries. TI Interlock 
3nd Wichita, which respectively! 
manufacture and sell industrial j 
dutches and brakes under; 
licence from Wichita Clutch; 
Company of Texas, a subsidiary 
of Dana. 

The range of products manu- 
factured and sold by the joint 
venture will also be extended 
under new licence agreements 


BY JOHN MOORE 

STOY HAYWARD, the London 
accountants who specialise in 
insolvency work, has been 
heavily criticised in the findings 
of a Department of Trade investi- 
gation into the affairs -of a small 
electronics company. Elecier- 
rainations. The company was 
formerly called APT Electronic 
Industries. 

The English Institute of 
Chartered Accountants confirmed 
yesterday that it will be setting 

up a small inquiry committee to 
look into the criticisms levelled 
against ali the charierad 
accountants involved in the 
affair. 

But yesterday Mr. Philip Snher. 
a senior partner in Sioy Hayward, 
rejected the criticisms. He sa*.d 
that no alterations in the firm's 
procedures or personnel would be 
njade as a result oF the report. 

The Department's report con- 
cludes that a partner m Sioy. 
Hayward deserved criticism for 
not advising Mr. Imre Lake, 
chairman and managing director 
of Etectermmatinns. that be was 
putting forward a misleading 
statement of ihe company's 
affairs at the time- of its liquida- 
tion in 1S74. 

‘ Mis' e ad ing" 

The Department calls remarks 
in the company's statement of 
affairs regarding the treatment 
of a deferred debt item as 
“seriously misleading" and 
again Stoy Ha ward is criticised 

Within APT Electronic 
Industries the Department of 
Trade has found evidence of 
arbitrary accounting methods 
involving the overstating oF 
ass.?rs. inventory valuation dis- 
crepancies, the double counting 
of stockf. no proper assessment 
of work in progress and the 
omission of contingent liabilities 
in the accounts. 

The Department's investiga- 
tion. started over three years 
ago, resulted from a complaint 
made to the police that the 
liquidation of the company, then 
called APT Electronic Industries, 
was being conducted in a manner 
detrimental to its creditors- 

A partner in another firm of 
accountants. Wright. Fair-brother 
and Steel auditors lo APT has 
been criticised for not paying 
due care and attention to the 
group's .financial affairs, and f or 
a failure to review the minutes 
of directors prior lo completing 
audits. 

Mr. Lake, as a director of APT 
has been found guilty by the 
Department of Trade of 
"exaggeration in which he had 
no sincere belief with the aim 
of deervins Ihe value of the 


assets of APT which he wos 
hoping to buy for his company 
A veiny La bora I ones.'' 

Mr. Lake had " decried '' — 
understated — the assets by 
exaggerating a claim uuistanding 
against APT for faulty manufac- 
ture. He indicated that it stnnd 
at a theoretical maximum of £2m. 
" would probably ci'«i at least 
£400.0fi0 and cnld ^ei up 

to £800.000.'' Thu Department 
said that the potential size of ihe 
claim appreciably affected ihc- 
minds of the credihirs when they 
came to riccid-' t»i accept the offer 
from Aveley Laboratories. 

Mr. Lake's business career 

since leaving school had been in 

selling. 

“He had little experience in 

management and none in pro- 
duction. The suspicions that bo 
planned the whole operating 
stemmed jn ere at part from the 
super-salesman image which 
attaches to him," says the report. 

Statement 

“It did not occur to those* ■.»+•>» 
bad done business with him ia:.t 
it might have resulted from sliet •* 
had judgment." conclude* tbe 
report. 

in the statement of affairs to 
creditors Mr. Lake is found -n 
be responsible for the omission 
of figures that valuers had given 
for work in progress '* or tu th-s 
fact that they had given ary 
valuation under that head.” 

His motive was asain io decry 
the assets with a view in ihe 
offer he was going to out forward 
by his company Aveley 

“ Bm he was at the time 
roc-yiing advice from two 
chartered accountant-*. Y- 1 *si ,v . 
B. B. C hambers and -\. A Ferris" 
respectively the senior arimini - - 
trator of ihe insol verier dervirt- 
ment of Stoy Hayward, and a 
partner in Stoy Havward. 

“ We do not impugn their 
motives, but we are satisfied th:.t 
they were wrong and deserving 
of criticism in not advising Mr. 
Lake and the other directm*-' 
against putting forward then- 
statement in that misleading 
form." says ihc report. 

An unqualified slateiivnl Ihit 
a debt was deferred for fit" 
years, hut in fact was due im- 
mediately. had a crucial eiTen nv. 
the creditors decision to accent 
Avdey's offer. Stoy Kayum-i 
cannot escape criticism. the 
report. 

The report finds that even if 
ail the necessary steps had been 
taken by the accountants ui :ir* 
appropriate time it was doubt Tut 
whether the position of fit:* 
creditors would have been 
materially imnroved. 


*K ,Sj; -.' •-*• ■-* 



att 










s 


HOME NEWS 


:;H •• v y v yjW.ial Times Thursday ; / 


UK ‘can learn 


from Japan’s 


success recipe 


TSBwill 

give loans 
for home 


repairs 


By Midianl Blanden 
IN’ A further extension of their 
I services to compete with the big 
clearing banks, the Trustee 
Savings Banks are to introduce 

BY DAVID FISHLOCK, SCIENCE EDITOR bome Improvement loans for 

customers from November 21. 

. A PARLIAMENTARY select graduates £nter manufacturing' The banks are making loans 
. committee has identified four industry, and a strikingly smaller i available up to £8.000 for home 
reasons why it believes .the proportion of British business projects such as financing cen- 
Japanese have been so success- executives are graduates." tral heating, home extensions. 

' fix! in exploiting science-based They note, too. that many of' a garage, kitchen equipment 
industries, but warns against Japan's top managers are tech- 1 bathroom redecoration or re- 
. attempts to imitate their nically q ualifi ed. > pairs. Free life assurance cover 

success. The MPs draw attention to ! is jncluded. 


Reassessment 
system urged 



by Fabian 



BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


radiation 


forecast 




The four reasons are inter- three areas, where they believe 
related, the MPs conclude, and many UK companies must make 
• other countries aad cultures improvements if they are to com- 
would be wasting their time to pe te. One is in market attitudes 
try to transplant individual w here. they say. the Japanese 
. factors. . have invested in the most sophis- 

«! Seated manufacturing technology 

- * S T ' ° n Sc,ence because they have decided to 

’• APSES' consensus that 

■3o?isr f ”o economic jgg* will justify the investment 

- survival. maae - 

. 0 A concentration on specific »» » .« 

; areas and products, making them IVlaTKClillg 

Another relates so attitudes 

nr^nHnn ar 3t S nvep S towards the HHTSt modem prO* 

promouon m Japan and over- ducti0D m6 &ods. where the MPs 

« ‘ Development of highly emP 1135 ^ «*e . importance 

efficient production proceSS attaCh t0 

and k readiness to draw freely 

.on foreign technology. Tb e w 

0 A consistently high rate of w, bere M® 5 say it is very 
growth in the Japanese c l ear tbat Japanese companies 

economy, helping it to avoid devote considerable efforts to 
many of the difficulties of ensuring that their products are 
change. restructuring and marketed abroad and ax home as 
modernisation. which have efficiently as possible. They were 
affected many Western particularly impressed by the 
countries. extent to which Japan's research 

Although the MPs believe the and development is marfeet- 
four factors to be “ indivisible ", oriented. 

they say that Brlrain can still Mr. Arthur Palmer, chairman 
benefit from Japan's experience, of the committee, said yester-j 
For example, they say bluntly day. “ We are good innovators 
that the number of scientists, but not very good in applying 
engineers and other technically research commercially to new 
qualified people employed in products.'’ 

British industry is “modest" “ irmaiafion research and 
compared with Japan. “In the development based Industry," 
UK, a lower proportion of college Vol. 1. SO, ffOp 


The borrowers must be owner- 
occupiers or long-term lease- 
holders — normally with lease- 
holds of more than 40 years to 
run — and have been TSB 
customers for at least a year. 

The banks are offering two 
loan plans, subject to -valuation 
of the property involved and to 
the advance not exceeding two- 
thirds of valuation, less any 
prior mortgage. 

Under the first loan plan, 
householders with an existing 
mortgage will be able to borrow 
up to £5,000 for up to five years. 
Interest will be calculated at the 
TSB personal loan rate, cur- 
rently 8* per cent flat, equiva- 
lent to around 17 per cent on 
a true basis. 

Under the second plan, 
advances of up to £8,000 for 
up to eight years will be avail- 
able against a first mortgage 
only— that is. where the house- 
holder owns the property out- 
right. Interest will be charged 
at a rate of 4} per cent over 
the banks’ base rate. 


By David Fishlock, Sdence Editor 


THE GOVERNMENT has been decrease in the burden on the 
urged to review the tax system as .company sector. 

a first step" towards radical The document points out that : v . BT v WARNING of cfcanW 
reforms which can no longer be income tax is now far from being ! '***?* 

rip , 3ved a genuine tax on incomes j expected over inq next year or 

rnmoc m a n, P mnr M . because of the Wide range of; two in internationally-accepted 

Th® “11 comes in a n,e allowances and exemptions: Con- limits on permissible doses for 

turn today to Mr Dems Healey, sequent!*. 0 f the M ” Jlim workers ioTa 

Chancellor of the Exchequer, important goals of the Labour r. .. , T?«dioloeical PidtecHiK 

from members of the Fabian movement-increased equality ! JgJ”™ jL™ 5S, 

Gm^Fiegebenf^ senio^jresdax^i \r^i? 01 r? p0i ? ts are . ! tion. forecasts . that .state limits 

Sge? at ttelutSute fo?r£3 Meade Committee’s proposal for wiM he raised and some Towered: 
StudiL an «pen«titnre tax, and the wben t he International Commit: 

stu a,es ' question of the most desirable j sion on Radiological . Protection; 

Failing «v i "port* on its five-year scientific 


tax, the high marginal rates at I studies. 




BY ARTHUR SAMPLES • . . .^. . ' V • 

•row .■pnsTTTGUESE Government will stay on-^evfcral days. lodger . 

THE PORTU^uc^a ouv * sampling the hotels, restaurants. 


Ahways off Usbon is o£t > ed r semi: send tfieir clients to; dm ahm- 

IgUlaLCO W . . ‘ im,a 'VnaniirV nitilfnmut 


^^“stt^aTcSSraT H^the mer. t g £ c ^ ai g i mS8B8 


use 


with its proposal to- make 

taguese State ^ ' second in size bnly.-to'the jSmefr 

Gatwick instead of Heathrow ^ "Agents’ -Convention, 

rits I^ndon Rights. ' jeaVfe the aRents with a i' 

This Ts just one of the cminwr v ,. 

moves being «««»»* b * CompetiS to get the’ 

Portuguese who^ ^hke^^^rne jj 00 each year is, fierce. and-next " 

yeir it ■»*>«« vill 


teZSt&rtZ-Jsrsrs *«■•»* 


*ria banishment of their airlines 

; Tfrom the main business centre. W OIDCH S pOWCr , 


He says the tax system may be ' The' board has taken' the a ~move which would put 

iting to attain the objectives £§? ! avatlahle to the commission a move -- -- -- 


failing 
set for 


THE DE BEERS diamond com- 
pany won an important Appeal 
battle to file a British patent for 
a new technique of “fingerprint- 
ing " diamonds. 

Three judges held .that the pro- 
posed technique appeared to con- 
stitute a ** new manner of manu- 
facture" within the definition of 
“ invention " in the Patents Act 
i and asked the Principal Patents 
Examiner to reconsider bis re- 
BR1TAIN IS spending too much tors at a Royal College of Physi- fusal to allow the company’s 
on drugs for the National Health clans conference in London.' .patent application. I 

Service, said a senior doctor He said that, while the medical ! Later the company said: “ The: 
yesterday. Doctors could save profession tends to blame; fingerprint technique was in- 


Britain spends too much 
on drugs, says doctor 


De Beers wins 
High Court 
patent ruling 


it. "If. ciange'lfnm £ ^SSS*. ° r " ea,th 3nd b ° ld - 1 applied it to the 189 radi Metre 
undertaken, then the very accep- 

tance of the tax system by the The memorandum has been 
public may be at risk. A com- published- ahead of a Fabian 
plete reasessment of the means Society’s London conference on 
and ends is required, and should ,th® reform of direct taxation on 
be begun as soon as possible." Sunday at . whleh Professor 
Mr. Fiegehen argues that Meade and other tax specialists 
income tax now operates "con- speak, 
trary to the principles of equity. Memorandum to the Chancellor 
fairness and efficiency.” of the Exchequer on the Reform 

He refers to the much higher of the Tax System , by Guv 
proportion of wage earners now Fiegeher from the Fatten 
paying income tax than 20 years Society, 11 Dartmouth Street. 
ago. and • the substantial London SW1. price 30p. 


New bid for £10m-quay 
at North Shields 


FINANCIAL TIMES REPORTER 


and intolerably primi- 


BY PAUL TAYLQR 


MORE JOBS. and a wide range quate, 
of new industries could result tive." 
from a fresh application which Officials or the Port Authority 
is to be made to the Government and the Ministry of Agriculture, 
for a new £10m fish quay at Fisheries and ‘Food met last 
North Shields. week. “ Tfie Ministry said that a 

A joint working party com- fresh submission by the port 
posed of representatives of the authority for a new harbour 
Port of Tyne - Authority, Tyne would receive consideration," 
and Wear County Council, and said the spokesman. 

North Tyneside Borough Coun- 


substances of greatest interest 
in the UK. In this way - the 
scientists aim to give ..nuclear 
operators and the Government 

regulatory agencies dealing -wttli 
radiation early warning' of rtfce 
implications of any changed ' : .<4 
No particular trend, can:' be 
discerned from the new- llznftA' 
says Dr. John Reisslahd. sehio'r 
author of the board’s report 
The permissible limitfor soluble 
forms of plutonium - may ' he 
lowered by a factor bf aboii r- 
eight. But most-. . operators 
already work to the more restric- 
tive limits applicable to in^ 
soluble plutonium, ..and ; this -is 
likely to remain unchan ged, or 
even to be relayed s tightly. 


cil is to prepare a further sub- 
to the 


Measles plea 
to mothers 


tens of millions of pounds on the wastage on NHS administration, 
annual £596m drugs bills by cut- there are a number of actions 
ting waste, educating patients doctors could take to reduce the 
not to demand unnecessary medi- cost of patient care, 
cine, and abandoning' ineffective:’ The national drugs bill “is too 
drugs and treatment. large." Dr. Mather said 10 per 

Dr, Gordon Mather, consultant cent of the current drugs bill in 


vented by Dr. Andrew Lang of 
Bristol University. It involves 
a system of X-ray topograms 
and makes it possible for stolon 
diamonds to be identified, even 
if the stones have been re-cut. 
It is hoped that eventually. 


physician at South mead Hospital, England and Wales goes on slim-rti will be possible to build up aj 
Bristol, and a lecturer at Bristol ming pills, tranquillizers and library file of topograms of im-; 
University, was speaking to doc- cough medicines. portent gems." . . ! 


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mission to the . Government for 
a new fish harbour after years 
of controversy over the replace- 
ment of the Tyne’s run-down faci- 
lities. 

“The working party will be THOUSANDS of leaflets telling! 
studying a whole range .»{ fat- parents to make sure their | 
tors not usually required in a daughters are vaccinated against; 
small harbour, such as the added German measles- ' ebtween the 
value of new jobs, and the eft'ect ages of 11 and 14 are being 
of new industries which cornd circulated by the Government- 
be established, adjacent io the backed Health 
harbour,” said a Port of Tyne Council. 

Authority spokesman. But doctors fear the health 

The existin? fish ha r hour was service may not be able to cope 
referred to recently by nn all- with • the demand for vaccina- 
party Commons expenditure ct-iii- lions. 

mittee as ■ “ dangerous. Jnade- The .British Medical Associa- 
tion said: “ At the moment the 


Understanding '£;£ t 

Radium is another sithstahca 
[for which limits are likely; to be 
1 relaxed, by a factor of about 10. 
The scientists- now haver.a much 
greater' understanding .trf tfie'] 
way radiation behaves lin ^the 
body and can be less^ -conser- 
vative about the radiation risk. 

The board stresses, -that, its 
figures are for guidance onlfc"- 

The first of the revised -official 
figures from the international 
commission, for about 20 rsuh,: 
stances, are expected ' around 
the end of the year.. 

Annual Limits of Intake of 
Radionuclide for ■ Workers. 
jiVff PBS2, Stationery 


_ ... .. The Spaniard? cannot h*ve 

them at a serious d'S3dvsntace_ faeen yery by. the ; 

•, Another way in : which TAP reinarks - o£ O oe of the last 
is planning to retaliate, is to end 5JJeaXers m the 1 conference. -Mr.- 
tite pool agreement with British Bm R ohertsdo. managing direc- 
Mrways on Mfrts to Oporto. tor of rpa Management and a .• 
Such agreements between air- tyofiiy respected voice in* the 
lines allocate receipts according 

to a formula, regardle® of the Ha^ told faik colleagues that'; \ 
numbers earned by each airline ^ ‘ja^gejy ayerJ0Cked_ . 
on -the route. mapy’ of the socialdgical changes , 

iV,': in Britain which could affect 

favourite ; tbeJr : business, fie ' went on to : •; 

’••- TAP sources suggest that, on lambast _ ^ : T -'- 

nartiJuiar reute. British countries, in genetalv and Spaing 

With holidays to the rberian, ^ 


Education j 


Children’s faaij 
up 18 % to peak 


hospitals are so far behind 
because of the recent industrial 
dispute.” 

A recent outbreak «F German 


THE SAVE the. Children Fund' 
last year boosted its income bj 
18 per cent to a record £&4* 
Th- V flm increase in donatiorfe 
coincided with sterlings greater] 
buying power overseas, which 


.TtaSKEuoM wheS the Assd- 'oveVof-Sp^ 14 “Jw. appjBci; V 

friatinn of Rritkb Travel Aeents at the apatbrThere.is. ’ Over the; .' 

convention -products were better-r+elevTSioQs: 

-Tile conference has been one 

of the most successful staged by ffuahtjr ortbetravel^ro.ahfct-- 
ABTA. with more than ZOOff. bad 

delegates tin -the defliflCi 6^ ssiq#’ , • ■ 

. Among' the retail delegates, 7 -^m7 sh6nld^.m^3(om:j 
who are easily the majority, the _ b T " 

main theme has been the fear of should Iwait -two 
being overlooked by the hie coni'- service in a, restaurant • • ■Vwjyj 
ponies and. in particular, the can t T let my children- swm. in. -.. .. 
wotry that these companies will the sea ? Why ■should.the locals 
by-pass them and sell direct. Con- pay less Ihan me wheTi^tiiey-eat . 
ference sessions about the future nut ? Why should- 1 geroil on Wy 
of the industry, especially the -feet when I walk hn what fs spp- 
technological innovations _‘for posed to be one ‘Of the best " 1 
hookincs procedures: have prob- beaches Tn the Mediterraneanr ■ 
ably only underlined those wor- : “"Beware, Spain. ^Sri .Laitiu,'- 
ries. Malaysia and Gambi a are look- . 

Officially, the conference ended ing moire and inore 11 attractive in 


-yesterday, but -most delegates| terms of!- price 

Cheaper flights to Austria 



BY MICH AH. DONNE. JlEROSPACE CORRESPONDENT 
BRITISH AIRWAY'S policy of between JLotidon and Vi 
promoting cheaper air Mares' In aw - fares- icomparir^tt 

Eurbj>e has been carried a L • - 

KnU. «•*> -*.'e ..«• of £I5v and the orflB 


buying power overseas, which! *,112.; of £I5fi and the ordwtary : 

alone h rough! The fiind an extra j^ UT ^® r sion: rate- of £1 1150 to Salibflrg,.. 

£200,000 for .fts relief work. jper cent in fares .between London and Ihe economy. return of'-£138 

Last year's figures show a ; and Austria. The ■ airline . is and ordinary excursion' hire of: - . 


reversal from the financial crisis 


measles was the biggest for | which hit the fund, Britain's 
severui years. Mosi worrying is: Jareesi .international child care 
the number of pregnant women agency. :n. 1977 when income 
who catch it — in June 'J.T2 cases 1 tell for. ihe first lime m its 
were reported. ' I h 15; pry. 


introducing a new Advanced £147 io Vienna- The new faxfe 
Purchase ^Excursion (Apex) fare, can . be ibooked. from today;- jEp'r 
which muistbe.hooked one month- travel from January 1- • 

ahead of date of travel, of £80 . It is expected that further cuts 
return between London and will be announced soon to other 
: Salzburg, : and £106 return destinations. ' * . 



BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


BRITAIN moved no nearer to 
devising a suitable mix of 
| policies for its economic prob- 
lems during the period from 
1980 to 1974 m spite of all Ihe 
experiments and changes of 
direction. according lo a 
mammoth new study published 
this morning. 

The TlCi-pago bonk, entitled 
British Economic Policy ltffiQ'4. 
has been produced by the 
National Institute of Economic 
and Social Research and written 
by eight economists under the 
cdilorship of Mr. Frank 
Blacks by. 

In a concluding appraisal, Mr. 
Blackaby argues that the record 
shows that, as an economic 
policy, demand management ip 
certainly not enough; however, it 
1 does nor follow that demand 
management is useless — simply 
that its efficacy is limited. 

“ Tn sum. the problem of 
devising policies appropriate, for 
a country with a relatively 
inefficient manufacturing sector 
and an unreformed pay bargain- 
ing system remained unsolved." 

The purpose of the study — 


financed by a Treasury grant — 
is to provide an account of what 
the Government did. and to 
discuss why it chore the methods 
which were used, and what the 
results were. |(i 

This invoices' a detailed dis- 
cussion of fiscal and monetary 
policy as well as chapters on 
policies aimed at improving the 
balance of payments, planning, 
income.? and industrial relations 
policies, industrial and commer- 
cial policies and the nationalised 
industries. 

The book is intended as a 
sequel to The Management of the : 
British Economy. 1945-60, written 
by Mr. Christopher Dow and 
published in 1963. 

The authors suggest that -the 
policies outside the main areas 
of demand management did not 
have a major impact. For 
example, one chapter concludes 
with the romment that “ indus- 
trial policies seem limited to a 
peripheral role of tidying up at 
the edges of the economy, rather 
than providing any central thrust 
in alter and improve industry's 
performance and that of the' 
economy as a whole." 


On ...industrial “relations, the 
study isays that an assessment, of 
the policies pursued by govern- 
ments' of both parties “ suggests 
that, insofar as new forms of 
legal -regulation contained pro- 
visions . designed to curb indus- 
trial action by imposing sew con- 
straints op unions, this certainly, 
did not help ' and indeed possibly 
hindered, the longer-term objec- 
tive. :..of reforming collective 
bargaining, practices and institu-' 
lidn& ‘ - 


Disputes 


7‘-This lack of. continuity, itnfr 
argued, added to tfie uncertainties: : 
of. . the time:. - if, firms ? . are. 
sufficiently uncertain abohtthe^ 
future they will tend’ not /to" 
initiate new ventures and-uP-- 
certainty . about T . government 
policy is cleariy one element in 

the- total:" » 

Mi. Blackaby also points out 
that “ poticy-inakers were un- 
certain about their objectives: 
they often pursued intermediate. - 
objectives, tended to concentrate 
on one thing at a time, and found .- 
that; differences in political- 




“Such - measures tended to 
exacerbate industrial conflict in 
a - -way. \ that was politically 
counterproductive, and proved 
particularly harmful when the 
Government . concerned was 
Irying.shnultaneoosly to develop 
an effective - counter-inflation 
policy" '. 

In '.bis- concluding appraisal, 
Mr. Blackaby notes that one main 
strand .of criticism Is that, there 
was no continuity of economic 
policy .during the period, mainly 
because of changes in govern- 
ment. and that this was damaging 
particularly to economic growth. 


philosophy often, revealed " tfieuK 
selves id choices of instruments' 


rather than objectives: ... ..... 

“ Partly because knowledge .of 
the working of the economic, 
system was imperfect, policies" ‘ 
were liahle to considerable" in- 
stability: as- one set of policies 
appeared unsuccessful,, anofher 
set. which implied a .different 
view; of the working •_’ off the • 
etondmy.-was ready and ..watting 
in -the wins^." - •• :• •’ ■ .... ~ 

British Economic J^olicu . ISfifl- • 
1974. edited by Mr ■ Trank 
Blackaby, -7 10 pages. Published 
bit Cambridge Unwprxtty' Press 
for the National Institute: £S0-_ . - 





APPOINTMENTS 


Short Brothers strengthens top team 


Oce is sensible copying 


SHORT BROTHERS, Belfast, the 
Govrenment-owned aircraft and 
missiles manufacturer, announces 
lop management changes involv- 
ing the appointment of four new 
executive directors who together 
with the managing director arid 
chief executive. Mr. P. F. Fore- 
man. the executive director air- 
craft, Mr. A. F. C. Roberts, the 
executive director, engineering, 
Mr. B. P .Laight, and the con- 
troller of personnel services. Mr. 
R. M. Armour, form a maw 
management board. 

Mr. B. Carlin, becomes execu- 
tive director manufacturing, with 
primary responsibility for all air- 
craft and a eros tinctures manufac- 
turing tasks including detail 
manufacture and final assembly. 
Additionally Mr. Carlin is 
responsible for industrial 
en gin e e ring and work study 
for day - to - day Industrial 
relations matters within his 
departments, and for the works 
engineering and plant and equip- 
ment functions. Mr. A. ft. Man veil 
is made executive director 
missiles with overall responsi- 
bility for the management of all 
aspects ol the company’s missile 
programmes. He also has primary 
responsibility for development, 
production. marketina .mri 
support of the company’s mkMle 
programmes and for future 
developments in missiles. Mr. 
R. W. Tyson is named i*xccuhve 
director commercial, with overall 


u 0 . m I pa I , A chairman - / and Mr. Cartwright manager \ tot’- DAVTO - BROWN 


commercial activities.. He is also con 


responsible for materials manage 


» continues as deputy ■ chairman. SADI SA in Brussels, the Belgian 
• Mr. . Edward-. Hone has- - qeeh subsidiary ;of the Huddersffflld 


andT " appointed^roiip teclihiral - diree- compaiqr/sinoB iS 
' q n iu y tori .and.- 1 will ' co-ordinate - :ihe - T 

department. Mr. II W. McMulty development of new products in ' 
is appointed executive director, the Groan - ThW 

hnance and administration, with * 


. , . . . The !VHNISTSY; OF DEFENCE 

primary responsibility for aii Tha. Secretary, of Statc^ -for .Wart^BoJ>th ‘ Js^o^Se^Gencrei 


n nan rial mail ere in LriHi.; V ln ' 1 - ci l - ior vxjnerai 

overall reiuons?bihiv d for Pnces and. Consumer Protection. Officer Commanding West Midland 

ssr "(SZ 5S5W&.- ic 

services department. DOMESTIC COAL CONSUMERS’ . HORIZO.N has appointed Mr. 

■w- , COUNCIL until February 28; 1S8L;. David Cackeribn . to the newly 

, • ~ ,w * n , Rides, formerly * : created position - of associate 

r>wif nt £x P 0rt Mr. ' J. - A. Gray has ’heen director, responsible for market 

has^ I ^ee^ U ^ppointed* e *aSBcSte 

njjNQlS ,hf in r eim atio n ai r ^ A L and commercial directorate- of- BP - Sinwn has - joine d the 

SiS w SA ? “"i3Sg^ me -; chemicals,-. 



c-nri-p Front ir7t s* ~V,u secondment .front the Sarry lac- ' : 

EraD e 'where%e B waB h a tQ ry -C. . J; BecIeeCt, at pre- Mr. . ; Kadf . Anrfa- hss.r _bcen 

underwriter Principal sent, process - devetopment- appolfited-saecntive ilce-presMenk • 

. manager; resins, -rubbers and -afth&head office of BANK MELLT 
„ _ * lartcos. ... . r -, : -lRAN r .Tehran.-. • ■ r 

Mr. George Godwin, chairman > *■ - 

A, f t . WTER- Mr. Alastair Ross .GobbeJ has ;; - Desmond FitzGerald and 

NATIONAL, has relinquished his Joined 'the board of the SCOTTISH Brig: -'Ralph . Sj/sspbO ■. fevp been 
appomiment as joint managing UFE ASSURANCE COMPANY. appointed-, direct ors. Of’: X D. 

director- and Mr, Rooald Cart- SAStfOON ATCrt rrtttnPATSTV. : 

wright, vho has been joint 


.V 


h. 


ade 




. . :* J - SASSOON ANDCOMFANY. 

„ .. , ... .. - Mr. Peter A. S. Smilb, staff X: Vr. }■ s- • ’ 

uj;h nim since assistant to- the marketing direc- Mr. * John; - Cnrran - has been 
l»hS. has buronte croup managing tor of. - Devi d ., Browq .Gear appointed ^Eacbpeah^direet Pr of 
director. Mr Godwin is remain- Industries -ih^ '. Huddersfield - has maWieting-'* 'ScnMees of • rTEE 
mg on the Board as executive been appointed commercial TNTER^.Vtaftft -v > - - 


s 






' -u ’ : ^ ~ -> •• r - cr.-fefatfsfta 




9 


-l^irember 9 I97B 




Gulf, IC1 Oil wealth problem for Shetland 


BY RAY PERMAN, SCOTTISH CORRESPONDENT 


BY KEY1N DONE, ENERGY CORRESPONDENT 


TEXACO. GuU and Imperial 
Chemical Industries -yesterday 
joined the oil companies which- 
have decided. This, week to drop 
all temporary price support for 
their service station networks. . . 


market conditions . can 
higher prices. . 


withdrawn the ] 
filling stations in 
and Bath so- far.- 


' * UK PETROL MARKET 

(March 1978) 

... -. . 


Sites 

• V \'. v- . • •. . 

Number 

as%of 

_ 

of sites 

UK total 

Sfiiefl 

6.4SO 

22 

Esso 

MM 

213 

■ BP' - -’ ' 

3.198 

10.9 

Natteul(BP) 

■ 2,102 

7.2 

Texaco ■' 

2^25 

7.6 

Mobil 

1336 

4.S 

Rra 

= 1,056 

3.6 

Total.- 

-900 

3.1 

Burmab 

872 

2.9 

jet (Conoco) 

813 

2.7 

Elf ' . 

554 

1.9 

4CI 

450 

IS 

OTHERS . 

3.111 

10.6 

TOTAL 

29J73 

100.0 

, . Source : Institute of 

Petroleum 


SHETLAND HAS run into diffi- 
culties in distributing iis uil 
wealth which is intended to pro- 
ject traditional industries ayainsi 
the disruption of North Sea de- 
velopment. 

Last year ihe island's council 
put the £fl m it h a s received so 
far into a charitable trust as u 
precaution against tax and — 

because most of the revenue t., 
tied to the operation uf the port 
at the Sullorn Vuc oil terminal 


— aejin.-ii Hie purl's natmria ill- 
ation. 

Now 1 1 lias been discovered 
that, although 4.000 grants have 
been made iu individuals, the 
council's Freedom lo aid commer- 
cial organisations is Immed. 

A granl lo a non-chari table 
organisation would nut only be 
taxable, hut could threaten the 
iruilji chamablc *.ialii*. 

Mr. Ernest Urnuhart. the coun- 
cil’s chief executive, said vesior- 


djy *hey vor* seekioj v. d > = 
round the problem. 

This could miolvi- urjanri- 
aUons such as ; lie Shetland Trust 
and the Fishermans Trust, which 
aid crofters and fi-hermen. 
changing iheir conMiiutions si> 
that they became acceptable as 
charities lo ine Inland Revenue. 
The council could then duffribuie 
money through iliem. 

The oil revenue-! are being in- 
vested by merchant bunkers. 


Rothschilds, i hi? rnunciTs imc.ff- 
meni advisers. The portfolio is 
weighted towards gill?-, reflecting 
ihv counuil's need for income 
rather man capital growth. 

Almost £750.000 was used by 
the council last year. This year 
the income was lira, and next 
year it i.* likely lo be £l-5iu. 

Thy council c*um:<ies Lhat oil 
revenues From disturbance pay- 
ments and a levy of lp a tonne 


on oil flowing thmush Sullnm 
Vot* could lota I £5unt by the end 
of the century. 

The uil industry's unofficial 
estimates put the figure ai 
i'HNlvn. which could double if a 
third pipeline u brought into the 

terminal. 

This would make the She Hands 
Island* Counc:!. one of the 
small to! local auiiiorU:** in 
Britain, a sizeable insUiuUuna! 

investor. 



Post Office viewdata system ‘leads wor 



oil company. : ba's acted more 
quickly, however. Until this week 
it was still giving, price support 
of 3-4 p per gallon to as many as 

1.600 of its 6300 filling stations. ^ <incc tac sul 

By yesterday -a f tern oon.^ though^. introduced, the oil com- 

tbis figure had been more than- paoies _ whlch found themselves 

“"■H?' ’ nh- «ain« contributing the profit margain 

» SsHS sks| 

porting is “coming down by the impossible to withdraw, 
hour.’* It has already withdrawn T . ... 

support in about 12 cities. . l alKlDg Bp l 

f This year, after three years of! 

JLOCal tactors ... sluggish growth, the petrol j 

The impact- of all this on pet- market has started • lo piek upj 
rol prices _ is . not immediately again at a rate which lias sur- \ 
clear, as local -market- fac- prised the industry. Petrol sales j 
tors will dictate the speed at so far this. year are. more than 
which prices change in different 6 per cent above the level of 

regions. 1977. 

Where oil companies have For many months the oil 
totally withdrawn support bow- industry has tried talking up 
ever, the price of . a gallon of prices,- .but when they decided 
four-star can be expected to rise to act -they found -the market 
by up to. 5p. Companies such as was not. ready. 

BP, Mobil and Total certainly The subsidies,- -which have 
expect the price to rise now lo ^ available mainly in urban 
about 1 9p a gallop. areas, have fallen slightly, but 

Shell expects irs big seller- t nearly ^ quickly as the 

V %VJ^ i , t ^nS ne Fi^ h P v- industry felt necessary. 

The oil compnaiei*. faced by ^he continuing competition 
falling profits For in many cases ^ forced many, filling stations 

price support. .. closed, leaving- ■ fewer . than 


BY JOHN LLOYD 

PRESTEL the Post Office 
viewdata system, which will give 
phone uses access to banks of 
'-•omputer-siored information via 
their TV seL is said to be two 
yea rs a head of i is worldwide 
competitors in technology, and 
three to four years in marketing. 

H is also claimed lhat its com- 
petitor* are using unfair tactics 
to cut its lead. 

The Post Office expects lu 
mukc about £Im in 1978 from 
sales of the system abroad. It 
has already sold it to Wes l ti'rr- 
niany and Holland, and expects 
lo conclude agreements with 
Hong Kong and Singapore 
shortly. 

Sales of Prestel have also 
brought £500.000 worth of export 
orders to the UK telecommuni- 
cations industry. Much of this 


goes to GEC. which makes the 
computers for P rest el. 

The Post Office believes that 
some countries — France is 
understood to be one — arc try- 
ing lo tut the lead FresffeJ 
enjoys by casting doubt on the 
standard of ihe system’s vha rat- 
ter scl. which genera l es the 
alphabet and symbols displayed 
on the TV screen. 

A number of European and 
international foruins — including 
the international Standards 
Organisation, and the European 
Commission — will determine 
standards over the next year. The 
choice of 'landard generally 
followed internationally is 
crucial to the expnn sales — and 
profitability' — of a system. 

The Post Office has put a con- 
siderable investment into it* 
choice of character set. which 'is 


that iaid out in International 
Standards Urbanisation standard 
646. 

The French, who «,re develop- 
ing a competitive viewdata 
system known os the Antiope. 
use a different system. H has 
the capacity to backspace and 
overstrik™. anc liiu* tu impose 
accents over h.-tiers. 

in the fir?t of v. hat promises 
to be a series r.f Pre>s briefings 
on Post Ollicc matters, execu- 
tives. concerned wiin Pres Id's 

development, ye‘!crday stressed 

that the UK >;.sio;yi wa« further 
advanced, technically more effi- 
cient and i-heaner tiian any other 
systems being brought un else- 
where. 

Five other count ncs — France. 
.Iap3n. Canada. Sweden and West 
Germany — arc urking on view- 
data-type systems. The only two 


which offer substantial competi- 
tion to Preble] appear to be the 
French and the Japanese. 

The French Antiope system is 

aeknowi edged :o be efficient in 

activating mechanical printers, 
and is “marginally better' for 
showing graphics. But it is said 
to be poor on the TV set and 
insecure on transmission. 

The Japanese Captains system 
has to generate the 3-5.00U charac- 
ters in ihv Japanese Kangi alpha- 
bet. and ihu-> must use central 
eba racier generation and broad 
hand-width transmission — both 
of which push up the price. 

Neither the Flench nor the 
Japanese system is expected io 
no nlTering a public service 
before the early 1980s. whereas 
Prestel goes public next >ear. 

Future international deal* maj 


include sales in .■spam and t»i 
the U.S.. where In sat Data \ 
Systems, the international soft-: 
ware company mined by the! 

National Enterprise Board, is In. 
market Presicl. probably in col- \ 
iaboratjnn with l ; .S. electronics' 

companies. j 

The I’ost Office will demon- J 
-irate iu system io Soviet! 
officials in .Moscow next monih. A 1 

number of demonstration page.*; 
have been set up in Russian 
cyrillic characters. ; 

In ihc UK. Presiel centres will | 
Dc set up next year in London.: 
Birmingham, Manchester and, 
Edinburgh, ai a com of £5m. A' 
furlherflSm has been earmarked' 
to extend ihc service t«> Cardiff.. 
t;ia.sj>ow. Lpeds. Liverpool. Nor- 
wich. Not unchain and other 
con l res. 


By Michzcj Cassell. 

THE ’’.ievt-re duienoraiiun In 
ihe a\ ailabilitj uf mnrija'igo 
funds ix acting as a major con- 
straint on demand for new 
private housing, according in llw* 
Iloiisc-Builrlr-I - Federal inn. 

The feneration, which yester- 
day released details of its lafi-ff 
siaic iff trade inquiry. claim.* 
that 75 per cent of houn* 
builders nnw believe the 

shnrl a ye of mortgage finance is 
holding hack demand. At ihc 
(ime uf tin* fa-t inquiry, only 
55 per •ml named lack of 
mortgage funds as a const rami 

Builders say ilic .scarcity iff 
home loans has arisen at a lime 
when demand lor new housing 
remain* strong and .sustained. 
They say it provide- a cle:,,- 
il lust ration of ihc “detrimental 
elfct uf govern in cm- mi posed 
mortgage- lending ■ n.'Hruls on 
house-1 ii ii filer-’ sale*." 

But i hi* latest position is linin' 
a reflection of the sm-iviii-.-’ 
inabiliiy io -.ittrai i siiffu-u-nt 
funds lo meet demand than any 
government i in client ion. Mitii- 
uut tile lending liintis. w i- 
unlikely tfiat societies would l*c 
able io lend any more than i fir-;, 
are at present, jnd in any >a-e. 
advance? this year will r’ca-h ■: 
record i’S.obn against i’ti.Tbn .in 
1977. 


Previous attempts tu tio so. 


30.000. 


however, have been thwarted by 
the fierce competition for sales ' 

in a slow-moving market. Com- JDiave Step .. . 
panies have been unwilling to Having failed earlier this year 
sacrifice market share for higher to reduce support Shell and 
Prices. Esso decided that they were noi 

The problem has been exacer- yex ready to-., lead ’- another 
bated by the serious surplus of attempt to cut ^subsidies. The 
refinery capacity in the UK. price -competition has been 

hlttinff others even harder. 
_ . ... .' ' however, especially those such 

Real terms I as Mobil Jiaving to import some 

In the short-term the winner petrol from tile Continent, 
in the forecourt : price-cutting Supplies have been tightening 
battle has been the consumer, fn. recept weeks. ■. Spot gasoline 
Average petrol prices of prices in Rotterdam touched 
around 74p a ^gallon for four- $200 * tonne-compared with S130 
star at the beginning of tins a tonne barely six months ago. 
week were hardly different from Mobil with less than_5 per cent 
those being charged three years, of the. market decided at - the 
ago. In 1975- the' average beginning of the week that it 
price was 76p a gallon and ac-' could stand the strain no longer 
cording lo BP Oil. the present add bravely took/the first step 
price has dropped by about 36 -towards ending subsidies, 
per cent in real terms, compared - Shell believesU hat. with many 
to 1975. ■ supermarkets sftil selling petrol 

Price-cutting in the petrol mar- as a loss leader — often sup- 
ket began in earnest in J.975 and ported . gy ;■ large commercial 
1976. Since April J97T, the oil rebates in return for long-term 
companies have found it irapos- contracts-rA cannot follow suit 
si ble to make any price.dse stick, and withdraw aJi subsidies. In 
As dealers' prices fell all the some areas they are trying to 
companies stepped in to protect edge prices up against super- 
to some extent at least the profit market competition, but if the 
margins of their retail outlets, supermarkets don’t follow, Shell 
The schemes often' sported feels' it. must continue to subsi- 
different names— temporary dis- dise its dealers, 
count allowance was Bp's, while ■‘How long can our dealers 
Mobil made a : temporary sales stand-alone?” asks Shell. “We 
promotional allowance! The only canot afford to stand back and 
misnomer was the word tent- see them crucified. 


PUMP PRICES IN ENGLAND 
(Prices in pence, for four-star petrol in England) 



7977 


1978 



Sept. 

ian. 

May 

Aug. 

North 

75.0 

TU, 

72.4 

73.6 

South 

77.1 

75.1 

7AJ. 

75.4 

All 

7 SA 

73.6 

73.1 

74.4 


North refers to. Midlands, NE and NW England; South refers to 
Greater- London. 

Source- : Institute of Petroleum 


Barclays foresees 
private lending cut 


BY MICHAEL. BLANDEN 

RE BANKS will . have to 
tueeze their lending to the 
rivale sector in the coming 
onths unless the Government 
‘duces its own call on funds 
om the markeL says Barclays 
ank. 

The latest issue of the bank’s 
K financial survey maintains 
lar. while the growth of the 
erilng money slock on the 
ider definition tM3i has been 
rid down so far in the current 
sandal year, this, has been due 
i factors which cannot be 
i st aired. 

It has also resulted from 
istortions to the figures, result- 
ig from the application of the 
inset controls on the growth of 
ie banks, which mean that 
erling M3 may not indicate 
:curately the . real growth of 
oney supply. 

The corset control has had a 
cosmetic " effect as far as 



genuine monetary coni rol is 
concerned, the bank contends. 
But at the same time, restric- 
tions on Hie banks themselves 
remain tight. 

Barclays points out that so far 
the banks have been helped by 
an exceptional growth of their) 
current account balances, 
perhaps resulting from the 
sharp rise in money incomes, 
which cannot be expected to 

continue. 

At the same time, demand for 
lending is likely to continue to 
rise, with the corporate sector 

probably experiencing . a 
deterioration in its financial 
position and needing more bank 
finance. 

In this situation, the bunk 
says, interest rates arc likely 
io remain at their present 
increased levels and could 
possibly rise further. 


people are 


At the Pyramid 



Uranium trade code urged 

FINANCIAL TIMES REPORTER 


, to codify rules govern- 
trols of world trade in 
i was made yesterday by 
jrence Price, general 
y of the Uranium 

rice, writing in the cur- 
ie of Atom, the monthly 
e of the UK Atomic 
v said it would lie 
:o have a single inter- 
jy acceptable set ot 
netting out rules under 


which governments were pre- 
pared to allow ibe uranium 
market to operate. 

He said Shat tins would dam? 
down the present tendency for 
each - major country to “S* J* 
alone — a practice which coum 
hardly assist International plans 

to deal with non-proliferation 

•jod even if formal case-by-case- 
decisions had to continue 
nitelyfur political reason*, tb^ 
mi triune would normally be 
predictable. 


For over 50 years, the Bankers Trust Pyramid has 
beeii the symbol of one of the most knowledgeable full 
service banking organisations in the City. At Bankers 
Trust we know more about wbnis needed in ibe U.K. 
than almost any other bank in the market 

We tackle the. problems of our cl ients on a highly 
personal level. Because \\ e believe this is the best way lo 
work, the fastest way to reach a decision. 

Tim Miller, pictured here with the London 
Branchs four top marketing officers, heads Bankers 
Trust Company s team in the U.K. Behind them is a staff 
o£ over TOO in Britain and an international network of 
branches and offices in 35 countries. 

Bankers Trust diems include corporations, 
institutions and Government bodies in the UJK. and 
worldwide. We provide quick answers on short and 
medium term finance, Joan syndication, ECGD and 
other export financing. 

You can talk with Bankers Trust specialists in 
specific industries such as energy, insurance, com- 
modities, shipping, pension fund management and 
corporate trustee appointments. 

Some examples of hem t he BankersTrusts London 
team, under the direction of managers pictured above. 


helps customers: led Holloway runs the Bankers Trust 
L*'nd*in Money Centre which is a major buyer anJ seller 
of foreign exchange, active in Sterling and l-urocurreiicy 
money markets, and dealing in domestic U.S. dollar 
denominated instruments. Jn addition, the Cewre 
provides a cost-free Customer Advivory 7 Sen ice [or 
companies involved in the foreign exchange and money 
markets. 

Co-ordinated b> ; Peter Dcnbow. the domestic and 
international hanking sections, headed by Harold 
Cotterill and Stuart Reider respectively, work with a 
broad range of companies operating in the Li. K. 

For instance, we arranged a. medium term loan to 
help a company expand its wholesale distribution outlets 
in the U.K: provided funds for development of an oil 
field in the North Sea: arranged facilities for Bririsli 
companies needing working ciipiial to manufacture 
equipment used in offshore oil fields. 

Internationally, we recently arranged finance to 
enable British -based multinationals make major 
acquisitions in the U.S. So that another manufacturer 
could finance its Far East subsidiary, we arranged a term 
Jriart in f»ne cur fence, wiih options to switch to oilier 
currencies if advantageous. 


Wherever v.-ti encoiinier the Bankers Trust 
Pyramid, vou’re dealing v.iih a lull service bank in ! he- 
fullest sense ■ if the v « »rd. with ihc eap.ieuy t< • raise, lend 
and manage mu:icy anx where in the w.uld. 

1. Tim Miller, Selii- -r \ Vo PrcMttciil :illd t ff-ncml XLnaucr. 

2. IMer Ifimlntiv. \ k« I’rwrii'iil ind ticpu*y t Viicral Mumper. ffjrkiiy;. 

t. Tcfi HiiHom a\. \ ice i'rv-itleni :md Hepiiiy < k-ncrjl Xianj«ct Money 

MarUs :iwl I Oreiun LM-hiinae. 

4. Hamid Cmicriil. X it c IVbskIbiH .'I'd VstLsiani General Manager, 

Ilmc-.-Ju' |i«nkin« in (tie t'.K. 

5. Siuarl Reider. \ ite t'reffdeHf and f i«icr:i| .Manager. 

Inlurniiiit'iul Banking in ihe l -K. 



Yai.tn die Unugd Kingdom. branch-* in Lond-Ti *nd Eirmin;h.un sni a i .-pr-^n:-4ii- - off. re in Man^rhe>a;t''-h;r bon.hrs MiUa P 
An InTamtii^wal R.nkittg XetmortLat bnKtKfi,iubaidMrRS.aUiUies and repreunume cttxei in ij caumnesc-ti 


■•t. K-.r: u.V ki-...:,,, 
ma LwnUj^iiLi. 










PARI. I A Mi: NT AN I) PO I.ITICS 


financial Times Tbins(lay : 'No v ^^^ 




iA.VvfN r;. -» \VV 


A - f . 



silent 
on home 
loans 


Senior police officer leading inqiffiy lifco 
Rhodesia sanctions busting, says Silkin 


writes to 


v * — THE DIRECTOR of Public 

Prosccu lions had received pre- 
■H I i in inary advice from counsel on 

the Bingham Report on 
' Rhodesia sanctions-busting. and 

had arrnoged for a senior police 
officer to lead the inquiry. Mr. 
By Our Parliamentary Staff Sam Silkin. A Homey-General, 

said last night. 

KB PETER SHORE. Environ- The police officer had already 
ment Secretary, refused to ho .darted work. Mr. Silkin added, 
drawn in the Commons on when opening the second day of 
reports that restrictions on the Commons Queen's Speech 
byilding society mortgages dehate on Rhodesia, 
would hr? withdrawn shortly. "There is one basic principle 
•He tr.Jd MPs that he would ,lia * ha * soverned and will 
be seeing Hie chairman of the S l,ver | l thinking. Nothing 

Building Societies Association must be swept UD der the carpet." 
later this month. The future nf Mr. Silkin declared, 
the restrictions on mortgage there has been fault ii 

lending would he reviewed in must exposed. If confidence 
Department’s joint arivlsorv in Government or in those out- 
commiltce with ihe building side has been weakened, it must 



10 examine the conduct or people that Ibc *ame difficulty arises status of a Royal ' Commission merit's Rhodesia policy derived 
outride the Commons and ihe with any open inquiry. "and Che which would reduce the problem", from misinformation and 
Lords who were not able 10 reply wider the terras of reference the relating to earlier Cabinet ahee about wbat was happening 
in Parliament to any criticism. more clearly it arises." ■ papers. - " ' L..' nr Salisbury. 

The Royal Commission on MPs would have to consider A Se ,ecl Committee, which ; “it is crazy that the Goverri- 


The Royal Commission on .MPs would have to consider A Se,ect Committee, which ; ~jt is crazy that the Govern- By Richard Evans. U»bby Editor 
Tribunals of Inquiry headed by whether this tvm» of tribunal had been favoured by most m * n ,; ar . no t represented there . . -• . „ 

Lord Salmon, had recommended with its lengthy and cumbersome speakers, could be given what- permanentlv by a senior, and THE TjISMiSSAL raf Nr. Brian 

six “cardinal principles” which procedures 8 wnu Id be a orooer pver powers it needed. Such respected civil servant. The Sedgemore as J*arliaraeRtary 

should be followed. K’ -^ muke a onlitieal Ud?e committees played an increas-, C^eraraen! is flying blind do Privaie Secretary toMrAnthony 

They could, noi be applied in- mem o° n m the * xn ^’ y 3 ' uable >n v esLigative role: the moment." Wed^awd -B«>ui r 


The salmon principles had reference the less difficult it Rhodesia WQU | d be unlikelv to ?nd P Visitin- two operational Mr. Sedgemore.Lett-wipgMP 

inevitably led to procedure would be to proceed wnbou POtluce iLs rep art during th'e life- JSfes TSe to the conclusion for Juton Wert, to 

becoming cumbersome, lime- prejudice with the possibility of k me of (his Parliament gif the Sa? would not be ended the Speaker Mr. Geojffe Thomas, 

consuming and complex. criminal proceedings, if the The House should also be con- ^ -a military solution. • seeking ndvrf.ee in Whether the 

MPs would have to consider immunity had been granted to cernGd w ,th fairness and with mutwryswu u dismissal affects bis duties as a 


consuming and complex.’ criminal proceedings, if the * rh^House should Sn-tg con- mllita^soTution. 1 " seeking adnee in - whether the 

MPs would have to consider immunity had beeo granted to cerne d with fairness and with m , „ . dismissal affects bis duties as a 

whether the usual form of witnesses. the comm iitee being constituted th * ^h" s " h , i,i, member o£ a select committee, 

tribunal, judicial in character. A committee of Privy Coun- on panv Hues. it would end-uri «#?» and inaction—oy ni» He was dismissed by • .Mr. 

would be a proper body to pass ciUor s would emphasise the H n t h the House dividing on party deafening silence — ne rws cajiggban. after his disclosure of 

what must be political judge- desirability of speed in bringing lines. encouraged the ieaa fjf J” .yl"® the contents of a confidential., 

raents. the report before ParliamenL “ If the House remains unsalis-. Wriotie Front t°_ tnim< uiey Treasury report on the.Eurpi»im 

Even the relatively limited It would need a great reliance fied that dark places have been ’ have •• Monetary System at a meftHrig ^ 

terms of reference of a tribunal on co-operation of those sufficiently illuminated then the. ^ fl, * ‘ or a m,lltary 50 ut,u . a select committee last- Friday, 

similar to that investigating ihe involved, but would be much less decision is indeed a difficult 4ne: . It should be made plain to the w hen Mr. DenU; Healey,- Chan- 

in Silkin Crown Agents would render cumbersome. “There is no solution which Rossi ans that rotations in other cel tor of v the; Excbeqner,; wai ' 

prosecutions extremely dilitciiii. It could have a powerful and combines all the desirables.” fields could' not continue giving’ evidence. 
injectivity and wider lerins of reference would balanced composition combining Mr. Douglas Hurd, ari^OpposF. normally as long as they were Mr. Callagban'is dismissing'- as 
!Qi:e - leave them out altogether. judicial and political experience tion foreign affairs spokesman, -backing the guerrillas ui ridiculons- c07nplarals .ihat ;the .: 

lere must lie m> •< f must also make it clear and could be vested with tbe said many faults of the Govern- Rhodesia. 5 acking.'iri.valye$ any. interference 

•r the inquiry fur with an MP's duties.; The Friine 

lVt * r ' u P- — -urn m Minister's —view is that-^lf: - 

2JS I knew nothing. Heath tells MPs 

offered, were the - O 7 • ... the iff. •' . 

jUMificatiun for v V . The Tribunrte BSF: is 1 the sixth 

lily ui Cabinet BY JOHN HUNT, parliamentary correspondent _ • . 1 . to be dismissed by ^ Mr. Callaghan. ■ 

„ u u-hr>thnr un MU- EDWARD HEATH, former -ml that the “swap” arrangements revealed.” he declared. “ I .take . There had been an “extra- since he b^camei ^rennicr^r_ ^ •• 

ri inwards th! Conservative Prime Minister, conunued until 1976. and accord- the view that this does not ..lead -ordinary association" between 

-nnnShim? ,,r told the Commons last nigln tbut ing to some aDega lions, even into to the most effective form .of. the. oil companies and Whips mCorn-. 

«neVl«ni and he had no knowledge of sanenons the current year. government” '... servants, both In Ihe former mods , rancOTOCci ^ 

£ i v ! n d ^ breaking by Bntish oil companies Therefore, he argued, it was Mr. Heath said that tbe' nfe-'H^istry of Power and in Mr. S^ger^res tran^ssj^. 

I hlsi if\ 'a "deeo applying Rhodesia through not jnsl allies tion of. the Con- situatioum RhodeS ^ Foreign Office. - ’■ was to defr 

. h ■ ntnS “swap” arrangement* in the servalive i.iovernnient not having .. r-^j-y h(eak “ He suecested that - The Bingham Report had made a njltlBierlRl- aiije^ 

the accepted J l9 / 0 . T4 ^"hls iovern- access . to documents from an Td^den.^SfSS:SS5- references to 
Mr Alev Lyon *** in office - Labours period in office side Britain should be appointed ^"t by Oil companies Jo dji *««ptea.5Urid^dsof resjrano- 

'* ■ , "J on ,, . • . . He wanted Mr. Heath to con- . v.-npif tnu^rHc -in tntsnioi servants for their eyes only, oil tty ana atscretion. 

d that there He was very cool tmv;.rd> the firm lha , hc n erS onally had been SV-iS infm-rnaiinn received h’v Greater interest than usual has? 


By the Foreign Secretary s member o£ a select comraittee. 


A committee or Privy Coun- on panv u nes . u would end-up and ., inact10n '?V He was dismissed by . Mr. 

Uor s would emphasise the H -ith the House dividing on parly deafening fl - the Callaghan, after^hls disclosure of 


societies he restored." If the law had 

WV..IV* hnckbffnchprs ^ b o ;l;^ n ca«" ,USl h ' 
f? led » n .i'’HS,7' r "w m M?h '".hw " OTs '“ d 10 consider vlieitier 

sw h.i ™,sed house^nj n^syaii 

P-W unsold to SOI mongascs. -“SilleVuS gJZtSX?- 

«r “The House must accepi that Above all. there mu»l lie m> 

i^GCcSSaly if there is to he any further justification after rhe inquiry fur 

' . wide-ranging inquiry which tn- a .-Marge uf a cover-up. 

Mr Shore agreed that pn»-cs eludes (his question of possible lw „ principles, of collec- 


ciuuij, wuu.u wnm tne nouse aivunug on party t v, p 

desirability of speed in bringing lines ' encouraged the leaders or Toe contents of a confldeimal. 

the report before ParliamenL “ if the House remains urisalis-. ?* Tn ' oT *£ Fr ° nt Treasury report on the.Burppenn 

It would need a great reliance fi e d that dark places Have beea *? wply naveto suck itoui^au m onc t ar y System at a meeting uf 

r«r a .waft f nr a milltaTV SO UuOfl. . a .ua 4 Ttot-' 


Necessary 


lending. which >uccessive . Governments 

U that had nm been done, he have pursued the sanctions |n ' 
Enniiinely believed that pri'-cs policy, in examine the role or f, ■ 
v.-nuld have gone up far more the multi-nationals, and to deter- ... . . 
sharplv and more quickly than mine the responsibility — * ?T, 
had Horn the vase. pohucally as opposed lo criminal ' 

In i lie ninv months to the end Ministers, officials and those 
■•r Sept rm her. the building *hai vere given that mfur- practice 
soviet i<*> had oimmiimd 602.000 mat ion. Interv 

ninrilacev. at a monthly average " ^ has been suggested in some 
offiT-OOfi. he added, was a record quarters that the Government is J 


I knew nothing, Heath tells MPs 


The que-itiurt Is whether an ■' 


BY JOHN HUNT, PARLIAMENTARY CORRESPONDENT ; l 

EDWARD HEATH, former nut that the “swap" arrangements revealed.” he declared. “ I .take V There had been an 


Intervening. Mr. Alex Lyon 
(Lab. Ynrki said that there was 


offiTlwrili'" addedwas areeoFd quarters that the Government is said tnat there was nc firm that he personally had been ^ttlemenf acepotahle toMr ^ urelv. in formation received hy Greater Interest thatrusualjias :~.: 

fi-mre ihov-e i ho previous record anxious io resist an inquiry inio *I ,effecta " a, !f 1 ; a,,n " Th,lt j 10 ld ’ ne afn *1 . P^'bl lie in- , o(d n0 ,hj n g about the "swap” \tqnio and Mr Pl Muaabfi-" thri ■'•Government departments was been; generated -by the affair 

aSred m 1077 these mmlcrs. That is qu.re ^ah.nvt had ether known and wiry into the allegations made arr3n genients when he was Prime leaders • of the PafficTrSt intended indirecllv or directly b^ause, of Mr. Beon^s <»ol rets, , r : 

a-.iiic'ea in u.«. OTfl „„ two fiovpmmoni h:.s nn deceived Ihe raise, or that it had in the Bingham Report. Minister. I?!?.*” 01 ine ' m ifor'the attention of Ministers! ' -tlons with the PHme Minister. . . 


’V. I '« 


Council powers 
promise 


these mailers. Thai is quire arrangements when he was Prime 

Wong. The Government has no deceived rhe raise, or that it had in the Bingham Report. Minister. 

such wish and will consider the not known annul a major matter if a further inquiry were held. Mr. Heath said: "That is 
views of the House." of foreign policy. then he was opposed to it heins perfectly correct. We knew 


factions. 


. tlons with the PHme ' Minister. ' 
Both Mr. Benn and Mr. Sedge-- 
more are. confirmed 'sntl-i 


Th'’ Government will seek, 
during the present Parliamentary 
session, to fulfil its pledge to 
restore certain powers to district 
councils. Mr. Shore said. 


SUCH WISH dllU will luiiaiutri me - — -- - - ' XI a IUI Uicr inquiry WITV IICI'I. ,1ir. neaill IUOI .< T, chm ■ Irl ha rAmoniK.uhnm "V"* “*■ ««£>«- 

views Of the House." of foreign po icy then he was opposed to it heins perfectly correct. We knew . ** if 0U J a . L-2 raeoBe - ™“ • TlatnrmSn afmn mow are. confirmed anti-. 

If Lite objective was the One might then to inquire inln ?jven access tn confidential nothing about the swap ” ,i~ tW- Tor? • JLIClCriUlllallOIl marketeers' strongiy opposed 'to 

scrutiny or successive Govern- the reasons why the government Cabinet documents dealing with Mr. Heath was also pressed ff Jl* C J2JSHLn M British membership of. the EMS. 

men Is. ihe question arose as lo machine had ailed In convey that sanctions. hy Mr. Robert Hushes fLab. pS h! iSSSed EiJ feer — Mjoving directly agqinst his - 

whether n would be necessary information lo the Cabinet. Mr. Heath emphasis'd that Aberdeen North! lo say whether ^ FPS xuther than : through Tffr. 

10 examine the whole record of Surely that is enough tn say when Hectod tn June I97n his at any time during his four years Hi * . H l.JL S ^ cS?, 1 fl J B «nn the Prime Minister, faced 


in examine the whole record of Surely that is enough tn sav when Hecrod tn June 1970 his at any time during his four years Jn P m and avert^a “9^1 SuthMrina mShtll [^London the Pr t me Minister, faced, 

how previous Cabinets dealt with ,h « l in , lh ‘. s case we ought to SQ vernmenL in accordance with in office he had inquired about avert : * ■'•-* W n £ ffiJoil eJSSKJ' ^ •^ , * y with the 

the question of sanctions. , convention, had not been given the effectiveness of oil sanctions. «*«*«***• ; the m °” CQm ^ a tffrnaHve Of accdp.ting the : . 

It had been a long-accepted “"f_ rec .°°j , r l ^ a J, a rarr 0r access lo rhe papers of ihp nut- Mr. Heath replied that the f; j rt . *'• Thomson the former Colonial # ?**S*®? Qr challenging it and 

practice that Cabinet records ev ® n a i Ih ., ,u Labour government under Beira pal rol to prevent sanctions LOniiuCnCC ^ecretarv who later became » he 

were afforded special secrecy ^ ^ f h ‘!^ ! ^ L ’ r Sir Harold Wition; busting had been maintained ^ " Mmivtpr Without Portfolio • Mr. Benn made his oww view : 

unrir thpv were sent lo the Public '\ erp ar - ,im cnts in favour of Therefore, he said. Sir Harold Hpsnite criticism from Tnrv - David Steel. Liberal Minister Without ForUol tL dear In- a handwritten letter to 


H approved by Parliament, the un^ii they irere sent to the Public H i erc ™ m fnw « n ™r n, Therefore, he said. Sir Harold despi t e criticism from Tnrv Mr. Davia Steel. Lioerai — clear Tn-^a hand Wrirtenlefter tb‘ 

bi-cest liencflciaries of local Rfconk office alirogatlnE the practice. He had nni been correct Hie pre- backbenchers The Common- leader, told the. House that ..he. . “That memorandum in. my Mr. Sedgemore in . which he 

government reform promised in -■ ll h J i, een a o Pn c ra iiv was nierH, >‘ seeking lo pul the vious day when he said thai the wea ., h sanctions Committee had believed a further inquiry was view sets out more clearly than. “ deeply regretted." the dismissal 

11 lldS . ,,een . ■ =™. . . y arc,, ni n n ,« that Alps COU d <nr nm mn rnncni.H v . Admin:.. _ IW tu»na..c«» the one anw nthor nnner what exacMv and thanked- him Kic . 


r and thanked' him for His out- - . 
► standing seryice& to tbe-party. 


JPERT 


Mr. -Shore had been pressed by m considering the npUons nlloeaHoiis ae'ainst certain Tory Govern men I- at. the lime. J?I nl Lrt n SJ W __ , 

iipposiiioa and Labour MPs abke. open, Mr Silkin pointed OjU tha} Ministers, politicians and others The - question of.if-ihe ‘swap” m - n , e u ol pD c e f,' • „„ tribunal of inquiry but was no-i th- Rm«hxm ; TO«tn^hM 

in say wTien lie expected to the. Privy. Councillor procedure Surely lluey are entitled to have arrangements was nm raised by P „L £}£!** £» *Z longer convinced that it wi *e? a i«adv recorded th^ riSuBit! 

implement the reform. was much less cumbersome than the relevant documents oloked at. Tory Ministers for the simole P . arlla , raentar5 mailer. m he de- • ■nr***na :• 


o for the wav thev had i mole- Bingham Report/ ' Order and that c« 

menieri nnUcies P At first he had favoured . a. qriences would flow," 


Mason will 


rm - was much less cumbersome than the relevant documents oloked at. Tory Ministers for the simple 

expect to get others.- t have looked a.t them, . reason- that they -did pot know (f ,L_ f 

re -tlie House 1 1 could have the advantage of “The Press have ei indue led a about them. / - - • 


" We hope and expect to get others. - 
the measure before -the House conk 

during this session." speed. Us 

The key to the new Bill — 
amending the 1972 Local Govern- an ‘ 1 p0 , 
ment Act— will be its enabling 11 ‘-■ ou * 1 
provision^, meaning that the 0f 

speed and extent of the changes Problems 
will depend on future neaotia- Cabinet 
imns between local authorities inquiry 
and the Environment Depart- reduced t 
ment. committee 


dared- best way to proceed. --. that had taken place abbiit' what 

If the Commons was to con- If. however. ,a- select committee Ministers should soy in the 

sitter setting up an inquiry, it was '° ’ oolc Utv.-the raatter,lt House of Commons following tbe 
had to take into account the vould nep<1 t0 q a Y e . considerably meeting with the oil companies 
.'inounl of lime that would have m o»*c Power, servicing and back- a t which Lord- Thomson had 


up 


:t:ng L£ 


ring tins session.” IS Ifl ^ \ 21 ^ »« rak? inV ac^n^ the —Id need to have, considerably meeHng " JSSiE. ^9!^ 

rhe key to the new Bril— ^ l ? P n u Q i .^ 1 J d m,- s S nrum slu that he AileeatlOIlS .-mount of lime that would have more power, servicing and back- at which Urd Thomson ' had ’ X.Cl II OMtd * 

ending ihe 1972 Local Govern- an ! 1 JJf* u .,th Li hif ' hp^ innk ^ to be devoted to it at the expense up than was normally the case. leaTnt about the “swap" arrange- mqTJn? m/b*. 

ni Act— will be its enabling „ be^'n 1 esiul^with thc would d« hts beat in look During his Government, the of other pressing matters. Mr. Steel Maintained That th > merits. Mr. Steel went on. " -:.522?2*f 


of a Royal Commission, effectively ai each possible form Commonwealth Sanctions Com- Bingham had made 3 full re- sanctions breakina had shown rhe “There in' black and wbTte* «u? SOn 
ns or prndunilon „ of runhor ,n.,n,ry. mi.lec M4 been responsible for portend ," .he House wnmed ru failure o H he House in fulfilling „ KSlffi “tolnhls ® r ffl « l/**?' JP rt 

papers at a fu,u /' e ,niNn^ MM ov ^ s ^'mj; sanctions and had take pan nf that report and cen- »t* P r,me duty lo control the House tbe -truth hut riot the 


inquiry would at least be jHi JJJJJJ. ^nk«?‘iii^ cnTirinu?d in carr ^ mxx « heir res- cure Ihe Administration or any executive. The issue was no whole truth.” Said Mr. Steel. The - Tue ^ d ? y about - 

reduced by The Privy councillor ■ ' J™"”*'*** ltk« Jiiat |Ion siUmies. particular Individual, it was open longer a political one. House vss dearly -misled as a nspndTO.and. Jawyera.ln 

-.■omraittee method. Investigating the Grown Agents. ln „ ie tj 0 m mo n wealth enn- Tor ii to do so. “ It is one affecting confidence result of that meeting ' Northern Ireland, MPs were toRf. 

But. finally. Mr. Sikin said ™ .il fcren ces of l«7i and 1973. The limitation on any future tn our capacity as a House of The main charge against sue- „ A stateraenl was read ouLonMr./; 

there was no solution which com- "J-? ; * J’* . ‘ n /r,u D nothing had heen raised about inquiry would be the same as the Commons to supervise 4 he cesshre Governments apart from P4asQn s behalf by |fi*.,Don CoJi-: 
hined allthe desirable elements ' ri f. nd ine the supply nf British oil to limitation on Bingham. administration of Jtovernmeoi. any possible cdver-iip. collusion Northern ■■ IreJgfld * 

nevessary to be fulfilled by Lhe ,, ^ „hi 6 nni* "Suii'e its Rhw,ffsi *‘- Nor had it b-en raised As regards Cabinet documents. We just can't let It go.” or denial of information to the* Mf "/ Sier of Stale, _ : . 


executive. 


THE Environment Department inquiry. 


_ _ there was no solution which cum- c^i ; 'ilT, ,Li nothing had heen raised about inquiry would 

Storm riamaop hined all the desirable elements i,l P frlmIn!/nu- nd the ,he su BB ly ° T Bribsh oil to limitation on 

Oiunil uamage necessary 10 be fulfilled by Lhe u, Rh«lo*l«. Nor had ,» b-en raised As regards t 

H lrt, s»« nnl conclude _ Its j- f |Unissinn< which Mr. Hpalh hr timnhaoxfii 


has paid nut £249.000 in compen- themselves must race the neX , vear an( j lls rep0 rt might 

sation tn local authorities for question of what they believe to not i,g delivered until 1980. 

flood and storm damage earlier be priorities— openness, speed. MPs would be concerned with 

thifc year. Mr. Peter Shore, possible prosecutions, width of the effectiveness, credibility and 

Environment Secretary, said in a range of investigation, fairness to fairness of any inquiry. This was 

Commons written reply. individuals, preservation of con- particular!-, impririanf if it was 


invlctin Tinn nf in discussions which Mr. Heath hr emphasised that it was ini- The report of Bingham, had Commons, was the lack of noli: - ^e statement said: “There 

:e the JJL JT * !"V »nH ni n>iMrt Vniaht had had wilh PrwWwrt Kaunda pnrtani that Ministers should be show an “ astonishing anraraUty " tical muscle and will to make cajVb® question of my. casting ^ 

»ve to nra ho HniirprMi ..mil iMf, 8 of Zambia and President Nycrere able to discuss matters frankly among oil company officials, h? sanctions work. • . . reflections on.tbe legal profession 

speed. Mpf "ould he concerned with of J a ^ ani ?^ , between themselves. said The matter could not just “That is why we should have 15 -f eIati6n ** the wajr in which • 


between themselves. 


Sir Harold interrupted lo point "The documents should not be be allowed to rest 


a further inquiry.’. 


they carry out their right- and •/. 
duty - to defend people, charged ' 

-w-^ -m -m -a -m __ before the courts,*’ >'• 

Peace depends on arms balance, says 6SUr|« “ cifearei .up ” I.t '^morfowis. ^ 

, „ ... , ’ . . Northern Ireland question time. 

ARMS CONTROL and dtsarma- cognise* that such efforts should enhance ite defence capability, "it ft a s been a most sorrv comments were' made i 

ment could only be successful in of themselves seek to reduce and the UK Government was story. So much of the goodwill when . Mr. Mason introduced • 

the enn text of a st:.blc military tension betwen East and West, committed to vigorous and felt by orir partners at 5ie time s P« Sal measures to change the * 

balance. Lord Peart. Leader of and can only be successful v sua* lined effort l0 see that he nf our entry, and the hopes they Procedures for remand pr^Oriers 1 






.iu.jMi.ir. Mra rnn. ui „n.v ..c . .-.uanunca cuur. i© see in at ne nf our entry, and the hopes they procedures for remand. prisoners r 

the Hou.se of I uirds. said. mirsned ,n ihe context or a stable programme was a success. placed on the contribution we as a resgir of the prison officers' - 

opening the fjuem's Speech m, J '!? rt , ,a ,JI1C - . Soviet relations had been could make,' have been dissi- dispute. -v 

I debate on fureiJn affairs and . . Wr are convinced that our affected hy the tension in East paled.- • • After Mr. .Masons statement V 

i defence, he said that peace was . defence capabilities must be West relations nver the past few *»c*ia om hae been read oUf:-by "Mt Con i: ” 

aiore likely r» be i-reserved if which months. Jp om has more political Mnnon/Oli f fle Tbsence ^ 'of ' fhe ^ 

ihere was u iniliiL-ry balance be- jo-unjains « deterrent It must The i.nvernment has made nn^cklv to so litilp^rurL^t - k° Northern Ireland Secretary, Mr;"' ' 
tween East and W.>i. Restraints £-■ the <.»ivernmem s vesponel- clear to the Soviet authorities 1 Rule effect, he Gerry Fltt (SDLP BelVari Wi ' r 

must be seen tn l K . mutual i!!. 1 . 1 -’ *® delerm . ,r l e ln which Ihelr views on recent Soviet Jl art»«w« » .... said it would not be apceoted hv - 


mst be <evn m be mutual 10 netermine in wmen mvir views on recent Soviet ,«»*!■> ... said it would not be accepted bv 

He spoke of Ihe central role “ ur efforls *>'««'« in Africa, on human b eft S? a ?inH ai wnr.r^nL “>e N'orthcro Vel^d kK 

adittonallv ala veil bv the ^huulri he channelled. rights and the continuing Soviet B ' al -Worst rank f esS i on , a 


i rad i tiona II v pimed bv the ^nuuin ra- cnanneneo. ngnts and the continuing Soviet nhcTri.rriAn 1 *' "* “*" K fession - : 

United Kinuffnm in the search Agamsi il w background oT ihe build-up in Eastern Europe. L^rd Soamos torativ “It is a gross abuse of the - 

-Tl„, i :«tvt-rn'ii-m Uirm Mn.-heok.fi, rould andenoine Ihe . For lhe Tories. Lord So.™,. □ ’ l S5grt_ M ,„^ t .... u Lord Chief of . 


fession. - 

“It is a. gross abuse of -the-. 


am 

" y' .1 .1 •- ’ 


vanen del mie. 

"The Gfivern-ii'-m 


firmly' i fiat il should oiirsue arms » Ilia nee's deferrem vapaM lilies former EEL' Commissioner." con" wouK^oVbe^^BrfSn-^fnrpr fiSind' and Ih^Wgai^^Sloii™ 
enn i ml jn«! disarmament to the NATns long-term defence dornned the Government's for thSe to be SancSon^' he sa .d. " ' ' ® P f ’ 
grvatesi extern P-v.bie. but re- gramme would gradually attitude to Europe. M&ln^JUrtSr ! Tbe Speaker -» rd he had hear. 

no remarks, which amounted t( 

TT'fc']Erfc/~N T\ "B • j • f 1 • ^ of* personal changes against animm 

PPS— Political bird of passage » 


iisyi 


Ferranti exports from the UK are 
running at about a third of turnover. In Europe 
computer systems from our Belgian and 
German subsidiaries are controlling power 
stations and public utilities. Power equipment 
from our Canadian company is selling 
throughout North America and we are 
attacking the key integrated circuit market as 
the first UK semiconductor company to 
establish a manufacturing facility in the USA. 

Ferranti technology is a selling success 
world-wide. 

Confidence, commitment, steady 
growth.That's Ferranti today. 


i-pe speaker sard he had h£ard - 
no remarks, which amounted to 
personal changes against anyone; - 
“in the taw courts »n Northern 
Ireland Tbe matter was best left’ 
until questions today. 


BY PHILIP RAWSTORNE 


ftuantx limited, HoIIinw ood, Lancashire 019 7JS 


Selling technology 


■■ MINISTERS, nf rnin>i\ do not 
include parliamentary private 
secretaries." says tbe Commons 
dictionary "They have no official 
stains at ail." 

This rii-iiiiKdi i.f jfi,. entire 
pnlitic.il -peril*.*- is a- brusque hs 
'• hat administered !<% \hr Prime 
.Minister ibis week r’n Mr. Brian 
Sedcemnrn. PPS iu Mr. Anthony 

Wfdawnod B«nn. 

Parliamentary private secre- 
taries lend in b«; iransient birds; 
lighiing hriclly in the post h«*fi»rr 
rising lo a higher oerch «r 
Muttering back m earth among 
the backbench ll-iek. 

The pnsiiinn i> unpaid, its 
duties undetineit. and the pros- 
pects of its occupants uncertain. 

Gaii met Ministers and eeninr 
Ministers outside ihe Cabinet 
make their own appointments; a 
personal choice Laserl on frtend- 
shlp or sympathetic political 
views 

Bui each appointment haR to 
be approved by ihe Prime 
Minister who requires the 
nominees " u. behave with 
responsibility ana •* i th d iscre- 
i.iun " 

At present -muc 35 MPs hold 
-uch post? w::b MmistL'i?* — 
anulher Iv.u. ?i7r. Adam Butler 
and -Mr. John Stanley, on the 
Conservative sui,, v,fj,j a p{ in a 
.‘inttlar carmotv for M rs - 
Margaret Thntcher. 

The (lutiie.s given to a PPS 
depends; entirely on tbe Minister 


he serves. For «r»mo. the job 
amminu lo no more than that of 
a general errand hoy. carrying 
papers ami delivering messages. 

Bui most -min become, in 
efff-cl. lhe Minisiers' pariiamen- 
ltv advisors, alert lo looming 
backbench criticisms of depart- 
inonrai policy and »|yfr .irganisers 
of help m times uf priliticai 
tniiiliie. 

There is nnlhinc to prevent 
Minisiers 'from sharing with their 
persona! allies the most confiden- 
tial information on policy-making. 

The pps is often used to lesl 
nninion among the party's MP-. 
and l he re fore caucn reaction lo. 
impending legislative or admini- 
strative decisions. 

For those who find the tasks 
compatible, lhe pusl is a sure 
step io proper Ministerial rank. 

Sir Hamid Wilson'.- aides 
during hts Premiership have 
since risen to the highest ranks 
uf lhe Government— Mr. Peter 
Shore and Mr. Eric Varley to the 
Cabinet. Mr. Gerald Kaufman lo 
Minister of Stan*, industry, and 
Mi - . John Tomlinson tn a -simitar 
po-i] at the Foreign Office. i 

Bui if they aspire to such i 
heights, they are expected in 
conform to tht- general discipline j 
imposed un Minisiers of InyaMv : 
-upportinB tilt? Government in i 
their votes and speeches. < 

Some achieve this in spile nr i 
apparent conOicts. Ur. rtonagh 
McDonald remains an active t 


* member nf lhe Left-wing Tribune 
Group while PPS to Mr. Joel 
Barnett. Chief Secretary 0 f 
Treasury. 

_ Those who find the rules r.f the 
Government learn Loo irksome 
arc expected lo resign belure 
publicly displaying their dis- 
^ualaclioQ. 

Mr. Callaghan himself resigned 
in 1945 as PPS io Mr. Joiln 
Parker. Under Secretary for 
Dominion Affairs because he 
could not support the Alike 
Government's acceptance of the 
Bret tan Woods agreement which 
set up the Internationa! Monet- 
ary Fund. 

As that incident ironically 
shows, resignation certainly need 
be no more than a minor set- 
back lo a successful political 
career. 

Mrs. Barbara Ca*tl e and Mr. 
Bob Metlish are iwo among many 
others who demonstrated thai 
losing a post as PPS could turn 
out lo be a political blessing. 

Prime Ministers have been 
notably intolerant, however, of 
those who rebel against Govern- 
ment decrees while still occupy- 
in gibe posl 

Sir Harold Wilson dismissed 
.•icvcn antt-MurfciM MPs from their 
jobs as Ministerial aides in one 
night after they had opposed the 
Government in a Common Market 


Others, including Mr. Joe Ash- 
Ion, then PPS to Mr, Benn, were 


removed after voting against the 
Government's expenditure cuts 
in 1S76.— 

Mr. Ashton stayed on wUft ltlr. 
Callaghan^, -approval . , after Sir 

Harold resigned, but Ultra went 
later ©rhis'own accord so. that 
he could 7 speak his . mind more 
freely -about Government policy. 

Mr. Callaghan has now* 'dis- 
missed six Parliamentary Private 
Secretaries in his 2i years" as 
Premier. . The last three went 
after voting against the .Govern- 
ment, in’ the Commons last year. 

His 'dismissal of Mr. Sedge- 
more. -if -ts said, now raises 
iinportahj questions of conflict 
between executive power and tbe 
rights ot MPs. • 

Mr. Sedgemore claims that it 
amounts . to interference in his 
work as a member of the Com-., 
mons Select Committee, to which 
he leaked! - the . confidential. 
Cabinet -document 

The. Prime Minister; like his 

predecessors, -secs it th much 
simpler, terms.. 

AriyPPS who embarrasses both • 
the Prime Minister and the Chan- 
cellor by provoking Opposition' 
demands for an inquiry into the 
leakage- or Government secrets is/ 
in his viev, neither discreet nor 
responsible.;!-- , , . 

So Mr. Srtcemorc has pone— 
and Mr. Benn "left with the 
choice of -ruefully regretting in a 
departure, or Jtninc as well. , 4 

Lombard, Page 2i 


Ulster MPs 
Bill gi ven 
First Reading 


THE GOVEB.\;.MSNrs Bill to 
increase tbe number nf Northern 
Ireland MPs was given a formal 
first reading In the Commons. ' 
The Bin— bltferiy opposed bv 
Left-wing .Labottr MPs and by 
Social Democratic arid Labour 
T’arty loader Me. Gerry Flft— will 
give J fhe Boundary. 'Commission 
discretion over -whether Ihere 
shbatd' be {qur. fiye. hr. sU. extra 
seats. ■ 

It is- in line with : a Speaker’s 
Conference" .' recommendation, 
which was published, during the 
Jasr session- • - 

The . Bill — -the'i -House of 
Commons (’Redistribution rdf 
Seats) Bill— rwas promised . in 
last week’s Queen's Speech. 




V 


Rees promises 

prisoners list 


c v 3 l & 


TTTE HDlWE Offire » to draw, up,, 
.a list -Of- sente Deed prisoners wfio 
are, . mentally, iff.. Mr. ' iffertyri,. 
Rees.; Konie 'Seewtarj'i jatid .In . a 
Cdrifmons wHBe'Ji tieply? "• ' 

He jVJrned that a-iapidlsbliL-. 
rinri wv .Ihe probtem '.wSs npt tp 
Im 1 - expected: . ^ -BaJ^he.- had : 
dixroxwd - it - with ihe Social 
Servicl# Seer etki-y U^id Znnals/ 


A* *■>' 


•K; 












11 


-US***- -.S V : ‘ --«• -- •5-=-^' 

iypSTvv'X. *,- .- •. • V v 7 - . . -... r- : 


: ,/j 


«Wj \J3 lo 



■|;iu\tr 

remarks 


Managing Director 
Public Company 


bks sobstantial fiiiicb. to invest ill profitable companies engaged in the 
djstnbotion: of consumer electronics and is interested in discussing with 
prindpds .either: a(Mjinnng or participating in an equity holding. 

Contininty o£ Is : fessentia]. 

Ail rCpli^ mll be: ftcatedbwith strictest confidence. 

. Times. 10 Cannon Street, EC4P 4BY. 


Peter Whitfield apd Bob Tanner ; . 

have earmarked £2,000,000: fpr^nvestmenrin pri vat e 
companies;, .which-- they lyouldv expect, to float on 
the London Stock Market within . the. next two years. 
This wilt be particiilariy attractive to* 

(1) 'Managing Directors wishing ti> buy control 

' oftheir companies. . 

(2) Private companies which, .are not . large 
.enough; to float on their .own. ; 

Minimum . profits.,' £100,000 ; pre-tax , and in. the 
London area, y . . .v . ; - . ’ ‘ : ' . . . ' ■,:* . 

Write Box: G:2S 12, Financial Times; : 

• 10, Cannon Street, EC4P -4BY; 


... ' . Do you have a y : : - 

Development Land Tax Problem? 

.. '.’r We can helpl^ : 

' - : Reply iii confidence- to: * . ‘: ; ‘ 

- Master Investments Limited ; V>/ ■ 

' RO. Bex No,: $34 y . : - 

. . .• .; „ ...- iersey ;- : 


. A Quoted public' -‘y:, • ■ 

P RaPERTY CO MPAN Y 

is interested to acquire', the shares .-In -a. private propertyl com- 
pany either for. cash;, or a share exchange. "Please write in 
confidence to: The 'Managhy; Director.- Box G2715-, Financial 
• 1 'Times, 10 : Cannon Street; EO«* 4BY. ; - -ij . 


FLOATING DRY DOCK 

Required by Indian Ship Repair Yard 
on Hire/Lease for 30 months 
or Outright Purchase 
To sun ships Length 115m 

Beam ]5m 

Mean Draft .'LSiii . ...... 

Propeller Draft 5m . J. 

Displacement up to 3.000 inns I U0CK,n *- 
Suitable offers with full details mjv be conveyed bv 30lh 
November 1A78. 

Controller. Indian Frigate Project Cilice. 

c/o Yarrow Shipbuilders Limited. Tel: 041-95(1 1207. 

South Street. Glasgow G14 0XN. Telex: YARROW 77357. 


STOCKBROKERS 

The opportunity arises for a select sroup of Members tD join 
a small but highly profitable firm and. if required, to take a 
substantial equity stake therein. 

Commission income of about £300.000 p.a. would flow almost 
entirely to profits resulting in the return of at least 70!, thereof 
with potential corporate tax advantages. 

J^.9 rou P would control its own luncheon and Board Room 
facilities which are ideal for Institutional clients— so are efficient 
modem computerised aids to settlement and administration. 

Write Box G.2864. Financial Times. 

10. Cannon Street. EC4P 4BY. 


Your French Connection 

Want to step-up your business in France ? 

Enjliih^ businessman. French Naranar. qualified engineer, with lugncst references 
end wide connection*. 20+ yean pracncil top-level experience siles/marl'et- 
"ȣ/ management /admin. with French industries and government. Member British 
Chamber of Commerce m Van*. 

Often highly personal and individual service to British firms. Independent, 
unbiased, confidential. 

Can obtain information, supervise, problem-solve. fix contracts, ere. Anion 
not words ! Further details available upon request. 

Michel Kelton. B. Eng.. M. Eng„ M. Bus. A dm. 

18 Avenue des Champs Elysees, 75808 Paris, France 
Tel: (010 331) 723 7820 Telex: 660492F 


Excmi*^^ - 

■FpAGQWJ^T ftOB JNi Ajyd^SH IRE . 
to include 6 squash" courts: restaurinfs, bars etc." Situated in ,Jy 
acres of prime Greeny Beit site with, pianniog pernfisston. ..We 
require a partner with expertise In the -leisure . indusrry and who 
is prepared to Invest between. £100,000-£250.000. y* 

Write Box GJB90, Finandat Times, ..IQ* Cannon Street, ECfP 4BYy 


HOW TO SUBSCRIBE 

" to- 

the wall Street . ; 

JOURNAL 

Rate for U.K_ & . COntuiefeW 
Europe:' rs*".*4wl 

SI 90-.’. r 1 year . 

5100 ,.'.'2.... 6 'months -' 

S50 ... 3 months : - 

Payable in dollareor equivalent 
. «rt focafcurrency. 
Delivery by -Jet - Air.. Freight 
from New York, every business 
day., 

(Other area rates on. request) 
Send order with payment to: 
THE WAUL STREET JOURNAL 
IntenutionaT'Press. Centre 
76 Shoe Lane 
London, £CA. England 
’ Atth.rMr. R Sharp ' ; 7 ‘ 

Abo available at major news 
-stands throughout Europe. 
ASK FOR ETV 


. NIKON PRICE CUT . 

We . have cut. more than £60 off the 
normal discount" 'price o* -zJ» Nikon- 
FM camera. We an alio offer most 
Nikon cameras, lames and accessories 
from nock it special prices. Tax free 
purchases for overseas visitors. 

' THE NIKON EXPERTS EURO 
FOTO CENTRE 
High Road, Cawley. 

. J Uxbridge, Mkfdx. 

Tel: West Drayton 41224 
For confidential' Nikon price FJit. 


OPENING TO CANADIAN 

MARKETS | 

Wholesale import: company -wtch ware- 
house and distribution facilities, situ- 
ated in Toronto seeks association with 
company anxious . to expand -"to the 
Canadian market. Reply in writing to 
Crescent Ltd*.. 50 Don Park Road. , 
Markham. Ont, Canada L3K 1J3. W 
our London .repreaon Drive.- E. Roe &" 1 
Co.. 42 Morton Way. Southgate, f 
Nl* HP7 - - : { 


■PROFESSIONAL . ■! 
NON EXECUTIVE DIRECTOR 

is able to take on one or perhaps two 
more Directorships. Specialist in all 
financial miner*, funding, accounting, 
■administration and corporate organisa- 
tional work. Experienced in recovery 
• planning and restructuring. 

Apply In confidence to 
Box G.2877. Financial Times. 

. W, Cannon Street. ECfiP 4BT-. 


- - CALLING YEgfrURE 
• CAPITALISTS 
..ARE YOU LOOKING FOR STRONG 
SEASONED MANAGEMENT FOR 
- : YOUR LATEjpr PROJECT i 
Two qualified vopturc managers with 
good track reeprds in sun-up and 
recovery stcuackuuL at present m 
secure, writ -paid employment at sub- 
sidiary board-level, are willing to run 
riste STtuMaort manufacturing companies 
in. renirn>fbr equity stake option Tf 
auoccufut," Major strengths in market- 
ing, technology and accounting. 

YOU'. HAVE THE MONEY AND THE 
. OPPORTUNITY— 

“ WE WILL SUPPLY THE SKILLS 
Write Box GJ.&79. Financial Timet. 

10.‘ Cannon Street. EC4P 4BY. 


RETAIL CREDIT 
FINANCE REQUIRED 

Retailer of consumer goods requires 
the service* of a Finance company lor 
-hire purchase- Value of goods £ 1 50- 
CI.OO& per unit Annual turnover for 
this sector of the business womaied 
to bo £ 1m P.a. with growth potential. 
1 Prjndpah only, pfeow write I o 
Box G.2B74. financial Times. 

10. Cannon S erect. EC4P 4BY. 


- FOR THE SMALLER COMPANY 
. OR INVENTOR 
looking for 

: — Finance based upon negotiable 
; equity invesamenr £20. 000-£ 100.000 
— Management skills in ‘Marketing - 
. Producckm' - Accounting - Exporting 
— Ex p ansion Into new produets. 

Write .In strictest confidence to 
Box G.2B95. Financial Time s. 

. . 10. Cdnnon Street. £C4P 4Bf. 


PARTNERSHIPS AVAILABLE 

from i to J in well-bred yearlings 
for Flat Racing season 197? at pur- 
chased prices ranging from 3-8. Sl)0 
guineas. 

Can be teen by appointment at 

; J. P, Nelson’s 5tables. 

Kings Farm. Lam bourn. Berks. 

^ Tei. (0488) 7WJI 


COMPUTER 

FOR SALE 

ADLER TA 1000 8K OF CORE 
Only two years old in excellent 
- condition.- Price negotiable. 
Tel: 01-836 9835 


INDIA 

The Managing Director oi a Successful City Financial 
Company is visiting India end uf November. Top 
Financial' and Industrial contacts. Will consider 
taking on and executing the right commission. 

\ Write Box G.2885. Financial Times. 

10. Cannon Street. EC4P 4 BY. 


FOR SALE 

the following companies 
with unusual name*. 

ANY WEaIhER LID.— tf.DOO 
IIOITOM5 UP LTD.— £1.000 

LADY ROMANCE LTD £1.000 

DELTA BUSINESS MACHINES LTD — 
£ 1-000 

BIG ORANGE LTD.— £?.000 
BIG APPLE LTD — £1.000 
AMERICAN BUSINES5 MACHINES 
LTD — £1.000 

LUCKY WINNER LTD. — £1.000 
■ TOUR BRITAIN LTD. — £2.000 
HILLBROOK INSURANCE CO. LTD. 
->£5,000 

"Weoie reply to R. D. Hamblin 
FIRST HAMBLIN (MIDLANDSl LTD. 
101 Wellingborough Road 
Rusbdin. Northanti 


PRESTIGE CARS WANTED 
TO ALL COMPANY DIRECTORS 
TRANSPORT MANAGERS AND 
PRIVATE CAR OWNERS 

Are you obtaining the best pricn for 
your low-niiieagc prestige motor-car! 
W* urgent)* require Rolls-Royce , 
Mereedes. Dsimler. Jaguar. Vudtn 
Plas. BMW. Poriche. Ferrari. Maserati. 
LamDO'ghim. Jensen Convertible 
Rove-. Triumph and Volvo cars. 
Open 7 days a week 
Co flection anywhere in U.K. Cash or 
Banker*’ draft available. Telephone us 
for a firm price or our buyer will calL 

ROMANS OF WOKING LTD. 

Brookwood (04867) 4567 


KxEOJfivm 
DESK COMPENDIUM 


Superbly designed with efficiency 
mind. Desk Pad wnh luxury finish, 
■incorporwing Clipboard and Measure 
Guide. AddroWTwIe phone Walls i and 
Business Card Wallet, neatly fitted in 
wings. Pan and Pencil Pockets Ideal 
flifr. Printed with Company njrr.e ana 
logo on cover Asso'iod colour*. 

farmoff plastics ltd. 

Norihbndge Rd ■ Berthairrsteo - Herts. 
Tel. 04427 5303 • Tele* 82671 5 


SPORTS & 
LEISURE CO. 

Eit. 4 yrs., London. £225.000 t/o. 
require working director with 
min. capital £25.000 for excitins 
expansion. 

Write Sot G.2B92, FiiM.'Kioi Times, 
10. Cannon Street. EC4P 4BY. 


in 


For further information contact: 
K. Dean, 

ARBUTHNOT FACTORS LTD., 
Breeds Place, Hastings, 

E. Sussex. 

Tel: 0424-430824 


FOR INVESTMENT 

LYNDHURST. 

NEW FOREST. HANTS. 

Four Freehold Shops m excellent trad- 
mg position. Let on leases at rentals 
producing o»rr £2.800 p.a. gross. 
Nos. 79-85 High Street. Auction sale 
14th December 3 p.m. at Lyndhnrsu 
Details SAWBRIDGE & SON 
3D High Street. Lvndhunt. Hina 
Tel: 288 1 


. REQUIRED FOR 
RETAINING CLIENT 

A fully developed or undeveloped Site 
for a 

TROUT FARM 

In th# South or South-west. Wales or 
South Yorkshire northwards into Scot- 
land. fNo commission required.) 

- HUMBERTS LAND PLAN 

6 Lincoln's Inn Fields. 

. London -WC2A 3DB. 01-242 1121. 


UNIQUE OPPORTUNITY 

fo' an individual or syndicate to be 
involved in a large exclusive and 
fashionable leisure and retail complex, 
active or reticent position. Total pro- 
ject in regions of up to several million 
pounds. Genuine enquiries only. 

Write Bov G.288I. FinonctaJ Timei, 
10. Cannon Street, EC4P 4BY. 


LIMITED COMPANIES 

FORMED BY EXPERTS 
FOR £78 INCLUSIVE 
READY MADE £S3 
. COMPANY SEARCHES 

EXPRESS CO- PEGISTPA7IO.V5 LTD. 
30 Otr Road. EC! 

01-628 S434/S, 7361. 6936 




IBM ELECTRIC j WELLSITE 

TYPEWRITERS j GEOLOGIST 

Factory recondrtwnod and luaramoed | AVAILABLE 

by IBM. Buy, save up » 1 <0 per cent. , Independent Consultant 
■“J, S -ST It r*w oilfield. E«.ll.n. 

» •„ -,-c references. Works anywhere. 

Phone: 01-641 2365 | j PHONE: 01049-S322-SQ7S3 

■■ ' " 1 1 SPECIALIST INDUSTRIAL Marfccllnp Con- 

ClIDCDinD I sulWncv reuafred. We ' o«r eB iSSSHl 

vwtnlun t tion on. prpioct work and b»MW 

“ takeover. Write Boa GJ889.FHwnc.al 

SURFACE COATINGS 

asLxistnas-a }■ 

there’s nothing to match our unique 

range of tuwiJ plascfc ««*««*■ , J^m,,^^ , ^ffi S AOrtreM|nga«' 

PLASTICS AND' RESINS. LTD« r Maiiimi service. Dero* housb. 

Ocreiand R«4. Wolverhamptan. Surrey.- RH1 3 DM. Mernnam 82 t s 

WV2 1BU- 'PhoBK am ,532>S. iNVESTMeNTS trom shoo lettinus fDulJhn , - : 
- Proauano Net £2.000 D-d-. iJ.SOO o.j. ; 

■ 11 . ami £4.680 p^.- in. moct proiMpr snoo 

AIRLlWc STEWARD seeks ***** w ■ . J <m ^AncMr" - PrewnTA. 

W9S- Dubl,n 

boiqntr 1 8. -62 Wieahadd"- Germany^ *• . Ta! - rroaoo. 


MARKETING 
TO THE D.S.A. 

D.S.A. MarKeting esperL, 20 rears' 
exocrVenty. can hnlp to expand or 
Improve vour sales immodiaiel}'. can 
' handle the proqurcmeni of sales 
. seems. durribuiors. advenisms, 
broebared, pacftaEim, unporudifi n-art- 
houslnc . . . joint remures Ltiassdeted. 
Richard A. Wcrby. Longfellow 
■ Place. Boston. Massachnsetts 02U4 
U.SA. 

your ROME Bu»Iksi omcc amt Services. 
Mailbox, phone. Imp ex Tradlnn 33. 
Vlmlnile. 4755356. Tlx. 6U675 

Extoso 1 . 

serious SWEDISH businessman wish 2o 
years of experiencD m industry seers 
Jflencv or import oommsstan Most 
trades are o( Interest. Write Bo* 
G.2882. Financial Times, 10. Cannon 
Street, ec.jp aav. 

MANUFACTURING COMPANY ror sale. 
S, London. Lad ’Childrens Sunti Slatlcs. 
ld £92.000 p.a. SuMiannai eotentMi. 
Frcrooia yactorv 4.500 jo. - ft. nrrt 
•u«*h|e, HoupHton Grear. 7 Harie/ 
6 treat, w.1. Teh 01-580 9337. 


* B. Marlborough Wilts. " I 

| THE “ PENNY SHARE '' GUIDE— Monthly [ 
advice on low priced shares. For turrner 1 
! derails i free COPY write 11 J2, 
Blomficld Street. London EC2M 7 ay , 

(AN OPPORTUNITY arises to acauire a I 
I Swiss Registered Comoany. Current , 
trading dormant. Reg. Capital 150.000 
1 Sr- ”'',„ w £ ,w Box C-28S8. Financial- 
Times. 10. CamMn Street. EC4P 4BY. 

OVERSEAS — Opogrtunftv lor Middle East' ■’ 
African company to purchaic entire 
manufacturing plan! lor proven solar J 
collect*™. Writ, Box G.2B76. Financial ' 
i Times. JO. Cannon stmt. EC4P aev 
; COMPANY with large carrr mrwnrn jo>m 4 • 
wisnev to Durchast close compan* with 
were OBtrmuuon oroniums. vim* Bov I 
T " ne ‘- ,D - Cannon 


Finance 
for Growing 
Companies 

It you area shareholder in an established and 
growing iViinp.iny .tnd vou, or your company, 
require be-tween ^50,uuii and Cl.uOO.UOO for any 
purpose, ring D.ivid Wills, Charterhouse Development. 
Tnvcsring in medium size companies as 
minority shareholders Ills httrn our exclusive 
busi ness iur over t\ >rty years. \V e .ire prepare*.! rn 
invest in both quoted and unquoted companies 
currently making over ^0,000 per annum 
jfSAt P 1 ^ tax protits. 

m CHAFUERHOUSE 

Charurhouso IXrtlopment. 1 Paternoster Rem; Sl Pauls, 
London H(, iM ^DH.^clephuncOI-2-^S5‘^»^ , . 


C. P. CH0ULART0N, SONS &PARTNERS LTD. 

INVESTMENT BANKERS 

TAX AND INVESTMENT 

We wish to appoint agents throughout zhe U.K. who can bring to 
the attention of their local business community and established 
clients our various financial/investment products which oFten contain 
effective rax planning aspects. Our products are ideally suited to 
established advisers who have the more substantial individual or 
corporate client. An appointment by Choulartons does not require 
other agencies :o b* ^iven up. Remuneration is by commission. 

Contact John Lowe. 

C. P. Choularton. Sons & Partners Limited. 

Ashley House. 30 Ashley Road. Altrincham. Cheshire. 

Telephone: 061-928 9011 


TURN INVESTMENT INCOME 
INTO EARNED INCOME 

and enjoy in addition the following 

TAX DEDUCTIBLE BENEFITS 

— a car of your choice 

— an expense allowance 

— a salary for your wife 
(taxed only at basic rate) 

— a tax exempt savings facility, 
whilst retaining full control over your funds 

PLUS 

66 % REDUCTION 

in your 

CAPITAL TRANSFER TAX 


LIABILITY 


ARE YOU CONSIDERING A PARTIAL. 

OR COMPLETE SALE OF YOUR BUSINESS? 

Certain of our clients are seeking acquisitions: — 

1 . Electrical ■■■• holes, a ling, retail or manufacturing busmpsses 
particularly where further development funds are needed. 
Southern England. 

2. Sound private businesses with growth potential where 
proprietor wishes to realise capital but possibly continue 
involvement for 1-3 years. Preferably South-West England. 

Information pica—.-, unnrnuis only, lo: 

'•I. K. Kintbor. K.C.A.. LoD^ortiftS. fJdpvl Houa: 

IK 'Ctnt KrM.nl ^irnni Lvindou ECSV US. Tvl.-phniw .Vo 0l-IS> 96Bf. 


ESTABLISHED 
EQUIPMENT LEASING COMPANY 

OFFERS COMPREHENSIVE MANAGEMENT AND MARKETING 
SERVICE to CORPORATE and PERSONAL LESSORS WISHING 
TO DEVELOP BALANCED AND PROFITABLE EQUIPMENT 
PORTFOLIOS. 

For details apply Box G. 2777. Financial Times. 

10. Cannon Street. EC4P4BY. 


BUSINESSES FOR SALE 


We are confident that your professional adviser will approve 
our NO RISK proposals. 

If you have £50.000 upwards you could make available pleajc 
ask your accountant or solicitor to WRITE to us on your 
behalf (we regret no telephone enquiries can be accepted). 
Managing Director 
Ackrill, Carr & Partners Limited 
Tricorn House, Five Ways, Birmingham B16 8TP 


Continuing Executive Programme 
A Programme for Busy Managers 

The Continuing Executive Programme comprises four full-time 
residential sessions totalling six weeks and spread between 
February to December 1979. 

It covers a comprehensive range of management subjects, arranged 
according to individual needs. The Programme will al; 0 deal with 
problems brought by the 25 participants from their jobs. The 
School's resources are available to participants throughout the year. 
The Programme will appeal particularly to the busy manager whose 
job responsibilities make it impossble For him to spare more than 
a week or so away from his company at any one time. Fee. 
including residence. £3.300. 

The London Business School was founded in 1965 with government 
and business support to provide a "centre oi excellence " for 
management studies. The teaching and research faculty number 90 
and more than 1.200 managers attend programmes each year. 

y London 

Brochure and further detail* available from: r-j. 

Mim Sue Coin. CEP Rejistration. C 3 DUSIOSSS 

London Business School. ^ I 1 ir “^ n . , 

Sussex Pine. Regans ‘i Park. 1 OCltOOl 

London NWI 4SA. Tel. 01-262 5050. 


oko 


FUNDS WANTED 

Profitable manufacturing/rptail sr&up T/O E5m seek £300,000 
(secured) to finance tne purchase and lease back (with option 
to re-purchase l of a Head OHii-e warehouse/ factory in South 
London. As the property has high potential the borrowers 
are prepared to agree attractive lending terms, interested 
parties please contact Box G.-87S. Financial Times, 10. Cannon 
Street. EC4P 4BY. 


UNIQUE OPPORTUNITY FOR A 
LADY OR GENTLEMAN OF SUBSTANCE 

id obtain executive directorship in well established company 
engaged actively in leisure industry. 

Recem expansion opportunity requires new investment tapjal 
of £200.000. Fully secured. Profit sharing and emolumfets 
by arrangement. Please write with curriculum vitae in first 
instance to The Secretary. Box G.2S73. Financial Times. 10. 
Cannon Street. EC4P 4BY. 


PRE CAST CONCRETE 

Due to a restructing of activities, a major group in 
the construction industry, wishes to dispose of a 
structural precast concrete subsidiary located in the 
North-West of England. 

At the present lime, the company has a turnover of 
£3t)0.000/£400.000 and is operating profitably. The 
company occupies freehold premises of just over 
two acres and is extensively mechanised. 

Please write initially lo the Finance Director. Box 
G.2891, Financial Times. 1U. Cannon Street. EC4P 
4BY. 


CORROSION ENGINEERS 

SPECIALISTS IN ALL ASPECTS OK 
COMMERCIAL ENGINEERING 

The Company is well equipped with in-house pickling and 
painling facilities and actively engaged cn in-*itu site jrk 
in various petrochemical complexes. The company is siiuaonJ 
in the Xorih East. Teesside area. 

OFFERS CONSIDERED IX THE REGION OF £17 5. WO 
Enquiries lo: 

MESSRS. BEAUMONT & SON. 

1 & 2 New Street. London EC25I 4TN. i Reference PSj. 



50 of f ices in th e : 
|J|\J X vi South and West'. 

' ^ of England;: ■;■.•_ 


13-ACRE COASTAL HOLIDAY PARK 
FOR SALE BY PRIVATE TREATY 
SOUTH DEVON COAST 

230 fully serviced unite including modern chalets and 
caravans. 43 undeveloped sites, brand new club complex. 
Excellent income with still further potential. 
OFFERS INVITED IN EXCESS OF £725.«U0 
Closing date for Offers — t5ih December J97S 
sal t; AGEXTS: 22 Cathedral Yard. Exeter. Tel: (08KD 5157! 


Ixuxembourg Holdings 

Company for Sale 

incorporated 1973 — authorised 
Capital 4 Million Luxembourg 

Franks — Price SlO.OOu US 
Dollars. 

Full deurls from Box C.3»::. Kman. ul 
T-BK4. 10. Cannon Siree:. RCJP 43V. 


JEANS 

Manufacturing unit for salp in 
North. Capacity 5000/week. 
Excellent recruitment 1 area. 
Write Box G.Z396. 
Financial Times. 

10. Cannon Street. EC4P 4BV. 


Engineering Business 

General sheet metal work, welding, fabricating 
and machining business based at Southampton 
for sale. Incorporated 1973. Leasehold premises 
approx. 5,500 sq. ft. Turnover approx. £110,000 
p.a. 12 employees. Principals only please write 
In S. D. SamwelJ, c/o Josolyne Layton-Bennett 
& Co., 39/45. Tottenham Court Road, W1P 0JL. 


BUSINESSES WANTED 


RETAILING 

Public Company seeks u> acquire a chain of retail 
outlets operating in the leisure, footwear or clothing 
fields. Owners 'of these businesses are invited to 
reply stating number of outlets, location and type 
of operation. Existing Management would be 
retained and used as a nucleus for further expansion. 

Please reply to: The Chairman. Box G.2S83. 
Financial Times’. 10. Cannon Street, EC4P 4 BY. 


RESIDENTIAL MORTGAGES 
Up to £f0Q<D00 available for 
transaction. 

No Endowment Assurance 
needed. 

Commercial Funds also available. 
Writf Box G.2582, Financial limp*. 
10. Cannon 5trer(, £C4P 4BY. 


i PHQNEMATE. The new Ajnericjri Tele- i 

■ Plione.Anjwertnq rang*. Purchase nricel 
£175-£S98. 01-741 50Q2: I 

I GENERATORS from Centre* Limited. Sires I 
from 2'KYA (o 4 000 KVA New and ’ 
Used. #M 9u*renie«j. keenest orices. | 
! Tei. Wargrave ig73 522) 3033. Tela* I 
346537. ( 

i START AN IMPORT. EXPORT AGENCY. I 
Na capital required. Establfened over 
1 30 years. Clients m 62 countries. Send ! 

laroe S.A.E. — Wade. Dwt F. P.q. Boa j 
B. Marlborough Wilts. I 


NOW 

AVAILABLE 

Ex.Chxiroia'’ and Managing Director 
ol three puDltc companies is now 
available to JMilt . and advise as a 
Consultant or non- Executive Director. 
Strong Background in engineering, 
m price tin 3 and product design. Much 
experience in valuing, buying and 
*eilm 2 of businesses. 

Writr Sox C.2366. Financial Timet. 
t<>. Cannon Street, EC4P 4BT 


TRANSPORT COMPANY 

FOR SALE 

ESSEX-BASED 4- ACRE SITE 
Excellent Repair Facilities. 
Smallish HeeL good potential. 

principals only write 
Box BJ2SS0. Financial Times, 
10. Cannon Street, EC4P 4p,Y. 


FOR - Sale 

PINE FURNITURE SHOP 
Hakvif £20.008 profit p.a. 
m 5. E. London 

Offers arc sought r Bf jfi, % well estab- 
Inhed highly profitable cash 

business- For details please write to: 

N, G. L Timpson 
Firl AWARE LTD 
6/1 J Sang'cy Read, Orford 
London. 5E6. O' ring f jfcnr 2.J0 pni 
T'i-s xv-d. Fri. i oi.soq 4570 


PLANT AND 

MACMINfcKr 


URGENTLY WANTED 

MODERN IRON FOUNDRY 
PLANT 

Melting — Small/tnedium size direct-art 
and induction furnaces. 

Moulding— Automated lines capable of 
30U moulds per hour box s at 
IIUU k /5CI f 200. 

Modern Sand J> Core making plant — 
Capable 0 > handling sand lor 
maisr production. 

Annealing Punt— Continuous annealing 
furnaces capable of ■ ton per 
hour 12 ion bach bogie furnaces. 

W he slab ration— Modem wheelapracor 
and appropriate fording plant 
suitable for iron curing. 

Tel: Sheffield 482491 
Telex; 547411 


GENERATORS 

Over 400 sets in stock 

lkVA-700kVA 

Buy wisely from the manufacturers 
with ion after. sales service 

CLARKE GROUP 
. 01-986 8231 
Totem 897784 


LEISURE 

Small quoted public company in the leisure 
sector (capitalisation £950,000) seeks to pur- 
chase and/or merge with other companies with 
a view to developing a broadly based leisure 
group. Please respond in confidence lo The 
Chairman, Box G28S4, Financial Times, 10, 
Cannon Street, EC4P 4BY. 


ACQUISITIONS 

Substantial Group of Private Companies wishes 
to acquire profitable businesses operating in 
Services and Manufacturing Industries. 

All replies will be treated in the strictest of 
confidence and should be marked for the personal 
attention of the Chairman, Box G.2S87, Financial 
Times, 10, Cannon Stret, EC4P 4BY. 


COMPANIES WANTED 

COMPUTER BUREAUX AND 
SOFTWARE COMPANIES 
U.K. Company wishes to pun-naM? a com rolling imerr-i in a 
computer bureau or a computer .sofiwan 1 mm pan} i.innuwl 
Turnover up lo t'lnu 

Please fend tirirf details m Pox , i.‘J87.'i. Findiin.il Time?, 

in. Cannon Siren Fi“4P 4Ry, 




















fi ijanri al Times Thursday ■NovanM^yKTS. - 




EDITED BY ARTHUR BENNETT AND TED SCHOETERS 


* MATERIALS 

Conductive paints 

PIRELLI Gmeral is eun^derina used in making such accessories: 
a new method of a only in e elec- remain permanently Hexible and 
trostatic screens io its polymeric retain conductive properties' 
cable accessories in the 33kV tu throughout the life of the cable: 
132kV ranee, usine conductive and be simpler and quicker io 
paints developed bv Johnson apply than a wound wire screen. 
Mattbey’s metallisms prepara- at a reasonable cost 
tions group. A recent Pirelli development 

An essential part of a joint i s a barrier joint. It is hoped 
or a termination is a stress to provide an earth screening 
cone, whose function is to con- for this joint using conductive 
trol the. electrostatic field in such paints. A distinct advantage of 
a manner that the electric stress these i« that they can be apulied 
within the accessories dues not with a brush on site and cured 
exceed safe operating limits, over a period of 24 hours at 20 
Development work on earth degrees C. 

screening of polymeric acres- Although many jointing tech- 
sories using conductive paints is niques on polymeric cables have " 


■ * *EfS.v5 

' m 


in progress. 

In the case of polymeric cables 
there is also a need for providing 
harrier joints between oil-filled 
cable* or. in general, paper- 
insulated oii/compound-improg- 
nated cables and EPR or XLPE 
cables. 

At present Pirelli is investiga- 
ting .i number of Johnson 


been based on methods and pro- 
cedures applicable to oil filled 
cables. Pirelli looking for 
modern materials and new tech- 
niques belter suited to these new 
cables and their accessories. 

Johnson Mailboy Chemicals 
recently set up a business team 
to exploit the market for metal- 
lising preparations. The now 



-mV 9 DATA PROCESSING _ 

Mormationfor Prestel 



t. r - ■. >. 

lit 

MaTdrinheat^ B«rk& 

Fluid Traosiar. Control 
affllFUtratito 
Lubrication Systems 
G rage. Equipment 
Combustion Engineering 


0 TELEVISION 

Camera Will 
think for 




Matthcv conductive paints to act Wain is hased at Roy stun. Hert- 
a> an electrostatic screen nn fordshire. 

joints nr lenninations and give Johnson MatLhev. Orchard 
a void-free band to materials Road. Royston. Herts. 0763 44161. 


Provides the gloss 


Installation of a numerically controlled laser system 
for dle-board cutting is reported to have been a 
major factor in increasing the turnover of Arden 
Dies of Marple, Greater Manchester, by over 25 per 
cent in 18 months with a further potential increase 
of another 25 per cent in the near future. Arden 
Dies is one of the leading cutting and creasing die- 
board makers for the paper conversion industry." 
A 35-carton layout that took 40 hours to draw and 
cut by conventional methods can now be drawn 


and cut by this system in four hours, one hour for 
programming and three hours for cutting, to an 
accuracy of plus or minus 0.004 in. The equipment 
used is this Lasercomb system consisting of a 
numerically-controlled Ferranti MF400 laser, an X-Y 
table and a laser-following plotter table. ' The soft- 
ware for producing the paper tapes for numerical 
control has been mostly developed by Dr. T. R. 
Crosiley of the Mechanical Engineering Department 
of Saiford University. 


ONE OF the largest- oE the available free, although each 
“ information providers'* to "the- - user .will pay the post- Umce 
Post Office Prestel Service. JBaric. chjyrges of 2p per minute plus 
Cnraputina Services, ’with' some tlie- cost of the ’phone .call:, lie 

5.000 pages .earmarked,..' has xnak.es-. ■ ■ . ; 

signed up its first tuajor ; ■pbihet will take 400 of Bancs 
lomer — Comet Radiovision ,Ser.-pagea to provide information at 
vices. r aL similar nature to that appear-, 

Baric is one of some 280 ; re~ 4ng.'in the familiar .newspaper 
fonnation providers foe PresieT, -'advertismeiits location .of me 
af the momeh-r jtoizig -Uirqug& T a^ branches, and the price. lists.. . 
rest 'period due to end in 'March's; '’Updating takes -place weekly, 
next year. It is' hoped that about that. .hew data . going in to. the 

20.000 sets will be able to - receive*. 1 *^ . Office data .hank _ ®y*rY. 

the service by next summer . . “'Sding^sbouf 110.000 

As -an encouragement Comet Baric 
is subsidising the user’s charges-; -Baric. Forest Road. Feltham. 
so that its information ‘ will be Middlesex (01-890 1414). 

demonstrations OF the 
d orain . new RCA Ti?-47 automatic colour 

-* : - ■ ’ ‘ „ . .. television- studio; and field 

A MULTICHANNEL x-y plotter larJntervals as- few as So points camera, offers extreme, simplicity 
with data processing and storage . per^Iay. corresponding to a maxi- 0 f operation and microprocessor- 
facil«tie& has been developed by mum recording time of 4$ years, controlled functions. 

Bryans Southern Instruments. ~J Simple keyed 'commands con- •• -- 

BSMOO analogue signal pro**- mril/the instrument or allow data 
sor will digitise, record and pro;. processing hefnre -plotting. Data operation .. allow, the camera 
L-esa up to ei«ht channels of inform " From- an v channel van be inte- operator J ,0 .fP°c?.ntratefin. .pic- 
mation. Either raw or processed grated, differentiated, scaled, tiire compo^tion and other crea- 
ilata cairbe plotted, or it desired. expanded, smoothed or turned tiye .. aspects: rather, .-than on 
stored on 'the flexible disc for 'into' logarithmic or reciprocal camera adjustments. . . . • . - 

future use. . 4 ’forfn.' Information from any two : TK47 automatics r also ex tend 

There are ' various ., ; rn odes of channels can be compared. .{0 the normally complicated and 
data acquisition. Ftfri example.'. 1 .-, .Each disc is equivalent to 100 tune-consuming ^camera. Set up 



• COMPONENTS 

Blinks as 
time passes 


IS 


DRY FILM lamination (DFLi to a polyethylene bag. 
involves laminating polyethylene The machine set up in Reading 
from the reel to any printed i»r laminates work in sheet form 
un primed board or paper with- hut it is possible to eon vert for 
out the use of an adhesive, the reel to reel work. The laminating 
main advantages heing the high machine and feeder are of 
gloss given to any surface un Spanish manufacture and an 
any ink. combined with the supplied by Sevimcr S.A. of 
inherent protective properties, of Bun.el»na. to Glossifiim on an cprifc 

- nnw in n iimnr « S - V 9 *- n from Havant msirumenis is a me conveners are avauaoie . 

M rSf sS iwrs sr&&£ Runs motors 

came from a horticultural com- sheets io a maximum size of also P inl reduces a new method 1.4 -0.1 bar 

limllJVf ™ fur indicating the progress of The company.’ is at 56. Mount 
tl3s“ x 12 (tY lhe cyc,e - --- - : . . Ephraim. Tiin bridge Wells. Kant. ASEA, 


for a single chanrteL'-"AIterna5'.- rWiliow Lane. Mitcham. Surrey, jjy e camera dr options □yT' totally 
lively the unit can recbrd'at:regu- CFi4 -4UL CO.1-648 .5134). ' - . , autpmatid sel hp and pre-np^ra. 

: - ..... • ttehal-check, at the touch of one 

.. pushbutton.' : 

- Four . separate-, component 

■ / make, .alp ;the TK-47. -Naritral 

ALTHOUGH for some lime 1 OCR About 1:600 v characters per operation; 're ^es^the camera 

— - h»»mt-.the camera pmee&smg-uzut 
remote control 


Gharactersrecognised 

ALTHOUGH for some lim^ScR About :1;600 / chara 

— ,?candata has been 3i&J'e iter .offer- second. - . ..., 

s of 10 to 30 per equipment that wilL read either y Scan dal a has put forward cost fOPU.K a remote gwraol 
oed -electricity are hand-prinled- letters or tiuinbecS; Aflfsc liven ess figuras for the umr fRLU>. ...tot^ s£mn**up 
the latest system Is able to -Men* system based on entering .5.000 nneratipns. th e ^et-u ls 


stacked side 1 bvTSide. For field heat tn the required exteni, a* 

use a card can be. housed >n a late as possible in the uff-peak Scandata has been '^bi'e^tr .offer f second, 
weatherproof . case.. period. Savings o' '* ‘ '**' ' ***"“ 

-Operating .- oh- the force- cent in consumed 

balance pnhclnle. ■ the instm- claimed. . me wim »jau-iu ia nu:c m.iwu: . ,• — ,- -r. - 

tnents offer high imraumtv to Pac'trof is at P.0 Box 123. 46' lift 'both in mixed t'ejn. rad iia& pages with - 300 characters -per added.^J bur ..is. ffiscormected Trmn 
shock, and : have verv good Greenhev Place. Skelmersdale. recently been ordered by. Ljoy^g-rfigge. assuming an error rate- of the- s>-Stfiri nnce f nc reqmrea 

e ■ - --- **--■= ■ - *---—** * — u ' '• • .adjustments axe nraue. 


machine 
to a 

pany which required to have the 1000 mm x 1380 mni f39.3 
reverse side of a white lined 54.3"> and a minimum 
chip laminated to produce mm x 320 mm 


linearity— the deviation 
time delay relay ^ an per cent 
Havant Instruments is a The converters' are available 


less Lancs WNS 9SA (0695 22191). . Bank which has now pqrphased ?i per cent, each day. 



slowly 


Based on MOS digital cir- TN24 SBB. (0S92 .39344 1. 


■-artons for soil testing. The The process at present is limited cuilrv | t i ias a transformer- 
ability of the finish to bond to to paper or board with a weight C0UD i e d power supplvto protect 
any surface solved the problem of more than 150 gsm but cur- - B .n r n«r transients r The six 


... - against transients. The six 

and ih<? r:artons are in use. rent developments arc aimed to ttniing ranges offer " maximum 

Another new field is the reduce the limitation to 100 gsm. delavs from T s to 10 h and there 

lamination of the reverse of Glossifiim. Laminating Divi- ,- s provision for on-dr! ay, nff- 
header cards enabling the sinn. Elgin Road- Reading RG2 delav and interval operation, 

header to be heat-sealed straight QDQ. 0734 599666. The output relay has a minimum 

life of 100m operations. 

Progress of the timed cycle 
i.« shown by an LED lamp that 


Electricity 

consumption 

reduced 


ned optically with fadrizontat Operators reciiUred datable. vieWflnder. 

and vertical raster.and what ik ho yra of correction on .. - processing unit 

seen in each grid sqiiare isrtbeuL OCR are put at /rptf; w hich iacorp orates cir- 

subject to logical Ireco^utidn^ irvany bom? needed for 

. international, manu- njjwjw* . t0 ra *{« '^h^-wKP^'iSISse/cauilal cost of equip- -and endtodJhg. Is like the camera 
of electrical equipment xifennficatJQps^ ^(26 alpha, It) Jtum: ^he two' cases rs fixed' at eon trol - unit 6f conventional 

— f eloped a new ac con- erals ) , together . with.-sne ^ ami m fo r ’OC rI nd cameraSi ,-bu: the. cnnUols have 
vertor for the speed control of data for key-toMiicf while -the been removed sn that it- becomes 

slipring induction motors. The ^ored on disc. ... - -.V the 'S nSrawr'c S ^ taice^ a ‘vWack box” interface for the 

convertor, which has the type One of the problems ; wrlh the h ciso fMKl ner -annum for camera chahfc .. 
designation YQTH fonns part of system— and the company ^ad- fis'S f or SS g? WftS v. nn Wol urnt‘ f-RClli 

'™ 3S& S&'SSFJfc. SSiigi 


facturrr 
has developed 


Higher output achieved 


, cable -with ' only two 

ing, but only £8fi.000 for twistetf, pairs^J.-T-.I 4 .• -' 
an annual' saving -pf ' AutomBtfcS'^HhPption that 


The new unit; is for ap plica- system (£8000 for key fo ^i -jtffc - connected Ip 

nons where it is necessarj- to [“ 1 ' e^mnfe-^ftSiiSn"- dt scL the total cost p f hreparirq cjimeri processing ohit. by a 
run motors at low speeds for ■ ai 1 n . ni , s / . c . tU5t ^ n the data comes out af £203,000 ^fmnu ” 

blinks at an increasinc rate as DESIGNED TO keep fuel WIN and hojst drives arc’ tvpical the former has to bfr viTitten-with ,[^ R ke - ' 

the cycle progresses. At 10 per ' n 0 "’P e L ak commercial and examp | es . i t 1S possible to a vertical stroke thrpiy^V iL .^:^'^ 

cent of the cycle the LED blinks ! " control slipping motors with Similarly the letter- "Z"* ToTv to bring the' pqlentiaH^^ 1 ^ set-up .the earners 

CONCRETE PAVING «iahs arc Is now made on each machine, once, at 20 per cent twice, at 30 "L ; rated currents up to 700 A Horizontal bar. to distrngujsh;4t vi j of eq pipmem to a -wide ! Optim am petf armauce at the 

said tn be produced very Slab, up to 230 mm thick can 'per cent three times and so on Pactro^are intended T duced ' bv an |nduc . £rflm numeral “2.” '■, Ffl nge of possibM-uslra. Scandata <* a .pnshba on:. : fie 

efficiently by automatic also be made on the machine, if at 10 per cent increments. an l v nJr^v Pon motor is proportional to In addition, each “box” br> lhe . l ^ S opened • a demonstration, mjfcropMC^or-controIle* ^tem 

machinery marketed by Henke required. Havant Instruments. Unit 3. fS?. the square of the primarvVnU- ^rms used has to bemor'e.orl«s.'?e ntre op a t Hounslow. Twi>. other a^oraaticaly adjust more ttan 

1GB1. M no r field Industrial An exact amount or aggregate Wes, fields. Horndean. Hants. ^ age. Bv usmg a Ihvristor con- U P- without 'tbuefirna Srin^ hanks are satd ;to be! ^ control fonctiocs, cjcUpe 

Estate. Yeadnn. Leeds. LS19 cement water mixture is fed by Horndean (0705 , 596020/596045. JSf* 1 ’*£ IS^ 0 ’ lbe end f verinr it Is possible to vary the the edges, and there must -he- na, ioteres t eri m the equipment and 0^9^ complete .camera 

primary voltage from 0 to 100 in ^strokes: of the chara<^ : the’ com pan v is alsobeiU^W to sePppsequence, Amhout opera- 

t, ^ 1 — ..... erAi,- tor- in»olvemen.L: . 


converted 



7BN ,0532-502145). the machine into a mould which 

One operator can produce 450 iv then traversed to a pressing _ 

slabs in a working day handling station- ivherfe hydraulic pressure. VVfTtlOlC OPD 
alt produi-liun operations, says at 90 . kg/cm 3 , compacts tlie v31.tlAl<4.A»j 4lV 
ilic company. Previously, work- mixture to a high density. The " 
in« by hand, and usine moulds, mould is- returned and the slab 
it took 1 wo men to produce 300 is automatically ejected. It is 

slabs per day. then tipped by hand on to its 

Two Hen kem atic 500 innne edge on a pallet carried on a FQR ^SE in process inst rumen 
machinps have been installed at convevor. tation work arc- pneumatic- 

Stocks Brothers (Lion Concrete) Only enough water sufficient electric and electric-pneumatic 
nf Garforth. who says that if for the required chemical re* signal converters announced . 

demand for the slabs continues action is used in the mixture. v r DO Instruments of Tunbridge 

tn rise, it will instal a third. thus, no water has tn be squeezed 'Veils. : In, the Paetrol SHC control '111 wnpL"“"‘ — ‘"' M operator training 

The first ma'-hine vas used tn out of the slabs during compae* These compact units Have all for example, the user can decide DU, ’\ • . Errors that do ’occur are after- 
produce the two common sizes lion. As the process is. therefore, the components mounted on 3 how much heat he wants to store lllp n ?w unit is designed to wards corrected using a VDU and 

r*f paving slab. 600 x 600 x clean. It does not threaten en- single J00 x 160. mm. Eurocard (it 'will depend un temperature operate in harsh envirnnmen's ft CT hoard system. Each linidenti 

50 nun and 600 x 900 x 50 mm. vironmenlal conditions — a parti- and arc packaged a> plug-in preference, and this can be wncre. for example, moisture. g c j character (a real iraa«e of 

ihcn si/e changing was eiimin- cularly important Tactor as modules for mnunting in 19-lneh adjusted by in response tn inside temperature variations what was written) appears on th^ 

aicd with the introduction of the Stocks Brothers is sited adjacent racking; the width is only 35 ram. or outside temperature. Tbe unit ana vibration may occur. The srre cn with the character Io the 

second machine, so that /me size to a modern housing estate. allowing a dozen cards to be will -then charge up the storage drive system incorporates a r j K bt and left nf it The armro- 

lu!; 1 , im r *£F* pri3le correction is usually evi- 

nlil.l * , ?K Uie dent to the operator who then 

and sim n ,v Passes the right key to 
-° J ornui protection. currect. Characters can he enr- 

rurther from ASEA. V'itlers. I’ected a, a rate of about one 
■muse. 41. Strand. London every two seconds. The dneu 
W(.RN 5JX. 01-930 5411. nients themselves are scanned at 


tfi^'dtl ctirr^i^f§9-.ff6i“ tor^ jOyolvemeitt. - . . 

w^dopumchtsisiifcli^s '■■* I 2£iSSSSSS^; : ia« 

1 mall order: com padres. Jpre. : ; Spares apd^corrects. fte 
Inr • th’4f’ lattar/.casei-prob-- &mcn . .sehup ; OTth : daja 
miebt ari «e tratirtn^ a Measured from, key points -it, 

I. ■ » • - -( , - - • . thA niahiu .. ..Min. 


We’ve had it 
coming for years. 


Successful compaiiies have been 
settling and glowing in Tavside lor 
over 35 years. 

Companies tiom all over the 1 world. 
Involved in a range ot activities so broad that it embraces everything from Oil and 
Pharmaceuticals to Food Processing Engmeering, Clothing and Electronics.- 
And although 
the emironment’s as 
rich, varied and 
beautiful as any 
you'll find in the 
British Isles, it isn’t 
lochs and 
mountains that 
bring them our way. 

Factories, offices, skilled labour, port facilities, motorway access, airports, 
rapid rail freight movements, training sen-ices and commercial and industrial, 
support. . . that’s what Tavside s 

got going fork. Coming? NLlritrtilw0llk 1 r,r>our ecTipi^- 1,11 ..,-,^,.^,,, k«i. n ic..^con«,ic-t * 



Tavside Region Industrial Office 

ir your complete I nli in run ion Kit. plc:t.sc conl.ict ( 7.G. N;ii 
cr- lin-sklc Kc5jmn.1I Omncil I .ivsuic i lnu.se, I Himlcc. k 'l cl.n 2 i2S1 


i wn 
■? <» : . 

k *' , 


use components? 

L^sney comp?n(?nis v.ould improve 
ycurcos'.-^f^erri.vn^s. 

- i tv?*/ astoni^liingly accurate. Ready 

to uv?. Atv.^y % on And r-itHnr diecav.t in- 
rmc ^lloy or piastre rriculrfed Jacny fimsli 
includmninef-iiiiz^'d.-iprayej t’r hoi foiled. 

For:! Hmc-r.Srr.niey Kumvood atU 
General Motors 

Lezne-v •.*.•■11 stockpile' in th-=ir ov,n 
v.?reh-3irsw drir, d^iiv^r |y/ ihiiir cr.vn 
ti anspijrf. They havr? irnjiti-rr*riiion capij^f 
be him : then. Tnerr iechmc it knoivte tige is 
i^-. qondtiry Their techmours are- envied. 

And ‘hey don ? le-1 people •jov.n. 

Ren Porr/indn Msnsomq Drector, 

CCJld OC.<? you m.-.ily nor/* reiiiO.Tj for 
purt.ng Lesney u S 1 vd iirfiny behind your 
QvCti namp. 

Cali him 01-935 

LESNEY INDUSTRIES LIMITED 

Lee Conservancy Roj d. Hackney, 
Lcndon E95PA. Te le:-. 697319. ' 

Why such a small ad 

V . I to n yju i e very sood yju nc-sdr.'t ahout. 



Sent to you eveiy Wednesday, ihe TC 'News Letter 
gh r cs you expert share recommendations on the 
•• + right day for you io act, For the Neatest benefit 

.ylakeasubscripuontothisuniqae.m'fetnent'servic^ 

- - and see the advantages for yourself, 

. 5??*?. 5? 01 * rarre.'as'a subdcrHMr. I enclose: .; r • ' \. - • • m 

P £26.00 for one year ( C3Z0O alrmari outsiii' Ul-.l fmcliideS fiflnaWruier) • I 

p-£15.0Otoras«jTionlh8VtriaJMib3OT}|fc«iCtro6amTiwi, - - 
£j Pfcwso invoice ,0f daoo. E15J» toeteta arapproortatB)' ■ -■ ; - * 

1 .'--.V "• •• ". T _,.: icnl#Tt1 

■■■-'• •• 

. (BLOCK LETTERS PLEASE) ; • .. — ~ ~ 

1 Address - ‘ • - ’ • • T 


J 3 bstc6ds> 


Tor MARKETING DEPARTMENT. . . , 

INVESTORS CTfflOMCLfc ICTA.FT FW^PQST. LOTJODN EC4S 4©J ' 


f^AArass: QrcystoHa Place. Fete- Lane. Uw^ECaA.ir®- flog Nd SQ5fl0& ^ . 


I NO MtKlMUM 
• •'ORDER 


IfiiGTH ^ ' 



LONDON OS-5G1 Bt18 ABERDEEN{G224)32355/2 
W A NGHE&TBR 061-872 4915 

7 '•■ 'ia GLADtr A ccepted - - 

jML EMERGENCY NUMBER 01^37 JS4/' Bn. .40*.:. ' -. 





$ <■ 


v>- 





Think big. Fill this iri now. T 

Pleoiescnet me more details on ttoeSCf ? S 

. Picas* arrange a dentoitsirafioii Q (tukbtxt ■ 


— teJ.NoL-. 



Too many small firnts think competing w ith the 
giants means investing in a massive computer. 

Sperry Univac would like to tell them ihej're wrong. 

“I don’t need a computer, the business isn't big enough!* 
Every business has problems, and paperwork. Inven- 
tory, accounting, manufacturing, distribution, marketing 
-you name it. the Sperry Univac BC/7 can handle it. 
“Computers are too big and complicatedr 

Well this one isn’t. The BC/7 is :i neat and very 
powerful small business computer. It’s probably the 
same size as > our present accounting machine or VRC 
and doesn't need a special room or even special care. 

*Td need to take on specially trained staff 1 .** 

If you employ someone who can type-how ever 
slowly-and understand plain English, you’ve goi a BC/7 
operator. This easy to learn computer actually tells you step 
by step how to find the information you're looking lor. 


“Ican'l afford itr 

When you invest in a BC/7. you’ll only pay (hr u ll= 
sire of system you really need, say from _£?50 ;i month. 

. And as you grow, yijur BC/7 can grow too with addition jl. 
rather than replacement, equipment or new programs. 
“There just isn’t a computer to help me in inj line of 
busines&r 

Computers depend on their programs. Sperry 
Univuc BC/" 7 is a complete stem and can be adapted 
to suit the most unusual trades and professions. 

If all this isn’t enough to make you think again, 
remember that Sperry Uni\ ac developed the u arid's 
first commercial computer. Only a company \s irh our 
resources could develop something as advanced as the 
BC/7. Which mains, whether you're a big guy or a little 
guy. the installation and service back-up is second to none. 
To find out more, fill in the coupon. 


P\- 4 . * * 


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If you are looking for a luxury saloon, the Peugeot 604 
range is one not to miss. 

The new 604 range combines style, comfort and power 
- ■with the traditional Peugeot strength and safety. 

. The 604 is in fact becoming a symbol of a certain 
measure of success, not pretentious, but a classic blending of 

elegance and refinement. • . • 

The interior of .the 604 is perhaps the last word mJuxury. 
The elegant dashboard isthetesult of carefully engineered 
• styling and houses a bank of well positioned controls and easy 
to read dials with cu rved protected glass eliminating the 
distraction of reflections. 

Take a seat, front or tear; you can be forgiven ior 
imagining that you are settled in your favourite arm- chair at 
. ' . home, head and legroom are exceptional and there is a large 
fold down central ann rest at the rear which often doubles as a 

writii ^ ave a c h 0 i C e of u pholstery rich velour or-on 

certain models sumptuous leather, and this is complemented 

with thick pile carpets front and rear. 

Technically, the car isa delight.lt is poweredby an over- 
sauare 2.7 litre V6 engine built from lightweight aluminium 
' and has twin cam shafts for maximum flexibmty.There are two 
models to choose from, the SL carburettor, or for those seeking 


that edge on performance, the TI with Bosch KJetronie fuel 
injectionsystem. 

The all-round independent suspension system with 
anti-roll bars front and rear ensures a smooth comfortable ride 
and excellent road holding. 

It has a superb braking system which is servo-assisted 
with discs all round, ventilated on the front to protect against 
brake fade. 

Automatic transmission is available on both the SL and 
TI, or alternatively a 4 speed manual gearbox for the SL or 
5 speed for the TI. 

Equipment is naturally of the highest level, electrically 
operated sun roof and front windows,halogen headlights, rear 
fog lights and driver's door mirror adjustable from the inside 
of the car. 

The IT's standard specification is further enhanced with 
tinted glass all round, electric windows front and rear, superb 
deep lustre metallic paint finish with a final coat of clear 
protective lacquer, centralised pneumatic door locking system 
and electronic ignition. 

Leather upholstery, air-conditioning and headlight 
wipers are available as options on certain models. 

Prices for the 604 range start as low as £6715 for the SL 
and go up to £9227 for the 604 TI with automatic transmission. 


^5 '>•*. ’ 

>‘:V 

”*«7“ . if" 1 $ 

-'A" 


leather upholsteiy and air-conditioning. 

Main service intervals are once a year or even* 

10,000 miles and there is a straightforward 12 month unlimited 
mileage guarantee. 

So, if it's luxury motoring you require at a sensible price, 
why not take a test drive in one of the 604 models from one of 
our 231 Dealers throughout the country. 

i 1 

I Please send details an the 604 SL and TT. I 


Name 

Address. 


j Peugeot Automobiles U.K. Limited, 
j 333 Western Avenue, London W5 uKS.lcl; 0H'£3 33:1 


Work! famous for strength, j 

c-c- Z3?! ! 

i 




finance and leasing facilities available from PeugeotHmmce.. Recommended retail prices including VAT, Car Tax and seat belts. Excluding deliver’ purges and number plates. Prices correct at the time ol'goong 10 press. 








•* c.^. U .- . ,. V 



Rnancfal Times Thursday Noromter 93978 ■ 




THE JOBS COLUMN 


Sour charity • Booze boss • Pay consultancy de zoett & 



BY MICHAEL DIXON 


A NOTABLE daftness has just 
ben reported by reader Pauline 
Hyde. It is the more dumbfound- 
ing for having impeded Mrs. 
Hyde in her efforts to do some- 
thing to ease the unemployment 
about which there is so much 
public and official fuss. 

Her scheme to set up a “self' 
help” centre on the Trans- 
atlantic model for jobless older 
managers and specialists, was 
first disclosed in ' the Jobs 
Column nearly IS months ago. 

Help from organisations in- 
cluding ICI. Shell. British Steel. 
ATV and Cadbury Schweppes 
has since enabled her to start 
her Forty-Plus operation, nen- 
profitmaking by design, in 
Templar House, 81 -87 High 
Helbom, London, WC1V 6LS— - 
telephone 01-242 4875. 

By attending the centre, and 
helping to run it, displaced 
executives who have the extra 
disadvantage of being over 40 
can escape the isolation which 
so often makes job-hunting from 
home a soul-deadening experi- 
ence. 

They also have the facilities of 
a reference library equipped 
with appropriate newspapers 
and magazines, and can. cal! on 
secretarial help. And as well as 
the support of fellow job- 
hunters. users can draw on 

expert counsellors for advice on 
improving their self-marketing 
and other skills. 

Thanks to the collaborating 
organisations, Mrs. Hyde has 


been able to keep the fee for 
using the centre down to £300 
for a six-month stay, which is 
below economic cost 

Even if she had unlimited 
funds from donations she would 
still charge a fee, she says, be- 
cause the fact that the users are 
paying helps to concentrate 
their minds. But she feels that 
the £300 charge is too high, be- 
cause a good many potential 
users clearly cannot afford the 
expense of attending, parties 
larly when they come from the 
numerous ranks of jobless 
managerial-types who live a 
good way outside London. 

In her quest for ways of 
reducing the fee. she not long 
ago hit on a seemingly natural 
solution. It was to gain financial 
relief by having Forty-Plus 
registered as a charity. After 
all, it is a non-profit organisa- 
tion which aims to help 
experienced workers, many of 
them embellished with impres- 
sive paper qualifications, to 
escape from the much lamented 
*' social evil ” of unemployment 

So being a self-helper herself, 
she popped round to the appro- 
priate branch of officialdom to 
see about getting the centre 
accepted for charitable status. 

After a ponderous pause, how- 
ever. all that the bureaucrats 
could say. apparently, was: 
“What a pity" If only the 
organisation established by 
Pauline Hyde had been devoted 
to studying the problems of 


unemployed managers aged 40 
and over, it could well have 
been granted the benefits of a 

charity. 

Since sbe bad made the 
mistake of gearing Forty-Plus 
instead to helping managers 
to solve those problems, her 
application was unfortunately 
disqualified. 

But Mrs. Hyde is not one to 
be so easily discouraged. She 
carried on with the good work 
regardless, and has lately been 
much cheered by the centre’s 
first definite success. 

Its first client, 51-year-old 
Edward Wilkie has recently 
landed the prise job of adminis- 
trative controller for Europe 
with a big Chicago-based con- 
cern. And it took him only four 
months to land it-— which is the 
average re-entry time recorded 
by the clients of the much 
longer established Canadian 
Forty-Plus operation. 

The UK originator, who was 
expecting success to be con- 
siderably longer a-coming here, 
is pleased. And so am L 

It transpires that the Chicago 
company, on deciding that it 
needed a European controller, 
got in touch with its accoun- 
tants in the UK and asked if 
this country bad any centre- for 
jobless experienced executives 
equivalent to the self-help 
operations run on the other side 
of the Atlantic. 

The accountants remembered 
the note about the London 


Forty - Hus scheme, which 
appeared in : this column on 
June 23 1977, communicated the 
news to Chicago, and Bob was 
Mr. Wilkie's uncle. 

Even so, I am still bothered 
by the official ruling on Mrs. 
Hyde’s application for charit- 
able status. It already seems 
eminently dear that this coun- 
try's apparatus ' for getting 
people back into productive 
jobs is considerably less well 
upholstered than its arrange- 
ments for pondering and other- 
wise temporising with the un- 
employment problem. And all 
that the charities regulations 
appear able to encourage is still 
more study. 

It is hard to avoid viewing 
this as yet another symptom of 
tbe disease which Americans 
call “ analysis paralysis.” 


Avenue Beaumont, CH-1700 
Fribourg, Switzerland - — TeL 
037 24 32 80; Telex 36152). 

He may not name the. com- 
panies, but promises to honour 
a request by any applicant not 
to be identified to the employer 
until specific permission has 
been given. 

Candidates should be general 
managers demonstrably able to 
head the whole of a liquor busi- 
ness, with a “strong, pleasing 
personality” suited to Ameri- 
can ways of working. 

Salary around $50,000. 
Resulis-based bonus. Chance 
of, shareholding. 


legal specialists, and personnel 
experts. ; 

Duties also Include -internal 
administration, andr the .transit 
tion of ideas into. : working: pro-, 
eedures and packages' with, 
where necessary, approval ^y: 
the requisite authorities. .. 

Starring pay ' about. £8jjflQ, 
plus car. Brief curriculum vttaei 
to Dryden GiBing-Smith, nun- 
aging director of- EBS, :at 38, 
Finsbury Square, London. EC2A 
IPX 


GILT EDGED MARKET 


Skill-finders 


Perks person 


U.S. opening 


STAYING with America for the 
moment, tbe Jobs Column bras 
exclusive news of an opening 
in the UJ3. for a top profes- 
sional manager to take complete 
charge of a relatively small dis- 
tilling and bottling operation 
which has been running near 
New York for 45 years. 

At present producing "pri- 
vate label ” brands, tbe concern 
is 86 per cent owned by a Euro- 
pean group which is offering 
the post through international 
bead-hunter Jo Jacobsthal. of 
European Marketing Systems (5 


AN ACCOUNTANT, probably a 
bit younger than. 30 and of 
entrepreneurial outlook, is 
wanted by the City-based Em- 
ployee Benefit Services. EBS 
provides consultancy . services 
and systems to companies 
anxious that as much .gain as 
possible from the pay. and other 
benefits they provide should be 
received by their employees, 
thus ynaYiTniging also the return 
to themselves.. 

The newcomer will have 
thoroughgoing knowledge of 
personal taxation, and must 
develop rapid competence in the 
fast extending craft of design- 
ing ' “ cost-effective remunera- 
tion.'* Ibis calls for productive 
co-operation with actuaries. 


RICHARD BROYD- Wap'ts. to 
hear from Tecroft^.P 
enough expertise iu some ^par- 
ticular section of -the r skiHed 
labour market - to. set : 'up^a 
.specialist recruitment branch 
of the £7m-turnover Career Care, 
Group, of which he is' chair man. ' 

The expertise -should be' -In 
some “ regular area ; : .V'af 
demand ** . other than, account^ 
ancy, which CCG thibks " ft 
already covers sufficiently. -^It 
also deals with insurance,' back- 
ing, and contract teriutical^i^ 
including draughtsmen-, in 
London and some other: dities,' 
but is interested in 11 extending 
these to other places.as'weli as 
entering new specialisms: 

Backing for newcomers would 
include starting salary of £3,Q0Q- 
£10,000. Proposals plns . : bri?f 
curriculum vitae toMr./Brpyd 
at 41/2, London WaR, Lbnidon,' 
EC2. ■ . .;Vv 


We are looking for a£ additional . 
Dealer, probably aged between 21-2$, 
to join’ our dealing team. Previous 
dealing experience, not necessarily 
in Government Stocks, is essential 
Competitive remuneration will be 
offered , according to . age .and.; 
experience. -V 

Applications in confidence to: 

J. C. Cowley, 
de Zoete & ‘ ; 

25 Finsbury Circus, ■- 
London, EC2M 7EE. ' . , 



SENIOR DEALER 


MEMBER aged [ over 35 preferred ( 

required ' by medium-sized firm ~o£ ■' Stockbroker?; sabny .? v 
negotiable, usual benefits,, good prospects. >. : L.-':. £ 

Write with full c.v. Box 'A. 8537, Financial Times, TO.' C^moq ;iF? 

• Street EC4P 4BY. ; v ; ■ - * . ; — 


r 

L_ 

y 

□ 

i 


FINANCIAL CONTROLLER 

Recently Qualified 


CENTRAL LONDON 


to £10,000 


Primarily concerned with the maintenance and development of the 
total finance function, the Control ler will report to the Managing Director and 
supervisee small staff. He or she will revlewand improve the basically sound 
accounting systems, continuing the computerisation programme.and 
produceand interpret a full range of managementinformatton. 


Our client is a young group of companies providing a variety of 
professional training and busi ness education courses. Turnover, In excess of £1 
million, is growing and yielding healthy profits. Applicants should.be qualified 
accountants aged 26-30fromtheprofessionorindustTy.Pleasetelephoneor 
write to Stephen Blaney B.Comm., ACA, quoting reference I /1755. 


EMA Management Personnel Ltd. 

Burne House, 88/89 High Hoi bom, London, WC1V 6LR 


Telephone: 01-242 7773 


INDUSTRIES 


(dresser) 


Dresser Industries Inc. is an Internafti^ headquartered in 

Dallas, Texas, USA, and employs morfe than SS j300 people worldwide. The 
Company’s principal business activities- site; relaled.to '-sup plying the energy 
industries and general industrial markets with a wide range of high technology 
products and services. - \ •-:' -iSi-V • 

THgCOMPANY . - v , 

■ Drcsco, an affiliate' of Dresser Industries, is establishing a marketing and service organisationintheTJ ni ted Arab Emirates 
for the maintenance and repair of compressors, pumps, turbines and engines manufactured by Dresser. Currently we have 
the following vacancy at the service centre in Dubai. * . V r ■; ’ 



Engines and Energy Systems 


: J * ' ' - 1 i - , 


THE JOB 

' Dresc» is seeking a MarketingEngineerwho win be respon- 
sible for the development and promotion of all aspects of the 
company’s business in the diesel and gas engine and associated 
medium size generation equipment markets throughout the 
Unite dArab Emirates. Specific duties include thefbnnulatian 
Of spare part inventories and development .of servicing facili- 
ties. This is a senior position reporting to the Managing Director 


REWARDS ..j;'.::. 

An attractive salary mitt facenlSve programme- wifi be 
offered' to the successful candidate. Other benefits include 
housing allowance, company car and a medical insurance 
scheme. . - • • - 

INTERVIEWS -fc - - 

To be held in theUJKu.wiBbe arranged inthenear future. . 



Telepfvxie-ooW.tbra cost 
free assessment meeting. 


THE SUCCESSFUL CANDIDATE 

Will probably be educated to degree level, in either elec- 
trical or mechanical engineering, and will have at least five 
years’ marketing experience withm the industry. 


APPLICATIONS . 

Should be made in taitinjbgmog full details of career 
■ educational and personal background, to;' 

Paul L-Wood, Manage^ Personnel Administration- 
“ Eu|bpe;i>resief 'Eur^)e : S:'A^197 Knightebridgei ' : 
London SW7 1RJ. Telephone 01-584 768L 


-Petty COUTTS&Cft 

01-8392271 

’ 140 Grand BuMngs 




Head Office (Victoria) 


Administration Officer, 
Pension Fund Investments 


Director of Finance 


£13.434-£1 4,361 
(Ref; 402/78) 


The Regional Council is seeking a successor to the present 
Director who will be retiring in May of next year. The population of 
the Region is around 402,000 and the headquarters are in the 
centre of Dundee. 

The person appointed will manage a Department of some 200 
staff and will have overall responsibility for the control and 
administration of the Council’s revenue and capital budget currently 
of £1 30 million. The post also carries responsibility for maintaining 
and reviewing financial control and the accounting procedures of 
the Council. The Council has an extensive computer facility. 

Intending applicants should hold an appropriate professional 
qualification in accounting and the successful candidate will be able 
to demonstrate extensive experience gained at senior level within 
a Local Authority Finance Department 

Application forms and details of the post are available from and 
returnable to the Principal Personnel Officer, 1 5 Albert Square, 
Dundee, Telephone 23281 Ext 3881. Closing date for receipt of 
applications is Friday 24th November, 1978. 

Candidates of either sex may apply 


The British Steel Corporation Pension Fund, with 
assets approaching £800 millions, requires an 
Administration Officer who will be responsible for 
all administrative aspects of UK and foreign 
investments. 

In addition to the maintenance of all Investment 
records, the post will involve responsibility for all 
settlements, supervision of bank balances, prep-, 
aration of regular analyses of transactions and 
some responsibility in respect of short-term cash 
deposits. 


The successful candidate will be expected to 
contribute to efficiency, both through the develop- 
ment of existing systems and by future innovation. 
Experience of Stock Exchange practices -and 
accounti ng procedures is essential. 

Candidates should be able to work with 
minimum direction. The supervision of an Assistant 
will be involved. 


Salary will be in the range £4,3 50-£ 5,440, plus 
£524 London Weighting Allowance. 


Please apply in writing, quoting reference 
H0 108, to: 


Senior Personnel Officer, 
BRITISH STEEL COR PORATION, 
P.O. Box No. 403, 

Grosvenor Place, 

London, SW1X7JG 


Accountancy 

Career Development Ihdniiig 
To £8,000 London 


ECONOMIST 


A vacancy has occurred for. an economist in the investment'team ofa 
progressive and expanding mutual life office at their Head . Office Is - $/ 
Edinburgh. This is an important post and the successful applicant, '" 
who will be responsible Jib the 'Investment Manager, will be expected 
to monitor and report on various economies, , to cdmmunicate, and 
express thoughts clearly and' have the. ability to 1 understand and- ■ 
interpret economic, financial and monetary developments' as they affect - / 
financial markets. ...... 

•' '. '•••-• ' "'.•••■ . 

Applications are invited irom : honours graduates in economics and 

with relevant post-graduate working experience in commerce or 
industry. Age range 25-35. Attractive salary and -conditions of .sendee.. 
Please write giving details of education and experience to The Staff - 
Manager, The Scottish Provident Institution, 6 Str Andrew Square, 
Edinburgh EH2 2YA1 ' \ 


f* 1 ' r* 

siuet 




■'■-'i.-lV r-.-.. 



ess 

u 


m 

o 

pn 

lei 



We are a large firm of Chartered Accountants with a rapidly expanding 


programme of in-house training. The training manager, is expanding his team to 
deaTwith the- administration and development of both currentand future courses 
for all members of the firm. 

' The person we are looking for will have the extrovert qualities needed to 
work in a lively team and ability to lecture to accountants of all. grades. He/she. 
will be interested in technical developments - and in their communication, both 
orally and in writing; 


Previoustraining experience, ispreferable but people with postqualification 
experience in one of the larger firms of chartered accountants. may have the 
qualities we are seeking. 

For the right person there is the career- development and remuneration 
package appropriate to a firm of our size. 

Applications, in the strictest confidence, should be addressed to 
Dick Elsanv Training Manager or Mrs Joan Nichamin, - Personnel Officer. 

f~ ~\ Mann Judd 
/ \X\ Chartered Accountants 

yAX/ 55 New Oxford Street, 

/ London WC1A 1BX 

(01-836 6600) 


PINCHIN, DENNY 

& CO. 

Members of the Stock Exchange 


We have several vacancies for 


BLUE BUTTONS 


A competitive salary, bonus and 
excellent promotional prospects 
•will be offered 

Applications in wilting to: 

R. W. Start, 

Pinchin, Denny & Co., 
Salisbury House, 

London Wall, 

London, EC2M 5SH 


The PereonalBarifcfngPivisTon <jfthe Grindlaystianfcnro^pfovitJesararige of 
personal financial services In the U.K. to resident and overseas clfents.-fn relation 
to the major cl earing fxanlrart is asmellope ration; biitas ^consequence il offers 

its custom e rs personal service, and its staff co ns jderable scope forcer eer interest 
and development.. f-~- - '. 


We need a mature frufisdcfual wfth experience in the financial services sector to 
undertake a fuff examination of our business and advise On rts future develop^ 
ment. Success in this role, will lead toa senior line management position Within 
the i Personal Bank. . . ' , : : V ' ‘ : : V : ; - r ' 


Ideally candidates ^hpuW be Chartered Accountants with a buSness degree 
although ca rear. bankers with AJ 8 and a record pf managerial.achieverrant will 
also be considered. ■ . .. . - - _ . 


Baiary will not bo a TImrting factor rn selection. The compensstiori package 
includes a subsidised mortgage and a non-contributory pension scheme. The 
job will be based IrrSt Jameses Square in London. ■ ‘ 


Please write with career details t.o Stephanie Baxter Moore. Assistant Manager, 
Group AppDmtmentsi'Gnrrdfays Bsnk Umlretf, 3fi- Fw.church Street. London 
EC3P 3AS. We shaffbfrgwTd arrange an 'informal diMussidffJtJh^ Bank. ' 



Limited 














'•'..•ft-- 1 - 


November 9 1978 


J ^,^ 13^0 


5TMENT ANALYST- 
ENGINEERING 


25-35 


Art opportunity arises In a major firm ©f stockbrokers for an engineering analyst The 
ideal candidate; probably a graduate; will have gained his/her experience as an analyst 
in the engineering . sector. Theyshouldbe: • 1 

★ Arricurate: ahd'capable of -dlscussing Investment ideas with institutional investors 

* Have rtie inrel(eetual ability to produce investment research material of the 
. highest standard expected by our client. 

The' position 1 offers a. fi rswJass" career opportunity with a firm which is a leading name 
in the investment world.. : . _ . *" 

.. VoTAL REMl^JEMTfON. » UfCElir TO EXCEED 


£10,000 PER ANNUM 


Please -apply;, 
jock Courts. - -. . 

Chichester House . 
Chichester Rents 
London WC2A 1EG 
01-242 5775 


for a British group id _a ; process industry* which 
occupies a leading positibh krits field with a 
turnover exceeding- £room . from international 
operations. The Secretar^s responsibilities cover 
legal . advice and group administration, including 
administration of the pension fund and the London 
Head Office* in addition to the statutory duties. 

Aged 35 to 50, cancfidates must be barristers or 
solicitors with experience of similar responsibilities 
in an international context 

Salary ab5ut£r3jOOb to ^c4*oCK):plus London 
allowance; bfon^onmbutca^ pen Car provided 

Please sendrelevant details — in confidence — to 
P. Hook ref. B.26413. 

77b; appointment is open ta men amteaomen. 

United Kingdom Australia ;8^g*um Canada 
. FraiKd'Germanv Hoilamt Ireland rtalv 
'sSm H wS 1 New Zealand South-Afriea South America 

wnmmmm Sweden Sw^riandUSA 

International Management Consultants 

MariagerTient5eJertjdh Lirriltecf i - -r 
1 1 Stratton Street Lor&fon VV7X 6DB 


C 

On 

This appointment is to take charge of overseas business 
development - principally joint ventures - for a Britisiigroup 
poised to exploit the overseas potential for its products which 
are already pre-eminent in UK construction markets. The task 
-is tp identify* establish and develop overseas joint ventures. 
Accountability is to the Group Managing Director. , 

Candidates must have a successful profit responsible 
general /commercial management record linked to well 
developed negotiation skills. Overseas experience, preferably 
in- third world or developing countries, will be needed. A civil 
engineering background is desirable but not mandatory. Age 
35 TO 50. 

Remuneration between £12,500 and £15,000. Car. Re-location 
help to Midlands. 

Please send brief details-^- in confidence - to E. I. Clark . 
ref>BJ5056. - - . 

This appamim/ni u opex lomen end wraas. 

United Kingdom Australia Belgium Canada 
. France Germany Holland Ireland Italy - 

New Zealand South Africa South America 
Sweden Switzerland US.A. 

Internationa! Management Consultants 

Management Selection Limited 

Union Chambers 63 Temple Row Birmingham B2 5N5 


YOUNG QUALIFIED 
ACCOUNTANT 
Up to £7,500 + bonus etc. 

An opportunity exists for a Chartered Accountant with. up to three years’ 
post qualification experience to join a small, young and energetic team 
providing the accounting function of a leading firm of London stockbrokers 

using sophisticated computerised systems. 

Please send a curriculum vitae to: 

Box U2Sj WALTER JUDD LIMITED 

• (lacorporated Practitkmers in Advertising) 
la . Bow Lane, London EC4M 9EJ 






i ;,• ; 

/ "f 


Bund 

Managwn 

Major Merchant Banking Group 


Our client, an accepting house, is one of th.? 
major forces in the investment scene. They operas e a 
complete range of investment services for both 
Institutional and Private clients. They are also one of 
the largest Unit Trust Managers and are linked n-iih * 
large-scale Life Assurance operation. Due to expansion 
they wish to increase their London investment team 
hy two men/women. 

Overseas Fund Manager 

The role envisaged combines active- fund 
management of new and existing funds. The main 
concentration will be on Far Eastern funds and it is in 
this area that experience is sought. 

The role is a senior one. and intellectual, 
qualification levels should be in keeping. Peopie .vill 
be considered who have above average knowledge- -;.j' 
worldwide markets and limited Far Eastern exposure. 
Age.28-35. 

UK Fund Manager 

In order ro increase the range of Unit Tn:-.r* 
under management further support is needed u: rhe 
Investment Management team. The person sough: 
will combine an analytical background wim 3 lljir tor 
fund management. Aged 25-30. Minimum 5 yc-ji-s 
investment experience, not necessarily of msutuii. >n:ii 
funds but with a well-known Bank. Insurance 
Company or Broker. 

Above average salaries.- total remunera uor 
packages apply in both cases. Tiiese include 
subsidised mortgage, non-co ntributory pension etc. 
and a generous bonus-level in line with Stock 
Exchange practice. 

Full details please to Colin Barry of 
Overton Shirley and Barry- (Management Consui-ams i,- 
17 Holywell Row. London EC2A4JB. 

Tel: 01-247 8274: 


This is anew appointment. It is the top line accounting job within 
inis highly successful and. rapidly growing Division - with j.J 
subsidiaries - and part of a British Company with an exceptional 
growth record- net worth a nd profit more t ban doubled in four years. 

The challenge is toprovide an efficient and economieinforraation 
ana control system (manual and computer based) from which, 
management, at ali levels, can make decisions that will enhance 
the prosperity of the Division in the short, medium, and long-term. 

The prime task is the management of the total accounting- and 
finance functions of the Division. Responsibility is to the Managing 
Dirccton 

The requirement Is for a record of attainment in all aspects of 
accounting for profit on time with precision. Ideally experience will 
have been in the industrial or commercial service sectors where the 
tempo is fast, the standards of performance stringent, and in which 
there is breadth or cummerciul interest. 

The opportunity is for a qualified accountant, preferably aged 
early 30s. to demonstrate business judgment, professional 
competence, and to be involved fully in decisions that lead to 
improved performance. 

The salary indicator is £10.000 with attractive conditions of 
service including cur provided. Location is West Midlands. 

Letters from suitably qualified men or uomen should include 0 
detailed curriculum vitae intludin g sa! or: progression to datcichidi 
mil be handled in toniidcnce cyJJrA C Iloa-.h. 


:i Vi 



Overton Shirley 
and Barry 




SUPERANNUAH 

OFFICER 


Cheshire 


up to C3157 



Ra?ed at our Altrincham Headquarters. and repining to the 
Director of Finance, the successful applicant vill be re- 
sponsible lor the administration of the Region's pension 
schemes in respect of approximately J 0.000 members and 
5.001’ pensioners including the preparation of final acvnunr-. 
acting as Secretary to the pension schemes and administering 
the committee scrucmre within the»e scheme*. 

Wide experience of pensions administmiion. ideally .-»i 
industry schemes, is essential, and a professional qualification 
would be an advantage. Applicant* must have a sound 
know ledge and a high degree of ability in interpreting and 
implementing legislation relating to pensions. 

Salary within the range £68S2 -j'S 1 57. 

Please telephone for an application form and return ir quoting 
reference B139/RTT by the 17th November 1978 .4 

10 the Direaor of Personnel, North West Gas, 

Welman House, Golf Road, Altrincham. 

(Cheshire. WA15 SAE. Telephone: Oo 1-92$ o3l 1 ffl gaj Bg 

NORTH WEST G AS r 


Intemaiion^ Becruilmert Stwciafoisfortfia 
Commodity hiarkt;; 

\M^WM^ 2 d J 

v’oiivbirv 


TRADER 


An opportunity exists in a Major Trading House for a young 
trader with some experience (ideally 2-4 years) and currently 
earning a salary around £4.500 p.a. Preferably a Graduate or 
good “A” level background and in the age range 22-27. The 
Company can offer extensive international experience and salary 
appropriate to the candidate's background, «rif I be negotiated. 
Write or tefephoner 

COMMODITY APPOINTMENTS. 

8, Egmont House, 

116, Shaftesbury Avenue, 

London W.l. 

- Telephone: 01-439 1701. 


Banque de depots, filiale d'un important groupe francais. nous nous 
soramei construits une forte image de consei! de nos clients, que nous 
assistoiu de pluscn plus au niveau dc lews scmiics imernaiionales en 
nous appuyautstir dies unites specialises que nous avons imptanievs ■& 
reirangcr. Dans le cadre de ce devcloppeinem, nous recherchons is 



mKBm 


■MM 




mmtwm 






ir 

, i A 


A G ROACH & PARTNERS, 
M\.VAGE5U3S'T CONSULTANTS 
S HALLA3I STREET. LONDON V»TN 6DJ 





Monte Carlo 

A major international shipping group wishes to strengthen its financial 
management by the appointment of an outstanding accountant to the position 

of Group Controller. 

Reporting directly to the Group Finance Director, he -vill be responsible for 
co-ordinating and reviewing group results and budgets which will involve 
liaison work throughout the organisation. He will be required also to develop 
existing accounting procedures, including ED P applications, and he will be 
involved in the implementation of corporate policy There are 30 staff who will be 
directly responsible to -he Controller. 

We are inviting applications from Chartered Accountants, ideally aged between 
30 and 40, who can demonstrate all round ar. O'inring expertise." includin'; 
experience in systems development. The business is conducted mainly in 
English, but a knowledge of French would be tn advantage. The position is 
based in Monte Carlo and there will be some international travel. 

1 he remuneration package includes a substantial salary, full relocation expends 
and other benefits associated with a major international group. There is no 
personal income tax in Monaco. 

Please write in confidence, quoting referenc e TS93 FT. enclosing concise 
personal and career details, to D. E. Shellard. 

A A A Arthur Young Management Services 

'S&jL Rolls House, 7. Rolls Buildings 
S W Fetter Lana, London EC4A 1NL 



The Banking Department of Robert Fleming & Co. Limited seeks a 
qualified person in law or accountancy aged early to mid-20's to 
assist with the administration and development of a growing term 
lending portfolio. Previous banking experience not essential. 

X An attractive initial salary v\il] be offered uilh good prospects for 

the future as this is an expanding organisation. Remuneration also 
' 1 includes worth while fringe benefits. 

-' • Apply in rr riling enclosing curricniim: rime to 

Tom Phillips. Robert Fleming & Co. Limited. S Crosby Square. London. E.CJ. 

Tel: 01-658 5858 

£ ROBERT FLEMING 

!?> 7 v •} iT-rvr^r — * 


; ae* jt* 


ej >i‘ r s or! n e 1-c orisu I(i3 n cysjcaj i n g tr^clfe hariGng 



Key management appointments within the 




l vr: f.;v^ 

iiii 1 

J-T-' 

fepss 


of a major European bank 


MONEY MANAGER 


£20,000+ 


We seek an experienced F.X. & Money Mans^er. v-ich a track record with Rrst- 
cla<s insiicutions. The appointee, ideally a£ed ;S-*0. will be well-known and 
respecred within the Foreign Exchange marker with the experience, contacts 
and stature to further establish the bank's connections both in London and 
overseas. The task is to develop London branch as the bank's principal centre 
of Money Market activity. 


OPERATIONS MANAGER 


£15,000+ 


The branch Operation; Manager will be re:pon;ible For establishing, and 
subsequently mznaging. the Accounts. Control 3nd Computer areas, including 
writing procedure manuals. A thorough understanding of Foreign Exchange 
accounting, and an in-depth knowledge of computer operations, are essential 
We invite applications from experienced Operations Managers, ideally aged 
in their 30s. who would be attracted by the challenge of a new operation. 

ACCOUNTANT {A.C.A.J c- £ 1 0,000 

The Branch Accountant, reporting to the Operations Manager, will have day-to- 
day responsibility for supervision cf the accounting and daily book-keeping 
Functions. Candidates will ideally be Chartered Accountants, with a detailed 
knowledge of international bank accounting and systems: Ihi; knowledge ma.- 
have been acquired as a bank employee. c» thrcujh extensive professional 
experience of bank auditing. Preferred age 's 2S-37. 

Our client urill interview candidate; on the 1/th November, 

In tha first Instance p/ease telephone KENNETH ANDERSON f Director.). 















Company Secretary / 
Accountant 


New Insurance Company , E.C.3 
c. £1 0,000 p.a. 


Backed by a paid-up capital of £5M, and jointly owned by two 
Sovereign States, a new D.o.T. approved Insurance Company will 
begin its London operations on 1st January 1979. 

To head up the Secretarial and Accountancy functions of the new 
Company an experienced A.C.A. or A.CXS. is now looked for. 
Previous Insurance involvement is essential — -ideally in the 
service- of a developing Insurance Company. 

In the first year a p.i. of some £8M (gross) will derive from 
nationally controlled sources. In year two this figure will be 
substantially increased by the general acceptance of London 
Market business. 


Salary will be negotiable around £10,000. 


For further information about this important position please 
contact our Managing Director, Mr. D. R. Whately, who hims elf 
possesses an Insurance background. His private telephone 
number is 01-623-9227 and the reference is 446. 


WHATELY PETRE LIMITED, Executive Selection, 
6 Martini Lane, London EC4R 0DL. Tel. 01-623 8430 




FINANCIAL CONTROLLER 

Tunbridge Wells to £1 1 ,000 + Cor 


Our client is a substantial private gro u p with an impressive growth record 
and ambitious de velopm en t plans . 

Recent expansion has significantly increased the demands on the finance 
function and as a consequence, the company is now planning to recruit a 
Financial Controller who will report to the Financial Director After an initial 
induction period, the successful candidate will have responsibility far 
controlling the preparation of the financial and management information, 
interpreting the results for non- financial management, and for developing the 
company's computer based procedures. 

Candidates will be qualified accountants probably aged 2S-32 who have 
previous experience in either commerce or industry. Exposure to developed 
computer based procedures will be an advantage and candidates must 
demonstrate the personal presence and commercial acumen to succeed in a 
demanding environment. 

For further information and a personal history form please contact 
Nigel V. Smith. A.C.A. or Robin F. Taylor. B JV-, C A., quoting reference 
2294. 


eDnrner ri amigtriaoivTsioo 
Douglas Lkanbfas Associates Ltd. 


410. Straad. Lend m WCJfl CMS. T*L 01-836 9501 
m.Si Viac.nl StnwtGmqowG3SHW.nl: 041-2263101 
3, Cauac Fte*, Edlnawak HO 7AA. TW; 031-225 7744 





inancial Director 

(Designate) 

Croydon area • £12,500+ car 


This is a key appointment in a weH 
established multi -Em business engaged in 
the food distribution industry with special 
emphasis on marketing earned, frozen and 
fresh meat and poultry products to 
wholesalers, multiples and caterers. 

The Company has a sound growth.' profit 
record and is currently diversifying its 
product range. 

Reporting' to the MD. the main task will be 
to direct, control and co-ordinate all 
financial activities of the company including 

accountancy procedures. 

taxation matters, budgetary ZT - 

control, company law, ID i 

computerisation as well ijIA / 

as general administration. T T 1 
Strict credit control is an t — J/\i. 

essential element of the J\Jl* 

business and therefore 


Bull 

Holmes 


direct experience in this area is '/tat. 

Ideally, we are seeking a versatile 
qualified accountant in the 35-45 age 
bracket with at least 5 years commercial 
experience atsehior teve( in a small to 
medium sized company where he/she 
has been fufiy involved in developing 
the enterprise. 

The remuneration package is fuHy 
negotiable and candidates earning more 
than indicated above are also invited to 
apply. Agreed relocation costs will be 
reimbursed. 

Please write, in confidence, 
with relevant career details, 

. to M. G. Johnson, at 
Bull, Holmes (Management) 
i/l /nr Limited. 45 Albemarle Sreet, 

r L 0*3 London, W1X3FE, 

J quoting ref. 813. 


lERSOKNELADi'lSEXS 


Jonathan Wren ‘ Banking Appointments 

^hc’persohoeL consultancy dealing exclusively xvith the banking profession 


CORPORATE FINANCE: 

NEW ISSUES £ Negotiable 

Our client is the London office of a major international 
investment bank. We are assisting in the recruitment of 
an additional Executive for the Corporate Finance 
Department, who will be responsible for negotiating 
financial arrangements with European borrowers. 

The ideal candidate would be in the age range 30-35, 
hold a professional Legal or Accountancy qualification 
and preferably have proficiency in a second European 
language. Some years’ merchant or investment bank- 
ing experience in the field of international corporate 
finance, particularly the negotiation and structuring of 
New Issues, is essential. An excellent remuneration 
package will be offered. Please contact: RO Y WEBB 


- :r : 

;v; 


EUROBOND SETTLEMENTS to £6,600 

A leading investment bank, active in the Eurobond 
markets, is seeking to appoint an additional Settlement 
Clerk. Candidates will ideally be '-aged under 28, and 
should have good experience in Eurobond primary 
and secondary market operations. A bonus will be 
payable, in addition to a competitive basic salary. 

Please contact: ROY WEBB 




•ffS£W"0,Bishdpsgate London EC2M 4LX 0I-623 1266/7/8/9 



The ^ 

Royal Automobile Club RAC 


Finance 

Director 


£20,000 per annum 
plus benefits 


This new posirion is a stimulating opportunity to 
participate, through the financial accounting func- 
tion, in the current re-organisation and lurcher 
development ot the R AC comprising i ts large (£3 5m. 
turnover) motoring organisation, its supervision of 
Motor Sports and two large clubhouses in Pali Mali 
and Epsom. A new Board and Management Com- 
mittee have been appointed recently with a commit- 
ment to strengthen the commercial management 
ingredient. The Finance Director will report to the 
Executive Chairman and will have three senior 
accountant subordinates. 

Candidates in rhe age range 35-50 years, should 
possess the relevant professional qualifications and be 
able to demonstrate experience in: 

• Attending main and subsidiary company Boards 
to ensure maximum use ot financial resources. 

• Advising senior colleagues through the Account- 
ing function to manage profitabiity insubstantial 
Club and service businesses. 

• Advise on cost, income, cash and profiraccounting 
procedures and records to provide realistic man- 
agement control data and reports. 

• Formulating financial plans, policies, both short 

• and long term, and ensuring successful iraplc- 
men ration. 

• Identifying areas for improved profi r and cost per- 
formance. initiating studies, and producing re- 
commendations for action.. 

• Managing substantial cash resources and invest- 
ments; 

Benefits include car, service contract, pension 
scheme and assistance with relocation costs ro a 
LONDON base. 

Applications in confidence co:N. Mills Baldwin, o.b^. 

The Director General, 
89-91 Pall Mall, 
London SW1Y 5 HW. 


FINANCIAL MANAGER 

(Financial Director Designate) 


We require a qualified Accountant, aged 23-3S, for 
the financial planning and management of expansion. 
We are -a non-resident corporation with a well 
established nante and successful fast food operation 
in London. 


Salary £14,000 plus bonus scheme agreed on 
appointment 

Excellent opportunity' for an accountant with 
commercial experience in corporate planning, to join 
a developing company. ' 


Sufficient inionmtiem should be' sent to : — 


Mrs. Turner, 150 Old Park Lane, London, W.l. 


Kemp-Gee & Co. 


are seeding an 


INVESTMENT 

ANALYST 



To work with the Partner responsible for Research into the 
Construction industry t David Taylor), in extending Kemp-Gee’s 
coverage of the sector and related areas. Besides Materials 
companies, he/she would also be involved in researching Con- 
tractors. Housebuilders and Plant Hire companies. Obviously 
some experience of the sector would bo preferable, hut is 
not essential so long as the candidate has a basic grounding 
in analysis. The position is an interesting one, and the 
career prospects are good. The remuneration, including profit- 
sharing. will be fully competitive. 

Please write, ill cpnHdawc. to The Paruutr in charse of Research, 
Kcmp-Crc & Co.. 20. Coplhall Avenue. Loudon ECZR 7JS. 


INTERNATIONAL 

BANKER 


For Its London office, U.S. Investment Bank seeking 
adaptable individual with economics background and 
general experience oi international Investment 
banking. Ideal age 25-30. Activities will cover full 
spectrum of international financing activities Willing- 
ness tn travel extensively essential. Linguistic 
ability, preferably French, highly desirable. 

Salary will not be limiting factor. Please write 
enclosing curriculum vitae to Box A.8535, Financial 
Times, in Camion Street. EC4P 4BY. 


COMPANY ACCOUNTANT 
c. London 
c. £3.000 -+- Car 


MONEY BROKING 


Our client. ih L - yn *ub*id'»iy ®f * 
U.S. corporation. active II 1 she 
chemical, automotive and petroreum 
Industrie,, offers an important new 
opportunity tc, a qualified ateountan, 
z<ho wjnu substantial general man. 
agrm-nt involvement in addition to 
conrroH-ng and influencing the financii' 
affairs oi s.V.- business. Reporting to 
the Manaemc Director, you null have 
good management accounting eicper,. 
ence gamed pe-haps in 3 U.S. company 
environment Excellent pnnipecc* in a 
viable arid expanding- company 

{Ref OJ04IO8' 


FINANCIAL CONTROLLER 
Greater London 
c. £12,000. H- Car 

Due u internal promotion, oar client, 
a large diversified British muln- 
naiional g.-oup. wiihc* to appoint » 
qualified chartered accountant 10 Utah 

up one of its most important and 
profitable divisions. Awareness or the 
financial conc-pl problems associated 
with multi-unit operations is desirable. 
Outstanding p^ipccts for * career 
minded p-oftmeru». (R«f 0391102) 

In the firtt iniMnee. telephone or 
wrlit to Alexander Meore vradnt the 
appropriate reference. For an opD&ta* 
rlon Form on<f detailed Job. ipet'li- 
cation. 


Currently we have the under- 
mentioned vacancies with 
prominent Money Brokers: 
SENIOR INTERBANK 
STERLING BROKER to £20,000 
LOCAL AUTHbRITY 
BROKERS £ Negotiable 

EXPERIENCED FX BROKER 
(with French and/or German) 

£ Negotiable 
FX BROKER (UNK) 

For Frankfurt with German 

£ Negotiable 
Please contact; 

Mike Pope. 

MONEY MANAGEMENT 
APPONTMENTS. 

30. Queen Street, EC4. 
Telephone 236 0731 


Drake Accounting 
Recruitment Consultant, 

Ormond House.*' 

63, Queen Victoria Street, 
London EC4N AU. 

01*248 3233 


LEADING 

STOCKBROKERS 

Near Liverpool Street require 
2 JUNIOR CLERKS 
with ' O ' Level or CS.E. I in 
English end Maths. 

This is a career position with full 
training, excellent salary alus 
Bonus and L/V 5 . 

Wnw - l'* ln X age, edaaruoiiDf and 
any orrvlMu employment details In 
confidence 10 Pax /U5J4, FhoitcM 
cJFI' J2- Street. London 

«BV. or p#»ne 01 -dM £788 

lor on aotxHinmont. 


.r.-'&uiiS 


- Financial Times 





in an International Environment 


Texas Instruments, one of. the world's leading multinational. organisatrons, tevn 
following career opportunities: . •' / 

Financial Controller 

BRUSSELS X 

to be responsible for controlling the financial accounting end financial pfenning function, 
with a staff of approXurtately.aighL 

Candidates, preferably aged 26 to 30. must be professional accountants wrfb at teast?-3 

years' relevant experience. Fluent French is essential. 


financial ComroHer Designate 

SINGAPORE 

to take pver responsibOHyafter an initial period of orientation 

two years in the USA - forthe total financial and management accounting function at our 
Singapore pterTt Con^ahy secretarial duties will also be involved. . . 

Can d idates, Si ngapore "citizen or resident, probably aged around 35, • . • . j— ^ 

musthaye atieast Syears^ experience in a high level financial position in .. . 

a large iricUKtriai or mariufactu ring organisation. A pleasant outgoing . 

persoriafity^the ability tb-Sdmmand respect at all levels, initiative and 
sound judgement era essential personal qualities. 

For both posts, vve offer- an attractive salary and benefits package • ' 

including relocation assistance, where appropriate. • 

Please write - with full -details. Indicating the post in which you are .. 
interested; to ..P:. Fitzgerald; Texas Instruments Ltd., Mantpn Lana, 



Texas Instruments 

Limited 


Stafford 


c£ 9 , 000 +profit share+car 


Aweir.estabfi^ied company which specialises in the import and r 
marketing :6f limber wishes to recruit a Financial Director.'The : 
company has a good growth record and the potential f or further ; 
dev^opment- ' - . iW * 

Reporting tVlhe Managing Director, the Financial Director wiH 
have. responsibility for the compiete accounting, treasury, secret- 
arial arid adminfetrative ftjnctions. • '' /:■'*■ 

The.iuccessfijl candidate, who will be a qualified aedbuntarit ' 
between ;3ETand 40 years of age, must be able to demonstrate 

- Q.'Experience in a similar capacity within a . fast growing : 
. •' ^organisation and the ability to make a agnificant contrib- ' 

'- 1 -ubon In.a growth situation. 

Q A strong commercial bias and general management . 

• .potential. ’ ■ *• " : •/" 

• .□ pfperlenceof developing computer based contrqisystBriiSL 

Initial salary for this career appointment wHfbe around E9.000 p.a. 
and a cbrnpany car will be provided.-Otber benefits wiil inctude- - 
attractiveproflt sharing and pension schemes and assistance with /- 
relocation e^ienses, if required; . /• : ■'/ 

Appiicationsfrom candidates of either.sex^ goring brief perspnaf/ 
details and career history dnd q uoting deference FT/!258/FsiTbUld" 
be submitted in confidence to> . - • v 



Turquand, Youngs & Layton-Bennett, 
Management Consultants, 

11 Doughty Street, London WCIN 2PL. 


South 


£ 10 , 000 - 


Our client is a. major non-ferrous foundry who have a sales turnover 
in excess of £5m of. high quality castings supplied to engineering, 
aerospace and other- technical . mdustnes. This Board appointment will 
have a major responsibility to develop vigorously the -sales and market- 
ing activities co the UK and overseas markets.. 


For this key appointment it is essential to have a proven '.record of. 
successful sales and'maricetfng management, preferably In a non-ferrous 
foundry company 1 and with the ability to negotiate major contracts . 
in the UK and export markets. 


Initial salary is negotiable around £10,000 plus car. 


Please apply. In confidence, for application form to: D. G. de Beider. 
Knight Wegenstein J-td^: 75. Mosley Street. Manchester M2 3HR. or- 
telephone 061-236 0987. quoting Ref. 68186. 


YI 7 Bright "Wfegenstein Limited 

V\/ Eieattive Recreirment Dansuttants "• 

V Management Consultants and Consulting Engtneenr 

LorKkm ■ Manchester ■ Zurich ■ OussekJorf ■ Madrid 

Raris ; Stodcholm-Viefwa'Chk^^ : 

ftjuhdryAppointments-loternational 



Group Financial 
Controller 




North-west > ; , >«S. 00 ft 

A challenging ^ oppbrtunfty to Join tiie expahslbn-nnidpd 


the top financial position. 

The person ap pointed Wfi be responsible to the group maBaainri 
director and contribute tojje overall management ofthe grooS 
especially m achlevjng; greater group Integration and sophistication 
on the management information and control side. ex8raseaireaajrv 
role and deal with acqoisqion work. . . . 

l ui ^ b i®, cand i? la te s sex - CA * CCA tr CMA, pfbiabiy irithefr 

early 40 s, will therefore, have experience, at. a tseoior JeveMri tha 

fimnra aim u«. j .... •• • • in,u«s 


«i«6iv—-!~v.v v*'F»iBiiue;e Ui . a r«eivor isver-m trie 
finance function ofmore tha n on e large developing group, preferably 
in manufacturing: Computerisation and contrd of European subsldr- 
aries experience Is also.iilghly desirable. > .supswu 

For an application forml. write In confidence ihi^g howiyou-riieet 

the specification and .quoting referertce 1023/L,to£-M,N^ ■ 


Peat Marwick Mitchell-4 Co.,- : : : ’ 

:ManbgementConsultarite, 

' Executive Selection Divisibri, - • ■ Vs ■ 

J65Ckjeen Victoria Street,. 

Qlackfriars, London, EC4V3RD. .7 




UXfi 








--TliheS’ litn^day 7 ?ToV^mber 9 - 1078 




JMeHt- 


h ’tor 



- 1 ms i«icaiig iaiemuuuuui sose ituuoxuj group nos more 
than douBledin size in reed terms during the last decade 
and now-has 18,500 employees. Much of this growth has 


asion is 
is plan. 


The task is iolead the recruitment and development of 
management tamatch fhe world wide business plan. This 
will entail working closely with a Main Board Director 




You need to have cm outstanding record in management 


of oveiseas pexsbiihel adminis tration. Salary and bonus 
can Wexpectedtaar^^ to £18,000 to £20,000 per annum. 
Pension is noh^htributory. 


• Your name 
i and you have 


will not go forward until we nave nneiea you and you 

given your consents 

Terence HartDyke ’ 

BI^ (International} Ltd 
26 Erarset Street 

London W1M 3FU V •' # ' • ' -V. Hecmitmenl Consultants 

TehOlr-W 2621 7-' 7 v‘ ■. v LicettlBed “ * he UK 



Investment company based in Mayfair 
requires a 

CHARTERED 

ACCOUNTANT 


The most important part of the job will be to 
monitor investments already made and evaluate 
and monitor future investments. The invest- 
ments do not comprise Quoted stocks but 
minority and majority holdings in unquoted 
companies operating in various fields. Duties 
shall also include managing the internal account- 
ing function. 

Salary shall be negotiable in the region of 
£S,500 p.a. 

Please reply in the first instance in strict, confi- 
dence,. with a full curriculum vitae, to the 
company's accountants at the following address: 

1VIORET & LEUPERG 
New Bond Street House 
1/5 New Bond Street 
London W1Y OHQ 


A major well estabiishedU.L. life company 
currently In avigorous growth situation 


responsiblefbr their City Branch.This 
branch currently produces new prernium 
business of approximately £TO Million 
which is obtained from national and other 


brokers. This, and a branch staff of thirty 
provides a challenging opportunity for an 
ambitious manager who needs energy, 
drive, technical and managerial skills of a 
high order. Age probably 35-45 with 
broker or company experience. 

The basic salary indication is around 
£10,000 plus bonus, and fringe benefits 
include a company car and the possibility 
of mortgage subsistence. 

Male or female applicants please apply in 
writing, quoting reference 7150/- to: 

9 

McAlpine Pitt Limited 

RECRUITMENT DIVISION 
7 Albemarle Street. London iMIX 4QD 

tn/‘Co:e any companies to whom you would 
not wish your application to be forwarded. 


CHIEF 

ACCOUNTANT 

A muiunationil e-jiniiarion in the 
field _ of in*mi;onil communication* 
requires a chartered actountant for 
its British Subsidiary based in London. 
A hnawledje of U.S. financial report- 
in; and planning is tuend&l and a 
second language would be helpful. 
Main Job functions would include 
corporate aceounrin; and financial 
analysis, demanding a knowledge of 
UK taxation and the improvement of 
cinrent accounting protedurei. 

Salary negotiable up to £4,000. Write 
in confidence giving details of your 
carter so date so: 

Box A. 6.532, Financial Times. 

10. Cannon Street. ECdP 4BT. 



ENERGY MANAGEMENT 
SALES REP 

needed for simple programmable 
controllers. Huge power savings 
by users in UJ»A. 

For appointment call: 
Hoberman 01-759 2434 


OVERSEAS VACANCIES in many Acids. 
Details irom Careers Overseas tAC'. 50. 
SL Marvs Rb.d. Iordan. S.E.25. 





i 

1 iuld 

lV! 


Paris c.£17,000 f 

Our diant is a major international health care corporation with its 
headquarters basedin Paris controlling affiliate and subsidiary companies 
inEurope, the Middle East and Africa. 

They now have a requirement for a/Manager to be responsible for 
Financial Analysis within an important and expanding part of their head 
office operations* 

Candidates, aged between 25-35, should be qualified accountants supported 
by a degree or an MBA, who have gained relevant experience 
in a sophisticated accounting environment, ideally with a 
multi-national corporation 

The appointment has considerable potential and offers an excellent after tax 
salary arid includes relocation expenses. Applications are invited from 
menarid women. 

Please write or telephone, quoting ref 793, to 
S. W. J. Adamson FCA, Grosvenor Stewart Limited, 
HamOton House, 15 Tilehouse Street, Hitchm, Herts. 

Tel: (0462) 55303/4 (24 hour answering). 

GROSVENOR STEWART 

Executive Search and Selection 


SUCCESSFUL AND GROWING 
LOXDOX BASED. 

CONSORTIUM BANK 

Specialising in Latin America 

has a vacancy for young Eurocurrency 
loans administration clerk with one or 
two years experience of Eurodollar loans 
operations and rate fixing. The manage- 
ment style provides opportunity to work 
in a relatively small, closely knit team 
atmosphere. Remuneration in line with 
market conditions. Replies, which will be 
treated in strict confidence, to Box 
A.C536, Financial Times. 10, Cannon 
Street, EC4P 4BY. 



YOUNG A.C.A. 

XJ^S-A. $18,000 + 

This is an outstanding opportunity for a young ACA to join our client, 
a major American : manufacturing company .The position will involve 
close involvement and investigation of the company’s. operating procedures 
both' at Head Office' aod on Site. Substantial travel in the USA will be 
an integral part of the duties. Apart from yhur qualification you .will 
be required .to demonstrate a dynamic enquiring approach to the task 
and have the ability to' set your own work programme within company 
guide lines. This position will provide ao excellent opportunity to start 
a career with a highly sophisticated international company. You will be 
relocated to.- the UK after this initial induction programme. 

- . Appfv in confidence quoting RPW.46. 1 to 

; Richard WUSo.n, BA, Recruitment Consultant 


David Clark Associates 



V/ " 4 New Bridge Street, London E.C.4 01 3531867' 


FINANCIAL DIRECTOR 
DESIGNATE 


LONDON 


c*£l 0,000 


immu 


Contracting 
£20,000 plus 


Leading international group requires a Financial I Commercial Director of abort 
average ability to play an important role in the company's exciting expansion 
arid growth opportunities and to be responsible for the commercial and 
financial function. 

Essential qualifications are : — 

—legal and financial qualifications . , ........ 

—several years’ experience of contracting anfi large mum-dKcipimed 
international projects 

—deoth of knowledge of contract law and international financing as well as 
the application of the latest methods of financial controls in the rontracuns 

Creative yet practical approach combined with soiirid commercial judgment 
This is a key eppcimment oServog Salary and benefits -which will be negotiable 

with the right person " . f ’ 

Apply-in strictest confidence quoting reference it>Wr ... 

Business Executive Technical Appointments 

10 SL James's Place, London, S.W.1. Telephone: M-629 6074 


For fast expanding unquoted public company operating in 
a diversity of computer oriented activities both in the UK 
and overseas. 

The ideal candidate is a qualified, chartered accountant early 
30s with at least five years' experience in industry or commerce 
and well versed in management accounting techniques. The 
position reports directly to the chief executive of the group. 

Salary circa £10,000 plus car aod usual fringe benefits. 

Replies, with curriculum vitae, to: 

Maidnient Posner Consultants 
78 Wimpole Street 
London, W1 
Reference CS4 


FOREIGN EXCHANGE DEALER 

With experience in Spot and Forward dealing and 
Eurocurrency deposits for second position in medium 
size overseas Bank operation. 

Age 25 Salary £8,000 

STERLING DEALER 

Deputy 4 to Chief Sterling dealer with three to five 
years experience in Interbank dealing, Treasury 
Bills and/or Gilts for major bank. 

Age 25-30 Salary £S,000-£9,000 neg, 

BANK MANAGEMENT ACCOUNTS 

A major City Bank requires experienced accounts 
personnel at senior and middle management levels. 
Salaries commensurate with age and experience plus 
usual benefits. 

LJC BANKING APPOINTMENTS 
283 9958/9 





in Leasing and 
Asset Financing 

HTuj>TTir>n International Leasing Inc., a subsidiary of Chemical TfanVj 
is one ofifibe largest international asset financing groups. To meet the 
requirements of continued expansion in the UK, four additional senior 
positions need to be filled. 

We are looking for creative and highly mofciratedmen and women who 
can. work with the Tnintmiim of direction. Probably aged 25- 35 . you will 
become part of a small but highly successful team which has set and expects 
to achieve very aggresive goals in a challenging market. 


widen established experience in asset financing. You willbe covering an area 
comprising London and the. South in the middle to big ticket market. 

Marketing Executive -Birmingliam 

Covering the Midlands and the North West This is a responsible 
appointment providing considerable autonomy for someone in their late 20 s 
or early 3Q’s with a proven track record in tbe middle to big ticket market. 

In both the above positions, you should have the ability to work in 
a very sophisticated environment and negotiate at the highest level with 
major customers. 

You should be numerate and ideally have a sound knowledge of lease 
purchase, conditional sate, tax leverage teasing and other complex areas of 
UK fi’na.nr.ing techniques, plus the ability to cope with documentation and 
corporate analysis. 


Senior Credit Officer 


Located in London, you will need at least two years ’experience of HE 
c o rporate analysis with a major bank to meet the dema.nda of thin position. 




i iT;T ; , K;) J*l*j t'tUlT5 




We offer above average salaries for ah 
these appointments, plus all the ngm.i 
^ benefits associated with senior posts in a 
major international bank Please write with 
ft ill career details to t.hp Manag in g Director, 

Mr. RichardHoHoway, Chemco Equipment Finance 
Limited, 85-87 JenzQOiStreet, LondonSWl Y 6JD. 

Chemco bnctaKrbjALLEr-iis. S?sa 



Treasurer’s Department 
£6,500p.a . Central London 

This isan excellent opportunity to develop a newjob in a key area ofa 
very successful company. Lloyds and Scottish Limited isu large public 
company with subsidiaries i n the fi nancial service sector, retail and vehicle 
and industrial equipment sales. 

The Treasurer's Department, which handles all of the Group s borrowing 
requirements, is to be strengthened by the appointment of an Assistant 
Manager. An individual is required who already has experience ofa broad 
range of Treasury work. The position is responsible to the Manager for 
negotiations with public companies, banks and brokers to borrow the 
necessary funds, for making statutory' returns, and for statistical analyses of 
borrowings. 

We envisage thatthe successful candidate wiii be a man or w oman aged 
o\ cr24. u ho is interested in the analytical side offinancc and who K seeking 
the responsibility of an Assistant Managers rclc. Fonhe right ind>\ idual 
there are excel lent career prospects. In addition to the salary indicated there 
is a good fringe benelit package. The Department is in new May lair offices. 

Please apply with brie feu reer and personal deiail> to Mr. R. L. MaeauLy. 

Group Personnel Manager. Lloydsand Scottish Limited. 

/ 8 9 Chesterfield Hill, London W 1 . 

i4gj Lloyds and Scottish Limited 


International 
Corporate Finance 

Citicorp International Bank Limited (C1BL) is the London-based 
investment banking subsidiary of Citibank, one of the world's largest 
financial institutions. 

CIBL’s Corporate Finance Department is now expanding its 
Specialised Financing activities - international currency swaps, parallel 
loans, ‘big ticket’ leasing and related financial techniques -and, as a 
consequence, needs a high calibre man or woman to strengthen a 
young and ambitious team. 

A graduate aged 25*30, preferably with a professional qualification, 
you will already have demonstrated particular skill and success in 
complex financings - ideally including leasing. A second language 
would be an advantage. 

In retum,you can expect a highly competitive salary, excellent 
benefits package -and exceptional opportunities for career development 

Please write with CV to: David Pritchard, Corporate Finance 
Department, Citicorp International Bank Limited, PO Box 242, 
335Strand, London WC2. 

CITICORP 

INTERNATIONAL 

GROUP 






Financing of International Trade 




London • c£13,000;bomis&car 


Rx"aai3Sfen6aIBTffishcorrpanyvwfli 
subsidiary operations in rrrapr Ctommonwe^i 
courtries and interests in ffie USA and 
N. Europe aid vvfirch handles the financing 
of irtematfonal trade on a broad basa 
This new appointment will report to the Chief 
Executive in Lonctoo. There will besoms 
travel abroad. 

It is intended thaf the appointee should take 
day to day control of the Group’s numerous ■ 
banking facilities in the United Kingdom also 
superviaon of fts fadGBes overseas and to see 
that they are used to the greatest advartage. 
The person appointed must have 
the presenceaid ability to _ 

negotiate at top level and a T) 

thorough going knowfedge of. fjfJ, 

ways and means whereby inter- xnrl 

national trade may be financed / JUj 
in a variety of currencies so that JLjLK 

custcmers may be offered as 


ArersaSe and corrp^drvBa service as pcss&Ie. 

.Carfid^s, aged 35-45; shaidhave 
■ experience of international financing and 
I ensign ©change vritfi toe International 
Department bf aBank. aCfly Rnance House or 
Conferring House. Proven success in this field 
is more wpcrta r t t han for m al quafificafions but 
an exceflert seoondaiy education is essential. 
It is envisaged that the successful candidate 
will beappointed to the Board of the United 
Kingdom opening company with an 
opportune to join the main Board. Starting 
saiay and benefits as above plus good 
person and life insurance 
* "■ 1 ■ schema 

7 Please wrle in confidence 

f wSh brief, relevart career deta2s 

u toH.CXHoknes.Bid.Hoknes 

! /%/tno (Management) Limited, 

iUOsS 45 Albemarle Street; 

London W1X3FE. 


PE8SCNNELADWSEFS 


FINANCIAL DIRECTOR 

REINSURANCE BROKERS 

LONDON — CITY c£14,000+ Car 

A successful rapidly expanding reinsurance broking company 
in the City of London requires a Qualified Accountant, aged 
around 30-40, who will become responsible for the day-to-day 
control including all accounting and secretarial matters. 

Candidates must be able to work on their own initiative, 
possess considerable personal qualities and ambition and have 
a working knowledge of the insurance industry, preferably 
in the Lloyd’s market 

Successful fulfilment of this position could lead to partici- 
pation in the equity of our client company at an early stage. 

Please apply in confidence giving brief personal and career 
details quoting ref. FT/jed to 

NEVILLE RUSSELL & CO 
30 Artillery Lane, Bishopsgate 
London El 7LT 


RESPONSIBILITY FOR SYSTEMS at 

BANKERS TRUST 1 WTE ^NATIONAL LTD. 


A SYSTEMS OFFICER is sought by 
this city banking organisation to 
fulfil a challenging role by taking 
responsibility for systems. The . 
primary responsibility is to imple- 
ment or revise systems and to take 
them through conception and feasi- 
bility. Much of this work is necessi- 
tated by developments within the 
bank and in addition, you maybe 
asked to partake in other non- 
computer projects. 

Suitable applicants wifi have 
good banking experience coupled 
■with a knowledge of computer 
systems andprogiamming. The 


machine in questioms a Burroughs 
B80 using COBOL, so experience on 
similar small computers is desirable. 
. If you satisfy these requirements, 
you will find the position rewarding 
and varied, providing you are 
sufficiently flexible to meet its 
demands. 

The company offers a salary of 
• C. £7, 500 and in addition there 
are all the usual banking benefits. 

If youfeel this opportunity is for you, 
please phone or write to Mrs. A.S. 
Jones, Cripps, Sears & Associates, 
Bume House, 88/89 , High Holborn, 
London WC1V6LH. 01-4046701. 


Cripps,Sears 


Managing Director 

(PRECISION ENGINEERING) 

c. £15,000 + Profit Sharing 

Onrdieitf is based in the Midlands and engaged m a n ufacture of 

high precision engineering components. The company is now to 
strengthen management to achieve a doubled turnover within three 
■years. 

RepoxtingtotheChafiTnan. The major resparuribilifies win mdurifi 


ordmatmgdivezsificahosi policies. 

Candidates, male tir female, around 40; most be gradnateswiio have 
experience atboardlevelinaTnedinpi sized company. Ideally in 
aircraft or precisian components industries. Sales and marketing 
expertise and a profit orie nt ated dynamic management styte are 
es s en tial . Thaparirnge in t fin d re agnalily car and ggneHent benefits. 
Please apply in writing, gmngryour telephone number and quoting 
Ref 870, to CbadesKeel, BSc (Eng)., C. Eng- T M.I.GheztLE., Barnett 
Keel Ltd., Providence House, River Street, Windsor , Berks SLA IQT. 
Tfefc Windsor 5701L Telex 848323. 

Barnett Keel 

MANAGEMENT SEARCH 


r ^xiancial Times T&irsSay 


ART CALLER! 



ACNEVY GALLERY, S3, Old Band St. 

W.I. - ■ ■01*629 6176. DUTCH 
FLEMISH PICTURES FROM SCOTT IS* 

COLLECTIONS. A Loan Ertlblrwn In 
aM of Hie National Trust lor Scotland. 

Until 8 Oe ew nbft. EntraRK e 9?- 
And FRAGONARD DRAWINGS for 
Orlando Fwloso. Until 15 Decern her. 

Mon.-Frl, 9 -30 r 5 .30, TTiurs. until 7. 

WsSSS S. urged to end stoppage j strike 

British worts of" art.' Barbara . ‘ 

s L 0 n S - BY ALAN PIKE AND ARTHUR SMITH • ^ ^ 

Matthew Smrtb .WcT ALSO worts tff - ‘ . \ ‘ ~ ' 

’crane PRESSURE is mounting on the 57.000 employees whose strike is .mere for improved efficie 
sbsz 3 *itr£' *4 2SS? 3 - st>0 strikers at a BL Cars com- io its seventh week saying that: 'which the company made 

am you no artists otVnusuai vi*.on ano ponents factory to reconsider the problems of “ dally losses of month after agreeing to n 

1 t *‘ rm ' their action which has already vehicles and components' .due to tiate under conditions of 

fine art saoETr. tas. ncw. Bond sc. halted Austin - Morris car disputes aod absenteeism ” mast*: collective bargaining, couja t 
neVo. 0 628 SM6, MAXWELU ' assembly and made 17.00 workers be overcome. *: ! ; \ foijncd the basis of a retun 

gdldsm rocs ~ r all. FoMnr Lane. s.ci. idJe - • - - Had union negotiators ibefea Avorfc while negotiations 

cold and silver.- soo The Birmingham East district prepared to discuss' the. -cbjh- tfnued. . 

Fm? n« sSn'dar*. ‘ committee of the' Amalgamated paa/s proposal for an attendants ’ — — 

JOHN piper. ^ na i nil ups snti of Engineering-. Workers payments scheme, said «r. Roots, ;S'\ . ' 

5«mMcs fwa 4 -m Noveinber: at sohup has instructed members at the it would probably have - been TTSc'lrrviOQ I 


BY ALAN PiKE AND ARTHUR SMITH 


f m c«ane PRESSURE is mounting on the 57.000 employees whose strikeismore for improved efficiency. 
SBS7 S Nlw"2rt 225?- 3 - st>0 strikers at a BL Cars com- in its seventh week saying that.' which the company made last 


seventh week saying that which the company wade workers off .strike ih. 
rtlems or - dAlly losses ol mmth srter agreeing w 


Sj'Wnr. 15. s cat too Road. Henley-on- 1 Drews Lane 
Thanes. 0*on. Tel.: 04912 6228. I C „ K 


f members at the it would probably ..beve. : beeii'.A/‘iC*Sc > hniriQl 
plant to get back possible to agree more aCceptable X’ 


>-UMLfV OUEALBL.24. Davies St 
0 1-499 5068. ROBERT BATES— 
WateiwkMio. Until Nov. 10. 


action came after a striker^ wae ' 

• injured, when a bread van^ trietE 
to cross a picket - -line at- tjte- 
Suhblest JJakery in. C 2 rffa£L j_jy 
In Exete;. Bakers; Fried ^nd : - ; 
Allied Union strikers picketed; 
Rahks Ho vis. : MeD ou^ail factory! 
where uni 6 nmeiribeie have- de^ 

-. fieri- , the national - strike call 
: Work also con.tinued;ar the coaw : 


MAAS ' dtf.ih.tinn n- — dispute will increase the unrest the compands probjCTB-dif any rfnrA/MltSf national - slrife 

*a*»i>iBs i^doVi? sy john of members who feel the decision sensible productivity ileal - unhl " ' *-M ^ m a Work also Cont inued the_roai^ 

N^'kood's'iw ®ri. idS: to walk out last Friday was too all available money^was natTiro - HAJlbUKG, Nov. S. - pan^s Barnsto^-fe^ry.yb#*;’..' 

hasty. the baric ^rate^ - Forffw^not ^iTBSr GENERAL secretary of the. third-bakery ^ ^ atr^ewsep: • ;V 

MAU. gajjjjmes. Tb* Mail, s.w.i. t^ Workers at the plant will re- pared to do this. . ;• ; . : Ffafa meal Exporters ;. 

GJM of Heaven . Land*apes by ce i V (» letters from Tnanaeement J.-. — - - f fFEO). Jaques Schwara forecasts joineri is. yesterday. *?aV 

Sffii is' nw" - ' today statins that parity pay- V9° . ^ m hers - q€ .tiie Jtb a f FEO , countries will^eater pjmdnctfon - is- qantfiuxtogj'at' - ; 

ompI — Fine British and ments in addition to the basic 1979 witfe s ^ ock L vv SL 1 ^£’22? some Federation of Bakers 

5 peT cent offer will immediately Xl, ^^totmes, falling to 300.000 tonnes around, the ootmti^; .with. 

workers from £7630 to £85 and W later. , ageinent staT;. r.. ; 

richawd rn 4(in : MM , T cAg TiJ for production men from £71.96 := H P told a fflee ^ og of labour producing ' . 

5*J|7: to £S3T5. ?’ ^5 eD . . 'Prtsent ; national Association of Fishmeal tween SO and 50.- pfir ceat ;iaE: ^ ' ’ 

spo^rfNG E ^R I iN^ N D/ii? L ?o E oo?e'ao H Mr. Harold Musgrove, manu- 1 wlUl the ' cmnp ^ y Waoafacturers (IAF&W1 m New norma j output Js- ^ing'-im^^ ' ^' ' - 

s»ts. iQ.oQ.i2. so, facturing director for Austin- exp,rea - , v ; i>.r Orleans that peoduetjon next tsiine'd,- it- was estimated.- .* ; ■■ - ; 

richaro green gallery. 44. do™ Morris, said the letter would Members of the EPTO exeriu*' year should . total around 'Unn There is-no indleatioh yet-.thitj r- . 

IxmamoN o? pa ihcs" not on *y sp® 11 ou the bene- tive have decided that pay' bexuer .toanea. giving a total supply of talks^: .on ■! the. <HstJur& .are,’Iikeiyi-.:^ 

□any io,ofl.6.oo s saS. N u).oo-i2.jo. ‘ fits of the company’s offer but fit from the start of _^e~ strike "-2,.22m tonnes, market sources W eek^ ^ Tbri . nnion. -feasUriw . 

^Zbk t - - - - — also ma * e clear ttat the strike would create precerieriisVyhich /said. - . . ' . ■ jected i-S" per cerit pay- offeriridi !:. .. 

e.ca tan unseat Wiiii. 01-248 9559. would gain no concessions. could not be sustavned in the /.^z. Schwarz estimated uie con- a -prodnetivitw.. sebrnrite -.Trtr&» ■ - ' 
“iiSS? ftS # uSiS'^w? i ?Vn'?*Art u ^p??- have increased to between 25,000 light of union policy. The EPTU ‘ sumption of FEO countries next another” fr per ‘cent ir rMpenSe^' 1 -- - 
SvSJT 3 Edition and 30,000. The position would executive also took the view that year at 320.000 tonnes with on r " 

0pen 9 00 - g: « > , Mon - Ffl - only Jaguar in the cars group Frirffs offer of 8 per cent' iexpprts making up a further ^Mr Sim 

^^?S^^T^ r 29?'i. Pari ^DLfFE fi^ly to escape the effects of creases with the • proutise ;oL Lfim. ' . retary. yesterday repeated • 


lively to escape the effects of _ _ 

i3 H NJ^b^- L * ld ’ nfl Artist*, until the stoppage. • _ _ _ ": ‘ j l casts that the strfte rcoold'cba^ . ■ 

is^ir.asf'^jOTr S ^ auxhall off er accepted , 

. “ . ! 60 ^: ...... — — company a2 per cent loS in Us 8T PHIUP BASSETT, LABOUR STAFF ... 

’employment ^F’up^to EN«3INBBRIMG UNIOS’ ^diylof the ballot of Urn 2.300 DepertmeM nf_P aeee--y d^»v 
in rvwi at Vanxhall’s Danstable -plaHt members of the Amalgamated sumcr Protection yesaHay^Thto^. 

J.U.IA/U. . , •«. 1 » __ .• . s sir ill Alleelellnn’^'i.'f 


Ford deadlock 


a, ime 8.5 per cent pay offer by a secret at • the Dunstable truck plant Bakers, which is norinyBlved in^i- : 

vLUdg . Fnrd des4d!nc*k ballot. .Union negotrators for.weie 57.8 per cent in favour of the dispute, has told 

— - ' — skUIed workers at all. ..Vanxh'all acceptance, with 425 per cent ment its -members ; will- 'bohf'r.^- 

Mr. Paul Roots, Ford’s director plants are expected to'i^ecqnt. against ' prices at pre-strike 'levels. - r - 

°C^A|]; of em P 1 ° yee reIa 4? ss ’ “bod acceptance today: : ■ ; ' ' i^ e vote against acceptance, Jfore than 250- Baierir • wori^ li • 

floor Sbo vo. 1CL45. 12.45 »nd j sent letters to the company’s The results announced ~yeater-, taken in the main before the t - returned to werit yKterdey-ft^ - :, ^w--“ 

^ 08 Jahtmv & rrlcnd& - .. 't.- - ATJEW decided to urge its '.- defiance of their union’s strike;'^ 

GAROovL g. 69 . own street. London, w.i. 0 0 . 0 . '#"/-• !'' ’.members in the company to - eall. The y_ are employed at the -u a f* 

N ew>tb I pteas^ floors HOW Ij a accept the offer, is surprisingly. - Stmblesr brikerv'inrrNorthamo- : 


“ AS YOU LIKE IT" 
11-5.30 am. Show at MMnlaht and 1 
MOIL-Frl. 005*0 Saturdays. 01^157 6 


O.K. BAZAARS (1923} LIMITED 
(Incorporated In the. Republic 
of Sooth Africa) 

DECLARATION OF DIVIDEND 
NOTICE IS HEREBY GIVEN that 
interim dividend No. 94. at the rale 
oi 19 cents per share In resoect of 
the financial rtf which commenced on 
1 April. 1978. has this d«v otvn 
declared payable on the 13 December. 
1978. In the currency of the Republic 
ol South Africa to all holders al 
Ordinary shares registered in the Boom 
df the Company at the dose of buii- 

a on 1 r IhJveuiber. 1978. Non- 
lent shareholdtfrs’ ta* el 15?, 
Will be deducted where apnlicablc. 

The Reprster al Members win be 
closed in Johannesburg and London 
from 18 to 26 November. 1978. both 
days Inclusive, (or the purpose ol the 
above dividend. ”• 

By Order of the -Board. 

J. B. PARNALL, Secretary. 
Registered Office: — »--• 

O.R Buildings- 
80 Eloff Street. 

Johannesburg. 2001. 

Transfer Secretaries' 

Hill Samuel Reg at ran (S.A.J Limited. 
The Corner House. 

63. Fox Street . - 
Johannesburg. '2001. 

London Registrars: 

Hill Samuel Registrars Limited. 


-«-• 0 ' ' 0 ’ m 1 " 'J- • ■ members in the company to • eall. They are employed rt to 

flj nmnAAVlTUt accept tile offer ’ “ suiprifiin^y. •j.Sunblnit brikear hT Nortoamjv 

B^vSi5?Ifflt?Crill5? TT I If I If Cl: large for a factory not tradi- tdn. whjchbakes5(},OO0 1oaws >wf 
JUU^JUIVVJ. llfc;. . tiorially the most militant of the . a day* *?• ' .-i- 

.■ company’s plants. Details of the ' : — ,1., r r .^; . ■. : 

1 - .*■ • "ballot of the 2^00 members of T '.. . i-'-j -i- - .j- ' r.;." 

maces go beggmg^^^^a t ^p« 

Cj . - not yet known. ^ ^ - 

BY NICK GARNETT. LABOUR STAFF r • 'W* attitude of the more tra^ : - ■ ' n % - 

no nally militant Ellesmere Port PRODUCTION, -OF the 

RESISTANCE BY engineering the age of 19 completed courses workforce will be demonstrated Mail was hack tp portpm^wsti;.|.' 

Industry unions and employers as well as 17,000 nnder tjiat at mass meetings of the _ 3,000 night after journalists eiiaeo;?.;^ 

to accepting trainees from skill age. About three^jnariers TfiWU members tomorrow and mandatory ■union tpe&ting. .w)th....l-.' 

centres run by the Manpower obtained jobs after train ini, '5,000 AUEW members <m an agreement -to meet mannge^-^ - 

Seri’ices Commission has although only 50 per cent wejit Sunday. - ment today over a bonus dispatejii 


COMPANY NOTICES places go begging 


Hill Samuel Reais.Tr: 
6. GreeneoitC Pl*c*. 
London SW1 1FL. 

7 November. 1978. 


EDGAR ALLEN. BALFOUR LIMITED 

NOTICE IS HEREBY GIVEN thlt 
the Regtatcrs ol Holders ol the 74»?i 
Debenture Slock 1 987.92 will be 
closed from the 29th to the 30th 
November. 1978. inclusive, lor the 
purpose Ol preporing Interest Warrants 
lor the hill year to the 30th Novem- 
ber. 1978. 

By Order ol the Board. 

G. r. wooser. 
i Group Secretary. 

Sheffield Road. 

Sheffield S9 IRA. 


DE BEERS CONSOLIDATED MINES, 
LIMITED 

4J5S27 -500 .000 6'j% 

IS YEAR LOAN O” 1967 
NOTICE IS HEREBY GIVEN that Swlis 
Bank Corporation. Basie. SwltaeHand. have 
been appointed as an additional sub- savins 
agent lor ihc above naan 
I in future, coupons and. or bonds may 
be presented for DJvmcn: to 
Swiss Bank Corporation 
1 Aeschenvorciadt 
4002 Basic 
SffltteHand. 

Principal Paving Agent: . 

N. M. Rothschild 5 Sons .muted 
New Court 
St. Swithln's Lane 
London EC4P 4DU. 


industry unions and employers 
to accepting trainees from skill 
centres run by the Manpower 
Services Commission has 
caused about a fifth of 
engineering places at these 
centres to remain vacant. 

The commission said yester- 
day that 1,900 skill centre 
engineering places were vacant 
out of a total of 9,000-10,000. 

Part of the problem lay in 
the nature of the industry 
itself, which did not provide 
the security that It used to. 

la certain areas, though, 
particularly the North of 
England, there was frequent 
opposition to skill centre 
trainees, who receive a much 
shorter period of training than 
that normally recognised by 
the industry. 

Announcing new proposals 
yesterday for the Training 
Opportunities Scheme (TOPS), 
which covers skill centres and 
falls under the manpower com- 
mission’s overall umbrella, Mr. 
Richard O'Brien, commission 
chairman, said that the pro- 
gramme was nevertheless a 
success story. 

• Last year 77,000 trainees over 


into jobs requiring skiDs they 
had learnt In the centres. -. 

The review of TOPS-^cas 
carried out by officials of- the 


carried out by officials of > the UK ECONOMIC INDICATORS ?■ 

commission and the Depart-/ ECONOMIC ACTIVITY— Indices of Industrial production, tilanu- 
ment of Employment.- facturine mitput fl975=10O); engineering orders (lS70=100); 

proposals have beeu gWen. Tela ji sales volume, retail sales Value (1971=100); registered 
broad Government approval- ■" - unemployment (ejftlnding school leavers) and unfilled vacancies 
^.’SSVSJLSSl '0D««). All seasonali? adiiisted. .. 


broad Government approvaL.-~>' 
The review envisages a rise ' 
in the cost of tfae progTamhi^ 
from £200m to £25301. at con- 
stant prices, " by 1982-83:* 
Higher-level paining might 
expand by a half over the 
period and semi-skilled train- 
ing by abont 30 per cent 


1977 
2nd qtr. 
3rd qtr. • 


IndL Mfg. Eng. 
prod, output order 


Considerable changes In the 


appro ch of TOPS are pro- 1978 
posed. These . have been Qfr. 
designed to make the scheme 2nd l l lr - 
more closely related to the “aT- 
needs of employers as well as v , ? e 
individuals. 

A disturbing element in the August 
report Is the lack of awareness Sept, 
among employers of the work Oct. 

of TOPS. A sample of 752 — ■ 

companies showed that more OUTP1 
than half had not heard of the interim 
scheme. metal 


Retail Retail Unem- 
voi. value ployed 

102.5“ 222.0 1,330 


108.7. . 25U 

111.4 265 J6 
111.8 . 270.3 

169.5 266.6 


Canal staff asked 
to vote on action 


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


BY PAULINE CLARK. LABOUR STAFF 


1977 
2nd qtr. 
3rd qtr. 
4th qtr. 

I97SI 
isf qtr.; 
2nd qtr. 
May 


Consumer InvsL Jntmd. Eng. 
goods goods goods output 


SUPERVISORY STAFF through- ment work is causing mounting If 


s2?tter^d oul Britain’s inland waterways concern. • 

ptiadpai Paviuq' A-jeni: system are being balloted on In- They are threatening to ban 

N«?co , lrt hschlla * 5010 ' dustrial action in support of a supervision of the water control ^Rr. •. 

?i^J?il ll EC4P l 4Du demand lo be made a special system which helps to prevent " ~' ~T 2 

' case under tha Government's 5 Hooding at times of exceptional 

M L holdings limited per ceDt policy. rainfall. For safety reasons, water 

■*” The demand for special treat- in canals would have to be kept *1? ti^d' 

B''!j . c d e e s . e s n TURE b s | v e n 8 tbit 9 toe ment is the fourth lo be sub- at a far lower level than usual, — 
Trjrtfter Books and Rcgwws of Members mitted to the Government under and freight traffic could suffer. - ■ 
?&**A%* w m o£c*n&? fanV"™ its White Paper — Winning the Meanwhile, with their pay set- , 
data inclusive. . Battle Against Inflation — which tlewent date eight weeks over- .1977- 

cTh. jonS" secretary, set this year's pay guidelines, due, work has already been Zriffqtr.- 

— Like the private sector banned on tie recently approved 3rd. qtr. . 

horne brothers LiMrTED plumbers, pipefitters tii the heat- Sheffield and South Yorkshire 4th 'qtr. 
notice ic m ere by civen that ihc ^ntilating industry and Navigation rmproyement scheme. , J*®?..- 

"i 1 "BT <SS?anv win be BBC staff, the waterways super- The National and Local Gov- IstRtr.; 
N^b^ m i9 h 78 1 b2h N t SS n ^Sui < S«>^r visors are asking for a pay rise eminent Officers’ Association 2 nd 
ore payment oi 6 montbi iirMreit to well above the 5 per cent limit claims that the 600 staff involved June, v.-; 

SOlh NovotIw. I?7B on JIN V* tn rsclnra Ihnm W rho nncitinn L.ifO ikn ^ m T tiT w 


Metal Textile Honsg. 
nmfgT etc. starts* 

1B2j4. . 1Q0A 25.1' 
197.7 ' 10L2 25.4 


95.4 - 
1083 
106jI> 
112.0 - 
1J3.0 
9B.0 


doles inclusive. 

6v Orel rr af the Bojrd 

C. M. JONES. Seorelarv. 


EXTERNAL TRADE— indices of export^ arid import volume 
(1975— 100); visible balance; current balance; oi! balance; terms 
of trade (1975=100); exchange reserves. 

. . Export import -Visible Current Oil Terms Resv. 
- . volume volume balance balance balance trade USSbn" 


TFwSSrBoom M >te c5mp*nv >n be BBC staff, the waterways super- The National and Local Gov- JM-l. -012 ~3t7. ' -64B 10L9 “ 20.6 

»^ m ,4 h 7 e a visors are asking for a pay, rise ernment Officers’ Association 2n d 8tiV' 12^2 109.6 -L35 +198 -420 1045 16.7 

tin my mem oi' 6 -no.fi 4 2ST*7 a’" wel1 above the 5 per cent limit claims that the 600 staff involved ^nue •> . 321.6 11L3 —100 ■+ H — J16 - :M4^ 7 &J> 

&urtd v u^5teii: ii95?20oo%nd^iS to restore them tn the position .have Ihc support of the British July*// 115^ -132' - 57. J -229 iO*Lp 36^ 

S? ihS **»«■’ hold in wage scales for the Waterways Board in complaining August . lZAS 11L4 .+ 57 +132 +104 : ••'105.7 ' 16.4 

SffSSTtp ^XS^^b. ^ water industries before Phase that theif pay rates are serious"? 126 7 W* -194 .. -119 +175 ... ios.S V 16 S 

R.°H r f 5 £. BucKEY^tecrrtar,. One of l be pay policy was intro- out of line with manual workers. Octr.^., 153: 

duced. They claim to have been some of whom earn more than . ir. — ■ ■' ; v ■ 

THE bank of Adelaide «V^t b f i 1 he , ^ v. P ° ’ ,C ^ the supervisors. flNAN^Al^-MQney supply Ml and sterling M3, brink idvancts 

! „ — date in July. 1975 by eight days. In addition, the union says Id stprtiog to the privale sector (three months’ KTOwtli at ammal 

i »nT b tie^ n ior°ditod?nd d !i 1 s/.mon^S!h Onlv l hr plumbers have been that waterways staff wages have .' credit : expansion irm); bu»ldmgaoCIetil? n net 

toId that thev qualify for special fallen behind those or compar- tnffiaw; HP, new credit; all seasonal ly adjusted . '.Mlbimiim' 
i * By buffer oi rte bo«^l 0 „ treatment. The other riaims are able workers In the water ser- -lending- rate^ ^{end period). -V. < " . :■•.- : :»■ •#•■»_■■ ---'V 

L ' still being Mnsidered. vices industry. The gap between ■- — : - 1 — — ~ ^ 

Union leaders have outlined the waterways- supervisors corai Saak - -'' r 

^ h mam pl a °s for taking sanctions which pared with staff in the water % - Ml ' . ..M3 advances . DOE -■ - BS ; ■ -BP ' ■ MLF 

emild seriously disrupt the opera- services and local government ?o £qi "inflow . leodlas .«& 

n ACCinrn $* ons ° r the British Waterways staff, it claims is now about 20 CrllSW:*:."!- ‘ .. \ ' ^ ~ .-?r ' • 

^LMoairitu Board at a time when a backlog per cent, excluding lower over- 2nd fftr.-r' ,* .'24-8 -■ 53" ■ +769 - -L290 - 1.047 ' s 

Am/CDTiceMOUT ° f ma,nteoance and improve- time rates and shorter boLidays. 3rrtqtfc ': - ^W J0.4 '- - 2flL3 :f+3B5 ^/4 • LM9 ~ 7 


THE BAN K OF A DELAIDE 
The Bank of Adelaide - ! Transfcf B®®|S 


General Manager. 


M3 advan^s . DCE 


CLASSIFIED 


ADVERTISEMENT 

FIATES . 



. Per 

Smot' 

iiJiini 


■ hot ■ 

. cm. 


£ 

£ 

Comniercal A Inrtirorul 



PrnpnB 

4.J0 

14 M 

Re3KJnnilal f-rop^ru 

r.9« 

* no 

ApoolRuiiems 

■L90 

14.00 

Business * Invesinient 




Team seeks alternative 
to Kilmarnock closure 


4th qtr- . 
1978 - 

Istqtr^-'-' 
2nd qtr-, 
■lone - 1 ' 

joly-'-T' 

August ' 
sept' 

Oct: ■ 


10.4 2€L3 ;;f -4-385 


37^ +1,791 
24.5 +2.853 
MB +310 

35.0 . +110 
13* -294 

8^ +704 


- BS : - ■ MLR 

tijfldfw .. leodtrig 

&90 Pifli?; : « 

1^64- , 1,149 ' “ 7=v 

LS65 _ U89 ■.-. 7 7 


1,049 
694 
: 147 
•2 tto 
. 200 
SB . 


ECONOMIST 
££££-£ Negotiable . 

There's been a shake up In the market 
. . and metals are cumliu up. You 

managed to be on iBc top at the right 

Qmel. A (ast growing, wed estabUsbvd 
commodity broker is looting for some- 
one lost I Dee you. You arc compjeieiy 
f amiliar with the metals market and 
are accustomed to longterm research 
and forecasunz. Contact Glno Rican 
on oi-82S 8855 for more dsiaiied 
lnfamuilon. 

Churchill Personnel 
Consul tants 


TAX PARTNER DESIGNATE 

£8,500 — £12,000 

Required by a medium-sized and expanding Holbom. Chartered 
Accountants. 

The successful applicant wfll be a tax manager aged 25-30 
with expedience of personal and company tax. 

We are a happy firm in' which professional liFc is enjoyed 
by partners and staff and we intend to keep it that way. 
Wrire: 

NEVILLE SASSIENIE 
KARNES ROFFE & CO. 

24 Bedford Row 
London WClR 4TTA 


Opuon unities. Corpora non 
Loans. FToducUun 
Caciacltr. BosUiews 

For Sale/ Warn cl 

sss 

16 00 

Education, aioiars. 

Contracts & ToiWrs. 
Personal, Cardenwg 

ASS 

13.W 

Hotels & Trarel 

2.19 

10.00 

Book Publishers 


7.00 



P t ' g i iitna pgilUons avoNaMc ■ 
(Minimum size 93 eelunm 
HJfl per single eolnma cm BHJ 

For fmiiicT dnotis trrifr to: 
Classified AdvertKenKat 
Manager, 

Financial Times. 

10. Cannon Street, EC4P 4BY 




A TEAM of union officials and to implementing them. • 

university lecturers began work Stewards representing the inFLAT# 
yesterday to find a viable alter- company* other 8.500 UK em- materials 
native to Massey-Fergusoo’s ^SlLjSS? 1 . Ka ' -(197?= 3Qf 

E™"™" “ j*™*" 1® dSJSl “ P «“bS? 

harvester production from its company-wide campaign again st 8ierxLns \ 
Kilmarnock factory in Scotland ending harvester production in ' ! 

to France, with the loss of 1.000 the UK 

Johs^ Mr. Edward Neil, deputy idw'-v' 

^Thc team, led by the Scottish stewards’ convenor at Kil- 2 nd qtr '' : ’ ' 


INFLATION — indices of . earning* . (Janl .1978=100); basic 


1^60 

6* 

LS93 

10 

459. 

1(1 

458 

10 

493 

10 

476 

10 

' . 

10 

■100); basic 


sterling (Dec. 1071=100). 


. --V ^'jlarn- . Basic - Whsala.-; , -■■■'•.-• . ... ft* 

,v~ 7;;-abg5* Dials.* awfe.* RPI^ Foods* comdty. Stiig. 


TUGs reesarch department., i* mamock. said yesterday they J2JS' -mt . 14CA ' lXi lS*T Man rkr 

expected to take about three wonid be seeking support from > 319^ • li"?- 

weeks to produce its initial con- the other plants, as thev did not I»-8- _187A 1913 23i2 63^ 

elusions, provided n has adequate believe the company wanted to wnfr-f ^l 149J» ‘ - n «,« ■«« 

access to company documents on keep the Scottish factor?- open. irAL'. .- I 48J3 152^" loci ' 203R 3SS" IlS 

the decisinn io concentrate Mr. Bruce Mi Nan. the Scottish jSo? 133.1 i^o SI? iSI ISf? tis . 

European harvester production Secretary, has expressed deep ® .- ml 145B lfai’ !%[? 2f ■ 

Fra n w! arC * UCttCm florlh ^ cre 25TE? T m* ^ Si; 

M assey- Ferguson has said it company on possible Gnvernmem ^? L V - * ^ -V''' .JSj 1 'iSf ^ Kl' 

win consider alternative pro- aid io preserve as many jobs as - ■ - ■ ; u r**-**- n ^+ . 

posals. hut did not commit itself possible. • j ; r.Not a e'rispn«tly . 


6L5 

61^ 

63£ 


23 Ml 
24Z27 
242^7 
237.68 
**8j54 
,253.74 
265^2 




4». . ».v / • . 







Financial Times Thursdav November 9 197S 



1 Oi.»u rsa ill- r > — a I a h ■ i ppd for 
■iif per J.nno adulis rhc Star if 
posnioned I»an? in hetwevn ih** 
Svn at .>|i r , f . cr 1.000 (NRS. 
•laniiary-June 107$ i and ihe 
Mirror at 

in presomations in a?»?ncivs 

a rip clients. E press Newspapers 

J,as made •zrv-jf play with us 

claim ilia; the Siar wtii represent 

the be«t c-n.s: buy cuing while at 
ihe same nmr smashing The Sun- 
Tv. irror mass market monopoly in 
The North anti Midlands, (it goes 
wii_hr, u : Faying that alt reader- 
ship anti c«| claims sink or swim 
on the .Stsr > ability ic> •■‘■in then 
hold ihe sales target o* 2.25m 
copies daily. j 

The Star sales team is al.*c 
hammering home the rlaim that 

_ , , , , . The new d:iil\ represents a better 

The plan is to hold the cover buy than the 21 lead inn regional 



BY MICHAEL THOMPSON-NQEL 

THE DAILY STAB, Britain's first lYnnl worth. C and A and Caven- readership 4m adults r r 

new national daily for 75 years, dish Woodhouse. reader? per ennv thV »< .'hi 

seems to be attracting the favour- i.uckilv, the new paper was Sun. When m 

able attention of the country's launched into what is proving advertising will ’account for ';?*} 

biggest advertisers. John an 3ll-iime record autumn for per cent, of Lnnlen; m ■. maxi- 
Fmnvran, Express Newspapers' advertising expenditure, though mum 3j-pj'.„ star The si irdur-i 

advertising director both for the ,j j„ not quite sure when it Star rai<- is ir-.jn L" column 

Star and Daily Express, says the will extend distribution out of centimetre nr~ filWW nor nay*- 

Star this month will carry 150 its launch pad market in the The e\ necii-d r^jdeishi«j Profile 

full-page ads. plus many smaller _aTV, Granada and Trident TV is aim-, it ’identical’ with the 
ones, and that the Star already area . s> it should be circulating Sun,*. thmi-b 'r*ctionallv 
has £1.5m worth or Rdvenismg j n Scotland bv the start of next youn^r. r 
revenue tied up cooiractuaiiy, year, and in the rest of the Fru.n ar. advertiser'? point ni 
most of it with major spenders country by next April or May. view ihc h v sianJic i< cod ppr 
like Boots. Currys and Dixons. ' ’ ‘ 

The paper was launched a week 
ago today. 

“ The reception from everyone, 
agencies and advertisers, has 
been excellent, particularly in 
view of the very tight schedul- 
ing with which the Star was 
launched/’ be said yesterday. 

" We seem to be scoring on three 
key fronts. First we set out to 
make our rates particularly com- 
peLitive with the Sun and Mirror 
in order to put pressure un agen- 
cies and clients so that they 
could not ignore us. Second, 
we've hammered home the bene- 
fits of the new product with 
£700,000 worth of TV advertising 
in tiuree-and-a-half weeks, plus 
another £60.000 on radio. Third, 
we’ve set out to sign up the really 

hig advertisers, and they're cer- _ . ..... , „ 1AUltll . 

la inly responding." price at 6p for as long as possible, dailies in ihc midlands .ind north. 

One of the first things Express Editorially it is an unabasned v.-hoso combined circulation is 
Newspapers did was draw up a imitation of the Sun. Yesterday's n.on -4,5 *, f ull-j-au-e* ad in each 

stalking list of the 120 biggest centre pages ran a photo story r t h c i»j u,iuld cost a com hi. nod 
Sun/Mirror advertisers. Then it about a wet-suited milkman who t'2S.472. <.,vs Express Nl-.«s- 

wooed them with blitz persua- delivers pintas to St. Mary‘» papers. 

sion. Lighthouse. Whitley Bay. Fast-i The ereui> says it is • iminenfo- 

The list is headed by Boots. 14 and 15 were given to Day l;. pleand ' wiln the first week's 
which according to Express News- Three of Roddy's Own Story sales, though it is far too early 

papers, spent £827,100 with the ("One always feds a little io know whether the initial 

Mirror alone in the 12 months lethargic _ in the "Wes! circulation iars<*; or i.25m if 
to July T8, and a further £833.500 Indies . . -“1. and the Page 7 realistic, At present the Siar :s 
with the Sun. Boots was followed Starbird was • beautiful Becky priming i.-m copies nightly, 
by Currys, the Co-op and Teseo from Chelmsford, a proper little These or.? early day* in ?tar; 
(all or which snent more man smasher. foreca^iny the Star's long-term 

El. 2m in Sun/Mirror advertising The Slur's initial sales target is chances. But it has made ar. 

•iver that period). MFI. Dixons. 1.25m copies for a hoped-for appropriately cheeky start. 

ecord year for coupons 

'HE CURRENT year is proving before falling to 192ro in 1977. June. 237m coupons saved 

a near-record one" for advertising By contrast, 197S has seen a bis customers £l4m at an average 

expenditure. It is also expected increase in coupon usage with face value of 5.9p each. Brook 
to be a record year for coupon redemption levels during the 12 Bond Ovo. General Food-’ and 
promotions, according to a re- months to June almost reaching Van den Berghs continue to 
cent study by Nielsen, which their 1976 peak. dominate the field, 

runs tbe UK’s largest coupon Coupled with the growth in ® _ CAMPAIGNS AND 

clearing house.. redemption has been a 23 per ACCOUNTS : Hedges and Butirr 

In 1976. coupon redemptions rent increase in the fac-e value is 5p»er.ding £750.000 via J\VT on 
reached an all time high of 242m of coupons. During the year to Emva Cream during 1975-79. The 

brand claims over 40 per cenr 
of th*> UK Cyprus sherry market 
• • . Swish, brand leader in the 
ElSr.i curta: a t-ark market. hz.s 
‘wuehed its £500.000 account 
from Coeent-Ellioi in Ber.ton 

sr>d Bowies . . . Lansdowr.e 
Marki-ua? has lost MaV-.ro Self 
S'' r »!t*e Wholesales to Royda 
Manchester. Total iv.ark?tin? 
budget for next year :< £!m- 
plus of which Ro: tii vill har.ilc 
[250.000 . . . Hornby Hobbies i* 
spending £300.000 on national TV 
on behalf of Us Sealcxtrtc brand 
The agency i* MV.*K . . . Br^ose 
Bond is heginrin? i £350.000 
campaign for Brazilian Blend as 
Pari c*f a nine-month. £lm. 
sprpe. 

9 ERSEL KILLEN'. formerly & 
director o? Le?-ington inr?rna- 
tional. pan of JW^. has left io 
form her own PR consul Taney. 
EBS Marketing and Co mmu a; ca- 
tions. Her co-partners are 
Cecil? Bamcti. Candy Martin 
and Pamela Willson. 





if 5 /- \ 

5-Ki%x 



. %* •■**» . 
.V*J* WM j 1 • - f '<W T - ■ 

r?- 

rj'ij ■ 

. Jsi V 

•'yi&is&m 


Buzbv. Mickv Meuse. Wonder Woman, the 'famous l 



... 

.r 




i-iu. 



T 'Tvs 

\*i 

■?% 


£ 


lain ?»^grrav 



reports on the growth industry of character merchandising 

r/- 56 11 

A' r ? 




a. k 


eL 









AT FIRST it seems unlikely that is 50 years old thi* m.i*n*h. turn. :b - -rorstar.; .ind cjre- v.uh pitfalls and tbe cccasionai aaveril--?-? using chavsetesr. 

a company looking for o sales- hundreds of r is rtnurers fi:l r:-:.yc"r.g Disney .* cartoon landmine. today ;v^.fy their relovancso 

man would recruit ihe Ir.cred! ole retailers al 1 o'?r she wc»rid •*•::* cl:.*’*r.**: pramp’-f '••net ;ho trade More than once the bnohnirie -j. !t - ..u - r , ;o 
Hulk. A ni>-e enough chap, io be attest to the .*•••:. ;r.g poster of dc^cr.i-j* ••aunts* purcnKte*." of conference delegates wzs d:s- 3 ./ r .'../V .r.j j/ ;ak? ov a 7 . 
sure, hut perhars ;« bit pushy. Walt Disney's r: i r T:dez:!n a , _*i ft - butuh; •-•rJidren b; nut- turned by reminders c. r pas 1 , if Vi."/f'u : i tre-v- ir'w-iii 
The •■an! i>ii.- would no douo: most encuriai. <:.ara •;-.r. ul;:s :-ci:i ; jl- •• sn.-eyed tie cjfusJueic. The oiggest risk of n :1^’’ a j/rnsjee messaec-. 

aiso i.iDjKriionj, albeit ci a _ A success /• ruiber 'c!“ t-. . y? .r. icvsr ;• ••"•‘P. a!!^ is that a characters popy.- "on ii^.« iten: frdag 

lifOif. i.Diit W£" J. 

■•i w:!u b*’ relevant and 
campaign 
tb a 1 . -■ '‘Ucfesslul for 



inyly being oroj.*«;d inio scrvirc ; ng <n w idesri"-;-d — armth unci f'-r-ii ••.■•;■:• n* c in-.* - 1 1 ■' s bandwagnn The Worn bios. j; :i 

to promote >.-ver‘ thing from affection geceruivc -■;. its •.•ar.orin -*.arils”c ‘■‘■ho helped >ell £40 ni oi 

pclrr.f and mi'k to hath -tits and bird. Bcrhy. /•.■h'jjh 3iuh; .. s , .. m tv-o years, no-..- Iook ril . 


the Post OM'rcu. 


was not natcnce i • me •.•’nar.dis- 


;■«* r : m m on ??n?cn.enr 
i.:?:i.-ir? agencies -ihould 
m iheir power — 
mor- tc.-.t rh?” do now 





of some marginal benefit that closer to the chano-er. straign: co.r.pjr.-.an v.yn i ■. com- The problem of relevance was ntr-tian r.,ctvre merchandising, 

can be. and is. run efficientiv by The rslatiftr.sr : :r, between ihc njcrci:«!> out. tr.fjaa U repeatedly raised, jlr. Smith " V/e fee' 1 ! r shfiri thai the mori* 

profession a is.” ’ ’ product and ih- character can :l t.'‘ s::mv ^-u :dity. ^ Jlc j ]nrit ; ne - naf ] 5een Star War; has „-n Bj.tvil-r.t shot at being; 


Ogiivy 



INTERNAnON.UL L\C. 
Advertising 


Nine montlis’ results 1978 

Summary of unaudited results for 
the nine months ended 30 September 1978 
with comparative figures for 1977. 


1978 $ 


1977 


Gross income 127,790 s 000 I 105326,000 


Less operating and 
other expenses 

Profit before tax.. 

Taxation 

Profit after tax 

Earnings per share 


109,303,000 89,303,000 


18.487.000 

10.711.000 


16,023,000 

-9/03,000 


7,776,000 ! .6,520,000 


$1.97 


$1.72 



in lived into in«-r^ia?d re-roleasc — o: i:< fc-aluVc film.-.. .. i’- c ai»J mr it: Tnompson. s^id: " li would be 

Tncre i« ampie evidence that The products advertise tnc nir.i. f, ut. like nur.;. '.•ir.i-r folks to invidious to njme names But 1 
the trick can work. Mickey Mouse the film advertise- The product.-. rt ' Lr it .-:ri?v.-n •■vouid cnallenge a number 


01 


,ie r-?m 

Seund: a nice chap. :f a. bit 

il'r-h: . 


Repeat 

By PopJlar Demine . 



AT THE POEIMRN 
Monday nw ao T K 

DmarKOfu-SCO 




ariG nr 

BSaMoiNtjaziSaND 

ir k ir l r- i rk -ic -iHr i rk * * fr'k 

also FRED HUNT on piano 

COMPERE: PETER CLAYTON 

** *-*++* 

Aintsfcn betele £34-50fey>AdB 
artner and erfcrrariment 
JAZZ BRUNCH SUNDAY A5 USUAL 



•».- - - ../t-.f— 


PHQffE Qm HSl>£< (TV 486 5344- 

; FDR A RESERVATION 


x-oursei in 

AUTOMATION IS ENGINEERING MARKETING 

December 78th 7978 & Januarr 4rh-5:h 1979. 
a: Four-Star North Stafford Hotel. S:clce-on-Trcnt 
Empnni: on practical work, simulatior.. 

January Course includes extensive u:s computers in 
interactive mode. Wrire ro: 

Leonard A. Williams C Eng. ” 1 EE 
Engineering Market Research Ltd 
62 Talbot Road. Manchester Mis -I PM 
or Phone 061-435 1225 



From the number of requests we get ro produce an r 1 
Sur\-ey on particular industries or countries, we know ou r 
surveys are highly regarded as a serious work of reference by 
readers all round the world. 

And if you’ve ever advertised in FT Surveys, you'll know 
they keep on working for you long after they appearin 

thepapec 

r or details of forthcoming subjects being covered, contact 
John Waring on 01-248 8000 (extn. 7110 ). 



EUROPE'S BUSINESS NEWSPAPER 
BrackenHouse, 10 Cannon Street, London EC4P 4Bd. 
Tel: 01-248 SO 00. Tele:c SSo03j. 



!' 'i • * ; ■ -C.T:.- f V. 

v, u __ . - i.t» V s 





Make your conference business 
a pieasnr 

v^fiy choose a humdrum cltyC 
Bristol has everything. And it's no f/siancs by 
motonvay nr High SpeedTTrain.lt’s at \ne hub of ihe 
M4.M5 and M6. Lontlonisjust Vi hours a my. 

in t he Ciiy itself , there are lirst-ebss modem 
hotels and conference centres. 

After work, you’ve a mar- ellous choice of 
entertain mcnis. Theatrei. Cinemas. .Restaurants. 

Sighis. 

And only minutes away. i here’s ihe 
incomparahlc beauiy of the West Country. 






§!. \ v ■ 

: T'd / V-- ' 7. -c }- ' 1 
fteSt -rr’ . 

-I, 1 *' ->■■• ...... . I..'.. * 

vv’.vV- : '-Lyv^S J 

JL - ^ % j 


»Jfp5*-'V5r-;'- - 


-. '.yV - ' : J. ^ 


requests the pleasure of your Company 


m\ T n i. r : r -j^*. T ’. a l 









20 

LOMBARD 


Opening up the 
Government 


BY PETER RIDDELL 

THE present Government has Bank of England have, to be 
a generally poor record oh fair, become less secretive in the 
Opening Up Whitehall to outside last couple of years and Mr. 
scrutiny. So the pledges in the Healey s attendance at the hear- 
Queen's Speech about achieving ing to discuss a major policy 
more open government and Question before the Cabinet 
making information on public decision is a welcome innovation, 
policv more readily available But it does not of itself constitute 
sounded distirctlv hollow. Leav- open government: the Treasury 
ing aside the inadequate pro- has still failed to publish the 
posals on reforming the Official background evidence and 
Secrets Act. the insincerity of analysis on the alternative 
the Government's commitment options facing ministers, 
was highlighted within two days 
of the speech in perhaps the 

most crucial area of all. the IqI 

wider discussion of policy vUlHIUvIilUH 

options before decisions are 

m3( j e This is separate from the 

_. " ... nrrr ;j D j question of whether Internal 

The illustration was provided niemQranf j a f rom civil servants 
by what we must to ministers should be published. 

P^' cal1 1 affaire Sed^emore. g uch documents clearly need to 
This has resulted from the dis- jj e confidential, otherwise frank 
closure by him at a public a< j V icc will not be given, as Mr. 
session of the Commons Expen- Wi!iiara Rodgers noted earlier 
diture Committee of part of the j^is mon th when refusing to 
contents of a confidential publish internal memoranda 

Treasury working paper sub- f ron} bis advisers on the heavy 
mitted to the special Cabinet lorries issue. A necessary con- 
committee on the European fidentiaiity here does not mean 

monetary proposals. The real ^at the working papers on 

point about this row is not the W hich the Cabinet bases Its 

ethics of whether a p3rli:imen- decisions should not be 

taiy private secretary should published. 

disclose the contents of a r . . . . , 

Cabinet paper hut why the Indeed in the case of the 
Expenditure Committee inquir- Treasury working paper quoted 

ing into the monetary scheme b > *{ r - re . n^t*. P ° int r,if 

was not provided with the clearly absurd. All the paper 
contents or the working paper ,s . 1 r ° * et out the ^Plications 

in the first place. ff,I \ ^e eCOn . 0m l' of v «7 in * 

F exchange rate assumptions, 

depending on whether the UK is 
-v-^ | in ur our of the monerary 

JJelUSe scheme. The Treasury has 

® clearly been embarrassed by the 

This desire to withhold infor- revelation of these Projections 
mation i« tvnical of the Prime wh,ch ma,nI y P° mt to 11,6 llkeh ' 
Sfmster ? &EK| %le e and n Es J-«* 
particular attitude towards dis- JJ 1 ”*- . 

cussion Of the monetary pro- ? sta "« IP J5. 

posals. Public debate on the issue ^ . .fL™ 

only started about six weeks ago. L ™ J Wifiln? 

and there is now almost a deluge Jf 

of comment from economists and forint ieV8 * ** 

politicians- This has been stimu- ljrae Id3S are dlfferenL 
Jated in part by the Expenditure 

Committee's inquiry; when else. m 

Tor example, have the chairmen TVfif tnP nniYif 
of three of the big four clearers 111 
discussed such an important „ ,, 

question in public ■» This is not really the point. 

_ _ . , The actual projections can be 

The Government s own contri- regarded as highly questionable 
button to the debate has so far — almost worthless numbers— 
been negligible almost to the rather than some version of 
point of being insulting. Mr. revealed truth. But the alterna- 
Healey can fairly claim to be one five paths outlined in the work- 
of the most open Chancellors in jn<* paper do at least show one 
revealing his thinking, but bis strand of Treasury analysis 
openness was limited to a non- which is appearing in advice to 
commiial statement of the cur- the Cabinet. Consequently if 
rent position in the talks during there is tn be a full public dis- 
his questioning by the Expendj- i-ussion on whether the UK 
tore Cooimitte last Friday, should join the scheme or not 
Similarly, there was only a bland the detailed implications should i 
history of the negotiations pro- be outlined bv the Government. 
Tided in the Treasury's written preferably before the full 
memorandum to the Committee Commons debate next Wednes- 
Both the Treasury and the day. 


The 


to 


. nnaacial Times Thursday Nov^-9^878 - ■: 


i : m . s 


THE judgment of the Euro- 
pean Court left the iso-glucose 
manufacturers and the Euro- 
pean Commission with the 
impression that they had both 

won — or so they say in public. 

A decision -which leaves both 
parties happy may appear to be 
the judgment of Solomon but 
mare often It is a muddled solu- 
tion whicb everyone can read 
as he pleases. 

However, the judgment of 
October 25. 1978 does not fall 
in either of these categories. It 
is a collective product of the 
entire bench and the required 
majority can often be obtained 
only at the cost of a compro- 
mise. In this particular case 
the compromise took the form 
of giving with one hand what 
was then taken away with the 
other — a most deplorable state 
of affairs. 

The issues at stake we re 
reported in detail in the 
Financial Times on June 28. 
1978. In 1976. the U.S. enzyme 
process — which makes it pos- 
sible to produce liquid sugar 
more cheaply from starch than 
by the conventional sugar beet 
process — was introduced in the 
Common Market. The iso- 
glucose producers invested 
heavily in new plant but their 
I investments were soon made 
worthless by two measures 


adopted., by the European 
Council. Begulation 1862/76 
deprived the iso-glucose pro- 
ducers of the refund which the 
EEC had paid since 1962 to ail 
processors of starch to make up 
for its artificially high price. 
And regulation No. 1111/77 
imposed on iso-glucose a levy 
earmarked for subsidising ex- 
ports of sugar produced in 
excess Of the quotas eligible for 
the EEC support price. 

The European Court com- 
pletely avoided the fundamental 
issue, which was whether EEC 
regulations can flaunt the 
Treaty's aim of greater 
efficiency, from whicb agricul- 
tural production should not be 
excluded. 

Dealing with, the first regula- 
tion which deprived the isoglu- 
cose producers of the refund- 
available to other processors of 
starch. ' the Court rejected 
their complaint and declared 
the regulation to be valid. The 
Court's reasoning was that the 
withdrawal of the refund was 
not discriminatory because iso- 
glucose was not in competition 
wkb other products made iff 
starch. This reasoning appears 
to side-step the purpose of the 
refund. In regulation 2742/75 
the refund was justified by the 
need to enable products made of 
starch to compete with substi- 


tute non-starch products. The economic advantage over sugar- the possibility of the Council 
refund was designed to com- which is subject 'to “ stringent -ta king all useful measures, com* 
pensate starch processors for production constraints.’’ It goes, patibie with EEC law, to assure 
the artificial increase in the cost on to speak of -the surplus pro- thep roper functioning of the 
of starch resulting from other Auction of sugar winch m&kes sweeteners market, . ; 

EEC measures. It is not difficult one doubt whether the -afore- There is no need” for. courts 
to see that the -refund was not mentioned . production : -eon- of . law to tell the parties that 
introduced to equalise competi- straints are all that stringent they ate free to use their 
tion between products made of Nevertheless the.; EEC argument -.power's lawfully. When the 
starch as the Court’s reasoning hops merrily forward on one leg. .European Court goes out of its 
would suggest, but between concluding that there, should way to do so, it is bound to.en-. 
those made of starch and those therefore be a. production levy, courage the Council to try- to 
made of otter raw materials- Its imposed in isnglucose to sub^i- achieve by other “ legal means - 
withdrawal therefore did dis- disc exports of surplus sugar to^ffhe same ends it followed' by 
criminate and the reason for third countries. - ‘ -. \ the illegal levy, 

the discrimination, though not This was obviously more than -DRIVING LI CEN SES are . the 
stated, was that the competing the European Court could- take ^ next item which will turn ihe 

■' ■ European Court's attehtibn to 

^ ^ - discrimination. It has .been 

BUSINESS AND THE COURTS , 

BY a. H. HERMANN. Legal Correspondent. oftaSS 

- .. ■ r . ~ w . driving licences.. who are res* 

l v . dentin Germany for more' than 
non-starch product was- beet and accordingly it ruled? -that a'iyear to have to prove a know- 
sflSsr- _ Regulation 1111/77 isf imt valid ledge of the German highway 

The European Court could in as far as it subjects': iso? ;code in order; to obtain a Get- 
not stuff its eyes to the blatant glucose ter a. levy ; 'designed To man - driving licence. > The 
discrimination in favour of beet subsidise export, of ; sagar sm> Cerman court was dealing with 
sugar when dealing with the pluses. However,- isoglucoseta Frenchman, resident in Ger- 
second measure of which the iso- producers should -not coimtr many for over a year, who; had 
glucose producers complained, their chickens before they- are had a motor accident and was 
Regulation 1111/77, subjecting hatched. Instead they should found tobe without a German 
tso-glucose' to a special levy, was read the postscript which -the' driving licence. The unlucky 
drafted with embarrassing frank- European Court foundneces- but resourceful driver .claims 
ness. Its preamble states that sary to add after dbdanh^ that to require a Frenchman 
isogiucose is a substitute product Regulation 1111/76 ' void in to pass a German examination 
in direct competition with liquid respect of Che levy. It said that- (consisting of answering 
sugar. It asserts that it has an this decision should not restrict printed questions) In/ringesLbe 


EEC freedom Vof .movement of 
workers* .. Hovrcan they, be ex* 
pected to passman tasdnihatioti 
\n a foreign; langiiage-7;_: Fur- 
ther. wittqut Vdriving-Hceii^e 
their empfioynimit pros^ects; are 

jeopardised! H ‘ ; ;v ' 

Giving hi 5 J Opinion on Octo- 
ber 24, Herr Gerhard Reischl; 
one oF, tiie Courtis; -Advocate 
General, took tiro view that the 
reissue of driving licences .-is 
necessary ■! to' enable: -policer to 
dieck their validity- and ‘ th^ 
there : is no dfecrinfesffTon nor 

infringement of the ’freedom of 
workers to. move. . from- one- EEC 
country -to .another -as- longj as.; 
the - ' examinations takeC -imo 
account the lingui^lc problems 
of the driver.- ■ 

. The Advocate ' GeheraV/hovri-. 
ever, ’expressed grave -doufia 
'about— • the - con*ectn ess ’ of 
ObservatiorK • presentedvtb ■ 
Court by the- Britui . .Covets^-' 
ment-V He reject edl t^e ‘BritiiS : 
view' ‘ that the .' ■questiot;-^.. 
driving, licences .is -outsfiao;^. : 
scope -of; the* 
expressed the view ^a£ 
for 'a second • driving-.^est 
British rules dn, 
to' dZscrtntiiutiUxL v'; ./-Xsv. 

Herr Reis chi / eiidoised . the 
view of the. EEC Commissfes • 
tiiat a 'driving tfef- : passe*|vip ! 
another member, state creates ; 
a . . sufficient . presumptioa Vr of * 
ability' to drive. -. 


Rathgorman’s confidence looks 
likely to be boosted 


ENTERTAINMENT GLIDE 


THERE ARE only modest prizes 
on offer at Utioveter and Tees- 
side this afternoon, the most 
valuable being the Audlem 
Handicap Chase (2.30) at the 
Staffordshire meeting, which 
carries £1,200 added money. 

However, Tony Dickinson is 
utilising this event to give his 
promising young jumper Rath- 


Saintly Sorrel, trained by Fred 
Rimeli (as is Great Brig), per- 
formed sufficiently well at 
Stratford-on-Avon last month to 
suggest that he will go close 
to winning the Trent Alley 
Handicap Hurdle (2.0). 


month, and who has run well 
twice since, looks best for the 
Stainsby Beck Handicap Chase 
(2.15). 


BY DARE WIGAN 


promising young jumper Rath- ^ Division 1 of the Hartlng- 

ton Novices Hurdle (1.0) 

backers will no doubt seize 

on Chelsea Bar, and they will 
probably be correct in so doing. 

KALiriU Sammy Souza, though no great 

shakes, is the logical choice for 
BY DARE WIGAN Division 2 of this event (3.30). 

. With Colin ■ Tinkler riding 

Rathgorman for Dickinson at 
Uttoxeter. T. Carmody. the 
gormao a chance to regain stable jockey, partners I’m a 
confidence after a recent tumble. Driver „ North Yorkshire 
I have little doubt thaU barring Novices Chase (1.45) at Tees- 
an indiscretion, he will win. s jde. , 

Great Brig, whose task was Although I'm a Driver failed 
made easy at the last meeting b y three lengths to concede 
here when the favourite. Merry f OU r pounds to Night Nurse at 
Legs, unseated her rider, will Wetherby three weeks ago. it is 
have improved since then and I hard to visualise his defeat here 
take him to beat Imperial Family Royal Cacador, a close third 
in the Countryman’s Novices to Current Gold • and Even 
Chase (1.30). Melody at Carl bile early last 


Although I'm a Driver failed 
by three lengths to concede 
four pounds to Night Nurse at 
Wetherby three weeks ago, it is 
hard to visualise his defeat here. 

Royal Cacador, a close third 


to Current Gold -. and Even 
Melody at Carlisle early last 


UTTOXETER 

1.00 — Chelsea Bar 

1.30 — Great Brig* 

2.00— Saintly Sorrel 

2.30 — Rathgorman*** 
3-00~-Cninbrla 

3.30 — Sammy Souza 

TEES SIDE 

1.45— Tm a Driver** 
2.15— Royal Cacador 

2.45— Hi-Quay 


£40,578 left 
by MP 

MIL FRANK HATTON, Labour 
MP for Manchester Moss Side 
until his death in May. aged 56, 
left £40,578 gross (£38.572 net), 
is was disclosed yesterday. 


CC — These thMtre» scam certain credit i 
cards by tetarttone or at the Bax OSes. 

OPERA & BALLET ” | 

COUSEUM. Credit cards. 01-240 52 SB.’ 
Reservations D1-B3B JT61. - . . 

ENGLISH NATIONAL OPERA. 
Ton't. 7.20 toiantha (final pert.V Tomor- 
8> Thurs. next 7-30 The Tala .dr Hof<- 
■wuui (final pens.i * ’Enormous* »- effective': 
Ev. Stnd Sat. 7 -DO. The Thieving -Mao- 
pie. ivptL next 7-30 Madam MMIv. 
104 balcony seats avail, lor all parts 
from lo.oo on day of pert, - .. 

COVENT GARDEN. CC 240 1061 
iGaroencbarss Credit Cards ' 836 6903J 
THE ROYAL BALLET - - ' , ^ 
Ton’t. A Wed. 7.30 Mayerfiltg. Sat 7 JO 
The Steeping Beauty. 

THE ROYAL QPEKA * v’ . 
Tom or. A Tuc. 7.30 Cosi fan tutte. Mon: 
7.30 L’Afrtcalne. 65 Ampbl" seats ■- ■veil.' 
for all ports, from 10 ajn. on day of perf. 
COVENT GARDEN CELEBRIT* CON- 
CERTS Sun. 12 Nov. FISCHER-DieSKAUI 
BARENBOIM. CONCERT CANCELLED. 
The Management regr e ts r- to announce 
that DietHch Fischer- Dleskau is dfnvell 
and has had to cancel his recttaL Refunds 
will be available trom the Bo* OflSt* on 
receipt cn returned ticltep. ■ - ■ 

SADLER’S WELLS THEATRE. ~ ftwebery 
Ave.. E.C. 1 . 837 1672. Evgs. *7.30 

HANDEL OPERA 

Tom or Tue nevL No*. 16 "» Tff: 
SEMELtSaL. Wed. next » Noe,-. .17: 


THEATRES -I THEATRES 

HAYMARKET. 01-930 98«. Evg*. 8.00 

- Mats. WuJ. 2-JO. Sets. * 30 and 83)0 

GERALDINE MrfWAN 
CUVE FRANCIS 
NIGEL STOCK ’ , 

PETER ' PAUL 

* BOWLK HARD¥OCK ' 

and FENELLA FIELOING- . 

LOOK AFTER LULU - 
uv Noel coward. 

- with GARY RAYMOND. 

HER MAJESTY S. CC. 01-930 6606. 

Evgs. 7_iti. Mats. Wed. and Sat. 3 00. 

BAR MfTZVAH BOY 
THE New MUSICAL 
THIS STUNNING PRODUCTION — 

UNtquELV ENJOYABLE. " Ftfl. ■ Times. 

“DELICIOUSLY FUNNY.”. Ev; Standard. 

— EXUDES THE SWEET. ..SMELL OF 
SUCCESS." Guardian. 

KING'S ROAD THEATRE. 01-357 7488. 

- From Dec ifl. Dlv. 10J0, 230 and 4.00. 

THE ROCKY HORROR SHOW 

DSNlDRtAMJTT— -SEE IT. [TALK Of THE TOWN.. CC,. 01-734- 

>EV 8 r« 5 titt' iffa-Btl 

plo j wr!ght iSnlay • I - at TTmFSa&MOHRQ '■ 

FILUMHIA 

bv Eduardo de Filippo. 

DIRECTED by FRANCO - ZEFE BELLI. 

1 TOT At TRIUMPH.” Ev. Naws.' "AN 
EVENT TO TREASURE.” O, Mir. “ MAY 
. IT FILL THE LYRIC FOR A HUNDRED 
- YEARS ."Sunday TlroeL 

MAY FAIR. 62S 3036. Enr*. - 8.00." Sat- 


THEATRES 





IV/ Radio 


t Indicates programme 
in black and while. 

BBC 1 

9.41 am For Schools. Coilearss. 

12.45 pm News. 1.00 Pebble Mill. 

1.45 Bagpuss. 2.00 You and Me. 
2.14 For Schools, Colleges. 3.53 
Regional News for England 
(except London ). 3.55 Play School 
(as BBC-2 11.00 ami. 420 Yogi 
Bear. 425 Jackanory. 4.40 Emu's 
Broadcasting Company (EBC-Il. 



MAY FAIR. 62S 3036. ErtfS. - B.OO- SAL 
^-NA^NA^T^RE 3 ^ 

.’ • - tlcfcew « U I ava l leble. .. . 

M / y FAIR THEATRE. . 01 -4 93 20 J1 . 

fram P«-.16. O hr. 10.30. 2.30ft.. 4.00, 
SOOTY’S CHRISTMAS SHOW’. / 


5^5 Nationwide (London and AH Regions as BBC-1 except at 


South-East only). 
620 Nationwide. 

025 Tomorrow's World. 
720 Top of the Pops. 

8.00 The Good Life. 
820 Mastermind. 

9.00 News. 


the following times:— 7.00 The Six Mfllion Dollar 

Wales — 2.14-224 pm I Ysgoliou. 8.00 George and Mildred. 
525-020 Wales Today. 625-720 824 TV Eye: Michael Foot 
Heddiw. 1125 News and Weather 920 The Sweeney, 
for Wales. 16.00 News. 


J” Masiermmd. Scotland— 841-10.01 and 1120- 1020 Inside Business. 

News. • 1120 am For Schools. 525-620 pm 11.00 Rafferty. 

9-25 ^ r ™! st . ,ce — And : Reporting Scotland. 11.15 Thurs- U.00 What The Papers Say. 

Special programme for the day Night 1125 News ami 1225 am Qose: Wilfred 0 

Both anniversaiy of the end Weather for Scotland. Poem read by James Ci 

of tne Great War. n -m m am nu d • , 


825 Crossroads- Only. <28 Uttle Boose on ibe Pralnp. *rom a .'jo «m. 8 Pa«y rat«" Mon.. Toes. 3 

7.00 The Six Million Dollar Man. *•» F ^'i 7 n VJ ,, a 0 S 1,urv * nd s “' 

8.00 George and Mildred. k5*?dSJ A thousa 4 nd° tu&s welcome is 

Mich.ei root. UC ”S. L .4S RTS 

9-00 me Sweeney. 1UV The Thursday Film: 'TOf De*d " MIRACULOUS MUSICAL.” Fin. Timas. 

New>. k; oSu.*”™* *" .aiferj.'saw »u,™ 

1 00 " HTV 0rat«W»-H5 BXV Ert” n.n«n.M mm. aunt No.. 

101 What The Pepet, Sa,. 55?*^ 





Northern Ireland— 1120-1120 am All IBA Regions as' London 


1225 am Close: Wilfred Owen T 1 * HE*!*" n ver. sjs^jo Can«m- 
Poem read by James Coyle. M w Y fc - 30 " 7 ^ 8 Spoml 


5.10 Blue Peter. 
340 News. 


Robert Stack. 

1125 Weather- Regional News. 


323-325 pm Northern Ireland i MrM . - 

News. 525-820 Scene Around Six. AiruLlA CtinTTIcn 

1L15 The Fall and Rise of Angii* New*. 2M Women Only. . 

ReETlmlfi Perrtn uj? TTIo-h SpUterman. 4.45- The Fllntstone*. , Ncws *o4 t*oad Report. 5LX* 

Mi-,« .j urf a S? HJ ?“’ 815 Emmerdaie Pann. LSI About An*Ua Tart * n - 815 Batflnfc. 

12.1a > am News -and Weather tor L 2 S Arena. 7 J 0 Bygones 7 J 0 Bcuanlc H9 ^ ros * f M<ti. kSO Scotland Today. 
Northern Ireland. Han. U^v Dans— Ladbroke BrlUab VS Catnoch Was. T.M Botanic Man. 

England— 525-820 pm Look East i □laapionsbJp. UJ» lirsrerr ***,. c % m '?* „ UJ0 Some- 

Manchester. Newcastle); Midlands pruFrurnuT 

Today (Birmingham): Points West A TV oUUTUEKiV 

(Bristol); South Today (South- 12l pm ATV Neb-sdusk. 3J5 Th« ATV La pm Sonrheni News. 2.00 Women 
arapton): Spotlight Southwest I5l ,r S Jar '5i’ ,nrc Shl>w - mb atv Today. ,, Beachcomber*. 

(Plymouth). J;*L E £ ,n * r ' ,a,e •'ann. 7J8 Botanic Mao. ^J D ^ n 5^Sl.^. v “ 1 “ re 4 0f i?5 aln 

M JO Formal V: Tbc World in hit Hands. ** Crosoroado. LOO Day by Day. 

_ li -00 Morw Premiere- ’The Girl on the University caultefKe. 7 M Emnn-r- 

BBC 2 The* up^bS 

11.60 am Pl.iv School BORDER CoimocitoB . WS The PrnfcsoiiHials. 


HTV Wot— A 3 HTV General Service 
Service except. UB-UO pm Report w«« 
Headlines. fiJSfiJD Span wesL 


SCOTTISH 


F.T. CROSSWORD PUZZLE No. 3,818 


ALPWYCH 636 6404. |Ma. B36 S332 
ROYAL SHAKESPEARE COMPANY In 
repertoire. Tonight, tomor. 7.30. AS 
YOU LIKE IT. "Aii evening ol rare 
enchantment" S. Tel With’ CO RIO- 
LAN US (Sat. Mon. i RSC alyo at THE 
WAREHOUSE (see under WX 


ALMOST FREE THEATRE. Tel. ASS 6225. 
Lunchtime THE BALLAD OF WILFRED 11 
Or Fronl Marcus. Directed bv Paul 
Marcus. Mon. -Sat. 1.1S n.m. 


AMBASSADORS- CC. 01-636 1171. 
Evgs. S.OO. Tues. 2.4S. Sat S.00 ana 8.00 
JAMES BOLAM 
” A superb oerformance." F.T, 
GERALD FLOOD 
tn A NEW THRILLER 
•• WHO KILLED 
AGATHA CHRISTIE . . . 7 “ 


da> Farm. 7 JO Botanic Man, IS JO 
Sontherri Weirs Extra. 1825 The Upriui 
Connncilon. 11. OS The Pmressioiials. 
12..B5 am What Tbe Papers Say. 


11.00 am Play School „ „ _ tori/w «wii« Pa^rsVay 

5.10 pm Open University * m Border .Vrws. ijb Hatineo: 

jiKm^ilSSSSi _ TJTVETEES 

t*40 Laurel and Hardy Show- Emmerdaie Farm. 7J0 Bninlc M»g. Tt, * 1 Good Word followed by 

cane: “ Scram.” * #J0 caucfcle inn IntrodHWd by Perck - w *y * Head^nw- 128 pm 

6<W 

FrriT^R Jenninjjs Syndicate. Top of iik? Konyi" Marring Rooaid 

625 Beneath the Penmnes. CHANNEL Sluncr and Anthony New Icy. 4.60 Nonburu 

“i ^ **%?&&** 'gw* 

boa ti vim ■ The Tifo n.ofh ^yWerman. 6.00 R.>pnn a i Six. 741 The v 

820 Ijyian. The I^feand Death Bionic Woman. WJ* Channel Laic New*. T 1 | CTFP 

Of Poet Dylan Thomas. WJB Sandoban. u.oo Movie: "The , _ , 

1020 Accident. Vo»aac (ri the Yes.” 32J0 am New* and — **?" LnnrtJlnH!. 4J8 Ulmer News 



LONDON 


- ACROSS 3 In high spirits, like a Pole «“* 'M 1 "® «? 1 ^ ks 

1 Sneering about a road in (2.3.11,3.5) £?, 0 r L.. d i^ ° n - 

sound condition (Si * Encourage to breathe (7) ^NothiS SETt TroSb”’* sSJlfoe P * v " n S ”‘ ^ BMZbr 

5 Stop speaking in prison (4-21 •> Terminate the argument — Laurei and Hardy ’ , 

.0 Figure to approve of with Amen? 1 4. 3, 4, 4) s is HTV 


10 Figure to approve of 

colloquially (5) 

11 Copyist io RN service perhaps 
(9) 

]2 Riding rough-shod over 

vagrant 'with fish l9i 

33 Incline to be about right in 
fashion (5i 

14 Swell with Orientals could be 
sweet (6 > 


7 Strained in time, grammetic- 
ally speaking (5) 

8 Is appearing in sea-front 
garden (8> 

9 Fear robbers’ leader in 
struggle 1 6 1 

16 Fishing from sbeif of rock 
with loop (Si 


,vc p^* fwu7rk woman. 18JS Qumwl Laic N^. Til CTFP 

Of Poet Dylan Thomas. Saodoban. U .06 Movie: “The . _ , 

1020 Accident. , Voyasc at tbo Yes." 12-28 w XtM* and fr h7ii r ^T 

1 120- Late News weather in French. R’eiiUlnos O® Beachcotnbcrs. 4 .« 

„ - __ J-Lfc**'-' 5J5 Lunnon. 5 JO Crossroads. 

11-2 Open Door. GRAATPTA^ Bl '» ,or,s *25 Police sia. fijs Hapo>- 

12.05 am Closedown (Reading). __ Fir , V.., > 1l1nl ,„ ^ a > rs - 1*° Enmwrdaie Farm, iji 

V * .TL.. ,WI Tb,a? - L29 PI" Grampian Bot.ioic Man. 1BJ0 Couni irpalnL iloo 
X lin Tv« i -20 Th ? UnIe . Hoal ^ 0D The PraoiLY. 11 JS BlUiiim. 

LONDON lYauit. 5JS The Bob Newhan Show 

urm/Llll MO Grampian Today. 7J6 The Bionic WESTWARD 

»20 am SctaooLo Programmes. siS^aiL pm Gu * Birthdays. 

12.00 Topper's Tales. 12 JO pm ffii I News Headlines. 42fl The 

Rainbow. 1220 Moneywise. i % ^ 

News Dills FT inrfpr i 96 X* ’ tJ,e Jl>h - Westward 

index. I— 0 Thames fp A TV * r\ A ' 0,3 IT. Z.>B The Bioqil- Woman.. 16J8 

News. 120 Crown Court. 2.00 uK4l>ADA Westward Lore News. 10 J6 Muvie Prc- 

After Noon. 225 The Bass 1JB ff" 1 7+1,3 IS v«ur Riebt. 06 Spider- aim; 'The Vo m« at the Yes” HtarrlTW; 

Player and the Blonde. 320 Looks ** W 'f* rw 't r .’ 5 30 * N,!,r - D, ‘ sl Artuz Jnr - UJB FjJ,h «ur i-dv- 

a " 5 ? ^?, e SjIHrans. *.» Enintertale Farm SSoWhart’on.' YORKSHIRE 

+420 Childrens Film Matinee: U -00 Whar The Paurs SaTllJi Baraabr i26s«i fai,™i5r w! ^ ^ 

“ Nothing But Trouble,” starring S SSfSUTt, S SIR 

Uar 0y- HTV k -00 Galena dr <Emu.-r Moor and Btlmom 

. 5.4a News. B ** J v __ Jdiilonsi. 7ae Bmm^rdaU.' Farm. TJO 

6.00 ThamiK At R » ■">. ''•’hurt ur»«r HeadBwo. L2S Hotaniu Man ' 10 JO The Love Bokl » " 

n.w i names At 6. Heporr Wait-, iieadlmen. ZJ* . Women lo CoiKcn-Dans. 


Road- 734 4291. Mon Ttuir. 3.00 
Frf. a no Sat. 6 00 ana 8.4 S. 
BEST MUSICAL OF THE YEAR 

EVENING STANDARD AWARD 


5.45 News. 

6.00 Thames At 6. 



YOUNG VIC .STUDIO. Si»'ftaL-'ltiiw. 

8 BJn.. Torenn; . ballroom; 


CINEMAS- 

ATO 1 and 2 SnafleEbury -Are- 03* S»fiT. 
_ Sen. Pwn, All seat* bkM«.- ~ -a- - 

THE NILE^ JA) Wl^-and 
|™- 2-20^320, B 20 . tate atww FS- jiw 


RADIO 3 247m 

(5) Sttreortimilc brudeast 
tMedlnn Wave 
CHI UUBTlI BrHdCHI 
S.W am Vs Radio 2 . 7J2 Dave Lee 


TravN. ij» Simoa Baras. 1L3X Paul Uj™**"’ - ,S| . *■« A hook ai Bed Him- lius Th, 

17 Lesillyhindercd Oriental and I IS”j2 lw i"7”c™S^ B ciS l ’!S 1J JS 

..SESiS**!! ... •«- >«■ BBC Radio London 


DRURY LANE. CC. 01-636 81 OB. mm 

, . 3 ■ IO Sat- 8 . 00 . MjiIixc Wrt. arxf Sat. 3,00 

247m w Uunsaa- mo Dvorak IS». 1.00 pan t- Mowirt. TippWL Flcar > » .. . » chorus uke 

N«-W'. X^S Man.-fi'-ttr.r Midday Coocvrt A Talt-ni ro Amm... » 55 Hill. „ A rUT*’ 2 cv i! l * Mnp ’» J » ,on lsWn 

*3° A- j : pK; \% refey°^5S5- s - Tlw>CT ^- a - great Ytaf 

2.45 RojamJ : SUhai Muter <S<. 3* U« Kd kddompr. a.so Weaiher UjH pUOUCSS. ^ 5^6 ,8243 Mon ro Thor, 
Btf rsfm fcj .-sun.ts; troncerr Mi Tbto W-irhi Tonuefit. iBJD Am- Answers'’ ®rS?o f Sa» 9-oq. 

n?“£r_ 'iir*-. *■¥ A .L. Ho l?S_ tBuimal tv nrld Tonndrt. UJO Tudav ii ’ -Wi Semathmai Year. 

^ranms. D'-Mssy. Tchaikovsky (SI. MO ParhaniuJil. liM Y.»ws *- 

Jbi Scfinol fur Scandal"- by B. B. Dor t> » ' ‘j °U5 E P*' ?C. xi-s3e SU 2 . 

Shotldaa iS and r». us Burefcncr find *» 3 ulO IdODuOtl Fr| . and Sat- s.jw awd 83 a 

IfrahOK riiamfmr .mimw >£■ Ifl >ff. aj n ittt* ’ TV 


. NOW LAUGH AT HERS . . 

, MVIt AFFAIR TOOt «AA. , 

tanoUtf, Submtag. «Un at 2.00 ■ inn 
Siotdavv itMS 6 20 and 8-40 


snoruua -s atvt p.v. v«S Biwkncr and * ,a 'uv Mmuoa 

MiF-vur Brahma chamber music jmren iS«. IL.T 266m and 94 0 VHF 

antr\ r HF Bea TwoB. LLQS .VI trVlc for Plano Duo S.00 am A* Radio t fiJO Hour ~ ’ " " ’ CLOUDS. " 

S.00 am Nvhs Smnimfj SA2 Tony Rlrjnn«Ll. Lies. .5- 1L» Nu«-s. V.OO Lotidon Live. 12.0J BinCjllIn Ldi ” MICHAEC rRAYHSFUNNiEST PLC.V- 
Hranitoa iff \> bhdutfaix B.15 Panne tor Xft. Sfr1 2.66 Ton ahCn Schubert Sons. I'M Sbancan-. A03 lUmo Ron ft. is ' Look "'SUREHB "°Fln L Ttnwa Gh,,,T Evrpi illlR, 

hou^i. JJZT^rry 'S. 'nclmuns n. n , n - Vop. I.W-,, 7.30 Black Londoners ILX P t1m 2?’ EXCELLfcN1 ’ 

• -/ Rada* Bulletin and h.tt Pause Mr KAUIC) 4 Smd 7S ULO) La lr NLshl Loo^ i?nn - 

22 Beast going to East Londoo 23 Break apart one who deals ■^ HltlghL **J*F*J&i ,si - .g» #" 434m. 330m. 285m and \T 1 F *»J*»ii* 2 . ujs mSS' nnw F 

district or river-bend (2-3 1 with dough (5, 55r"*S»*5- bSS^l flBS - n>« Hnedoa F.rm.o. « r 

24 So,ntlo a to Pu » lg ^ 3 -» 17 5?S London Broadcasting - 

14^(9) course, or f^priol>Lol^lgi> a M77T 29 2 371713: waft. A«s Soorus Desk. AST John Dunn Today’* 7 .=o and 9.W Kewa Ht>d : _ 2S1mand B72VHF * 

25 Card game to exploit, or a 
burning hobby (5-4 1 

26 Twig it is large-size? That is 
right! (5> 

27 Some French travel to mock 
( 6 ) 

28 Beal and pass! Its dimensions 
effect the economy (.5, 3i 

DOWN 

1 Composed south-eastern court 
(fi) 

2 Dress mother in pari for play? 

Drivel: (8) 


COURTENAY 


HBEBonss : afinaas 
h e b h a an 
QGQEnETOS aDHHHG 

n & > 0 : :• a- i,£c a b e 

assasnsa EanHnnB 
a a q o n q h a 
^SDSOQSQQQa 

snonssnacH -'- “ 

Q H Q-^0- E,, Q cj - n 

nESHian^inBQHanBg 

3 Q f3 

QBBGHa ‘ VBH5352HHBH 
S- a a ; n : n 

anapsa noagia^^a^ 


Wuikosctr Walk. lUt Pdc Murray's ~ „ . Iron ih f Hn«v or Commons. l.OS-CIosk- 

Optra Bonse >Si UudMlM L43 Sports -nneflp*. - 6 J 8 - Ksnaioff As Radio r. »— C ose. 

Desk. 2 J 0 David lb tuition ’Si inclwilnsr T-iduj- MuKazhR. fnrhidin* London Rroadf-achnw 

Ml and M.< sports Desk. 430 WanoncrV p rarer fur -be o us. 7M and >■» t " nDun OroaOCaSung 

Walk. 4.45 Spoms Desk. A«7 John Dunn Xcks. 7.=0 and S.W Sen Hi-ad- 261 ra and B72 VHF 

'Si Including l.is Sports Desk. 4.6 ‘ Tbouaht ror (he Day. *J5 SJ» am Mornlnu Music. fi.oo A M - 

Sports Desk. 7JZ Country Club <Si. 9J2 ,'. n PwhamcflL. MO.Neu's. nou-nop on*-4. Informal ion. frareL srori! 

Folkvveave iSI. 4^ Sports Desk. 10.02 '° 11 liar,- Loved- IMONewn. M.00 Brian Hayes Show. 1 o n m LBC 

Ror Cast li* in Canie '5 on the Air. UJO Oui’hiwinr. IBJO Only Servicj. Ropona. 3.00 Goorsv Gale’s s 0 ‘doek 

Siar Sound Evtra. mn Brian Matthew Morning Story UA 8 Nmj. »-» Call. u» Lbc Keporr* -cononucsi am 

RADIO 3 sureo* VHP Si Ca P itaI «adio 

6 . 55 . am WrJih-.-r. 7 JO Xtfws. 7.BS The worW ai One. Lja The Archer*. • 194m and 952 VHF 

Overture (Si. *J 6 News. *JS Momins L 6 Woman's Boor lntfudins -100-2.01 4.08 an Oniham Deb,-'* BixaHigr stum 

Concen iS<. O.fiB News. *J5 TWa .Week’* New*. LAS Uv.i.'n Wlin Mother. 3.06 ISI. 9.00 Michael Alltel (gl, D„ r ,, 

Camposcrs; TSe Conn of Henry vni fSL News. 3 JO Questions m the Prime Ca*h rS>. 3J0 pm Roscr Scott tSi 7 JO 
9JS Schulnrr and Brtnec: Chamber 'music Minister, •■bye" !rom the House of Lord Ceorsc-Brown a Capital Commartfary 
c-’Hcerl. pan I -Si, UJS Bnnen’a La at Common*. LB Afternoon 7h*«tre fSl. »S*. 7J0 London Today «Si. 7 JO Adrian 
QUaKel (talk by Hans Keller*. 10 JS Con- «JS Story Time. 5.00 PH: Newman ** 1 Lo«"i Open Line rS>. 0.00 Your Mother 
cert, pan S. U25 Aa English Oondoctor zine. S3 Weather: programme qnr:. U’ml 8 n*t Like It mth Nicky name iSi 
m ntmaart, pan 1. Llowl Friend wmdwsa MO Sews. 6 J 8 Top <$r dw For®. T.08 UJO Tmiy Myntt’s Late Show »si' 

, Elgar fSV UJO Wonts . by Michael New*. 7.65 The Arcb-r*. 7 JO Time for 2.00 «m DtucM Johnson’s Ntcbt Fllahi 
SchmldL 12J5 pm An EngBidi Conductor Verse. 7J4 Halls OnJuirn caaecrL tSi, 


nisriV 


hhUi .'j .Hi-.'! ' ' H 










uZo 












!E" . .. J" ;<• 5t' > • '--'vT- -IT- ■■ \ . 

:■£ '■:>■’■ ' ' -- 

C- ' • ' *4iS^^^':^1taes- :Thu^^ : ;Noyember: . 9 ‘ 1978 








'k .- V*:"- 


fey MICHAEL COVENEY 


^teaiaei Fattner/tlie subject of ambi^on demye'd; by the pro- th e accompaniment of -lutinnuc career a «onv) 
"! nfcxhfctorzflsteni-stare ’ oraHBsft--¥?.sF. est “S" ^ accesses- of today fact* of the case. Onsiase. the. seedv nick-un i 


and a quick guide 
aiuoraliiv in a 

i&Wtfcn,' :ui; jS^t *sy*t*jy- “ J^*"w n cM urHoliywiMd stored ""ffll? P p££ ,n 2i«««t, that 

Sifegests. -that flauoiriy was,' she tn the t " v ^ ?s and vindictive doctors. Farmer was much more than 

aot^oiit out '(ft S«a is .n inter- she is cracked down in be by 

ami she is shelled 
virtuosity by Kevin 1 

Ashbum and 


Riverside Studios, Hammersmith 



21 


Dance 



& Alston 


bv CLEMENT CRISP 


factor^' and,”. was- sddous' about" .. •■,■*' . '. .-' 

-* acting."— but that she- also J kV - 
found herseif S 5 nhwUting srooge^ 
to the mounting activities of: die 
Communiat : vtitcb-buflti^-- 

V From her Seattle l»i^'Fanner“ 
won in essay cbittpetiUbn ahd ' 
visited Moscow, joiiring-ori. her 
return' life' GriftO* “Theatre- -o£ - 
Clifford.. -Odets ; and- , Harold. 

Cjurmabkwhicib was dedicated to - 

the StanisJavskyan' Method and*: 

social drama. - ' The play- main- . 
tains an enthraHtng ambiguity- as 
to . whether' or-not Farmer - aetu-.- 
ally hecmne heavlly. political as 
a result of h'er-tri^and.her affair 
with. Odets.- "What we, do -know- : 
for OTre'fg-lhat her 'mother led,, 
the red-neck campaign ' Against 
her, that .her seriousness ‘ was 
disastrously ;mfcuHdarstood, .and 
that, by walking' ottt. on 3 > ara- • 
raoimt.to play-ln 1 Odefs Golden 
Boy id 1933 r $he slgned -her own v 
death warrant s a celluloid star.-. 

.The pieci : is ' based on -:fyro - 
source-bookfe. Far feetY own: auto- 1 
biography and ^ilii am Arnold's " 

.Shodcwland (published this year I 
in the United Styes).- Mr; Lucie 
and his enierprfcing ; director^. 

MikC Bradweli knave : Worked : 

\h rough the rp ale rial ^to pr ov Id e; 
a ‘ f asciil ating'.parabljB' of shbwtnz.j 



During the next two weeks a movement finished on a soaring 
festival under the general title are as the lights faded: another 
of Donee Umbrella will give us started with 2 trembling that 
an opportunity to see many of gradually shook his entire body, 
the smaller and more adven- in each sole* Dunn seemed 10 
lurous Modern Dance groups in establish to a base Tor our under- 
Brilrin at work. As a bonus, and standing and tbi-n moved out- 
yardstick. four American practi- ward from It in increasingly 
tioners have been invited to exciting anti daring dance, 
appear — the Umbrella idea n Thl . w . lind performance in the 
a transatlantic one — and Tuts- evening — each nlsht two com- 
days UHtwl P^mianre was nic . or ariisU , ^ 
given b> doucij-. Dunn, an ' :.i, 

! artist With a considerable New 


-.York reputation. 
! lirelv justified. 




Lally Percy 


Luiiiufd liurl 


Record Review 


M usic from Montserrat 

^by RONALD CRICHTON 

* • . • i- . ’ * ‘ -* * * .*- * \- * 

• . . . \ I ” . ‘ , 

t _ V 1 . r* ■'" abdut the 'result is ibe feeting of is vigorously sung but the play- written nearly three centuries 

Monteverdi Vespra .della bc^tU devotion— mote an $ct of^ 'worship ing here and elsewhere is later. There are three singers, a 
Vetyne. Soroists/EBColanfa and thin'- - a f coocert^ performance, slightly heavy and over- soprano, a male aito also 
Gapetia de Musica Montserrait^ There ntf the emphatic. Three excerpts from driubling as high tenor and a 

Collegium Atffeuih/SeB&rra. J2 brilllaidcei .newness dr sensuous- the incidental music to Dryden second soprano with less to do. 
records "'in 'W. Orman ness“nf Monteverdi. They are all and Lee's Oedipus include the The instruments are bass viol. 
Harmonia Mundi IC : 165-98681/ there, hut they .take second place famous “ Music for a while.” here organ, harpsichord and theorbo. 
g*>- q- '£SJrOi-' -- - -- • ; to the' intention of;jthe.-wojdc as a sung bv a tenor (James Griffetti. Musically the point of departure 

Victoria Missa pro defnheiis (6 whole- The element j»f chaHenge | much prefer the third js Gergorian chant, flowering 
• vpniix 1 ): Escolanla and rapftlla and coDBpetitioit. of ytmr. edition “volume" of the Florilesium i n i fJ l° n 3 mehsniata. profusely 
Montserrat/Segarral ' 1 recoVd ‘is-tbe hest ’.-Ishappiiy abseDL series on Oiseau-Lvre devoted to hut delicately ornamented, at 
ini albuhL iC 066-M '602 Q; '‘.TheV Prd rCadtlDiie. : Aptiqua purpga s Thpatre Music nnce austere and ornate. 

sblowls- (James Stephen x^ls sincle record covers I i'rcnprs whose idea of baroque 


evening 

was n „ n ; A .. griistj. are on view. 

nine repetitions, and 
, additional workshop 1 .. cla«t?s. 

1 seems en ‘ film-shows — was |*iv cn by Richard 

r, , Alston and a quartet of dancera. 

Dunu a comprised The first pan of their programme 

fo “ r t so '° n asl,n " 1 enjoved very much. Like Dunn, 

about ten (l 1 an d per- A i stnn has accepted ihe influence 

f0 7?l^ ^ d - Stm ' of Cunningham. His choreo- 

guished b. an lnte!lectual rigour pranhies are clean-lined, exact in 
,n using dance and a searching bn I uaKe . and 'sometimes very 

concern wit* ^ njiure of move- aus i c . re The recent pieces which 
i!r«L r.?n«- h l s WOrke j we saw first included Maetlee 
! ™th? n T nf r?.; - m u 3n -^ Dupres in the repeat of a 
’ s0 ^!, h i!f S tan''ua''e -. un, } m " ham s bouncinc. happy dance to Purcell 
P 7K y cfirm-tfn-, - Seen harpsichord music which -1 

,n n^r flS S ^m?-? i n^ eCeS ' -,K reported on earlier this year. 
Our first acquaintance with tu.. tiilven Hamilton in 

w U "h n cV a n 1 JS.^n/hPm n if yinS 1 Passages, calm and 

^ ^™ P M mp- 1 n r », 3r0 f Un ? un fussy in dynamics. 

the stage by mean* of his feet. ’ ... . . .. 

At moments he gazed at u.«- then Finally Pochard Alston himself 
at the wall: movement emer'-ed in Unknown Banker bui#* the 
made up of slow balances and Atlantic, a sinuous, undulating 
poses: there came backward vcr >’ theatrical number, full of 
runs which accelerated then ex- su dden swirls or activity, which 
pired as the dance subsided on use! ’ P arl aF lbe Colc p “rier score 
to the floor. Dance? Yes absn- for Within the Quota, composed 
lately dance. Dance made up of r ? r lhc Ba,,f!#s 19-^ 

movement suddenly dislocated: *’* s Gerald Murphy backdrop ot 
of rotating arms (hat moved in a . hu tf e newspaper headline pro- 
and out of synchronisation: of ,he title 1 . 

{slow, slow gesture in beautifully Alston's newest work. Distant 
controlled canon, left arm Rebound, receiving it* first per- 
against right. formanvr. dis.ippoinied me at an 

And then, bv contrast, a mim- innial • iewins. A quartet for ivro 
ber that started from loping, men and two girls, it evokes the 
cross-over steps, verj dancy. and manner of an earlier study -in 
expanded into fa«i lishi move- duel* made this veer, without 
ment that consumed the si age maiehing i:s inevitability, or its 
area, and suddenly flopped with- richness of imagery, 
in a fraction Df a second. Dunn's Havre l mb w la continues for 
first dance ended ihriliinglv with ihe next two weeks at Hammer- 
him leaping to hold a projecting smith and at the ICA: well worth 
rod high on the wall, so tbat while, well worth supporting. 



Douglas Dunn 


Purcell Room 


Trevor Pinnock 


Wigmore Hall 

Alexeyev Duo 


£4;38 . . ---•- spiOWfe y*in«s urucw-oiepfl^ This single record M 

" Parcel L LaudatS CdCiliam- and Koibcrt?,hMe descry tenor- D'Urfey's Don OaLrote. music is rooted in Vivaldi may be , „ _ .. , .- 

: ^secular moleu. -Pro '-Cantirate T^na^.and The performers are the surprised. Those who hnve been [presenting all .Bach s youthful titanic Sarabande L _ 

.nv* -ln'MyW:' Academy of Andrat Music under «««■■« ..V». . taww .fti HUSL,? 1 ^mon; Couperin s mostjplendid ,„g 


Dimitri Alexeyev. the young and with fine precision — sweetly’ 
Soviet winner oF the 1U75 Leeds pointing the parallels between" 
Piano Competition, is by now Ravel and Satie in “Beauty and' 
well established io this country the Beast.” aptly nicknamed - 
Ordre, 3 g a distinguished soloist; but be G ymnopedie No. 4. 

„ , .. Passa- had not been heard before _. . , 

series of Bach recordings by the cai/lr had a despairing force. Tuesdav as one half of a piano Tfie re ? t ° f the,r Benins was 

English harpsichordist Trevor passed as a set of miniatures, duo wiih his wife Tanva niorc s P ,ri t {han substance: a 

Pinnock— and an uncommonly Yet the bomhre opening move- *. thoi _ h ._, lh „. , * ,. n , rlllrt JoM>. i-°>>ust account of Shosta- 
exciting pair of records they are. meni. La RaphaMe. and the to 4 t her of b creat h refiSemem and kovi ^ hs int e Loncertirio op. 94 

■Unique are- S^ce Thev share '. remark- ‘ wr, , , ' en ,n 19,3 for Performance 

ost snlendid e L e , 8ance ' - s , r l a . remarK . by the composer and his son 


by NICHOLAS KENYON 

Archiv Produktion have just style. Couperin's Sth 
released the first two in a new though its tremendous 



T ChSSSS H^*Thev U h!Je r op^wiirfind^me link? wfth| serious Controlled ’ liveli- ?e"s ***'"" \ 3 *olld perhaps sightly'. 

- seiisitivelyiii. W style, Tta'two Sly the 2 his elaborate declamation and ness. To coincide with the play ed. Still, we have harpsi- t hLn weU ^hooied" h ^er-serious reading of Rakh- 

- “ehL elegant. „, th “hr.k.n- U rl « no I release. Pinnock included mo of chordists who can play Couperin; K W 0 f\heir° programme fJr 1 sfeelv SjSf 

are very few who can f 0ur hands on two pianos was jn Jhp c C h er zn and finale- *and a 

undcr.t.nZc tn S^ etra ^” K ^,f 5 G °° se l?ortLnM™M U n*S?Bnhmrt 

rSiflSlSS-* J?, written in the same year as Gos- F mi!lor sonata for two pianos 

choice of the Goldbergs sara- parti, and its very pobr ami- nn -> i4h thp nr|k .„ r u nr , n rt «aw 

.. g baBde lheme °* 30 encore left thesis: all com •implicit}-. J Uieorin^i of P lhe i ater * rea ter 
most me l° n SibS for Ihe whole set of rounded deftly and lightly with ouimet od 34 . * * 

variations: a recording soon, marvellous economy of gesture. v 

-’trebles :nv-uniioo. The 4n^.ru- heaviness, for plumb-triie inlona-i The recital was most notable. pleaae ' The A,exe>PVH ~ a ' e 11 ,<vmel> ' 

r - n . . .mefitSfhce' Jifept’ slightly tbufhot z"i 7na ,i?l!r 1,} La » tion. and for a way of phrasing however, for what was presum- 

' Montserrat- lies tip: by ihe to.o-.TaR) back: s-r-*. the church an -r that may astonish those who have ( ably a foretaste of a future 

: wedge -oi - iockr: fahgS;^--: a accrustic pasts a sheen over the “ um *n : s ® e cannot quite ieie.n s „iT^ r pd from mediocre cellists; Archiv recording: a magnifi- 
“serrated mountain'’ inifeed- tone;" the* glare; .. .squawk and th e iMc kitrag ic manner for the saw j ng an approximate ' path i centiy bold and unified account 
that rises behind: Barcelona. Tlie ehortliiig virtually inseparable ty rd . P 11 "" ?h ® makes raudh or through the bass lines of baroque 1 oF the Overture in tbe French 

- rntmasterx-'ls' famous' for -many from pngtnal instruments even the Dig mad seen* F rom ca ntatas. The recording is beauti- 1 style (which was published in 
things, /music among, them, in -such: elevated ciphipani are rosy, bowers. The issue is a f U jj y L .i ea r. A second volume 1st Bach's second book of Clurierti- 
Casals wrote .-‘^ery'lnusici ah -reduced to -a mitynum. The '«typ reminder of the way promised. Meanwhile this issue is j butip alongside the Concerto in 

•y should lutow^Jbe - name df-Mont- spUn'd'js delightftrT and natural., EngMsn ^era might have deve- highly tp -be recommended. Itithe Italian Sri'lei.. The form of 


Freheh^Harmaiity MnndL; Tj 5<w«^ ab^."5anrta/?aii7^ ^ ihe lnsinimenti. Wieland Kuij-| the. (reaUy quite primitive) 

remtS- ^Tlm^™ jSS>B /7 SiveT3lfl.an extended versionAv’itb . tt!L ,« JSS.hmTI ken's bass viol is extraordinary | major Toe 

' ^ ^"^'.t^yifeaJ^terjetticto isung by ; li'fl? 0 ” k p bu J ..?® d fiii P en-?inps" for fu,ln c?«= of sound without! invigorating. 


DOMINIC Gia": 



Thel Eseolania or' boy^ ; ^fchflir-’ebmpdser- hut' a C&stiiian who . The musical revelation of this from merriment and turn their 
heard in -the twai-lrecortiihgs' at .spent. many.jrears in Bome. This bunch/, nevertheless, is tbe thoughts inwards. 

.- the h'ead of this list has' weistyi ' Missti . pro' defunctis (for six French Harmonia Mundi album 
since: atjeast tihe lStS' penttfry-' v6fceswr : .there is an earlier four- containing a number of the 

- In recent years^under the abte part pae from which Victoria. Lemons, de Tenebres of Lully's 1 WO art export 
direction of : Fr i ‘freniie^egarra. borrowed one-sectioh for the pre- contemporaiy, Marc -Antoine 

the dioir- has Teaclied a high sent *ork) was written in 1603. Charpentfer. This Charpentier. licences SliSpendeu' 

- pitch of exceHence -^ir ta' go back after hU retiirb to Spain, for the not likely after you have heard , . „ .. 

- to an dld’ l srt Xdigsa jftifter.ar.pf .the Empress Maria of. a few. bars of his music to be Lord Donaldson. Minister for 

’i Catalan- lithology "of -the -Missa; Austria:, in. Madrid, at lbe Con- confused with Gustave, composer tiie Arts, has accepted the recom- 

- pro ttywncfe;.of; ; Ceterols apd vpntjoT Descalzas where Vic- of. Louise, is emerging from the mendations of the reviewing 
. compare the-' oft eis "exciting - but toria was organist. A noble work shadows as a major figure of the committee on the Export of 
; rptjgk uncertaisly pitched sing-, by one 'of .the noblest of late- late. 17th century. The Leootis Works o F Art that licences -to 

in g with' tire-present standard, was- Renaissance composers. The per- (Lessons- in the ecclesiastical export an English nothic stone 
iihmt in at ing : . • forijrance has the -same devo- sensei are the Tenebrae seni'-es corbel-head and an 18th .centn ry 

.• For this'pwMandJhg recording tionral Equality that informs the for the days in Holy Week before gold watch and chatelaine should 
-. of Monteveraj’y Vespers of ^flie Vespers-. -proof against occasional Easter. The valuable but not in- be withheld until midnight 

- Blessed Vamk'. of i63ft-V(Mont- slight; dropping of tbe pitch.' variably clearly-phrased n oie by January 31. 19«9, to give public 

serrat is claimetf as : zt * the- oldest There 'is. tittle If anj-thing of the Rend' Jacobs (one of the singers) collections in the UK the oppor- 
sife pf-the rnlt oJ the- ViTgin"): fiery. ;-harsliiLess conventionally implies that Charpentier wrote tunity 10 purchase them 

. Geiraan HarmoAta Mundi have associated with - .Spanish voices, a number of settings and that the The committee considers the 
gathered male; soloists- from -fee' or oF the over-sweetness which in ones chosen here, though they items are of national importance 
' fto.aDtioije'-ftntiqM'group of pre-Britten days was a vice of form a liturgical sequence, were under the criteria laid down byj 
London and the .Collegium English, choirboys, written at different times. In any the Waverley Committee. i 

• Auceum\ : tho ' K houSe brehestrir” . Pro-Canticme Antiqua turn up case they are some decades Any public collection in tftei 

nf - pTawro " frnm Gomwiwy- again,. wi th: their conductor Dr. earlier than the comparatively UK interested in making an offer! 

■ StritzerJand' ftnd .neighbouring Mark -BroWn. arid' members of fainiiiar-Lepons of Couperin. 10 purchase either of the items' 

• countries, and- sent technicians the: Collegium' Aureum. on a The- texts are from the Lumen- can obtain further information. 

to-Jtfimtaeitat-te record the music PiritfeU disc, offering Laudnte tatUn w. in Latin but embodying including the nam#» and address! 

-the soft resonance that CecHfam. the -.Hymn for St. the Hebrew initials (A)eph. of ihe person to whom the offer. 


often do we hear an ensemble 
attack a Passepied with the 
vigour and deft rubato which Pin- 
nock achieves, or draw together 
a long concerto-llke movement 
such as the overture with the 
tensile strength and logic which 
seems to come naturally to him" 
There were fluffs, as there are 
almost bound 10 he in playing as 
risky as this — notably in the final 
Echo movement — and I did not 
feel tbat Pinnock had the 
Couperin style as firmly embed 
ded in his fingers as the Bach 

Fine Arts Society 

Maxwell 

Armfield 

The revival of interest in 


Prince of Wales 


Bedroom Farce > y B . a. 


YOUNG 


suffuses;- ‘Without confusing, the Cecilia's Day -of 36S3. and Beth, etc.); — Stravinsky did the should be made, from the British ! B r i|j S j| .\rt of tbe earlier part 
harmony. What;is; so, remarkable vajious ;se?til«r pieces. The Ode same in, bis Jeremiad Threni, Museum. ' lof this century, and the serious 

critical re-appraisai that quite 
rightly has gone with it. has 
transformed our view of the 
period, rescuing reputations and 
salvaging a great many excellent 
and beautiful things: but we 
must take the greater care not 
to allow our fashionable enthu- 
siasm to run away with us. 

Maxwell Armfield. who died in 
1972. lived into his nineties, long 
enough to see and enjoy the 
first few years of this little boom, 
and bis life's work makes the 
point for us. The retrospective 
at the Fine Art Society contains 
some fine paintings, most especi- 
! ally a small group of portraits 
'dating from well before the First 
I World War: they include the 


The- three- contiguous bed- his yofee, is wildly cranky; room without winding herself up 


necessary to farce. - 


The direction, scrupulously 

5 -uHct^ whaf's-Tnore Jan is an old flame with auto-suggestion. Trevor, detailed, shows that perfect 

rooms fit happily -into toe wioe Susannah, despite Delia Susannah and Jan are all at understanding of the use of 

•prince -of. "Wales ' proscenium,' XjiB'dgsys 'fPPiiPaP^ng presence Malcolm's, .party. The conse- understatement in presenting 
and the iorad ftighfs events that and superb dress,' is so short of quenceg echo and re-echo until monstrous events which is so 
fill, them sp comically -in Alan confidence that she catft enter a after- dawm naMtearv m taw* . 

Ayckbourn's '(dwrer fatree.. foJIoiff i • 

their coarse "as effectively-, as . . 7 -. • 

tifejr did at ther Lyttelton.. The 
National’s production -under the 
author and Peter Hall is; frdns- 
ported en hide so that.it. may 
play nlgTrtly . instead of’ only m 
repertory/ • . 

There- is no point' in ^ftscrib- . 

. ing the plotT which inyorves n- 
■ long; - aeries-, of ’■ interlinked 
Insoluble problems. •• It ..involves 
i our pain. In thfe Kensingtonian 
bedroom on the O.?. Bltfe are 
middle-aged ■ Ernest and Delia 
(Michael . -Aldridge -and Joan 

Hickson), who, when we finst . see 

them, are preparing to go. DUt to 
dinner.; (Centre, in a roopi that 

..suggests vPeter Scott prints in 
fte -lounge downstairs, are- mt>- 

• and- Mrs. Norma] — tough. old do- 
i^yourself Malcolm and ma new 
young .wife. Kate (Derek Newark 
and; 'Susan .Littler). ■ They ty® 
about to grye a house-.wattyng • 

■ party. :0n tbe. prompt mde, a 

trendy .bedroom 'contains Nick , 1 

and Jan ' (Michael Stroud, and 
fSieryl Campbell) 1 .he .a young 
tycoon .with a torn, back muscle . 
that . confines him to bed,., she 
ay effiriegt as she-, is nubile. 

The' rogue pair are Ernest and 
Delia’s son- Trevor and his w ife 
Susannah. Trevor, given a 
superb coniic performance -by, 

Stepen pOTe.who^s^nmec -'. Mkhad Stroud and -Cheryl CamphtU 

"ah-fluentiy.-with his arms as with 



'.painting of his mother, dated 
1 1900. and the best work in the 
show, his wife seated by a win- 
dow. of 1911. 

Bui Armfield was evidently 
drawn towards the applied and 
. decorative arts, to design for the 
| theatre, for the poster and illus- 
tration: which is no bad thing ai 
all. It can have the effect on 
a painter, however, of easing 
his ambition and at the same 
time turning his attention over- 
much to matters of facility and 
Style. With Armfield we can 
follow the dilution through from 
the early concentration to tbe 
weak symbolism of the last 
worts. In between we have 
several splendid things, some 
I very pretty latter-day. art 
nouveau flower pieces, and land- 
scapes of the thirties, notably 
Wareham. Church and the Great 
Coxwell Tithe Bam, of a 
splendid Griggsian strength. 
These pictures are indeed very 
good, certainly worth this new 
attention; . but. saying that, we 
must remember their place. 

WHiMM PACKER 




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22 




FINANCIAL TIMES 

BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4JBT 
Telegrams: Flnaatimo, London PSA Telex: 886341/2. 8838S7 
Telephone: 01-S48 8006 


Thursday November 9 1978 



ound 


MOST INTERNATIONAL nego- The dispute has led to funda 
tiations enter a cliff -hanging mentally differing interpreta 
phase as. they near their end. tions of the purpose of this 
and the Tokyo Round of multi- week's visit to Europe by Robert 
lateral trade negotiations in Strauss, the U.S. special trade 
Geneva is proving no exception, negotiator. In 'Washington's 
Five years since the Round was view, the aim is to try to reach 
officially opened, the target date a sufficient degree of political 
for its conclusion is now only agreement in the coming days to 
just over a month away. But allow the talks to be concluded 
many major questions remain on time in mid-December. In 
unresolved, the U.S. and the EEC the Community's view, no more 
appear to have worked them- than an assessment of progress 
selves into an impasse on the js called for. 
key issue of countervailing 


duties and there is a danger 
that attitudes will harden if the 
deadlock is not broken soon. 

Textiles 

One encouraging development 
is the news from Washington 
that President Carter will 
almost eer?ainly not sign the 
bill that would effectively tal:c 
textiles out of the negotiations 
by excluding VS. textile 
imports from any tariff reduc- 
tions agreed in Geneva, ir the 
bill were allowed to go through, 
there would clearly be a dancer 


The Americans, publicly at 
any rate, are still insisting that 
the December deadline can. and 
should, be <met. They have 
enlisted Japanese support. The 
W2y out of the deadlock in 
Washington's opinion, is for the 
Community -to agree to continue 
negotiating with its sights on 
the December deadline, but 
m. -ike its final approval condi- 
tional on a satisfactory’ solu- 
tion to the waiver problem. 
Agreement on a final package 
in December would in any case 
make it easier to persuade 


that the outline package agreed Congress to defuse the waiver 
in July by the mam negotiating is*uc. and indeed to ratify the 
partners— the U.S.. the EEC u ’h«le package, the Americans 
and Japan — would start to come ai "J ue - The Community, how- 
apart at the yearns. ever, wants to see what happens 

The troublesome problem of * n January before striking the 
countervailing duties, however, final deal. The view in Brussels, 
remains unsolved. The difficulty’ shared by many people in 
strms from the U.S. Congress's Geneva, Is that the talks are now 
failure, before it recessed last bound to drag on until February 
month, to extend a waiver re- or March, 
tiering the Administration of a 
legal obligation to impose Flexible 
counter-vailing duties on subsi- Th _ r n „ !f _ 

»* «*» » pay m£ 
for a concession, the waiver's 


pxpires in early Januarv. the 
Administration will be legally 
required to impose counter- 


extension. which it thought it 

JELS 1 ™ TSmb 


of imports, many of them from 
the EEC. at the risk, in Euro- 
pean eyes, of provoking a 
damaging trade war. But Con- 
gress doec not reassemble, and 
is therefore unable to extend 

the waiver. even if it want* to. t . _ A-™,*.:—.,- :» 

until almost two weeks after 1™^' ^5 


knows that it is going to prove - 
difficult enough to persuade 
member Government to swallow 
.some of the concessions the 
Americans are demanding on 
items like subsidies and farm 


the legislation expires. 

President Carter’s assurances 
that a way will be found of deal- 


have failed lamentably to 
deliver on the waiver. But it 
would be tragic if the whole 
Round were to break down on 


ing with the problem, whether t . - — r rtrr , miIr ,:^ 

hy AdmlnlrtraUv.fr Congre* ^,ld nHort to be a lTSe bU 
sional means or a combination more flexible without under . 

of both, have not proved enough raining its entire negotiating 
For the Europeans. The EEC position. In London this week, 
says it will not negotiate under m. Olivier Long, the GATT 
the threat of a trade war and Director-General, described 
France, backed by Ireland, has failure of the Tokyo Round as 
gone so far as to suggest that “politically inconceivable.'’ It 
the Community should consider can only be hoped that he is 
calling off -the whole negotiation, right 



GOVERNMENTS IN Western and the poor financial .results 
Europe and -Japan have agreed of some of the biggest com- 
on a nuoiber of occasions in the parries, _ the Japanese industry 
past three years that shrpbuild- seems in no shape to indulge 
ing capacity must be reduced, in extensive price-cutting. But 
Not only capacity far in even if The significance of the 
excess of foreseeable demand, move is mainly psychological, 
but the older shipbuilding it suggests that Japan will not 
countries have to come to terms sit idly by while the Europeans 
with the fact that the newer scoop up the few available 
producers, such as South Korea, orders by unfair methods, 
can build ships more cheaply It is fair to say that govern- 
and are certain to obtain a ments in the shipbuilding 
larger share of the world mar- nations, even including the UK, 
kct. The problem, which has are now prepared to accept pub- 
surfaced again at this week's licly the need for yard closures 
meeting nf the OECD shipbuild- 3^ they all want to be free to 
ing working parly in Paris, is carry out the process of 
to ensure that the sacrifices rationalisation in their own 
involved in cutting back caps- time and with -the least possible 
city are shared equitably. interference from outside 

The Japanese industry, which bodies. Thus the UK and some 
has been hit very hard by the other EEC countries did not 
combined effects of the reces- take kindly to plans put forward 
sion and the appreciation nf the by the Brussels Commission 
yen. is aggrieved over the per- earlier this year, envisaging 
sistent tendency of European 40 per cent reduction in the 
governments to subsidise their Community's capacity to be 
yards and thus enable them to carried out over a four-year 
quote lower prices. The Japa- period. 

nese insist that they adhered to j order to maJse mzximam 
their promise to raw prices by natural wastage and 

n per cent: indeed, there have , 

been reports in recent weeks _ !^ tary _ g0Ven ^ 

that the Japanese have virtually 


'"£■=■ ' • . Fftranti&F 

The tests of loyalty yet to come for the Iranian armed forces 




B 


would prove more than 6 «*■ 
me tic exercise and lead to a 
campaign against armed 
forces commanders. 

Even so they have made 
some., attempt to distance 
themselves from the old 
regime by arresting the more 
notorious targets of popular 
wrath such as Gen. Nematot- 
lah Nasslxi, the former bead 
of SAVAK, the omnf-present 
secret police. 

The Shah has always given 
close attention to appoint- 
ments and promotions even of 
middle-ranking " members of 
the officer corps. His own 
father. R«a Shah. n?se to 
power by marching his elite 
cossack brigade on Tehran In 
1921. The Shah himself was 
restored to power only with 
the help of the armv during 
the overthrow of Dr. Mos- 
sadegh in 1953. 

In the late 1930s and early 


1960s he relied upon the army, 
particularly SAVAK, to quash 
internal dissent In 1963, 
when the Shah finally estab- 
lished absolute rule, the army 
erushed riots in Tehran with 
heavy loss of file. 

But In relying on the army 
the Shah has. been exception- 
ally careful to ensure that it 
remains ' under, his control- 
The three armed services 
liaise only through the Shah's 
personal staff. Loyalty to the 
Shah rather than- military 
efficiency is the key to rapid 
promotion. : 

Loyalty was ensured by 
Zieayy .surveillance of - the 
army by a variety of security 
agencies: Power could not be 
concentrated in the hands of 
any. single organisation or 
military commander. The 
Shah's personal _ security Is 
looked after by the Imperial 
Guard, an all-officer unit, and 


there are heavy . eoncentra- Possibly, In his determination 
tions of paratroopers, counter- :• to" prevent senior generals 
insurgency rangers rad . acquiring too much authority, 
armour around Tehran.;.-. > the Shah has weakened; their 
A multiplicity of erganfsa- - Unks with the ' middle , ranks 
tions divide xesponsfbaftyior: the officer . corps- All 

security. The Imperial Iranian officers however, have- been 
Inspectorate, set np In 1958 ; ■ -Msetted by the government, 
after the hOad- of military receiving high pay and exten- 

intenigence was aecused- of fringe benefits 

plotting a cou p. Is t he fiamh’8_ diffic ulty of knowing 

personal . -lnstrameut - for. ^ political complexion of 


guarding againrt . military coif 
spiracies. The mysteriois . 
Special Bureau, keeps an eye 
on SAVAK. • • ' / - 

Despite these . precantions^ 
the Shah admitted . earlier % 
year that SAVAK had become ; 
* a state within * atgfe and." 
in last Monday's' broadcast 
setting up a military govern- 
ment he promised that past 
mistakes would: not recur 
But it is to the armed forces: 
as a whole, that the ; Shah 
is now looking forids suridvah: 


such officers lies in the recent 
enormous expansion of the 
armed forces. Defence spend- 
. ing has risen from S67m in 
1953. to 5844m In 1979 and to 
-,$9w4hn . last year* Armed 
-.forces manpower increased 
-annually by 11 per cent 
between 1972 and 1976. from 
191,600 to 300,600, and now 
stands at 413,000. 

Unrest is more likely to 
. occur ailing the lower ranks* 
.many of whom are conscripts. 


It is they^whb. actually corn* 
face te faqe ; . wtih?tbe rioters . 1 
and are likely- to -be •'.more 
susceptibie^toL. ^p^IsVby 
religious ietfer*. - espedafty 
those from fte^c'xllod . Ayatol- 
lah 

their soppVt i>W.iiie ScQl' . 

- Although . Khomeini / has 1 '. 
called on- _ 

' soldiers to pe^mue -tirtar^o 
join ho ousting the Shah, Jbe J 
has*' yet i» ‘ take .ihe- 
crucial. step, of^ tadflhg To^ia v 
military -revolt ; wlthia; ! tfee 
army. *1 ■ : .. ■ ■ 

: But Withu MqharTUjn-xihe- . 
holiest- period yin fhe :Sjhjffg . 

Calendar "Soon ttf he^tv forth er. ,r - 
demonstrations ariarfifcely:^^ 
that time the Royalty- 
' ordinary soldier. 

wflHngbess to shoot - martial ^ .': 

. law-breakers, will be tested to ^ ': 
the , f ulL • 

Patrick 



Why the 
has almost 
run out 
of options 



: call for the overthrow of the douhtedly do bftitafily, tinuffgh 

a - ~ TS&m. 


purely Islamic government is 


wildly impractical and preju- 


The banking systemUas'a re-' 


T APPOINTING a mili- 
tary government the 
Shah has banked the 
future of his regime, and his 
dynasty, on the continuing 
loyalty of tbe armed forces. 

The loyalty of the top 

military officers, such as 
General Ghoiamreza Aibari. 
the chief of staff and the new 
Prime Minister, Is not ques- 
tioned. It had always appeared 
unlikely that they would 
accept demands by opposition 
leaders that the opposition be 
given control of the armed 
forces as a condition for enter- 
ing any new administration. 

These senior officers had 
protested at Ibe concessions 
made by the government of 
Mr. Shartr-Emami. the former 
Prime Minister. They also 
feared that the expressed in- 
tention of the previous 
government and the opposi- 
tion to root out corruption 

T HE Shah of Iran launched 
his much-vaunted lib- 
eralisation programme 
two years ago. Since then 
the choices open to him 
which would not — in effect — 
result in the erosion of his 
sweeping powers have gradually 
narrowed. 

His appointment on Monday 
of a military government under 
General Gholam Reza Azhari. 
the Chief of Staff, although 
logical in view of the uncon- 
trolled violence in the streets, 
emphasised that in the end he 
was left with almost no choice. 

This limitation can be directly 
attributed to the fact that, after 
years of stiffing dictatorship and 
empty political experiments, 
first with a two party and then 
with a single party system, nn 
one here is really prepared to 
believe that the Shah means it 
when he says, as he did again 

Iranian^ ^nation ° that^he^vriU t * on wou ^ tantamount to turned on officers rather than rate of about 10 per 'cent Before government comprising almost a savinggrac e.in that 
ores* on with liberalisation and ending the Pahlavi Dynasty, on rioters, and of soldiers ^0 the more * all the main political forces ex- 8!? 

free elections. However dispirted the Shah may c ®braring rioters. 

The Shah’s first option— that seem to those who have met him Sh ^’ 10 h 

^ ecently ’ he *“* 110 intention of given y a V eiy tough task to Ws a candidate for 'thisposibton AyotaB ah Kho me ini 7 s views The sixth >dev€logneiit;;igB' 
iSr doing tW *’- officers. To take two examples: again, pointed out in ab inter- anathema to the Shah, its pros- dating between 197$ana:i^/- 

STLSU’SUR Z Th = •» continuing wbito ti» nnldim «IH be wto g ri«r, - " 

antagonism of the rioters — 
obviously disappeared 
Shari f-Em ami’s resignation 
Sunday. Nevertheless 

EStsRTwZszz r • r/ 1 n ,ak t e som ^ 

power had perhaps more bme before ^ ful1 reaction of 

independence th3n any of his Iranian people can be ^ ^ ^ _ 

predecessors. He enacted Bills gauged towards the Shah's ap- 

which gave dramatically more pointment of a government in . „ . ... . 

freedom to ihe media and to which the hard core u from strator of Tefiran - a I s0 be v . , 

the universities: an amnesty t b e military On Tuesdav trying to cope with the manifold the circumstances which the Link with Pakistan and Turkey dans, has a“eertaia:Iegic. 8^ 

as announced for more than th(? citizens of Tehran seemed PfoWcms he has acquired with Shah still has in hifi favour* ISte as regional members and with -apart, fromthe ; 

.000 political prisoners: and a most interested in trvine to ^ P° rtf&lio of Health and first is that opposition pbtiticiat» the u s * and Brl tam as assOd- politf Ciang- aref jaady'. 

business code was imposed on up ^ aftermath’ of the Social We5Fare Minister. And are far from tmitedr'-TBe has ^ m addition, a tbe Iranian - people’^ ' 


«u«« «— « Of the OPPO- — ES2.gnX.H*&'- 

sltion National Front, the tion mos t b‘Faacb 
political pedigree of which dates Tehran, has'cotne to u 
back to tbe era of Dr. Mobam- halt Foreign, banker^iereracfry 
med Mossadegh and which main- staying it:-home..feaz^it 
tains links with Khomemi. rorrenl wave.Ol xeupph^^g 
T* HI fh 0 PVnnf led bv possibly TepojtmgbackiOigtliift^ 

Until the Front led »y is like j y to be too -anrfable l^ 

Dr. Kanm Sanjabi. is able mooths to edmef -t0.*be\w^: 

to put some distance, be- loans - oa . the tiUematfcriSt^ 
tween itself aod tbe money inariwts/ 5 
Ayotallah and feel strong \ 

enough Dot to use him mainly refineries 'haV^ ^rRflay 
as a means of cashing in on his Iran ’6 income for 
popularitv. its political future an a n ti ci pated^^^.Tbji to 
is limited. and even this, might 

. ‘ . timistac estimate:. Factory. ^ 

Dr. Aminj argues that when ductitm bas betfs Otft’fb! ahauTT- 
the provisional — be hopes— two-thirds Of capacity. T^**^^*, 
military government • has anceof paytnei^ d^cifjs^llkely^: 
finished its work, then a national to be trdbled,-. although ' 


a, pouxea our in qp inter- anathema to the Shan, its pros- utiuwg .iww.wsp 9 - auu. 

, this is because; civilian' pect of joining a government have be, revised.'SJ4«^ a 
idans are not. Adethzatedy with the Shah at its. head, and again to eliminate ftr#asteful^ 

— .. : u -IS • . il miM" that nnntlrmul 



BY ANTHONY McDERMOTT in Tehran 


links with the U.S. are con- “ 

spicuous in defence, even if^ The thesis ;tha ta'militaiy^o^:.. 

■ Iran is not a formal member, of eminent shduld,,bvfer‘a.*perKkl-; 
NATO. 'Hirougb the Central of several months, restore ' . 
- 7 ‘ . V- >-'c Treaty Organisation (CENTO> and then- hand 'h^Ck ihe'Jibm^^ ' 
Hie second factor relates to there is a useful institutional isatiob ; prtK&s tp the 


leader Ayot^h 

ste- 


members of the Royal Family, rioting— eveiJ-smef line piles of Cene F al Moghadem. the religious 

There has been much talk of a half-burned rubbish hanging out new ea £ °* , tIie sec . ur j^7 Ruhollah . 
second option— that of the Shah of gutted vehicles and shattered ^sobeeu appointed Paris after 

stepping down in favour of glass from banks and cinemas. vf.fj *! J. U , is as auutu u.cnwn; 

S 0 ” W "“ ReZa -.T, aSe ? But toe add test will be the getti^rtl productiM taS 2 hM4#re 

IS. It has been argued that such performance of this military norm^ levels. ln . the ® not as pivotal a producer of oil ampl&.-Parl«mdht 

a move would, in theorv provide government the appointment of Shah ds a focus of their haired. nnEr- __ *• j.- <_vt. oniviwr .- «*.- >.')i22ik.n? 

constitutional continuity and a whicb by a i, accounK was not 


focus for the armed forces’ forced on the Shah by the 


Two factors In 

by the inalc€ il ^ at 

loyalty and allow the formation leaders of his 413.000 troops, government is here 

of an interim vice-regent 
cil until the Prince came of 

^ serv^nts^oT the Shab, are strikes and of the restoration of from the countryside te {he Fta&rKS* pl^, ^ 

loyal^r of senior officers is to interested more in restoring P ubU 5 ***** in \^ nod of twm - He is also a focus for the role in providing oU for Israel early 

the Shah personally, rather than calm and order than in over- months are remote. If tins is the frustration of people who have and Southern Africa and in ' *5*2? . 
to his dynasty. This fact, plus throwing the Shah. If there is a case - the more the opposa- been told incessantly by the maintaining diplomatic -contact nejtber .yacupjtf^norii&^v 7 . 

the intensity of the opposition danger to the Shah from the Hon to the Shah arid his govern- Shah that by the end of the with these two controversial store *b at - 
to the Shah and the protracted anned ^ces, it lies amongst the ment grows in the streete-^and century Iran would be one of countries. .- .though, the B^itaS^-gO^rrai^C?.. 

240,000 conscripts. There have this will bC fueilwi by the fact the great non-nuclear powers in . This success of the present P|>s9ess the poWer^oinnirq^ir:/ 

j • streets; the quesfioir/"'reS:Sa^r^ 
whe thermit <ah • 

.troi the efionqmfcrii:’^.-;^ • 

W-** * - • 

' vv. - »• x r * .jMto-c.r.'s-.'. ' 



MEN AND MAHERS 

documents until it is ready to. threatening Telephone calls, and rity for long —at least to iudse 
rou conduct things in con versa- visits by dog-owners aecem- from his record. * 


nsider’s view 
rom outside 


lions and make yourself aide panied by their pets, 
memo ires and memoranda. They 
or are not documents. There is no 
he reason why outsiders .should 


ments want to influence, or. at 
least try -to influence, the level 
of their industry's workload — 
and that means subsidies. There 
may also be some wishful think- 
ing that the widely accepted 
forecasts about demand in the 
nineteen-eighties are too pessi 
mistic and that closures need 
not be as extensive as. for 


priced themselves out of the 
market. 

Competitiveness 

In Paris yesterday the leader 
of the Japanese delegation 
announced that from the end of 
this year the Japanese would 
no longer be bound by the 5 

per cent commitment. Their instance, the Commission has 
argument, which seems n suggested, 
reasonable one. Is that a self- J\j s1nvt : n „r 
imposed competitive handicap 
for the Japanese hardly makes* There is clearly no possibility 
sense when European countries, of a detailed, international 
notably the UK. are propping agreement on how- to restrue- 
up inefficient yards and enabl- ture the world’s shipbuilding 
ing them to cut prices drastic- industry; it is difficult enough 
ally as a means of preserving to get a national programme 
employment. The Japanese Gov- accepted and implemented. The 
eminent has been discussing best that can be hoped for is 
with the shipbuilders a plan for an agreement which controls 
reducing capacity by some 35 the use of national subsidies, 
per cent. They see no reason At present these subsidies are 
why this painful operation distorting trade and perpetuat- 
should be made even more ing overcapacity. The question 
difficult by artificial restraints «s whether s° r emments can be 
on their yards' competitiveness, brought to accept that an end 
The practical effect of the to ihe shipbuilding crisis, and 
pn'ding of th** 5 per cent com- the emergence of a viable. 

mitmont i-? difficult to judgv. In though smaller, industry re- 
view of the bankruptcies among quires some restriction on their 
smaller Japancc? shipbuilders own freedom of manoeuvre. 


When hound turns hare 
araekeeper turns poacher 
can expect some problems. see them." 

Lord Armstrong is. of course, 
none of these, but tbe meta- 
phors spring to mind with his Human defence 

description of the problems he 


service 


Battling on 


An accomplished chef whose 
favourite dishes are Indonesian, 
he had shown signs of deter- 
mination long before he turned 

on his heel and walked smartly 

where there is nostalgia there out of the Prime Minister’s 
is money. And as every pub- office. When made a judge 
Usher and television produced three years ago at the age of 
■""a ago realised, the Second 44 he was probably the voungest 


ieaa ot tne nome civil uie country, is toucmngiy better with nnstaltni* rmim 'r™ “ J 

to make particularly that be can persuade round the sunnier battlefields Sie same ref^M^ac^nt'IS? 

.since he has not been cast into politicians there are rotes in 0 f *»,- Mediterranean comnlete w m*c «# ™ IU5ai *o accept the 
outer darkness, but into the controlling Britain’s estimated W ju, a distinguished veteran of ho haH°- f ^ est ^ bIlshm ent as 
inner councils of the Midland 5m dogs. Re tells me a large 5Jriit d “?SrS I ?5 ,, t K! w J e “ he ™<*e 

Bank. number of the correspondents most inte^ing features !E ,i ! Iefor the South African 

LICC. his newlY-fonned Z featU _ res :. . pu . b,IC see some other sur- 


correspondents most interesting features. 

complaints sound jjjf in^Sct^Tof _ lieutenant General Sir Napier Prises — those in Godspeil. The 


Yet^ his ^ 

"overnraen't^ivll senlceThare CanT " e Controis.^ut'thi^ as“one Crookenden, the son and grand- musical which retells 

ST “SSSLSr - TJ * of their first nriorities. son of soldlcr s- is off on his m street-theatre style. - 

J2rtS! q S ,l V 0 25? i Mm next lecture cruise later this Godspeil was strorj m 

terrible fog. It s quite extra- 1 am sure there are more month T, _ 

ordinary how while I was inside votes in ;he line we ave taking “The interest in rh* Sunerman U ^!hi^*^f IQS ’u 7116 

I felt we were straining every l ha n in the present laissez-faire World War astonish* rhrW aD fiI’ Sh ^ w onj by the 

nerve to explain ourselves and attitude.-' he says. .’Tm sur- sayj ^ ^ Particularly 

that on the whole we were man- prised at the number of people One which is churchm en. 

y Thai's to, t whMl've St _ Th * ? utiU “ tJon! 


aging it But it looks very diff- w 'ho say 
crent from outside. Even in been thinking*.*’ 


Second World War is now far Board, official guardian of the 
areas of concern to me now I so far Walfnrd has about 100 lntere ^ n S country's moraJa, banned God- 

Armstrong made these com- pruonine soexet^ which *do£ cn^rante* 0 ' ^Sst* which 
by the BBC for a programme on and park*. He is also anxious to Tho «*«««. ,hm — . ceosors - Part of this 


what the government is up to. 

* *no u s yoqr Hostert was instrumental 

, nact whiph fae. - *. .. . 

ments when being interviewed not aim to clean up pavements cinaies you.” 
by the BBC for a programme on and parks. He is also anxious to The cruise ship, perhaps suit- 

freedom of information which push the dog licence fee up io ably in view of recent military 52l2^LiiH a ^J 1 "L* Z 1 pro * 
is to be shown tonight. 'something realistic.’* which happenings in East Africa is *»«»«*.* ny 

In this he admits that the pre- JJSS d,i0 ? ura - e fron ’ caUed f»te Uganda. Although 26 SJ^£ e i— tlto^lLnad 

seat system allows mistakes and bu >™? a as a Christmas years old and at one time rLfE 22 ^ fVS 1 by 

incompetence to be covered up f. r ^ sen J without second threatened with being broken this 1 never 

-and William PJowden. a ^ . , _ . . , up. it i s . says Crookenden. "in faalfid 10 bring *** house dav ™- 

former Undersecretary at the Swedish fnend of mine good nick’’. 

Department of Industry who ts we . m to tlie Port Office the ' 

now director of the Royal Insti- D “ ler ro buy a licence and ; DaSning 

tution of Public Administration, when he was told it was 37 CoqU in fmnhlA A coUeacue teHs me of a 

says on this: “It's not difficult parted counting out not 37p 10 ir ° UD,e . £ ro J ^f£ IC .J*" L®? 

for civil servants to pull the but 537 — without batting an Anton Mostert, the judge at the receDtly Two border 

wool over the ej’es of Select fTeMd." he tells me. "It is centre of South Africa's 

Committees because MPs don't about that there. I would aim “ JMuidergate." has asked to be « e kl in a remote nart A r»h5 

know what questions to ask.” for S20, which is on'* »*»>«» a allowed « — neH1 . ■ part « «»e 

Hough Armstrong for find it £?! .friTl* 
hard to discern what civil s.ir- P° ints ® ut that ir 

vants are up to he shows that be tow f ns d0 S-owners -•««■«--- » statement ai en su«J before tbe other guard 

has forgotten nothing about hotr \ bag * nd shove! with them any later «age.” he said yester- S 

they do it He believes that wh ® n thc - v go out . walking, day after Prime Minister P. W. ^Soot 

moves to more open government „. D I ^ ps . le modest intentions Botha had stopped him investi- ^ id 00 Th e ’ *v e _ ijJ’toS?.,.. 

depend n winning the co-opera- Halford, -a. recogni^ he is gating the most serious scandal said- -“'Pine I wWi no 

tion of civil sen'ants rather than likely to incur the wrath of dog- recent South African history. - * 

coercing them because: “The lovers, as have several of his Bui n is unlikely tliaT the 

Civil Service will not create supporters. Tney complain of -^losteri will remain in obscu- 



Observer 



ONE OF THE • 
WORLD'S COSTLIEST WATCHES > 
IS MADE OF STEEL - 


Every detail of the^eK- - 
nrindfng PatsJc Philippe 
movement is^ hahti-finistieti; 
Even the tiniest screw V; . 
Is individually polished/ * 
hDdt€^irome-molybderuiiT>: 
steal case is water-resistant 
•lo-.depth of i20 metres 
{396 feet). - - ; . ^ ■ 


■: The 6Win0lriff 

winds thd watch. wtiije you- ■, 

■we ar iUncwporatssr alpiete' - ' 
. tit ^cLg<5WH(addetfwelgM^ : 
ensuresoptirnurfl^Sdlhs.rX 
afficiehcy) . Ama^rigly.sfinivZ' ■ 
NautiHjs..6w RalfikHlUippe .. 
wfifrmafcning-siBei- • '■ - ‘ 

bracefe^^r ;~j£r r r .Z v;.-t 


Catalogue .and. fist of authorised Jdweljefs' fforn.’ftaSt HtilllppOr = 
- Dept lv P.O.Box 35: Maid&hSatf^eW^^SBff. 








•iVr^v- 7 ' • 




.-■ZSE^p. . - 


23 


' '*S* JS- 


■ s w ■«.•*( -• • p.v y--- 

M sS. ' 1 ' '■»->/• '<? «'<’ :.V t 

WV. '■. 1 *■•’>:'■.; *■- -ri -s > : 


Ttisr^. KoTem&er 9 1978 


ECONOMIC VIEWPOINT 


<3^* 'Ci-a 


l j.t, - r- ' 


• • . • 




its proper value 


«ioiA yearfhr g — 


MONEY SUPPLY 

JncKiding Time Deposits 


L-"" : y' ... .... /change on previous vear.- j^ 

1 RA\K CLAIMS m 
0\ PRIVATE SECTOR ■ 


ft 

i 

Am 


HE: 3ELEEVES in hiadfc inagfc. isc worth drawing . attention to many is a member, or rather the , r 

the wmesihibtlsin'UieSiarts. leading member of the spake, fa ff .4 chan g» on previous yearr^^^ . t- -y • .. .. /'change on previous year, 

monetary' economist- ft" may Tha first shows monetarygrowth which carries an obligation to ?;U' l!AVK?V Cl [DDT V Bi if u ivL r rs « life f??? 
seem, as the City setttes ; down to in ' Wo'-' weti-known economies, intervene in the exchange mar- tr'-Jr- irlUlUil jtrrlii • ii.ililV [^4. 

its monthly -parry! .-about-. the deftn'ed iyeiy^rbughiy in the way kets, and i s also a voluntary including Time Deposits Fijg 0.\ PRIVATE SECTOR 

.■banians figures., thar we. are all vfe'ydaffMr -money iu.this member of the dollar support / \ — Ullh •*>. 

irwnelarists inow,' lju ti* ii not sji. ootWtryr”<^h' jplus .current and cluh, to which it makes large |L''|pp \ r # i~ -.-ri 

The black hMtfcfcri&r^EbpcS /JteMUgonnt*- g* ?/*• subscriptions from time to time. - / \ -ral \ /“ 

Powell and. the ibonetarist wjng Gk*toaqjif,..tas Intervention means issuing I Y^u33I3i23H \rarTTm / fe.# 

of the Conservative Vjiarty iowed^'-whai.is on- uUS. test a D-marks in exchange for dollars. / \ -'f— l ^ ‘ **4 t _bj qI 

believe that ‘the -controlofifie 'riWly.vVihflatjonaxy- -.monetary francs (Belgian 1 and so On. £:L. * / 1 [ - gp * J^^**m0**4* ti=i- 

money . ^ipply_’4s/flwfe Until a year ago. Britain was J 1 a ’‘‘‘‘‘jS lll I 1 g / 

a ^elf-su^est^oiwzDie policy. ’*? h .? r ’ a memi >er of the same dub; in ^:l \'n I . / / V Ell -1 V / fci 

• The' monetarists^ wbd ieenr.w lhe cause of controlling our y t ~\f \ f t _rrw-t “&i£ 

ihchide Mir.. Healey, nowadays, - a “ ie “’ own competitiveness, we inter- : ; t“. _ * i 

appear to beJiero 'fiiat^oontrol is V 'v ; 4 ; :t- 1 ; V ’ '. . ' ■ ' vened to such effect that our ^ - ~ HB'-i » / 

a necessary, though ;:' not -a'. ’ reserves rose from danger level % /. dLjrn _SS j »_ / fel 

sufficient condilkm for {R’dgress. • to a peak of $20bn or so; but the 4 % ** 

•Rie sopUsticates— vou and J— T*ry as you will, and with any «ffecr of this on our money . * kS 

warn to know just is gaUig stnBctu^. - . or time lags ' you ««PPly so alarmed the authori- «r.. , Pffl ! , K?f< 

on. ' . chbhse to. invent, you can’t make oes that we abandoned the -g- i I I I I . J-ffil -i I I | 1 

To simplify mataera -a httlc, any: monetarist sense of that. P®*JT. and have since floated ;r~ ~ 
one can reduce «w three classes The .-o&or. chart shows, the j^rly cleanly TV Germans - -- -■'< 

to two. The -true auwmtarist. fi^res ^whidi ^eemed most ^ve simply let tfieir money r ” ir ^ 

whether be beiicveg-du maglc ot mtccostirig^ fbe Radchffe Com- jupply np cand there is little 
not fe a -roan Who bloodshot lending to the pn- doubt that it has ripped again 

totals. There are--: admittedTv sector. Here the U.S ; .figures jn rne penod since June, when switching its assets from one Moralists can argue about where Uermans are not concerned to 

mahv spools of thoueiit abont the chart ends>. Up -to now, they currency 10 another. It is not the blame lies. control the growth of the 

which. total ,i$ .significant— 3tl, all? JSS SuencK^f ^nT.T^nli* ^ sensing that the holdings of You might think that this broadly defined money supply; 

M3, mdnev ^havt ■Bpiide down, an? you **“® nces of . indulgence, and j 3 . inar j, s do nt>r caU c e an ex- story points simply to the con- the ofliciul measure is very 

tte of Se ?or ifo^ PloTon of money demand To clusioT that m a world of narrow, with a heavy bias Z 

i5tarTers-^br whether vdu 1116 ° UF sel .f^ eni ®|- 11 ,s of . r intervention, countries should wards notes and coin. But even 

dollar:. The: other line shows a course po.ssible that after a Germany: the rierman offices attention 10 DPF un the official il-sl Herman 

&ady ail of.4hem: but the total rfrrmnnMr steadiness. suitable time la? fiermanv will of multinationals are simply R a - V _ “,L® rh„?. n . T . „ a * . . . ,eT ^ 3D 


\ *\ 

'J V 


t 

M 2 E 




, Tr'ita' , i^’iJi tb ^ t te&tim* all prefers to look for more u no inflation anywhere. The a i so been excessive n n any rowlv defined, and la.x. and it 

• ^ MUtet. .aiobgjhuTtOiSOw a httleheiUthy pi lausible conclusions. rise in the German money known measure. doesn’t wem to matter. 

.mOre doubt*in : ; therroihd of, any Thp S j mp | e( . ( wav to rea^b supply is the result of German T , . , hi Th ,• 

muffled. He will pot . only -be monetarist render; 1 am .awrare. such IS ‘ to !onk at exchange market intervention. ^ p . t S‘ , Jhln 

- t rKerested m ^njonay fc but ; in .of . wurse*: That :.= reltgioas what js o 0 inn on * when cur- That intervention raises funds RllICS Of VirtllC sU ''^ e!!ls ls ampl - th f l he 

Domestic Credit v' Expan^bti^ ‘madetarists..^ ^ ; like, Freudian ^ ndec ^ bjept lhe Bundesbank may UC interest rates are veiy tow.it is 

tDCE). for ‘ example; Jutd In analysts, can' eiplalii iway any tj ve flows ‘ mam f orce invest in. s«v U.S Treasurv However, as the L-harrs snow, natural fur people ro hold 

studyanit money' ftseLf. be: wm amount or evidence- and. await behind tiic flows as we all know bills. If at this time the Fed private lending in Germany has *> ?reaier pan of their assets in 

want to ^nww not only the point their eKplanation's witil.toterest. are corporar e treasurers Banks is following a monev supplv been relatively restrained. The "Muni form: the rewards of 

we have -reached, birt lhe;rome Anyone- -With, an open mind. mav al<0 adopt ^jtched-in or policy rather than *a credit excessive DOE land monetary investment are not worth the 

we took to get thert.v For Sowevet! must suppose it pos- Rw j t( . htd 0llt positions— a polled-, it will sell correspond- srowth) largely reflect the ? rouble However. Uns is 

example, lhe: latest - OKmey .sible thatauuter? are. more comr norTnaI p j et . e of bankin- inelv fewer bills in the U.S. Failure of the German auchori- naturally taken into account in 

supply figures may have beeOHetted .that* monetarists ntg- prudence which is now the market, and thu* make credit ties to fund their inflows. The all the demand -for -money 




l etters to the Editor 


\ lVnrfK QpO . . the i^rarhinent open to any of the requisite reserves suffer only if such prevent ^“3 * l *“ tJ ®«J 

i^iCIXlO OCa . . draws^aDme 70 per eent df the character and ability who are intervention takes place. e li»a B »n 

_ ;i - '' ... profits^- hut if petroleum revenue prepared to lend themselves tn I still however, can r brin 0 whJcb are Jienceso damajog to 

. Oil . . . , TftY 4i. to; he tori'.eased aftecently the arduous training and myself to agree with Mr. p J att - Bntains economic welfare. 

-Frnnt w r t annolia'Ced,' the rompahfes will be examinations which are In his latest letter what he does Thomas S. Torrance. 

v squeezed between steeply rising demanded before their fitness 10 is lo describe the current insti- ft-otson Street. 

Sir.— 1 feel that ~your cofres- costs abd advancln^r takation. practice is acknowledged. It is tntional situation, and then say Aberdeen. 

pondent. Mr.. Ai-,Ti...Macgrfe»6r.-maldhg: tbrtr , .iJivestmq^t ^nuch ironic that politicians on all how Foreign exchange trans- 

(November, .11 h^s m i sun dteh : less yiabte. No ' ''."wonder sides who support the extension actions take place within that rr ni , nji • 


monetarist, but not to me. has; soinethiBg ‘to • 'db - ; with pany or bank is richer or even corresponding nionelarj' infla- ary virtue; but it does not do monetary policy, the equations 
Before going any » further-; ft fhr^ighyra - and speenlarion.- Ger- more liquid as a result of tion appears in Germany, so. This is paru> because the themselves don t work. There 


Western powers meet m 
Brussels to discuss aid to Zaire. 

Japanese Foreign Minister 
starts tour o£ LTi. Hungary and 
Czechoslovakia. 

Mr. John Green borough. CB1 
president, at annual dinner of 
Chemical Industries' Association. 
Grosvenor House. London. 

Mr. Michael Edward es. BL 
chairman, at Institution of 
Mechanical Engineers’ dinner. 
Dorchester Hotel. London. 

Keynote address by Senator 
Owen Horwood. South African 
Finance Minister, at • Investment 
in IH7!) “ two-day annual invesr 
menr conference o.f Johannesburg 
Financial Mail, opening at Carlton 
Hotel. Johannesburg. 

Mr. Robert Strauss. US; 
Special Trade Representative, 
confers in Paris and Brussels, 
ask ins European Government for 


t:\aveinner, n^s mi sunder- less viabte. -.No .wonder sides who support the extension acuons take place wiimn mac TJ,..,--- ; 

- . si°od the position' hbouL North ^exp.loraCibp . is declining ■■ oh the of the privilege of trade unions, context. What he doesn't do. and J“iOltScS III 
,5ea oil. - •_ gbelf. ■ and- th^’ .mandarins, of are ever ready to knock the what I want to do. Is to query , 

He states ‘‘The oil reserves Whtfehail are wringjhg; - tKeir learned professions and to ignore the value of the present insd- (JjSrCDSiir 
> tat e-own ed -and therefore haads-in anguish^ ;■ . the very positive role which they tutions. r 

t a tion a Used in' the first place.' Trevor SkSeE.,:, . play in our society. For many For instance. Mr. Platt writes f r oniMrRJx.n xe.i 

■- Pha Ii.kala Wi. miM .-r .' nnlilinianc it coomC fh» Ifindpr that ** thp Pnmmi»rpjal hanks are OlT,— V> nil& UU CreQ 


•- The whole development of the Honsc df Commons. SWT.-' - - ' 
' trea was a Cover nraent-. and,'-:. -X 

fi, 


pa. - A cursory view of the God- EllUtjltHU 
mental Shelf Act. 1964,- will' . r : ^ • 

eveal that oU oa the Continental .-■ rfcpfl jptlT i 
inelf does not" in fact, vest tn ^ 


politicians, it seems, the louder that "the commercial banks are Sir.— While all credit is due to 
you shout and the greater your allowed to keep sufficient Toreign the .Association of Metropolitan 
: brute force the more respect do currency tu enable them to Authontios on its five-point pro- 
you earn, and the greater the carry on their banking business." posa.s to arrest toe alarming ro- 
rewards you may expect. An example of the sort of ques- crease tn the number of houses 

■ Happily there are increasing tion I’m seeking an answer to *n bad repair .'October dO, page 
numbers of people within and is why there should he any U P -SlE 10 *, 5i F qnn «n 

without the learned professions formal restrictions on the JJJf 0 ® 19 J 1 t0 


is no stable relationship between 
nHinev, interesi rates and 
incomes. (The fact that anv 
monetarj’ measure becomes 
meaningless as sunn as you i-r> 
tn control it is now known in the 
Bank of England as Goodhari's 
Law, after Charles Goodhart. the 
house monetary eronnmistl. 
Any explanations lie deeper. 

One suggestion of rhe depths 
w-hich could be plumbed is rhe 
idea that the rise in German 
money is due to inadequate 
funding. It is some yenrs since a 
Bank of England director asked 
me: " Why should I worry .aboui 
institutional money piling up. 
when 1 know ir's going to be 
invested sooner ur later? ” The 
standard answer is that while 
iT is silting on deposit, the banks 
may use if to finance higher 
lending: bur this assumes that 
the banks are very’ stupid. 

• if ihe Pru. for example, leaves 
several hundred mil linn on 
overnight inreresi-bearins 
account, the banks know very 
well that ihis is flighty money, 
and would be asking fur trouble 
if they used M to yrant a new 
credit, rolling on from age in 
age. for. say, Br;tis-h Leyland 
They will keep it short. This 
difference in the <iuiiHiij of 
deposit* is recognised in some 
countries through differentia I 
reserve requirements. No 
monetary economist believes 
that money ts money is money, 
like Gertrude Stein’s ruse. 

. It is i-lwir that once one starts 
worrying about the effective 
liquidity' of different kinds of 
banks deposit — not m mention 
deposit* and lending outside the 
hanking system — one is liable to 
get into very deep water: that 
is why ir is very difficult to 
understand the simple faith of 
those who believe that a simple 
money supply policy t modified 


Today’s Events 

new trade agreement, 

European trade union ’caders 
ask for far-reaching unrk -sharing 
measures in talks ar EEC tri- 
partite conference in Brussels. 
OFFICIAL STATISTICS 
Dept, of Industry - publishes 
provisional figures or vehicle 
production for October. 

Treasury release (Tenva! 
Government financial transact ions, 
t including borrowing require- 
ments! for October. 

Sample of 20 per ceni of Local 
Authority Mortgage results fnr 
lOd given by Dept, of the 
Environment. 

PARLIAMENTARY BUSINESS 
Fiouse of Common*: iju^er.’.* 
Speech debate continue.*. Sub ice! ■ 
economic affairs 


or not. according to taste, to 
allow for possible future mem- 
bership of rhe EMS> will solve 
many fimtu'stic problems. 

Our own authnriri.s. who have 
a healthy snefc-it-and-soe ap- 
proach to rhi- question of monet- 
ary policy, though they are de- 
plorably hidebound about their 
technique* fur enforcing it, 
really niily a*k fur two results. 
— apart rrom keeping ihp 
Gmvrnnieni in order. The 
first is rhai the existence 
of monetary policy should drive 
up interest rates when the de- 
mand for credit is higher than 
is comfortable, wilhour political 
awkwardness. This is also the 
creed of Dr. Arthur Burns and 
harks hack to the Raddiffp Com- 
mittee. The second is that it 
should influence exchange rates. 


Digestion 


In this respect, money figures 

dn perhaps toil u> something. 
Currencies of emmmes with 
exressiiv monetary growth. 
inr'wtina Germany, do tedn to 
dopreeiaif. j n real ii-rmv. that 
is tn say both Germany and 
the U.S. have gained competi- 
tive n* - *?* if you ba Inner- out the 

exchange rate movement against 
the relative performance nf 
domestic costs. The mar- 
kets -eein in balance unit 
rn-tl? and monetary condi- 
tions. along with the bal- 
anc* of pnvmeni-- and Uic. state 
of fh^ir digestion, in a rough 
k*nd of way. That i.* perhaps 
why it i.i now fashionable to 
argue that the exchange rate 
discipline is rhe real way 
monetary policy “work'." If by 
"working” you mean opting for 
recession rather, than inflation, 
perhaps it will; but if you want 
to avoid both, there i« still no 
suhsntiire for reasonable 
behaviour. 

Anthony Harris 


House <»f Lords: Order r»n con- 
tinuation of Rhodesian sanctions. 
COMPANY RESULTS 

Final dividends: Hibsons 

Brewery. Manganese Bronze 
Holdings RCF Holdings. Speed- 
well Gear Case. Wood Hall Tru-«t. 
interim dividends: Ominei.'al 
and industrial Trust. Flight Re- 
f’Jvliine { Holdings 1. WiiJlam 
Leech (Builders). Northern 
Securii ie« Trust. Porter Chad- 
hum. St are ley Industries Sphere 
Investmeni Trust. 

COMPANY MEETINGS 
Wm. Jacks. Bcry-uede Hotel. 
F-.is-ihir Road. SunnlnghMl. Berk?., 
|t» Kvahu. 2 -t City Knad. EC. 
I l.-U Mailer E--ta! r -.. Hyde P'irk 
Hotel. SW. t'i. P.irk Place Invest- 
ments. l:t(i Bramlev Road. W. 12 
West of England Trust. IS 
Omvnye Rnr-id. Bristol. 12 


. .be Crown. All that thq Act pror-f r ^ 1 ^r-^*- ^rertoti: r without the learned professions formal restrictions on the 19 J J t0 9 f 1 -°0° JR 

Aded was that -any rights exer- : Slr,-^!. ytaS ^^nterestedjo' read w n 0 are heartily sick of such amount of foreign currency a l»<6. toe benefits accruing could 
■isable by the X7K- outside terri-. tiie "lart ,para grap b bf 38r. Man- t-ollectivisr / corporatist notions, commercial bank tor company, jj® onI - v short- lived (or even 
. -orial waters with respect to the ley> letter about eaftiings in a nd who believe (even though, or individual > is allowed to illusory jf grant uptake were 
seabed, -subsoil - and . natural retireroaik (November 7). I was ]j* e roei thev do not accept the bold. Why should we not free aunlmal) « were is not a 

- -’esources, vested in the' GrowtL ^ked-- by ; lire Dejdrtment of entirety of Professor Johnson’s the foreign exchange market willingness ; to remove the cause* 

- rhis must -be so because Article Hdelth^and. -S<xuaJ^ Security to thesis) that tie concessions to from all such regulations, and disrepatr, having once iden- 

2 of the Geneva ^Convention.-- on ^ forms sp that a. state monopolies of employer or let sterling always trade at its t ™. ed “«“• . 4 . . 

lhe Co mine l al Shelf— up onwhiphpen sion. couid belaid at age 70; emploved. and the immunity equilibrium price? I would suggest that many, ti 




- if exploring it ahd expibXtipg its coartributor jand. like Mr. Manley, t0 re-asserted, 
natural resources.” Ofvconrae thought I had an assured entitle- „ p ^ 
this is - effected by (tie- Govera- meat, albeit not funded and not 

• ment granting - licence* under cotitinutable. f iSrfS? 1, n ^ . 

- the Petroleum (Production) Act, t‘ t-G Preston. Royal Tu7lbnd 0 e Wells. Kent. 

Currency 

Once air .diti - . company has NewtonJt'errers. Devon. rPCArVPC 

^securedVa . licence under’ one of \ ■ ■ : ; ; — ; * v-av a v a- j 

the sucCMriyeTQito'ds-oniceiiced. ” A li jiWiA nirAvann Frwi Mr. T. Torrance 
-rihe. cnrdr ^ discovered. ^nd’ . A0OV6 aVCFage sir.—! am delij 
brought to .tlQ^ surface 1 is.' the • r ,V w, p Piatt fNov. 

Sopert^ ^^ .JimtseV or fhe ; ■ .ioteUlgCDCe '. with me that the 

gSi tour mypljtedi ; . al though , h e -Is. •• - r land is not oblige 

S/S^SS&ly Stfrvey of to the. foreign ext 


sterling from pressures oTTt ““ 
brought about by fundamental °1R Lp P 

5— .““'-J ?S e to M |ai. ^ilito^the 1 “bad 

w™h , ie,di7 naas *a£ _ •fsrjs vi s« 

Times about ten days ago; inter- J^ a b s ^L camias f go"® ccnt 

Ve n ti nH n « t0 tte ep m2l? ‘"VSS? Plus subs.dyTrom tte pocket of 
5S nn i£' toe private landlord. Many of 
M these will be impoverished resi 

mention to prop Sterling up Jf,.. n u nab npniinnm who hv 


rnwn mr. x. torrance venuon to prop sterling up dent ' r , !d as , t pensioners who b* 

Sir.— I am delighted that Mr. destroys the price competitive- Jouftesv of the Rent Acts have 
W, P. Platt fNov. .1) now agrees ness of British industry. What is ^ en riis-no^esBed and ‘eft with 
with- me that the Bank of Eng- needed I contend, is a complete ^rtualto' unsaleable properties 

lvnn is - nett nnnc/ixi t n inforvann Anri In t hnco incrifiitiniinl ■ * f. 






Me. G/Lirniep. land is not obliged to intervene end lo toose institutional One suggestion 1 wouid make 

Sir, j-i.-The. Monthly Survey of in the fore exchange market, arrangements (such as those ^ for an e3E 5ratia payra ent of 

pmrM ppffi fPnrtpvtion) Business Opinion (November 6) and toat the official currency described by Mr. Plan) which U p t0 S ay, £200 for each year of 

^nir-miB p nn^ mS again-, reported a 6horUge of - completed post-1957 hindlordsbip 

.laWrifcaispose df bls' Skjll^^O 1 ^- ^ serious Press ry. • I rknrlnn payable against billed reno- 

an bver^»Dliffca- ls flri, " or ^toation vacant adver- X raliSpC/rX ILI JLiOUIlUll rations, replacemen to and repairs 

liiVm/b mt ■ t n -fadieate that tisohiehts,: yet- there is high ua- f ^ . undertaken between, say 1979 

From Mr. A. Seymer modes, for wtoch the letters ! an d 19S2. Similar treatment 

the^aiensete. '>r»6t in tbe^afe - v rtbeae jobs have orie ibing Sic,— -The letter (October 31) have quoted make such an though on a less generous scale. 

KSulMS be spent largely » 

»-WS2SL=JS l“pd mPr SI "STS? same 




:«ir Mrouc. Press 

« ; v Si d^aiih^^i&is'an over-simpimca-. , f f l riI . or situation vacant- adver- 
^ fii ^ 1 to Jfldi ta te th a t lbere JS ^' eb UD ' 

fi>&TTcpfag; IpAfr . £j> ‘ Hta ■"•All rtilfeSC 1 jobs hflT^DIlC 

S. 1 A in -twnmnn. the need tor above- 


Transport in London 


are^SSS^ in m Taverege ment itStegy in transport should road system? This improvement g™?°" ” 



; f ?;?^.ey. ‘ are ’ very extensive! y con 1 earoipymeor prooiem- 
%*Lj:'iniHed -by a number of Acts of y-4*- M Bne Y- 

t-.-.a Parliament and at b09t nf regu- ^.^roetp re w-.c y , 

vijgu ons. - If -anything, -there- is ; too Siortiova, n€ft$. . 

.^rahucb .Regulation of the North ^ 1. ■* _ 

gea, toqiitBe fTexibilily afid un- HrApnniTl ITtlfl 
•: ‘ fdrtuna te.fy the' Government 1 ■ 1 tc u UiU - u “ u 
keeps cfenging the rules to. suit -jL a lonr 
- its ,eonvenience.-anfl the political -iUC--Jkl yv 
.. bi^ze ©f the ■ nidment. Nqbody Fnm fae Chairman. 

Aill argue. -that there should not British Legal Association.' 


Ms^ffia&sjus 

*S»= .“ fte m - KSSISv HSbs a sa." 

Tractors Wau the advantages of the different tunnel would merely serve as “sistance.lnd.ed Mich landlords 

i&nriK Vtnrtfnrd fieri*: transport modes.” pari of a rather useless rail uicur ■ T ? I 7,i,iif U rtfI aDna L re 5 

tsftop.s St anford. H en$. . Admirabre sentiments indeed, route from . Thamesmead to while the compulston 

i-f - - j - j But one wonders how far these Dalston. Perhaps the trains of the law i.u-ed to procure the 

F reedom under principles are being followed in would uontinuc west from Dalston retention of the intolerable 
l i vtuuiu-uuuki current GLC decision-making, along the North London Une. Position in which they have been 


Carry 

the right x 
connectionsi 
onyoum 
bus* 




5? if 3 







niy» 


/-keeps changing the rules to-. suit -*L p low in particular bv the decision of But would it not make better .... . , 

- jts ,eonvenienc9.-and the political -tUC. -KlYv t h e GLC London Transport com- transport sense if this entire raJJ The conditional five- to seven- 

.. bi^irte th® . mdmenL . Nobody (j, inittee last week to authorise route, from Kentish Town to ? ear post-grant period of un- 

wdll argu'e -that there should not British Legal Association.' expenditure of £450,000 on desdgn North Woolwich, were converted changed occupancy and use (or 

/ ; be control oyer^c'Pri^are.secfor . . ■ ( _ it , ^ rnn rlu- work for a rail tunnel under the from rail to road use? face a demand for full repayment 

: ^wa^-p-n the. Shelf., bnt that « D r DiSh 5*-J ohn- Thames .at Woolwich, construe- Such conversion 0 f the North of *e.?rant Pjus imemn) is a 

- the -framework, should, be tion of which miaht start a year London Line was snidied «m« ®osl significant deterrent to the 

relatively simple 


fcj 


r- - 

t**-* > 


. .Nationalisation of the indnrtry and P n « rto?s on Ihe employer s the most cost-effective transport this idea made, sense in 1969 (and shoui <? carry equal weight in 
would be a disaster and expan- sfde. and . Jhat “ anyone who investment available fur revitalis- the memorandum concluded that aWM5i * n 8 “ability in this 
sioa of the British National Oil believes- in the ideal of personal mg dockland? Have the GLCs it did) would it not make equally respect. At a time in this 

Corporation with oil companies freedom, part of -which is the professional ^ansport plannere good sense today? * extended pennd when one might 

ak.slmple nbotractors to the st3te freedom -ta join or hot lo join a pronounced la favour of it, »n I suggest that the dramatic f sh contemplate moving 
agency would make a complete tr *fH°™. ra J“ n or 1101 - 30 „ preference- to an additional mad improvement in . the road net- !? ouse f °r a variety 0 f reasons 

nonsense It has neither the union, .should oppose the le 0 a-h crossing of the Thames? Or roust work which such conversion of Redundancy, transfer, change of 

mana a ement skills nor the sanctioned .eoereide . powers the decision be explained by the BR's littie-used lines in London Job. etc.) and incurring the hot 


soon convert the UKs premier s« M i a ai r* vwuauuuuuu « uuv«cc iur me i^geuerHuon or inner w«uum *s w sauuieu wun 

asset to?o a British ^auSoIeum. , Th !”*J aS t0 J* *«! ^be line from Charing Cross to London than will the Canute-tike *'* additional financial burden. 

course the^ state has a role for ^ idea of ^ cratr 8 u,ld Thamesmead? policy of refurbishing rail routes Modification of the existing 

to energy If the Government which existed primarily to pro- Your report quotes the cost of which no longer serve a truly Snmnd rules to Include prior 

concentrate}! on judiciously mote the extension of skills this, line as £2S0m, and the useful purpose.- Would Mr. occupation in the qualifying 

administering the Acts of Parlia- among the hitherto unskilled, g"* 1 ™** h t s T 1 / r ?S*- tly n0t Rldley dCTly Th ^ ?i ' period W0 , a,d J ease this 

ment which have relevance : to and Drotect their proper ^-.l eT K . The joint BR/BRF letter gives potential burden, reduce immo- 


Success in international business iransactions can be 
very much dependent on the successful arrangement of 
international finance. - 

So you!! need all the resources and expertise of a major 
international bank beliind you. Such as Bank of Tokyo. 

We've got branches and connections spread over the 
length and breadth of five continents. 

And enjoy a worldwide reputation as on*. • m the leading 
specialists in all the complexities of foreign exchange 
and corporate fi nance. 

So when you're planning your next business trip it makes 
sense to plan a visit to Bank of Tokyo first 


aurioufi. aspects of the Continental iDtere sls, - Out of such craft wS^fw find* thA 'mSlv 1 h0pe -t 0 saner ’ more rational "‘g** and ‘’HE* Sfant uptake. 
Shelf '(the Continental Shelf Act, 1D „ • “ryl,, ; j- n “ a T® t0 - “ d t 5 e m00 ^ ; approach to transport investment problem, incidentally. 

IBM.-' die OH Taxation Act, 1975 r bas grown the ”j e “ There le. however, a danger that in. London, in which BR would wou3a seem 10 be ver y con- 


' the Petroleum and Submarine that trade unions arc entitled if a ^Conservative Govenuneot n0t adopt a dog-in-the-manaer a^erably exacerbated in the ease 
Pipelines Act 1975 and Energy to power,.- .which equals, or anoifl . to po >wer il will ^feel attitude with respect to the very the private residential land- 
Act, 1976) and lets the oil In- exceeds -at tlhiea. so itseems, the jSff !Sk? * 2 ' ra,uable , rightsof-way which it lord who will. I believe, find him- 

iiisuy get on with its job of find : -^ r of d ^ y elected govern- ‘^ n ^ 0 but makes little ^If taxeef _on the appreciation 


the oti to P° W ! r of d * J >- elected govero- county Hall. This wouldmake a HSilil . S « ° aRe5 

,ng and bringing the . . ment - By. contrast the learned mockery of the rational approach c 

R^ InnaJSttoo offtS professions .do not operate to - .transport investmenL UR . M?ei Seyrner. 

legfi?al»a R »Sy take lime to* closed shops' and the rinks are biased as between road and rail 15. Lonsdnume Road 5U’50. 


of the apportioned share of his 
property which is tenanted, 

R Jenson 

II Stanhope Gardens. ,Y(. 




London Offices: 20/24 Moorgate. London EC’ R 6 L 1 I L i- i: 0 i-» 3 *W IJ 71 
and I Hanover Square-. London WlR 9RD 

lbur international connection 




COMPANY NEWS 


Sainsbury market share 
soars : profit up 25% 


Hartwells 
jumps 50% 
-record 
forecast 


RESULTS OF J. Sainsbury for the 
28 weeks to September Ifi. 1 » 78 , 
show the greatest ever volume 
gain, the directors report: with 
turnover up 28.3 per cent and 
price inflation down to 7.3 per 
cent, an unprecedented cain in 
market' share was achieved. 

Including VAT of E 9 . 03 m 
(£ 6 . 66 m). turnover amounted to 
£ 52 1 . 1 2 m asainst I 40 R.l$m and 


a VA / A JUMP of 50 per cent in taxable 

^ATIt lift 7 ^ V//- profit from £ 900.000 to 11 . 33 m 

18 ■■■118 II || / . ^ /|| was achieved by Hartwells Group. 

up mm Hi . f / V distributors of vehicles. a«ri- 

cultural tractors and implements 

— and bulk Tuei oil. in the half year 

to August 31 . 1878 . External sales 

■linill IfkllTP climbed by £l 3 . 8 im to £ 52.0 Jm. 

HlhnLIhHtN Al * sectors of the srmip 

•■I*"*"™******” contributed to the- increase in the 

first six months." .Hr. F. S. 

Sainsbury has turned in some excellent first-half figures with Huggins, the- chairman, stales that 

profits over £ 3 m higher while margins are being held despite ahhough the Ford strike is 

the High Street price war aod rolume is a fifth higher. Hill " n rt LeyS 

bam u el has increased its dividend by 10 per cent although franchise and the oil company arc 


although the Ford strike is 
affecting supplies at the present 
moment, the company's Leyland 
franchise and the oil company arc 


pre-tax profits rose 24.9 nt-r cent profits are lower reflecting some squeeze on margins. Lex dome more business and it is 

D^a _ : i : oIca M\mmonte nn fkn momor txlL-e ofa til-inn mlona anHninn that Ihn ni'PTfill 


were heid at 2.9 per cent in line between Associated Dairies and Allied Retailers. London and 


with the average margin of recent Northern has restored its interim dividend to the level seen 


years. 

The interim dividend is lifted 
from 2 032 Sp to 2.27 p and an addi- 


between 1974 and 1976 on the back of a solid increase in profits. 


results for theyear will be hetier 
than 1977-78 -when profit "as a 
record £ 2 .llm. 

Earnings per 23 p share are 







”* • V "v. .. 


Sl|S , ”fSr S iTmding Rrofih. 'W- ^eaSg, 

I?S*er so. iMree*"*** 

or ctoe. 03 ra against 59 o- 9 *m. - Etflo,uou.. ■ y .> ;<_** . ... , - 


of iioe.<wra against awn.--; - - 

:i - : Comparative baH-yeariy^^. : . -> ... * i' I?-*!' 

• include elght-and^-ha^mpntii^ar ... 0 comment ' '. iSji '- 

for Gross- Cash EifcjiSters.infl.wflC . _ _ ,r .. -i -•* ? - - 

montE^foc L.; and F. Wiflenhafl; -« a: sharp, ju*ap_ Ln;-X 2 ^-=iJroa&m V_;. 
Based on "these sUhsidlaries’ the driving, fbree. betund CfcaM&P - ’ 

: results from- April 1 to September ^aif-time profits' increase . ■-' 
" 30 ‘ 1977 ; oniyi ; group sales rose cent.'. .The gradual -recovery ~£fc-i' 
hJ j4 per -cent and profits by Gross. Cash Whare/.losses^A® , 

23 - ber cent- • • significahUy ■ redo epd .is: a, fae&t: J / - 

i itk Both «*les ami profits- but *hej£.ain riMspnJbehixid;ffia *j. ' 
. .. In -theJJK, both^M a™ rise in OK profit Margins M jsfc * - 

■3ft were hi^ier.^at vefy higher JeVel of - it c tir'rtj -tortile 'gigs- 1 - 

***:«* s^ty' dxvlstotx: ^ ' . ' 


mg to me result. - extfDeuisber sales, earned tiitaw 


from 2 W 2 Sp to 2 . 27 p’and an addi- Rcadicut has also turned in a strong first half performance shown at 19 . 4 pct 7 .Sp) before lax 
tional payment or 0 . 0604 p will be with profits 52 per cent higher and given the second half bias and 9 - 3 p . (S. 3 p) arter tax on 
made in respect of iB 77 - 78 . The on the rug kit side the company looks to be heading for just capital increased by the -Inly 
*°* a 1 %- rrom under £ 10 m for the full year. CMT has made up some of the S i®j e - The net interim 

p The bJlk of firJt^aifprofit came ground lost in the first half but the market still seemed slightly ( 1 . 464 ID). ‘ L**f^war‘s final was 
from retailinc which contributed disappointing with the outcom 


£l 5 . 14 m asainst £t 2 . 12 m and Thanks to the sharp jump in \ 
associates, £ 424.000 (£ 338 . 000 ). ahead pre-tax at the half way 
Tax. based on the estimated re- 
lationship between profit, capital — " 

allowances and stock relief for 
1978 - 79 . is £ 4 . 67 m against £ 2 . 97 m 

leaving net profit at £ 10 .8 9 m com- I Hi il fill II 
pared uirh £ 9 . 4 Hm. A I1W 1411 

The directors say the results ^ j A 

demonstrate the success of Dis- SPntt 
count 78 and also reflect the sue- kJV-v 7 t.l- 
cess of the traditional policy of , m 

maintaining an exceptionally high nATlAlf 
investment in qualiry control and UtirJLJU'l t> 

product development. ^ . • . „ 

Twn new supermarkets opened. TRADING PROFIT at Tuntboll 
with five more projected by the Scoti Shipping, shipow ners. more 


disappointing witb the outcome — profits 54 per cent lower. 
Thanks to the sharp jump in UK profits Chubb is 28 per cent 
ahead pre-tax at the half way stage. 


( 1 . 4641 p). Last year's final was 
2.92 S 2 p. 

Tax. with the deferred element 
treated in accordance with SSAP 
15 . was up from £ 468.000 to 
£ 702,000 leaving a net balance of 


the current financial year is being 
extended to Marcb 31 , 1979 , which 


io future. 


On June 1 , 1978 , the group interest 
acquired Che 54 per cent of Park £ ro - ta * 
Steamships it did not already 
own. for a nominal sum. oividm 


£649,000 (£432.000). 




HalT-rrar 

Year 


1B7S 

1077 

I9..-7S 


nwm 

I0IW 

Ivon 

Kxicmat aaJpg 

52.812 

3sj»: 

M.&I2 

Trad me proDt 

t..iB2 

i.ns-j 

2.4*5 

Imprest - 

211 

!>? 


Pre-tax prom ._. . 

1.JS1 

•WO 

Xl» 

Tax .... _ . 

tic 


r<m 

Exirsort. credit 



105 

Dividends 

155 

Ar.-i 

1.319 


.Sales remain depreciation and interest charges 


the year. 


See Lex 


Downturn 
for Hill 
Samuel 


£ 4 . 17 m. 

In May -the directors said that 
the outlook was gloomy and they 
could not yet see “ the light at 
the end of the tunnel." They 
expected trading profits, even 
before depreciation, to remain 
small until freight rates 
improved, but. by exercising as 
much economy as possible, ihe 
company's ships could continue 
to trade, they said. 

Loss per £1 share reached 



HaU-ynar 

Year 


19TV 

1977 

1977-78 


1000 

FOOD 

am 

Turnover 

4.173 

3.279 

6.0211 

Trading profll 

453 

an 

SSI 

Imeretu oaid 

307 

"afi 

136 

Depreclalhm . . . 

S'* 

5£5 

1.206 

Share assocs. loss 

51 

164 

327 

Lais before tax .. 

TOR 

«7B 

LIU 

Tax credit 

277 

.206 

tS24 

Exiranrd. gains 

415 

I.TS 

:-»5 

iUlrlbulaMc pro Ot 

4 

:ior 


Dividends 

40 

40 

SO 

Leaving loss 

■IS 

146 

1.02S 

• Received- t 

Debit. 

t LiKS. 



Great 
Portland 
well ahead 


.mg to me resuo. . - extinguisher. sales. canfedthnfin 

• '-Six months- results, of Cmura this: year. 'Cfeubb, 

Electronics included redi reed g ea j. itseU >ut> ; to tins'- 
trading losses of £400.000 from demand which* -was evident-fix 4| 
Gross Cash, compared wiffi fa t order books at -the beginnS 
£800,000 for eight'and-a-oaif of the year. Elsewhere the pa 
Mr. John Sainsbury’. chairman of J. Sainsbury . . . rh«v months in 1977- • formance is " ooeV 

country’s largest greengrocery has lifted produce trade, by The directors say it wo«M be improvement- a nd- 'o TMSeas^jm^ 
one-third in tbe first six months • unwise at the preserrt time to 

make a forecast for the year-end . figures - though -.South ■•r-.Aftj* 

— ; — — — but 4t reasonably stable condi- remains a -duil spot <? Qirr® 

t . - •• , - Hons are experienced the outcome movements continue lp.be agafe 

— m — — * 0 »he year’s, trading sboi^d be Qhubb; in -the 

Readicut ud 52% * 

-8-^-V'CA^SI-i^WI^ Up / Vj 'August rights issue, the interim improvement at Gross :Carft^ah 

• . - dividend is lifted from IJ379? to the, Interest.- savhfe.;<ol%«^ 

1 !• 4* -: IB631P net per 20p Share costing August* 

It AO rfilPlAr f%A<l 17 - £1.1301 (£0.6 7m) — at the time of ^roup couW raake SlSm-prfr,* 

fil CtftllSllH Kir DCdK <• the issue, the directors" said this year. 

aavwwaai^ - "Treasury permission had" been stand^on a p/e oi; 6.4 Con ayeras 

.. . . - given to increase the rairent eabitaD 

T nn’ICTAVC AV-nartt ^etmavitD aP MvUe-knM b . i. fVQTOnt mint - Art .-lSdlt-. thfiV nmtPjmrni 


Readicut up 52% 
—heading for peak 


Ar|>tciiiUCI *ju, ipip* iv mi rue vii me vvai ui iiwuuiu uunuui^fi *. _ • , t -_ . - - . J. ; - m -J 

croup pre-Lix surplus by 52 2 ner In the UK at the rate '.'of .2 per vD!ifnn A***? fl A-Alrfiri" 

cent from £ 2 . 45 m to £ 3 . 73 m. cent per annum on a straight- line r^irjlfl III II Ivd Cf V y-lfri .1 

External sales were up 21.6 per basis: The additional charge; -for — 

cent at £ 39 . 92 m. the half year was £ 53 , 000 ,-. . . - -d W • 4 il - ' *"i— •• — . — — -- 


Due to growth into new markets t, *Vjli'?iSf s L 3 ta .^ r u 5 ?. 


■ ' •'m **m»v-**^ and the changing composition of ' J r 

w S sr ,em ; 5 %hi V ^U h LlfTn ni ?hiT! C |! pafficufi C r eS in 3 ^:r?!S 5 ;-‘ BY JAMES BAftTWOLOlifl^^Y^ - J V\\ 

time fisiires Ls exoected to be less a .PP°i ntet * a . Nonexecutive ' ■■Wr'- “ 


consider their position 


V-.'-Mv.®,;.!" 4 *-" 1 


Portsmouth 

Sunderland 

advances 


Great Portland Etfates advanced ' me ^ u " s Ls «Pe«ed to be less JJJJJJ !? 1 - ^ Stockbrokers Joseph Sebag-and /_ Hri; Mtetarf 

from £iJ 96 m £ 2 . 75 m lha " l n the past - Ho " ever V** '. Co are “considering' their , posi- of another ■ .g^jrap -.of^dra^Mert 

The interim dividend is effee- outlook for the company remains . - --- ^ tion” after, the appointmenrof a share hold ers^ald yesterflay^ffij. . 

lively raised from o. 6667 p to lp encouraginH. Trading continues « Comment ... new director to the hoard of Samt my. stpporte^ the qppohi$tt^te 

n«t nor iiin i.v,-u-n ,n,i thdu in to be satisfactory and tne dtrec- VaodifHt nthm.- ihn MiihTiversial murine: completely . uiraeceptaoIe.-T.v.^SS 


-appointment. of a shareholders; iaid .ye 
the board of Saint my. supporters, the « 


net per 50 p share and there is an 


Readicut .has aftendispiayed Phran. the controversial miiririg completely. Uiraeceptable3. ; .c^i3 


additional paymeot or 0 . 0339 p in l?™ are confident that profit for great resilience while others. ’& and . construction . group- Saint - Nobody^at £amt;Pfriiii<wa^a^ 
respect of die reduction -in ACT. year "iii sb°w a sat'sfactory th e carpet sector faltered ^n the. Pirah did -not consult Sebag -abotlf a bje for .o 6 minebr ,i;li,Hw * , ^ **±sis 
Thi- kniM— i — . i ... anvdni*e on the re«*»iro ii jBni for Mnw cuimi'm Ka'iimH;. iha annnrntmpnt . nnnoiiTW’en ■■'on 


■H.U brings l^t^-rtotal to an £ pak lEw it tte“ ^ 

equivalent 2 . 9387 .p from profits of Mys RIr - Paul Croset > Ihe ing a clean pair, of Reels wfth Tuesday, of Mr. William ^Hen. to Mr. ADen was that he-Js-a-sfli*fe 

£ 4 Jm. chairman. naif rrar v P jr profits 52 per cent up and, margins its Board _ and have not 'supplied employed- 

Gross rental Income for the almost two points better. The any details about nuiL • -He will ' 


Profit of Hill Samuel Gronp for di^dend^held^^p" 6 ^^"?! M? R 19 ™pSaJ ''prems^f 1 PoS- flps * improved 1 ° from f 3 . 92 m 


the six months to Septemher 30 . ^ , XT' l 

1978 , before laking account of L ast .L ,me was aLso ' 4 P "hen loss 
exchange differences and extra- Ior yeBr was il - 1,rn - 


ordinary items, are slightly less Tax credit of £ 377,000 (£ 206,0001 £ 6 .ggm. 


to £ 1.5 lm. 


than those of the corresponding and extraordinary gains of tav of £ 0 « 7 m (£0 38 ml Pre-tax profit is arrived at after ?!' p „ r “ fi ' , ■. , - 

p The °L's y h ar - H , h fjifs ispsi rr s t' «*** eSh£ ™ nSr n^m ,£3-.onr), for • 

The bnj.rp has declared an Wol.OOO (£ 233.0001 profit on tQ 7Sp per 23p s h are . The exceptional repair arising from Prvhrvncv dividend 

interim diudend nf !Ji 34 p net per disposal of surplus ships less j n i er j m dividend is 0 901923 d refurbishment qf buildings. Last Ordinary dividend 

Sh r~ 'fPP; - ... ( 0 . 88 S 4615 p) net with an addi- there was a charge of R 7 ai^ 


loss of £lUn,uUU. was 2 ^ 466 \ 25 p 

Fnr administrative convenience taxable profits. 


.her/ «* >car t ,n ( V a T, h I i U - J 9TS ' f ?r half P roduccd a . W ®JJ tional 0 . 0340393 P for 1977-78 on £ 393.000 on remedial work in con- an t ^fiSirl?». C “ l,on 

Si*. a to,al dividend of a Wnbu table prom, compared mth ACT peduci ion— last year's final neclion with latent defect*. Plncfi< ,- __ . 

4 9Mp ' c , a lo ® of AWBJM 0 . was 2 ^ 5466 t 25 p on record £ 1 . 93 m viT / k«.L 

See Lex For administrative convenience taxable nrofits. w ' y and 5 “OLdd 

— ' ■ Shepherd SJS. 

^ Neame expands g',t' or ,he " h ° 

BARLOW RAND LIMITED M. real ale sales 



Half 

year 

Year 


197 M 

1077 

1977-78 


iWO 

mn 

row 

External sat..-s 

29.924 

32.516 

76.380 

Trading profift 


2.741 

S .165 

inieresi 


2 J >0 

579 

Pre-tax prom 

3.731 

2.351 

7 JB 4 

Tax 

1 ns 

1.250 

3.386 

Net profit 

1.792 

1 201 

3.720 

Estraord. credits . 

JS 

s:i 

71 

Annhmable 

1 .SI 7 

1 . 2 M 

3.791 

Preterencc dividend 

is 

16 

32 

Ordinary dividend 

A* 1 .S 

W 1 

1 **U 

Rt-i 3 :ni-d 

1 .JM 

905 

2.559 


Sebag, along with- several director. . , : ’..“V.-.’l. 


1° share price was depressed. 

*" n# *• miminimipr ahAnt. +k 



.3 S iS Morclaon, f hainn»; 


loss-making subsidiary -l'- which spokesman for th ^ company owned overseas. 

C™®?; mak “ che ? p Poiypropylenefibres. £^ M «S'^ 5 ^ 5 SK?“LiiS. ceS^ y of 


. _ -j mores CUCdtl UUtyiHUUTHCUC.UUICa r . Trn-mm i rtAnonni nr -tnf» • 

ably and should continue to do continues to make progress! while he too was considering taWng Sn Jt- 
so. he adds. Group capital the car carpet side!- further action following the. dgw appotat- 


.W. lie -duus. uroup capirai the car carpet side ■- further acnon iunuwm K ^ne. uew -ppuiiu- • . 

spending over the six months was increased its market'", .share. The .current Board had m «.»u*re wmu. 


Tk T . .. up at £2.84m compared with the Troubles in the motor Jndustry. ignored the anxieties expressed He met one of the ^^w^M^ 

JNeame evnanns lU ta ! for the whoIe of ,ast y ear °t however, now represent a threet^ 'by many shareholdera. Hetheuaht Saint Plran who 
licauic CApmiUd £2.06m. to this low margin acthchy. in the U- " ejctrynUniiry^. that Saint, commimteite fflS reqfleatTgr^_ 




real ale sales £1.94m Til ism) "leaving* 4 a 'net disaster hcniwfil nbt' jSuC(i$OT!- f. bout th en ew pun hefore m aking je, other ■ two memben. 

Sales of traditional beer balance of l-7f*rn (£lJ2m> equiva- the overall picture and with -the announcement . ... Board.. .. ■ "/«' V/S 

wed by - Shepherd Neame, le ? ! 10 l ' arnin ss per ap share of strong traditional second balt'.tug ■ . ' - y . ' . •; •; . 


Tax for the half year rook current trading period Even- a P J, r5U l ^L r i. br 0 a K dependeht. outddg. dretfoi^^- 

£l.Mm t£l 93 m) leaving a net disaster here wOJ dbt unduly upset about the new man before making toe , other- two .xpemben. OM 


( Incorporated in the Republic of Sottih Africa ) _ {■?' 

CONSOLIDATED PROFIT .AND ORDINARY DIVIDEND 
The audited consolidated results for the year ended 30 September 197 S are: 


brewed by - Shepherd Neame, '*?* *?. ‘* r ? 5 n 5 S -r[! er 3p Sl ? are of S 

independent -K «m brewer* 2 -. 3 P. H- 54 pi. The net interim kit contribution in 


brewers. 


mind, analysts 


Turnover 


Trading profits 

Tncnme from investments 

Profits on sale of shares less amounts written off 


Profit before taxation 124,806 

Taxation 46,540 


Profit after taxation 

Attributable to outside shareholders in subsidiaries 


Consolidated net trading profit 
Less preference dividend 


1978 

1977 

% in- 

£000’s 

£000’s 

crease 

946^51 

726.365 

30 

111.587 

S9.889 

24 

11.581 

9J230 

28 

U68 

181 


124306 

99J00 

26 

46.540 

36^72 

28 

78.266 

62.928 

24 

22,845 

17.919 

27 

55,421 

45,009 



continued to rise during The year ?“« d from «. 47 Hi 8 p are expecting full year profits of 

to. the end of June. 1978 , savs to ,, 0 '?, lp " kast year’s final was at least £ 9 tra. This would put the 
Mr. Robert Neame. the chairman. , J l ‘ 4o5p - . . . shares at 4 llp on a fully taxed 

Total beer sales rose by 9 .ft per Lomparative results have been prospective p/e of 8.9 and a solid 
cent bur (he sale of (he company's restated t0 reflect change in the yield of 63 per cent 
traditional cask beers were up 


: m 


22.2 per cent. 

The trend towards traditional 
beers and the growing popularity 
of. the regional brewer means, in 
social terms, that the public is 
seeking outlets and products with 
individual character. TTiis is 
demonstrated by the increased 
sales figures in those -public 


Valuation boosts Samuel 
Props, net assets to 127p 


Irm ■Boidton^LSiii 

HotI.dni.thie heels of tt» recent Q per rent Ctmvertlble.thn^(5ire«i^ 

hntfbwv . eftrf p ♦ Analnoai*itN> Ofniin 'f.non' x4A*nb /VoYaiY 1 OfiA-CC *AH 



.buying -spree,* engtiieering group Loan', stock dated 1B88S8 ;da 
WOUain Boulton is raising £ 1 . 32 m basis of £1 of stock tor nveJTZf 
from shareholders by a rights ordinary shares at par. The iea» 
issue. is underwritten. 


=aJe, fiSires in Yhose public BY JOHN BRENNAN. PROPERTY CORRESPONDENT issue is underwritten. 

houses the company has SAMUEL PROPERTIES is the first Even retained at cost the pro- , The stock. w«l be. . conv^g^' 

mainly major quoied property company perries already provide full cover AnLfer^fot^r*^ i?n ^ph^l^thA tato 5 g^ rfmr^ at 
wrvired by the oattonal brewers. , 0 adop , a system of annual port- for the DM loan, and. Riven the 30p , ot 

n To-yr'^n., wnt folto valuations. And revaluation renewed strength of the Frank: S^ Tli lSifiSSle^ £1 ® f J ft ’° Ck :g ^ lng 
wrwftrin“ 78 company spent D f j ts investment properties pro- furl property inve.srmeot market, ho fVumtv S ,D y er 5 * on- . pric^ • .ef- 

<203 000 on buying houses from dnrou 9 rosim cumin* hnAuin* 9 r,mo»->ki a j ~r ~ i___- 5 Y B® 11 * an “ -Gresham. Yesterday toe shares riiffiei’TSt?. 


£ 55^95 £ 44 . 9 S 3 


duces a £ 2 .fi 5 m surplus, boosting a profitable sale instead of a loan' 


Dividends paid and declared: 

Preferred ordinary — 18 cents per share on 5 . 394,529 shares 
Ordinary 


rM , Mn l 0 n b H n<?t ■**** sharfi frDm m P 10 refinancing cannot be ruled. “iSrhc past two months Boulton lower m the nmrketJto ! 

to 8 ’ this mis ooo was b -mention ' S f * ro|, . erl,w J n ‘, fs ass0 ‘ oul - 5 1 th « meantfrae, a post has purchased Graemrres^sSt -Half-year figures to .Jul y.L T£% 

■o inis was spent on c , are i-omnames. devc nnment vear-end med um-rprm rpfinanpino — 1 ?L_! " shmv colo* nf -urn rFTWLTBdt 


Yesterday the shares? drffted;- 


to thi« r*>fi 9 no 0 wa* mwnt on “V V’ mwimirae, a pusi purchased Graemross Plant ;««“-year neures io diu, 

imprSrin-^IanVand^otirreniSri c, f «»*"*?" ?»- devekimnem year-end medium-term refinancing arid Equipment,. Serri^ show" sales of £ 477,506 (. 

atnenrlifiira .aim.atail la COCa finfl M-h ernes, and Its West German or E 6 m of short-term debt further and bitfield Wvlle dijmSi and pre-tax profits of £ 5 i 


"llVZ? «L*f y Dr 31 «>*.• Mf: Sydney Cowan, the low geared balance sheet - -? 


arid Whitfield Wylie at a total cost profib^dF £ 5^57 < 

of about £L 5 m. " £ 40300 ).- Agate toere fc no ’ 


£ 18.608 


Board has riPHded ihaj the 3 ' vosl - "J; Sydnev L "\ an - low geared balance sheet -. The i company’s bankers pro- charge, ' . Tbe comparativeTfS 

'•nmnany will nor diversify into ” iTunr^niwd^mlfa ■ ,n } hc revenue account, a.sso- YWe*. tto nectary fijjance, by 

nther trading actirities mu did ^ c,a,e ,ns ^ s cut from 197 Ts way pf increased term loan and 5 f _ totyHiog sports 


Dividend cover — preferred ordinary and ordinary shares ... 
Number of preferred ordinary and ordinary shares upon 

which earnings per share is based ( 000 'si 

Earnings per share 

Dividend per ordinary share 


other tradin'.: 
directly cnnci 


activities 

led with 


nnt Hifi nrt, ,,|,| ..mwm: ciaie mssgs were cut from 197 Ts -way oi^icnaiBwi Term loan ana _ 
directly concerned with its m lh " n « fiSre at todays P 72 " 000 to £1M 0M . tacome from : Has - ym :*spqn turned" m ^ 

existing business Also the basis values ^ 1 Investment^ properties rose from decided the time is right -to raise In the pastTO.yeaislHg)vJfljt,&gff;«V.ya T~ 

of expansion should be on a strong E\ fn without a full revabntion ? 5 - 2m £ 5 - 9 oin— £ 155.000 of that km uj only : produced a pre-tax’ V prow. 


107 JJ 5:1 

51,.7p 

17 jp 


101.929 
44 .lp 
15 . 2 p 


Even without a full revaluation, ■. 


Accepted accounting practice requires earnings per ‘hare 
to be given after non-trading items. On this basis the 

earnings per share are 

The non-trading items are: 

Profits on disposal of properties and other items 

Goodwill arising from ihe purchase of subsidiaries for cash 
written off 


+ £ 3,077 +£ 1.787 


— £ 2,569 — £ 16 


ifaUwMtMA* . C ~~w ■ ■ ^ 

S.H 5 S.J 54 s. 5 «.«s .:. Stere then the company has re- profltabili^ ft wouldbe 
i.im.tM c.iu. 1.513 jpqrted sharply higher profits . for 10 10 recast results xor ; -Jum -*ug. 
w ara - m the year ended last " June. At toe yea . r - .Orders are, however, bring"/ 


pre-tax level profits were' £l.37m roajotained at la satirfSctioiT * 
sisiS JK-fiZm io tbe previous. 12 a ™* % diiectors-belieTO. Qxpi-. 


+ £ 508 +£ 1.771 


NOTE: Tbe Rand has been converted to Sterling at lR=£0.5S3l and this rate of 
exchange has also been used for comparative figures. 


A final ordinary dividend of 22.0 cents per share bas been declared. This dividend 
with the interim ordinary dividend of 9.0 cents per share makes a total distribution 
of 30.0 cents for the year ( 1977 : 26.0 cents). The final ordinary dividend is payable 
to shareholders registered at the close of business on 24 November, L 97 S, and a 
formal notice to this effect appears below. 

Tbe annual financial statements will be mailed Lo shareholders on or about 
1 December, 1978 . 

<J. 5 . BARLOW, A. M. ROSHOLT. 

Chairman. Vice-Chairman and Chief Executive. 

S November 197$ 

ORDINARY DIVIDEND NO. 98 

NOTICE IS HEREBY GIVEN that an ordinary dividend of 21.0 cents per share 
has been declared payable to shareholders registered in the ordinary share register 
of tile company at the close of business on 24 November 197 S. This dividend, together 
with the ordinary dividend which was declared on 12 May 197 S. makes a r#.* -il 
distribution in respect of the financial year ended 30 September 1978 of 30.0 cents, 
per ordinary share ( 1977 : 26.0 cents). 

Tbe transfer books and registers of ordinary shareholders of the company in 
South Africa and the United Kingdom will be dosed from 23 November 1978 lo 
1 December 197 S. both days inclusive. Tor the purpose of determining shareholders 
In whom the dividend will be paid. Dividend Warrants will be posted on or .ibnui 
19 January 1979 to shareholders at their registered addresses or in accordance with 
their written instructions received up to and including 24 November 197 S. 

This dividend is declared in the currency of toe Republic of South Africa and 
tile rate of exchange at which the dividend will be converted into United Kingdom 
currency for . payment of dividends from toe United Kingdom share transfer office 
will be the telegraphic transfer rale of exchange between Soutb Africa and the United 
Kingdom ruling on the first business day after 5 January. 1979 . 

In terms of the South African laconic Tax Act. 1962 , as amended, a non-resident 
shareholders' tax has been imposed on dividends payable to: 

(a) persons other than companies, not ordinarily resident nor carrying on business 
in the Republic of South Africa, and 

(bl companies w-hich are not South African companies. 

The company will accordingly deduct the lax from dividends payable to ordinary 
shareholders w-hose addresses in the share register are outside the Republic of Suutb 
.Africa at the rate of 13.49775 per cent. 

By Order of the Board. 

W. C. WARRINER. Secretary. 


restricted to about 50 miles radius Sc JharesVS’n ti ffln P™ * BC#n * «»Wv"S»re- theti Xbe .company has re- ETfo^S 'ffiSf’ftftt!?® 

of the brewery, he adds. ST los^ *SgS ®5S°!& tta 

shareholders about its DM 101 Mm * pre-taut level profits were £ 1 . 37 m maintained at la satisfactory 

Rurnrlnno cooc ' ’ '" an covering two office Nhi ^ . ,.Sjn 91 ^ agdinst £0i2m in the previous- 12 % director&belieTO that££ 

durnaene S 6 CS 1 ?^ t ■ ,n . Frankfurt. Transfer (rom capital raontlto.- Turnover was £ 2 J 3 rn restructnrlng process if proykSv 

union is due to expire next July, surplus: Mj«i H 333.30 biph or at. £2Qj2m. . successful.. in., providing ^a ■4° a ^ ^"■ 5 * Ta 

rPCOVPrV nn Recent lutings moan thai the KSnSlVStimliri? 1 * lhe ‘mention „f t he base -for the' furure.Tatifoagb?* 1 -X 

IC ^ W ’ y UU proper 1 it-.s are expecleri to make t* rairfui Sirpius’* “ Tw’rtl ou U dlreclors to pay a dividend to- ^UI inevitably toke;rsqipa time-tor 

pqrcuinn c-irlck an a ' Wr - ,nf vresi contribution to Available i.-xOsm SS™ crewse of. a tenth in toe current shareholder? ^ to t.reato;".tM.-Tto'U ! - , i , T^ 

IdldVdll MUC group prnfirc next year, assuming ReiainMi iprom nissjjfi J2«17S< year.-This will mean 2^409p per benefit - - -r.f-i.'*'. • T.-.” ' . ' 

v ■ ...... ih'it Samuel takes up options it , nnor iear nems. * charge, toare" equivalent to 2.0013 d gross Proceed*; - nf- - y^l \ 

iFSFH ^ “ refina " cc the deb, awaHsSS 

Sejilember. ^ *JFLm3Xt. * 9 ^^ 658 - »t« 5 » 'UPOer tl.eterin.Von > 61 * the ^ 


recovery on 
caravan side 


months. - Turnover was £2L2m restructuring process Ms* proy«| 
aijwi H333.383 higher .at £20^m. , successful.. in. . providing 4a • , 6® U 9E 

**2* aj* Yt - Is the intention of the base for the: future,. Stboagh^ 

. s 1 3S2 HlMtivfnne rr* nftir <a s« w!U increitnff'dv faftrA-uoriQ time frit 


I 2 x»f 


Mdia ries. albeit only sim. 1 ? 
September, ha.- been ^ufficienJ. 
however, to suggest that the 
looses in this rector at Burndcnc 
Investments last year will be 
significantly reduced, says Mr. 
D. T. C. Caldnw. the chairman, in 
hi< annual ^aiemenr. 

As known pre-tax profits fnr 
the year to May 27 , 1978 for the 
group fell rrom £579.803 rn 


G. Whitehouse prospects 
look encouraging 


SSS?‘'« y “?««« sSS , 

^ALpresem there is xnsuffleient 'SS'ferffirt ■ Sffl beMtiflidto 
auxtemed repitai to accominodaie S SKSWSif&'v'*- 

•. Wntumher 34 tn rnnciilar , ■uBWJItUlS -Stock. ' “ » v 


the year io Mav 27 , 1978 for the Encouracin? prospects for the accounts will be prepared for nine £Ute to £a^m. 
group fell rrom £ 57 9 A 03 rn 1 ,, n ‘ r *,^-i non,hs W>d to month'!, with interim results be- 

C 312 . 8 B 4 on turnover- down £ 9 . 2 ftm ;J arc " V" J "*' 9 ren or t^ hv ins announced in respect of the . "• ' - 

acaIn -4 ElO.Tnm. The dividend w»> miiThmJ fp«iI- r,T,a i in^ e Tnonlhs lo September 30 , HJlWlPV- 

unchanged ,, Ip „e. P*r share _ 1D,S ' ’■ ■ 


He add> Thai a return to profit f , .. "" -Vft^rClin^UUii^-' J-T -'.'< 5 ?-^ 

wKiAS-X B Sfs!i Profit up at 

1974 P nT " an0 suramer Pl T. in. 8 . on turnover or £ 13 .Slm T*i . Unpr,"'. Hawk-v^muTnH;- . -^ ^ ^ghXS tewrei Is cajliTip an KC*W . 

Mr Caldow «.v< «» is aitiicwaied ,r lV 2 .‘^ n> " . LCOST 1 TUSl prooostog to raise' £ 385 . 000 -..‘by a . i * a+er .^ ^ (Warmptrtb - ; to- -Ihcrwoe tbo 

Iha the n?r on Orient m?nur.»- , A . , ,- ,hf v pr T ni ,,mc . ,hc nppnr ' , rights IsSue of convertible' Stobk. ^mpan^s jutborlrea sha^ capi- • . 

urn'divMon roiUtoue rn l, i n L ,0> for t '? , ‘ ^"™.sion of M ,-h Income of the Cedar In vest men company also- reports Interim ^1 from £ 3 m .to',£ 4 m.; ' v... r. • 
i-oerale oro iis hiv ii Sh j i a Z ,h ‘‘ “ r ?" p " ,hrp " ““hsiHJarie- Ttom was - steady at £ i. 89 m /lltorea J^owmg tharit.hasmoved - ' . ■= ^ 

dfchtlv 1 ?MP uii ?hTn *?St veur hv ‘nvostmeni arc .sub- ncalnst £ 1 . 62 m. for [he year ended lot?. toe bjacksand/ retums to the a CTOrm V #w 

slightly lower le\ el than la« year. Manual. September 30 , 1978 , and profit- dividend UsL with . air -interim ; rBURX-T^7iS7 %‘' -■ • -Ttr 


will rieneml nn rhp level or j|rrjdv known. trading 

[demand P and ibe pnSe obtahLbli ^ rnrtef^.lv 

SiS^hs spr,„ ; ,Sd summsr of jT^TtS ^ ffuji 

ih- !V i r 'iH :ald 0 i' <!ty< ’* '' 1 .? T ^^i : f!rr- C < rf A' the prnseni lime the oppnr- 
hui the nylon gannent manuf.ii- for th „ P ^ nnnAifin of P ' 1( . h 


Profit up at 
Cedar Trust 


CAPP0MXEBLL ■ 


Income of the Cedar Investment The compahy alsarepdrte interim to! &om : £ 3 m . th\£ 4 in-' 


profit- dividend. Use wltij m -Interim , 


Improvement 
by Anglo 
Scottish Inv. 


Scottish Inv. SSTnR ISS 3!fV"S 

, , „ , "f further branches, the chairman share Ls 9 Sp 189 . 8 P). • • 

After tax of £ 338,550 compared slates 
with £ 325 . 147 . net revenue of The directors are aware lhal all 

Anglo Scottish investment Trust oF the demands fnr new capital Danlrtv L,, «]_ 
for the year ro September 30 . mvosrmcnl mav nm he able to bn OflLK 

11 J 78 , expanded from £ 503,726 to niet within ihe group’s existing . £?•. 

£ 509 . 094 . capital struriure and consideration. 11 POT 1 1 

Income from investments is being given in wnv« in which r 1 v ‘ 11 

totalled n. 3 !«U 33 tri . 171 . 739 ). ihe availability of funds to each Benin* Holdings, builder and con-' 
L " 1 *™?. 1 °" 'swrar?:,!™ 1 ? of 'il S'lbsidiane* may he im. tractor, has returned tn profit ta' 


S November 197 R. 

Regislercd Office: 
Barlow Park. 
Katherine Street. 
■Sandton 2196 . 


United Kingdom Registrars: Transfer Secretaries: 


Lloyds Bank Limited. 
Registrar's Department, 
The Causeway. 


Republic of South Africa. Gorlng-by-Sea. 


IP.O. Box 7 S 2243 
Sandton 2146 


Republic of South Africa). England. 


Worthing. 

West Sussex BNI2 6DA, 


Rand Registrars Limited, 

2nd Floor, 

Devonshire House. 

49 Jonssen Street, 
Braamfontein, 

2001 Republic of South Africa, 
(P.0. Box 31719. 

Branmfontein 2017 . 

Republic of South Africa). 


deposit* CR 1 . 04 !) (£ 151 ^ 81 ) stntl proved «o ns io ensure ihar 
undernriunq commission £750 valuahtp irup-'imom on onr tun it ics 
(£ 2 . 767 ). ’ are nor missed i n (he future. 

Earnings prr 25 p share arc The rhairm.iri >avs the dirortors 
shown to haie risen from 1 . 592 u have nulhinq to .-idd tn fheir «lnre- 
to ix) 3 p and the net final divt- ment 1 :««t month, when they 
dend is l.tp for a l.Sp (i.Rp) announced they were havinc di* 1 - 
total. costin" £588281 (£ 505 . 410 ). cussron.v with the Board nr 

After adding the premium on Centre way tnurernrnq a possible 
the surplus 11977 deficit) which mercer of certain interests, 
would have arisen had the mulli- The directors haie decided lo 
currency been repaid- net asset rhanco ihu i-nniiMHv'* vi>ar.nnd. so 


the acquisition C 2 . 3 p). Dd Net asret vaTu^pe/Ilp 1 r mvwmps anHowced - ■ 

. the chairman share is 95 p ( 89 . 8 p). ■■ Date - ^Gorre-;. ’"Total ' ^ Totid' ' ^ . 

i _ • Current. oil qptnufiag- Ifor- .■ tut?" 

aware that all . ' payment. -r payment? div.-- r year- - yaor 

r new capital PA«lnV ko/slr John *dght > - - . 1~-. .iht. 0 t» 5 : ' ' = Dec: 15 - ~&95 i - ‘StS ■: <■ " - “~ 

he able to bn OcfllOX 03 CK - C 3 mb 6 Picl Son -.„....: ta^ 4 iMt 

oun’s exist! nq . «• CMT . Ijf- - '^eb 5- -- LffS - ~ 3 ~ r 2^."' V "l' - -. ' 

I consideration fO DrOlIl Grwtf ltortlRaid'&tS. inf. vt ’ 7 " Feto -I : o. 67 »V — - -S.-* > " ; r - 

*-nv« in which “ HiqtWd fa — — .... .fat. ' "'gjifiF " ■ -Ja rv gj- 7 * 40 '' - ■*_ ■ 

funds to each Renlnx Holdings, builder and conr" "as - ■ .Dec^ !■ .” Nil.- . . 1 — ■*' ; Nil.. ' . ; ’ 

may he im. tractor, has returned tn profit hi ■ • gfll^Samuet^ -lat. . Jan, 2 r :lj 68 -\-- : :"—’ r - 4 cSf-.""' V 






— 1 ■ , , ------ . - ■■■ - u Miranuic wiv mi* « jiui lunlmkU •SCvll 'iMiiAi i' v : -f v^A .T ai.-i -v Mr ^ .< .. . 

the surplus 1 1977 deficit) which mereer of certain Interests. There Ls an ertraordinarTcredh DMdcnd5 Sto>wn-petox ^ijia^'itoiv^Vl«?i+^d^OT»ii^ ; ^^P^^ 

would have arisen had the multi- Thr director* haie decided to of £48,000 to the first-half this : 

currency been repaid, net asset rhanne the cnmnnnv s venr-ond. so year. The frroup. formerly Ben- increased tty 'SraVM 

value pcr ^hflr c at beptember 30 be wjih G.-ntrr-way. and field and Laxley changed its name" for 1977 - 78 . -S Inchide« d adSltlSai o!^ 83 ^lBfTS? 7 - 38 .r f iudSSS Ww 

was bfl.«p t 59 .Bp). accordingly toe next qrnup In February. - . arf rfmpp^. 

* -'C'' -'~i- 5 


■:-.f-75?sS5S 








s 9 1978 



& Northern back Safeguard 

h « , g „ . Industrial 

with £5.4m improves 


-"vu* l%o 


* Cto,. 


wmvv 111 wiui. xd.^oi ^proves 

. jjfjip adverse trading conditions ' ; RE-INVESTED FUXDb boosted 

board meetings ™ S2SI&Z Ufa*?* 

tearing the juta St 1871 wu.'achicyed ? bj liodon , and . The net interim dividend is finish the yfiff to September 30, 

•*4|B b 7U 4 -tftttl lower £232.647/ Northern Group id the six months da:« of buard m* rt/TrE* maintained at 0 !»5p per 25p share. 1978- *}**[ ™J 

t^paxed with the previous ^rear's to? June ’ SO.- 1978, ^with taxable £**"«"■ Such mnunn in- u-niati* p*** JW* hnal of 1.47p was paid revenue at a record -679.0L.. com- 
"tWOrtl' £449.757 surplus*:' ’-C- j; ‘ earnings dizaWng from £3 film jr™ ' /£ Uk- nsr.*^ or *>n-M.r:na from profit down from a record pared tvltn 

the diretffws-sa^ that last 4ime;io.£3.to. n , I\trnorar, ex- available' J BW £1 - 25m ln At halftime, when the surplus 

aKhougir 1 first ' h^S pntfiis were clndinfe -‘that/bf ampanie* sold interims 'or 'finals u^aJ^MSaan Midterm surplus also included was £287,544 (£288.902 ». the direc- 
higher at ■H15Q00''(£8W»M, amounting. prwrfoagjr-to glJam. ^ Q “‘ * r * ban-d manly an ia*i Imewi relief of £8n.000 this time tors said that a number of lusted 
Mmpany had. snffeTOd J frTffli «jngftiyjly better artTHSm. nmnaHi-. loss Inters on the medium term and unlisted Invest merits had been 

adverse trading -CObtaekms. but agafhBt-|7L26nL . " - ■ today Joan of Lfil.m (£21.001). Tax realised dunng^the period resuh- 

antieirHer«>d full; war nmtir* .f'nrrantfv the . rnnhieement ac- . Lood ® n Prnw T lM : *ook £122.500 ( £52,750 j leaving a in £ in a slight reduction in income 


- adrerse trading .coudiekms. but egamBt £7L2fim. . ; * , 1U 27* OAV ,oaT1 of £Sl - w *£2i.oou. Tax realised 

- Mtidpsted that full ; year profits r jGurrentty the mana^ment ac- Bntish-Bomeo'pH|JH^ od cSnii^m^r^ ,0 1 k £1 -2 ,;, ‘J0 f£52.75Oj leaving a '"fcinj 

. wTOld be marginal) an doubts --continue -xp indicate satis- imustnai Trust. Fiiehi Ri-n£!i|j£ wiu:am nel profil of -TL'-Hrf (f4S.i26j, 3rtd ^ 
i?rl97B-7r, on slightly ltwer. sales: lafitory.fifctfotmance^ th^ directors i*** h (»uiid<?rs». Nonru-m seenniws . tnvestrn 

.'■ ^ttecnffltTS^afeBKae'lbfi.- AUtalWme the tpmianrt r» S‘i. J iPXL' 

$ar fefl£o_i3zcs ro£?.42m. , - • r net btffowiogs were lower, re- and w«i - bJ 2^ ***» JPrOilt uOWfl ^ 

. '^The^ director ttoOft; th»t.'the ffeefing - the sale Of the: Muq>hy ^Bolhray. common Brormrs. r • » ■ . Sla ' el 

-gsssunesfe-s ■ 1 ieasaffiSi~ ffiferHi'S «*Uw*ud s& 

: aoyancy. iq t^e f^terrer mdnsfry, mhionUM -pf 43K.006 (£312.000) c*. wood Han Trust. Aiicfralia xSTa£ 

- Sss* 1 to fiMdop^o ea|BinfPt,j>pr.-2Sp were, up 2p at future pates /\USiraiid wSe m 

• make -ft subsbmbat ,tos3. The 4.35; rr&e net interim dividend . lonrims-. _ . .• , , , . . 1 

nnmninHv hotf -umthor. tn fho •_ Sh ■ j s oc« rn Or,\ i.to «ur 2™«atea KtursnjDrrk Nov. 22 Fronts before tlUC of Lombard The 


too) sales.!-! 


7*1 nadddrion- strike aad -go«fow Yhe erbuo’s' Interests" taclnde >3on»Jsi roki" 

; - MJion. tak^i. . unoffioafly^dimng ----Jnrtid^'houseJjuflding, 7 en- UMu inTMumt 
■ tne arun-up- perrod. to tJwa 'Ojm- , r — F, “ u - 


S.5Bia to £637ni. 


May and Raasdl !! 

Nicbots <J. N.i tVimiot 


“SJ..“S net profil of fll:i.HS6 <£48.72fii and If ua5 expected that re- 

investment would produce addi- 
L snh^rp ' tional income In the second six 

r: Profit down -SL ^ „„ Cop 5h „ 

flnmir. of T AniKnprl for ,he ^ ear were up fr0m 3 - 79 P 

Auwa- dl JUUAllfJfl.ru lo 4.16p and a net final of .ip 

* Cwr * . steps up the total to 4p (3.6p). 

AlKtralm Net assets per share at year end 

nusti aua wre u p is.ep at lou^p. 

nov. a Profits before tax of Lombard The tax charge was £221.407 
Nw. it Anstralia, finance rind hire pur- r £217.641) leasing net revenue of 
n w' c ^ ase offshoot of National West- £457.525 (£416.963) from which 
Dec. u minster Bank, amounted to £17.625- (£20.963} was retained. 
Jijy. » £1.19m in the year ended Septem- 

n«v. is ber .10. 107V, compared with _ _ _ 

MOT. B B.Mm in 1!mW7. LOndOIl & PfOV. 


^ers der 


• tfiey state. **• . ' - - r -< - ;;; * - - »w ww 

y jSates of its hand tpo| di^skm ^ 

«:4ar this year aM moie escottr- 7?i»< njas 

... a^tng. but the 'present industrial ‘CompniM «nid ' — aw 

wrest in thb orator industry ttffly Pre-tax pram 
for a difficulr winter, the ?** 

. Sectors add. " ‘ Sr 51 

- ? A ' final dividend -of 0.75S29P TT.!: -!r s.6» i.«3 

- v§sgulvalent -0.fi672p) * net, Pr c fete a ce dWflmh J* » 

affectively lifts the totdi payment oreteary-awoente no oss 

• irinn 1 J622p -to L28779P per 25p : ' . 

Ashore. - •comment 

J*?5® -*??* ^London. ami Northern has 


Se,oc " on Trow Nov. i* er-*»»»ini. _ ■ ^ -J Q Qf 

After tax. £350.000 (£599.000) aflCHG lO /0 

— ».«• ness has been cut by £3m through and minorities. £59.000 (£98,000). . . , . \ 

WO XA9S receipts from the Murphy and attributable profits were well Gross rentaJ income of London | 
H'Sl Henderson sales but total net bor- down at £782.000 compared with and Proylnoal Shop Centres 

“.•nr 5? rowings outstanding, which were £l-25m previously. No ordinary ( Holdings} rose from fl.Otjm ro 

2.6« 1,403 £21.im in the end-1977 balance dividend ix being recommended- £1 08m In the year ended June 24. 

38 33 sheet, are still very high com- 1878 - pro-tas profits were up 


455 with shareholders' funds of 

£28m- Assuming pre-tax profits of 
£llm for the year and a full tax 
j ias charge the prospective p/e, at S8p. 


&HJ300 .(£330,728) ittid .tfaene was ttemterta^viderulm the ^ e,d ”■« P* r 

exceptional expendltime amoont- * hn -TevsI 4^1d hetween 1974 and c 5 nl 1 ! ^hich gives some indication 
;mg to £12,774^,676 gnome}. i97«.^SnaA?^l pay^p f f !?? marke, ' s tack of confidence 
- - - UClWtort ^mofits emerged- m th,s compan y 

r nuca' ^ that It .lowered lart year to Joud N-,rin Ua t Trust Comnanv irev i««r..»u.»u U „ u| „,c,aac <ne 

* P0%- T _ _ ± ^ ■:gss ; ‘s' gssfsssrs John Rri _ ht 

’ C.L.R.R Invest, 7 , °™ “"p 1 “&S 1 . no " under 

8 *• msirolnflllv Iin sughtly lower interest charge as UptUm St against £2.S.m. Earnings per tup share are 

•: lllfll gUIflllj UU . . well.as.o better- performance - by t r Vear-end net asset value per shown at 2.7lp asrunst 1.9)p and 

' a f the company’s, weaktff . diriwons, Cl\ r mnnthc 25p •‘ !hare Mas 215.Sp «l»4 7pi ihe final dividend is 0.492S96D 

H»eiOre niSU I3X .-espeoany fhe “scrap side and the J| A UUJUlIia including investment currency making a maximum permitted 

“ 0 ; ; _ ; JiouserbuIUler BardoJin; which is including temporary employ- Promium of 26.7p (15.1p). A net total of 0523996p against 0.7379lp 

.-. 7 . ..Warguial : growth in- taxable now said to-be rlireakmgcvien. In me nt subsidy up from £135 400 to final dividend of 2.5p lifts the previously. 

. _~-»rofit from. £5 ELo40 . to £325,134, the Middte -East-'Paidmg^- is still £152.145. taxable profit of John tol! d to 3.9p (3.45p). Outgoings attributable to 

_'.; "vas attained by C-LJLP. Invest- weU-employe4 but there-must he Bright Group, yam and fabrics Tax took £816.074 (£749.901) development, before tax, of 


Scottish 
National 
exceeds £2.25m 


of Scottish 


1978. and pre-tax profits were up 
IS per cent lo £517,000. derived 

it holly from rental income. 

Rental Income last year 
included £54.000 from a property 
sold. The directors say annual 
rental income will rise by £845.000 
to £2m progressively over the 
next nine years from rent reviews, 
based on current rental values. 

These figures do not include »he 


Branches and representative offices 
in 13 financial centres, correspondents in 
2,000 major cities round the world. 


Credito Italian© 
a bank 

in any country 


Backed by a long standing tradition of 
'world-wide banking, all our special skills, 
wide experience, and vast resources are 
readily available to you in the comprehensive 
services provided by our London branch. 

#!!' Credito 
Italiano 

__ 17.% loorcate. London BC1R 6HX 

Telephone: 01-oCc -J 01 1 Telex: f-S.'-tSo/SSSOrS Credit G 
Head office: Miiin 

Branches and representative oiltce*. Lond-m. New York, Lc » Angeles, 
Buenos Aires. Caracas. Chicago, 

Frankfurt, Moscc-w, Fans, Sdo Paulo, Tok/o and Zurich. 


"■ r£ar end net asset valnO-per 25p . .-- .- •' 

hpre was up 'lTAp- at lOLSp, . ' _ 

-SSSSSss ©MT recovers lost ground 

' ag £ 294 JHMJ <£ 2 B 6 , 600 ]r- 4 mI the --_ 

~}irard expects to pay. an.lscreased I^SP1T8 _NGT. being' \ drier to increased by 


3«rim of CL9p (0^p> for the ka^xrove o<i laet year^. record issue. The previous 
.•■riant year to reduce disparity. / ■gre^tav. tiie dipectora. of 2.6»3Slp. circumstances in the second half 'lissm inovimi 

Jlie tax charge for the.-yrar. at ^Ctsitntf IbnnfacUzring^ u&Tnp- The industrial services division of the year n° „„ 

• 199,103 (£163^05) "was xbnonnally ^8# 7 Groap _feel Hie ' £3.73m includes a loss of £54.000 for a The steel stockholding division ?97Z al !„ ia UTr JJf, 

rjgh mainly- becai^'. Pf . the' «3tiewed in, the jear_ ended July Scottish activity which has now faced the fourth year of the snare, an increase oi « per ceni. 

-qnidation of the Aitstralian suh^ ,1978 is sAte^actory ia Tiew xxf been terminated, the directors say. acute recession in the steel in- 

iftinry but this- feature ii -not iinbelfiiM 'econo m ic, mroum- The demand for industrial dustry by responding with results T . 

«ely to recur ' " - • • “Stainpgs- .1*. . . . . rubber products slackened notice- just below last year's. The IIICrGflSG 3.1 

; Extenrtl turnover was: £80.09m ably during the year in line with improvement indicated at the half 
-***teBt ^BfiL32k^ aod’Jbe new year the UK rubber industry. year was maintained to the year Hrovlnn 

*** .**&. Sales nf safety products and end LirayiOn 

;U ' 6 7^4 ■L £4 TI»ti- Wa * :tran r • “ -running Wgiter/tbanfor^the protective clothing continued to The group's tradinc levelis pri- 1*J a J 

■ *- capnai reserve. ' . ' same period iasUyear-Tr . " be strong with the current order manly dependent on the amount I .OIlSOllO 3 1 00 

'■-ThvestnieDfs at valuation Inchid- : N« : 7eari»mgs. 'per '^a-re/ intake remaining high of industrial activity taking place - 

ig mvestment .curiency premium :«iiowh it- J8 l4p ^ agaioit i9J2p and The metal procesdns division in the LIK. Unfortunately it is For the year ended September 
:?;£l.T*m (£0.47m) or 8^p (3.3p)-aS foreca^tia fmar^Wdend of l^n did well to remain profitable in felt that the country is pointing to 30. 1978. net revenue of Drayton 
counted to £16^5nr f£1469m). /-. makes a .ibtar «?-3o-' on capital the first half and with scran prices limited expansion m real terms Consolidated Trust rose to IlS)m 

— ^ ■ . j 1 .-" ■ — ^ — * ; »n the next year or two. the board from £l.ttm after ill charges incl. 

-• -.-j . : Ll! iJ' , ■: -J!-. states. tax of £1.1 9m aeains: £lj*m. 

’ •s- 7 -k”W '7 The 5,131 dividend ■ is 32p 

• 'MhL Km E rt-rna! mrt>«er 0W.fDu56..n7.Mi0 making 52p_(4.7p). Not a^ei 

- llrl f 'A Trading praB: «jn.7M j 6U3.75C value per 25 p share IS 2131 p 

waHlSEJUrV O asjsssr..::::: 15.5 •*"“**■ 

W W' Proft before rax 3,728JW 3,944.823 

•• jm Tax MI.BS2 313.480 

- , ’ Z .. 'Z ' * . . ' Vf P^» ... 3.9S7.K6 S.&1P.S33 

' - ■*■ ■%>■... . - — . Extraordinary cratlu .. 173J3W M.Mf 

B Available S.M0JH 3.65S.S0 ' 

■ dlvideods ... >m>.m SKJ01 

S.K0.533 3.U8JK 


the recent rights improving since then, made 


Investment properties have 
been professionally revalued at 
June 24. 1978. by Healev and 
Baker and show an increase over 
book value of £4.Pm. Investment 
properties are shown at £22.Sm 
(£16.7m). redevelopment proper- 
3 ties. £2.fim t£17m) and gross 


total was satisfactory recovery under the ^ Ts Q 38Tn ( £ is . 5m ,. 


Net assets are £is.8m t£lO vmi 


Increase at 

Drayton 

Consolidated 

For the year ended September 


)fl £1 


v’-f.y. > - > ^ » ' lit-- i 

^ y m ? s « r- % l 


INVEST IN 50,000 BITTER TOMORROWS! 

50,000 people in the United Kingdom suffer from progressively paralysing MULTIPLE 
SCLEROSIS— the cause and cure of which are still unknown— HELP US BRING THEM 
RELIEF AND HOPE. • 

We need your donation to enable us to continue our work for the CARE and WELFARE 
OF MULTIPLE SCLEROSIS sufferers and to continue our commirmenl to find (he cause 
and cure of MULTIPLE SCLEROSIS through MEDICAL RESEARCH. 

Please help — send a donation loday in: 

Room P.I. The Multiple Sclerosis Society of G.B. and N.L. 

4 Tach brook Street, London SH'l 1SJ. 


sfflfi*. 




Interim Results 






- ■* . 28 weeks to Septe*nberfT 6 th 1 978 .o' 

Interim Results 

Full Year 

/. 7 / 7' ■ . - .t '. 

1978 

1977 

1977(78 

i. ''-VI y . 'j-;.. ' 

£000 

£000 

£000 

Turnqvein^cforfas VATtd.oz&n 

521,115 

406,180 

81 hi 02 

: : -;, :y r (f977£6£55m) : - • . 

Profit before Taxation : 


Retaili'ng~r>et raargin 23 %{l 9773 . 0 %) 

15,139 

1 2,121 

27,139 

Associated Companies— Share of Profit 

424 

338 

443 


15,563 

12,459 

27.582 

,>TaxatIoii 

4,669 

2,965 

6.563 

"“Profit after Taxation.: 

10.894 

• 9,434 

21.019 

'' *Z/je1&7B taxation charge it based t&on ti» esrtmufnkt&Hhv between pro/*. cepitaJeBowanau and stock teiief for 
*Umfui/y*mr1878l7a. . 


&aHesatPox]tts -L' 

x These results show ottr gr ea test ever^ ro ta nc gain; tumprerwas np 28.3% with 
- price inflation downto.7.3%. Aa unpre c edente d gain in market share was 
thoceforeadiieved. 

^ \ 2 ' '"It is partlciilarfy' satisfectoiyto rqxirtboth 3-24.9% gain in profit and 


success 


. .iY: v 

t v 


dcveldpiMiirt. - . . - . -y*. 

; 4 Two iiew supermarkets opened in' this periotL'witli five more jrtofected hy 'the 
is' year end. The rate of opening over the nexrtwo years 'will be sig n ifi cantl y higher 
thanin ihe current year. 

■ . 5 Sales xentain , buoyant dttpiteinteafiified competitum which it is noiansapated 
wiB case during the remainder ^of theyear. ' 

fntwim Dividend 

j-. .. The Directors have dedaredan-intenin dividend of 2.27P pq-share(i977 
*V 2.032SP per share) wifich, together withiteassociated tax credit, is equivalent to 

- * - - i. _ ? .oo_ ^.1 .9 * * .»h 1, rwiiirfim nt rHp ra» nf 


O'-' 


‘'" '^advance, corporation tax an additional payment of 0.0604P per share will be 
---made in respect of the balance of the final dividend for the financia l year to 
3 'March 4* 19178, declared at the Annual General Meeting on July 5th 197S. 

iC These dividends wiH be paid on January 26th i 979 5 «> shareholders whose names 
-■appear on the Register of Members on December 29th 197^ other than to 
certain. Directors a **d members of their families frum whom notice of waiver of 
^ diridendhasbeedreceivedL . 


SAI 





9 comment 

OIT started 1977/78 confidently 
expecting an improvement on the 
previous year's pre-tax profit But, 
the confidence faded at the half- 
way mark In the face of a 19 per 
„ cent downturn. However, during 
the second half it managed to oeg 
back some of the lost ground and 
its final figure is only 5.5 per cent 
below last year. The share price 
slipped 2Jp to 57jp on the news' 
giving a p/e (on 3 low rax charge) 
of only 3 and a yield of 7.8 per 
cent. The dividend is slightly 
more. than six times covered. A 
right* issue raised £l}m in May 
and this, together with the £3m 
in retained earnings, has further 
strengthened the balance sheet. 
In 1976/ ii borrowings totalled 
£7m against shareholders’ funds 
of more htan £20m. On this basis 
the shares are looking cheap but 
on the trading from there are 
still one or two uncertainties. 
The market after aii is wary of 
scrap metal and steel stock- 
holders. CMT has operations in 
botn sectors. On the scrap vide 
profits are starting to recover 
from a very low base but margins 
j continue to be squeezed in rhe 
steel stockholding division. But 
the longer terra outlook for both 
sectors appears to be reasonably 
bright. 

At least 
£0.96m seen 
by Mountview 

Mr. W. D. L Sinclair, chairman 
of Mountview Estates reports that 
profits are running at a level 
which compares favourably with 
the previous year and therefore 
results for the current year should 
be at least as good as those for 
1977-7S, when pre-tax profits 
totalled £0.9Srn. 

The interim dividend is lifted 
from 0.45p lo O.Sp. Last year’s 
final was O.S735p. 

Credit Data’s 

expansion 

plans 

Having achieved a record Turn- 
over. Credit Data, formerly British 
Debt Services, is now planning to 
develop and expand its services to 
the credit industry, says Mr. Paul ■ 
Brooks, the chairman, in his 
annual statement, 

With pre-tax profits up from 
£123.249 lo £208,934 for the year to 
June 30, 1978, and turnover up 
from £2,052,987 to £3,161,691, he 
also anticipates substantial 
growth for the company's Credit 
Reference Index which contains 
over 10m items of credit informa- 
tion. 

Its commercial and consumer 
debt collecting divisions are now 
handling over £lm of debt every 
month and has over 1,000 outside 
collectors. 

“This trend confirms the 
success of all our policies and 
justifies the increased confidence 
now being placed in our company 
by all our clients," Mr. Brooks 
adds. 

Meeting. 3 Ian cheater. December 
1, 4.30 pm. 




individual 









In a fast-changing international scene, it's more 
than likely that you could find it profitable io 
re/iew your trade financing arrangements — if 
only to make sure that they're as efficient as 
they should be. 

And when you do review them, you’ll 
probably find that we at A P Bank can help you 
to a more efficient —and profitable —solution. 

Not only are we specialists in international 
trade we're also specialists in providing 
tailor-made solutions to individual problems; 
and in the kind of professional service that 
comes only when a customer is the personal 
responsibility of a senior manager who can make 
immediate decisions. 

As a bank with many years' experience cf 
international trading, we knew as well as anyone 
that importing or exporting is never an easy job. 

But if you ’d like to ii nd out how we may be 
able to remove some of the difficulties, please csil 
01-588 7575, and speak to David Ollett or Greg 
Brzeskwinski. They'll be happy to heipyou - 
personally. 




A P Bank Limited 

A member of the Norwich Union Insurance Group 


NORWICH 
UNION a- 

KUUK2GROJPSS 


21 Great Winchester Street 
London EC2N ZHH. ^ _ 

Teleohone; 0 i -5oo 7375. telex: S3S21 8* 








Fin ancial Times Thursday November 9 1978 


BIDS AND DEALS 


SAB 


THE SOUTH AFRICAN BREWERIES LIMITED 

(Incorporated in the Republic oj South Africa} 

INTERIM REPORT 

for the six months ended 30th September, 1978 

FINANCIAL RESULTS 
Consolidated income statements 

The unaudited results of The South African Breweries Limited and its consolidated 
subsidiaries for the sis months ended 30th September. 197S. compared with the six 
months ended 30th September, 1977, and tbe year ended 31st Marcb. 1978, are as follows: 


Operating income before interest and 

taxation 

Net interest paid 


Operating income before taxation 
Taxation 


Profit after taxation 
Dividend income 


Additional replacement depreciation 
Attributable to outside shareholders 
Preference dividends 

Attributable to ordinary shareholders 

Extraordinary items 

Ordinary dividends 


Retained earnings 


Six months 

Six months 

77/78 

Year 

to 30.9.78 

to 30.9.77 

% Change 

to 31.3. 1 8 

- ROOO 

K000 


ROOO 

743.673 

652.618 

14.0 

1,427.980 

45,834 

42.040 

9.0 

115.836 

9,655 

8,669 


19.1U5 

36,179 

33,371 


96.731 

15,022 

14,433 


37.450 

21,157 

18,938 

11.7 

59.281 

2,604 

3,043 


5.261 

23,761 

21.981 


64.542 

1290 

1^08 


2.617 

4.152 

3,020 


S.160 

2,051 

Z342 


4.545 

16JZ69 

15211 

62 

49.220 

263 

(336) 


118 

6,672 

6,620 


24^75 

9360 

8,355 


25,063 

Six months 

Six months 


Year 

to 303.78 

to 305.77 ' 


to 31.3.7S 

Cents 

Cents 


Cents 


Earnings per ordinary share 
after additional replacement depre- 
ciation 

Dividend per ordinary share 

Effective number of shares upon which 
calculation is based (000's) 

Dividend per cumulative preference 
share: 

B.2% ' 

7.0% convertible redeemable 

5.6% redeemable 

8% redeemable 

7.0% 

Consolidate 1 balance sheets 


Capital 

Ordinary and rest *ves 

Preference 

Outside shareholder. ... 


7^6 

6.98 


22.37 

3.00 

3.00 


11.00 

220.975 

219,357 


220.038 

62 

6.2 


12.4 

32 

3.5 


7.0 

22 

2.8 


5.6 

4.0 

4.0 


8.0 

3.5 

3.5 


7.0 


30.9.78 

30.9.77 

31.3 78 


Interest bearing debt 
Total capital employed 


Assets 

Fixed 

Current 


Interest free liabilities 


Net assets 


Financial ratios 

Interest bearing debt to capital 

Current assets to current liabilities 


377 

345 

364 

59 

71 

bO 

88 

79 

S3 

524 

495 

507 

267 

265 

246 

791 

760 

753 

530 

509 

527 

465 

438 

4-7 

995 

947 

944 

204 

IS7 

m 

791 

760 

753 

.51/1 

.54/1 

.48/1 

1.72/1 

1.76/1 

1.6S/1 


Accounting conventions 

Tbe comparative figures have been adjusted to reflect the effect of accounting for 
tbe Rhodesian interests on a cash income basis and bringing to account additional 
replacement depreciation in the liquor interests of the Group. 

Capital 

During the period under review the ordinary capital and reserves of the Companv 
increased by R2.S million as a result of the conversion of ROB million of 7?; convertible 
redeemable preference shares mtD ordinary shares and a call on the unpaid balance of 
R1.S in id lion on Lbe partly paid ordinary shares in issue. 

Interest bearing debt 

Tbe first drawing of R12.5 million under the R50 million 11-2% unsecured debenture 
issue took place in September 1978. The balance will be drawn in equal instalments in 
January, May and September 1979. 

Fixed assets 

Fixed assets in tbe Holding Company, its whoily-owned subsidiaries and in the 
liquor interests of the Group were revalued during the previous financial year. A review 
of tbe value of the fixed assets in the remaining interests of the Group will be completed 
by 31st Marcb. 1979 

At 30tb September. 1978, outstanding capital commitments amounted to R17 million 
f!977 — R23 million) whilst a further R43 million (1977— R34 million) had been 
authorised by the directors but not committed. 

COMMENT 

Earnings 

During the period under review operating income before interest and taxation 
increased by 9 but Failed to keep pace with the 14% increase in turnover. This was 
mainly because higher levels of marketing expenditure were incurred by tbe Liquor 
divisions. These divisions achieved growth in turnover substantially in line with tbe 
estimated growth of the industry and their profits after taxation approximated those for 
the first six months of the previous year, despite tbe higher level of marketing expenditure 
referred to. The increase in attributable earnings was therefore brought about by 
satisfactory profit improvements in tbe remaining interests of the Group. 

New developments in the liquor industry 

The Liquor Act has been administered in a manner which has allowed major 
prnducers/whulesalers a limited but equal capability of investing in the retail liquor 
trade. It was recently announced th3t a major liquor producer/ wholesaler had acquired 
a stake in another wholesaler with widespread retail interest. In terms of the Liquor 
Act, a transaction of this nature requires Ministerial approval. This was granted, and 
the effect is to change the competitive balance to the Group's disadvantage." 

We will make urgent representations to the Minister to achieve parity in terms of 
our retail involvement based on the fundamental principle of equal treatment by 
Government for all competitors in the private sector. 

Future prospects 

It is expected that the upturn in overall economic activity will be sluggish. Com- 
petition in the liquor industry wdtl intensify and this is likely to result in some erosion 
of liquor profit margins and Further increases m marketing expenditures. However, the 
diversified interests should continue to show improvements. Against this background 
it is anticipated that there Is a reasonable prospect that attributable profits in the 
remaining six months of the financial year will at least match those of the comparable 
period of the previous year. 

2 Jan Smuts Avenue, For and- on behalf of the Board. 

Johannesburg. 2001. F. J. C. Cronje (Chairman ). 

yih November, 1978. R. j. Goss (M anag ing). 

DECLARATION OF INTERIM DIVIDENDS 

NOTICE IS HEREBY GIVEN THAT on Sth November 1978 the Directors declared 
the following interim dividends on account of the year ending 31st Marcb, 1979, pavyble 
on or about 29th December, 1978 to shareholders registered on 24th November. 197S: 
Ordinary shares 

An interim dividend of 3.0 cents Per share (last year's interim dividend 3.0 cents 
per share). 

Preference shares 

Interim dividends calculated in respect of the six months ended 30th September. 


Class 

6.2% Cumulative 

7.0% Convertible Redeemable Cumulative 
8.0% Redeemable Cumulative 
7.0% Cumulative 


Nominal 
Value 
per share 
R2.00 
Rl.00 
R1.00 
R1.00 


Dividend 
per share 
6.2 cents 
3.5 cents 
4.0 cents 
3.5 cents 


The foregoing dividends are declared in the currency of tbe Republic of South Africa. 
Warrants in payment will be posted on or about 29th December 197S. to members at 
their registered addresses or in accordance with their written instructions and will be 
despatched from the office of tbe Transfer Secretaries in Johannesburg to all payees 
except those to whom payment will be made from the office of the London Secretaries 
of the Company (Baroato Brothers Limited, 99, Bisbopsgate. London EC2M 3XE). 

Any instructions which will necessitate an alteration In the office from which pay- 
ment is to be made must be received on or before 24th November. 197S. 

Payments from tbe office of the London Secretaries of tbe Company will be made 
in United Kingdom currency calculated by reference to tbe rate of exchange ruling on 
13th December. 1978 or at a rate not materially different therefrom. 

South African Non-Resident Shareholders' Tax at the rate of 14.26% and United 
Kingdom Ta:: will be deducted from the dividends where applicable. 

The Transfer Books and Registers of Members in respect of the shares which are 
live subject of this notice will be dosed from 25th November to 3rd December, 1978. both 
dates-in elusive. 

2 Jan Smuts Avenue, By Order of tbe Board. 

Johannesburg, 2001. B. C. Waigel. 

Sth November, 197S. . Group Secretary. 


Imasco raises stake 
in Hardee’s to 38% 


• NEWS ANALYSIS— ASDA EXPANSION 

Allied Retailers merger 
could be next step 


British American Tobacco Com- of £4m. The company exports BY ANDREW TAYLOR 

pany 149 «ni he| d). hu P" “« ot ^ Associated Dairies is dearly interests are represented through AIDed, like Asda^prefers to sefi 

agreed to purchase 6S1.S1D shares The move Is Cadogan Oakleys determjned to make its mark in its Williams shops acquired at from large superstores often m 
!" Hardees Food System Inc. of ""*5^ jwqjihttkji £ the worid of [uraiture and carpet the beginning of 1973. out-of-town sites. Single super- 

North Carolina at SL.h.22 a share menswear field. It intends to retajJln Two months ago it A]U ~i has coped better than store developments however are 

SB. fiittftypi'cSirtsi e ess saar - by Jocal “* on ? 

ICFC has a stake in Micbelsons «.6m and ^yesterday Asda to April X, 1978.^rou P pre-tax J**gg* “ 'fJSSi 


field. 

ICFC has a stake in Micbelsons. 


Hardee's is a major hamburger revealed ~it is 'having merger per“renTT<Ta »“»«rity opposition to isolated 

chain which turned in profits of Lm has offered talks with Allied Retailers— the SqV — rimnks to a pai> su P ers tore developments, Asd* 

SS.4m oo sales of S2]A4m .in .the 11 *** offered carpels and furniture group run {ggifSi ~ has “MSSSS 


c-j.tni uu snies oi Ki-ww Cadacoan Oaklev carpels ano lumnure group run drnn . final Quarter s, . 

year lo October 31. 1977. In JS/a- '- aaa e° an uaxiey. air Harold Plotnek. Ucularly strong anal quarter new-style district shopping com- 

1976. profits were 9422m on sales lf the *-1.. succeed— vesterdav Analysts estimate that tee car- pieces, which have proved accept- . 

of Sl8S.05m. FIT7ROY INV crt m P r1tv analvsts wer/ pets side generated between £3jm t0 the planners. These dis- 

Completlon of the transaction prjRCHASF ‘ STtbS^Ufed coll? nmS a f- nd KSSLK ? SlfdnSlfmS centres comprise a super: 

is expected in late December. rUKL-HAht - nrmeta® of around £Um--4t will hams terniture Store as a nucleus with satellite 

after Hardee's Shareholders meet For a maximum consideration Pf*** t3o ol aro a m— « will produced around £9a0.000 profit, smaller shops. leisure centres, 

to approve 6 the" share issue on of £178. 000 fltzroy Investment has “J^Asda which^ias based ^ts not mudi more than tbe £110.000 car-parking facilities and other 

December 15 acquired a oO per cent interest in ter Asda wnicn MN n « earned to 1972-73. social amen ties. 

Hardee’s said that funds from SSSted suplr stores £je«IgL _JF» “£5? Clearly the acquisition of Allied 


Associated Biscuit buys 
Bond St. chocolate maker 


COOSirUC warehousing respectively. cent of Asda's pre-tax profits i 9T2 -73. profits from carpets ™t ^ furnFSw outlefewm 

restaur tuts. Combined net tangible assets of (£26 2 m last year) may be slun jped to £790.000 the following “JJf 1 its new ffliper- 

the two companys were £398,000, generated by non-food sales. The year. KJ?® this logic Sat 

CADOGAN OAKLEY and P re ' tax profits for the three acquisition of both Wades and Opponents of Asda's decision to. tbe -roup's recent 

PivCitc*. months ended September 30, 1973 Allied could lift this non-food l mo g uito home furnishings stress JSSiUon of WaSS. 

PA * S f 1.5M came to some JESO.OOO. share to around 40 per cent of this cyclical nature of carpet and « 

Cadogan Oakley, tbe newly Fitzroy believes that these two profits. furniture sales. They say that 7« 1 wiSiamff 

formed subsidiary of Cadogan investments will enhance its exist- Asda has been seeking for some Asda has a consistent sales and g* storM^ ana ro Truuams. 
Estates, has acquired the capital ing Interests In haulage and time to find a home for its profits record from its traditional ou 375“; iL4 da Jrf“ 

of Micbelsons for £1.5m. property, and sees this as an mounting cash reserves— cash food-dominated business. To move §£®“R „ “ a f t _ s jtvI v ret ailhw out- 

Michelsons is one of the largest unportant step in the rebuilding and E hort-tenn deposits at the further away from food would 7 h . irniim « w 

specialist tie manufacturers m of the companys trading and end of April this year stood at only upset tbe quality of the S™L *?, AvohmmitS These 

Europe with a turnover in 1977 financial base. £24m, but tbe goup has group's Wnings. SSSSSe TwiEmmS 

previously shunned the cyclical However, the High-street gro- are^based 

A • j l retail market of home furnish- eery price war sparked, off by o^S-oMown^site^ 

AcCAPIQT A ft KlCPllll nilVG tegs. Tesco’s checkout campaign last Dn . 

^-^9 ■■ IbIM (III III! V\ Over tbe past few years year has upset this traditional This type of ^approach mirrors 

disposable income and inflation Image, and Asda's margins, like Asda 5 owi efforts in the hem 
|l An# | kJA /vhnonlofA WinlrAI* moved in opposite directions, other food retailers, have come M _i ooa retailing. 

OOfllQ CnOLUiaic llUKcr leaving the consumer short of under pressure, particularly in the The extra financial nmsrie 

vxiv/vv/iMi.%/ ixamuvjl C3Ph for new furniture and second half of last year. which Asda would give Allied - 

PURSUING rrs recent policy of some £700m, some 75 pec cent of carpets. Also there has been a general would enable the group to ex- 

acquiring top European chocolate which Is attributable to inter- Government figures show that move by food retailers Into non- pand in otber areas with Asda 
makers and confectioners. Asso- national operations. volume sales of furniture -fell by food products — which command itself now launched on a pro- - 

dated Biscuit Manufacturers has Richard Costain is forming a more than IS per cent in the five higher margins — at a time when gramme to spread Us superstores ' 

just paid £lm for (he Bond Street new holding company. Costain years to April 1978. This year, spending to food has been stag- into the South, 

company BendJcks (Mayfair), Group, a move which will win it f Urn iture sales have been rising mating. A key figure m Allied's de- 
world famous for its "Bcndicks two years of dividend freedom. on t he back of a recovery, in con- It is unlikely that Asda would velopment has been its' chairman. 

Bitter Mints." The vendors were sumer spending and volume sales attempt to seD Allied. carpets and Mr. Harold Plotnek who controls : 

the Wood Hall Trust. a t t»nvr ttoc • of furniture in the UK are furniture in its super-stores where a 19 pet cent stake in , the group. 

Yesterday. Dr. Keith Bright. iVKALriTNt. Ira thought to have risen by around general household goods are sold He began his business career, 

chief executive of ABM. said that STAKE IN A BERTHA W 7 per cent in the first eight alongside food items. It is more helping his father run a drapery _ 

the group had a poliev of increas- RRISTOI CFMFNT months of 1978. likely that tbe two companies, store in a Birmingham market. . 

ing its turnover at the top end . Allied's success, however, has where there are several similari- Following a short stay with jewel- 

of the confectionery market _ LotguyBoiaings, a member of based on its chain of carpet ties in retailing techniques, will lery manufacture at the end of 
without entering the volume the Sir Robert McAipine grou p, which are operated almost operate as separate businesses, the war, he moved into carpet 

market. has raised its holding In A berth aw ent irely in the Midlands and the perhaps controlled by a new retailing, again selling from a 

Bendicks is the third such i, nd Bristol Channel Portland Lo ndon area. Its furniture retail master company. stall in Birmingham, 

acquisition this vear. In January Go. to lo.Ol per cent from 

ABM paid £1.6m for an 80 per “-3 per cent, 
cent stake in the exclusive French *t now bolds 583,436 shares 

confectioners fotablissements de 3 Cains t 44~,436 when disci os .ires 
Loisv et Gelet, and in March it was last made Assomted Port- 
boucht the West German specialist land Cement (Blue Circle), with 
confectioner Dragees aus Weseke a 26 per cent stake, is the other 

■or £jm major shareholder nl Aberthaw. . . . 

Dr Bright explained that An Aberthaw spokesman said 

margins for high-class confec- Colguy maintained its holding a a CIA- i l 

tionery were good and there were was a trade investment and there A TtlQ V AVIlAPlQ (ITAWlh 

added industrial advantages in had been no bid approach. / ml BM ll. A 1,3 ill 2jlJ. ff 111 

linking the new products to ABM's Jt 


MINING NEWS 


existing specialist ranges and to 
its worldwide distribution system. 

No immediate changes are 
planned ter Bendicks which has 
a modern factory in Winchester 


DEVELOPMENT 
C APITAL BACKS 
GLASS ENGRAVER 

Leslie Creasey (Old England). 


Amax expects profits growth 
to continue into 1979 


supplying its four central Londnn vhjcL , en;rraves and sells ■ high BY PAUL CHEE5ERIGHT 
shops but it was possible that ts „ decorative and table 
range could be extended by in- h __ Q htained £80 000 in 

eluding some of the West German " u|tY a ‘ nd , oan cap jta] * from AMAX. the diversifled U.S. The first AJlOOm (£5S.lm) will output of 2,022 tonnes goes 

and French products. These could Dp Ve f 0 pment Capital minerals group, will have record go exclusively to the lenders. The against L822 tonnes, 

possibly be supplied under Cre3Sej . wa5 formed some four earnings and turnover in the second ASlOOm will be divided on the other side of the coin 
Bendicks own label. years ago. The business has Tourth quarter oF this year. Mr. between Metals Ex and Freeport the major producer. Bwjuntat has 

expanded into high quality volume Pierre Gousseland, the chairman, on a 90-10 basis: the third ASlOOm done leas well in the past month 
PDrmYrtfini AND engravings in a variety of designs said in London yesterday. will be divided 85-15 between the and six-month total is 2243 

, 1 ,.,m ^ - t using 5a nd -blasting techninues. A “This is a confirmation or the two partners; the fourth ASlOOm, tonnes against 2,492 tonnes; of 

Mr. Gordon \\ ilcox. chairman or new process developed and upward trend of the quarters 75-25: and the fifth ASlOOm and more importance is the Selangor 

the Midland Educational Company, paten * cd by Creasey will also before,” be noted as he predicted thereafter until the debt Is repaid State- - Government's recent 
continues to refuse to forecast ena ble precious metals and that the group was passing the will be shared an a 65-35 basis- decision to charge the company a 

profits for the current year. coloured enamels to be laid in S2bn (£1.01 bn) mark in annual The agreement on debt service royalty on part of its production 

In his letter accompanying the t h e etchings. The company will turnover. Last year turnover was provides that Metals Ex. and and to seek an indirect interest 

aereed offer documents from 5 hortly be opening a London shop $l-33bn. Freeport must pay a minimum 5 in the company, moves which are 

Alfred Preedy and bons. he said j n South Audley Street. Over the first three quarters of per cent of the scheduled debt of concern to the industry in 

that Christmas sales are crucial Sales of Creasey in 1977, were the year, Amax had total net service for 1979 and 1980: 20 per general. ' 
to the seasonal nature of the mo.000. As part of the financial earnings, of S99-2m (£50-2m), cent for 1981-83; 25 per cent foe ort sri*-- An* 

business. package. Development Capital, made up of $16-2m in the three 1984-86; and 30 per cent for 1987- “iroes wanes tonnes 

Preedy is being advised by which obtains its finance from months to March when profits 1993 or to the end or the ore- *! - 

ICFC Corporate Finance, which the Co-operative Insurance were pulled down by the U.S. body, whichever comes first Anv Berinutai 3i7 HI 


offer is fair and reasonable. 

COSTAIN 

Another reenrd year is promised 
by Richard Costaln, the construc- 


Assurance has acquired 25 per The growth in 1978 will con- iggg 
cent of the equity. tinue into next year. Mr. Gousse- 

land added. 

rnnnn DrioruACC Tijis P attern of Increasing earn- I ; 
FDBKO PURCHASE j n gs, widely publicised by The A J 


A ok am 

120 

120 

97 

Ayer Hi tarn — .. 

an 

128 

170 

Beriontai — 

317 

374 

412 

Kamnnilne — 

5S 

31 

20 

Kranuu — - 

33 

27 

30 

Kuala Kampar ... 

22 

23 

IS 

Lower Perak 

30 

28 

27 

Malayan 

288 

541 

303 

Sum. Klnta Cons. 

145 

150 

125 

Sontftern Malayan 

210 

198 

195 

SuiiKel Beet 

231 

174 

203 

Tonsfcah Harbour 

38 

42 

40 

Tronob Mines 

210 

191 

1ST 


lion group in its reorgansation Edbro (Holdings) has entered group and spiced last month with !_ 
document in to a contract to acquire at the first rise in tbe quarteriy ID V^ClOuCl 

According to Mr. J. P. Sou-den, valuation a factory and the dividends since 1974. is clearly a -mm 'nnnn nprfnmi^pc CTTinv niTTnmi 

the chairman, the group's inter- vehicle recovery equipment Ihhi- major point in the Amax defence P°9 D P er formanCK are 1 tAJL) Y OUTPUT 

national operations remain the ness presently carried on by TFL against any further takeover b»d ^ . T rnnr1ur 

predominant source of profits, Cnincs a» Sandy (Beds-). from Standard Oil of California. 5hf C F^ at I-^r^, UC !!, < inM 8 YI eS ti? f GOPENG 

although, despite highly competi- The total consideration to be i n September the Amax board _ • 


Outstanding orders amounted to in cash. bad heard nothing. ' 1 JJJ. stati *J ics from the ' company 

i 1 ings F»*ten* follows from the J^2 1 j3Wjr jmonrti to toj M m - tonnes> ^ 

w]U diversification of its sources of “ Kamst es a year output was ^ Une with toe pro- 

Olial C revenue, which have protected it ^ MalayaDi wbose Na 7 duction trend estaUisbed since. ' 

»m.cHK,.,o ra Tirot: Equity d,r ?T r has STJ? oSo^’S’s ££ » tf^oSSSWliS 

ss issJda %S2 W ill STSL2 .... .... _ S*SiSSrsySt 1, ST58 2-a--5.a*^d.«s 


h » purih? sd a fuVitS; lW.OOO T.dm sha™. With lh. disposal ““g^re has also been soma |? n SSJyeS 

ordinary shares Increasing its of these shares. Mr. Tongue is he , from the mar] , eXs _ ^ am tennesagainst 876 tonnes.wtoie 

holding to 1.465.000 Ordinary now interested non-beneficially in opt } mistic on the short term oiS?^rL» i 


output, sad -that of 


share® fCt 
Francis 


Ha loin, a di wior/hias sold 20.000 JJ™ a total interest of 359,921 ‘ f e SS edtoTt The base metals were oStSti taPUSS A 

ordinarj shares reducing his s ^rT^. , - , .. Charles nor yet providing the profila- w hirb lifts the seven-month total Co P® a * — I8H 

holding to SO. W0 shares. Clifford Industries with associates bi jtSvbdenum Ujd on ke which 6 '^ the to ' 1,247 t g MI ”- . a 8 aip *l ^ Mri!"*- il 

«MSS1 l! °M eye Ms^now 9 ^S^SSSS^BSSi Tronobs I^month _ j, 

interested in 2.S33.8SS ordinary a»y been based, is expected to 

shares <14.2 per cent). # SSffiTSwErWS makiXg a ■ £*5 SS!2ESJ“mtoS ^ ! 

Hambros Investment Tnist: , ota j holding 1.49S.000 shares u ct ion ' V 

Standard Life Assurance Com- ( a bout 24 ^ per cent). RIT now ^ci^round^f a il rone m^rkp’ fUg | TCDKA 

oany has acquired 3 further holds £143.500 9 per cent con- rETtroo’s coal Production i« 8 fit L(UIMC2fl~ I CHIVI 

23.000 ordinary shares thereby vertible unsecured loan stock. the benefits of A” 1 ™ 

increasing iis interesr to 1.334.300 Molins-A family trust of which tenr£ of net profits wSl PESFniT RAMIf AE 

ordinary shares (3 percent). Mr. D. W. MoIIins. director, .s a bJ^W^Wble S?xt vear than wllCIII I DANIV Uf 

Hambros Investment Trust has trustee, together with Mr. H. Seys- in 1978 jron ore revenues will I ADAM C1M A 

been informed by Hambros Philips and Mr. D. O. Bates, has ^ higher this year than in 1977 llflAllUC Ni 

Limited that one of Us suhsi- sold 106,. 06 shares. despite lower deliveries but avi 

daries hz< purchased 1W.000 Roberts Adlard and Company— consequent upon price adjust- ■ ■ n A— >• +**+.**. v—m . 

ordinary shares As a result of Eagle Star Insurance Company men ^ |J C C7f5 000 00(1 1 

the purchase. Hambros Limited has bought 26, onn ^shares making g ut there will still ' be losses W-W- y * I luaill 1^ R 

and .-ubsidiaries are beneficially total interest 675.300 shares (28 rrom n { C kei operations, although Mnfac1Q7Q lOQC 

Interesi-ri in 2.845550 ordinary per cent). Shares, are held by | ess half those suffered in llUICS i?fO 1900 

shnrc< iin.iiti percent). Grove wood Securities, a wholly 1977 when there was a pre-tax . 

A and C Black (Publishers): ouried subsidiary’-. . . deficit of S29Bm. This improve- Porthp qiv mnnihe 

PnrV Place Investments now holds Thermal Syndicate— Bntan«tc men t owes something to the . * UIC olA illUllUlo 

Hi) Odd ill 4 r.er cent) snares. Assurance Company bought 5.000 D ardal solution of technical diffi- 9th NOV©mber1978 tO 9th MavlQ' 


OcL 

Sept. 

Aug. 

tonnes 

tonnes 

tonnes 

1654 

165 

137t- 

12 


16s 

18 

l&i 

IS-.' 

Si 

71 

10 


Rurteriicld-Han'cy: Brjr.nnir shares on November 1 and is now pujjics at tbe Selebi-Pikwe 

\ssncraiim Company* has arqulrcd beneficially interested in 425.000 nickel-copper venture in 
"n.dOu o-Hin.-irv shares and non- slt:<rcs iS per cent). ^ Botswana, where the group is in 

holds 1.0.15.000 ordinary shares M. V. Dart — -Mr. S. Marks. a joint venture with Anglo 
'7.3 per ccn'l. director, has acquired 30.000 American Corporation. 

Green friar investment Com- shares. Mr. G. H. Wales, director, Mr. Gousseland said that 
oany: Whan investment Company has acquired 20.000 shares. Selebi-Pikwe had been making 

now hn|[|< 1. +12.000 ordinary McLeod Russel and Company — operating profits ter six months 
shr.re': O! per cent). Assam Trading (Holdings) has an d that costs were running 

International Timber Corpora- recently bought further 15.000 below budget However, the 
lion — M«n;a*rue L. Meyer has shares making total holding venture is burdened by a very 
bought 250.000 chares and interest 1.504.035 shares (37-15 per cent). heavy load of debt Last month, 
is now 2.‘*OS.S$S shares (15.7 per Armitage Shanks Group — Mr. Gousseland added. It had 
cent). Ceramics Holdings SA of Panama been possible to service bank 

Lookers — Mr. R. E. Toncue. has acquired a further 350.000 loans and repay part of the 
director, has disposed of 24.000 ordinarj' shares, which increases advances from the stockholders, 
•shares. Mrs. E. Tongue, wife of 3 jt s holding to 9.01 per cent. 

GREENVALE DEBT 

RESULTS AND ACCOUNTS IN BRIEF I AUSTRALLVS Metals Exploration! 

SHIP mortgage FINANCE COMPANY v- .r and further dividend Increase announces that the W est German. 
-Pr <*• xr.-7 M! tnr «v mon-h= v i» «.si for curo-m year. M-cmu. & U.S.. Japanese and Australian 
s-.-,-. r-.s.j ..ii i-r.. w.i!.-rl»o piac-.-. Sw. Dev-emb^r 5 ai lenders to tne loss- making Green- 

“OM pa hies investment najq.j. vale nickel-cobalt project In north 

TRUST T.cp r] 4 pi fur ^it n*i."f|iq On^onsl^nd whirh is loinTlv 

• t i- r-'.-nV - '•■ un-i. r . . i,j.. RAINE ENGINEERING INDUSTRIES 

--« ii -.n... i .x :T7.?r: *i>— m — N-->uiu lor ie»r end'-d jam- m. I97S. owned by Metal* Exploration and 
-I • j ? Vi.ii ■ o- - tiur- ji N<v.-.-niu.T j r.pon .< O".iohor is. Frxod awvts fj.mm Americas Freeport allBerais, have 


!lti: ir. -r--. . , n ir-»n!P !ar.--K :r, net turwt ass«s K.33B1 agreed to tile third restructuring 

ii??ar ;v in; jir-«- 'em cw.- :o *ii j::m •. B.mR borrowiris decn-asud _r »hf> nmieet'c debt renavnw»nts 
' if! •* l in io-jI -C.IWO »n SSm lncn*a«.. FoUoktiik oi _“T 

•i.v.-i M .h- y.iar Hvdv ouidUn.-s. prv-iaa pnrtt £2S2.om> The deal provides that ail cash 

city and international ^ trujt .■■jjrtPod io m e™ aPfr de?r«iannn generated in excess of that 
— "k io!'s f-.- :-.ar to "*• ll r -i.i ,< M. i-osi »f lain Hi* onn and after required to maintain working 

5 -.- - lovrtuarnir r.?a --ann^ faaor IC.-.000. Ncepsefld held capital at 3 safe level and to meet 

‘tn*. far jr?rw?»;.i>n 2 r nnn(»r is w.ji rcr cmr of issued win 

i-.I.m . cm.rn.a-i 5 . n j'. pi»wn* r,-v-nifc ear.-.il. Meeting. Sbvflldld, Aorcasber =0, C nee afl Wul be 

are 4: tuii,..r ie»ci ’J.a.i li»: ai noon. autriDUtea as iO-UOWS: 


THE LONG-TERM 
CREDIT BANK OF 
JAPAN FINANCE N.V. 

U5. $75,000,000 Floating Rate 
Notes 1978-1985 

For the six months 
9th November 1978 to 9th May 1979 
the Notes will carry an 
interest rate of 1 2 Vi e% per annum 
with a coupon amount of U.S. $60.65 

Bankers Trust Company, London 
Agent Bank 


TOKYO TRUST S.A. 

INTERIM DIVIDEND 

An Interim Dividend of USS0-30 per share will be payable on 
15to November 1978 to holders ou the Register on lfith October 
and to holders of the Bearer Shares against presentation of 
coupon No. 10 at the Paying Agents: 

Singer & Friedlander LttL, 20 Cannon Street, London EC4M gVF._ 

or. . 

' Kredietbank SJL Luxembonrgeolse, 37 Roe Notre Dame, 
Lnxembdnrg. 

By ordier of the Board— 
TOKYO TRUST SjL 






9J9TS 


m 


■■ * 

>»J U ^ U£» 




north American news 


Hefty third quarter loss 
for New York Times 


#re wart Raws ' . . -■;■ ;• j ; U 

I*& New. York?, Times,, which . The company made no c'mh- 
zsme back on the., .streets on meat on the . onGoofc...fqr. the 
flonday' after an 11-week news- fourth- .quarter, but "‘ share 
.piper strike 5 q the -city,- today analysts point out that the strike 
.rave its first clear -indication of <ji<i not end until November. 6, 
K potential cofiV of the . labour and thatuHlike the summer, the 
Ifepute. ■ autumn ..as a period -when 

: 'The company, .. which apart - advertising revenue builds up. 
Tom" the New York' ^Times' pub- Therefore/ the strike ts likely to 
i$6es several., local newspapers have " a - significant impact on 
isfwell as specialist magazmsv fourth edarter results, too. - 

• ThJ^wbwW' bbm« the 
:^PW on .September 30 it- lost ; t ji a jjauf VnHf 'Pttyipq 
CJZ m. This compares with _a. ftnke\al ^ &e New -Yoi rtf- ™js. 
iraftt of SS'.Sm in' -the third' ta-*n «* tte Uiird 

luarter of ,19??. ill/' quarter -setback. .It points out, 

■ rfor the third -quarter; the. -for esdCSpIOi that it s a ffiliated 
oxnpany's revenues fell, to S&OJSm groups ; learned Tecnrd ; - third 
rom ■lhe $1213nr reported. 1 1st quarter ... pretax 'income of 
977. : ■ ■; - r.; S8^m, and toedau* from equity 


interests in iu ihrre Canadian 
newsprint associates was $l.9m. 
a -' per cent gain over the third 
quarter of 1977. 

1Q ^? r first mne months of 
1M,a - the company reported 
venues of S376.ini again*! 
, e et? 11 , 1 in 197T - antJ net income 
«q 1 or Sl - J1 a share against 
blo.lm or S1.5S a share in the 
same period of 1977. 

The extent or the setback will 
surprise some analysts, who had 
been predicting a small loss for 
the company. 

Hitherto, 'net profit had been 
recovering significantly from the 
earned in 1975. Last jear. 
net profit lopped $26m on swles 
revenues of $5Ilm. 


.. »Y JOHN WTLES *.. . 

I^FFIGULTIES IN ; securing 
lovernraenr approvals are stall- 
ig the developmenr of a Slbn 
oat gasification--' plant - whlch 
-ouid be the fi&t fully ctwnmer- 
i?L venture in the UjS; in. this 
ew fechnology.- 
'Amenc&n Natural . Resources 
ompany, one',. of ‘ the five. com-, 
a Dies in the consortium which is 
xekinq the - project, announced 
,.iat the start of construction 
. ark on the. new plants which was 
-ie to start in the -spring at 
eiflab. Norm Dakota; would 
aw he postponed. Although 
; litiaily supported by the Depart-- 
ent of Energy ' the project's 
aainctng. plans have run into 
^position from the Departs 
cat’s Federal' Energy' Regula- 


- tory Commission • and ' a ■ number 
of- jndividual states.: A spokes- 
man for American Natural 
Resources- said today , that a fin- 
ancing ; agreement was ready to 
be signed -with a number of 
banks, but this could not go 
ahead : without regulatory 
approval for the proposed tariffs 
on the gas produced at the .plant. 

It is understood that Govern- 
ment agencies are objecting prin- 
cipally to guarantees - being 
sought hy lenders that if the pro- 
ject failed to be completed then 
they would be repaid through in- 
creased charges to the retail cus- 
. tomers of: the -. five .sponsoring 
companies — American Natural, 
Peoples Gas, Transco Companies, 
Columbia Gas. System and Ten- 
neco.-- '■ 


NEW YORK. Nov 8. 

This unusual provision reflects 
the difficulties the consortium 
has bad in raising cash for the 
project. They claim that they 
can only afford to put up ‘25 per 
cent of the cash themselves and 
have failed to obtain Federal 
loan guarantees. American 
Natural said to-day there was no 
question of Lbe project being 
shelved bur postponement was 
inevitable because Government 
approvals could not now be ob- 
tained by the target date of Janu- 
ary 1. It was still hoped to start 
construction late next year or 
early in 19S0. 

The coal gasification process 
Involves obtaining clean burn- 
ing methane, the main ingredi- 
ent of natural gas, from coal. 


$50m offer by Addf essograph 


BY OUR FINANCIAL STAFF . ^ 

IE office machines and business Kierodata. earned S4.8m or S1J31 
f 7 ** A 1 pvuipm en t company Addresso- a sfaarefrom sales of$64.0m. 

&* oiWMuurth . w« r --bOTss 

s offered to acquire, Microdata from of sm.6m -in the 

rporation. which manufactures year to July 31. 
nicomputer business systems • Amoco Petroleum Canada, a 
d peripheral' equipment . . • „ subsidiary of Standard- ^Oil of 

The offer on a nn^ftir^inp. TatUana, has sold a-12J per cent 
e offer, on a one-for-one - n - ts ^eep oil recovery pro- 

ire exchange basis, . -values ject at G^bne Lake id. the 
crodata at around. S50m. For Athabasca oil sands region of Sun- 
-. j. fiscal year ended ^August 31, Oil Company,, itself a subsidiary. 


of Sun Company. The price of 
the deal was not disclosed. 

Production in the area is 
expected to reach 1.000 barrels 
a day next year, when the pilot 
recovery phase is under way. 

Amoco Canada has retained a 
25 per cent interest in the pro- 
ject. Other participants are 
Pacific Petroleum, with 12 j per 
cent, and the Alberta Oil Sands 
Technical and Research Autho- 
rity with 30 per cent. 


Polaroid 
agrees to 
drop 
EPA suit 

CAMBRIDGE. Nov. 8. 

1 POLAROID HAS agreed to 
drop a suit against the Environ* 
[ menial Protection Agency ask- 
' ing for a court review or 
[ provisions for coni rolling the 
■ security or corporate secret in- 
[ formation which the company 
was required to submit by law. 

Polaroid said its position was 
' that the security provisions 
; were inadequate. 

It said that the EPA had now 
1 changed the regulation*- regard- 
ing the security of information 
filed with it. thus enabling 
Polaroid to drop the suit. 

Under the original pro- 
itsiuns, the EPA could have 
turned over data to third 
parties without prior advice to 
Polaroid. Under the revised 
regulations, Polaroid said that 
it was guaranteed advance 
notice of EPA intentions to 
turn over such information. 
Reuter 

Credit Foncier 

Credit Foncicr F ran co-Can a- 
dien, mortgage company con- 
trolled by Credit Lyonnais, 
earned CSi or 98.68 a share 
in nine months against C$6.9m 
or S7.99. reports our Montreal 
Correspondent. Assets were 
C$I.25bn against C91.09bo at 
September 30- 

Washington Post 

Washington Post directors 
have voted a Iwo-for-otie stock 
split and expect to declare a 
36 cent annual dividend on the 
split shares beginning in ]979. 
equivalent to 72 cents a share 
annually against 60 cents at 
present reports Renter. 

Goodyear spending 

Goodyear Tire and Rubber 
Company’s capital outlays will 
be about S4I0m this year, and 
the company expects to spend 
a similar amount in 1979, the 
chairman, Mr. Charles J. Piliod 
Jnr. said here, reports Reuter 
from Chicago. Capital expendi- 
tures for the past five years 
had totalled about Sl.Ahn. Mr. 
Piiliod added, with the closing 
of old plants and construction 
and start-np expenses at new 
installations. “The corporate 
benefits have not been reflected 
in our profits performance. 
And I do not expect this to 
happen short of the next 12 
months. 


BRITISH GAS SEEKS NEW YORK FUNDS 

A new recruit to a select group 


AS THE nest step in Britain's 
plans to cultivate New York as 
an- important source of dollar 
finance, a large UK state borrow- 
ing is scheduled in the S75bn 
U^. ■commercial paper market 

The British Gas Council should 
be the first UK stale agency 10 
enter this market for short-term 
promissory notes. It is believed 
to bo negotiating a standby 
facility — to back its commercial 
paper issues — of up to $250m in 
the medium-term syndicated 

Euromarkets. 

British Gas should thus join 
a relatively small number of 
British borrowers, headed by ICI 
and British Petroleum, which 
have tapped the commercial 
paper market in recent years. 

Britain made its first post-war 
excursion into the L-.S. financial 
markets this spring, when it 
successfully launched S350m or 
seven and 15-year of UK 
Treasury bonds. These bonds 
received a triple-A rating in New 
York, ranking them among the 
most secure bonds in the U.S. 
market. 

it was clear at the Lime that 
this Yankee bond notation was 
likely to be a forerunner for 
other U.K. borrowing operations 
in the U.S. 

(£3.-100). 

The UJv is evidently attracted 
by the availability of low-cost 
funds in New York. Short-term 
commercial paper offers among 
the cheapest methods of dollar 
financing available both within 
the U.S. and in the Eurocurrency 
markets. 

For British Gas. commercial 
paper also offers it an oppor- 
tunity to establish a presence as 
a borrower in the t T .S. The state 
organisation wiil have to estab- 
lish a rating with one of the 


BY JOHN EYANS 

major U.S. rating agencies, but competition for the American 
accepts that this at the same commercial banks as a source of 
time will help familiarise its short-term, funds for U.S. 
name among the institutional organisations, 
investing communitv in the At the other end of the 
U.S. * spectrum, a dollar rollover 

Fnreien issues of US credit in the medium-term Euro- 
r oreign issues or i s. markets on tho current 

commercial paper— recently esh- Eurodo i lar interbank rates, 

mated at S3.5bn outstanding— would cost a borrower like 

have been given fresh impetus by Britain up to 12 per cent 

In spite of the steep rise in U.S. interest rates in recent 
weeks, short term commercial paper continues to offer a 
cheap method of dollar financing Tor non-U-S. borrowers. The 
planned move hy British Gas Corporation represents a 
farther step by major UK borrowers into the American 
borrowing arena 


this year's sharp depreciation of 
the doilar. This has attracted 
corporate treasurers in Europe's 
“ hard currency " countries. 

As well as obtaining a 
sovereign guarantee for its 
commercial paper. British Gas 
will no doubt want to take out 
insurance under the Treasure's 
exchange cover guarantee sys- 
tem. now that the U.S. has 
introduced measures aimed ai 
defending the dollar. 

The steep rise in U.S. interest 
rates in recent weeks has not 
damaged the traditional favour- 
able edge enjoyed by com- 
mercial paper over other 
equivalent forms of bank-related, 
financing. 

Dealer-placed commercial 
paper over 60 to 90' days 
maturity now costs between 
9.625 and 9.75 per cent versus 
the current U.S. banking prime 
raie of 10.75 per cent. 

Tliis interest differential has 
beeu lhe major factor respon- 
sible for the fast growth in 

commercial paper. 

It notv represents serious 


(although tiie' rollover technique 
does allow the borrower to share 
the benefits of any subsequent 
downturn in interest rates. 

The Euromarket standby 
facility now being negotiated by- 
British Gas reflects ihc usual 

practice in commercial paper 

(although not a stautorv require- 
ment) of arranging secure 
alternative long-term forms of 
funding. 

Commercial paper issues have 
3 maximum maturity of 270 
days, although usual market 
practice is to arrange 30«lay 
paper and then replenish upon 
maturity. 

The largest single foreign 
borrower in commercial paper 
is France’s state Electricite de 
France. With well over Slbn 
outstanding, it is currently 

arranging a further S600m Euro- 
market standby which will back 
he equivalent amount of paper. 

These standbys are useful if, 
say. especially tight U.S. credit 
conditions made it advantageous 
to retire commercial paper and 
revert to Euromarket financing. 


(At times of rising interest 
rales, the commercial paper 
market could exceed the prime 
rate. Additionally, during the 
last period of stress in the 
market, when Franklin National 
Bank was declared insolvent in 

1974. the rale spreads between 
the highest quality and medium- 
quality paper rose to a peak of 
around 170 basis points, before 
gradually flattening out during 

1975. ) 

EDF in fact has never acti-. 
vated its standbys for commer- 
cial paper. But it still ensures 
that it obtains very fine terms 
from the banks in the Euro- 
markets. 

EDF's latest S600m standby is 
for 10 years and carries a margin 
over interbank rates of 1 per cent 
throughout. The commitment 
fee. payable if the facility is 
drawn, is ; per cent 

British Gas similarly plans at 
10-year maturity at per ceut: 
its commitment fee may be on a 
three tier basis — i. J and ! per 
ceni. 

Beyond tho British Govern- 
ment's own strategic plans for 
financing public sector debt in 
lhe U.S.. the prominent dealer 
firms in New York will be watch- 
ing to see if the interest of 
British corporate treasurers in 
this market is awakened by 
Britisb Gas's anticipated foray. 

Consolidated Gold Fields, via 3 
U.S. subsidiary, has gained useful 
access to the commercial paper 
market, although it is nowhere as 
large, or as well-known among 
American investors, as ICI and 
BP. 

At the last count. Gold Fields 
American Corporation had issued 
only SlOm of paper, but had 
replenished its 30-day paper at 
S.90 per cent — on par with some 
triple-A U.S. corporate names. 


FT INTERNATIONAL BOND SERVICE u.s. quarterlies 


fc . BLUE BELL 

-The list shows the 200 latest internatimial bond- issues for which an .adequate secondary market Fourth Quarter am nw 
sts. For fiather -details of these or other bonds-see the complete list of Eurobond prices published _ * olo s . 

the second. Monday of each. month. ... Closing prices on November S Revenue "fgJSJ 


Record profit 
at TRINTOC 

By David Ren wick 

PORT OF SPAT'.', Nov. 8. 
TRINIDAD and Tobago Oil 
(TRINTOC). established in mid- 
1974 on the basis of assets 
acquired by the government 
from Shell Trinidad, made 
another record profit in 1977. 

According to the company's 
accounts, presented to the Trini- 
dad and Tobago parliament by 
Mr. Errol Mahabir. Minister of 
Petroleum and Mines. TRINTOC 
earned a pre-tax profit of TT 
5195.2™ (USfiSlnn compared 
with TT SlBl-Srn the previous] 
year. The after-tax profit wasi 
TT S43.8m, agaiDst TT $2S.7m in 
1976. | 

| TFJNTOC's sales in 1977., 
I despite sluggish external demand , 
for oil products in North 1 
.America, totalled TT $604.9m : 


EUROBONDS 


Dollar Issues higher in active trading 


BY FRANCIS GKILeS 

PRICES OF dollar-denominaled 
bonds were marked up sharply 
yesterday morning but fell back 
later in the day in what dealers 
described as active but technical 
trading. 

Many prices ended the day a 
full point above Monday night's 
close. Investors, however, are 
showing no interest either in buy- 
ing or selling bonds at the 
moment until the level at which 
the dollar settles becomes 
clearer. 

The movement in prices of par- 
ticular issues reflected the posi- 
tions of dealers rather than any 
genuine buying or selling pres- 
sure. 

The dollar finished lhe dav 


weaker against most currencies 
but interest rates fell. The six- 
month dollar rate dropped by 
3 of a point to close at 113 per 
cent lust night. The 560m floater 
For Bank Leuml was priced at 
par with its conditions otherwise 
unchanged. 

The Deutsche Mark sector was 
weaker yesterday as selling 
orders, emanating particularly 
from London, pushed most prices 
dawn by an average or { to ?• a 
point. Fear of rising inlerest 
rates in Germany was a major 
factor behind the foreign orders 
to sell Deutsch Mark bonds. 

The DM 50m convertible for 
.Nippon Yusen was priced at par 
with conditions otherwise 


unchanged by the lead manager, 
Westdeutsche Landesbank. The 
issue will be convertible into the 
company's Tokyo listed shares 
from January 15 next year at a 
conversion price of Y251 a share. 

Austria will float a SwFr 100m 
15-year bond later this month 
through a group of hank-; led by 
Credit Suisse. Indieaied terms 
are expected l3ter this week. 

Venezuela has signed an agree- 
ment lo float its third Yen- 
denominated bond in Tokyo: the 
amount of the issue is Y25bn Tor 
10 years. The coupon is 6.8 per 
cent and the issue has been 
priced at 995 to yield 6.SS oer 
cent. 


New Issue 


'POLL Aft. CfcaoSB.tm . 

WIGHTS found Bid Offer day walTYteld 

Akt. 9i 8S B Q « -# +tt 9.9* 

3*Ha S.4S S3 175 . %t 9TA -04 +W *52 


Tails »} 93 


75 

98* 

991 

+W 

+1 

9^5 

triw Foods 

71 83 

MO 

TO 

TO 

■ » 

+44 

9:03 

:\ *i S7 

5B 

931 

TO 

+-W 

+01 

9.80 

:A 9 93 

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as 

TO 

971 

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9J9 

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971 

TO 

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9j88 

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; 

75 

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TO 

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9.69. 

adj 8 93 


2M 

TO. 

W 

+01 

+1 

VJ9 

a da 5.2fl 


250 

■ 95 

TO 

-01 

O 

9.35 

sdsr 91 98 . 


*0 

TO 

: TO 

+04 

+14 

9.44 

ada 9 83 .. 



400 

-TO 

11m 

+04 

+1 

. 923 

ads 94 9ft . 

...... , r 

35B 

99* 

am 

+0i 

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U6 

adair 83 63 


70 

TO 

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ID.Qfc 

union Bridae Ca O 89 

25 

W4 

94 

+04 

+0i 

JBJff 

8} 83 - 


190 


-TO 

+W 

+1. 

9.73 


VEH STRAIGHTS 
Aslan Dev. Bk. si as 

AUStnfia 8.S 90 

BFC® 41 90 

EurQBnu S si 90 

Fadand $.7 M 

Norway 5.7 S3 

OSTO. CUT Ol 6.6 90 

SJSCF 6.0 90 

Sweden E.3 99 


Change an 

IkwhJ Bid Offer day week Yield 


IS 

981 

99} 

-04 

+0} 

5.92 

50 

MU 

1824 

+0} 

+01 

6.46 


96} 

17} 

+0} 

+01 

6414 

. M 

904 

991 

0 

+li 

6S6 


984 

991 

+0} 

+01 

1.00 

.. .. 25 

1034 

104} 

+04 

+01 

4.75 

. ... 15 

TO 

99 

-01 

-0} 

6J9 

20 

90} 

99} 

0 

+0} 

6J7 


9U 

97 

o a 

Cffange on 

SM 


91 9S 125 *7: STi +61 +U 9.60 

9} 98 .... .... JW . 171 m +« +W W« 

rm Jutland 9 S3 .25.' . 953 953 +«* +W 9.97 

■-ponAiwns 9 S5. -ja 9W' W +M +r - 9.65 

-or DevelptanL 8.IT8S IS ; 97i » +W \+U 

and 81 S3 3HT . 96* TO +0i +1 . 9.76 

V and 9 S8 : 100 96| 97 +61 +« 9.W 

piiai-O/S.9 S3 25 _ . 9C1 95 +81 +U .UU2 

•iDdnstries *.iO J&'- *u -1J MJO 

. Finance 91 88 - 25 931 941 .+63 +U 10.78 

fUUDW.01.flJ — 30 91} *21 +0* -8J ms 

Vofcado Ol" 83 ' 20 97i *0 +01 +0} 9.99 

T. PeomSy Sj *T. :. iM '961 97i +0i +2 9^6 

: iBloedel flt B3 • 50 951 96f +W +11 9.TS 

• Fin. SI S3; 20. 92J «I +01 +U 1420 

Dev. Fla S| S3 20 92 1 92* 0 +11 9l99 

West. 9 85 75 . 951 9U +01 +U 9.73 

-foundland ff> «1 96 +8* +1| 9.79 

d, 1m s BtL'Sl BS 25’ 96} 9IJ +« +13 ' 9J0 

tts Kmim. 81 88 7S 974 97*' +01 +14-940 

S7X 7} 83 250 934 9* +01 +11 463 

■wav SI '84 . J2S 951 95 •" +01+11 9JI5 

way 94 «S 1.™ J50 9T4 • 97* +B3 +1 9 JbS 

denial 8} S3 75- ’ 

“Hydro 83 85 125 

b«r Hydro S3 93 50 

3en -St SS -.r.— ........... vs 

« 85 200 

Si .91 150 


12 964 90 0 — 08 

1* 961 973 + 0} +0S 

» . 953 . 969 -K +0i 

35 95} 974 - 03 +Oi 

15 974 981 -M +01 

ZD 9*| . 9SX +Z1 +21 

22 971 90* -01 +M 

75 953 944 +04 + 04 

75 9*4 9*} +04 +04 

75 96} 974 +04 + 01 

75 94| 954 + 04 +U 

75 954 96 + 0* -»i 

75 954 962 +161 +04 


97* +H +2 9.26 ; 

96f +04 +11 9.75- 

«: +oi +u ib-^o 

92} ft +14 9.99 


974 +04 + 01 
954 + 04 +M 
96 +0* -0i 

962 +01 +04 
954 +04 +04 
931 +04 +0! 
911 Q 0 
95} -04 -04 
' 95} 0+01 

961 +01 -« 
9M 0 -08 

974 -0i +M 


-08 12-23 
+01 72B 

+0i 7.47 
+0J 7.40 

+01 7.73 
+ 21 6B3 
+04 7-21 

+ 04 7.W 

+04 8.98 

+01 SM 


92 +0* +14 19M 
951 +i£ +2* 9A0 

■971 +m +11 -W» 
98* +03 +01. 9.70 
964. +01. -+»# *-« 

971 +04 +01 9.45 


OTHER STRAIGHTS . Ifoua* BM Offer day week Yield 
Rank 0.3 Hold. 1U .« ... 12 961 98 0 - 08 12J23 

Anto Cote Bastj. 7 93 EUA U 961 97J +0} +01 7JZ 

Copenhagen 7 S3 EUA .. 30 .954 965 —04 +0i 7.47 

Finland Infl. Bk. 7 63 EUA 15 95} 974 - 04 + 0i 7.*0 

Komm. lOEL.7; 93 EUA— 15 971 981 -04 +01 7.73 

Panama Si S3 EUA 20 9«| 9SX +24 +2| BB3 

SDR France 7 93 EUA ... 22 97) 98} -04 +04 7J1 

Alsemcne Bk- « f3 FI - 75 *3) 944 +01 +04 7.W 

Bra til 7i 83 FI 75 9*4 94} +04 +04 8.98 

CFE Mexico 1 71 83 FI 75 96} 974 +01 +01 84W 

EtB 7* 85 FI 75 94| 954 +04 +04 8JI 

Neder. Mlddenb. fli S3 FI 75 954 96 +0* -0i 7 M 

4«lcw Zealand 8i S4 FI ... 75 954 96} +01 +04 7J8 

Norway 6) S3 FI 100 9« 954 +04 +84 7.91 

OKB BJ 83 FI - 75 928 9M +04 +08 7.90 

EJB 8i 88 FFr 200 97} 981 0 0 10.05 

BAT S 68 L.nsFr ......... 250 94} 954 - 04 -04 0.71 

. Ewer Lux. S 8« LuxFr ... 250 • -94} 95} 0 +01 *M 

EIB 73 S8 LuxFr 258 951 961 +01 -04 A36 

Finland 7. Fd. S S8 LnxFr 250 952 964 0 -08 0.64 

Norway 7i S3 LuxFr . — 230 964 974 - 04 + 04 IL6B 

•Renauli 7J SO LuxFr 580 95* 96* 0 +04 8J4 

Swedish L Bk. S SS LuxFr 500 . 991 2008 +05 +0! T.97 HANDY & HA1 

Citicorp O/S Fin. 10 93 £ . 28 834 84 -84+14 12-09 — — — — — 

■ EIB M 88 £ 35 82} 838 +04 -02 12.99. Third qnartar 

. Finance for Ind. 10 89 - 32 82 82} 0 +1} 13.19 

Gestemei Hid. BV 11 88 t 18 841 85* -04 0 13.90 Revenue 

Oranieboom 101 90 l 15 82} 83* +04 +14 13J5 nroflte 

WUlbread JDi 90 I ....... is 8» 83i 0 +31 1339 gj* sba£”.' 

FLOATING RATE Nhne month* 

NOTES Spread BM Offer Cdate C-cpn CjrM Revenue 


Not per share... 1.09 

Year 

Revenue 8"-.3m 

Net profits ...... 53.6m 

Net per share... 4.2S 

CENTEX 

Second quarter 1978 

5 

Revenue 214.4m 

Net profits 7.91m 

Net per share... 0.64 
Six months 

Revenue — 

Net profits 15.93m 

Net per share... 1.19 

COMB. 1NSCE. AMJEbT" 

Third quarter 1978 

S 

Revenue — 

Net profits 20.35m 

Net per share... 0.76 
Nine months 


{Revenue 


991 1004 +05 +0S T.97 

834 84 —Ot +14 12.49 

82} 831 +04 -0} 12.99. 

82 82S 0 +1} 13.19 

844 851 -04 D 13.90 

82} 834 +04 +14 UJ5 


Net profits 55.79m 

Net per share... 2.09 

HANDY & HARMAN 


Third quarter 1978 

5 

Revenue 123.73m 


+ 2 } J 339 j ** et profits 3.05m 


rrSCHE MARK Cbanse oa 

AtGRTS - issued BM Offer day week YMd 

84 fg ISO «il W +04 -01 7B9 

^Develop. EkTSi 88 180 994* '95 0 -M 6J8 

ralLa _fi . S& 250. 10U 1024. .+01..-06 K74. 

rla 5f 90 IB IS 964 + 04 — H fcS 

Rxt. AJaerte 7] S5 100 Mil 974 +Oi -1 7-JZ 

Mexico 8} 88 150 ' MS TO. +0» -04 7.19 

id* 44 *3 600-- TO 9U +04 r« 5J8 

.v- Manhattan O'S 4 93 30 1024 UZi -+94 -04 . 5.W 


® anw 

r r/fca nuaine 5i S8 m TO 901 +W -1 CJ08 

l V 5. S4 ISO 97} TO -08 ~2i 

* , nesia 7 M 108 97* TO +M . — 4NS 7J3. 

+ fc?. cits Of H SS 180 Mi 1024 o +0\ 

Y Serrtcas de Ekt. ._ 150 97? 984 " -tt -Htt 7+2 

>» ico 6 S5 .: 200 95} 96i -83 -OS *.76 

AMshi-Pulro. SI 85 _. 100 tl81i 1024 . 8 -84 ‘ SJff 

. Siecl Si 85 m 104 M24 +M -M SM 

;ro Komm. 6 M 100. 99} 1008 -04 -08 5.90 

i^-* iZS 41 S3 2 SO • 96f 9M 0 -04 5J1 

. rfeftian Ihd. BP. 0 90 .. 12S 99J 99t -&4 -0» 6JI7 

J- Hw Brazil 7 S8 200 Hi W .1- -« TJ4 

> mines S! SS U8 «i 96 +8i -« .. 743 

Banken 33 SS 100 03} 941 -04 -11 *58 


^ - x 4/ i i*aauuaine oz oa — 

XL ^ 5.:S4 

.MSia 7 M 

E3 kf. CiiF of SS 

- A ftf* F Ft Serrtcos de EleL 




ICO 6 SS 2M 


- FiOf^ 
orB'l-'' 


American Express Si 04 
Arab Inll. Bank MHJ 03™ 

" Band) Mac. Areem. M8 S3 • 04 
Bank Handiowi M» SS ... . 11 
Bank of Toto'o M5i m . 04 . 
Banqnf Worms M53 85 B1 
BqTExt. d-.vis. MS.37S S4 (H 
Bane. Ext d’Aigc. M7J 85 86 

Banc. Indo el Sues M54 ... 04 

Bq. Irn. Afr. Occ. 316.3 83 04 

CCCE M5.25 BS K 

CCF MS} 85 

Chase Man. O’S Mo: BS... 04 
Cosia Rico MS* S3 ....... 11 

Credit National Mai SS .... 04 

Enpetroi M7 86 £1 

IshlkiH-ailma M5{ bS 04 

Unhljanska M7.«o Ja 1 

Midland InU Mai 93 U 

Kal. West. MS) 00. « 

Krppon Credit M5J S3 £1 

OKB 115? W £1 

OUbbore Minins S* •_•■■■■- £*' 

Srar.rCirti Chart. M5.t *■— £i 
SucdsraJIsfeHnki/rt MG So .. 

UW. Overseas Bfc. Mfi S3. 01 


S SJ « “w g et P rofl *f 9 S 9 > 

96C .96} a/i M 9.70 Net per share-- 2.S 

464 QT s/ll 9 J6 9>88 ■■ ■ 

961 961 18/4 10) 10-37 LINCOLN NATIONAL 


343.3m 

9.5Bm 

2.83 


98 15/12 9 
TO 9/2 98 

97 2/5 128 

«l 25/1 9} 

97J 12/1 *f 
96} 3/2 9-1 


4 9.2L 

98 9.88 

2J 1320 
9£ 9J8 

4( 9Jx5 
9J9 4J3 


Third quarter 1978 

5 

Revenue 551.8m 

Net profits 40.83 m 

Net per share... 1.71 


994 to 3/5 124 I?-** Net per share... 1.71 

961 TO 77/1 9-31 <L61 Nine months 

TO TO 10,4 1U9 11.24 Revenue 1.63bn 

5* TO art 10 ’ Net profits 114.28m 

984 981 5/4 10.69 10-25 Net per share... 4.70 

TO 98} 27,4 114 11- 06 — — 

964 961 19/1 104 10-62 PEOPLE’S GAS 

963 TO 20'1 9.44 9.73 — - 

.96} 97i 21/12 9J1 9J» Year 1978 


963 TO 20 'l 

.96} TO 21/1 

98 98} 15/3 

983 TO 18/4 

■ TO TO 14/1 

964 96} 88/2 

TO 96} 4/4 

982 994 4/5 


98} 15/3 98 9.67 

991 U/4 10.56 10.67 
TO 14/1 9 M 4.68 

96} 10/2 B.94 9.27 

961 4/4 UL86 10-44 

994 4/5 1L31 12AJ 


aay 41 S3 253' 

rCitian lhd. BF. 0 W .. 12S 
rtw> Brazil 7 SS ..... ... U0 

Pdines PJ S3 — IN . 

Banken 39 SS 188 


wc. Province of 6 90.-250 955 9H 

armfttl oy 5} 8S.._.. 50 94 941 

hS*83 38 tlBOt 101 

n * 200 961 : 97 

lU.-fi 88 150 993 1004 

City of 31 ... 35 TO TO 

Cftnip ai SS - 65 *7- TO 

SOCla H 90 1M MS 953 


99} -&4 -01 
994 0 -02 

96 +» — W 
94} -04 -11 

9H — ua . —11 

941 +0* -« 
101 -0* +Pi 

97 -as - ■ 0 

1004 . 0 “04 

TO -OS -0j 
TO +04 -ai 
95S-B1 -« 


CONVERTIBLE Ck»- CW- 

BONDS date Price BM Offer day Prctp 

A51C6 51 93 9/7* tXS 1024 102} +4 7.20 Third Quarter 1978 

Baker Int. Fid. 5i 9= 1/79- - 84 95J 962 - 2 7 JO S 

Bonis 88 2 /i» 206 ssj sol +oi -4.35 Revenue 151 m 

Coca-Cola . BottUns K 9 « m -0| 16£ R =7 ‘ 

Uo-Yokado 51 83 — MTS 137) 138 - 04 051 P"0ni5 8.04m 

kovo iHdusiri 7 ss 0/2J 2» ' 91 . 921 -os 2.66 Net per share... 0.92 

Texas Im. -Mr- 7? B 4/79 ML5 81 32) — M UJO Nine month* 

Thorn im. Fin. * ss *•*? ** TO 0 -ii» Revenue 428m 

Tyco Idl Fin. S5 — — 9/7B 21 93 94 —IS 24.67 nmfltji 9ft io m 

Tsco InL Fin. 5 S4 5/7 * 6U 711 72 -01 UOT £i et prOntS 


Year 

Revenue l.SSbn 

Net profits 130^m 

Net per share... 4.98 

PIONEER CORP. 


873.7m 

70.7m 

5.64 


1977 

$ 

157.7m 

7.85m 

0.54 


15^2m 

1.05 


17.91m 

0.68 


50.56ra 

1^1 


1977 

S 

94.62m 
2.39 na 
0.71 

278.8m 

8.31m 

2.46 


1977 

480.3m 

29.69m 

1.25 

1.41bn 

94.03m 

3.95 


1.64 bn 
115.7m 
4.67 


All these securities having been sold, this announcement appears as a matter of record only. 

NOVO 1NDUSTRI AIS 

( Incorporated as a company with fimited liability in Denmark) 

US$20,000,000 

7 per cent. Convertible Bonds 1989. 


October 1978 



ISSOVO 


Morgan Grenfell & Co. Limited 

Deutsche Bank Aktiengeselischaft 

Swiss Bank Corporation (Overseas) Limited 
Copenhagen Handeisbank 


Novo IHdusiri 7 SS £/W '2S9 91'. 924 -Oi 

Texas Im. .Mr. 7? M 4/79 145 . 01 324 -M 

Thorn Im. KIfl • — ^+2? W7 ») TO 0 

Tyco Idl Fin. S5 ft? 9/W 21 93 94 -12 

Tyco InL Fin. 5 M -5/70 UJ 71] 72 —8} 

AaaM Optical 3} DM ..—dZfn 5B3 93} 94} -li 

Caaio coma 25 ss dm ...aim s*i 106 xor -u 

isumlra 31 K dm -Jam m ik 106 -0: 

Joscd 31 tfl DM — VW 1270 1004 101} -04 

Ranishtrokn 31 « DM ... 1/79 112 9TJ TO -0} 

Manidai Food * W , Vn IBS IMi 1KJ -0| 

MnraU Man. 3: « DM ..XLT£ « <M « -U 

Nippon Air. 3 j SS DM . -J2£8 TO 95 96 -li 

Nippon Shiupan SJ Ml ... 8/70 7» 124} 12U +5} 


SS FRAHC 
AIGHTS 


Change <n 

Issued BM Offer day week Yield 


iU - 


E i4-«. MSI M6 ■+«+« ■ «J» 

ms Tunnel 4 93 ...... 00 99i M0i . 0 . tM. 

-Tf 93 200 95 «5i 0 -II . 

e sfahSatian 4 K ' 70 1014 XttZi +fli —2 M2 

• P*4«0. 50 TO 99 +01 -« 

,' 4fl Of Europe 41 ...... 65 202 

*nerka 3} «3 ffl ISM in -11 JjM 

E 5 88 7S 189 M® —04 —IS 4.97 

- oark « M 1U 197 1024 +M -22 

a TUrk-ifforixagc Bank 30 102} 102S -M -U 

** l jun Si 93 88 ion 181 +W -u 

i saiidth n ss 25 ion in +n -w 

. LDd 44 S3 80 1004 1W3 +« -21 

I .41-93 100 3BU 1024 +»• 

HoAonnem' 4} ...... 25 IDS 106 9 “fj 


TO -14 17.67 


lUU 101} -04 10.55 
9TJ TO -0} 10.31 
104} 185# -0* 9 JO 

?4 95 -li <L22 

95 96 -li 3« 


Nine montiis 

Revenue 428m 

Net profits 29.32m 

Net per share— 3.16 


377m 

30.35m 

3.26 


US 103} -U 13.53 


US} +01 

95 } 96 } + 04 " 3 l 9 S 

1151 n« +01 -005 


Pin. NV 44- S3 100 "1021 1021 +01 -li 


ran Voima 4 93 80 TO 97 -0} -11 

foha 4 93 108 10U 1013 +M 

‘Bnuzsinck epc Ji._ M0 W 9*3 +W -3* 

UL 4 ...... n IB 1W 0 -11 

ss Koasm. 4J 90 MB M2 102J 0 -21 

A S3 80 995 100 - 8) 

tokia 5 M » 1B1} 1021 -U -Di 

44W.J_ 30 101 MIS +0| -M 

ss IS 99} 100} +« .— 3i 


•■Alpine 4} »J 

/ Owrs Krais 4 9T 

la 4-92 .- : 

1 Bank 4) 03 


102 103 +0S -II 4J9 

Mi Ml 0 -U 3.93 

991 TO +« -21 .*>W' 

MOS iaU -01 -2 4,16- 


NlEsan Diwel 3? M -JTV 07, « TO -04 3.W 

Ricoh W SB DM ...... ....JJ/n 617 lea UBS -fti 13.43 

Sankvo Ek-crric 31 DU.., 8/78 869 W SS +01 6.76 

Sanyo Eteccric 3 } DU ..Jim 2 « 954 964 +01 ' 3 lW 

Seiyu Stores 31 S8 DM ... 8TO 1275 1151 n« +01 -0J5 

Stanley Electric 3! DM. .41/78 © TO Mil —01 5J9 

TriO-Kfirwood 34 85 DM.. 01/73 7U 931 942 -C 1148 

• No infomiadon available— previoas day's price, 
t Only one market maker supplier] a once. 

Straight Bonds: The yield la the yield lo redempUon of lhe 
rotd-t>rice: the amOBtit^osned ts • In mtllioaE of currency 
units except for Yen bands Where it Is In billions. Change 
on veek^CJuiu'' over price a week earlier. 

Floating Rau Notes: Denominated in doQars unless other- 
WJW Indicated. M= Minimum coupon. C.da[e=Daie next 
coupon btcomes effective. Spread =*l3ndn above sn-manth 
offered rate for U.S. dollars, c.cpn=The currem coupon. 
C-rWsHie current yield. 

Cmvyrijble hands: Deoanunaicd in rtoUare unless othervife 

Indicated. Chi:. da>- Change on day. Cnv. daic=>'l«ii date 1 


over the nu*t recent price of the shares. 


Data supplied by Inter -Bond Services. 


RAYMOND INTERNATIONAL 


| Third quarter 1JJB 1977 

s s 

Revenue 160.2m . 122.Sm 

Net profits 4.3m 6.6m 

Net per share... 0.91 1^0 

Nine months 


*■« Revenue 4015m 268.5m 


Net profits 

Net per share— 

12.8m 

2.60 

16.2m 

3.03 

TELEPROMPTER 


Third quarter 

1978 

$ 

1977 

5 

Revenue 

38.0m 

312m 

Net profits 

3.4m 

2.3m 

Net per share... 

020 

0.14 

TIDEWATER 

Second quarter 

1918 

5 

1977 

5 

Revenue — . 

55.0m 

452m 

Net profits 

7.59m 

6.09m 

Net per share... 

0.70 

0.57 

Six monttii 

Revenue ......... 

106.1m 

56.9m 

Net profits 

24.83m 

1127m 

Net per share... 

1.36 

2.11 

J 


Abu Dhabi Investment Company 
Algemene Bank Nederland N.V. 

A. E. Ames & Co. Limited 
American Express Bank 
International Group 
Amsterdam -Rotterdam Bank N.V. 

The Arab and Morgan Grenfell Finance 
Company Limited 
■ Amhold and S. Bleichroeder.Inc. 

Astaire & Co. Limited 
Atlantic Capital Corporation 
Banca Commercials Italians 
Banca del Gottardo 
Banca Nazionale del Lavoro 
Bank of America International Limited 
Bank Julius Baer international Limited 
Bank Mees & Hope NV 
Bankers Trust International Limited 
Banque Arabe et Internationale 
d’lnvestissement (B.A.I.I.) 

Banque Bruxelles Lamberts A 
Banque Franqaisedu Commerce Exten'eur 
Banque Generate du Luxembourg S.A. 
Banque Gutzwiller, Kurz, Bungener 
(Overseas) Limited 
Banque de rindochlne et de Suez: 

Banque Internationale A Luxembourg SA. 

Banque Louis-Dreyfus 

Banque Nationale de Paris 

Banque de Neuilize, Schlumberger, Mallet 

Banque de Paris et des Pays-Bas 

Banque Popuiaire Suisse SA. 

, Luxembourg 

Banque de I'Union Europeenne 
Banque Worms 
Baring Brothers & Co„ Limited 
H. Albert de Bary & Co. N.V, 

Bayerisch e Hypothekerni nd WechseF- 
Bank 

Bayerische Landesbank Girozentrale 
Bayertsche Vereinsbank 
Bear, Steams & Co. 

Bergen Bank 

Elerllner Handels-und Frankfurter Bank 
Blyth Eastman Dilion & Co. 

International Limited 
B.S.I. Underwriters Limited 
Calsse Des D6p6ts et Consignations 
Cazenove & Co. 

Centrals Rabobank 
Chase Manhattan Limited 
Citicorp International Group 


Commerzbank Aktiengeselischaft 
Compagnie Monegasque de Banque 
County Bank Limited 
Creditanstalt-Bankverein 
Credit Commercial de France 
Credit Industrie! d'Alsace et de Lorraine 
Credit Industrie! et Commercial 
Credit Lyonnais 
Credit du Nord 

Credit Suisse First Boston Limited 
Daiwa Europe N.V. 

Den Danske Bank 
DG BANK 

Deutsche Genossenschaftsbank 
Den norske Credubank 
Deutsche Girozentrale 
-Deutsche Kommunalbank 
Dewaay et Associes 
Socidte Anonyme 
Dominion Securities Limited 
Dresdner Bank Aktiengeselischaft 
Drexei Burnham Lambert, Incorporated 
Euromobiliare S.p.A. 

European Banking Company Limited 
Finacor 

First Chicago Limited 
Robert Fleming & Co. Limited 
Antony Gibbs Holdings Lid. 

Girozentrale und Bank oer 
osterreichischen Sparkassen A.G. 
Goldman Sachs International Corp, 
Greenshreids Incorporated 
Grieveson, Grant and Co. 

Hambros Bank Limited 
Handeisbank N.W. (Overseas) Limited 
R. Henriques jr. Bank-Aktieselskab 
Hessische Landesbank-Girozentrale 
Hill Samuel & Co. Limited 
E. F. Hutton International N.V. 

IBJ International Limited 
Istituto Bancario San Paolo di Torino 
Kansallis-Osake-Pankkt 
Kleinwort, Benson Limited • 

Kredielbank N.V. 

Kuhn Loeb Lehman Brothers International 
Kuwait Foreign Trading Contracting & 
Investment Co. (S.A.K.) 

KuwaitInternationaMnvestmentCo.fs.aJk.) 

Lazard Brothers & Co., Limited 1 

Lloyds Bank International Limited 
Loeb Rhoades, Hornblower 
International Limited 


Manufacturers Hanover Limited 
Merck, Finck & Co. 

Merrill Lynch International 3 Co. 
Samuel Montagu & Co. Limited 
Morgan Stanley International Limited 
Nederlandsche Middenstandsbank N.V. 
The Nikko Securities Co., (Europe) Ltd. 
Nomura Europe N.V. 

Nordfinanz-Bank Zuerich 
Nordic Bank Limited 
Sal. Oppenheim jr. & Cie 
Orion Bank Limited 
Osterreichische Landerbank 
Aktiengeselischaft 
Peterbroeck, Van Campenhout, 

Kempen S.A. 

Pierson, Heldring & Pierson N.V. 

Postipankki 

PKbanken 

Privalbanken Aklieselskab 
Rea Brothers Limited 
N. M. Rothschild & Sons Limited 
Rothschild Bank AG 
Rowe & Pitman. Hurst-Brown 
Salomon Brothers international 
Scandinavian Bank Limited 
J. Henry Schroder Wagg & Co. Limited 
Singer & Fried lander Limited 
Skandinaviska Enskiida Banken 
Smith Barney, Harris Upham & Co. 
Incorporated 

Soctete Bancaire Barclays (Suisse) S.A. 

. Societe Generale 

Societe Generale Alsacienne de Banque 
Society Generate de Banque S.A. 
Strauss, Turnbull & Co, 

Sumitomo FI nance International 
Sun Hung Kai International Limited 
Svenska Handelsbanken 
Tokai Kyowa Morgan Grenfell Limited 
Union de Banques Arabes et Frangaises- 
U.B.A.F. 

Union Bank of Switzerland (Securities) 
Limited 

Vereins-und Weslbank 
Aktiengesellsohaft 
J. Vontobel & Co. 

S. G. Warburg & Co. Ltd. 

Wardley Ltd. 

Dean Witter Reynolds International 

Wood Gundy Limited 

Yamaichi Inlernational (Europe) Limited 









RfERNATIONAL FINANCIAL AND COMPANY NEWS 


Jfinand'al\ Ti^.s .. 









Norwegian, dutch shipbuilding ■ 

> ,,s V rer An expensive facelift 

by ANDREW HSHER, RECENTLY IN THE NETHERLANDS L\ a * 

bankruptcy 

B, Far Gj« w |f C“t 1 Sprty b ^SoS”S3lu! K ’ ' 

OSLO Nor. S. facelift a process which wlT comparing with -FI 28m, and but supply secraons to-VTJSU. 


BY DAVID CURRY 


PARIS, Nor. 8. 


THE NEW men who are to take solve since they both have plans The- Government has legis- operating companies, meaning 
over the direction of France's t0 bu . ,ld a new steelworks in lated the reorganisation of the that the steel companies will be 


crfsis-hit steel industrv are likelv Lorraine and the market is suffi- steel industry, but the new .men brought firmly within the state's 
Hn ,u m - * cient to sustain only one of will take over responsibility for orbit if not, technically, under 

rlO PC appoint .a in \ne next lew JIT Pl/Ihnnunv wh n line ♦ hi' flirt f'fim nanipe whilii arranori. crata mntml U Rti'hPParaT 


10 dppuimw in me nm i ,w j^em. M. Etchegaray. who lias the old companies while arrange- state control. M. Etehegarayi 
days. The leading steel com- the confidence of The Govern- merits are being made to bring and M.. Mayoux will presumably: 


groups. These holding companies is dismal. Over the first 10 
will be controlled by the months of'the year steel output 


paoy. Usmor, holds its general ment. would be well placed to into being the new structures. be transposed into the new 

assembly of shareholders to- make the inevitably difficult Essentially, a hew bolding judicial structures when they are 

morrow as does the much decision He may become company is being established finally set up. 
smaller Chiers-Neuves-Maisons deput ? , a j. rniaD for '■“? interim over each of the three steel The situation or the companies 
whil** the second largest com- per, .°”, “, efore assuming full groups. These holding companies is dismal. Over the first 10 
me secona tartest com control of a merged group. will p e controlled by the months of ’the year steel output 
pan\ in tne industry, tsaennr. Sacilor is expected to nomi- creditors — Government, state was 19.2m tonnes, up only 2 

■follows with its meeting in a note as chairman M. Jacques owned banks and private lenders, per cent on- the previous year, 
week. Maymix. who for the 12 years The shareholding is being while in October output was 6.4 

It is widelv accepted that at t° l s ~5 was director-general of acquired bv converting part of per cent down on the previous 
least five Usmor directors will Credit Agricole, the farmers' the money owed to them into year. Usinor and Sacilor have, 
resign including the chairman bank, which ranks in the world's capital. The repayment of the between them, amassed losses of 
M. Hue de la Colombe. His top three in terms of deposits, rest is being, in practice, almost FFr 9bn (U.S.Sl.Q5bnl in 
replacement is likely to he the M. Mayoux has had a high- suspended for five years. the past three years and the 

chairman of Chiers. M. Claude ranking and diverse career both There will also be created a industry’s long and medium-term 

Elchegaray. and it is possible in the civil service and in the second level of holding company debt at the start of 197S was 
that an eventual merger berween banking sector, and his nomina- for each of the groups in which FFrSSbn against a 1977 turnover 
Usinor and Chiers will be tion would answer the Govern- the existing shareholders will oF FFr 34bn. The industry as 


uiciaj structures wnen vuey <u«- OSLO, Nov S. 

i£ly set up. . A SCHEME 'to rescue a. small 

The situation of the companies] Norwegian insurance company 


BY ANDREW HSHER, RECENTLY IN TE4E NETHERLANDS 
UNDER _ THE watchful ey£ AT tion costs) andFl 50m- . 


By Fay G jester 


crisis-ridden - shiBbuildme r current year.’ it plunged, even dam Dock Con^^«tDM) /«dii -• 


I crisis-ridden ■ shipbuilding : current year;", it 

'industry is being given. a -costly snore heavily intt 
facelift, a process which, will 1 comparing with 


radically change both the'chsrae*' Dutch analysts reckoir the. final . .Last year, : the .goyeruheht 
ipr anrt aoDearance of . thA flourp for 1978 "will w around hniBtPTw) RfiVs bilaniw shftot'-htr 


Norwegian insurance comoany ! ler ^ appearance of the com- figure for 1978 *w*ll be around bolstered RSV& balance sbeej'te V _ 
ciuSnO? S3S? baSSmJJ ! panies taking part. :“We 2r* y e F| 75m. • ' . .J' granting At a: FI .^GtsC vAaod: 

was rejected af-a meetinz here • reacbed **** “d of . the'cetage ■ .* Yet Mr. Stfkker Relieves that ;ioan. FurtBer^reihfdie^- v 

last mStattend^hv rerS i where weean keep on susthm-RSV is now crawling hack to deluding Fl 88tt - . 

ing losses. says'Mr. A3 Ietd ; Stlk- profitability, though -be. is; un- ^ ^ its.^ per-fent 

EmnJhfe^muwnles. A maioritv l ker - management-. Boat'd - presi- willing to forecast when it wiD stake, amounts to some . 

Jf the a • deal of ; ; ^ ii^-ih vestment '' smnt^ spS 

I Aided hy the Mt Go.- 
eznenCTvc in vii»A U nr th»» builder, ihere s an end tn apy ' ‘ suhoroinatea Icrans. Some oerffie 

^S?Tliss« involved: financial sacrifice a company can- erzunent, Hollands stnigghng ,. money «iil hive . ip ' 

^S^coSv in cuffitmaes Inake ■ ,, shipbuilding companies are back depending-on the’eve^S . ' 

D^rt has *rawrtedly aSai^- Swayed by the industry^ #gn-\ doing, their best to reshape . ]eve i 0 f Tuture profits;- .!*£&£;- . 

1 .^ _ - . ™ * - - ■ . mvw I monte smf cniidAH hv AlTonrfV oLamcaIvao In rOfltlinAtiC for ... ' . - ; ‘^f-w 


massive losses involved. 

The company in difficulties, 
IJovre. has reportedly accumu- 
lated losses of about NRraOm 
(StQm) as a result of a series 
of ill-fated deals, particularly 


lerger berween banking sector, and his nomina- for each of the groups in which FFrSSbn against a 1977 turnover (siQm* ^ a result of a series well -devel oped social t i n s t incts, better times. Once the pro- ^ financial - . aocdgtw Sf -f -■ 

E'sinor and Chiers will be tion would answer the Govern- the existing shareholders will oF FFr 34bn. The of ill-fated deals, particularly th ® Government is^ paying put. i- compfete. their involve-:/ ^-vhif-Stbrk.. 

announced at the same time. mem's desire to see people with have a minority participation and a whole has lost about FPr Mbn- - reinsurance and: loan sueable sums to help :piii ^ ^ sector willhave- ^diesel division has he6nii»Sg 

This has been m the air for financial competence take over in which the new holding com- in three years and 1978 is SamSeSi Sn onz oS™ - vards back on the. road:^ -prtK SI * « Hv trimmed and Som^ the^ ComSS^SE 1 

jome sl*col mupires l0JiS - makil13 $2™- “° ther year 0f | SSS It lost T!St BS*?- SSTJsS ^ 7 mSSfflffiSBSBi 


Beneath them will be the steel heavy losses. 


West Germany 
metal industry 


Algerian bank to raise $125m 


things. It lost at least NKrSm 
in connection with the recent 
near-collapse of Norinvest, a 
finance company backed by 
many Norwegian banks - and 
insurance companies. 

Reports in the Oslo Press are 


i aucouic wuu iv ucip ,pui MnHl „.»V th» GM<tnr WUlHaVe 

yards back on the road Mo :pfb£ Dt f L 

I perity. It is taking touch of. the dras * , ‘? Ily 
i strain or the heavy losses ^th at the remaining j-aros exiw- 
l companies, like. RSV continue to. slvely modernised. In addfr- 

| incur, while also helping ' to tion, they, are tending to set 
finance the c onsi derable -res triie-^- their sights beyond the tradi- 
turing programme -needed - to fit " tjonal home and^ European 
the industry f or. the lQgOs.. ‘ jnaxkets to the oil-rich and 


from tbe mmn' companyuiffi.^ieenL 
given a FI lI5m.capItati inj^^toA ; . : 
another'-'Fr."12ihn.:ig'.-becDs<'^$.-' 

■ Tided- -to .help^- 
revamp some of its ptiigr .^cfe& L - 
notably petrorfiemioal ’edajwjfc . 

entff: Ctork- . 

now jointly; owned by Start: itacdf 


BY FRANCIS GHILES 


M6JWII8 m wue WWW oc» <uc InJiulriiHllv ffCV i* HiaXl»VtS lO u"- HUW JV1QIIJ VWIicu uf 

suggested that an unidentified developing countries- State and the ^ ROVerzBBe^-^iffiiw^''’ • - 

foreign touraj.ee company has wWA ? S^O S Whelping cooipames - reflected f m 

msitn oAmn ItiniV Af o cqIi-boa I alU wOila* WxIlLII uHal 5Qul6 ___ . • nx i mr< un r iFnii amotif- ni thA VP6im-a*ftiM4 


COLOGNE. Nov. S. I 
THE PERFORMANCE of the ; 
West German metal industry 1 
improved in the four months up 1 


!TKE BANQUE Nationale car company. months ago is nearing comple- 

; D'AJgerie has arranged a S125ro This contract would lead to the tion. This package, the proceeds 
1 loan with a aroup of essentially awarding to Renault by Sona- of which arc earmarked for the 


made some kind of a salvage ^Tt^ 

offer to Dovre . shareholders ^ . < t^. rsup ' 

through a Norwegian lawyer. ? ort - « » , a 'f ifef “K 
:. Norinvest was saved from |“? which the Statp^is a 


like RSV. Vmf-Stork Jind IHC imprbyementiin thhgKtojft'-^csfe 

to bear their shiphufldiiig ■ half restdts.thSsyear. .- 

losses; it' still remains un- _ Like RSV,' . 


to Qctohrr. after production | n f i per cent for the first three ties but in the past year or so. be provided by Canada’s Export 
capacity in the first half of 1978 1 years rising to Ii percent. There political relations between Development Council: it will 


trolled wind-np. To sustain the | f a %^ t JS^r ol drldEin reduced capacity in the mautiroe through the most painful pari^ 
good name of the msu ranee a^hassufferefrSi^^he sector, it is still losing money the' prdcess,’':- Say^^<^fli^t-- 

sector, a similar solution was I ESLSJl- here and profits from other Hootsmab. director-. Of;- tecbtS -• 1 

proposed for Dovtc. This time ! secondary effects of Qto general and frftm Mmma'n'ial- rn.fthHirftfittn' -SimE ' 


Hiring- cOsfis 


WeM- 


had shown a decline of 2 per 1 is ne front end Fee. France and Algeria bad deterior- carry’ a maturity of 14 years and sector, a similar solution was ;ment and ha? 

cent a-’ain.M ihe onenin" six' These terms which are tiie ated to such an extent as to a fixed interest rate of 141 per proposed for Do vTe. This time 

months^ ni 1^77 ih.> \i 0 , Q i finest «jbtamed by an Algerian appear to threaten Renault’s cent. the prospective contributors — 

" , it 911, UK, porrouer in the current cycle chances nf ever winning the con- The second tranche, of S142m, members or the Norwegian 

industry trapioyers Association • „ nn;S t h e cost of borrowing for tract. will be provided by the coouner- Insurance Companies' Associa- 

■reports. [Algeria closer to that enjoyed in •• The agent bank for this S125m cial banks and guaranteed byi tion— appear unwilling to pay 

in a report, the association , recent months by neighbouring loan is the Union Medi-terraneene EDC: it will carry a seven year . the necessary price, 

pointed out that incoming orders Morocco and Tunisia. de Banque, 50 per cent of whose maturity with four and a half Instead, it has been suggested 

rose by l per cent in the three' A number of factors explain capital is owned by two Algerian years grace and a net margin For that the Association members 

months to the end of August . these fine terms: this loan has banks. Banque Nationale d’ the banks or } per cent for the may be prepared to jointly 

from the previous three month been arranged on a "dub” deal Aigerie f35 per cent) and Credit first four years rising to | per guarantee to meet— up to the 

.period. Exports in the first eight ; basis and the funds will be used Populaire d'Algerle (15 per cent. The gross spread however end of this year— any eJaims 

months of this year were down : by the Algerian state mechanical cent). i s 13 per cent throughout. on Dovre’s insurance nalldes 


the necessary price. 

Instead, it has been suggested 
that the Association members 
may be prepared to jointly 


SET if» *«>* »;««; a th* -8sv* 

all three of these companies -will duct IUiX ’ . s ?™ eC ? 1 -L w !?i cb .:™ ^Holland is- 


uccii anjn^ru ui i a liuu ucji iou per rami ana ureau nrsr lour jears rising iu j per guarantee to meet — up to tne au tnree ui mew companies -wiu h«ln» aimed at even ■ • “rrr*^, t? 4 wETSI’tTTW. 

basis and the funds will be used Populaire d Aigerie (15 per cent. The gross spread however end of this year— any eJaims have drastically trimmed - their ■ wS* Aii D S!»w B imnacr nf the w ? r ^. j ead y: ; 1 *+*£ -° 4?, : y p? 
by the Algerian state mechanical cent). is 1 3 per cent throughout on Dovre’s insurance policies involvement with- : ,tiiei Dutch' J "SSSt in ^^ayto'Ott 1^;. fTO' .. . 

construction comnanv. Ronacnme The Sfi67m nackaae fnr thP 'rw- thlrrt +«nnV,a which id + cXinKniiriimr udnp -TnTaHil'irinn smp.ouiiajug into,. -activities:- and-baS 


1 1 per cent throughout with four 
years grace. 


policies with more solvent 
companies. 


from me ivetnenanas- ana .u nil i4 ^ , p<a .- than- half- the - , 
Europe in developing^. their S?teaead now totaL At Dr^'f om ? e ^ l,9to r ' - 
future 1 corporate' . *#M**J2Z?*8*k fS? P o«r ' * 



Kymi-Kymmene sees little 
improvement this year 


future 1 corporate , jgtxajpgies *,> nL ^ is instover half.’- a nrb- : arg ® r a P ai l eis ^?. a HfiLS^?.'^^ ' 
towards the oti-rich'-or- less-. por tion which has been graduaUy 11 t0 a ^ cept . u&proBg^a$ejf _ 
developed countries, where .the re duced from the fwo-tHirds . Apart . front . e nsur ing . tha t Jb* : 
emphasis is more on big projects 0 btainin« in 197A shipbuHdmg -sector. is nflS£t£ffiiBs\ 

which provide a- continuity oF Tj, e Company is achieving submerged bjr the weight 
I activity. “Of course, we sfitM this transformation, by pruning difficulties, thie:gdyto^.entfi!s£& 


BY LANCE KEYWORTH 


HELSINKI. Nov. 8. 


spectacular.” * r RSV was reduced last year by aUyi with State support lieiiHiij 

How heavily has the.; crisis around 2.000 in Holland to to ease the social strains.- Nofltf- 
dented the industry’s •.earnings? 23^00. with a further. 2,000. theless, officials in. The- Hapii . 


irvui vwtrPMv , ennmA . ... uemeu uic muusii j a wtuiuoi A).ouu. viiia a ruiuiei. i,uw. iucictb, uiutuua • w,\ nvtuu . 

p xcee l y ^, r - RSV is now experiencing:its third planned for this year and 1,000 now reckon that the^fihaTsfte'OJ 

^inorS In nrnrtnM, -.n J* 3 * b> „, tiie | year ' in the red. after.’ losing a more in 1979. Its major yard, the Ihdnstfy will be rtragffiyfcair 1 * “ ' 


as increases In production and end of August to 90 per cent. 


exports in the first eight months The metal and 
of the year have not been suffi- division has bad a 


cient to cover the capital costs owing to lack of orders with 

of three successive deficit years total invoicing down by 14 per n -- __ _ 

sss £3ssr ta “ w pioduc - fsu M ^ and Slow firstlialf for Irish 'builder ‘ 

With the n.ew Kuusanniemi However, the group's foreign V- -yr -• '■ •-' '. ■; . * • : J V4?Sis.'A 

pulp mill working at full capa- subsidiaries have done well. Star BY STEWART DALEY . r • i . j , - • DUBLXN, SmtiSv*--' 1 

city, pulp production rose 26 per Paper in the UK increased sales - ■ ■" • *.• - ’..v/ - - 

cent to 176,000 tonnes in the by 8 per cent and th ecompany MCINERNEY PROPERTIES, one Other sales consist -mostly of a profit for.-the year, 

eight months compared with the has decided to invest in a fourth of Ireland's larger house builders, pro-fabricated '.office .- accom mo- -would mean an ovraalf iki^^ 

same period in 1977. The. price astralux unit, raising its cast has had a disappointing first six da tion much of which is sold in of 45 per nent; 


per cent, j net p| j n 1975 (excluding a Verolme Dock and Shipbuilding that of the happier p^e<zisi f 
e pom- eC vear j 3001 P rovision for. r^argahisa- Company (VDSM), is to concen- days. ' : ' - v..:: 


level for pulp is still considered coated capacity to 22.000 tonnes months this year with pre-tax the Middle East. This section has. that- the strike. 
unsatisfactory while with paper a year. Kyramene-Star UK a P roflts increasing by 5 per cent had..l poor time as Middle East stoop. the V.’ counties. ‘inifiS 
and board the situation Is better marketing subsidiary, was estah- 10 £465000 for the six months business' • . generally. . ha^ snpptier of- mhteriais^^Krw ; '%3* 


and production will probably . lished earlier in the year. 


ending June 30. The results came experienced a downturn. 


74 7-j 76 77 

74 75 76 77 

74 75 76 

SHAREHOLDERS' 

EQUITY 

DEPOSITS 

ASSETS 



as a surprise , since Ireland has 
been undergoing a building boom 
since the return of- the Fianna 
Fail Government in June last 
year. 

With group turnover increasing 
by 7 j 3 per cent at £16m profit 
margins showed a slight decrease 
from 2.96 per cent to 2.88 per 
cent Explaining the results the 
chairman Mr. Ambrose 
Mclnerney said the group’s 
activities are divided into three 
sections, private housebuilding, 
contract (local authority! and 
other sales- Contract local 
authority building counts for the 
bulk of turnover. 


■eighth "Week, could have^swiosa. __ 

nn nrHirih!' •»' -'iii-. 


The company is still looking for -effect on activity. - 

' . ■ ' CLIVE INVESTMENTS LIMITED * 

1 Royal Exchange Ave^ London EC3V 3LTj.'TeL'r 'OI^SJTmg : 


Index Guide as at November 7, 1978 (Base 100 at I4.L77V ; :^ 

• Clive Fixed Interest Capital 1281994-^'“.' '. 

' Clive Fixed Interest Income ... . : . 


ALLEN HARVEY &JIOSS LVt'ESTMENT EffANA CEMENT / 

45. Cornb ill, London EC5V 3PB; TeL: 0 1-623 631^ ^ ■ 

Index Guide as at November 2; 1978 - 

:• Capital Fixed Interest Portfolio .f; : IOOhS '. ; 

Income Fixed Interest Portfolio ...;:: T00.01 : . J 


An important announcement 
to our security holders 


exp 

m j 

e< 

in 

:ted 

1! 




lanqi 

le 

F 

i T TTK 

331 


rs 

Th 


Copies ot the 19 77 Report of 
CITICORP OVERSEAS FINANCE 
CORPORATION N.V. 
can now be obtained from: 

Citibank, N.A., 336 Strand, London WC2R 1HB 
between the hours of 930 am and 4 pm, 
Monday to Friday. Postal applications 
should be addressed to die Librarian. 


Weekly net asset value " ' r* • 

on November 6 th, T97S 

Tokyo Pacific Holdings N.V. 

U.S. $68.49-". . - 


Toyko Pacific Holdings (Seaboard) W;V 

U.S. $49.91 - 


Listed on the Amsterdam Stock Exchange 

fnformidon: Pfenon. Holdriiig A Pirnen NV- Merengriefa 21 4. Ansnrdaai 


Ho 


car 


Important Announcement 


O CITICORP 


VONTOBEk EUROBOND INDICES ^ V- ‘ v - ; 
'.V- '• 1 «J 4 =I 00 % : y ; V- A 

J ? DEX 7 78 31.10.78 AVgKAGE YIELD 7.1 1.78 31.10 ?* 

Bond] 105 40 105 5S OM Bondi - 6.506 • 6.47* 

' ««■ « HFL 8owl ‘ & Not*! 8 . 3 * 9 , a. 3 « 

I 5,7 ! 95,1 U S - 5 Str »- Bo «»» 9.571 9-277 

-j Can.- Dollar Bor.dc 94.40 94.69 . Can.. Dollar- Bonds ■ 10.510 : ip.23* 


Allied Arab Bank Ltd 


Allied' Arab Bank is pleased to ann ounce the opening of its new 
Head Office at Granite House, 97-101 Gannon Street, London EC 4 . 


The Allied Arab Bank is the only international and 
commercial Arab bank to have its Head Office in London; it is 
a fully authorised Bank. 


The Bank’s new Head Office and its recently opened West End Branch 

mark further stages in the expansion of the Bank. 

Authorised and paid up capital- £15,000,000 


Allied Arab Bank Ltd 



si 


W) U%o 


Head Officer Granite House, 97-101 Cannon Street London EC4N 5 AD 
Telephone; 01-283 9111 Telex; 8813401 

West End Branch; 13 1-132 Park Lane, London W1Y 3AD 
Telephone: 01-629 8474 Telex: 299546 


3 J ■ ChEMCO EQUIPiVl ENt .f^NANCE- LTD. ; - . . / 

Richard'HoJtoVhy r 

Managihg’Birectpr ■ •' ; - ■ j- ' • : ' '• ' v '.r 

^ S5-S7 Jermvn Sweet, ‘London SW19f;6janei: 

and at Charlotte House, JL7 Charlotte Square,-Edrn burgh: -Tel: 051-2-25 6^2*1 /5 










'w* & • a jm. a- ^ ' • — , — . wi i » ■ i i 




JAPANESE NEWS 


increase 


^tflnhlA '-’V - MITSUI JSasklMrin* aM Ship- 

; »r - AJr L 64-U A/ J. Wr * buSi&ng expects a .net deficit 
.. . „ .. , ' • In the year ending Mardi 31, 

fly Kidiard Stdte- ; . roH3 pared with a net profit of 

■ > s - • * jna* v \ffti BTTnr' ' T,V>tr " YfcjMbn ■ fS12.8m) _ lAst year. 

. v- J The! company added that .lt 

STANDARD Bibik -Investmenll may have to eat the dividend 
■^Corporation ■ (StfltfBfc) ;raised . fr ^„; the y$ per share paid for 
-profits for the :sxrr months to the previoos year. 

September 30, from H23.1re to - Witsai said that the *poer 
“RM.lm ru.S534.6ral, an. advance forecast is attribul- 

'■ comparable with those' recenlly able chiefly sn a decline On new 
'-^achieved by Bard ays ■ National C htn aiders,- the yen’ssteep 
and Nedbank in South Africa. . appriieiafion against the dollar, 

. rr.The Board ascribes the advance ..... ,:'...... .1 

particularly to increased con- ’■ ■ r > \ . > ■ 

: sinner spending -M! the' June fl 

' -quarter, which preceded.' the T 58 if A 
' 'introduction Of the 4; per cent. ■.■JL ." A* y 

. general sales tax ' This, it say4 r . . ’ .. '. ! . 
caused demand for -. consumer 

credit which' stirindafed’- hank . ' : V . „ 


appreciation against ihe dollar. 


and a fail in product costs re- 
sulting from i nit'll si tied com- 
petition from developing cuuo- 
tr ^ s as well as domestic rivals. 

The company earlier re* 
a nel deficit of 
<31 5.4m) in the first 
naif to September 30. com- 
{*"!* "lib a net profit of 
* 15abn a year earlier. Sales 
were Vl00.66bn tS53flnt). down 
V. P° r cent from Iasi year's 
1 lS2.39bn. 

Mitsui said, however, that 


TOKYO, Nov. 8. 

second hair sales arc expected 
to rise about 50 per cent to 
YlaSbn on increased orders 
for chemical plants, container 
ships and car carriers. 

The company had a first half 
current operating loss of 
Yn.2Sbn compared with a profit 
of Y4.85bn in the same period 
a year ago. 

No interim dividend was 
paid, compared with Y3 a year 
earlier. 

Agencies 


securities 


store group Consumer demand boosts 
fofionger Esanda profit by 25% 

' sHod hours Br ,AMES roR ™ 5njsw.ste.«. 

, miuio j ESANDA the wholly-owned to AS14.75m for Genera! Credits for identified doubtful debts rose 

; * ™ MS? & S. 

SYDNEY Nov S I and New Zealand Banking Group. Credit corporation. of depressed economic condi- 

rtVF r . F ,• ! outperformed us major eompeii- ^ Wlth 0 iher financiers, lions and high unemployment 

U, ' L ‘ ' ldr * esi tors in 1977-7S with a 25.2 per Esanda's best growl h area in were blamed as contributing fac- 

departmeni store groups.. cenl j- j0(jst j n pro fi ts . from 1977- 78 was leasing, with net out- tors. 

David Jones, has called for a AS20.2ni to AS25.3m (U.S.S29mt. standings rising 37 per cent. However, the latest figure re- 
re-introduction of u large scale However ihe directors caution Total n,?t ou 1st and in us rose 16 presents only 0.47 per cent of 
imraigstion programme and h ' . ,v, rn Mn Per cent for the year to A$1.19bn. net mitsiandinas at balance date 

extended trading hours to help ina ' ' In re “ * income yet to mature rose from compared with 0-32 per cent a 

hnnsr the econtun’- -md rMnw unexpected improvement in AS257m lo almost ASSOOm. year earlier. The increase in bad 
* u 1LUULC consumer and commercial The directors said the year was debts came from ail areas, in- 


boost the economy and reduce 
unemployment. 


consumer 


commercial 


TOKYO. Nov. 8- 


..lending, and. led -to 8; sharp TH E JAPANESE finance Minis- heen at a discount against the mitted to the next Parliament 

increase in tbemoneysupply. try plans shortly to allow securi- yen. session, which opens late this! 

- After tax at Rlflmrra.' jate lies compaiOKS.to borrow foreign * ★ > e ar. Agencies) 

below that for the . previous currencies as a hedge against FOREIGN COMPANIES which j 

period because ef the additional their holdings: of foreign securi- have entered the consumer-loan * * * .1 

.leasing business, written by. the ties," inpludihg bonds and Shares, market in Japan face the pros- Meanwhile, the Tokvo Stock] 
bank's instalment ;tTedil an»r- it was airijouiiced here- today. pect of new regulations, aimed Exchange also imposed a one-day 
■and preference -dividends, _ net present, the companies are at closer control of the industry, suspension of trading id shares 

attributable profilS- - rtBe-vom. permitted to hedge their hold- tt is reported here. of Kansai Kisen. the steamship 

RI4.!Tm' to / RM.# at ■.(622.6m). Info reign securities in the Mr. Yoshihito Aniano. an company in which r.. Iioh has a< 


| unempm. (demand, the outlook is for more marked by subdued demand and eluding consumer and corruner- 

Ln 1977-78 the group experienced j modest growth in the current intense competition with new cial finance, 
its worst year since the Second year. lending fates moving down faster All known and expected losses 

World War. with a downturn The higher earnings were than borrowing rates. The were written off. Interest not 

in profit from ASTjSm to A$45m achieved on an increase in gross average rate paid on borrowings, charged on commercial and pro- 

J »i n( ,nre «■- revenue of 20.6 per cent, while although higher than in the perty development loans was 

! western toul expenses rose by 20.9 per previous year, began to fall in ASS30.000 compared with 

Australian uiuaion after a CenJ line with reducing interest rates AS949.000 in the previous year 

i trading loss of A$2.65m. Esanda's results compare with and should continue to fall as and the principal amount of these 

;Mr. Charles Lloyd Jones, the! a 19 per cent lift for the industry high rale fixed terms maturities loans was AS5.9m. The general 
1 chairman, told shareholders at [leader. Australia Guarantee are replaced by funds at lower doubtful debt provision was in- 
i the annual meetin-j today that I Corporation, to a profit of current rates. creased by ASlm. taking the total 

I the problem facing David Jones ' AS445m, a 22 per cent increase Net bad debts and provisions general provisions to AS5.9m. 

! and the retail trade generally 


was insufficient sales. Retailers; 
in Australia conditioned them- 1 


Tel Aviv Stock Exchange 
tightens reporting rules 


— — . . , 'AUC - scuuijucis uc Luuidiiiru m a ovfiu i sndiEP. ucuici * ' . 

Earnings jet share • picture ■kiidiMs of foreign securities. Bill to be presented to The rpnon in thp Sankei 1 r " e ® boominG [ ^ *m . A q T| 

.have ^.been complicated by m j£dX Invetrto^ for -their Parliament. P ShTmhun^ ?caaom™ dailv. said the 1 e ^ 1 < ST* , SJ£ * he mma ^ * tlOhtPllC rPlttlftlflP FMlPQ 

additions to issae^ share capito^ broitor " positions. lotaJ a few Subsidiaries of foreign com- capital rise was designed to I P°P ulaUO crease. LIcmIIICIIi) J. CIJ’Lr.M. I UlCd 

' ln Pffi-yflignt. hundred- million dollars, accord- panics have been authorised to raise Funds required for the | We cannot expect 10 see those 

April, Stannic^ acqtnrea. uDC j D g officials. operate here, including units of companv's reconstruction and to hoom conditions again until -y i DANIEL 

Bank, the jnain.operaiiiig.3itD- Japanese securities companies the Bank America and Citibank, improve ii* financial position tor there are corresponding in- 
■- sidiMy of to® "UX»t .group m JgTe ^i that the present system A liaison comminee appointed prevent its shares from being creases m population." Mr. THE TEL AVTV Stock Exchange some 53 per cent over the past The consolidated balance- 
South Afri fat.- . Bnarw- of hedging • in. the forward mar- by Lhe rninisiries concerned is delislcd. The Osaka Slock i Lloyd Jones Said. require companies to 12 months— this exceeding even sheet of Lhe bank^-one of 

and in September it made ai on^ ^ et ^, as nor. worked, because drafting the new law. Mr. Amann Exchange also imposed a one day I “New settlers in this country; produce unaudited semi-annual Die rise in the cost of living Israel's two largest — increased 
-for-six righte. issm wnico -Moeci forward doDars have consistently said that ii is likely to be sub- suspension. j create consumer demands in -reports within three months of index. at about the same rate els profits, 

period re tie wed. The reports' GROSS PROFIT of the Tfachot to I£11.4bn l$650in>. 


TEL AVIV, Nov. S. 


and is MpwfflMra nae® a oafr fcet ^ as n 0 r. worked, because drafting the newr law. Mr. Amann Exchange also imposed a one day “New settlers in this country ; produce unaudited 
nghts issne wnico aaaea f orw ahi doDars have consistently said that ii is likely to be sub- suspension. create consumer demands in [reports within threi 

a further 3.3Sm shares- EarnmgN ■ . si! sections of the community; the period reriewed. 

per share for the 1 ^. ^penoa have • /“ ’ " and would consequently reduce l contents will be dec 

alcuJated on *. wdgMed _ _ . * th e unemployment level." junction with the 

Sharper growth m Asm dollar 

payment from 22.5c . to. ^2Bc. - ' -. ^ hours, but said that Drwentl In a further movf 

Dividend forecasts at preieht are .' 5 - 

cora plicated by the change in the 

group's year end to December 3t~ TOTAL ASSETS, of the Aslan 


SINGAPORE, Nov. 8. j n ' ee d to be abolished. Iflpanies will be required, as from 
. of the Aslan Coinciding with the strengthen- THE SINGAPORE government traditjonal penalty rates January 1 . to issue -their -audited 
e SUB 1 Olbn in ins Df Asia'rtniiar m rates ,7.. applied, traders would either ! annual reports within 120 days 

a * OToSnS had beena markedSre^ 1 °? mag f 4 ? 1 !“' year ^ not take advantage of extended I of the end of their financial 

liTBbn Ssher S143.3m in dTpoSl? i! S! f! e be . are f b “"? at an an 1 n ’ Ia, ho-n ®f longer hm.™ years, instead o£ ISO days, 

x, the Monetary customers, and a S14Am increase l0terest rale of 5 P er from but have their profit eroded. i t is also mooted that 

Singapore an- in loans to non-bank customers. Monday, the Monetary Authority n, e time had coma when all ser- securities advisers may soon 


equity and will pay dividends Authority of Singapore an- 
' twice-covered by earnings for aounced. 

"the period. - This is a sharply steeper rise 


esslna U'sc in pvlPnH trartina M-Oanereu .ICCOUDUaia. « J icu ™nu inia ncti.. .s, imi ui me luinij, i ifiiia 

hours- but said that present In a farther move to improve EE r°n! 

T temrf Pfn^ ^es would j the flow information, all com- Government Cana- 


group's year end to December 31- TOTAL ASSETS, of the Aslan Coinciding with the strengthen- THE SINGAPORE government 

The Board says that for. the ctir- dollar tearket rose $U.S.l.(H.bn in ing of Asia dollar interest rates i s offering S$40m six-year tax 

rent nine-month financial period; September to a provisional had been a marked increase, of p-p. hp a rr>r hnnri« at an nnn«»i 

it should achieve its target 16 $24.12bn, a- level S4-7»bn higher S143.3m in deposits of non-bank ™ f “ ” f fr^m 

per cent return on ^lareholders than' a year earGer, the Monetary customers, and a $14Am increase er f ST r * ie „ 3 per c® 111 trom 


MAS said. 


of Singapore announced here 


’ Analysts expect earnings fer than the 815Bm‘ in August to had 


Non-bank customers deposits tot ^ a y- 


the nine months to reach about 323. 11 bn. . . .. 

-50c, so the prospect is for a 35c Interbank activities, had ex- 


S2.84bn, 


Interest earned will be tax 


SC.69hn in August and $1.95bn exempt, except that for banks 


SEl 5 panded vconsidaraWy^t 5eJ>tem- J ?“ d «*'*?'«* institutions 

- total, cquivaJent to an annualised her, largely re fiecting; seasonal “ "®“ b *' S d M S, ‘merest will be treated as part 
33c. On this basis the current elements... or win dew- dressing ^ Jq, h " 5, 5 ‘ 60bn of their profits. 


vice industries should consider have to obtain Gcenses based on 
a seven-day working week with- examinations. This would put an 
out penalties. He said pro- end to the maDy self-styled 
ductivity would increase, un- “consultants" working outside 
employment fail, costs would the institutional framework, 
come down and the com- Many of these were set up during 


NOTICE OF REDEMPTION 
To the Holders of 

Y. S. Line (Cayman) Ltd. 

9 l /z per cent. Guaranteed Notes 19S0 

NOTICE IS HEREBY GIVEN that, pursuant to Condition 


munity would enjoy a better j the stock exchange boom here in J 6 IE) of the above Notes, the undersigned has elected to and will 


•W. un Luis u*oxi tnc twreui mtsiubhw... ,u« . qijQhn rpQnpptioplv 

-■yield is 7.2 per cent with shares operations at the end of the >0 ® „ nn ' n ? pcct,vel : 


On November 15. there wil 


at 460c. 


lending 


The Bonk of Tokyo issued a a redemption of bearer 
> 10 U.S.S30m Euro-Asian lioating rate issued in 1972 ai a coupe 


life style. the second half of 1977. 

if a realistic approach is not I Since then prices haYe eased. 


11 tier 


Sharp advance 
_ by Associated 
. Furniture 


quarter; • ,• J»e Bonk of Tokyo L<sued a a redemption of bearer bonds; Ta ken on oenaliv rates semce’and are roughly at 

Interbank lending rose lo D.S.S30m Euro-Asi an float ins rate issued in 1972 at a coupon rate, industries’ such* a* the 'tourist : prevailing before the f 

SI7.83bn in September, from note in September, while in of 5 per cent. Holders of these i trade v \\\ h* doomed and 'the Israeli pound and tl 

S16.84bn m August and SlA45bn Octoher the State Bank of India bonds may convert their holdings : r p,v.i» r * will continue to be exchange liberalisalio 

. in September last year. Inter- issued SlOm of floating rate into new bonds on November 13. ' cnnfin ed in the times they can i came into force at th 

. bank deposits '.increased lo negotiable certificates of The fu nds raised are to bej serv _ public" i October 1977 despile t 

' 3.20.1 fibn, from ' Jl^bn in deposits, whichwere followed by used to finance government Lloyd j on es also came under! the general price level. 


redeem on December 15. 1 S*?S all of said Notes at a redemption 
price of 101 per cent, of their principal amount, together with. 


August and .$37.056n a year an issue of S20m by the Mitsui development expenditure, 
earlier. • -Bank. Agencies 


taken on penally rates, sen'ice’.and are roughly at the level interest accrued to the date of redemption, 
industries such as the tourist j prevailing before the floating of On or after December J5, 1978 .<aid Notes will-become due and 
trade wil! he doomed and the Israeli pound and the foreign payable in such coin or currency of the l" nited States of America 
retailers will continue to he [exchange liberalisation which as at the time of payment shall be legal tender for the payment of 
confined in the times they can -came intojorce at the end of public and private debts. The Notes wii] be paid upon presentation, 
serve the public." [October 1977. despite the rise in ami surrender thereof with all coupons appertaining thereto 

r. Lloyd Jones also came under 1 the general price level. maturing after the redemption date, at the option, of the holder 


By Our Own Correspondent 

. JOHANNESBURG, Nov. 8. - 
ASSOCIATED "Ehimiture Com- - 
sanies f Afcol>, a subsidiary of 
South African Breweries, has 


rise at 


KUALA LUMPUR, Nov. 8. 


South African Breweries, has . fiy WONG SULONG • - KUALA LUMPUR, Nov. 8. "VlVi VhJ h - 1 ™„ih Vi, 

reported a strong advance in ' •; *J e * s car ^6r has been with the the ra P’ d inflation sji 

profits for the six months to CENTRAL SUGARS Be rfead, the the price paid for the sugar was © Toshiba (Malaria) Berhad. John Lewis Partnership in the other band th 

September 30; Turnover has Malaysian suger • refiqer. has much higher than prevailing the electrical appliances manu- England. linked bond prices 1 

risen from R44m to R59m reported a 6 per cenf rise in market prices. facturer, said lhe pre-lax profit Several shareholders were 

($67.8m). and operating -profit oet profits to 5.8pi ringgit The company said it foresaw for the year to June 1978 rose critical at the “ importation nil 

is up ftom R3.1m to R4.9m (UBA2.6m) for the sear to June, difficulties in maintaining its to 910,870 ringgit ($415,000) of a .oreign chief executive. vaitSUDisni VII 


criticism at the annual meet- Spurred by the introduction of atanyoncof the following paying agents: The Industrial Bank of 
ang when he announced a “new economic policy" and the Japan Trust Company, Principal Paying Agent, One Wall Street, 
replacement for lhe former price rises engendered by the New York, New York 10003; The Industrial Bank of Japan, 
marragpn director. Mr. George floating of the pound, the general Limited, London Branch. 24 TV'albrook, London. EC4N SBR; 
Tiannts who retired in June share index reached a high of Kredietbank S.A. Luxembourg-eoise. 43. Boulevard Royal, P.O. 
after 42 years with the com- 145.2 in mid-December, 1977. but Box 1108, Luxembourg; Arab Finance Corporation. S.A.L., P.O. 
pany. The new managing slumped to a low of 96.4 in Box 155-527, Geiinor Centre. Bloc D — 3rd Floor, Beirut; The 
director is Mr. Eric E. Green- February. It is now at the pre- Gulf Bank K.S.C., P.O. Box 3200, Safat. Kuwait; The Derelop- 
halgh. 46, whose entire busi- NEP level of about 140. despite ment Eank of Singapore Limited, DSB Building, Shenton Way, 

.... ...... > 1 ,.^«v th. .1 n. c: t Tl uif. w ... rm n i_ rr-l TtJ 


ness career has been with the the rapid inflation since then. On Singapore 1, Republic of Singapore; The Bank of Tokyo, Ltd., 
John Lewis Partnership 10 the other hand the index of Hong Kong Office, Sutherland House, No. 3 Chater Road, Hong 
England. linked bond prices has risen by Kong; Libyan Arab Foreign Bank, 1st September Street, P.O. 

iveral shareholders were Box 2542, Tripoli. 

critical at the “ importation ’ YfifcnHiclix Oil Payments other than in New York City will be made by US 

of a .oreign chief executive. K III Vi II dollar cheque drawn on. or by transfer to a US dollar account 


l$5.6m>. After ’taxation and Sales rose more sharply by 11 profits level by relying on sugar from S54.969 ringgit the previous One shareholder claimed that f MITSUBISHI OIL Company has maintained by the payee, with a bank in New York City. 

tn'f th*» not 9t-reih.it- Tier eon h refining, and as a result was year. Renter reports from Singa- Australians were best able to | established a tanker com Dan v hv a tv u._,- . f -c u v. j.». -l. j j _ 


..adjustments for tbe net attribut- per cent . _ , , „ . , 

able income to associates, net llie company smd that profits looking for other areas of mvest- pore. The company has recom- handle otner Australians. | separating off its oil tanker 

income is . lip. from B2JGm to were affected by rising costs mem. During the year, it mended a first and final dividend Mr. Lloyd Jones replied that the ! division. AP-DJ reports from 

R3.3m end earnings per £baie resulting from ,<he reimposition acquired 28 per cent of the of 15 percent, tax exempt board had looked at the Tokyo. The new companv. 

from 11.50 cents to 14.3 cents, of excise duty, on refined sugar, equity of Pan-Malaysia Cement • Also from Singapore, agencies group s executives and decided ; Ryoyu Tanker Company, will 

The interim dividend has been and the surtax on imported raw Works Berhad. report that the High Court has there was nobody with suffi-j engage in crude oil transporta- 

raised from 5.5 cents to 7 cents, sugar from. January ths year. A final dividend of 10 per approved a reduction of capifai dent experience. Equally, he: tion. Mr- Yosbibiro Nakajima. 

' The board forecasts thal^pro- Also, the renegotiated long-term cent is declared. Central Sugars from SS30m to SS23.7m. thereby said, there was nobody in (executive director of Mitsubishi 

-fitability which derives - ihiinly sugar contracts, between Malay- is also capitalising on 4Bm ringgit cancelling 6.2m shares in Hotel Australia outside David Jones j Oil. assumes the post of presi- 

from furniture maniiiaimiring. sian refiners and Australia and from unappropriated profit, to Merlin Singapore not beneficially whom they believed had lhe dent of the Ryoyu Tanker, capi- 

should continue to improve: Fiji came into force in 197S. and make a onerfor-four scrip issue, owned by Un ited O verseas Land. necessary qualifications. 1 talised at Y2Q0m. 


established a tanker company hy 


separating off its 


handle other AiKtra H iib 7K ^ ^ ^ ^ 

r. Lloyd Jones replied that the j division. AP-DJ reports from u ™ 1 n, *“ ner - . .. 

board had looked at the Tokyo. The new companv. From and after Dcccinocr Jo, 1 9t 8 interest on all said Notes 

group's executives and decided | Ryoyu Tanker Company, will will cease to accrue. 


there was nobody with suffi- j engage in crude oil transporta- 
dent experience. Equally, bertion. Mr. Yosbibiro Nakajima. 
said, there was nobody ini executive director of Mitsubishi 
Australia outside David Jones] Oil. assumes the post of presi- 
whom they believed had the I dent of the Ryoyu Tanker, capi- 
necessary qualifications. I talised at Y200m. 


Y. S. LINE (CAYMAN) LTD. 


Dated: November 2, 1978 



Find out from 
Honeywell, 


1 IK 


TP- 


NS. *£ : J ■p.\' .V.' 

...xv.-.--- v 






Everybody's talJdng about 
sa\ing energy, but with one 
obvious omission. Hotv 
much your building can 
actually save in hard cash. 

Hone well has developed 
a computer programme to 
analyse energy consumption 
in all types oflarge buildings, 
both old and new. Using this 
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in many thousands of 
buildings, your Honeywell 
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your energy savings potential. 

Once this potential is 
established, you'll find that 


there are a variety' of wavs 
Honeywell can help you 
achieve these energy savings. 

• The most basic way is bv 
replacing or upgrading your 
automatic temperature " 
controls. 

• We can make your existing 
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efficient through a regular 
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programme. 

• Your building may justify 
a central computer system 
such as the Honeywell Delta 
1000 that provides manage- 
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central control systems al- 
ready have proven them- 
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Expect a fast 1 to 3 -year 
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For details about the free 
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Tel: Bracknell 24555 







•• v /- Financial Times ' ••• 




As Newark’s oldest bank, 
we financed the trade 
of our young nation. 


Now almost 200 years later, 
we are financiers to 
the wide world. 


Our international involvement began early. 
Soon after our nation's indepen- 
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That was only jj^ 

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Our London B ranch at ' -~ \ 


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1-17 Leadenhall Street provides the full range of com- 
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\ It is actively involved ntcoipo- 
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t financing, Euro-currency parti- 
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f investment management 

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London is complemented 
\ by the International Bfo-j- 

5 > ’V- >»oii in New York, the -Bank's 

H9 branch offices throughout 
Biin the entire State of New; York 

a com P* ete branch'in 






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fbi 

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Merely the Very Best 

The Bank of New York has 
never sought to become the Very 
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be the Very Best. 

In fact, we lake pride in our 
rank as America’s twentieth larg- 
est bank. Not its Mass Money 
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’% * " J .■'* ■ 

..£4TA a .. f ^! Aiu « v >a % v'' •< 


THE BANK OF NEW YORK 

London Office: 147 Leadenhall Street. London EG3V 4PN 
Main Office: 48 Wall Street, New York. N.Y. 10015 
I ncoi poraled with limited liability in the Slate of New York, L'.S.A. 


Member FDIC 

•1970 THE BAf«0F NEW YORK 


What Ronald Peet , 

Orio Giariiii,Tom Jackson, 

Francis Perkins, Olle Kellerman, 
Edward dn Gann and 
DickTaverne 
have to sayabout the 
world insurance business 
could dramatically 
affect yours. 


These are just some of the 
distinguished speakers at the World 
Insurance Conference, being held at 
the Dorchester Hotel on November 
20th and 21st. 

And whatever your involvement in 
insurance, you owe it to yourself and 
your company to be there. 

Because insurance, worldwide, is an 
industry in a state of flux. The four 
main themes of the Conference reflect 
the current concerns - the economic and 
social pressures and their effects on the 
industry's future, regulation and how 
it may develop, the threats to investment 


freedom, the need to widen ne wmarket 
opportunities. 

All are subjects of vital importance. 
By hearing the experts’ views first- 
hand, and partaking in the discussions 

yourself, you’ll gain an invaluable 

insight into trends which will un- 
doubtedly affect your business in the 
years ahead. 

Complete and return the coupon 
for details of the full agenda and 
reservation procedures. 

As always with insurance, you can’t 
afford to leave the future to chance. 


INSURANCE 


To: financial Times Limited, Conference Organisation, 
WORLD INSURANCE CONFERENCE, 

Bracken House. 10 Cannon Street, London EC4P4BY. 

Please send me full details of the World Insurance Conference. 


NAME 


ADDRESS 


COMPANY 


yp, 




l3/> 


^FINANCIAL TIMES CONFERENCE^ | 


Dollar eases 


the ppUND SPbT | 

w .b.K53 Wb T - 


_Sov. 8 

itmnbj 

raie.-i 


iTj 

J». 3 

ai*i: 


Pressure on the. U.S. dollar 
increased m the foreign exchange 
market yesterday as doubts began 
to show through as to how sincere 
the U-S. authorities would be in 
tbelc. undertaking to support their 
currency. Against the Swiss franc, 
it touched SwFr 1.6360 in early 
dealings before easing through 
pie day, despite central bank 
intervention to a low- of 
SwFr 1-60S0. Ti dosed at 
SwFr‘1.6160 compared with Tues- 
day’s- dose of SwFr 1.6395. The 
West German mark followed very 
much' the same pattern and after 
an initial quotation of DM 1.8950, 
It eased to DM LS695. before 
dosing at DM 1.8770. still up from 
the previous dosing of DM 15970. 

. Ustng : Morgan Guaranty figures 
at noon in New York, the dollar's 


YEN 

so ; 7 £»Sn3 


trade' weighted average deprecia- 
tion widened to 10. 1 per cent from 
9.0 per cent on Monday. Tuesday's 
figure was unavailable owing to a 
public, holiday. 

Sterling finished weaker overall 
although there did not appear to 
be any pressure during the day. 
On Bank of England figures, its 
trade weighted index fell to 025 
from 62.6. However the closing 
calculation showed an' improve- 
ment -from 621 at noon while the 
morning’s figure stood at 625. 

Against the doDar. sterling 
opened at SL9745-L9755 and 
and briefly touched $15785 before 
easing to $15650-L9660. Support 
for the dollar during the afternoon 
pushed the rate down to SI 5635 
before an improvement was seen 
at the dose to SL9743-L9755, a 
rise of 25 points from Tuesday's 
close. 

FRANKFURT — The beauty of- the 
dollar's recent weakness in 
foreign exchange markets was 
that basically, most people knew 
exactly where* they stood. How- 


ever since . the announcements o£ 
President Carter's dollar support 
package, there, has been a. good 
deal of speculation as :to ..the. 
precise sincerity .of 1- the " --U.S, 
authorities in. their- undertaking' 
to prop up. the dollar. -^.Con-: 
sequently the U-S. unit has 'seen 
an increasing amount of. pressure 
with investors tending to. test- the- 
temperature of . the market. At; 
the fixing the dollar.. felt toi 
DM 1.S762 from DM 1.&W ob 
Tuesday despite sorae.-.- : $l2in: 
support by the Bundesbank. As 
if in response,-, intervention by the 
Federal authorities- ' in: -later- 
trading pushed, the dollar to 

DAI LS7B5. ' . : -• y;i 

PARlS-^-The dollar was. flxed 'at 
FFr 42730 against. FFr 43085 
despite intervention- by? the-Bank" 
of France to the time of SlOmlo 
S15m at the flting, . -However 
further Intervention by European 
and U.S. authorities pushed the. 
dollar up in later trading to-Jbe 
quoted at FFr 4^975. -against 
-Tuesday’s late rate oE-FFr €3175.. 

MILAN— At the fixing -the dollar 
fell to LS35.43. from L840:45- pre- 
viously. This appeared j to tie ;a 
technical reaction . : after, the 
dollar's sharp rise,, following . last 
week’s dollar support - package 
announcement. The.: lira.’. -was 
generally weaker against '- major 
European currencies ■ ' ' ! .?.\~ &{ 

AMSTERDAM— The dollar r was 
fixed at FI 2.0230 against FL 2.0480 
on Tuesday. In later tradhaft; the 
L’.S. currency was ■ quoted aC 
FI 2.0315. slightly up from its 
level at the fixings -7 - - 

ZURICH— In early trading' the 
dollar was somewhat weaker-wittr 
trading described as the^qulet^l 
for at least two weeks. - At'' arid- 
morning the U-S. unit was . quoted 
at -SwFr 1.6265 down from: Us 
earlier rate of SwFr L6325.- ; "- 

- BRUSSELS — After opening at 
BFr 29.64. the dollar was fixed :at 
BFr 2HA225 co fa pa red with Tues- 
day's fixing of BFr 29.7500.".'- ; 

TOKl’O— -Despite efforts by thei 
Central Bank, the dollar. closed ; at 
Y 183.40 compared with YlWA2i 
on Tuesday. Trading hecame 
fairly active with pressure mount- 
ing on the U.S. unit after it„had 
opened at Y1S9.0. Arbim'd' $l00ni 
or support was grvan > by the 
authorities by the time the dollar 
had fallen to Y1872B, wkh un- 
certainty mounting :over Just how 
much assistance the aathb; 
rides are prepared ■•.to-- give hi 
defence of their currency. :.TSpdt 
turnover was about 8690m wUh 
forward trading .amounting to 
S99ra and swap trading -accdont- 
ing for SSOltn. '-. 


LuudlsnS 
Guilder 
Beletan F 
Duish K-- 
UAJbtI*—.. 
Pttrt. 

■Jip»n. Pa®. 
Urn 

■■XrwK nJC- 
PKtovfa Fr. 

■jweiUshKrj 

Ven | 

Aiwrri»»eli 
wtSB Fr. I 


ai s l.3M6- 1^766 
WAl MM-M-Sm 
6I9 S 881S-4JM! . 
fi 67.7348.5U 
S 10.1S-T8.S7 
S 3.684-3.721- 
18 B -.86-36 68 
8 - 1S8.50- 1«. 16 
10igi I.HS- 1.648 
7 > 8J<-S48 . 
■3lj?) 8.4Ii-«.49 
6 l?[ 8.-J04-8.67 
51?! 367-374 

4 !•< 27 00-27^6 

1 Ls.T8V5.214 


11.974V1J766 

6746-68J6 ! 
10.24-18-25 : 
3.7U-X.7U J 
90.QO-t-Q.4B 
158 85-VWJIn ; 
].ti4lj-1-647i, 
a.864r^J7* 1 
8.4 , 

B.3&4-B.664 
36B4-371* 
S7.10-2I.1B 

5.184-5-18i • 


8.40 -6.30 ‘.-.pml t2.'li'll^MJ6c^j| 
D.8M.40o.pni! . 2.STTtrw:S6(ijfflil .1.67. 
19-ltf.pm i- 7 5£*i^ c -'P n> 2-8* 

16-6e.nai [ ^2 j» 7 *95«a c..pin •- -24« . 

23-44 ore dls j— 4.ia -)S*«w Si*-- ' ^4173 

44-23 pf pm } .tift llSjijgjfr tl : Tf 

7V.170cfli» - ^ _ 

lBOSt(8 c-dli r.18-7 1 -17 

2-5 Jirp di> — 2.B6 , —jj 

i-Morerffa' I— 2-15 Wi-SJoretfle — C£2- 
34-23 v.pm ' W-Me. p» ; 

11- H ottpitfl 6-lB 172-64 o« pm ". 
4.10-S.70-rpTn! lgBI-flOStie.BypnJ 

12- 2 enrpDi B.tO.-B8-irai»Bni i 

6frS<--p7o .j 12J8[l«i-TI4e.T-n 




THE DOLLAR SPOT I FORWARD AGAINST ^ 


jjwwggj 

CouhTd 8* 
Guilder 
■ BelsUn Fr 
Oanlsb Kr 
0-MarK 
Pon. Esc 
Span. Pta 
Lira 

Krv£D..Rr 
1 Freiw* Fr 
5vr«Dsh Kr 
Ten 

Austria Scb - 
Swiss Fr 

- U.S. 


Day’s . . . 1 

spwwd Ossa 

S5J8-SJD 8S^7-85^8 

2.0251-2.0482 ^S321M.B3a5 ; 

28J7-29J» 

ct« 259J1« 5J825- 51850 i 

L877S-1S89S 1^775-1-8750- 

45.70-46JJ5 

7D.W-7J.Kl 70-W-T8 iW„ 

83&2S-838J0 1 

s 0040-5^060 a. 9934-5.000 

a ntu u.-j^ 4J000-43H0 

4J225-4.3385 

Ufc.90-187.5fl 187J0-M7J5 

U.T35843-8325 1J.7M8-13.74S0 

Lfcl08-JJia6 Ltd 854-6205 

cents per Canadian 9. 


Ono maatb ■ P a. Tbroc momhi 

• 

lilMJnc id IS -0J5 O-lS-B-ttcpm" - 
038-8J8d pin.- ' 2SI- Un-U.Tc.pta 
Zcpnr-par. (Ui:iS4fcpi|: • 
2JM.7BC diS -5J3 - 
144-JJBpf pm fc.70 i82-3n8prpnrV: 
35-J80C4KS-: 

90-JBSc ills • .-. -45.56 - 28B.JUC dip fi 
.2J0-ZS0Hr«di9 -MS .7J0*3lSsMdii-. 
ue-LSDomOs C4»4S0wiidft 

0.554.7SK pm 237 2^£i25c J>»'' 
B.7M JOc'pffl - 2JO.' UB-USCpnx; 

0.78-U5T prrt . 10 JO ,4JSA5S^p». 
«jj0450gr»Pfn 3J8 43JIUXJMmWi 
pm . 9J5 CfiSWBrpm- 


Special 

Drawing 

Rights 

M5MZJ 

133SX. 


European 
Unit of 
Account 


CURRENCY RATES CURRENCY 

' Sp ec ial European" ... " Bart (t.Dasv^ 

November 8 Drawing Unit -I Hovember 8- ■: .EMman d-Cnanto ^ 

1 Rights Account -■ cMnge tSt- 

c.-tHIde r 1, USMZ1 0460884 Slerlins . . "..62 J21 ■; • . t 

cS dfuar" l J9381 iSSm tl.S. -dollar d» -;.MU , 

D^dEudaiDar - LOT6J Canadian dDl&r A 

.Wriuflw - ».iw J8J*» Awttlaa achflUns ' 

Belgian tranc 3T.TOT WjfJ; 

Danl-th Krone - fc.71437 6.54589 

DeutBdae Mark 2-42745 25UU Deurscbe Mark W .4«J 

Guilder - ZttTJB 2.7^5 ftanc -, V ^..'. . 20B^,- .+IU.- 

French franr SJ2845 *70559 Cnflder _- 

tj™ 1080.58 French franc u-. WXLc --fca-:^ 

Yen I!!.!’.”.?.!!!.”.' t ojuj 2SU.75 u» 4 .,.uu.. — ^ 

'VnryniHan Krone ... fcSDit ' 66821* Yell " — imt 

9U55W 94.5253:.-. Based.on-lra(le weliihwfl-t9n«aj»B-(Wn 

Swedish Frona 5.61255 5J»W0 Wasbtiwori; acr«n»ni v Becember^iW 

Swiss franc — - 2465B5- - <Banfc of Emtuid' ladflSstMir - 

.. . : j : if • ■ ■■■[ . ii . -_L’ ■ V' 

• ^ • • . . . - •- • v _ — ^ 

THER MARKETS . ^ 

; * 

Nor. 8 £ .. = 6 ■ L 1' ■ ,rj 


?THER MARKETS 


Iruenllna Ve»o i-_ - '_ r _8 : 

Australia Dplhnr 1- >086 1 7156 

■'inland Markka _. 7.8X60-7-8250 
btazi f Crme’m...... .-•p-i.i-su 1; 

irreeV Dmchtn^...- 71-f 85 73-693 
Hnnn Kim? Dollar ■ 

Iren SW ... ...... ' 111 A - 

b'umnl DinarlKDl. Q.J , 34I.IS43 
Luxembourg Franc 5? 95-58/ 5 

UaJatis Dollar.. 44.2975^.7 275 

New Zealand Dollar) 1-c: 15 1.1606 
-iaudi Arabia Biya' t Aa-tr 5 

■Unuapore Dnllar ... 4.<M.88 • 

Sou lb African Ram i 1.6976 1.7830 


9 16 9 o-S 18>99 A uiirfa.-^.^-- 

J^-pIaUc-i-86 

O.P7S i-S £ 75. Dr-mpiirk 

19. O- 19. 0 7 rajT- e^..^.^ 

36.42 ;7 31 [Germany 

4 '-S . -J '.6 Uaiy~— 

70.40-70.70 tlaf«u» 

O.arl O-.-.t rlfltk.V ether kandg^.^ 
89 36 89.-»0 rSonray.-L^L.-. 
2.18 -8.19 1 PortopaJ — ™. 

0^937543^- -70 -pain 
3.3C50-JJ260 -iwitxertand 
2.17154.173^3 L'nttprt Staiea™. 
JDJB5974A729 ru^oalavla 


si m 

.10.30- 
.. eatt&ttrir, 
:srTaxsa.‘X 
iieia-iegoTir; 
--.57 OASte.V- 

: 4.oa4Aj(j;r- 

90-110, vi? 
-' M4-1483F- 
'3.B03JM:/ 
L»7%-VS9». 
-42S»44^.*'i 


Ra’e aWm r«jr Araemtaa ta tree rat*: 


EXCHANGE CROSS RATES ’ : 

Nov 8 I Found reertinpi G.e. Dollar ) DeutwheMinlij.lapariaie.Tenl French Fnuu ) Swim franc [ tlmi-h Cruililei [ ' Italian Lira IGansda Dniku if 


• -!t' V : '. ' . 


Found dterlinc 
V.*. Dollar 

Ueuihcbe Mark 
Jafane-e Yen 1.000 

French Franc 10 
■*wi»s Franc 


Uulcb CrUilder 
Kalian Lira l.UX) 


370 57A?. . H.455 

187.6. - 4.2BI 

99187 . /' T 8.2’'9 
1000;. 32 83 

.438.2 - Id. 

mp.i ’ i. -z;e>50 


0. 

0. 

^60 1 0. 

&u7 . 1. 

0.432 

O 

1.724 

3 


S •' ' 

-ti 

- It4 7. 
B34.1 . 

• i ' • Z2iis~ 

.-{ A.m.-jy 

1.06O - 
10.61 . 

444.0 
.4446. - 

■ 0.624 '• i ; 

". .. - 6.247 ' !j- 

4,737 
- 4^ft5 . 

*■' 1948 
: &S&A- 

2.T37. 
0.736: -•{• . 

1. "• 

.- &43I 

41LS ‘ OS79 .1 

10. id! •- | -\ h.405 

i 1.730 • 

! 6.905- 

• 711.7 • p -. -'-L •(: ■ 

3840 .1 : 3S91 ,i; 


ooun torm..„J 
I dav's inan.fi 

Month 

i bree m»nib«... 

■i* months. 

me veax 


Sterling 

Do <u 

. . 

L'AIUHlMn 

U.. -SI 

Unreal Uui-dei 

10 ia-ll 

0 J « IO 

8I4.9I4 

8 01* 

114|-13l4 

S?Js 101* 

eu— u 

B-BU 

lc-i. «a 

93*. 10 

Sft9i* 

778 la 

13Js 13?4 

1 1 u . I, 

1 58 0*4 


13(18- 14 »8 

113* 2 


735- 

1o1 S -131b 

llfcfl -iIb 

iwv ' fi 

ifcB 77 # 


per la' 
par-18'. ■ 
rit >5 

T5 I*. 
3 4 .IB. ' 


' 7kr-7ie 
• U 71b 
. 75ft 77fl 
fclgsp* 

1 1 b 1 as 

10ft 11*' 


Itanao Lira 


12-18 
• 3 14 
J2l a 13ij 
141fl 181* 
15<g-16is . 
• 55* -655 


— - ■ -'-.ia^pNr;. Jjf-J 

IO-IOTb - . -d(n% *- 
958-934 

1 i5e-3fc , .• ■ - 


■ >53> .655 1 lllE-Ilfia- | » '••W ftWTK/ 

The loHowUus aomlnal rales were quoted for London dollar certificates of depo bJC QM momb 10J25-HU3 per cent: Three^ months 10 JO- 10.40 per ceitU' ate 
ll.6fc-Il.75 pc-r com: one year 1160-11.70 per cent •_ . . Tr : ... . 

Long-ierra Eurodollar doposlts: Two yean 101-10* per cent; Unre years 101-10I perrest; tour Team 10-104 ver cent: five years Ifi-ioi per 'cent nom ine ^ M -■ 
Short-term rates a call for sterling. U.5. dollars and Canadian dollars, twoday rail for Builders and. Striae francs. Aslan rates for HmHng rates-ln Singapore. - T - ' 


INTERNATIONAL MONEY MARKET 

European rates decline 

The gold and foreign currency sis-month lo 71-7J per cent from PARISH— Day-to-day money eased 
reserves or the Nctherland’s Bank S-tsi per cent. to 7 per cent from 7i per cent, 

rose FI B5L3m to FI 21.3bn in the FRANKFURT — Call money fell While one-month- fell, to" 6i2-7,V. 
week ended November 6. This was to 2.40-2.50 percent from 310-3.20 percent from 7} per 'cent;' 'three- 

the first rise for aver a month, ner cent anri fivnd nprinH (.,1m.- mnntK *«.'• iu* t 


GOLD- r 

Further 




I uciuicui auuw&iuco aiau in- a arv rxxr cant CW wnnti, 

creased recently, not. only, as a Ste-month money 


YORK — Interest 


-,,1 ?x=d at *221.75: durin&.thi'faoai-^ 
1 ,n *. and-.S2iSilO in the afternoDtr^.- 


isirM 

t . MT . ° market, ^tes for Belgian francs htixeeT changes, as 13-week bills m Buutoq « mJ ■ y.K~ . 

Interest rates were generally (commercial) fell to 9J-10 per eased to 1L95 per cent from S. 02 S . 

easier in Europe yesterday, with cent from I0i-l0f per cent: three- per . cent ai Monday's auction: eaiMTBi jaais^ia' v 

Dutch call money easing to 8-SI month to 91-9J per cent from 91- while 2ft-week bills were quoted ?, penini — 

per cent from Si -SJ per cent: one- 101 P*r cent; six-month to Sg-9 >t per cent, against 9.419 per ■ araia 3 

month to il-tj per cent from 8,- per cent .from 9i per cent: and pent at -the auction. 12-month Aiti™»o fltinB 

Sj per cent: three-month to iJ-S 12 -month to SJ-9 per cent from bills rose to 9J2S per cent from Si]n,a83i' wfwMWi-r' 

per cent from SJ-SJ per cent; and Si-9i per cent. SL2fi per cent late Monday - • •- f . - 

i -rtMneirl™11y. w ..'. - '' 

-- - krogerrmiKL..'^ ^.JSSiB-828 fsa^a* 

UK MONEY MARKET I -• • • -ii.VBvAnWMmU "■ 


Full credit supply 


. - ■ Npw «»v i er«ciBi-.US6l3-Saj . 

.v .j. ^ {'»i«j .yamJxif . ,v 


ilofii 

: Imenwuoa»iiy>: 

bruKaerendi.^ 


A. JL <U -j- : 

Bank of England Minimum not reflected in. short -tern jhterbbnk overnight' oi>cned v ^f^^ s,n ^Wn^:,.PSb9-si . |S5M» 

Lending Rate 10 per cent interest rates. which were SfSJ'jcr cent, before tradih&'st ‘wu r 

(since June. 1978) generally easier, while It is also 7*-»i per cent for most of the dky; ^ ^^'-'7 -hui.'- 

Day-to-day credit was in abund- likely that the number of -bills: -T-dcal authorities received £140tB S*gta*-. SKS4B7 '%&£.*&. t , Vw 
ant supply m the London money sold by the Bank of England was trate, -support grant, wblett wa® a si-5-im iSia«-«8 ;:i -L 

market yesterday. and the insufficient to take out the -full maidr factor behind' tha-verv oxh- *wi-107 ■ -:ssr. JOS ' 

authorities sold a very large surplus, and banks may well irfantla* surplus of Government' “Z -'"L U — 7 ~- — T^- ^ 

amount of Treasury bills to the carry over surplus balances.- • •' ^ih immg«U8' brer ’ nitfrtiilyriyj. i ipc; JWlKrg. perforaianm. in the, 
discount houses to absorb the Closing money rates tended to' men'tS ' in the Exchequer. l‘* orei 8h’]exchange market and "at:; . 

surplus. The bills were very close confirm this, with discount houses inarket was'also helped by a. slight f®! 1 ® : PPlhT ! it touched: 82215-222^ 
to maturity, however, which did picking up late balances at Si^ raJI.ili the note circulation. .<jn i aiindhgh' in: later trading rrt New ; * : 
nothing- to reduce fears that Bank her cent, while overnight money- the other hand there was -a small] steadied, aroiind S21SL' 

of England ^linimum Lending m the interbank market fell to 2 -tak^up of.' Treasury hills and local I- 121 -kilo ba?- 

Rate may still be due for an per cem at the close. ‘ authority bills to finance. - : ;!»ras.' fixed :alt-I>M 13490 per kil*r - 

increase m the near future, Earlier in the day the houses' .^Rate* in the table below' arc! fS222_17. per 'ounce] compares 
possibly this week. But this was paid up to fl-BJ per cent, and the" nomiiiai li* some eases. J w-fth D.M 13,120 . (gzi g.fp j' 


LONDON MONEY RATES 


• cpriinjf ■' 

‘. ■.•’rtlhtsu, J hiierbinH 

j >1 ilci«^ii I 


AutHunty 


IUriii AuUi 
J Meir>>i bun- 

hr 101 |p 


Finibcf 

dmM> 

ll(|«i*li* 


I ~>wnpui\ 


OmuoUJ 
- mark# 

■, tnwrf* , 


Unuun 

-BHl*rf 


rlbbcfiri. 
- UfUa«--. 


Brg 10 

ZoU 41 13 


_*vermyr>i I — j 2-9 i 2 ~ 

days' dca K b.^ . — _ 9Sa 97s 

irtHvaor 1 •— I — 

( rtsy, nntwe^j - | pi ( iq 9 7g iq 

ahmtb ....j lOsg 10l s J lOi? iO% xoU it. I; 
wo irvmro*...} ll) B II j 1 1,^ t i 4 
hre* m-mth-.l lll 3 . ] ]g ' U^. Uf^ 

! liiff ilti 1 )|iz 11;^ Ul, ii!« 

,m- DiMi^h- Hi* lh, ; iif; )ir B J 

'ne A m«i 1 lli| IIS? : H4i llTg ills I lit 

* — — I21a liJ 


- 91* 10 

ID* ids ‘ lOi? 1 ON 
ll'B It I i*Tk r X i 4 
111? <138 ' 11-x Hfca 


7le-10 J; ; - 


111? I I i» 
12t ri Ikfe. 


11 lit) I 
111? I la* 
11>4 ll>j I 

iUa ’IV 
1 1 be 13 1 
U»c ia ' 


107 B j lOli-lOSB ' ZOig f ‘103* 
12 . lWfl-Kfc.iiOtt-luSsi. 11* 

^ J. - IWi ; ;p4u.304! Ilflft . llj 


MOHEY RATES o ; 

NEW YCm^ ^ V " 

Prune ram 

Fofi V twwt» . . , •' .- .. 

Treasmy Bills .Uhmk) ..... 

GERMANY 

Pawflmr" Rate - 

QnviutSbt — ,, 

One 

Thrci ramia 

Sir mouths 

FRAhicE- ry. '''■ 


!•.«_. . . . 
■5JB2S’;; 1 
Mf - 


. """""" : j Dtecoanr. jtaic _ 

Local auijiorlijr and finaucr houses sorca days’ notice, orhers seven n.iys* fixed. -*-t AWfl gr-tmn hwH tnahority tnartzaro ^ -s' — 
rates nturunBlh tlireo years I2H?; p,-r cent: lour years l?t-lil5;6 per cenc tiv-p vears Uj-Ui per cenr. OBapk bUl tP aa ,h ’* 

arc buiiiii raitis ior prime paper. Buying rate for loiir-uiomli bank bins llj per cnnt> foor-cwmti trade bffifc it per cenL' ' -25“ 

.IK "JL? D,, f ra ‘* s for on f, nl 'W«h Treasury Bills ipmoi per wnr: aM twwwmft. t»r cent: £»&*!** 

muwwiwniSSKS «“*"*«« far QfU *' mnn,h wu* «« m ctftU: wnmwwb B ,» p er wi: and. tbreonmitb s * **** . 

'"’•,1- 2 n m 2 nTh tra *' bills 111. per cent: 'wo- month 111 pw eom. and also -rprer-monor-tlt- per. cent: - . 

W J,D * '»wkhkb«T by the Finance Uunc Association 1 Hi per cent .from' Novmber i. . CraHng .mknk ‘ Dt^.-wiiii -Bar* . ... 

Sgg- ^aSg. !?* J? 111 ™ , al 'T -w ‘ as** 1 n ClMrtBa Baflir Basc Rua ler tcnUns lltjw 

tiwisuit biiis. Avurasc leader rates of discount infW3 per an, \ r i. v- -• - .-. r::v «vV^^?Srtr>^3r- 


y -•:■» Bllbr D£&eflBat' i Jape.f..'y 4 





1 













P' •^..vpBgaWsfe Times. jFfiurs&y. ’ Nojfciriliier 9 . 1978 





% 


31 


'/$&&£ ?;'-£!?£■’ 



reverses Wall St. s 



— INVESTMENT DOLLAR I 
PREMIUM - 
- $2.60 to £1—77% ■ (77i%>. 
Effective SL97S0 MI% V 

AFTER TAKING the receni id!art> 
slide 
Wail 


cisions at the approaching OFEC hou* 
cenfarence on prices. 

Analysts - said • the . heavily 
oversold market wax due for 
rally. . but concern about the 
a stage Jurtber yesterday, ™ on *? *>£?& report and 

Street IiSUSmm Pm** Carter's Prws - con 




recovery on bargain .hunting con- JESS' iSSL 
rent rated In - the ’• particularly damped buying 

depressed Blue Chips sector. L t ^nd^reeoSered 0 } “o l 41 -®* tvr * B»in or Ml on" ihe munlcaiiomt 
Tr 4£ ing E afi agaiu moderate. . ST folb wine ■TueXy’V f all of * n '? reduced mtiviiy. Volume Wccinealx. VehicU-- and other 

The Dow Jones Industrial ■ *■_ L ri 2. ..m shares cuimi exporl-oricnlaifd .shares eased on 

Average, down 23 points over the on .cuttings us yrar-ena om- Resorts in iemai iun»( " \ - rose lhe una-riain exchange market 
past two days. iosi abouc 6 points ““ti - -Mm Roebuck picked up * U 1 SS7 1- Ar,tr the market close. °M«. l _ ook 

more before racing to finish predict J im iau pt ' r ffm 

’*?• Tbe creasTiA ibird^uaner opcraiins I.™ !• ?. ,arc,n requirements 


iil) 

Machine 


due toda? could V? AM ? RitAN SF - Market Value ^ * harK < :;G0 "»- Electronic V: 

iniornt !" r| V Vl after ■slipping further 10 Department Stores. Food-:. Air Tnyoda Machi; 
lain led the Jl?;!? 1 P™. Picked up In craftv Heaiy Kleeincals am! C..m- Y1.000. 

SVeifvroS i .o Hl»» r »« '■» or Ml on Ih. v ^__ ^cr. bul 


In Vi tL'in jimI 
Works YSO to 


Hong Kong 

The 


up on 
NYSE 


the 

AH 


day ' at B07,« 
Common lodes 


.■r 

on the 


marker? ieee:u >lt;trp 
Foray, up VS at YltiJ. Tnshiha retreat quickened ..Merday in 
Ceramics and other medium- heavy tradinc, further depressed 

to on 


nominal of paper. 
11.7m purchases or. 


Share* closed narrowly mixea 
after the thinnest trading for 

many -.essinnv 
Brokers said concern over the 
renewed ucaknc?* uf the dollar 
and the nrernishi Wall .Street dc 
prcs' f ion kepi investors away from 
the Bourse yesterday. 

Banks. Const met inns. Mechani- 
cal*. and Metals v ere easier- 


shares. which eaTned Tl "io F riL ' ed isJ - uts were firm, although by jn .inn ounce mem late *:i inclined b “ l . ! J l0 JT , ^ l-i ?J i e 'V l *?'f 

some caution cn terser! over the Tuesday evening from the «nd Oil'. I ended tu harden a shade 

Exchange Bank* .Woeiatkm Gaining' stocks included CCc, 

including interest rate suhi.irr, milieu that pH *l*arib:ts. 

Nippon Oil. and large-assei xharv-- Best landing Roll.- ..ouid hi* Pcugiiil-Cilinen. 

raised li points to S;, p t - r cent velles Gnlvnc*. 
with effect from lodnr. Th.- Hang Piem-linc-Atiby. 

Seng lndc.\. dnwu Itt.Ki) the Marked lower 

previous day. fell i’i> ,"’s in ore to ■'••df. Cnfmdci, 
on the four Sajscm. Perrier. 

HK$_67.ti4m Europe 1. 


■L frn^u- a net ^ c^ hiSer at income before pension costs but S5i 

• S52.49. after a days low of Sol. 92. afte . r iSfUSSE- dUUM 8 >' n, « climbed It to $311 and hiph P™* ,pvels - 

although declines stiU' beW an Ocri AmduhI f o *45. leu-oleum.-. 

edge over gains at the close by Mead climbed It to SHSL, Occt- Nippon Oil. ar" - 

- 7fiS lo 682. Turnover amounted Canada ahn advanced 

. to- 23.56m shares, against 25.32m onties r have xuled that Occiden Electric cable ni.uiuf.>cluier 

‘.yesterday. *?£,”? £IIS’ n J ,mp w 'ilii the New York Fujikura Cable Works was 

1 Analysts termed tbe- recovery State t atee-^er la y . . trend. Canadian markets partially aciivuly bmiehi on new*: ih.ii u 

-’V technical, in. part reflecting the Oreld en tol v ere ge d a r S 16. rallied after fresh initial easiness, has succeeded in development of . Tu /Zl. t in.j 

'• oversold condition- of the market ..Standard On of On in rose S to The fnromo Composite Index »n electric maem-r io be u-ed for . C{ ^ 


Pernod -Rica rd 
Arjomari. Nou- 
Sngerap and 

v ere Locabail. 
Polict. Poclaln. 
Denain and 


and ah easing of - margin setTinfc ^ 36i J_ :9^ f0 , rnla . n a?-\. p ?? d ? d 22 tinner on balance at nuclear fusion electricity <HKSi4j.40mi. 


- - T- - ri . 


Composil 

"*'« an- tacuit ul mai^in ocuiiik. r: — ” ; 7 ^':' , . , , . *j : ~ — ~ — miner on balance ai . .. 

-They added 1 that -worries about backed; Its* plan- to WUd an_Aias- 1.212.,. while Metals and Minerals general iun. Hong Kong Land 

"fundamental problems, such. as . ka F : 011 Br *. “ ^5 ■ '!pt- ,3 ' n «l 12 S to i.07«.0. Oils and Real Estates rase in ihc morn- centh to HKS1U.3U. 

'rising interest rates and inflation, ’ J*?uu» Wnicjl balds a big staKe-m Gas lfi.b 1 tn I.S2K.4 and Papers 1.79 inc session on Press reports ihat S» cents 
persist' e .-.' ’ I Sohio; added t at $1 1 ,. to l3S.Hti. but Banks !o.-i 3.57 in the Construction Mm isirj- amt the Matbeson 60 

Preaident Carter again promised 7he late rally earriwl^a^nilinner 2SS.:(fi and ilcild.-, firm of laie on Land Ayeney have recnmincndist llung Kong Bunk ill ci-rus l>> 

g of laud lax policy to a HK61S.6U, Hulehisnn \\ hyntpoa 33 
sub-eomniitiee nf the Tux System cenLs to HKS5.7H and Wheelnck go 

.. .. _ . .. ... .;siij Council for ihc Lihcrul Dem«<- cents to HKS3^27.. 

. fident there will nor be a re- 2| to S63^„ Teledyne S2 1 to 59 i» 4 . follnwinc Government approval of cratic Party. Toward-- the close. Hong Kong Hotels fell IIKS2 

cession 'next year. . but most Eastman Kodak lj.to 5593. the .sale or Nordair to Air Canada, however, rhe shares mosily eased j,-, hKS2u- 4H. China Liahi HKsi.iill 

private oconnraisLs are expecting oid.S2 to $401 and Alcoa i to $4«. Surpass Ciu-mlcals, .subiuei of a back on news That the Finance |,j HKS27!lO. Cheuni: Kuna 

■- a 1979 business downturn. General Elect rlcf which-jtas won possible amalgamation into a unn Ministry is reluctant to relax the HKS1.30 to HKMl-ln .md Swire 

-Oil industry. soarces said -a: ^100.3in air .force contract, put nf Witcn Chemical, gained CS1 to current t:LX policy, brokers com- Properties 12.1 ceui, in HKW.7H. 

" Iranian oir exports have fallen tn on-4-to ^48. - . '-Sw 

less than 10 per cent of the l^vcl -Active Bally Manufacturing ad- 
of the past few- months because vanced 1< to S39Z, but Ccasarx 
.. of the unrest there.-The loai.pro- Wortd.eaxed ,J to $20J and Del. E. 

. auction could - affect pricins de- Webb i to S143-' Florida voters 


Australia 


- President Carter again paunised The late rally carried a numner 2SS.XU and Golds, firm of laic on Land Agen 

a tough fight against Inflation, and of Glamours and Blue Gnijps into the higher Bullion price, shed 6 I an ea'-inu i 

firs Ccrancfl oT Economic Advisers higher eround. IBM row 3, In to 1 .393.4 sub-comn>il 

chairman Schultze said he is con- S265t. Du Pont 2 fc - to 5)124}, Boeing Nordair “A" rose 1? io c.’SH! Council fo 


Tokyo 

Stock*.- displayed 


menled. 

Tnkni l Iter I rival In-lullaiinn 
zainpii YHKl to YfiSS. Tnkai Rika 
Y.iH to YS91. Riken Vinyl Y31 i«< 
a Firmer bias YH2». Santen Pharmaceutical Y43 


NEW YORK 




Snr. 
' E 


JCor. 

1 



Arrtxnt Ud»- :! SIS * 1 1 30 4i 

,x>idi«sio)>rapti...|- 201 ^ ' 20 ts 
Jtrtffls Lire x C«-! 364 b ’ 

Air product* : - gSJ* ‘ . 291s 

AiisanAliimin'urr-i 53Sfi' ;-iSUt 

‘ Aic« ►..( 

A>lei;, I«dlam... I 
AHenbeny Kiwvt| 

X ilie -1 riiemim'.' 

Ulled Sierei • 

A 111- CIlElnwr ...| 

A MAX. 

Amen»in,Ke<-e...... 

t'M>. Airline... 


Imcr. UmDdr... 
Amer.Broiutairt. 

Am*r. Un 

Ainer. L'yaumnlii 
Untr. IJWl.le .. 
\:ner. Kleci.h™ 
\«nw_ tisc-repf.. 
Anier.U-iiDePral 
\m«r. MedtoU... 
A rear. Motor*. .. 
Amer. i'u. 

\ ioer. Hnn>tiui< 

Amer. scores 

Anwr.lel - 1 Tw 

AinWftk 

AMI 

A .UP. 

'^•Arawic 

Aatbor Hoi-lrinc. 
Anhenier buwb. 

\mMM. 

^"“A.S.A 

l«merfl <Ju 

Varen I 

.VdllAOd Oil ■ 

ktl. Iliebfieki;.... 

— ..»n»o Bits Pro... • 

VA'CT-- * 

iw» ‘ 

._>«oa Prodncu.. • 
. talu Gej. Elect-. 

(anjicr PuntA^..J 
. ^joR Aroenca.-.i 
AnRWTr. K.xJ 

■rljerOli- j 

axterTrei-enol. 
eai cu* PoW — r 
« 6 UmDtvaiiMnn 


46 

15 : 

16?4 i 
31 r 
23 1 a : 

3D l 
43i- 
26ii : 

J2Vi i 
.465* •• 

355* i 
56U t 
243a : 

24T S ! 

21 - ! 

301* | 

2736 < 

16 la ] 

365„ 1 
41 ; 

3Ha 
60H - 
28ij - 
165, ; 
a£i« 

12Afl-| 

257a t 25% 
2358. f- 23W 
191 £ 

.25% 


45 la 
15 

IBS* 

311* 
23 U, 
297 S 
43 
25% 
121 * 
461* 
35 
35S* 
243, 
26>, 
207 f 

3C) d 
2 
19U 
5 k 
39% 
• 4 JI 9 
311* 
eota 
28% 
16ij 
3176. 
125» 


13 1 

14»b ; 

441, 

6275-1 

29ll ‘ 
22 a* j 

B4 4 
243« 


181, 
2638 
15 
14 
435a 
52i* 
28i t 
-83a 
21 io 
533, 
24 


2Cbe V 20s s 
K5. 1 . ,25ifl 

5358' I 356s 
22% 7 ' 22*i 

3&ia ' 384, 
Wi, f r24 “ 


534, 


.-'E4H(W«U..| 17 


cnitl*..— 

<enguet>Con» *b'; 
_~jO>letwa Str«l.; 
««cltA Oevker.J 



kii*ei-aroule-. 1 

orden 
iun; 'VmTH-r 

‘moltf I 01 ’ 

tiswan 

Alvere I 

1 Pet A Hrn. K....I 
.^Jnvk-wny H 1 i»**.., 

truowvk { 

lucynn* Erie...-..; 
5nlom Welcb....^ 


56 
5>8 
20 
16>e 
63 1£ 
24 
275b 

29 U 
125s 
15i? 
51 V 
V7U 
29 
13S f 
lets 
6 Jg 


531* 
17 
364 
3sa 
194, 
I 6 i* 
61 
244 
-'271, “ 
50 
124 
.1368 
314 


juriingtofi N'tlro., 377 ,.' j.. 3' 


: T_‘ V 

¥ 


llllTOTKII... 
..uccOeildDuu...| 
anadian Partfk : 4 
,'nnai Unncloipfa^f 

.Hrniunn f 

^irnert General* 
.*ru-r He.™ ley...., 
■ juerpiii»r Iwrtf! 

1 

e4aneneCc<rpn. | 
.enual A a.W....; 

•*rt,int«o ; 

Ajrt*f* ..i 

. hampkto TOter„ 


72l B 

34 

194 

. 97 ’ 1 

284 

11 

17i,-; 
68 - 
624i ? 
sax ; 
i4i*. : 
18' l 
34*8 J 
1978': 


* a 

U 


U*alartup, , : aDSa 


t:’ 


£64* 

b35e 

107, 

■26 

246b 

523a 


Sflimoii 37 J* 

i i tr :tie^>t>rgb.Ponft.| 234 
.■bewie c.metB...: 

■ii.wgci Jttnrtjie...; 

"tirysier. • 

line, lli hy rron.^.l 

J J Jitworp _.| 

V mes 

;uyt orating.-.., I .14 --1 
Cilrf-..; 265s, ! 

->oirt.-«4« ._ ,.f41U ’ 

Puui 5...J .18 [ 

ioiiin* AiRmiui .7 ’»4 1 
AHumbn Cxu*_-..l 261* ( 

.otnnipuiPieuL»!--A7ij- j 
orn.LnB(jD.r*Aro‘ 161* 
'■nmCii 8 Uozi-Eiu:.l 346; 
omhuntian fcq.. ( 10 i* 
iro."n-u> ErUvrm.l 254 
•Mnm. i"iier|ite.l 394 
Join putex Scienc. 104 

Vina Lne (nr 354 

", nine— .-. 15 J a 

uju Edin iu y V . . -287, 

Vfflisn Foods. -..._) 234 
!nnu[>>rttn* I ..i 551; 

•pn? rimer poiveij 2 15b 

oatineociil Gi>,i 29)8 
'narraecitM .1 a7l; 

ormwDul T*^e ; 154 

<mmil Uhcjl 32 

tiwloi.. f 436, 


167g 

29 
151* 
164 

*4 

376a 
713, 
34 

19 
933: 

277 8: 

11 

163, 

656a. 
B3. : 

39H 

146* 

18i a 

34 

20 - 
a 04 
37s, 
227, 
267, 
63 
107, 
^71* 
£43, 
63 

13*' 
26 4. 

’ 913» 

[ 17-8 
! -96a . 

, 253, ’ 
j.- 174- 
16Sq 
1 .047, 

' 104 
254 
384 
AQ3e 
344 

144 

22 

23 

35 
213, 
2B5g 
266; 
15 
304 
434 


IVrrniliKli !*»».. [• 

GPC Inl'mltfitw., 
I'miHI. ; ...- 

Crocker .\iuJ 

Ci nwn/te 1 ivrf on*(i *■ 
Cootie in- Engine] 
Curth-B IVnpht- j 


534 

494 

26 

253, 

317a 

31 

146e 


65 

49 

264 

£578 

313, 

306a 

141* 


Dana v 274- \ -26*8 

Uort lndu*iiie- ... 381* ' . 381, 

Deere...: 33'.' • 321, 

Ovl Monte... ! 414 * 41 

Ueiiona .i .8 [ 74. 

DentHjiiv Inter...,. 16 * 153, 

l>« inn Ed iron— .; 144 - 14*8. 
Dumood-ihouiHk: 2b>, ! 204 

-Dtewpbooe :.!• W4 i .13 J i 

Digital Equip ( 47J,- i 464- 

Disney fWa't 1 1 374 , 36Sa 

Dnvor C*irpn !.'-40l* 1 414 

Dow Chemical... [ £57*. 1 . 254 

-Dm vo. 294 i -28 

IhtMT-;..-.. J. A7S# i- 37 

iHifiOdL. .) 1243, r 1226fl 

Hap it Pitcher 4 224 l ' 22. 

Eaht Airliner .; -,Sig . 94 

Eaittinan EoAeR.-i 593o i 584' 
Em on j 357, , a64 

E. ti. £ U . , 264 ; 2»7 8 
£l Pwio hit. liari 146a ! 14% 

&ti» 263, - 274 

tiineniiaiKj'ectricf 333, ' . 337* 

ErnrtyAirFf'ietnj '204 A 20*, 

Enitmrt ' 335* I 334 

E.31.1 1 a ! 27g 

VoKetbaid j 263 b ^ 264 

Ennark 244 1 1244 

Ethyl 21 ; 2U," 

Exxon. „..J .494- 

Fairchild C* mem] 304 

rert. Uepr- &tw*hi . aiSa- 
PitmoneTire.... 1 ; i£3,- 
PM . AaL. tfcaUM.i ' £57a . ). 26^ 
Piexr Vaii.:;....-.. j 163, " 153, 

Piiniiw „.;.!_- 264 : 264: 

Pk)nda Power. M . r -29^1 50 . 

Piricnt.. ....... ] 324 I 313# 

82--; ?24 
.397g | 395*. 
Emwmow Mv*k..,i.r“i8»s ! 185a 
f<ut ml, .314 

fnmfctlo 31iDi ...' 7 . 7- 

l” reepoot Mmem 243, ( 25'* 

Pruehaut 1.274.; 26 7g 

PiAlua.Iod*. ; • 87j J 0 


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Ji.«hni*.*n Jotm-m; 
Jotmcui L'pniiji j 
JovMann&riur’t. 

K. .War Corf* 

ICa wrA luni I n 1 ' in | 
Eaiaer tinliirlni M >| 

Earner Steel 

Uia.i' — .1 

htwer'Si 

KerrJI ctiee 

K I- lie Waller 

Kimberly CMrb..J 

KopfW- 

Kn.fi ..• 1 

Kmuer Lc. 

Leniway Trui- . \ 

Leri ninnu*. 

Libby Ob. Pi.nl..: 

Gureen Gmu,B.. . 

Lilly. (Bill 

Liuoo JotluBl 1 

LnckbeedAirvr’rii 
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Alt is. Hannvrr 

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Mewi P«troi«ini. 

\icni: ....... r^.... 

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23> 
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Geai. Ft«xJr-_ r 

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IO 4.1 


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294 
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Grtiten [.- 47g 

.Hccesia Punbc... 1 25 &b 

twwounc ! 24 

GeUyUil ! .- 38% 


lien, aiguii ; 

.Tof.tflMl._l 


Giltene r -Smsa 1 

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Ureyhuuait Ills j 

'iulte WaMem-.-l ■ 121* 1 

UilUOil -.1 #44 1 

Haiihunon J. 623, i 

Heuua Miuin^...- al', 
Hsmiocrtieser, ...- 14i* ; 
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U. X. ! 584 

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32 

614 

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214 

115, 

164 

374 

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104 

437, 

104 

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14 

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124 

254 

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143, 

314 

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2.74 
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124 


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fcnu. Hiucmvi... , 334 ! *3 7 a 
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1 HU. Muillloole-i 174 ! 171, 

l oeu 16 4 15h 

Inti. Paper ' 415e 414 

I tiu KwMTier 9l* 1 . 9', 

Ini. Te-. * lei... i 275e 274 

l.>we Hh«i ^.i 615*. | 52* 

IL* tneruationai..; lOl, 107* 
JirnWnlier- 26 Sg I 264; 


Morgan 4. P.., - •. 

MMi>roii>.....' 

Murphy 

Nabim>. — ... • 
Nairn ClietiiiiBU*.'. 
National.Cau 

.Vm. Dlsiillcr*....; 
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.New Eng in 11. 1 Joi; 
Ainyam liobewk; 
Mngani ?li*rv....; 
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Uwl'DI lllllfc-.l-. . 

PoujIk- lil- ' 

PHcih.- Ijghnun.. 

Paii Her. \ Us..' 

I‘bii Am Wool \ir 

INKer HmiQino.' 
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Piniailoiorui Kir.' 

Philip Moi-ria 

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Pitney- Ibwes 

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CHfUiWi 

Sianrtan.l Brs/H. 

l.'iiCaiil-irnia' 
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Sol. 011 1.1 Md. . .. 
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Mwletaker 

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lliuet. I lift. 

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Union Uanwiy... 
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K.ISO! 
F.l 52.40; 

P.lfiO- 
F. 162 .90; 
fc'.noi' 


144 - l - 


14 

3 

26 

4 

7 

19. 

5 


11 i 


z 

8.70 
. 7 
6.30 
4 
2 -SO 
2.50 

0.60 

1.10 


— : $261i* 

10 • 

- . r.330 


16 6.50 

2 ; 4.60 


5 ! 

„ I 

.3 -• 


12 


f.ioo.bo: 

V. 108.90- 

176 

5 

o.so ; 

6.50 



— 1 

1 

«- 

— :r. 109-80 

I', 22, 50 
F.25 

10 

28 

2.80 ; 
1.60 • 

98 

2.60 . 

10 

— t F.25 

3.30 

F.37.50; 

F-30 

F.1B0' 

100 

10 

57 

0.80 . 
0.30 > 
4.50 , 

ZO 

S 

0.90 : 
! 7.30 ! 

80 . 
1 

1.50 

9J20 F.l 18.90 

F.130 

F.140. 

r. 1 io' 

88 

34 

14 

1.70 | 
0.30 
6.50 I 

2 

5 

- ! 
9 •; 

10 

2.50 c , 

- .F.l 16.50 


KLM 
Jf.V 

PW 
l'HI 
ptfr 
P0T 
UTI . 
tin 
Kli 
CM 

TOTAL Vi iLl'MK IX IO.XTHA1 T» 


1046 


BASE LENDING RATES 


11 

n\% 

12 % 

ill 1 ?, 


A.BJT. Bank 11 1% 

Allied Irish Banks Ltd. 
American Express Bk. 10 % 

Amro Bank lU'V, 

A P Bank Ltd 111% 

Henry Ansbacher 11*% 

Associates Cap. Corp.... llj^j 

Banco de Bilbao lli % 

Bank of Credit & Cmce. ll?9rt 

Bank of Cyprus 

Bank of N.S.W 

Banque Beige Ltd. 

Banque du Rhone .. 

Barclays Bank 

Barnett Christie Lid.... 12i^ 
B remar Holdings Ltd. 12 [ 
.Brit Bank of Mid. East llf °n 

■ Brown Shipley !ll% 

Canada Perm’t Trust.. . I1*.T, 

Cayzer Ltd 11 

Cedar Holdings 11 \ 

(■Charterhouse Japhet .. 

Choulanons 

C. E. Coaies 

Consolidated Credits... 10 % 

Co-operative Bank *11?^ 

Corinthian Securities 11 

Credit Lyonnais lli t T, 

Duncan Lawrie 11 W 

The Cyprus Popular Bk. 11!*^ 


114% 

in.°r. 


Eagil Trust 
English Transc-ont. 

First \:it. Fin. Corp. 

First Nat Secs. Lid. 

fi Antony Gibbs 

Greyhound Guaranty'... 11 * 

Grindlay? Bank illf. n Ti 

H Guinness Hlahnn ll} fr n 


llJ'V, 

11 'T, 

12 ^ 

12 Tr 

11 V 


■ HamfcrosBank ni% 

■ Hill Samuel Slli% 

C. Hoare &. Co tll*% 

Julian S. Hodge 12i% 

Hongkong & Shanghai llj% 
Industrial Bk. of Scot. 10 % 

Kevser Ullmann 1 IJ% 

Knows ley & Co. Ltd.... 13 J% 

Lloyds Bank 11* % 

London Mercantile ... 
Edward Manson & Co. 121^ 
Midland Bank u it$, 

B Samuel Montagu lli% 

■ Morgan Grenfell ll|% 

National Westminster 'll[% 
Norwich General Trust 11} % 

P. S. Refson & Co llf% 

Rossmmster 11}% 

Ruyal Ek. Canada Trust II A% 
Schlesinger Limited ... 111% 

E. S. Schwab J2‘% 

Security Trust Co. Ltd: 12}% 

Shenley Trusl 11% 

Standard Chartered ... ltl% 

Trade Dev. Bank ll J % 

Trustee Savings Bank li j% 
Twentieth Century Bk. 121% 
United Bank of Kuwait 111% 
Whites wav Ljidlaw ... 12% 
Williams & Glyn's ... 111% 
Yorkshire Bank ni% 

g M- niri.Tft nt ih..- A>xcpwA Hsuia-s 
Conuul: !•:>'. 

* T-rtuj- dvpusiib a... i-nmnih 4vphai» 

ji; . 

; 4-pomlc nrt ftum-j nf 

and uadvr «<•'.. tip tg tii..i&ii 9i'. 

and «3*>r nj.eufl ai ; „. 

. all ri.'iwit* nrtr n.fttw i:«,. 

• remand depoatts P"-. - 


weakened Mil 

. Swire fariiii* Industrial tnd Minins leaders 
ro HK5S.70. J;irdinr mainly lost ground as local inves- 
een;‘- m HKSI.i.4i». i ors i-’hosft- ro lake their lead from 
weaker nverniyhl London and 

Wall Street markets. 

EltP retreated 1* cents to 
A ss is nn lack nf London interest, 
while atuone easier Banks. BNS 
Wales U.ti ID cents to AsW.H0 and 
A\7. 7 cents lo Abii.3"-. 

In the Mining sector. CILV 
receded 1- cent® more im AJCJ/JS 
;i4 the market continued io take a 
ca minus tine on the Ashton dia- 
mond prospect interim progress 
report, released on Monday. 

Some Uraniums suffered & fur- 
ther set-back in ihe face of 


Germany 

With dollar and rtvenilthi Wall 
Street weakness det.rc-Mn'fi senti- 
ment. Bourse price* mainly 


drifted down in idle tr.vJiim. The dampened enthusiasm of London 
I'.ommerzbank inde*. ft'u-ed 2.'j io buyers for Australian mminp 
yj aa issues. Peko-Walfeond came back 

“ ' ■ „ . _ 1 1 ; cents more to AS5.R0 and 

Disappomiinff HChLs .offer terms Xabar | C k operator Queensland 
from Siemens, m L.ecincals. Jefr >lint . s los , a rurt her 13 cents to 


the shares DM 32U lower at DM 
2U3.30. 

Amonf: Banb^ Ita^ernhyix* 

receded DM 4 5a and Deutsche 
Rank DM 2.tiii. v.hile in the 
Motors sector. iUcrt i-di o- lost DM 4 
and Volksu'acen DM 2.«u. 

In Ensineerinns. l.fitl ilippcd 
DM 3.50. while Sloiv-. had Hnrirn 
and Nrckermnnn down DM 2.5(1 
apiece but Kaufhuf pm ,.ji DM I. 

BASF shed DM 1.40 in Chemicals. 

The Domestic Bond market 
continued to weaken, reflecting 
uncertainty over plans for mark- wlnil apparently was a corrective 
denominated "Carter Bonds." reunion in rise* earlier inis week, 
and Public Authority is>ue% were Tradinp. however. remained 
widely offered, shedding up lo «5 active. The Swiss Rank Cnrpora- 
pfennijs* more. The reculalinu tion Industrials index, up 62 the 
authorities bought a substantial pruviuus day, reacted 2.7 to 275.5. 


AS.-J.35. KZ Industries were 5 cents 
lower at AfW.10. but Panron- 
li iii-n la I recovered 10 cents to 
AS 11.211. 

Western Mining shed 4 cents fo 
ASI <W. while BnugainriUe wore 
similarly lower at AS1.50. Golds, 
huv.e'.i-r. were firmer on the rise 
in tiie met. 1 1 price. Consolidated 
(■••idficlds adding 5 cents at 
ASS.J.53. 

Switzerland 

Stocks tended io slip hack in 


NOTES: Overwaf *hmrn ovlnw anrt or «np issue 'Per ,tiar». Mranc 

e.Trturtv f oramiurn. Peleian .ir.-M»ntiji a f!rns? mv. %. #> issiimert .livinenn »[in 
arp aUvr wlitiholoina nt. «enr jmt.'or rinhis i«noe. ft- Mi« loca' 

4 OM ja <lennni. unl*S' i oinpr-nar- «arM. laxrs. w “i las Tree, p Ira new inelnrimii 
iirkis hasea nvi rU'.ini*nis ot'is iar. I niljc Oiv. v Nnm. -j Shan? spin, i Oiv 
jf pta 5M flenom. unlr-ftt .iihpr*'isp stairo. anrt ripM Mclurle siysrlal oavmeni. i Iran 
4b l»Kr TBOffeiwm. unlei-s wh^rwis*. 1 cnien Oiv. i, Unoffinal irartm*. n Mtruni> 

y SwKr 5Wi dPiK.m in/1 RiMr^r shares hr, Mars only, u Mercer peniiini!. * A?t«1 
■inipss mherwisp siai.-rt •• vsn lennw i I'.n1. N Trarted * Seller, r ASfumefl 

mJesr oinerwise srai'n. s Price ai nine w F.i nshia. tn Fx .iirlnpwl. *e F.« 
r.l suspension, n f t.irins !i SchUlinus scrip ii^Uf *a Ei all • Inienm slurp 
C^nl» rt nitiwii'i if».-r -vi^iina •■le'.'ft inrrease'l 


wmmwm. 


NEW YORK -aow joffss 


%..r. Ni.r. Snr. • Xof. N'*r. 


X..v, — .. 

L 111; 


tuUuPlriJkle* 807.61 800.07 814.88 S73.lV 
H'mpK'rula*: 88.41' 86AS< 88.44- 86.38 


Tmnfport... 

Ctiiuic*... . 

Twriing iwj. 
OOCVt 


1 16.93 B27.7 S 307.74 
‘ •« 4. 
66.62: 88.67 30.63 
■ 4'|. 

2lt.5igll.l4 215.04 218-84 215.04 213.03 251.43 


98.04 87.67 38.il 86.3! 98.46 


&B.E.8 f 10.86 

1 ■ 


7." 

"incrCei 

r.pih'-a 

lyiw 

Hlft-I: ■ 

1 

742. J2 

1031.70 

41 21 

/r?. 

n 1 

7 *rf 

^&.5o 

- 

- 

I9d.il 

275.38 

12.25 

.7 !• 

f7 

rF “ 

37.33 

16 *. 22 

10.?i 

■it K-. 

1 ft • .. 

.4 


23.560 25.320. 20.580. 26.070 4 1.0SD 50.450 - — 


- Pa,!* .'I Index .-nancM ir^wi lug. T4 


rush 503.60 l.ix 730. 37 


Ind. dir. rield^. 


N.iv, , 


'id. ,'/ 


«.*. i. 


5.77 


5.69 


5.67 


5TAJTDABD AND P00R5 


Ni<». • \.'v. N.<r. .N'or. \«.r. 




i >rr miu Rnrro; i 


5.57 


'iniv, 1 r-mnihln 


Hiuli L.-.i Iti-fil 


L-p 


: InduMnals 105.05 104.37 10S.S 1’ I07.05| IH.3D 107.76 118.71 9j.i2 . 154.44 ' 5.^8 

1 •*■ j. .11 l '??.. .30 4 

34.45 93.35 K.I9 36.18' 95.61: 36.05 105.90 86.30 125 S-’, 4 40 

‘ArtinpMire live- ,4 ft, 1 ■ 1 



,\ 1 * 1 . L | i.H 1 . i 

I" ftlir,;'"' .«|.|ii -ft.. 

tml. rtlv. neM » 5.13 5.09 

4 9i i}.fi3 

liiii. <*,K Ifaun 9.04 9.05 

9. £4 8.97 

l^ii.u tn.ft'. ilunift rieli* 8.68 8.67 

8.65 7.88 


N.Y.S.E. AT.I. COMMON 


117.-. 


HirftJ. 


52.49 52.22 55.05 53.49 


#0.33 
•11 vi. 


48.37 

• C'> 


I- 

i; 

Kh;i ... 

I. ii. lmifii 

Hu! 
.Vn Lm 


linil.il.... 


,\... . 

l.f 52 
682 
7ei- 
<01 

105 


\... . ; 

1 691 
197 

1.418 

276 


l.See 

600 

915 

371 

6 

46 


MONTREAL 


Nnv. Nor. 1 \,.' 


Hi a !. 


Inrtu- trial 

V-.ml.iTioil 


203.83 202.45,205.12 203.8F J2t.l4.il 10, 
209.80 209.57' 211.57 213.3 1 225 51 If. 1C. 


J52.S0 ,!r fi. 
170.62 .M I 


TORONTO I.omr^i-p 1212.7 1210.5' 1223. B 12J4.J ljjz.j ,t t . \.„ 


9'- J 8.2 . 


JOHANNESBURG 

ltvl.1 

lii.|.i*lrul 


240.6 

274.6 


230.5 217.9 
274.4 275 ! 


2 . 2.0 

2oi.B >1 Hi 


iBi.o «. 

154.9.13 3. 


lyio 

Kiuh 


1973 

h.t 


197c- 

Hi^h 


i'<;r 

Li, 


Australia-" 
Belgium • 
Denmark.-" 
France *tt 
Gennanv'i: 
Holland 
Hong Kong mt).;.* 

i"* i 

Italy • ,< 71. In 
Japan ••■> 


636.tt ?4o. 1 1 


7.12 


S3.il' 

'.7.4 


vrt.J^ 411.1s 
• 1 1 ■.■»> 

101.16 ; W.43 

•cc. .23 


VTr.LU 

.14 > 


-K.03 
t i.:> Jo. 


Spain 

Sweden 

Switrerld. 


iic.Tc H..J- 


4i 

.4 J. 


<7.i 

-.-..0 

41. *. 


ift.iC, 

,30 


Yp-S.C 

; 7t*.j 


H.l.ft; 

.IVn. 

64.i 

W.t 

7b.ii 


.110. 

.4/4. 


«•:•«. »u 

.ftfaS.4 


•l.rii 

1 la'4* 

. it..-* 

t-.i" :• 

fb.46 



■ liH. 

441.11 

4*1.45 

«4ju* 


'Fill. 

|4.I0. 

5w.ee 

114.50 

2i£.0 



■ 0.1. 


. -I-' . 


laaipus amt nan? dales -all nase vanies 
iw (UW NVSF All Cmrnnnn - Ml D.jh 
<M andarns and Honrs - IB and I'oronta S-.-ars 


®b»—I.NH) the lavi named haRMi on ivrsi. 

Esdudins twnds. : 4on Indimt'aiR 
i «n inoannabi. 4d UUhnea. 40 hlnanee 
and '.Ni Tranaprirt C Sydney AU Ortfrnan 
Rrtanan SR .I|/12/C.l ■* Cop-nhaewn *«K. 

ft! '73 ** Pan« PiH.ra*. 1«R1 TT .’nwiu.n 


naiik Dec. I9i2. :j ftmsternam innusr.al 
Ifin.. 5- Hans Sena Ranr 3n.ru. |;u Hanra 
Cornmerciale lialLna 1972 n Inirvn 
New SE 4' IT* t. Sirens Times 19M. 
•-Closed d Madrid SE W/12'77. eSmr8- 
holm Inrtustnal triANS. iS^nw Bant 
Ci.rpnraiMn .. llnaraiiahle 

WEDNESDAY'S ACTIVE STOCKS 

. . hjjiL.' 

Sir.i-ks ..'Insmc nn 

lrjil..i.l priu. ill'- 

r.i n.-ral Mm nr ft .8i."An '.9 

•XniftT T(1 ji.d Tvl. 'KH.iafi *1! -! 

Ch-.-niir.il . . vii -nn 
H. ik hll. I. -’ll ■* i 


E. .1. K.yiivi.ic . .•li'-n.i 
Fatly Miiiiiifaciurnift jiin.'.wi 
riamj'l.i Inns |9S4.»n 

Pie- in ft . its. "nil 

Ford M.-ii.r m'l iHi» 

Pan..\ir.-r. i.r.-ai-s iiuu.iin 




-It 


GERMANY ♦ 


.Not. S 


I'll... 

ill... 


-f..| 


• I . . N i 


— r 


\H 

nil.' I ICC Vrrii'l... 

tt'IV. 

UNSF.. 

itaj-ft-r. . 

Um>tisH\ ;•■. 

Barer ' ci i.'Tii *i.t . 
LilwlM.N.'i.nn-. 

O '111111 Vr Iftll.e 

I'cintrlM.lliliil .... 

Uanniei I.-. 

I va.i-i 

UetllH" 

LK.ulM.tv haiiiL.... 

! inl.lv 

t'ft I it •!! /elul. 
I.«ill-!i..(tlii.li';. ... 

Hapa-.: f.i. ••.•!. . . 

riai-ja'in ■ 

H. wrl|.| 

U.ftyvi 

Hull..', i 

Ka!i i.ii-l 'll/ . ... 

Kar-ftn.il 

Kami:..: 

Ki.ft.'kuvi l»'llsre‘ 

KHl> 

ii up 

Li m I v 

L.i\ ciil-iu'i Ift-.l... 

Lull ImusH 

MAN 

lknimMiiai:i:.... 
Mlihiisl- _ . . 
Mlilli'lielirr l.'uvl. 
N«*'kci.i>M>in. 
'nr-ue-afi I • U t'X'. 

li'llr'.U I' •*»!. K.'*l'. 
H'l.cmifi .. 

leinvti- 

5U.|/ll.-li>'l. 
bft'-en A ft. .. . 

Vaiia 

VhbA.. 

e> en . -a We* i ii. 

OiHfWdL'L'n • 


82.1 — 0.5 - - 
<60 -A 31.2.3.2 

2i3 -1 23.08' 6.S 

135.1 —1.4 .18.76 6.9 

133.2 -U.5 1B.7-,: 6.7 

309.5- 4.5 38.12 4.5 

326 —2.5 IB 1 2.7 

150 -15 ' - - 

228 -2 26.68- 5.9 

68.2-0.1 - - 

337 .5- 2.0 28. IS 4.2 

259 -2 17 3.3 

181 t 3 11 3.1 

307.5- 2.6 28.12 4.6 

243.5- 3 '28 T." 6.7 

178 —2 9.3t?, 2.6 

236 —3.5 12 2.6 

96 — 3.B 14.04 7.2 

151 '-5 -16.78 11.0 


TOKYO V 


V.i. i 


■Cn •«- 
Yen 


Ihr. Y. 


ArHlli lilHf* .. 

I'Hll.ill 

I .ft". ..I 

I'luli-ni 

I 'ti Nti>|*.u I'rinl 

Knj' 

Mild, bl 

Hiai.li \li4-nv. 

Hmiit fc>»«l 

i . It, 1 . 

Ilot • 

. -'a.-. 

1 l.A.I... 

KRn*4ii fcuvi. !’» . 
Kiamivu 

Ki.'tiln 

U\..iiblrrH,i.ii 
M.iL.if lulu l,i.t 
’.I II*. .. l-li, Ha i.l 


163 —0.6 18.76 7.0, ?l 'I hi' 'K in Heat i 


49.1 —1.6 

155.5- 2.5 9.3b 3.1 

140 14.04 5.4 

323.5 +0.5 23.44 3.7, 
C49 *1 '18.7. 3.7 1 

93.5- 1.3 - . - 

199.5 - Z >18.76 4.7 

105 . ... - ' - 

275 -1 26 • 4.5 

1.589 -1 2b 7.J 

92.5- 1.5 9.5b 5.1 

£23 —1 . 12 2.7 

176 — O.l Id. 18 4.9 

242 *1 : lu • 2.1 

655 t5 ' 18 .- 1.4 
161 -2.5 1 — - 

137.1-1.9 

176.5- 1.3 
260 -2 

293.5- 3.2 
256a . ... 

120 - 0.1 
187 ...... 

127.5- 0.8 

294 -3 

240.2 - Z.l 


Mll'lil-i-l.l 

Mi:-». I* 

\li,Mii,M*h< . .. 


354 
445 
9C6 
395 
610 
53“ 
236 
481 
1.130 
238 
1 .77 u 
791 
2.000 
1.140 
57B 
2»6 
3. Sou 
786 
ZfaO 
120 
426 
2yb 
615 


AUSTRALIA 


OSLO 


N"ft ? 


A lit l . 5 — 


\..i . 


flu ,rir. 


...» : — 


2 

14 

2.0 

-4 

12 

1.3 

- 14 

25 

1.4 

*7 

80 

3.5 

-1 

18 

1.5 

-5 

IS 

I 4 

-•2 

12 

2.5 

-7 

18 

1.9 

-20 

35 

1.5 

-4 

1Z 

2.5 


30 

O.B 

-7 

13 

0.8 

-io" 

10 

0.4 

-6 

18 

Z.4 

-2 

la 

2.3 j 


56 



-7 

l 

-2 

- 1 
-l 


20 

1J 

12 

14 

14 

20 


1.5 


1.5 ! 
2.4 I 

1.6 


1.530 

- 3U 

15 

0.5 

689 

-35 

12 

0.7 

66 J 

lu 

lb 

1.2 

1.550 

-10 

48 

1.5 

272 

T 2 

12 

2.2 

971 

-4 

30 

1.3 

1.330 

- 10 

20 

0.7 

1.470 


40 

1.4 

256 

—3 

11 

d.l 

460 

■*•32 

15 

1.6 

2.050 

-50 

50 

0.7 


'i,lli|eli.. 

N|-»h.| ,11.4.. re.. 

t*«*li»»-r 

.^am ti Kwl r,. ... 

■H'kleln I'rr'al 



Min 

I Mini Mnn:ir.. 

|Jh>.*ln ' lx n.i.nl, 

I UK 

femn 1j10 

!•*»«• .U.inrii...... 52< 

I'lk.i .. Krt-'l »Wr 1.030 

26 ■ 7.0' I ■.•<•»'•' -sam •• 346 

2B.1, 161 

Sib 4.3 I lu-h.ift- 1 I'.rj* ... . 132 

21. : 4 5.5 [ I ••ft .'la Mm-r.. . . flbl 
17. It. 7.2 I* 

If'.le 4.6: 

9.ic 3.61 

2a 5.3 BRUSSELS/LUXEMBOURG 


-.7 

-a 


io 

u 

o 

u 

10 

10 

stu 


Source NihKu Senmuea. Tofcyo 


K-ive 

Vr-. 


AMSTERDAM 


>pv. 


Un-.' 
fr,. Ynl. 

Nei i 


Price 

ft>. 


Lh .-.Y Pi 
^ ^ 


AIhjI- 1 it"', i. ■ .. • • 
Afcvo "K>. A 1 -. 

A .item link. 
AMfclV . I';. 1... . 
Auirn.*iik l-i.iC- 

»uent..i: 

HutnU r*l in- F- • ■■> 
Butirm 1 I .ft i r r- • ■•• 
Kl-e>'iei • fc' 1 . 1 -. 1 ' .. 
K/iniaN.N.l''. 
Curl. 0 , 1 . 1 -I'fc -.r. 

ilUn--a.:v : fc 
Hemi-krn.f i. -t-'- 

Cfil.V'l.-Ji- I n 

fcinnivi i rv 
h.L_.M. .V:. !>i >. 
ni. Jl.ill.-r • Lv 
NaJ.Ni-iln- Ci.it 
e.lltft*lt»k. Ki.— ' 

Anl Sli.U'i'H.f' 

l*"tr ifc l.a'i 

I^L-n. 

ill MniUftri -!■- .• 

FakfaOril I F.i< ■■.... 

'lliilfte .J'l.Uf.. 
KjiWi'liVrt.-Ki. !'.».> 
Ifolvi-n ifc'i-is'-.... 
'■■liikft. ■Fi.r J, ». 
tturenl" ■ fcl. :*.'>. •• 
tfoval ili.li liifc'i-v. 

Miivenimry 

■5teriQlrrr iifif 1 .. 
ruLyiiKa*-.Hus.N 
mierer >K.fi' •• 
liina lie,. 
eel. I ,r. H'.»'!-k 


A rye* i 

BrrkerT*"8" 

•..U. It. Lcroeoi 

ifiKtinii 

fOKft- 

tielpiieii 

rabn.ii.c >*i. .. 
••.K. li.iH-Bin . 

ftVIH > 


• 20 
* la 


108 -1 ! <iu : 5.2 

27.3— 0.8 I — ' - 
365.5' — 2.U |.\2ab. 7.8 I 

66.5- 0.5 I 50 , 5.6. 

75.4— 0 8 A 286 6.0' 

97.540.5- ; 26 5.6 l» BLil'-n.e L>. 

127J) — 4 8 d&A 6.6 ' u.e.,k-i. ... . 

1 6—0. 1 ' 26 7.2 j i.ii«i>«..n 

*2 ? t « > KtK'll'l>fl,.li 

3 . .3 6.0 .... ,, 

fij s d w ^ '"’*2 

tfO S'#! j'A'*U-".lmk- ■ 

14 3 7 r**' l’' 1 '"" .... 

| si< . Uttimur 5.176 

— I ft.p.ft.r,..M»"S*',.tv4 liO 
5 ? 3 300 


2.205 
2.575 
1.176 
4*5 
2.a40 
7.000 
Z.SHbcd —15 
2.47.» -20 


U MIL >2? 

ftrivw A.finura 


Ai/i|«'l l*»rn,lvuiii 

A— ft*. .Mllirm:* 

N-p.-ft*. 1'||1[. HI ... . 

1 '.Vtl. III. In ftlne- ... 
Ausi. (-•Pin-iniinn lnv*-i 

N.N.I 

Niahinm 

An-1 I'll* ha- 

Upnihai.. Creek f.i.ii 

Blue Metal I ml 

rini^aim tile i. .|.,»r .. .. 


HU .Smih 

1-8 ! ft' aril- >n L uue,l Btewr'A . . 

5.0 > im;,si..i .. 

lift'klvim l'e,i,i lll 

> MLpsili.J.) 

Ion-, i.-il.lhei.s ft ..mi 

'-.Uiiainni >51, 

Innaiuc l.'i.aii.i.. 

Uoiani Au.-tlalia 

Lliiiilr.p HuLei iS 1 1 

tM"tI 

k'.ier-famirh 

tfn.le*,k*.r K.-M.iirre*.. . . 

K.X. hm'iielrliv 

'.en. I'r..,ft*rti rm-i 

1? | Uamemer. 

' , Hip'll er 

4.2 ; ici Auiiraiia 

1.0 f Imei-i id-uer 

3-9 , lejimn-ji. In.iiufries 

J'7 | Ji-l.ee 'lie* lil. 

“■“I 'Ieim« !•; jcm.imii.il. " 

U | MIM H- mlin^* 

' Vyw Kmp-.irimn 

! Ae-is 

A id n .las Interna n, tim ■ ... 
i Aorftlt Broken H'>linu* >Ixa-. 

• Un Sirin, lire 

l*i i -earch 

vttAT Lx pii-tai i-iii 

Rionocr Oseitteie 

Ilwftiu 4 C.-iniaii 

U. 1. 6IeiKl>. 


116 

1U0 


e.si 


274 

141.8 + 1.3 
70.4 -0.4 
35.7 -u.4 

06.0- 1.3 
35.2.— 1.0 ; - 
21.9—0.6 12 

129.0 — 3.5 ■ a 6.1 
43.8-1.4 19.6.8 1 

109.8 -u. I 48 4.4 ; 

57.0 21 7.4 1 

208 1 28 • 5.5 ] 

164.5al 3.0, 55 4.4 

30.0 -0.9 23 7.7 
134.5 -5.0 — ' - 

46.5'— il.7 - - I 

24.&:-0.2 

62.0 - — I 

162.61— 1.0. A25i • 7.9 
131.51-1.0 - - - ! 

la3.0-. 19.3- 3. B | 

U3.B;-2.4 53.75 9.1 
Baa.iX— 1 au 8.5 

97.1— 3.9 1 27i‘ 5.7 
U_1 ;s0.id' 0.5 

116.2 — 1.8 42.8 7.4 


1.320 

1.510 

2.710 

l.ddb 

7.190 

6.U60 

a.c3u 

3.325 


'• v.i\ d.. 2 J 

lr». 11.11 t.IVl.. . £.'■ 20 

t> II 1 170 

1 iiMim. il.lo, .... <52 

\ leiiirMcMia^iie. 1.850 


SWITZERLAND ■ 


- 15 ,177 • 7 .fa 
+ 6U 4S0 o 1 
1 /u r 5.7 
laO ' 6.1 
Sa 
90 
17u 
142 
490 

-345 6.4 

5.4.4b 2.7 
18U 5.5 

2U6 . 0.4 
140 6.9 

415 ■ 6.5 
ft fi. I ti| b.3 
170 6.3 


- 25 

- 5 

- 10 
-60 

-is 

-20 


6.4 
6.0[ 
□ .3 | 
7.7, 
<.d; 


I* 1 !>’■*- tftXftilc-rati>m 

Ti»jfh iS, 

WpIftMar 

'iftirni Minina •■y. 1 renr« 
WmlPAKhv 

PARIS 


t0.72 

t0.8B 

ft 2. 10 

: 1.30 
nl.76 
rl.3 
ft 1.72 
tl.35 
*1.1.6 
t1.6U 
*0.63 
*0.52 
:0 22 
,1.22 
*1.50 
ftl.60 
:8.1B 
ft 1.4 5 
•. 1.70 
13.18 
*1.43 
;2.25 
ft3.55 
ft2.7U 
:3 29 
;1.72 
7 1.50 
*0.87 
*2.35 
*0.21 
13.10 
,1.64 
*2.17 
*U.7B 
-.2.17 
*0.27 
10.06 
> 1.11 
K3.23 
*0.3? 
*2.35 
*1.65 
ra.eo 
;J “0 
*1.54 
• l.Sb 
*0.12 
.0.40 
*1.77 
*2.75 
*0.69 
n3.it 
rfl.ib 
ill? 
t j.73 
*1.63 
11.66 


. . IVlli* H tklllh 

.. . rt*>m“fiBMI*l . 

• >. re, l n lamb .. 

t. win.- 

-D.Ot. ivremi ka—et. 

.. -N-pUI'Vim 
1 1 ■ tan. I .. 


06.5 -»16 

66.5 -1.0 


9 9 l 


-a oi 


. .. 1 14.1* 

.... 270 

.. . 1 12.0 
Kr, IBT.j'fl 
96 


4 0 


11 

20 

11 

12 

7 


8.3 
7 < 
9.8 
5 1 

7.3 


-D OS ; 
-a.i! i ; 


BRAZIL 


-0.0 1 1 
-O.IU 


T-i:..;. 

«. in/ 


0 01 



l*nii,i,1ii dm.'ii, . 

1.06 

O.lfc 

tun... tip.. p\. 

1.48 


■ «.'la'* M.l.i-I.ht If 

1.66 

-J.UI 

I^-a- ft '■■■•i . 1 . |* 

IVlIi.l.lT,' )'|* 



3.20 

2.20 
1.38 


>■!».'* ' r.l/ III*... 

2.55 

, - 

■l.QE. 

1 u». I‘h . . . 

5.9 J 

• .■•• I.',.. u. .. 

1. j5 


-a.-: 

- J.Uif 

O.K 
o.Uft 
-"'.0 
-o.o: 
-0 06 

-o.or 

-'JAM 

- 0.02 

-0.05 

- . I 
-0.t2 


Turnni.r ' r i.n 4ni. 
M.iiirce, Riu ■!•- 


— Ull 

- Q.02.1 IJ.1A 

J It 8.60 

. . J.37 25.00 

-0.01 J.L'8 /.54 
*0 04 j.fiv 6 25 

- U.Qj J. lb 5.90 
-0.lt I J.lc 11.53 

- 0.11 J.2L 0.69 
*0.20 J.4-. ft. 23 
-0.04 ' !c 15.55 

Ynl inn. f.7 .".n;. 
Ijn.-ire Sh. 


-0.01 

-0.P5 

■3.0s 

-".04 

- i.U> 


Prn.-,- 

Hr* 


— r ■ 


744.0 T 6.4 


i 4b 
-40 
is 

— SB 

- 2 5'J 6.7 

-10 - , - 


17 6.6 ; — — 

Vvf 


l‘m v 
Fr*. 


+ nr ■ Iliv. Yi*t. 


Aiiiunniuin . 

[ HBL A' 


1.030 
1.56J 

'iiaiino ti.liti. B8D 
[lo. Fart t “it .. 760 

I>.. I.V K fiul 

*«•* — ‘.o ..«.i i nMir siniu. .2.175 

37.S.-1.1 1 >0.20i 1.3 , Ki„Tn-.a-«ti„... 1.760 


407 — u.5 , 33 3.9 


COPENHAGEN 


Nur. 


L*n^ 

h nft.ei. 


iT-'ftd- 1 Iliv. Ti.t. 


iideirtianken.... 
Cafiftke Bauii 
Ua»h.\abiiit' - . 

Klnaunbaukvii 

jmer 

fur Pa|ii: 

Hflinleluank ... ■ 
•Vii.-jiH .. Krft''- 

•TO KhI*-i 





Pp> vm i-ln nt 

S? pit. rift'll. f'Cii ... 
7ll|H'rf'i* 


VIENNA 


A..i, ; 

fttlilaiivixii , 

Vriliupwer ... . 
lei'U. . 

■nriwi :i . . . 
I mim e . 

«il .IIjiSB/.!'. 


140 ; 

1251g'— lj 
1391,.— 21* 
130-..+ l 4 
330 -B 

80 : 

1361* -1.; 
282 *. 2 
l7Siai-L- 
li* 

130 :j — ij. 
136-4 — I* 
3681, _&], 

Jl*. 


Kli 

I iutl 'da, 
l*n. ifalLWll.. 
inieri.-ii li. ... 


.in.vr. E>40 
17 I eii. 64.5^0 

b,4L"0 
.3.635 


Jpun»ir<Fr. !<X'i . 1.345 
Ah4>c<fc>. 1-lCv .. 3.&70 

U». litK 2.ii23 

Oerlik"ii Ui'F.U30i 2.530 
Pirciii-StPifc-.lut*. 285 
•wrHlnr >Fi. fipOi.-3.2UO 
Llri. PHrl LVrlift., 397 


-45 

-10 

-40 

—7 
— 10 
•20 
- 16 

—50 


-80 
-SJO 
-20 
- 2 
-100 
-6 


B 
10 
22 
22 
22 
16 . 
10 
6 ■ 
MIX' 
110 
I 21 
21 

'« ip.a' 

■idfc./ 

la : 

15 
2b 1 
2 d ; 


11 

7.0 ' Si-tmvlier IT 1 F 1 U" 

248 


12 

12 

y.b ; faii'zer Cl iPr.WWij 

3ll0 

-10 

14 

12 

8.6 r Sftitfpair ifc'r. asU.j 

600 

-a 

10 

13 

IU. 11 : 1 ^ Bnk.Pr. Itfii' 

346 

-1 

to 

12 

,36 ini.—, IfclF r.'.Sftii'-i 

.BSD 

-25 

40 

— 

— i L iiiiui Hank : 

,U80 

-iO 

20 

12 

8.7 ' .'timi'li luii 10,600 

x 50 

44 


3.B| 
i.2- 
2.2 ! 
2.8 1 
3.7 | 
3.7; 
2.9! 

4.6 

1.7 

1.7 
2.0 

1.6 

2.8 

3.8 

1 a 

5.3 

2.1 

a.3 

-t.B 

4.7 

4.4 

2.9 

2.2 
33 
2.1 


I A,|. ilia HIP 

HU 

l'ft'Uft |{IH* 

I1.S.N. lieri'a.' . .. 

'.imjiiiir 

l.O.L 

1. .1.1 . At-fiftel . ... 

lie Baiumip 

*.lnt> llrtlner. 

I re* lit l.i.m. KF.t 
l nuftil L 4 . 11 V 

1 tun, IV 

r:. 1'vlrolv 

tipn. il.i'Iiimlaii' 

Imeml 

-lai-qi.-e* K-irel 

I tniar«e_ 

■ l-'Omii 

I Lu*Tiin.1 

Vl*i«.iu« I'lieuore 

ftln^iehn 

U'-ftf* Htnnti<»evi. 

Umi 1 me* 

l'anr«ft 

i*nvtiiiiev 

I'rtnM K<rarri . .. 
IVil,a« « iipnen.. 
Pml-Uiii 


Ilelnilp 

UUuUe fcVni eili* .. 

Ul. ( 11 F 411 U 

?kie iftt.fiisn/H... 

rue* 

feieine>.ftanique.... 
LIu.iumid ltmn.li.: 
I.’iiiinr... . 

STOCKHOLM 


372.0 

-3.1 

la.- 

537 

— 1 

it 2s 

500 

-a 

li.st 

786 

- 1 

4fi 

581 

4 

'40.; 

2.070 

—24 

7= 

3bo.O 


M.r 

095 

+ 6 

• t.slj 

436.8 

- 2.1 

7i 

499 

i- 3 

ll.2t 

132,'J 

1 -I .8 

li 

B3.3 

-0.2 


692 

-5 

it. I". 

136 

-1 

10.: 

262 


10 x 

60.2 

-0.4 

3 >. 

133.5 

-0.5 

_ 

225.5 

-1.0 

lS./i 1 

728 

-3 

la.Sft 

1.900 

*■ J 4 

39./4 

siiJ 

— 2 

3:.: 

1.255 

+ 2 

22.3 1 : 

577 

t4 

I2.C 

iss.a 

■r 1.0 

a 

200 

+ 1 

1-L« 

18.0 

-1.4 

7. ft 

313 

+ 5 

10 

400.5 

‘2.5 

l/.2t 

2 lb. 5 

-2 5 

_ 

445 

-6 

41 ' 

507 

T 1 

so 

120 5 

-1.0 

u 

1*- 6.6 

-04 

!«.«' 

1.800 

-30 

sy 

284 

t4 

L'S.c 

760 

— 5 

25.1 

242 

— 2 

15 K- 

22s 



- 


ii.tb 5.7 
4.4 

4 0 
2 & 

5 3 
7.0 


i v 
• i 
0.1 


JOHANNESBURG 

MINES 

Nn-.vmt.er V 
A rip lo Anii.-n.Mii •' i.rr 
-hjn.r i.unsuiidfti...j 
Eisi Dn-’fiim.-in 

Llsburk 

Hirinnir- 

K.nr.ijS | 



Musi, nlmrfi I'lj.uniini 
M H.-i.-n i . . . . 

J—WhVj.il . . . 

'..•Id Fi.-Iik 4ft 
>'n;fin Corprirjunn 
O- R*-. r-. n-f. rr-d 
j F.Ivifinriiiiz'.i'hi 
| T-i-i Rand P:?- 
'• r-.- St .'ii- 1 . eii Mid 
PTvsid..'iii f.rsmd 
■ Ft* iidi ni si-yn 
Sii'lnni.-in 

1ft-..'lirOPl 

, ft\'..-<;i Dr i- lunf'in 
: '.l-'fl.'m Heid>,.» . 

I Wudivrn Ort n 

INDUSTRIALS 

IF'*/ 

.'■Rlila-lmor Indusin 
Fur' 'oi- P.iri'l 

I I ■; ■. lm- «ni.- in* 

'.urfr Kinan.-i . . 

!'• Ri.pr; linHwrnar 
Flfiprft ''onciiIidAli-d 
ciIk.it^ Sn.rvft 

r.'.. rlS.-ndv Sft 

F, .J. r.il" l ull ftl.-M ficir.u- 

fir- .■'.•rilidli.ft S,ur. « 

H Ilk'll'- 

i.T.ft ... . 

M- > arih" 1 1 n.l u* . ... 

•."dlft.mF 

ill’ r; 

Pri-m. t ’I'llns. . . 

I T. :nru ‘ -'. ftn^in 

Prni-ii ilMldns* 
ir.nid M.n.-s Prnp.'Ri-« 

R. nihrandi >",roiip 


Inv 


F.ind 

•. ft -, 
•j p>. 


^ nft 

|-. « ■ 


ii/i-. ,| 

' 7 S?*d 
J . 'ic'd 


:« .iifftd 

15 '.•> 


11 <>o 
* ..• 

1 . ht, 

17 7ft 
7 !'• 
:• r-i 

I 


1 ‘.i 
-■ H 
" (J. 


-nr- 
-i. c. 

— .1 .•-. 
-r. r.i 
—'. ;; 


- .1 *ft 

- , i 

- 0 i,-. 


— n ii". 


>- 1 . n; 


4 9 
^ 4 
4 0 
i. 0 5 


!lntd;n=s -I ft." 

SAPPI V.17 

r '7 .4ninl. Sujrnr .5 15 

4.\ F;p'ft'vn-s ... 1 ftft 

— 1 T'.’/r f'jis fti>i! r.jil, VII 4 7” fi< 

'•’ 4 irms. c . 1 I - .’ 

i 2 


- " a: 

-in* 

- -I .I* 


2 c 


85 
1 6 


c- 1 


r*.0 
4 1 
0.U 

3 4 


Scenritk"! Rand I'SSfl.WS} 
i Discount of 


SPAIN v 

Nfi.vmhir 

Wliilll 

Lanin Eilhun 
,:.iiiid Aila 1:1 <''*> ' 1 '**ni > 
C&IK7 Uft-WTel 

Bamo rjti-nnr 

bfti.in ftii'iiml 

rijp-.-Q lira Hilda 1 1 .IMlil > 
Sanftii Hispaim 

Bjfu.ii hid Cal. li.-moi 
H. ind Mi riiivTrdTiwn . 
K-in. n Vfidn.1 


\.>v 


Pn.v 

kw-tiur 



A“a All 1 lil ,40... 194 

5I[k laivni lkr.;«i|i m£ 

V*K.\ 1 K 1 .:«->i .. . 8I-.5 - 1.5 

Vila*' 1 "•< ■!■>.> K re 112 —3 

111 1 ip-ru. i 4H.5 y_5 

Hhihm. 112 

1 181 -1 

1 elluliftfa • 224 

— — | fc.:p. i'|ii*' U-'Ki'v 119 

fcn>ft.ftill H'.Kri'i 12 d 
r-cl- IC 28 4 

mwp.Nii. . i t 2 

• •■Miifitf. '|"i„ .. .. 62,5 

H 1 . I*. 1 , k. .' _ a ,5 

'•la 'ail'll 12a 

Jlu tk'l. Ih.in -i .. a5 i,a 

"All'll ik tf K'-.. 252 -3 
^ Ift.K TF S',-*. .. cl .5 -0.5 

"sAp iii* F.ri'lipih . 158 

l«i|i[niii'H-'Kp 62.5-0 5 

t'.T li-L". ■»■.. 57.5-2.5 

ft ..In. . hr. .••>■... [ 62 -1 


1.'"- 

Ii: 


■ 4 
j.75 
10 
6.3 
5 
fa 


SB 
i 5 

D I 
6 J 
ts.O 

а. e 
3.0 
4.4 
5 3 
■j 1 
2.c 
S.9 

4.4 

б. - 


fijni'r. Si. nun'll 
I'jIivm t-rquijQ 
tinnen 

Panm 2:iraan«in<j 

F.-iiikuni.Mi 

(ianu? .'iiiil.ilurM ., 
iljhvu. k W'k'i.s 
cii; 

Drj^.idn* 
lanmluinJ- 
K F Ar.i.:nn"S,i« 
•■■■•i'jiii't,i -rii."' 

Km Tim ii 
‘-■.'.-.i -iMian 

liiHI 


i'iilli 

l.'HWJ. 


‘ PlA'SJ 

'!..! I'r.. 
'iriftu- V 
Ki-iroi.i 

• rr.- 


•I..2IJI1. 7. 'ft'llti 


fc'i-'l'-il 

T"r*.'S Hn'ii-riih 
T’ri...' ; % . .. . 

* mnr. tU-- 


Trr rrm 
123 
2S1 
23B 
530 
26* 

256 

146 

255 

174 

l»fl 

217 

250 

138 

203 
254 
143 
143 
21 
82 
217 
ah 
■11 
101 
55 JO 
61.75 
b! 

55 

ih5 

70 

31 

rC 

IIS 

130 

31 

J" 

127 

75 

8* 50 
65 


- 2 


- I 

- a 

- 1 
+ 1 


- 4 

- 4 


Jjn 

0.25 





Financial Times Thursday November 9 197S 






vSl 


If you run a company, youwillknow 
that your needs aren’t always 
obvious or straightforward. Infact, 
business necessities can seem 
unusual to outsiders. For instance, 
you could need a company plane. 

Or a Rolls-Royce. 

You probably wouldn’t expect 
even your bank manager to be 

, - — r . very' sympathetic 
, if you asked for 

y ' finance for some- 

. .. ■ ' thing as uncommon 

f ' as that. 

But, if he’s a Midland 
ff? Bank manager, you should 
& begin to expect the unexpected. 


Provided there’s a sound business 
purpose, your Midland manager 

may well be prepared to help. 

Yiur Midland manager also 
has at his disposal a highly skilled 
team of specialists who can, 
between them, offer answers to 
almost any business need. Start 
thinking of him and his team as the 
people who deal with your business 

problems, however unusual. 

Because, thanks to teamwork, you 
can expect us to do things you’d 
never expect. 























33 



The vending industry has been working hard to recover from the poor 
image it earned through inefficient machinery. With a number of 
new innovations it is now starting 'to realise its growth potential. 


TIE VENDING machine nationwide consortium of .infle- 
idustry is optimistic thatthe pendent ' vending- companies, 
rowth potential promised for points oat that this trend to call 
? long is now strong last being in the specialist vending opera- 
»alised. Changes _in the work- tor : reflects growing company 
ig environment, such as more awareness that vending is a 
exible wording hours, rising specialist subject in just the 
ihour costs, and new tech nolo- same way as the professionals 
ical developments have all are called in to maintain tele- 
lntributed ■ to . the .sector's phone, electrical, and-plumbrng 
. roivth. The industry, firmly- systems. - 
Relieves that th« .disaster^ of -. In terms of volume growth 

arly 1960s. when : ’^ccriv boy and' sheer machine' eomplexity, 
aerators and ^.inadequate techr^ -the - vending industry has :come 
logy gave vending® hftd Jiamp, :?: long way since' the last.- .war 
well as the cu tracking row thr when the'; modern , J. vending 
tused by the:- economic reces- industry was born,' Al. thal tithe 
on in the mid-1970s have both vending machines vvere-.onre 
3w been overcome. •••. . again making their appearapee 


sable facet nf American life, 
inade its first appearance in 
tho L’.S. during 1947. 

It was probably at this time 
that the foundations of the 
vending industry’s traditional 
pour image — which are only 

n->w Wing oveivnine — were ftrsi 
laid. American coffee machines 
were imported into Britain, but 
because nf the British prefer- 
ence for tee instead of coffee. 


smite extra wignii! claims fur t lie 
reliability and effectiveness, nf 
certain vending machines — soon 
e vapor a led i ti the face *if the 
reality of the market, in part, 
the early ii-r-hmjlugy was simply 
not gimd enough in meet the 
claims mack: by the manufac- 
turer*. But a major factor 
was the number of operator.' 
who came hum the imlu.-try with 
the idea nf making easy money 


Tin.- disenchantment v.as 

increased by the unreliable 

nature of most mechanical cun 
npcratimd median:* m« which 
only now. with him re vipiii -He- 
aled development .* u i-i i a. »dee- 
j rutin' controls. :> there a 
marked degree m rel.aidlny. 

The momentum in the indus- 
try durmg the turn* !ui.-> been 
largely sustained by tnimv.niuii.* 
and expansion >*f ii.-vcragc 


iiiiii.-inin- fur every ISO 
employees, compared with one 
fur every 2t) employees in the 
L .S. 

Vending is essentially a three 
part industry: the dispensing nf 
hut beverage.* such as tea. 
euffee. hut ehucolaie. »r cold 
drinks: snacks like chocolate 
bars, pi ■ i alu crisps, and other 
pre-packed item.*: and hot 
meals. 



Winnin 


te 

specially 


in 



...... — „ ... - factories*- and .. .. 

Tices hast- spearheaded the shortage of, items torsell through 

■owth'of the vending industry. £• 

,e spread Imtf hot-meals and' u ; s - ho ^S Kh '? t ^ rea 
ore sophisticated retail vend- im P e . lQS tow^s . greater use .of 
5 machines in. hotels:' and vending' - marines ; most 

ibllc places has vbeen res-;P r P riQ ^ nce ^-.y ' ' -r i . 

insiblc for the .more, ra pjd. : .ir»V i is ^, • ; /•: . s . . 

owth of the past few. yetfrs." ratuiC ’ 

xiear that.&rtal 

e tote 1 number ofdnnks future the vending ftfdustfy 
I kinds that were soldgroq^ - lay . ^ servicing the -^eds of 
•ndihg machines reaeh^ 34.ta ***$;** efBce^wo $«.- 

1 , 9 ' 1 - ^ Wiie .[. Americans had readily 

•ak m 1973, which was hTt -by 'Accepted vending machines as 
“ nse J* unen^oyEftfiin^nA a popidar raethod of buying it^ 
* ^I eT ? n,e . ^^^.r^ creaiii,: carton milk. and. bottled 
duced lh e - time s pent at work drink*,-' Further^deyelbpmei|ts 
«^;-eraH.- . . v 4.- led; to xroofectioijery.. and soft 

The .iftdrfiitry hah alsp teen a drink maqhipeshejri. introduced 
deafer, concert tration ;-bf:m ore jrtto . 'factories ■* even "at?. . the 
ofesslonal opera toxs teprlacing "height. of'Tvvirtime prodyrtiuri 
i. do4t-yoartelf methods useckwheri :thfey were considered -an 
i the past iby;.Eflmpahle5, Mr. essential; -pa>f :of maintaining 
i Pluimner. . '- chairman 5 of-worker-morale. The hot coffee 
•ited r . Vending :. Traders, . a -machine. an. almost indispen- . 



caterm 



cup design for this system has 
a *■ lock ridge " which seals the 
cups into interlocking stacks for 
simple insertion into the 
machine. 

Oddly t-nuugh. although this 
ingenious idea originated in rite 

U.S.. it made little progress 
until u was introduced into 
Britain and developed by a 
number of manufacturers, in- 
cluding the K)i\ division or 
Mars. Tlie U.K. vending indus- 
try is. however, still largely de- 
dependent on imported 
machinery demanding assess- 
ment against UK requirements. 
"Technical competence and 
the support back-up need tu be 
critically assessed and all 
aspects of the performance of 
the hardware examined in de- 
tail.” says Mr. Eddie Hutchin- 
sun. >3les and marketing direc- 
tor of Four Square Catering 
and Vending. 


Popular 


By David Churchill, Consumer Affairs Correspondent 


they were converted to dispense 
'leu. Unfortunately, the new tea 
machines — using the early 
forms of powdered extracts and 
liquid concentrates — did nm 
produce a widely acceptable 
flavour, it was only later, with 
the wider acceptance oi coffee 
as a national drink, that me 
vending industry began to make 
real progress. 

Bur the prospects of rapid 
growth in the 1960s— -aided by 


trum what they saw as a bourn 
industry without any real con- 
cern for quality, service, and 
reliability. 

By the end of the I96fts. for 
example, only about a fifth of 
I'K installations, were in the 
hands of specialist operators, 
compared with some 90 to 95 
per cent in America. It was no 
surprise, therefore, that con- 
sumer satisfaction with vending 
machines in the t : K wa, low. 


vending. But change ; :n eating 
patterns, working method* and 
sociological habits all point to 
growth in other areas. 

While , the l?.S. a a more 
sophisticated vcmliivj market it 
is perhaps .surprising that the 
penetration of hot drink 
machines in British workplaces 
is roughly tho .-ante as in the 
U.S. Although when cold- 
drinks ary taken into account 
the ratio in Bri.arn :s one 


Sales of smaller drink vend- 
ing machines are rising, accord- 
ing to trade sources, and are 
at around 5.0U0 a year. One 
new development in the drinks 
side of the vending market is 
the growth of " in-cup " sys- 
tems. This involves pre-measur- 
ing drink ingredients into each 
cup before the products leave 
the factory, so that the machine 
itself merely collects the cup 
and adds hot or cold water. The 


Tjie major growth area in 
vending U in factories and 
buildings, such as hospitals, 
which are open all night is in 
the provision nf hot meals from 
a machine. Food dispensing 
machines are proving increas- 
ingly popular, helped by the 
enormous escalation in costs of 
traditional catering, particularly 
labour and such fuods as vege- 
tables. 

With the increase in flexible 
working hours, overtime and 
shift world ns. there is a real 
need to provide a back-up food 
and drinks system to the con- 
ventional. manual and fre- 
quently expensive cafeteria. In 
many eases, however, the use 


of automatic dispensing mach- 
ines is dearly designed lo sup- 
plement other catering services 
such as the more traditional 
canteen. But the development 
of the micro-wave oven has 
proved a major step forward in 
providing tint meats where nn 
suitable catering alternative is 
available. 

As a result, new equipment is 
now being brought into the UK 
in increasing quantities to 
enable the consumer ro buy hot 
hand attacks, hot Jork snacks, 
and hot ■■ rins-pull ” canned 
products. 

Apart Tram the growth in 
catering vending, there has also 
been considerable growth in 
non-catering area.*. Cigarette 
machines, one of thy traditional 
vending dispensers, are becom- 
ing increasingly popular in pubs 
and restaurants as they relieve 
harassed staff of the burden 
of selling cigarettes direct. 
Outside this familiar area there 
is no real limit on what can he 
sold by machine: everything 
from -railway tickets, chewing 
gum. drinks in hotel bedrooms, 
contraceptives, and petrol. 

Not surprisingly, men tend 
to be the users of automatic 
vending machines because most 
machines are sited in heavy 
industry. Significantly as well 
the highest frequency of usage 
is among the 16-34 3ge group 
who show great flexibility and 
adaptability to new systems. 
This reason — as well as The 
economic advantages of vending 
in certain circumstances — is 
likely to ensure that vending 
becomes even more a way of 
life in the 1980s. 




The Autobar Group spans even* aspect of fast retreshment 
that today is an essential part of our industrial arid business life. 
Autobar companies design and manufacture heirand cold drink vending 
machines. We provide, finance and serv ice for all types of vending 
equipment. We manufacture disposable cups and containers, roast fresh 
coffees and blend teas, and prepare a wide range of specialist vending 
and catering ingredients. We also offer a nationwide. 24 hour distribution 
service for ingredients. cups and disposable items. 

Our factories in the UK and Europe are the largest suppliers of 
thermofbrmeJ plastic packaging and containers this side of the Atlantic. 

Total output exceeds 16 million units per day. 

All this, plus our 21 years of know-how, is why we arc what we say we are— 



The Aucobar Group of Companies, Autobar House, 41/42 Kew Bridge Road, B rentier d, Middlesex TW8 ODY Telephone; 01-560 7485/0151. 







A joint coffee programme from 
Zanussi and Kenco, backed up by 
a national engineering service 





* ^ 1 , r * ' >*. Vh . . 





A 






Great tasting coffee setting a new standard in 
push-button quality. The Zanussi actually 
grinds fresh coffee beans while you wait and 
serves up a cup of delicious coffee complete 
with genuine aroma and taste in 30 seconds. 


For further detail contact 

GENERAL DISPENSING SYSTEMS LIMITED 
Bentley House. 4 Disraeli Road. London SW15 2DS. 
Telephone: 01-789 1201 



A National Vending Service 

covering daily operation, back-up engineering 
services, commodity supply and rental 
facilities on most major manufacturers 
equipment, including table-top dispensers. 

SVS provides services to many 
of Britains largest companies 


THE MOST frequent contact 
with a vending machine for 
mo«.f people is to buy hot or 
cold drinks from a machine 
situated at their workplace. 
Market research has shown that 
almost six out of 10 people use 
a drinks machine, almost twice 
as many as use a cigarette 
vending machine. While 
cigarette vending can attract 
more absolute expenditure 
because of the higher value of 
cigarerfes compared wilh drinks, 
it is the drinks side of the 
industry that offers the most 
current growth for vendors — as 
well as the most problems. 

Anyone who has ever used a 
drinks machine is well aware of 
the frustrations that can be 
caused by faulty mechanisms, 
both in the coin deposit and the 
mixture of tea or coffee, with 
or without milk and sugar. 

It is such problems that the 
vending machine manufacturers 
and operators have had to work 
hard to overcome, while at the 
same time attempting to cope 
with rapidly rising costs both 
for raw materials — such as 
coffee — and fhe labour cost for 
serving machines. 


machines are built in different 
capacities and it is possible to 
choose a machine front within 
a range to suit: a localised need. 
This can be a simple dispenser 
of ingredients for 10 people 
employed in the drawing office, 
a table-top or wall-mounted 
machine to sene 30 people in 
the transport section, or free- 
standing models of 200 to 1.000 
cup capacity to suit the factory 
floor. 




mm 


mm 


r-vJV£| 

J .'' 1 


iH 






Advantage 


it 


Strategic Vending Services 

A Service throughout 
the major part of Great Britain 

If your company and staff are interested In 
improving the standard of products and service 
for ad your vending needs, we would like to 
hear from you. 

LONDON • BIRMINGHAM ■ DERBY ■ MANCHESTER • 
BRISTOL AND GLASGOW 


Please telephone or send coupon to Anne Cowley 


To: SVS 
Bentley House, 
* Disraeli Rd, 
London 
SW1S 2DS. 

Tel: 01-789 120 1 
Telex: 928287 


I would like to hear Irom your local office 

House, Name 

' Company 

3S. Town 

39 1201 

8287 Tel NO ! 


Drink vendors estimate that 
each employee wants at least 
two hot drinks per day, one in 
the morning and the other in 
the afternoon, although this 
obviously varies according to 
work conditions. 

An office or factory employ- 
ing some 5W workers, there- 
fore. will require some two to 
four machines to serve them 
adequately. 

According to the Automatic 
Vending Association of Britain, 
to gain the maximum advan- 
tage from a vending machine 
no employee should have to 
walk further than 30 yards to 
hi< nearest refreshment point. 
** The physical layout of the 
premises- and the aumber of 
people employed in any one 
area must therefore be taken 
into account in determining the 
siting of machines." says the 
association. ’'The alternative 
of walking some distance to a 
refreshment point with conse- 
quent additional time loss might 
well determine the installation 
nf a vending machine to serve 
50 people or even less at any 
one point.” 

To allow for different needs. 



Machines, require connection 
to .13/15 amp power supplies 
and to mains water supply lines. 
In certain .circumstances they 
can be installed with header 
tanks to. make Them free of 
plumbing needs as in the case 
of the dispenser models hut it 
is exceptional for larger models 
to be so installed. The machines 
should therefore be placed 
where power and water lines 
can readily be extended in them. 

The association points out 
that machines should be *■ as 
close as possible ” to the 
employees but should not 
obstruct work flow or access 
around the .shop floor. Alcoves 
are ideal, it adds, but if the 
machine is required to project 
from the wall, then the projec- 
tion must be from a wall out of 
the main line of traffic such as 
fork-lift trucks and work 
trolleys. 

Although drink vending 
machines are insect proof and 
protected -to some extent against 
dust, water, and odour penetra- 
tion. the Association points out 
that they should still, as far as 
possible, be. protected from 
these hazards. It suggests that 
the machines should be placed 
in well-lit areas easily accessible 
for cleaning not only the 
interiors of the machines but 
also their surrounding wall and 
floor surfaces. They should nor 
be -placed under or adjacent to 
steam or waste pipes where 
undue heat might be transferred 
to the machine or condensation 
drips fell upon the machine. 
They should be placed outside, 
rather than inside, an area 
where paint spraying or asbestos 
working is undertaken or where 
any abnormal atmospheric con- 
dition is present. They should he 
kept dear of any boilers, acid 
retorts, or any floor areas where 
production machinery might 
produce vibration sufficient ' to 
upset the wm-king mechanisms. 

Over the past 10-15 years, the 
drinks dispensed from vending 




or so ago. at the. height of the ' 

Expresso coffee boom, the main 
drink in vending was' chocolate. 

But improvements in the- taste 
of instant coffee that could be 
vended and a massive advertis- 
ing campaign led to a swing 
from, chocolate to coffee. 

An Industrial Society survey 
in 1976 showed that , vended 
coffee was claiming some 42 per 
cent of drink sales, vended tea 
26 per cent, cold drinks 14 per 
cent, and chocolate 12 per cent. 

But manual dispensing of tea 
and coffee by traditional -means 
showed that consumers still 

preferred tea to coffee. The v.. — — | . — mxdmm."" 

figures showed that some 50 per .• : ■' 

cent chose tea dispensed tradi- 

tionaUy, while only a quarter V J . 

chose coffee made this way. "• ■'* . • V - ' ' 

The manufacturers, aware of . WK&f-. --v 

this trend, have not surprisingly . . fby ” - 

attempted to improve the stan- .- W ." '-t 

riard of vended tea. Wittenborg ’ -a d0fc‘\ : 

Automat, for example, has '/ >VX'- 

introduced a fresh brew ' '♦?&% •’ 4 • .• ' / - - . f 

machine on to the market •• - - %4 ' \ ' *• 

which, according to its market General Foods' Maxpax Modular System jor hotdrtnks ‘ ’* . ... Trfjs 

research, has brought about a ;• , i," 

dramatic reversal of tbe trend, fresh, flavourfu). completely One of the main advantages pe hour Square CatenS 
It savs that tea now accounts hygienic drink.” . • claimed for the Maxpax modular and .Vending division of JigS 

for some 58 per cent of the A similar method has been in-cup system is its flexibility. tlK? 

tea/coffee option in fresh brew developed by General, foods' Modules can be decentralised f r ?, up * • j? 5 i 

machines. Maxpax vending division. It has around a factory, various coni- wiejmTO nwg^g 

“This would seem to indi- recently launched a, modular blnations to cut down on walk- ^*^1- wqmgg 

cate." a company spokesman system whereby the consumer ing time or centralised to cut zne 

claims. ” that a machine is now obtains a cup con taining pre- down on queueing. If one ^acnine nas .a= qngxsr. dtspensg 

capable of providing tea to a packed Maxwell Bouse, ingredi- module -is out of action,, .for 

standard high enough to secure ents and then adds hot -.or instance, during filling, the ? r 

its preference to market that chilled water from, a separate others can still be used. Flavours can easuy comEtmea. ^ 

is the most fastidious as far as dispenser. as well can be individually The . system- ^fits^jriito a; 

tea taste is concerned” General Foods claim that/30 priced. The system has a high top although it ian..alsp ; 

Other developments in im- per cent of all new. drinks v«id- capacity of 325 cups per module, plied with its . own . metaL.fc^ 
proving the quality of drinks ing machines sold each year in giving UJ00 with four modules, or lockable cabinet for thejfta 
dispensed include the Drinkpac, a market with an anhnal tum- “The simplicity and resulting, age of- ingredients.- .~ - r- 


uroup. me urinKpac is a Hour- snare of the in-cup ■> sector, casing dramatically reauce Tne irtg -macftln^ has improvedum 
sealed container whose contents Offices and small -sites account likelihood of vandalism," claims 0 f a j| recognltJOnTovef 
form the ingredients for making for more than half of hew .sales. Maxpax. * decade, some -machines j'S 

a single drink of soup, tea. But of over 8ra people using While drinks vending have, their problems/ ^One^GES 
aiffee, chocolate or cold drinks, vending machines 70; per dent machines are obviously -more manufacturer has^ installed S* 
You merely empty the contents work in factory' - or. factory-type economic and efficient for larger a machines special, recording 
of the Drinkpac 'nto a cup. add locations, where in-cup* systems groups of employees, . the a pleading feminine voice wtricl 
hot water from the Drinkmasier have so far shown a- lower ^mailer company or branch- plaintivefy "says: ‘“Please' 
machine, and the result “is a penetration. •• _v; office, with a 'fixed staff of kick me tf-T go HTOpg rv*;' a ^a 

.•••T’r. between 10 and 30 people. i» the com is put jq.^-- -r- '. ■" M 

”• ’ being catered for by a number • r, 

TT^ • “d • of manufacturers. • • Liavifl -OUffCalt 


Rival for 


the canteeh 


(mostly through dri^ 


i; * 

f . - m 



|. *‘ “I am the latest arid greatest in a long and 


I , vendors/’ ' ' - 

l‘ ' ‘.T 'SiinPTT 
y '-'‘offer 


"Developments over 20 years have made 
me a world-beater For example, l in.e'asily 
adjustable, all over my parts are destruction 
tested and Pm fitted with a water* filter*that keeps 



I . * with extra-sugar. Coffee (whipped or un whipped) 



. • .*' ^‘ c We Supermatics think big. 

I /' : My cup dispenser holds 550 cups. • ] 
k ; And I not only offer you 5 -year v 

inflation-pro of^ renting, but ‘ 
when, you rent me I come 
• cqmplete with ervotigh- : 

I ' : 'ingredients, to hand out 500 
vK.p soups, 5S0 chocolates, 1600 
coffees/ 256 Ooold drinks 
/and ' 2 700 tea s! I' . - : :: - : ‘ v . 


Vending & Catering Supplies willnot-dhly 

supply me. with 
first rrate ingredients. 
They will.also 
check to ensure 
the quality of my 
drinks: Alfemattvely 



• A ^ppxovea operators 
y will site, clean, £11 and 
v maintain ma’.’ V 


' an d. cut cut my- coupon. 
Remember the name. 
Supermaticl’*-; / rV" • 


THE DISASTROUS con- 
scuences for most employees' 
living standards of pay controls 
and an economic recession in 
recent years— at the same time 
as sharply rising prices — has 
uiven the traditional company 
“ perk " of a subsidised can- 
teen an increasing value. 

About eight out nf every 10 
workers now have the benefit 
nf cheap food on the company's 
premises, according to a recent 
nationwide survey. Despite the 
inevitable grumbles over 
quality, few would care to give 
it up. 

Most workers would agree 
that a three-course meal for 
about 50p is excellent value, 
compared with at least £1.50 in 
an ouiside restaurant. 

But while employees savour 
the benefits of subsidised cater- 
ing. British employers are 
counting the cost. Dramatic 
increases in fond prices, 
especially Tor meat and 
vegetables, and higher “ un- 
skilled ” earnings, mean (hat 
traditional works canteens are 
running at a size able loss. 

Mainly for this reason, the 
major automatic vending and 
catering organisations in Britain 
are optimistically predicting a 
big shift towards " meals from 
the machine." A hoi lamb and 
vegetable casserole or a beef 
»urry served up on a plastic 
plalc from a tin can that has 
been dispensed from :i vending 
machine may not be every 
employees idea of «i favourite 
mid-day meal, but soon it may 
he his only choice. 

Since the early days of auto- 
matic vending in the 1960s. Ihc 
market in Britain lias been 
fairly static. This was largely 


due to the unrellabliiy of early 
vending machines. Poor tech- 
nology was aided by unscrupu- 
lous operators trying to make 
easy money without providing 
the essential back-up service. 

Also, the economics of vend-, 
ing machines have until, 
recently tended in compare 
unfavourably .with existing can- 
teen facilities, where all the 
capital costs have already been 
incurred. But pay increases for 
manual workers give automatic 
catering ihe chance to come 
into its own. 


[727:650,0001 


over 1’OOff tdrioes) 





Convenience 


2^1, 060, ( 


In the United States, auto- 
matic vending ii almost a way 
of life. If that is any guide — 
and it probably is — it means 
that machine vended meals in 
Britain will sunn lake off. Hot 
meal machines take vending 
squarely into th« convenience 
food area, for example where, 
meals arc pre-cnoked and then 
frozen For transfer into re- 
frigerated vending machines. 
From there, they can he 
removed by an employee and 
heated rapidly in an adjacent 
microwave oven. 

An obvious advantage of 
these is that the number of 
kitchen staff can he reduced 
substantially, since food can be 
prepared throughout a full- 
working day instead of haring 
l«> be compressed into a short 
production lime in addition, 
food stored on plates in re-’ 
rrieerated cabinets can be avail- 
ehle for example to a nieht-' 
>hift in a factory’ with only a 
nominal canteen staff. Alsn.'be- - 
cause convenience fuods are 


; ' L ' • 
■! 


■ 

i • 

. 

•. . 

!S| 

• 


m 

j J 

• 

■ 

un 

W 

pi 

j 73 

74 

75 

m 


The figures speakfor themselves.^^ 
Perhaps its got something to do with out i 
QUALITY-PRICES- S 3 ?VICE . " ' v 


Euromat F^ProducIs Limited . 

113 Bonner Hill Road, Kingston on Thames, Surrey 
01-549 9371: 



CONTINUED ON NEXT PACE 

/* "TOT 


A wholly owned subsidiary of DE K GmbH, HarT^jtiiQ3ȣ^ 

. W. Germany. One of Europes’ largest coffee 

manufacturers. 3 


wT 

* v \ . 




House. Si Johns Square. '.Volverhamptan WV2 -1BH 
Telephone- T^l.-erhdmpi-.r, 2S50Q P toM send n« > 
more mlonrHiion on :he S^nkuy £tapennaj ,i: •> 
ihe whole range o! Sj nV-c-v bonding machine ». 


IB 

1 . 






1 



rran.78. 









•Financial Times Thursday November 9 1978 


VENDING HI 


*>N. 




in design 



35 



HNC TECHN.QL06J; :has s based upon mechanical rr- 
a long way .sinS ;ibe principle there is an inereas- * r f*f 
jr-^g&SK ffl a thematic lan V^H e rn . ing ' use . of - 4 eJ eccronic systems 
tti&x&Bi&Ll. ~a . mechanism'-. I for- for- the more. - advanced and 
‘ 1 * * •’•• ’ • ' ' * * and beverage. 

' systems have *L 

„ ... ..-s cunsSdHrabje; advantages over . 

WSfi -'- fcritkiO ■ ' their ; -.prwi^ceSsbf and arc 

^^»^l^n\&Sta^inf'oper^ted' 'iraportant^ not only because they 
^^Ufig-^chin^ p&^jeh'evef Tgduee lhe.; '.nsk of jammed 
, -l^iSflO'seil vend^ogtiio^ittes :m echaniSHis, which causeTru*- 

- §||SS&1p£ ctgareft^^ch^Mef .itratipn-for ? jhe; cu. s tom er, - but 

'bcketsV.aM/joUiWj^P- ;'afao :he^aUs^ ,-they .can ' reduce z£iC 1 

- ifeirablek'^r *• ■£ -f~ ; \f ■; * opcratrug;- - iixrft- ; raalxuenan ve "■.* 

oy eumpahjes 'TiXe 7 * \ Q <|o^P rc if 

*»* a xna£*ine-wh.Ch spend s 

&£. 'r.-,™ - le's 


TTfe/ ' 

n. • 



Wiu'enb^s, Wfci rtf takes second 
Place ■'ttf! GKJT San key in The 

Shated that im9?0^bout3bn ^ates that its electronJc^nieter. 
p4; P f drink .were sold, from J n .S. .devices are: subject to a 
Machines: failure rate of 3 per cent. 

.-••■- This -: compares with a failure 

. present the ■ Automatic rate of 30 to 40 per 
rtding Association of Eritahr cedt j or : snme mechanical 
Sieves the mar Ret Is showing system& . The success of autn- 
iewed signs of growth, corres- raa ^ c vending systems 
nding “ : - - 



Workers at the Kut/cheiu juctonj in Swindon selecting their lunch 
from a famte uj leiidtfjKu: machine* 


Since mitrowavp mens h^at 
fund at different rates the initial 
rooking and preparation must 
hr done i-ari-fully. Cabbage 
mu*t be slightly mule relinked, 
potatoes must lie spread thinly 
on ill#; plate. Miners made 
thicker than iixiial to prevent 
hoiiinc. and eg^ yoke? ornvenU'i 
from overheating in the nven. 

i.!l early i here To re the nil •.■»*- 
wave vending machine is not at 
present a »(:li$titiue for a 
canteen although it may he .■■.Me 
to offer eating facilities which 
would nol otherwise he 
available. 

At pre*ent there art- four 
basic nn cm wave oven sysloms 
available, push button, dial, 
token and a system linked to a 
refrigerated merchandise. As 
an alternative to pre-cooked 
food on plates some hot food 

systems now operate with tinned 
instant dinners supplied by food 
manufacturers which dispense 
with the need for the skills o| a 
good in-hou.-e kitchen. 1 ie-sr 
tins have a foil cap which can 
be removed with a ring pull by 
the customer and can duponsH 



Paul Tavlor 


.phf I,,. wa > Inooth'e? wilh “ •■•— — '•■“■■^• i ines- ungnuy m aispcnsvrs ,,,UI 

Seen % ODD and* fiSw-nS -example, and the ability of the They can also he wired for everything front books in injtr 
^ iLun rfisnenserl - ^ machine to deliver- tho goods, remote readout for example in Gramophone records (often at aecu 

c in-tup dispensers. - - The traditional preference in a rereptinn area. Among the widc i v different prices) a? well Just 


is scan fur sire and magnetic lipids vide the customer with greater economies to •he caierer are spaghetti, sausage and bcan> 

enormous. and niher I'nuck snack s. 

ending machines replace nor 
sales staff hut arc also 
The->e brighllv in dispensers mure eennhinical in the u*e of 

edients since these are 
urately measured m provide 

. prices) a? welt msi the right brew without 

The major areas or.technnlo- some areas for the tea lady or market leaders in electronic as j Jlc moiv conventional >vasiage. 

at improvement -are the in- - tea-run " to the canteen is £° 1n ^■‘-'hnolugy is Mars Money cl o arellC s, sivcels and snacks. To make further economics m 

duct ion of sophisticated ^Icc- 0 £j eD based on . experience .of Systems, which won a design c .| lan „ 0 n U -j n; i capacity is operating costs many machines 
nics, especially for .-coin, nld-tashioned machines which aw ®. rd 1 his year for its j ncrcaS ina]v Incorporated t this now use in-cup systems where 

chan isms, wider ranges of re j ecl .. or sfmpiy.. swaiiow up Ca ^ h «ow Mastermind product. hjts a i reaC j‘v happened in the the beverage has been mea»u red 

d. better food and drink MiQS .without, delivering the f"y, °?|!f <ns u ' se iL 2n00 ° c,,m U.S.. Gerinanv and Japan) and seated into o plastic cup 

-ours and the rapid accept- goods coapled with the problem J rar - Trte these machines will offer the before being placed in the vend 

o of glass fronted merchatt- nf MVjng the- right eoins to ih^T opportunity to automate large mg machine, 

f”' . , operate the machine. Electronic ■ Tntahser which is parts of stores 

.he advent of tnicro^irmts ^ cros raa e,imiuat. -«n of ^^"ma^y At present ihere are two basic Traditional 


Brooke Bond 
vendiriej 



An investment for the present 

Right now, if you feel like a quick cup of coffee or 
a refreshing cup of lemon tea, a creamy cup of 
chocolate or a zesty orange drink, a worm 
nourishing beef drink or just a good old-fashioned 
cup of tea you could be regretting not investing in 
Brooke Bond vending ingredients. Brooke Bond 
ingredients are the result of careful research Jinked 
with our years of experience as suppliers of the 
notions No. 1 beverage. And that puts you points 
ahead on the F.T. Index (Relax, we re talking about 
the Fresh Taste Index ! ). 

We could give you statistics, but we prefer to let 
your taste buds do our job for us. Invest in Brooke 
Bond vending ingredients and profit from our 
experience. 

Brooke Bond Oxo Limited, 

\J/ Catering Services Division 


ng “ chips’* similar. --to- those ^eie problems. 



de^n .1 «*:<££ -ssr SS«~3u."£5 $,£ “ d Mn “ pe 



JLtlL 


VS ; 



5-; 


nt. Micro-circuits arc- bem, «i ? T«- ™ 

rM,r' n thn ' ***« «in-. wtth. .tltf same, weight DiwduQnfonn and potentially higher customer facturers entering tho Indurtry 

rcl\ the metenn^ of .oiins dtffergpt; shape or sizc. iTlMOVania^c sales The bigger machines on the m-eup system irend. 

hn!«lS«A ? SPeilSIn ®- — i.£ |ectr P n ‘ ie M^.v5 ai ? d0 ***1® The Cashflow series is based can hold up to 550 separate It is cheaper m fill cops away 
“ u ^ . ^U;-. a^uratLTy gjlli . without the need pn llie braking effect when a items comprising of up to 38 from the machine in labour 

vhile the coin systems ;- in forp. moving parts, , themselves cpin p acsC5 through a magnetic different varieties of goods. terras: in-cup systems avoid the 

.jrette and confectionery often; a caus ^ 1 ‘ >f | ^ 3mniin ^ 0r field. With only two moving Electronic systems can also need to fill canisters with pow 

—chines remain, ana , are. breakdown.' _Electrnp]C systems parts t b e company claims the be used on the dispensing side ders and are more hygienic 

enabling the 
mailer and 
neering 
and 

window 
refrigerated 

. . . . roware 

systems. the industry. nven to provide complete can 

The disadvantage of the One relatively new develop- teen aer.*ices. This is of par- 
system is that it cannot cope m ent in the field of beverage ticuiar advantage in places 
with fcrro-magnetic coins like dispensers is the provision of where there are night shifts nr 
those found in' Germany and ••fresh-brew" tea and coffee, in places where normal canteen 
Belgium. Tin* company has This trend, which has been facilities are difficult to run. 
therefore developed a different imported from the U.S.. is now Microwave systems have 
system (based on dual gening acceptance in the UK therefore found markets in 
frequency inductive sensors) although the use of • instant hospitals and shift-work fac- 
“»«* , * . Munzraatic series rn ffoe in the home has tended to rorieB although in this respect 
which also inconKirates a selr- s i ow jj, e demand for fresh the growth in the use of miern- 
replenishing chanse facility co tf ee madiines and concen- wave dispensers has perhaps 
controlled by the same elec- trated demand in this area for been checked by the sluggish 
ironic chip. fresh-brew lea dispensers. economy in the UK and in par- 

Apart from weight recogni- To make real tea the machine ticuiar by the absence nf large- 
tion both these systems aJso has to extract the flavour from scale overtime working, 
check size and shape using the tea leaves in about 15 They do. however, require a 
irtfra red and photo electric seconds. To do this extra fine certain amount of sophistication 
cells and sensors, thus eliminat- leaved tea is required together in the original preparation of 
ing the problems of multi- wjrti a careful control of water the food. 

r faceted coins like the 50p piece, temperature, accurate measure p^t meal must be cooked 

| The Mastermind system is a ing and liming. Once again it and then rapidly frozen using 
{ further refinement enabling the is electronics which has made perhaps a blast freezer. Before 
use of more coin denominations this precision possible and pro- being placed in the dispenser 
and prices. It is particularly vided ilie alternative to soluble the temperature must be 
suited to the growing market for tea essence. increased io about 4 dearees 

class fronted vending machines. ff vending machines really do centigrade and then held there 
This is perhaps the area which hern me capable nf providing a accurately in the vending 
showing the biggest expan- product which is an adequate machine. If ihr remperaiure is 
sion at present in the UK. These substitute for ihe traditional mo low ihe food will be served 
“ shop window ** machines pro- iw cuppa " the potential tepid. 



iS - s A flicfcfeFa s \$cb .anefyou can vary the ingredients supply, alter 
s* |nces. ofler pay or fie© Vend or operate a dual pricing system. 


hal's unique. 

- A water fitter which purifies every drop of water on its way from 
lereservoii to yp'ur drink.That's unique. 

T01 drinks from one machine. Each tasting as perfect as the last, 
hat's unique. No wondec Veriderdrink are known as The Better 
-.Average People..-. 

Use the coupon- below to gel free information on the most exciting 
svetapment in drinks dispensing for years. 

To: Venderdrink.Operations. Vending House, 

558-562 Brighton Road, South Croydon, Surrey CR2 6AW. 


l 


Name. 


Company. 

Address— 


,-' , 5 





tie bett er be verage people j 


* n ft 



t & 

ei 




semeef&rtSfe 

matt business 


% 


t+. 




Drinkmaster'provicfes a selection of 
1 7 fresh, individually made drinks. 

No installation oosis — just plugs- into 
s --•• electricity supply. Desk top size. 

Each drink made from a Drinkpac — 
f i . fiercp^tically sealed ingredients to make 
gpr £ j -^ .^eckrGoffee,' chocolate. 'range of soups 
or soft drlriks. Cost —only £3Z 50. 



INKMASTERltd 


.*0 Gr-.'.'-it n...;m L-?-.lon tC'V - LU ■►■I , . , ‘-83' 2828 
v:n:;i ur C 10 - -V-. tv*t‘ Ah-'til Dnp^mflsKsr. 

amc 



. v 



Canteen 


CONTINUED FROM PREVIOUS PAGE 


normally used for this sort of engineering rat-lory which tivcly. pre-cnokPd deep frozen 
catering, less preparation re would find it impractical and meals can be brought in and 
required and thus less space fur uneconomical to set up catering re-heated, 
storage and equipment is facilities bui wishes to provide Nnt surprisingly, the major 
needed. some amenities for its workers, companies and local operators 

Another application is fur The choice of equipment will are very ready to advise on the 
refrigerated vending machines cleicrmincd mainly by the installation nf a new system 
plus a microwave nven to be eX ( Cn i 0 f choice required and and a factory docs not have to 
located at several points within ^ ,i en5dt y of use — machines buy its own equipment. 

JUT, 1 cofnt ng 01 from a T f,ir TT ^ A? w,lh Mr. Jim Rnherts. managing 

k chen Sffnv different Sere sla: rV br ,? ks ,ban t C ™T' director ,,f lhM V «*»P* •»«* 

k ut iien. many ainerem seiec lra t e d use. It is estimated that Dan y nmnK out thp flexlhilitv 

nons can be housed m i his type Q > abou , a , h ! r( i of a work . pany : p i , , uul , . nexI0,l,r > 

nf machine anH pach nnp ran br> ? nl> a00 ,, 1 , DI , ,!: orK nf installing, sen'icmc and 

, main,ne a "d earn one can •>< force would want the facilities, maintainin'* vendin'* enuioinent 
large enough to ealer for up- i n « n i| a rion costs have heen ? , n n ° " equipmcnI 

wards of 10C neonlc 50 ,n ‘J ai,a * ,ori . e D ^ en tor clients on an agreed cun- 

waros *ii 1UV people. worked out on that basis. For trar . ba , i( . •• i n tfie oreseni 

Machines producing hot meals a workforce of 100. therefore, a on)mm k climate with capital 
m sealed cans.. «n the oLher machine designed to cope with n i»t • ™iv available it n n*n 
hand, are widely' thought «u be jU st over is thought to be a cnmrac! 

more readily suited to the s mall adequate and would cost operat nr ire m- hre own ma chines 
company .with up to 120 era- between tiJWa and £5.000 to rprnv ri - .erri^e^ 

eanieen facilities " P T,lLs ' vonId he capable »f hack and eliminate the snags 

\Dart frnm rhn n-c nf feeding more but would require which cnme with holidays and 
machines in leisure centres ihe sraggering. and increased choice staff problem,.- 
industrial use nf machine cater- would ,ead 10 mcn?ased COsl Derelopmeni potential in food 
ing is now growing. This is put 0nce . 3 Fac,ury of 500 is in vending h ihnught to be great. 

question then probably three especially a* factory managers 
bays, perhaps siled in different Innk for' mure economical way* 
parts of the building, may be of providing food ajtd customers 
involved, costing over £10.000. try lo avoid the rises in mea! 
However, they can often be far prices. Viability must always he 
cheaper than employing cater- measured against present crisis. 


down to ihe flexibility of a 
machine and its ability to serve 
a small group of people in an 
isolated site. 

Hospitals and bus depot* are 
contrasting examples nf areas 


where mere is . stea.lv bui tag »«* «« Uwy *> nw *Q on «ml in drobi. union repwamn- 


irregular flow of people needing 


strike. They do break down, lives would wish tu be consulted 
meats *al ‘alT hour7 o7 ihTday however * but the -large com-, before losing Iheir favourite 

and night, but there are many ^ n,es ha }' e “W"**? a » egg, sausage, beans and enrpy. 

other sites where machines are the coanXt 7 and cla,m J ^ ft « likely tliat some of the 

being installed. Where a group semc,n f 1S now ra P J d and barriers on food types will b- 

of workers can be easily idemi- thor0ugfl overcome fairly soon. Cer*qipiy 

fled as a unit within a factory. GKX Sankcy are one nf the f° ot * companies and vend in 2 
then a machine complex can be oiajor manufacturers tif hot °P er ator>; crmsianlly attempt to 
tailored to suit Iheir individual meal, machines. Its systems y ir ^ en *be choice. Whde vona 
needs. " . . . give flexibility by allowing in ^ machines may never com- 

AtthougJi the machines, are maximum scope for selection P* ele ly replace the tndittnna 1 
not really designed' 10 take over and preparation of quality f an, t een ’ therefore, it s^.'iPs 
from the traditional factory menus with complete portion, lk - toal they will become a 
ran teen, sening perhaps 2.i)P0 cost and cash control. Items can T J " re . . E(, ncral feature of 
meals in P0 ininufps. they mme hr platlrred. wrapped, and ,n “ us ^ r ' 3 ^ liian before 
into their own for the small loaded directly or, alterna- D.C. 



Foursquare Catering and Vending make drinks and food available 24 
hours a day, 7 days a week. We offer a complete range of vending systems tailor- 
made to your specific requirements. 

There is our Vendepac Food and Drinks Service which takes on all the day 
to day problems of running a refreshment service and leaves managers free to 
carry on managing their businesses. Whether your requirements are for drinks, 
confectionery or snack meals, Vendepac can provide a top quality, fully reliable 
service. 

We also supply the highly successful range of Klix machines which use our 
In-Cup Cassette Drinks System. The ingredients are pre-packed and sealed in the 
cup for lasting freshness and hygiene. The Klix machine adds hot or chilled water 
for a perfect drink every time and there is a range of 13 hot or cold drinks to suit 
every taste. 

We are proud to say that the advanced electronic coin mechanism used in 
our machines is manufactured by our sister company. Mars Money Systems. 

With only two moving parts in the coin path, it is so efficient that the Mastermind 
Model has just won a Design Council Award. 

The Klix system and the Cash Flow Range of coin mechanisms represent - 
the two outstanding developments in the vending industry during the past five 
years both at home and abroad. 

Foursquare provide a service that can be varied to suit even/ commercial 
and industrial location. Ring Slough (0753) 321 51 for further details or look for us in 
your Yellow Pages as the first step towards a 24-hour food and drinks service for 
your company. 



tfiefepcic? 

FOOD AND DRINKS SERVICE 



CASSETTE DRINKS 


Foursquare Catering and Vending. Ajax Avenue. Slough. Berks. Telephone. Slough (07531 321 Sl.Tetex: 846368 
Kii { . Vendspac, Cd&ietle and uia^isrnunj a re re* ;‘.s<£- 7. r *j; I'.'ir;-.-. 





. I'» 


36 


Financial Times Thursday November 9 197S 


DISCOVER 
THE AUTOMATIC 
ADVANTAGES 
OFAWELL-FED 
WORKFORCE. 

Gardner Merchant Europe's leading catering 
management organisation, are also Number One in 
vending at work. 

From hot or cold drinks for small numbers in offices and 
factories, to a continuous day and night service of meals, 
snacks, confectionery and beverages for many thousands 
of employees, we have the resources. 

If your requirements range between one beverage 
machine, or two hundred or more electronically-controlled 
automatic food and drink venders, Gardner Merchant can 
help you. 

Complete the FREEPOST coupon, and return for 
further information. No stamp is required 


To: GARRY HAWKES. MANAGING DIRECTOR. GARDNER MERCHANT LIMITED. 
FREEPOST, CROYDON CR l > 9EB. 

Please let me have more in-ormenon on the Gardner Merchant Vending Service. lI 

1 would like to discuss verdmq as soon as pebble. 

Please telephone lor an appointment. □ 

Please send me booklets on the Gardner Merchant Catering Management ^ 

and Consultancy Services. 

Name (Mr/Mis/Miss) 


fl 

a 

i 


Position. 


.Company. 


No. of employees, 


. Address. 


-Telephone No.. 


.FT 


"I 

I 

I 

B 

I 

I 

1 

I 

I 

I 

I 

I 

I 

I 

B 

fl 

I 

B 


mm 

mom 

EUROPEAN NQ4 FOR btf ItH FOOD ATWOHK 

^ a Division ofTiust Houses Forte 

Offices in: Ayonmouth. Bel fast Binningham . Croydon. 

Gateshead, Glasoov.; Ffitchin. London. Manchester. Newbury (Berksl. Newport (GwcnfL 
Plymouth, Sheffield. Swindon. 

Gardner Merchant also pKwidecoiTiprelier6vv.T Catering Management and Consultancy Services m Vfct German’/. 

Bai-juin. Holland end Iran. 


VENDING IV 


U.S. 


still 


companies 

dominate the field 


THE UK rending mdusiry has cumpeiition for GKN Sankey. 
yet to throw off the still very The UK vending companies 
strong U.S. influence which has have sprung from small and 
pervaded the market for more often obscure beginnings. Bl 2 ck- 
than 20 years — for while tech- wood Hodge, one of the largest 
nolngy ia making rapid strides distributors of cartlraioving 
both here and abroad, the equipment in the world, has a 
British consumer has been vending machine offshoot called 
slower to feed pennies into a Vendops. LRC International, 
machine in return for instant which makes Durex contracep- 
fond. drink or in ha cc. tives and Marigold rubber 

i.KN Sankey is still the manu- g| OVes> launched a vending off- 
fa ciu ring market leader, making shoot calIcd Autonumus. 
most of the machines it distri- Autobar group with its off- 
bines, but under licence from shoot Aulobar Vending Sup- 

,'. e 2? do _ 1 F orpor3Uc,n ,n J* ansas * plies, belongs to the select 
c mS \ T Jl e company— sub-group . QU Qf privalely owned com- 
o[ the GKN group, still brings ies From smiU beginninKS 
machines in frunt the U.h. where 




volume demand 


, , . ls T .,: uch . machines were imported from 

manufacture tn the IK is hardly Jhe u s A utobar has grown 

wonnwmie. into a multi-product compuny. 

Vendepac. which claims to be u elaims . t0 be Europe’s largest 

” ni ,)ie J cad,n : complex of companies in the . 

maemne operaiort— -la. a -ervice business Q f supplying over 500 croup with plastic disposable ing machine market until the machines. Unlike a nicotine- 

VonHioi bqi f are .r drinks and disposable items and cups. Production lias risen from late 60s. It too has diversified starved employee, machines do 

xtV!2 ” has six factories and 40 service loom cups a year to 32m cups its operations, taking in manu- not steal and with the rising 

* idre. tnc conh cUnnar. ann pet ^ supply depots dotted a week which Autobar estimates facturing, selling and. more costs of cigarettes they tend to 
JSJ TrZTrt A n T? A W 'rnrniPriv throughout .the country. is around 50 per cent of the recently, started its own run more profitably than 

knln « AulnmS ReraJfeii ln 1966 it introduced tiie market- ingredients division as well as behind-the-counter sales. There 

of AmertLi “ire nrebaWv Princess Vendor, the first hot All these companies use its own finance company which are two major manufacturers 
ihom i hp iniv ,,™ and cold machine, on to the machines with built-in elec- offers a consultancy to self- in the UK which make this 

SSL P M. hP market followed by the Oasis ironies. This is where contrac- operated sites. Hnd of machine. Barber 

-nltinnii " iw .h. ?V- which offered 17 drink choices tion of the UK market has been Autobar also offers financing Weston and Dean \ ending. 

Su hrfnra J^rhin- the <now modified to 20i. Like more noUceable. The Gloster through its two companies- Today's vending machines are 
surface iif the Indus tno other companies in the field Vending division of Hawker Vend Finance and Perry Wood no longer simple. From une 


in 1957 when Us blending 



GKN Sankey food machines in use in a works canteen 


Colleen Toomey 


Cigarettes and sweets 
are retail leaders 



nS and cold machine, on to the machines with built-in 
be market followed by the Oasis ironies. This is where contrac- operated sites, 
which offered 17 drink choices tion of the UK market has been Autobar alsi 

modified to 20 1 . Like more noUceable. The Gloster through its two companies — 
companies in the field Vending division of Hawker Vend Finance and Perry Wood 
<Wniv it ran he Autobar began distributing Siddeley was shut down when Finance, which arrange leas- machine you can now get hot 

seJn tri I rert/in products for use by tbeir leasing expected profits failed to iog and long-term purchase and cold drinks. A microwave 

suoreman' mSSS , broad front, companies. materialise. GKN Sankey picked schemes. can heat a deep-frozen pizza 

U £S? ! Ihl Ditrthnni nSJntaL Around the same lime as the up some of the remains by The vending machines that ready-teveat in 40 seconds, 

lion’s 1 vendin- n^-hine Cn Princess was launched. Chequer agreeing to service the Gloster have been around longer than Fresh fruit, curries and now 
n., ns » hrill hLvmonn Foods was formed lo make machines already out on rental, the electronic machines are the hot chips from a vending 

With British Fipf- Hr Tracr nn instant products for vending Ditchburns vending business cigarette and chocolate bar machine in less than a minute 

cmim fpii rn an Ampriran i-nm machines such as tea. coffee, was losing money when it was venders used commonly in are but a few of the services 

S IfX chocolate, skimmed milk and sold to National Vendors for public service areas, hotels, available from a press-button 

US 'which is nan of U3JC su 2 ar - The following year the under 1m. This was one of the bars as well as offices. These machine. 

Industries one of the largest Autobar Vendabeka factory was major reasons for GKN Sankey's machines are popular— par- 

U.S. manufacturers of vending commissioned to provide the virtual monopoly on the vend- ticularly cigarette - vending 

equipment. 

The European companies have 
also struck up business in the 
UK with considerable success. 

One UK offshoot of the Danish 
IVittenborg group. Wirtenborg 
Automat, managed lo change 
vending operations in raid- 
stream and with little mure than 
a mild hiccup. For more than 
30 years it made cigarette vend- 
ing machines and in the early 

60s when the anti-smoking in THE early 1960s the vending changes have also been helped likely to be much spoiling of And three leading mannfac* 
lobby began to hail strong revolution that seemed immi- through technological develop- towels or even bedclothes. Hirers of confectionery and 

warnings the Danes rebuilt nen t looked likely to take place tnents such as more sensitive People are only willing, accord- snack foods have just teamed up 

business around the drinks j n lbe WO rld of retailing where electronic controls. ing to market research, to spend with one of the country’s biggest 

vending machine market with its y ie vending machine would pro- jj ut whatever the price "Sue- under a minute on shoe clean- vending machine companies tu 

first successful launch in 1963. vide the ultimate in self-service, tuations in cigarettes due to in 2 50 the automatic shoe launch a new concept in 

Wittenberg now provides strung fully-automated shop seLling short-term marketing considera- cleaning machines have a dean- “automatic shops.” The new 

a variety of groceries and tions. their relatively high value “8 of anything from sis snack vending system is claimed 
household goods had already makes them an economic pro- seconds to 15- minutes. to offer a number of major 

become a reality: it seemed that position to sell through vending The increasing load of tourist advantages over existing equip- 
no thing would stop its spread, machines. traffic at main-line stations and mem: on the market 

But. as it turned out the Handling cigarettes is also airport terminals has forced The consortium comprises 

vending revolution when it inconvenient for the publican manufacturers to take a new Cadbury’s of BourneviUe, 

materialised came about in the or restaurant staff and creates loo* at machine design. The Go]den Wonder. Wrigley, and 

field of drinks and hot-meals problems of security for the ossendalsare now a simplicity th e Autobar vending company, 

provided mainly for employees extra cash handled. Often pubs °£. operation coupled with the u s j ng a machine imported 

rather than in the retail field, selling cigarettes off the shelf ability to vend products of all frwn Wurlitzer 

The problems of technology and have to operate two cash Ulk tn shapes sizes over a wide S nack 25. the consortium claims 
servicing proved too great to order tn keep track of the differ- range of pnres as weU [0 hare overcome many of the 

make the retail outlet a viable levels of income derived change-giving faoU problems which have hampered 
prospect. Companies were more from drinks and tobacco sales, One ne w development at M vendin" operations in the 

able to afford the cost. thus introducing an extra opera- Heathrow Airport, for example, venmn ° ° peraUonS ia 112(3 

n, „ tion for bar staff to carry out. is the Bic razor available ^ „ .. . , , 

nthpr ° nnn-ratpring 11 8180 Introduces an extra through - machine for travel- .’? at ca J ^ 
nnt h«. n rimmarip opportunity for dishonesty on weary passengers. Tte razor kit automatic vending 

thP traditional market of cizar ^ part ^ ^ staB ’ especially —comprising a razor, a tube of machi nes— and ope of the main 

51?? trad it i ■ nal market : of if ^ey are only casual, short- shaving cream, and a face-wipe ones 18 vandalism. Mamrfac- 
ette and sweet vending has con- {ernl emp i 0 y ees . _ 4 S available from 25 sites at a lurers hive concentrated their 

tinued to grow steadily, joined lnstai Ung a machine ends the cost of 30p. This is believed to (tesigI1 unprovements, therefore, 
by new developments such as inconveni ^ ce and ^ sses ^ ^ a^zor hS on ensuring that both the pro- 

ferg^n/ 1 ^onuScMtiST^and proi ? J ? ro . of sec V rit3r been marketed in this way, Bic *** ^ « made secure, 

ter^eni. .ona-dcepii\es, ana mac h in e s operator. And these claims 

sparking plugs, tn sales terms. advant ages are increasingly 
but not volume, the non-cstcr- being recognised in the catering 
mg vending market is larger lrade . 

than the catering vending sec- Cigarettes are quite clearly 
lor — mainly due to ihe erowih tbe most important part of the 
nr hish-value products such as non-catering vending sector. But 
cigarettes. what the other areas lack in 

uf thp L.468ni coin operated volume and financial sales, they 
machines in daily use in the ma fc e up f 0 r in diversitv. There 
l K— with 20.000 new machines Jg rea , !v no limit to what can- 
hems manufactured each year and is _ being so i d bv machine. 

-nearly half were selling Rail wav t1ckets . 


D.C. 


vended commodities such as 


stamps, chew- 
ing guni are familiar products 


vmarettes chocoiate and dnnks. so j d by machine< Cantracep- 


Slightly liw wen* offering 
vended services such as parking 
meters, launderettes, and weigh- 
ing machines: some 300.000 
were aimisemrnt and gamine 
machines: with the rest Post 
Office machines. 

There are »nm>* 4.7m n»m 
operated gas and electricity 
meters in use. 

The use of vending machines 
in nun-catering areas has had a 
long and chequered history. The 
railway* were early users 
automatic vending systems, 
whether fur the sale of platform 
tickets — >>n the London Under- 
ground— or nil the platform in 
Ihe shape of cigarette and 
chocolate machines. 

But. as the Automatic Vend- 
ing Assticiaiiun uf 
points nut. with the 
problems tamd hy many con- 
cessionaires on railway properly 
— which has forced the closure 
of many sales kiosks — the vend- 
ing machine ha.- provided the 
solution in keeping thp public 
supplied. Already self-service 
ticket machines and coin-oper- 
ated fort luggage lockers have 
been installed at many stations. 


fives, drinks id hotel bedrooms 
and other areas reserved for 
guests, and petrol are among 
the products increasingly being 
offered for sale. 

Where such machines are. for 
instance, being installed in 
hotel foyers they are usually 
programmed to accept wide 
range of coins so that staff time 
is not taken up in needlessly 
supplying change. And prices 
are often slightly higher than in 
shops because of the need to 
round up in price t manu- 
facturers are never likely to 
round down I as well as opera- 
tors deciding ihat a captive 
market (when normal shops are 
such) is willing ip pjy a 
Britain Pwmitim for !h«* costs of 
staffing operation. 

Magazines and ilnwers are 
among the many orb nr products 
that can be found for sale 
through machines that has 
pushed this sector of the trade 
well above l’3UUm in turnover 
terms. 

The future for such vending 
machines must be strengthened 
hy the fact that labour costs can 


A choice or satisfaction in every cup- 
GOLD BLEND - * freeze dried Instant coffee or 
NESCAFE "spray dried instant coffee. 

Specially produced for vending machines 
and backed by Ihe Nestle 5 star Vending 
Senice. 

Find nut how Nestle can help you give your 
staff the hesl in quality from a name they know 
and trust. 


THE MESTL'C VEN dYncVsE R y tC E 


IF-: arc ■'iC-L"' FLS>-D : .‘ a ■■»q tci?'; :r, 


But the familiar area for must only go on spiralling upwards. 
I People in nnn-catcring vending making self-service machines 
| a re the cigarette aud sweet more viable. More and more 
machines. people, especially in hotels and 

Cigarette sales through vend- the catering trade, are unwilling 
ing machines are now well over to work unsocial hours unless 
| £ I <KJm and rhus ensure that the the payment is high. Hotels are 
rending marker is treated with therefore increasingly reluctant 
'iiisidcrahle respect hy the t" continue with such services 
’nhaeco companies. The prob- on a manual basis, 
iem id frequent price change- — rine vended service in horels 

fin* loliitrcn retail market has that is becoming increasingly 
-inna ihrnuch j fierce popular i> shoe cleaning. This 
urio- war during ihe pa-t two i- currently being marked oo a 
ycir.- — mean- that the operators number uT selling points, includ- 
b.vic t>n ; tie nit red i.’c- ing the rather negative factor 

::**n ■*! more flrviblp <vstem? to ’hat if a hotel gue«r has a 

take a variety of coins. Pnce cleaning machine there is un- 


Need Change? 


From — Bank notes, coins . . . 
To — Coins, tokens, tickets .. 


SYSTEMS FOR MOST COUNTRIES 

High Security Gram steel cases 
Locks — Chubbs, Kaba ... 

Chief Engineer— Gerry Perloff 

W.l.T. SPRL . 

Rue de* B4genW 4 — S-U7D Brussels — Belgium. £ 
Tel: 660 24 80 — Telex 25387-Arral 



CIGARETTE VENDING is our business 
NATIONWIDE depot network 
21 YEARS 5 experience 

Please consult us without obligation 


l.j > 


ISS VENDING GROUP LTD., 
01-369-9134 


136,142 BRAMLEY Rfl. 

LONDON W10 6SB- 
















KvJL'-'H-'tv-toy 1 ^7? X 


_ 

ii/ K ’■'’*• 

If :•'•? •;■*. 


mlg«SF“ rther rise in COCOa ■ 

^°J 2 Pi& - prices on Ghana fears 

By Our Commodities £dtto£'. ' 


A REPORT that the Oiic&a Mer- . : BY WHARD ^ 9 *^ .- 
cantile Exchange And' the 'Sfew r , ' .’• 

York Coffee and Sugar "Exchange GPNTTWuiNp; CONCERlf ibefut 
"'•were con si tiering' merger talks the sftnatipn.in Ghana prompted 
aa? ..greeted bya- f, oo. comment "ta further rise in .London cocoa 
vSofrt botit Exchanges ..yesterday, [futures jiHees. yesterfiay. - • • 
ra&r. ; ‘ Clayton YeMter; pj^sident!- .tuftSfay-S -anhouncenierit; that 

yfctbe. Chicago 24eW3UJTtie,. htw- |£h£ . Govgrinn ,eu< .. had : : taken 
JvSeri -said M any arnioanccmen t-j emergency 1 frowers to comha t a 


COCOA 


^.! , .^&^esinaxL/or.ae:^ejf Ybj , Jt- dbse^.tlie^Jfeabj. pffi^tjon had 
S^iSxcKanse cohiflttn#l3iar^iH>aPd addefK aiiotharr.m^S ;.to reach 

■ •' wasV beilig^hWdi^Jmt ^OW -.'^- lonne^-the - highest 
: regularly J seca ifd\p oiftfim eJoelng ■ level for 
rdi.Vffi€*t^^<'-*l?^^efe > s]fflbre:.U^ 'Se^cn fljq'nths. -. • 
awful joi p£ Spec^iaticrh;"- . Dealers said the .Upsurge in 
.^prices was mainly r due : to specula- 
. '4fy&jHrQjle •'•:«" die tors.: coverin^ asainsr : earlier 
Jgpesr conuhoiiity futures t »hnn saleriir view;of the uncer- 
after - situation.-';; -Bad 

. Boaid -■ of-Trade. ft -has [.we* to- in' Nigeria. ' absence of 

“ ■ .‘■i_~r_i ra~- i—'™ i.d [ i<nu)n«V HlllnV anil 'a "m mnn r. — . 


VlQoi — L 


mm 


J L _ . i 1 I I 

— *wi v.w jim jin jme gy qcj w* 


crop, which has already been ' 
picked. ; 

The "bearish” implications or' 
an announcement h> Hershey of, 
the L.S.. the world'.; hiiRcsi : 
chocolate manufacturer, rhai it 
was raising rho price of its most 
popular chocolate liar was appar- 
ently ignored. I 

The company is lifting iho 
price by -5 per cent and increas-: 
ing the weight from 1.05 oz ry j 
J .2 n/„ This rffeciively means ■ 
a 9.3 per cent increase in the ! 
price per ounce and is there- 1 
fore likely to lead if some ' 
reduction in consumption. 

Cocoa pnees have been very 
steady in recent month* relleci- J 
ins siuoniy projections fur sup- j 


There was so far little sign of earlier this month, pul thn 1P7X/ 
t-.hanaian cucoa moving towards 1979 world crop at 1.35fi.0nfj 


utraal/asrlculturtil ptoduSt* ' hull added to the upward^pressere. ™"e wjs .su far little sign of ear 

Tsb' monetary ■-markeu F intB-esl f ' The laking hi emergency pow- ^coa moving towards 1979 ... 

aSs^nd fdrergn VurrcitcIds. f ert^enUa Ing the. Ghanaian Gov- P^ ls Tor shipment. Gy this tonn es . m.Opn lower than in 
New Ytirk- Coffee afid Sugar is Crmneni to outlaw stokes woujd P™*; to v said, ihe cocua should the l£»/</<S season, 
nc of the four exchanges that : have- basically ?bear- P J ‘ *£* , ,"" ,I V 4 ;-' ,J . me through in A t the same mile consumption 

'loved -into. - to . World Trade ! **. "-■ implications for price*. But «ncre«»ng quantities. ww furecast , o rise hy l!-;t per 

enter building : "ander- ; the: .the . news has eviae^iiiy been Movement of Nigerian ciroa cent to 1.390.000 tonnes leading 
mbrelia of the 'C om modifies • tefccifc M -. most . inarggt . Quarters has also been hindered by heavy to a deficit, after allowing for 
’ xchange tlorpbrai3Dn. ; However. - ^ conflrmation of'the gravity of rains there. The rain is noi how- loss of weight in processing, of 


loved -into - the 1 : .'World Trade!. 1 * 11 . - implications ior prices, bui p juanuue*. was forecast m rise hy i!-a p«*r 

enter building under-; the: .the . news has eviae^iUy been Movement of Nigerian ciroa cent to 1.390.000 tonnes leading 
mbrelia of the 'fSommoditldS'.Hl^®® 1 has also been hindered by heavy to a deficit, after allowing fur 

■' x'chance Eorpbrafibn. ; However.:-^ c .° n “ rr ”5t 1 ® n °Ll gravity or rams there. The rain is noi how- loss of weight in processing, of 
.1 the four exchanges' operate fhi'" industrial situation in -the ever, expected to damage ihe 3S.OOO tonnes. 

trfependently. Recently the New ' v‘ — 

ork Copper Exchange, con firmed 

was holding preliminary ^ _ _ 

-Beeline in distant water fishing 

ie lead in Introducing njonet^ry- . - . _ 

UITC5 markets. .huflfew '-Yolk 

the main finaiiriaT. centre is . BY RICHARD, MOONBY , v . 

■ iw anxious to catch up and the _ . * 

merican Stock Exchange' BRITISH FISHEUMEN seem to increased hy l’fl.000 tonnes or SO Thanks to a rise of 19 per cent 
cently launched -a rival -mterest-^^- doing. ' c{uite;“ nicely in pear per cent in the second quarter in average prices overall value, 
tes futures niarKet. . .. . |.«nd • miridie- waters tnts vear. coninari'H u iih ih» u-umo r .ari...i ,i u />i; nn w k.i nur 


BY RICHARD. MOONEY 


tes futtrres market. - .. and middle', waters thfe . ye.ar. compared with the same period declined by only 40 per cent in 

• • judging by. figures published hy nf 1977. After a seven per cent yfi.7m. '• 

The White Fish ‘ Authority yes- increase in average prices the' The figures take no jcci.um ..f 
| TSl.vR. rpnnrtc ■ -terday. total value of this catch rose hy • mackural which last vear over- 

V'OkJJA 1 vjl^l 15. -But : the - inctease-. Tit this - area 92 per cvni to £)S.3m. took end as the major quarrv u f 

t cn1otnff5#l ? has been, more 'than outweighed The ik-cfs performance in the British fishing licet. 

agJICLIlUIU ..■••••. ;. hy. the cohbnUWg deehne in distant water grounds was far A British Fishing Federation 

_ „ a.^. -• .distant water, catcbeS; ... . from encouraging, however, spokesman said that ihe 

COtlOn ClOPS :~--.;;-PuriiJg the first .eight month* During the. April/June period industry's main problem after 
Mnerffiu in™ a of thfe year U.K. fishermen .the catch totalled onlv half the ihe switch tu JOtt mile national 
It, TZSZkI T-'-- caught . 75,835 tonnes of cod in 1977 level at 3I.S9I tonnes. This limits was in adjusting from a 

• j l ..1 ■?!. the North .Sea coinp.ared with was partly due to a 40 per cent predominantly distant water 

/fried about the effect of SlOVfi48;692 formes in the .same period cut in fisltini^ effort and partly fishery to one- based mainly uii 


ders 


rvesring and ranj on-itff cotton (fist S'eaf., . This -.has •ltd- - the to a reduction in the catch rate, near and middle waters, 
ip. reports “ some-.- splendid; Authority lo .forecast tthat- the 
cc esses " in .its main, .cotton! Britwh cod catch in -the. North 

swing area of Uzhekistan. .' Sea this year will be. the largest X.T TT’TT 1 /^ j 11 p •! 

Hie Republic’s official news- f. sufee 1972.. . N OF W9V- T, T A 

kt “ Pravda. Vostoka, . said r Bigger'Nonh Sea catches were laiJVS lalft 

3 Pf r v . t rLfI.^!wPS^?;%lso : recorded, for whiting.; up 
rvesi had been gathered .hj {.^ per cent td 30,513 Tonnes, and 
vemher 3, . ..’■ . t-onlA .•Min . 97 . n*»r cent "trr 4TS 


BRUSSELS. Nov. S. 


Hantatmns in ^U*beki^an;[^w P J® 7 j;^ r .^ • CC ! t ."!?'. ??, R ? AY AlN ‘ D ,ht ’ EEC have Minis,ers here on 

ich last year yielded'* 5.7in i I? ^ u ■ >- ."* failcd 10 «-'ach agreement on November 23 and 24. 

nt-s out of an overall Soviet! , The hfl 5 d ^ c 1 ic catch declined, reciprocal fishing rights for next Besides negotiating complex. 


il of- - 8.8m - tonnes' 'had -^ ow * v * r *' : "ft 31 51,083 year, diplomatic sources said issues involving fishing zones." 

Tested - almost .4.9iu tonnes ■whrie-the-t^e-^^phiice ioda.v. . catches of each species ■. and ; 

ton bv laSt' week, it said.' ' -j : 'e[l fotn‘ per cenLto 22.308: tonnes - a secund round of talks has conservation, the EEC and Nor-| 
‘.ast month the Soviet. Govern^ *® ve ° l >er to been scheduled for next week. way. one uf Western Europe’s; 

'newspaper Lzvestia said-the , tonnes. ■ . . ' The two sides are trying to major fishing nations, have, 

vest .was lagging wefl behind I 1 ‘Authority says total agree by mid-November, in time divergent approaches, the sources 
tpared with, the- same titola •! British catches in near and; for the EEC Commission to draft said after the first round of talks 
». Reuter ! - -* i jtnjddip\‘wa.iw. .ishing.-,»gi:ounds., proposals -for Community Fish this week. 


EEC lifts 


sugar crop 
estimate 

By Our Commodities Staff 

THE EEC Commission yes ter- 
day raised its estimate for 
Common Market sugar produc- 
tion during 1M7K-79 to 
> 12,217,OOA tonnes rav. ia!iie. 

This is 123.1100 lonnc* higher 
. than last month's estimate and 
j well above the original lore- 
I cast of 10.7m tonnes. Tlu* 1977- 
| 1979 output was 11.5m tonnes. 

The rise is attributed lo better 
J crops in France. Italy. Iloiland 
anil tlie UK. 

i Hvweicr. exports ar tf still 
j predicted to be lower than last 
■ season at around i!..Tm tonnes 
[ of white sugar and 250.000 
I tonnes of raws. 

Net ert he I ess. at yesterday’s 
' weekly selling tcndi-r, (he C 0111 - 
‘ mission raised export aulhoris- 
t alions- lo 49.040 tonnes uf 
j while sugar against 
j ton Dus Iasi week. But no uffiws 
u ere received fur rail suyar 

• nf ter X5.WI0 tonnes last week. 

; The maximum export r.-hate 

wsls raised Tram 2 t.o:;v tu 
' 24.44 units of aecminu relleci - 
: ina ihe easier Ireml in the 
world market. 

The London daily pritv fur 
i raw sugar was eui hy h tu 
I El 04 a tonne yesterday , and 
i futures values also declined. 

; partly on news of the higher 
than expected F.Ef export 
sales. 

Erratic trend 
i in metals 

[ By Our Commodities Editor 
j IMPRuVED DEMAND, particu 
[ larly from tjic U.S . I.rouuhr a 

• rise in zinc values n;i she London 
Met :i| Exchange ji'Mi.wday. while 
the price of its "'iM.-r" metal 
l<*ad fell. 

TbeTe was n siimljr euntrasl 
between cupper and Sin. Copper 
values moved ahead. a!lh<ui->h 
losina vrnund in la;e trading. Bui 
tin fell for the third day in sue- 

• cession redeclins amuht-’r decline 
in the Penan 1 ’ m.trkei oi-ernighr 
front Hie all-rime peak reached 

! on Monday. 

The International Lead and 
Zinc Study Group continued irs 
latest statistics out yesterday that 
stocks of slab zinc held by pro 
dueers have fallen sharptv this 
vear. mainly due to production 
cur»>acks. 

Thev were 4-*3 nnu i.mnes ji 
the end nf September ci»mn.ired 
viih S29.n0fl tonne- :ii the he pin- ( 
nine of ‘he year. Piodm-tinn f**‘i 
in ihe firei nine oo.nih* by 2.2 1 
percent tu 3S5.0ilfi innnes 
Lead stocks held hv nroducen . 
h-M*p declined lo.htiO sonnes to i 
USSntki tonnes in 1 hi- first nine 
months of the ’.ear. but output 1 
wa« only maminailv lower af 1 
2 . 1109.000 tonnes. I 

Conner was boo -ted earlv in 

• He ij.-iv hy strong buying from 
Vest Cermanv. 


SPANISH AGRICULTURE 


Citrus growers are 
feeling the pinch 


THE FRENCH seamen’s strike 
char has kept Spanish citrus 
from reaching Britain' is a 
further setback 10 an industry 
which, with the export season in 
first ”ear. already had enough 
to worry about ~ including a 
strike hy pickers. ( 

Producers. especially the 
smaller unosi are bein'* squeezed 

l»v exporters who. having to 
divert fruit intended for the 
UK in alternative markets like 
France and Germany and seeing 
the extra weight pushing down 
prices to 1hn$e countries, trim 

iheir buying accordingly. 
Because nf this growers com- 
plain that the uffers being made 
t<> them do not even cover the 
cost of bringing the fruit to 
maturity. 

The question **f subsidies is 
thus much to the fore. But 
the.tc. though substantial, still 
fail .-him of satisfying 
producers. 

Wages and social security 
chargo-t have risen so steeply 
that for many small growers it 
has heuMiu* impossible to afford 
in employ labour. When age 
and illness overtake such people 
and rhe.v can no longer work 
manually, their lives as pro- 
ducer?. must cease. 

The problem is compounded 
by the rising pftce of land. In 
the Valencia region, ihe coun- 
try's iiujur citrus belt, implanted 
irrigated land has been bringing 
ihe eqiiivaleni of Xo.OftO lo £7.500 
an acre, and several limes as 


BY A CORRESPONDENT 

much when it in in production. 
In four years, the average price 
of Valencia citrus land has 
trebled. 

Wheie it exists alongside farm- 
ing. ihe tourism that Spain 
thinks of as its particular eco- 
nomic miracle has served to 
hoist land values beyond Ihe 
reach of farmers. Holdings are 
often too small tu be economic 
yet hopes fur expansion are 
becoming ever more remote. 

But it is not just tourism- 
Spain’s rale of indaLiun. running 
ai about 30 per cent a year, is so 

high shat buying land has been 
considered one nf the few sure 
ways or slaying ahead iff u al- 
though the higher value-, yu and 
the further behind they leave 
the possibility of ayriciilturjl 
usage the inure questionable this 
form of hedging becomes. 


Blessing 


Amidst its woes, the citrus 
industry has not quite forgotten 
how to counr the odd blessmy 
that conies its way. One some- 
what negative blessing that is 
being acknowledged at The 
moment is that the druu^hl that 
has affected much of -Spain tn.s 
year and left fruit smaller and 
less saleable lhan normal lias 
had even worse effects among 
other Mediterranean countries — 
especially in Spain's arch-com- 
petitor, Morocco. 

It has been noted with satisfac- 
tion that smallness may preclude 
a certain tonnage of Clementinas 


from being exported hy Morocco 
this season. Earlier, it had been 
esii mated that sales abroad from 
that source would total more than 
lSMXM) tonnes of Clementinas 
compared with last year’s I64.&01). 

Further satisfaction provided 
by news from France — more* 
privy than Spain tu tile former 
protectorate's doings — is that 

Morocco has signed contracts t*» 
supply Saudi Arabia with 40.000 
tonnes of citrus ihis year and 
Poland with 35.000. while tne 
re-ncgutunny nr a contract with 
Russia is ox pec ted to accouoi fnr 

a further 'JflO.OuO tonnes nf fruit 
that would otherwise be com- 
peting with Spain's in Western 
Europe. 

In ruund figures. Morocco's 
citrus production of slightly more 
than 1m tunix-s is a third nf 
Spain's, and ihe amount exported, 
about two-thirds uf the total, is :n 
the same raliu. 

Champions uf Spain's hopes 

for EEC membership have 
habitually declared That however 
unready the country's manufac- 
turing industries may be for all- 
ow com pet it ion. its farm 
products would more than excel 
if they were un equal terms with 
those ol such Community 
members as Italy and France. 

Where Morocco and tu> citrus 
are concerned, however, the con- 
fidence is less fulsome, for 
Moroccan exports are expanding 
on the basis of prices in ihe pro- 
ducer that arc much lower lhan 
those which arc held 10 be at 
crisis level in Spain. 


Germans to back milk quotas 


BY JOHN CHERRINGTON. AGRICULTURE CORRESPONDENT 


EUROPEAN Community farmers 
must be responsible for regulat- 
ing milk surpluses themselves. 
This is the policy to be adupted 
by the West German Farmers 
Union, according to its president. 
Banm Heeremann. speaking here 
today . 

His suggejlinn was that firstly 
there should lm .1 cu-responsi 
hi lily kuy applied tu all milk- the 
proceeds of which should be used 
k» finance means of expanding 
the dairy market. 

Then all pmducliun over the 
level required for maintenance 
of marketable supplies should 
be penalised by a lower griee. -As 


au example he suggested that 
German milk should be paid for 
on the basis of SO pfennigs for 
the quota and 35 fnr the surplus. 

The basis for farmers' produc- 
tion would be present output, a 
proposal certain to be resisted 
strongly by British fanners who 
arc trying lo reduce their dairy 
deficiency, and by the Irish who 
are try ing to increase nut pm 
still further. 

Nevertheless. Banm Heere- 
mann stated that in his opinion 
a continuation i*r the present 
overproduction could in the end 
lead to the destruction of the 
Common Agricultural Police The 
subsidised EEC exportation nf 
dairy and other surplus produe- 


fiONN. Nov. S. 


lion was so damaging to world 
trading relations that it could 
not go on. 

He thoughl ihai tn the end the 
farmers in the rest or the Com- 
munity would come to agree to 
this as ihe least harmful of the 
policies available. 

Baron Heerentann's suggestion 
is confirmation of rumours that 
European farm leaders were 
beginning lo think along these 
lines. Sir Henry Plumb. NFU 
president, is also believed 10 be 
in favour. 

frit its will point oui that to 
fix quotas un present output will 
certainly suit Germany where 
production is well over foresee- 
able demand. 


3WIWIODITY MARKET REPORTS AND PRICES 

-ACET HfFTAl Gen^ burinr- «M. ihe- tower level of ing was apparent ai ihe tow level, asi-3 

-irtijE. lUL A r» 1 <£> - , . • - -- sierJlnjh ■ Bor 10 die afternoon .Cnrm.'X assorting tn-de«- sotlmp. and the pneo 2OTJe 

PPER— Mnher on the London ifera! tower. tllcr a steady sum and climbed ai IT. M0 this li-vi-l eouid noi 

/fluce- as forwxrf metaL- moved av London ioltpwed, moving down Jto itts he maintained. Pressure built np from 

S7S2 .w JCTT. irtpST .10 & -dwtaH on Ule Kerb HSOS. hedw sc-flm* and after i'r-00 had been MI- 


PRICE CHANGES 


lower level' or ing was apparent ai the tow level. =99MHX>ii> <5S9-59tei and dosed ai 2 9?s- French miquoi.-d Fri-n.-h Jiov. 102, D*.\. dwnn tie per u-ut. average iimr «5.:ip 

' 252*91,’ 801 L B “ c «fionioon .Come* absorbing tu-de*- sotlmp. and hie pneo MPJo *3«MB0:ci. JM. east coasi S. African While .Ian.. - • u.-i 1 Scoiland— Ouk- numhers up Prll „ „ n w.« ct ... 

I tower .-■Ilcr a meady sum and cbmbed ai rt.MO ibis level -.-ouid doi Feb. «7.75 L K S. .Uriean Yellow J.m - ft ncr tvm. a««rep> price K»,2 »p Pn e n lonn ” un “^ w oUmmse st-i»d. 

1 London iollowed. movlnc dtn.-a-'ro fTTS he malmalned. Pressnrv built up from Feh. ur.r.i I'.K Barley; Knpiish f.rf, slu-ep numb-rs up -:.B percent. . ' 

1 ytore - during on Uie Kerb ai £TSOS. hedge sc-flmg and after iT.roO had hwn MIA r-K li'iMum + «r UM.h. + >* Dw. sd .".u .' m:.- March s«. fan cnasi hi- rag.- pn> t- m 4p • » •.*.». Pip minibus \.,v g 4. 1. 

. Tnrnover..ir.0»: lonncs. . lunched 011 ih, downward paih. imp- K' fixmii — *•(.’«■ — EEC D4ILY IMPORT LEVIES— Tin- up UJ p.-r i-.-ni. arer/ar- pro* M.tp ■ ' wfv 1 — *.... 

AmafgamaiM Metal Trading reported loss setting cutc-nti-d whn-h k-d 10 a irov**/- i n.v follmviini EE', k-.n-s and premiums «r. • - 0 0i. 

. rbariii The nwhUnir cash wirebars iradod low oL £7^20 before- a clone on ih.- — “ efleufv.- mr .'.nvember fi m unii- «r SM ITH FIELD .pries 111 p. ine a pound . 

.ar. grata.-- ihrwsc months £783,. $4.3. ij. K. rb nr 17.54ft. Turnover: 1 inn tonne*, --m.4 SV 8.B=|. --Z.9 29h-6|* f2.0 account 1 «-r lonm-. (11 nrrtc-r .nrr-nt -Beef. Sl-i.IcIi hilli.f sides 34.0 10 5h.0: 

fW..'S6.3, -87.. Cathodes, cash £753.:.. three „ ■ .... u ... j. ... e muni h- . 306 lap +5.0 306.05|. -!.Z Iw nlue H-c . Ian. and H.-b. premium-.. Eire hind fjiuru-rs sfi.o 10 M.n. fore- 

-months- 5774.- Kerb. Wlmhar*. three . ...L,'. T i -.r.'iS .1. . 314. 35\. +3.1 • - .With |.r.i|..|IS »n • fart. -PS- rnuri-.c ;7 H in ft T^r.Trfr' _ 


!-S. Markets 


Li-c Ian. 3I1<1 H.-b. iTc-nilUlils. Eire hind quarters tfft.O |o M.n. fore- W. r ,l.„ 

'". C1 "'i;":.: VI - , ... .... . *7io c?io 


•Oik-.. +7.S . 783-4- ,+US ^r*. three mtniUi* £786.5. SS S5.3 S3 iti«»h Srad« «- ■ e f . 

m'.nt 766 J --+8- - .- .— ... _.... ^j5. ^ M.a. .K«-b- Wirebars ibive 78 ^ a5 _6 2 . 5 7760-70 -30 LME-Turnovcr 1M iSO, leis of ln.Wfl 

■ones • •• - SL .w. v». TV , n „ u j ls • 76bUu7o -52.5 7600- go -40 uis - Morn oik: Three ninmba 10. J. :ft.. 

...... 753#ft4 + 7.5' 750.5-1.6' +4- W.5. TSJ 7 Sj, 79.. •. ■•etiJ ni^r 7845 —65 — ”•* t®*- 50S.S. 6.7. os. 6.9. Kvrb: Thris- 

'"Vi^ni I™' V 1 *- > 5:78 -' V T 1 I»-LMt - ground as forward me. a 1 Standard' ' STi Ml ■f'lTJ, 

n< m +54 - + 7.5'. .Hin.il IT. 1 M 1 C. i_,i i ».i. , 7RS«..afl 77lifV7i1 -SO -0S.1. B B.l. JBO U -. u.l. K< ni THre«- 


niompc HI7 4. Aflcrnoon Three moruha 


8 WUIWIU , - 1 h-...r). The.... raaiie locner man nyorm i ar jeraingj- 

»■*»* 7836-40 -60 7»60-70 -30 '-/V 0 K ' r ?‘ 79.W. reel ih> .;nni*. n«i ml.. Buckwheat 


-: + -aunod-at tiJM tollowlng Ihe fall in » 7760-70 -30 -vj- 1 V: ■* . *1* " 

>r.n. 625 ...... -T7B c-. - ihe East ovendtfu Allhougti some bny- 4 7630-5 ,_ss 754&B0 -45 m<,n,,w ^ •* v ■'- 9 . 3M - " s - 


79.0H. reel in* n» mil. Buckwheat p lrfc; |.-„.j,+h. under ion ip. -rru to 'E4g2.5 -6.26 C433.5 

-1.61. rest ml .1.61. r.st nil..- Millet- <h . n ,».{» !,*>“,« 43.,. 1-p.imi L41 1.75 -4.0 M 18.29 

4h W. rc-M ni ■-tsiii. rest nil'. Crain .v.n | U 4-; 0 .Nii-fci , l ; ; 

Mrghuin — ■ • JVt r,,i nil r-.-si rill 1. Crouse:' Vming ix-n ..-a»l,. isP O i 0 Fm* U«iLH..-ifi.ll« M.7S .. . el.78 


Index' LimltH 01^351 3466. ’ Three months Silver 305^-307.6 
LArnom Rqatl. Ltmdwi SWlb^EfS. 

. I. Tax-free trading on cOinniodJty futures. - - 

.. 2 . The commodity futures market fer the smaller investor. 


•Htlein'i.. 7o4'j -30 
' -t oi/L- K... 2luiL36 -3S 
><-•,- Vnri.- -• 


COCOA 


— 1. i: U-- I---’ enrol pm re, named fir.,- mih vu,.- „ T.oLr-, Vi .. . 100 -' 1W 

Morning: Stand art. cash ‘TST.t. 40 uuued ioipixIsmdh hniwe Wing causing " • Ry n Pnrtr.dges- .uiiiia -jw.u i u 24ii. u . 

.1$. Lhrce monfb £7.«s.i0. i». «. 1-^ «•- ihe market m i rude a l new hichs. reporc covert CARDEN •f'rkeii in MerhtiK pjatimitu 1.130 

S3- High Gdade. cash ij.«5. Kerb: f ;ill and F.uHus. . R E KRFR p " r pl ’ h,r..- eiiwv,*. Frw M.rLet L171 75 "d 3 rl57 1 

Siandart. . liter moniKs iT.iCo. AUlt- . - ... ... Mai.-H -Imported Produce: Lemon*- J,.^Tu«-.7hih <19440 ' 

noon: Standard, ihree months £7.62n, »e»ieniH, ‘ +■■! Uusin^s UNCHANGED upei.mc on ihr London* Halian. liOI-TO's it. n- .rep 5 itu; n,*: s a «««,. ".; n 

7.6DO. 5.590. su. K-rh: Si an da rd. three ' 1 ■"* — n, * n ‘ - physical niirk-.-i. I.nilc- inicrest lhreush- Mri.an: -i.ih+I.-hj. rypriui Tray* '.-id- ' ' ’ Snl.?! 


iPPQINTMENTS 
VANTED : 


PUBLIC NOTICES 


• UERTFOROSHiRl COUNTY COUNCIL 


33. High' Gdade. cash IJ-M5. Kerb: c;ill amt Fiullas. 

Standard, ihrer months I7.R35. aIilt- . - ... „ 

noon: Standard, three months £7.62<i. , . »e»ientHV * +■■! llustneNP 

7 . sno. 5.590, su. K-rh: Standard. Uin-v * •«*•"+ 1 •■•^ — n, * ni ‘ 

inonlhs £7.580, 70. 60 40. :’9. 50. no. 

4 °| p*'n_l fhrnuEhmtt th- 2020.0 22.0 + 10.D2037.0 2005 

leai^losi ground larpugneui me h , s ll7 i n t7 

day owing 10 -nop-lnss si-IUng which ^Sn 0 sp'd Q ‘ 102 0 2079 

look forward meia! alown Irom If 19 on Moi 21M.0 JJ.D -.4.0.02 0 2076 


Si ’■ Mina ■•■•lllr "Jl.hJ.U lu 5MH.U. 

GARDEN -ITkcB m «i-rSif«: y;l42 


UNCHANGED uptiunc on ibr London 
physical mark-.-i. Link- inicrest Utnjuah- 


oui ihr day. ■•imini; t/uieL Lewis and '’-oO: 'tr.vk- him Oranges-. S. Afreau v ~ ton 

Peal rrpun.-il if:.. Malavslon uudonn prlo- \ ak-nciy Lai. 4 -.u s my nr.i/ilun 7-4 sb? _ ac n h- 1 " 

was it C **01.5. veins a kilo .buyer. Val.-iu-u Laic 4 !iM -Vi. Arg-nnifl-; i '«>- tiia f, 

Dewmlp-r*. *»: *i-nia Xo.elmas : «M.M. *«■ «T‘ Swi’SJ + *’“ ^5? - 

— . ... . sum as— Sbania Trass iMi*.- ; *0 Crane- *2? i* ■ ' J4 - '• 


cm 


- - -- - £3m SI.ri« Hills, issued *1170. rim- 'orware twiaj umwn irum u.. , _ rraa .. an _ « n nnn .1 snu. 

7.2.79 at 10U» V U PJI £31m. applied llW Pre-markel to ISIhi.a on Ihe lau- “■-* .****5 n aaVt 

’uriiii TBanH LME Cmnir riiitiri ter. £25 Jm oumamflnc Kerb and £«5.5 in ;hc tale imcr-oIRcc ,£*■' 3n?a H w s ^ S* fi 2050 0 « n 

-UTIVE TRADSK. IIWE COIUOC rrlllod ■ . — — W.,. calt.nn ...-IC AT trlhlll.-fl Irt I * ., ....... IwO.U 59. 3 T Z,.3 4UUU. 0-09.0 

Mak.- seeks reward inn position. Loo« . LEICESTER CITY COUNCIL *1. iL*'. * JT't} 1 i, 2626.0 50 6 -17.5 2045.0 

perienco.-Jrtwititlqnjr dejllnas. Wru« -ST.SOm 91 -day Bills, issued fl.it. 78. tlu* fad Thai pruiluiu. far .-casts laree . f“' u .. 'T- - 

t« a.65i* 7 ^Rnaneiai' Timm- io. due 7.2.7$ « lO^thx e-a- Anpiiea ior decreases In warehouse stocks have noi Sales: AH’- <^.«19' loi«i ol in mnnes. 

■ nnon Street. ... £.1.0 5 tn. Outst^tnliitfl C1.9m. molerulued. . .Turnover: 1-i.W iomu-s. Imemadonal Cocoa Organteotion ■ I'.M 


'-.•u* ; Buxine- - 
>e Itiun- 


if i"\. •' 



FTKRSffi 


World Commodity 
Report 


\ • 


-If your business interests:.cfemand 
■ regular information on any of the 
world’s commodifies, just clip your 
business card to this advertisement and 
return it to the address below; we w T ill 
send you a sample-copy* . 


Send to: ~ " ' . * 

Subscriptions Dept (WCR)* 

Fmancial Times Ltd*, Brackeif House, 
10 Cannon Street, London EC4P 4BY* 


Sc^CoiWTKKfifY*^ bre Fet&ng pteased witft Cfe-Htey have 

f<&«^osubscripHiM» servicecdlecl pjmtiKxfiy TWxSng Recoil 
mendrfens issued by research speefdfais,^ Chart Aridyas landed. 

BriaBjs on investment of £%QDD*i JonutirylSTS, whortheserwee 
5farted r covwed oBdepoaf und morfiM rectUtfemenJsforc^wigone 
xorfrorfof each cbmiTio<%recommewM, hasprafiicwianet 

realized profff ^£11,154. Latest reafeed proaswereftoptohnum 
end silver, wife fwopromismg new 

Afreetrid suhscripfibn is avaflabieirom Ae well blown brokers, 
Commodiiy , Analy»5.Ij<™ , ®d* - 


pleose contact: Mark King 
Commodity Analysis lid. 
37"-39 St AndrewiWifl 
London EC 4 V SDD ■ 

Tel: 01-236 5211- ; __ 



a 

3 

33 

s 

H 


I.VAlt ! offirtal ! — . 

I*, sir. 

1 iftirt'u-M 

+_•' 

1 C ' ! C ' • 

X 


- eel. ' 4ZB-S0 -S.S 

422-4 

-5.25 

A inifttlli*-' 417.3-8 

411.5 2 

-4 

ut^i.ineni, 43.0. —3.5; 

— 


f.S. S|»i( n — . : .... ; 

•S6.36 



Mni- 2t9a.D32.D -24.UZIU2 02075 — ._.. . , U ma6— spa.1.4 Tra}< Grape- .i'? -■ 

July iLBB.u 30.J t iS.O 1 100 il S076 , . . fruits— Onmin.can- l hiJ -4 T«» i yprinl I "A- t8.25Es74 

-o».t Il 83 6. 86 U t 26.0 2096.6. 69 H > 7-|.;-.-iM • I u;t ".«i» : Bi..um~- a (1|1 . |lirtl( . 1( 4 .. n .4 kL ' L375.5 + ,.7?. L'3S i -s 

!■* TOS8 .U 39.5 t 24.5 2050.0-39.0 1 1 '■« llMI "' Tr>*as P-tl klush .i.io. Apples- , r " ,1, ‘ r -'' s72 ° -• '&75 

)l«n Ii ... 2026.0 50.0 j- 17.5 2045.0 + r.-nch i:ul>i.-ii fw-lia imiis _-o 11. ;j 1 . m>- Oils 

‘ Sales: itjiii ■iSW' loi>: ol in 'tonnes'.' . -■*•* 4u lb it- mu Ih 1 : 17.1 i . n ut < l*hi I -30.0 3775 

International Cocoa Organtealion <l r .S. th**..... S4.i0o4f0 4i.86^M.M 64.10 4 16-4 ;ft iun.l.k- pj'.k p.-r pound 0 .i>>-4.hw. I ■ iimikliiiii ; 

vfnis per pound— Jin new prices avail- Jail 65. 15 t5 25 64.90-55.05 — Stark Crinivon !h ri' i.s*." At. S< l.rM I.irruvri i irnle ,\ ■..x‘355 £320 

able due lo U.S. eleolnn day hobday. Jnn-31ni 6r.SU tt-.O b3.96-M.10 jniublr po.-8 apumx. .So ]h I.:.<M.mi. li.ln, Mfilman S6D8u >615 

Daily once for Nov. i.. 174.73 il76.Hi. .i|+-Jht- S5. 90 so. ?5 58. SO- B8. 65' 53.25- B8. 70 Uraunv Smiih -’ft lb 7.* .■ 4ii \4 I ><+.■ im 

Indk-utor prices Nov. T: 15-dav avcTapo JU Nri4' 71.50 ? I il 70.9b-71.00 71.55-71. OS large 1ft.-- In-. 4 iw-i "ft Pear, — 

177.67 •177.10.: UJ-day average J 74-37 im- IV,- (5.'5./5.40 75. ID- 73.50 73.50 7B. 40 Halian Per wumi Wiluniv u.I.Vti |s. S«eds 

■ 1 74. .Ti>. Jau-.Mar 75.45 75.55 »5. 13-75.20; 75.50 PabSacrassani- «.10: Dul'.h. Bciirt-c Hardy Miilln. '3580: -200S53 ei 

i^/\nr-rn Xpr-Ju.- 77.65 77 75 77. J5 77.40 77.90 77.70 l«*r pound <>.0? Grape*- Halian- Kiack S.. v «l«n , I .S.»..„ 328^.- <278 

t Orrrr Jv-Spui ?e.M7?95 79.53.79.6O 8O.15.79.75 t»«UB su. Almcna I Su: Spanish: 

^ ■" A Inter 1a ? •JO-? 40 Nrisn l„w. Bananas— . 1 


Decline in . 
copper as 
gold rises 

NEW ViiRK. Nov. *. 
‘‘■•PHtiR r.-ll eharplv mi traiK h<-dse 
N-ltuw and aaun-^n.. spci ul.imn |iqu.C»- 
ti.in JuilutiTiik- ih- jnn.junLvnuni of i 
1 i-i in rvdu. i inn in i hi- prndm-tr price 
>.y Xuramlu. f‘r.-. ir.ne nti-iais hOU‘w> r 
•t'l-'rt hiKhvr on Iiphr up-mil jtivi- hnylnc 
.rntl thnri iiM.-niiB rnliiT-.i-im: jn .-aster 
1'ilijr i,-hil>- *. tic u.i S'.or>.-d nc-arlc limn 
jJ-jiu.-s oil ira.l- hvdL<- lining and 
a'-gr-SMi .-h:.rtiei hprinu Supar 
r- • wrd.-d liiici tj- i Im. l .in a^n-ysiL e 
ul.'lii- It'iiiiil.iiinn fulluii rr.K rumonrt 
•■1 i .It . ah an ■•-u.l- r iui j i \p. i.irfiioiL": .-.f 
.. i.irc, r ih.m aniiripai -1 I'kStrop. Bach* 

tiTi.ru 

Cocoa— i'.. 17- :;n .irrss. .\ian-h 

177.7ft 1 IT." 15. May 177 55 July 176.8f> 


Imemadonal Cocoa Orqanlsation <l r .S. 64.10 64 70 6S.85-S4.00 64.10 

cems per pound— N« new prices avail- Jail 65. 18 t5 25 64.90-55.05 


» "i 1 

:vai. 

D... m 

73 

•ftalv*: ’ 

W. 

Coffee — t 

trunirui 1 : 

LVl. 

US 1" 

1 rifi.i.M 

M.lft 

h llftyH- 

rw.7 

:• .mi.: 

:■ Mf 

Mll-I. 

h' "1. 

July I.; 

.'..in) 

Sip;. 

1 ;0.0:i- 

IU1 

Hi- 

I .'ft.U'V 1 

■93. 

AI irt.-h 

1 .'0.0ft- 

- ill* 

Ssl*'S 

J5S. 




Coppc 

r— v ui 

. .ii- M) 

• 67 1 

63.. Do. 

• 1.7.1s 


.lei?. 

tlT.Ml 

Maray 60.. H 

* May 


COFFEE 


--. -------- ■■ - - - GOOD buying from one Irade house C, ,^ c - «r”5rv™«„- 

Momltwi Cash £433. 3-». tbrt?. raonrhs sieadied Rnbusia values biu laier in .^T s - : wl - ” 1 ,onpps 

1450- 19-5. 19. 18 j. 15. 1T.1T.3. Kerb: ^ Jay at, easier New Vntfc mat+ei w^n^.'sain.^: 


Cjsb £KS.5. ihixjK momlis 1417. 16.3. 18. prompted liuuidaiioii and slop low ueiiinK, ' Lrc- ,aI 

13.5. 13. 14 J. 14. 13. 12 5. 12. 11.13.5. 0 reIe | Burnham Lambert repo r is. Volume Jfln * w,,sP ' S * II,K ' 

Aflcrnoon: Three tnamh&_ £414. 1"3. 14. or.ee more poor and ihe market Tomatoes — i.rs»i>- l.A: «*; Spanish r - u< ™t 

^ J? - ,J - S * 'J; 3 , lo -.ir - remains lodged In a narrow range. Final a\r > oi urir 7 flft-rioO: i.'anary: J -'ft. Dm. h ”■ :ft. 1 l!e-l *-|.iina £93.5: < a:S3. 

U.3. ke»: Thruo- inonihB ISM II'. 4IKI mere £10 lower Irom Tuesday. ABtAlN iWfcAl- Cucumbers— iTanarr- lulii.e 1 40-7 J« x-.'. HonlU inj, i £89 75 - jy35. 

?■ 4R J 1 ll.a, II. 10. 4B9. S, o. , Dales-Ate.-ri.nl P.r a lev- b..T 01I-H.1V IhiJUl. Ahllmy . £91.5- ... . re I 

a. b >. », -.a ft. CtlKfKK I I t „,.' J.,.r Bi.-Iiihu. 1 . I-I.lm i + ..r ■ ilaLfOrmair Tuh-, 04 V. Poiwgranaics > .- ■« -lupii.rni.. . £2.110 -26.54719 

ZINC— Firmer allhouRh u-l- 11 below >Uc " I — U.w.e 1 ' ~ l *" ni ' -SpatiLsh: P.r box -an liuS :.t.- 7 Ui 1 i.iimv Mm £2.064 ,25.25171.9 

day s hfchesr levels. Forward mcial ruse 17 per Iuuml " i- , , Walnuts— rr.-n.-n. f.-r pound i,n pohies i. ..inv I'ninie. . . . 

ip K7fl pn ihe -pre-tnarkni. reflect mg im- "4..; kalian v*.-i » 4<< i:*iii. >>riiiaii: J»n 471.451 -lO.qr 1.5 

proved p hr steal demand coupled with November... 1535-1556 -00.5 1542- 1: 30 n 104 ;n rt tn 4 - ,, ' t . -1' r . ,w "" d V rtl Jf , “ . A . 79.4 l- 75.9 

Sfian cOVcnnK and chartlsl buyinc jpnimrr.... 1450-1452 -10.0 14t4 U42 " " -f 50 *4.. r 0.90 .4 .0.23.76 11 J< Tift ;ant ills .••»-.i 40 Chestnuts— huhte, l„| 63.5j- 61.7 

However, lu iIil- allc rnoou the downmm 1350 la51 -1 1.0 laf-3 l:41 — ■ I:* f 'si's ’’dm wv'Anlai 2 *' ,n> h 40 - Sojiiifth .. S.los ■'iijpn <lksi. ..EL04 —1.0 £112 

in lead prompted profit-taking m zinc Mar 1305 1505 -13.5 1 3 20 1.00 J, 1 '' 11 l-t« ill'- 1 t T Oss " ^ IW & 272 ( . 273] 

and torward material cased hack 'la ■ 12T7-12BU -10.0 1288 IV* o * ,l ‘* “ , 55 “ English produce. PoiaLoei— Per -j - - 

® “* liltllH :iS:l SSS jS.= jW; .i2T 

; «.m_ 4- AT | .."i. .f+nr ... -Sales- 111 -At- lt.1.1 ol 1(10 tonnes rooms— P.-r |»oiiml <1 5*4 U Apples-Per - Indkaior nn'ce* * " r ' 

ZINC t' Ofltoijil . — ■ rnoffl.-Ml' — Sales: If93S 1 1.011 ■ lots uf 5 loanes. ntunuJ Braml-v OOS-u.fls Lord Derby Did- •' 0 ce3, 

-!- 1 ICO indicator prices for Kw. 7— £».S. KHfiAR n Cot 1 * firaiige Pippm n ftteft.r. Wat- 

■ £ 1 £ f • £ markets closed for electron day holtdav. JvVJrtU .-srer Pcarmain 0 03. Riw+eif O.O^n <W 

Ca«h j 368-5 : j -6 363-4 +3.25 n 0¥ . f, tu.S. cents per pound 1: Colombian LONDON DAILY PRICE traw sugar. Xparian O.W Pears— Prr pound Confer- 

jimm r h«..| 373.5-4 +5.5 375-6 +7.75 jwad .Vrabicas 173.00 i&amei: unvyasiied £l<q.00 <n05.W‘ y mnn.- elf for 7i0v.-Orc. ^nw 0.09-0.14. Comid- 0.17MM6. TNnntoe* IIU niprC 

Vicipnt. 062.5 •+ B ' — Arab! os 133 30 tl34Mi; oilier inild shipmeai. Wluir MMar dally price wav —Peru IB Enclish _'.n4-/.7u Cabbages— 1 t,lv - 

film. weiu — | -'33. 5-4.5 Arablcas 130 6T HSLSOi: Robustas IGA hAcd at £109.0" ■niouH 1 . Per crate OfO-n.W. Celery— Per head ^ 

vtnmine- V ' L 'A-,' . h .„ - M()K m 1076 131.M vlSl.iar. RohusVan ic\ iftflK Open ion BfiM-i Show-t little’ change OOT-ft.tO. Caul mowers— Per \i Lincoln 

Moremg. c«n 1362, three mjwmft Li-o. 1S1-W ,i;h« 5,. Dally average 130.M f r om previoic. .-losing levels but mo. Kent 1 JO. Beetroots— Per 19 th FINANCIAL TIMES 

•»* „ '’i \ 1 ’irtnmnin- tl5I.3S». gradually derilii.-d a.-. .s.-IIers pressed and n.so.o.70 Carr«*-Per >’ Jh 0.4041 Tu . _!.T 

I hf ft e W^5- S ,v,„ 4 ' on i,ft T r buyrvv witlidrd-.' r.'al.-duwn. By mtd- Capsicum.;— P.-r pound 0.13 CottrgeUes Xov.i | Nor. ‘fTjl..ntli ag./Y<«ir ie<' 

7^' rh' Threi GRAINS afternoon lonv. nf some £2 bad b(.n _p cr pound tf.M. Oniens— Per bac l JO- —I— 

H -i V™ ’ n ^ , nunnu c ..-r..o=c D.-L-ntde.l hui ». altered nhorKOvenna 2.0,1. Pirtk-rs 4.30-2.30. Swede*— Per -JR VS64.24i266.OH 262.30 I 237.90 

months iSTs.a, 73, (-.3. 72. <1.5. LONDON FUTURES (CAFTA) — Thn U(( L -d prio-v 'onu ■<" imintfl from inn m nsp. Turnips— Per IS lb 0.7«-»9« ' ' , H ,„. .oS'-'tSh- 


laniaicaii: r- r pound 0.14 Avocados— Gryo* 

ftra<-li 4. mi. Capsicums — Dtiith IVr 3 ™rlri ■ 

tilui 4.4U Onions— Spanish : til- : so- Hmiii- Fuiuiin.,.. 
Diin.h. Ij»-!W. Melons— Spanr-ih -Mm-*-.. 

Vrtluv am : Vi-:: -0 iln-n .ioimoo fH-urliVylm 
Tomatoes — lifuf- 1.'*-: m: Spatir-h '-liwtt 

■; flft-:l.o0: i.'anary: 3 -’ft- Dm. h ?fl. '■■. llfe«l *-]niou 
Cucumbers— liana rr- liiTtty 1 4«-‘: <<■ x-.. 1 . Hi.nl III,, 1,1 


V , li-iihi 1 + nr • Hu- hi.— » 
«‘I„-V • — Ikinr 


— SpatiLsh: P> r hnx 4ft 611S : mi-T ml Knliuv Mfl 
Walnuts— Freii.-h. I’. r pound tlnnoh'-’S t..<iiiv Kuiiu 
•M u: Halian W-i « 4*1- i:aiii..niidii: -inn ... . 


1.4 SO 24.7 r 0.90 124 S0-2J.70 n -j> Tift-antins « 4ft 


1 

"* 

6278 

£B2 3 

+ 0.05 

£83.5 

7 


£102 

£93.5: 

1 

£93.3 

£89 75. 


£85.05 

£91.5 • 


£91 

£2. 1 10 

-26.5 

£1 957 

£2.064 

t 25.25 

£1.935 

£1.451 

•— 10.0 

£1.536 

79.4 e 


75.95- 

63.5,- 


6 1.75,' 

£104 

— 1.0 

£112 


kilos 1 ln-1.36 Lettuces— P.-r r: round . . .... , . 

1 -'ll <:.» l ift. W.hhs 1.4U Cucumbers— „ . *.nu. t Vmaimcd. 

r. r irjy |.^iwmMMN Mush- ^ 1 V,, 7' 


Sales: 111 lt.i-, of ino tonnes. 


rooms — Pi-r poiintl 11 344 Vi Apples— P^r 
uoimd Braniky OOS-O.flv Lord D«rby DM- 
ft «.*■ flot's riranpn Pippm n ihj-ft.i". W*r- 
.■•stiT Pparmaio 0 03. Riis.<-i:’ 0.6+0 OS 


t'ec. u Jan. ir Dec. 
: Indira ior pnctS. 


j-.lin.weui _ — I "w.j-’.i ijmbi 'iji-jui. twui.-uj u+™ 

vtnrnino- Vecii Vwa' rhrer mnnthfl 1373 S ®' 6 'ISL'iaV. RohuslaA IC\ IftflK UpC 

_Moromg C«h ae three mjmUift 1S1 _ W ,^ 5 ,. Dally averajCF 1S0 . M from 

ib.o. *5.a, ia, 1 -a. VJ.a. >4. ^vru .■•,«) aradn 

tl... mnn.hr roes cns iftni+inAn- * iftl.iwi. grauu 


Three raorilhs £S74. 73.5. Aflcrnoon: 
Cash .£7t&.’.3. rbreo -mon<hi>b £17... 74. 

1 74.3. 74. 79. 7.7-i. 74. 73 hVrb Three 
I months iS73.3, 73, 72.3. 72. 71.3. 


INDICES 

FINANCIAL TIMES 

Xov.8 | Nor. 7 F3li.ntli a^,.' Imt 


ALUMINIUM — Sicady beeans,- of Un- uiarkot opened uiii-Oansed. volume Kas k, ws rt-poris l. raarinknw. Parsnioi-Prr 2g lb u'w Spreuts-Pcr 

fall of sterling., but the- market was v.-ry ih«"- Wheat values md d« lo --- - nnund O.O.M.M. Cobnirts-Per pound 

(iujl-l «nh consumer demand absent comnu-ivial and some country selling in ■ r , . „ . u< K - nl 

Tin- Price moved from ££12 in £8H.S on Irade SO-WP lower where huying Imetw * r *‘ l - ' 1 'T. 1 1 . h nl ■ 

suiflu speculative deniacd before dtclin- In disiimift atcadied iho market slighily t, "|""-' li.— • 1 1 "“v t”f 1TI T1EJ rC 

mg 10 cltisr im the Kerb at £671. Turn- i« dost Iti-.iAu lower on the day. IVaxt-y- '-ai. VtUUL rU 1 Utvtlj 

nver- 1.925 Hinucs. saw very Iui.Il- trade and closed Mop — 

| higher on lack of -n.-lh-rs. New .-mps did £" i«-i t..i.nv LONDON— Dull and lealurclcss. repot 

Vinnmi tt- «,m. t4a.i |...,i. ‘ if-J-.r «ul uade -ml cluavd Mop luwer un lack n, v 109 50 9 55 1 10.70- 10.75 110.50 199.? t ‘" lWK ' (Panre kitnl 

-UMeur - L'nrfH-ia l — of im«-nr»i. Aril report*. Mar-li .. lij 2J ij. 50 IU.ai U.7Ull4.ufl 112.7 . .. . „ . _ 

: — I ; 1 ' ' • .... *115.3 :5.5j 116.65 16.75116.70-115.0 \urri*iian YVierdy'^ - -if Piihbwi- 


WOOL FUTURES 

LONDON— Dull and featureless, reports 
Brf.-lK. 


.1 wuDlbs.l 613-.fi -hSJS 612-.5 +1.75 M'oth 


WKEAT ' BARLEY A, 'liyisS- I6.0D 118.65 IB.75 118,50- ll?!? tii«n-v W.-l I'Ijw* — 

'VMterrUi.ViLi + rtj. iVfl.rerwij’K + or 'hi 1 120. 9if 20.55 12 1.50-2 1.65.121^0- 120-5 


— ' .,-k*+ — l*c»- 123.10-25-25 155.75-24.25123,50-123.0 

1 . Mjui-Ii .. 120.30- 17.30.127.60-28.601 


MoroSnr *Tbree months Ml 4 14.5. 14. -V-*- Sales: J.9SI »1529. Id* of 39 umiws. •aS'aSo 

13.-j. Aftemoon: Three monihs Hri. J“-, “-J® .7®-® Tate anil Ly-r.- n-reKncry price for J}*^ h Sto2o 

■Cen« per pound. ISM per plcol. -^" r - .^5-®- '+0-D5 granulaied hasi< white sugar was m*3 J 1h > 'HnlSn 

rO" previous unofftetaJ ctoM. Muy ... 93-10 ;-0-10 , 86.B0 -fO-K. < s us e i a imin.- fur home trade and *?[?: 2S"nu'n 

M*. ■ Bg-SO r-O-llfi; 83.30 r m .* f(ir espon. 23'2'S'S 

cotton ,j?aassr5» sar.2 sis* 


LIVERPOOL COTTO#— N'O spur or ship- Bii.26-M.S3j SCW. ml. Sales: K lots, hh,- li'ilav average t..*0 «SS2. 

Tfi^-OT ralfis wen* rtf corded Ui Urerpon!. Barley: Nor. SD.I0-79.9S* Jan. 82.4>S?.25, * • ■ _ Sales: Nil isam^i Jots of I.5DA ts. 

MVing the total for the irtek so for March 54 tt-M-iO; May S6. 85-88.83: St-pi. Mr AT/ VFfi FTA RI F<S SYDNEY GREASY— Clatr tin order 
os a>" .tormea. ligeru were hesitant nil. Sales: ob. irii^*!,*/ a-v V buyer, seller, bupdni-ss. sales''. Micrati 

{ ul lowmc the stuiaitwd upward movement HGCA-— Wcatton cx-(«nn spot prices. MLC forecast rat-s o( UK monetary Contract. Dev. 330.0. SS9.2. SRO.i-SHP.S. flft: 
In prices, limited Interest was shown Oihcr mlUliw whMi— Shropshire as-M). eumpt-nwiory amnunts tur mt com- Murth .134.0. S37.n, nil. nil: &ray 

in certain North and South American Essl-k M.M. Feed barley— Shropshire meiK-ing Nov. t.s uf fn-sh nr chilled beef 3t».2. SKfi.O-lM.fi. IS: July .IM 5. . 363 :4. 

styles. « well as African qualities. 76 11). earcas-.-^ s4..«b per »-:c «:*7 *7i: ar.-en 3H4.1U63S. :G: Out. mu. at4.s. in'j.a- 

Tlk- IK mont-ury coeffitiwtl for the bacon sideK CWJ l-r mime 1252.1S.. ^ss.fl. jj; r>ec. 10«.5. ratr.il. Sb7.n-3nfi.j .i: 

^11 VFU w tel! beginniDRaNov. 13 la expected 10 MEAT COMMISSION— Vv.-raae faiftrock March .171. n. 37t.n. oil. ml: May 3H.3. 

J* 1 - ’ dtiT^af 1 -' ID i.SSL nnibio «« e.uir..M>ni^m'i' nn i?< a ~ii N :i t a .*i 


1 Base: .inly t. 19.^=1iKIi 

REUTERS 

Ver. S -V.-v. 7 ' 'ti -u'l'. » KK . \«u tig- 

1513.5 ^461.0 
(Hale: September' is/ noT= 100. 

DOW JONES 

|.l*ow Iw. . X'iv. Mtiaih ^ mi 
JoDtti 1 7*6! ajjo ag.* 

lips ....;3B5.42 594.81 380.33 J 67. 66 
KulurM|391.Bc'39 3.33, 38 1 .75526. 68 
(Aver ace mvi3-z6=TfiBi 

MOODY’S 

.Not. j .\t>i..Aiyni'b"ywti 
Mood v a fi j 6 - r«u , ajj-- 

ft'ple Conun|.y;98 1.7 1983.5_975.2 825.6 
(December 31. tMl = infii 


prices at rciuv'.cmativ.- markets on .774 fl. nil. ail. Total ftuVv 126. 


GRIMSBY FISH — Supply maderate> 
demand good. PnvM at snip . ^itj.- 
.uupro'-caaed. per stone: Sh^lf .-na 


,.in :4.iin Mjri-h H +t>. May 77. fib JuJr 
7i; 411 N -p: 77 .'<» 

Cation — Vu. J Di ■ Mi+jal,!h -(&.S5' 
M:.reh 71 >-0-71 ft?: >7j.S4i May T1.43-71.5l! 
.'nlv ”4 nil Mri. rift [ft. Dei. ftS.Ta March 
1.7 -.n l.il. i. + «> 

■Gold— -2l2.;'u.. Dec. Jlf.:w 
■-■I : .’I". P-i'i .’.'ft im.'. K--h. .-.'2.3B. Ap n | 
—■■.'•ft 4 »-ft. Auk. sxi.jg, n«. 

4':^ ml D- ■ . J44 10 l-'i-H JV.in Aonl 

■ 4" .'■-Ml Aul. Jv: mi. 

‘Lard — t.li*. a«i. Ifft/iio 17 tin. xv print* 

.tu jiii irail.-0 

EtMai':* — £>i-< m.-'J'H. .it;., .\iarrt 

.'41 -.’4ft... Mj: *47 July 2« Srpt. 

p. . lit 

^Platinum— .im t.M «.» 1 14) . .\p rl | 

m> -'.'ft «' - lure - !4.:..'4 I-m.;.3o Oct. 
:47 >«v M7..M ,|.m ■■fti.+ft-L’iii.fift Aortf 

:v: 'I'P-Vi : 41. ,luf> l.-.T V». 

■silver— ' .n 7.«4 :n • iwl -ill . Dl.-i. 5S7 DIP 
-ft. .1.111 -.SP SU. March nfti.flO. May 
»:'P7U .fitly nis.itl Sip: I.?v w. Dru. 643. S6. 
'.1:1 "4' 511. .M -rvh P>3' 70 May Pf6530. July 
*’•* f" 3'p- .i 1 ' III Handy- Hanuan spot 
niiii.*i:r ‘i-7 in • ".!= .1 vii* 

Soyabeans— Xnv Ctti-btf- .666;.. Jan. 
‘iaI •. ,\ian -fa 683-694. May 700-696, 
July T.fJ -7..1 . . Aiip. TOL«9C. SepL 6*1-665. 

\ir. 

Soyabean Meal— D<c. I3B. 10-1 87.54 

•!W.»> -fan. ]j.9tm-;S9.lJfi • 795.DO<. Mkrrfc 

iMJM-iy-i .» Mar ift6 6A.if.7D0 .luly 167.3#- 
;.-.r un AIK. l.'li.Dft. .4 pr In3.06.Ifc5 50. OeL 
lr: , .fHI- , .7j.‘ft Dtv 151.MLlKl.0ft. 

Soyabean Oil— D--. H.lit-H.-'S '2a.JSi; 
Jan. 14.:i.ftl4.:ai i.qjB.. 11 arch 14.55-143". 
Mj:-- J4.I0L74 1.5 .lull- 74.73-24 66. Aua. 

-■4 Si-pi -*4:.U. 1101. 24.40. Dec. 
Sunar— No I! Jan. s fttl-k.40 

•ter. It * .ift • >71 III-.. Mil- S.'Cl-f.M. .Iplv 

•."Ij-hu:. S--M SH. IIOI. P.34-0..1S. Jan. 

*•- f-P". March !i 75 9.5:.. Sales; ] 013. 
Tin— 7|5 i'ii-7_..i ini niiiii 
Vfheai— D.-.- :jvi.-ain ; .-an. 

-.1.- : jj . 1 ill' Hay \L-i;-:;45;. July 1M», 
S. D"i a^kee 

'.■:ixvipr:i;. Nm. ». t-iRye_w. 10.706 

ft«-n *!"' Dec 104.7" asked 

i'H .vt Inti . .May JOa.s-11 bid Julr 1IW 4(1 
n»>n. 

riOats— Du. ft4.fi" «vS(ri March 79 J* 
o-l'd ,; t. 1| o hui-. jv iftfitj asked. Julv 
77.T'i -d. 

71 Barley— Dn . 7H..AJ bid *7730 bifl., 
March 73^! ' 7u.*t» aski-di. May 73 so t>idl 
.Iuij Tii.IW bid 

HFla*sced— .Vm 17 J. Iff hid iSfj.DO htd>. 
D-t. IS.-. :fi Cid 1 177.40 aMiftdi. Mac 27S ]IL 
_‘7. ^-1 Julv ."7l.uo allied. 

■■Wheat — m/.vrs ! - :i per ^ont protein 
i o-C'-.n: i-f Si. l.aur.'iiif ilh.it 

Ml L. Itte [h-r pound rx-wflr-.-bnuvr 
■iiiji-s '»ii"riiv- siaicd. ’jj, per rrov 
r.ni.iv— iuuonn.-i- logs, • rbicaan Ions* 
(ft r ;.M !hs— brol 0 r As. pneev 

rr' • day Pfixuv- .tit-am fab \Y bulk 
ia uk '.■up-' I't-uift («r 5«.-!b hnyh‘l ?i- 
a aP-huit-:. 1.(iAii.hii-ih"T !«.l» ■ sx rer 

it i> auiiv fur 5'l-n? units nf W9 per 

..-ui [>ur:i v <l.-liii rr-d Prv • Cents par 

tn} kiiuii- 1 s-yrap-tinii* Ww • £ ' 
.t.nrrft. 1 in .-5 .hurt Ifii fnr hulk loic 
af :»'i -nlinri tnn> delivered inh care 
i'h.raa.i. Tnh.ln S" Lnu:s and Alien 

• ■> ' r*T ,7Mb hiKiK-l *n vttire . 

• > • n'i ovr 14-ih bu+hi.1 Cent* ner 

4-in nu>h' I 1 x-ivareftAiicr *' Conic per 

in.ir. b.ikbi ■ . i.wareh>iii«f . 1 fft0-'hu»h“? 
!»',<: ■* p,-r loose. 


*• 



STOCK EXCHANGE REPORT 


Einaridal •Tim&s 


Kl* riVJ&ltiiJAi v ! I i < 


Late hints of pay agreement further equity rally 

30 -share index regains 4.9 at 474 . 4 — Gilts also improve 


AcCQunl Dealing Dales cent 1078- SO, at B4J, because of .scllinc: and lack of support poor interim results reported little ' impact op either. Royal 

‘First Declare- Last Account lhc limited market in both issues, prompted falls of 4 in Bombers, recently continued to weigh on Dutch or- British. Petroleum, but 

Dealings Hons Dealings Dav Treasury Variable 1932 -was also l5Gp. Ex ecu lex, 40p and -V G. Dunbee-Combex-Mars which saw the announcement that the Cali- 

Ocl. 30 Nor. S Nov. 10 Nov. 21 'raded_ clean or dividend and rose Stanley, lofip. [ re sb selling and touched a 1978 fomian vote had-appraved Sohio’s 

Nov. 13 Nov. 23 Nov. 24 Dec. .1 1 s 5. after 93! Undecided Tor most of the day. I 0 * n J before a late rally plans for a! crude oil harbour in 

Nov 27 Dec 7 Dec 8 Dec 19 Conditions became less active the Electrical leaders eventually helped them recover to close un- Long beach created interest in 
*"Ncw lime - dealings may lake place ,n , the investment currency Showed a slightly belter trend Changed on the day ar »0p. the latter which eventually 

[nm 9 jo am two business days earlier, market and. after trading between with GEC. 3U8p. and Eli I. l.VJp. Ovenslone_Iost 4 lo 16p and E. settled at .S”0p for a rise of S. 


extreme I 
late in ll 


equities thus closed at the best, uptions was one of the quietest the majority of gains mainly re- ,' s ‘ ' at ->q 8 ‘ rMMMino iw i . « V n “ e v ‘™ ls ' 

the former on hopes that recent since dealings began on April 21. fleeted the lurnround in senii- ? , ,L ’• 9®*™**^®^ 3 la8p 

uncertainties about Minimum Only 241 contracts were com- mr-m. Occasional support left ,, tt . hUe P rf ' m 1 1 , 66p ; Am ? n ]\ 

Lending Rate may soon be ended pleted compared with the lowest John Brown 8 dearer at 41fip. • e Dunlop impro ed 3 to Britannia Arrow held at 14 fol- 


Lending Rate may soon be ended pleted compared with the lowest John Brown 8 dearer at 41fip. 
hy the rate being brought into recorded 205 of June 7. Trade while Hawker SldcMey edged up 
line with ihosc ruling in money was transacted in only 0 of the 4 to 22Sp and gains of 2 were 
markets following last week's is stocks. BP being the most marked against Tubes. :»72o. and 
1j -point hike in base lending rates active with 8H deals. Vickers. l!'4n. The setback in half- 

tn lit per cent by the big UK Down 10 the previous day yearly profits continued to de- 
clarers: an accompanying cut. in mirroring disappointment with nrens" Eva Industries which lost 
the Government broker's selling the Interim results. Bank of S more to 92n for a iwo-dnv fall 
prices for supplies of the tap Ireland reacted further to 380p of 12. bul Murtonair responded 
stocks was also considered to be before rallying to close unaltered to the record annual results with 
a possibility. at 3S5p: the io per cent Conver- a rise of 6 to lf»fio. Nev/ of the 

Equities opened p shade lower tihle Loan L<Ki]-% fell 7 points to ‘■'ale of its steel stockholding 
in an extension of Tuesday's £177. Tb e ^3 frjUr h a „k s lacked business to Britaish Steel failed 
weaker Lone, with sentiment support and finished easier where to benefit Glynwed. down M at 
unsettled by increasing concern changed: B-irelays slipped .3 10 Ifllp. while Wm. Boulton cave up 
at the crowing pressure no the 345^ nnt j Lloyds 2 to 23fip. 2 to Iflo on the proposed riehis 


Govern men 1 s pay limit and on t Iodest Iog „ s wcre , he ordc . r issue. Edbro remained on offer 

worries about offiital intentions f , h d ■ T nsurances a r rer a and Wl s further 10 21So. bur 
with regards to the u«e or price ,Hin Snl Sfartrite firmed 5 to 15p. Rivard- 

controls in any agreement with ‘ . ‘snftenprf son* West garth encountered fr--«h 

the TLC on incomer, policy. In ' RO> “1.* Matthews filing at" 42p. down 3. while 

the absence or seller--, however, vyrishtsnu - finV e un 3 at 17fln Wydhln. U'-lp. anti Wagon In- 

*JLZ KSS? omsideration oV P the ^rlal. iMp. reacted 7 and 5 


l U p ' ~ -lowing the raanaeement changes, 

vo re finn A Shippings tended hardej*. where 

and •_ J altered. P and O rallied a shade 

half- to 821 p. following the previous 

d,.- r 7 - - ssrj — -} day's reaction of 21 on fears about 

lost 1 the company’s Iranian com mi t- 

lded [Tn ^-=. I 6 Textiles closed narrowly mixed 

wilh ‘ * “raft --. ~ ~~ -1 ' F- — = aRer a quiel rrade. Coats Parons 

ihe. f r gfl * rove 1 to B4Jp on further eon- 

ding sideratinns of the interim figures. 

,ilod 1 BbflT M yHp Still awaiting nows of the pro- 

1 a I I Tl LJ! r 'p posed merger with Dawson Inter- 

. up * " j={ J national. John Ilaggas rallied to 

e hts 1601 B — 1 fe J75p before slipping back »o 173p 

■rrer PPinomoi'il for a rise of 3 oh balance: Dawson 

bur y riiiditv-iui held a , 1S4o 

ard- P GrOUp Apart from a fall of 5 to 57 p. 

r sh I FT -Actuaries ‘ '•Dor jop. in Gold Fields Property, 

hile 1978 1 index I South African Industrials were 

In- 150 1 — 1 1 1 — -j- — 1 L- 1 inclined htirder. 

j 5 MAY JUH JUL AUG SEP OCT N Dull Rubbers were, notable for 

^ . * los«ns of 4 and fi respectively in 

„ nr . , . . , . . , . Highlands and Lowlands. 105p. 

rfnd hflp. Ahead oT todays interim re- , nf) nnihrit* 33Qn 
m suits. TTight Refuelling eased to " d Gu,hnc - 339p 


For the next feu- hours. 1 br- 


er. Allied. 82 ip. and Bass, response to interim profits at the 156p before rallying iu end n net rirtlHc nn wo-oin 

1. both improving around a higher end of market estimates 2 off at 15Sp. Anion- Distributors. U K dgdlll 

IV. News of the 44 per cent and the chairman’s optimism. Harold Perry, fi better at 108p 1 T,ie ral, - v in South African 


ment whirl? had looked to be Leading Building {W 1 rip lions in quiel Hotels. Grand Metro- interim pre-tax proiil.') ami expec- d| PPcd from being $221.75- per 

flagging. The upturn continued he * d close in overni’-'tt levels polilan firmed 2 to HHip and. tations of- improved full-year re- — ■— 


ounce at the morning fixing.' to 
close S3 up on balance at $219,375. 

The initial finmvesfr.- o£ r ’ the 
metal price prompted ,-niodeat 
Interest In. share markets -Iht -ilte 
morning, but th is petered ' odt in 
the afternoon as American- mljjng 
followed the reaction r in 'the 
bullion price. ''O'.---' 

Nevertheless, the GokT MIneS 
index managed an 'improvement, 
of 3J2 to 1S9J. for a tbree-day gafp 
of 72. while the ex-premium index ' 
added 2.7 to USA . ; 7 v : v; | 

Gains in the heavyweights 
ranged to haJf-potoL'-'as In. 
Randfontcin, £29]*. .after £29 f, 

while West IWeftmteiniput con ,i 
to £20|. after £20p Mdditun.'priced 
issues were featured -by " Buffets, 
which rose 21 to 798p and East 
Dricforitein. 19 higher at 8185. - 
Finaneiais ! Traded '. ' qutetly 
throughout . the .-•"dayirV-’Sbuth 
Africans tending-. td.vedjg^Jfiigher 
in sympathy with Golds.. Oii'-the 
other band.. Loadtni-Tegistered 
stocks were generally a fraction 
cheaper where changed. Piatkiums 
responded to. Cape 7 buying which 
left Impala .4 highec:bf-180p And 
Rosienbnrg 3- up. at 4Wp7^..-_' • 
.Australians weakened afresh in 
the -wake of -the podr -perlarmance 
of overnight domestic markets. 
Diamond exploration /jssuesVwere 
particularly -weak, in 'front of 
today’s debut by Ashtoc Mining: 
market estimates of- the opeijmc 
price Cor Ashton are in fheibg? on 
of 50p to 60p/ Conzincb Rfotinto, 
the major panicipaht fiir-the Ash- 
ton venture, dropped.. IiRTp’25pp. 

- Tin - sliar« 're^lstered vwide- 
spread losses following news that 
Berjuntaf is 'to pay :Stiie royalties 
on tin concentrate, production. 
Berjtmul fell. 19'to 21op^ -asjdid 
Malayan Tin. 415p. and' Southern 
Malayan, 305p. -. -- ■ - 


Government^ 68.65; 68.5®' 68.85' 68 ^ M» 6 »r 68.7T ^ 

FixeJ latent. -I 70.od 7d.OX' 70.08 70.06 7tt 17 70.92, 

Sri-.! 474.3 4»J 476* 478.4*: 472.^ 

LiuUXIat..." »S.tf . l«;9h‘ 134^1 


fcminis».T , ai%u'utU ..r id.uo. — , ' ' ^ ■V2'~*r . SH 

PfBHet.ri iniet> ■-> .■ ***■ , * « ^.>W. 

Uee.u^™.r6ed_ 4*9* 4^ .3,95^ 

^ ! -67.1A1; iu«: 

Equity 

. ' . . . 10 am 4®r7 imu;ic.8. ivooa 


’o',,., ■ iihj Govr Secs. •I3.'t0f3flr---FlxeJr IIW; IKS.—intTiOnt- 
Mines X3-6.‘»J. -®*-* P™ lode* started^ Jtine. lSiT; SB Aodnvy- . 

. - ... 

highs and lows 


U««Tt. aec»--, 78.58 1 

. , lO'Li. 1 

Plied laj-.| -•J;W , 

lnU.V«l...... j 

Gold Mine*-! 206.6 l 
j il<«i ■ 

Gold Mines-. 132.5 ; 

• ldx-S- pm. 


1 lAftd* S-afl.58"!' 


■ l5;ai7«V.i (»*K 7ft J Tota U .^-C, ^-Jtpi^K 


LONDON TRADED 


duriri" < ”itic after-hours' business during a slnck trade. Elsewhere. Tnisl Houses a penny to 229p. In suits. RartwclLs gained a penny 

and the- ciosins index was Hie nnall olTerlngs i-lipped « from contrast. Prince of Dales en- IO ®8P- .... . uriu uiptlC amis 

day's best al 474.4 for a rise of Brawn and Jackson at 234n and. countered sellms in a thin market Reflecting the sharply increased ntW nlun9 Mlxli 

4*q m a thin market. May and Hassell and dropped fi to Rip while CUy interim profits. Portsmouth and 

“Prior to the late firmness. ' ,lpd 4 a< 69". Higgs and TIM Hotels eased 3 to I lip. Sunderland Newspapers firmed 2 S J« 

interest had been aroused bv the 2 to a 1978 low of oop. to /op. au*n»«j new H>ght *rxj lows for jb78. 

sood half-yearly statement ‘from drifted biek from a firm VlSCOSe DeV. wanted Properties regained a little of XE\V HIGHS f *> 


NEW HIGHS AND LOWS FON iSTS 


Sainsburv which disclosed an rt Pe"i"5 but rallied late to close . . „ poise followins * recent weakness 

interim ‘profits increase of some ■ “J « Jfi*" 1 2 m 2 Tec Sr lh E!±£ 


NEW HIGHS (4) 

CORPORATION LOANS (1> 


stemmed from the threat oT n.z. 4pc 1975-7# 
ur interpsi mips. Samuel ^ buildings (i» 


NEW LOWS (32) 


s se rasKrasc h4,h,r 31 =19p - arter 4MP ' sss £ sss m ■srs*. tizi ~ 

£ fife “SMI Walker firm »» BfiaffatA “ 1 ^ <’• 

Ihr'irnounSnl^h^ne-oilS >'>’ hott.r'hul Ihe vnlu.'ie r^Mr.ctcd mrkft. u-hile d™'and ww fm^rnTrS^Anai'lto^ IVE «' L0 "' s « 

me announcement mat ne„oii.i- n f bu-'incss was again small. Clarks ahead nf the results, due next riiv\ annual Rcllw»x- corporation loan* 

lions were in progress which could , md spencer edged forward 2 to month, helped SolhebjM add 3 to ., a j neri 3 " J*' th^e-rNv rile S * m ' ham9 “ M tftis t u 

lead to a merger. 82 p. while UDS hardened u nennv 313p. London and Northern 7 al to d and Bradford ’ -iddcd 3 KIW,n,o n E ««» n 

Early indications of an increased |n % !p . Elsewhere. Jas. Walker gained 2 5 to -38p in response to more i'o -zSd m ^minu^ re- n iB „ a h,„ * u,LOlNCS •« 

trade in B>ritish bunds were wide were firm aeain. the ordinary !hc sharply higher first-half prafits ,p 0n< . to" the half ve-ir nrofim ^ chemicals ti? 

of the mark but quotations rising 4 to TlOn and the A N/V and A. Arinson improved a penny imorovemen! * P Cro8i ,ntl ' stores ( 2, 

regained much of the pretroux .; j n 97p. Following if*= rcrcnl more l o SOp on further considers- Granan warrhoMn _ Martin n 

day > falls The lonvs often ended -pcrnlajivp smirj on hid talk, deal- tinn of the good preliminary • j scree electricals «ii 

i higher while the shorter maturi- ingf in Allied Retailers were results. Central Manufacturing vHS IHIX eCt • engineering t«i 

ties managed improvements of 1. -upended yeMerdav at 11.3o and Trading, on the other hand. Trading conditions in the Oil R?c f JTrds2« l w“ r A oro 
exceptional gains or * occurred following news of the bid cheapened 21 to .‘»7ip after the sector were a hnle broker ihan industrials (to 

in two low -coupon slocks quoted approach from Associated disappointing results and Chubb or late. News of the- cut back in cSuwtM ' H^»er h A 

clean. Treasury per cent 19,. Dairies; dealings in the latter were eased a penny 10 I34p on the un- crude oil - supplies in Japan due Co,e (B - H -‘ M»son 

8f>. at 93,. and Funding 3J per also suspended, al 172p. Small inspiring interim statement. The to the iranijm poll Heal unrest had sSTSSU"! 


CORPORATION LOANS (1) 
Birm'hjm 9'«0C 79-81 

BANKS (11 
Klelnmort Benson 

BUILDINGS ID 

Higgs & Hill 

CHEMICALS (1) 

Croda Inti. 

. STORES (2) 

Grjttdn WamrioiKM Martin Th* N«ws. 
ELECTRICALS 111 

Scree 

ENGINEERING («] 

Porter Chaoburn Tea Abratlv-s 

Richardsons W-«a>h W«(r Group 
INDUSTRIALS (101 
Avon Rubber Hill (Charles? 

Change Wares Hoover a 

Cole (R. H.> My con 

Crosby House Ovens tone 

Dunbee-Combes Soarrnw IG. W.l 


„ INSURANCE C» I - 

General Accident' - Ruyarin, "• 
_ MOTORS 

Arlington • 

, wmMffmljr 

inti. Thomson 

_ ' SHOES (IT -... 

Booth Inti. 

, ' ruu 5miTH AFRICANS. -ffr' 
Gold Fields Pros. > 

TRUSTS CiS-X ' • 

Anglo Inti. Dhr. - M/rtcmelUI 
OILS (2) ■ • i - 

Clutt Cony. A CJvde'/Pev ' ' 

TEAS (D -7* • 
Assam Investments . . ' ■ ■ 


RISES AND FALLS 
YESTERDAY- 


com tJoloa 
Una- Gold 
Loart&ald* 


British Funds 

Carpus. Dam. m 
Foreign Bonds 
Industrials .. 
Financial and Prop. . . 

Q«h 

Plantations 

Mines 

Recent Issues -. 


Up.DoWB Same I 
;-7»V- i 2 

. . t.: 

■ .4.. 'S3 

1 » 7 127 

si m. m 

-.--1 , 24 

. --i.-.' .:u » 

.SB « 46 

i* 



3W - 627 L344 


OPTIONS 


ACCOUNT DEALING DATES 
First Last Last Fur 
Deal- Deal- Declare- Set If e- 
ings ings lion menl 
Nov. 7 Nov. 20 Feb. 8 Feb. 20 
Nov. 21 npc. 4 Feb. 22 Mar. 6 
Dec. 5 Dec. IS Mar. 8 Mar. 20 
For role indications see end of 
Share Information Service 
Stocks favoured for the call 
included Ladbroke Warrants. 


Burton Warrants. Wears Bros- 
Tot co, R. P. Martin. Marshall 
Cavendish. Grattan Warehouses. 
English Property, Bunnah Oil. 
Premier Consolidated. Barker and 
Dobson ami Reed International. 
No puls were recorded, but 
double options were arranged in 
Mersey Docks. Racai. Thom 
Electrical. John Brown. Town and 
City Properties and Llden. 


INTERIM RESULTS 


Unaudited consolidated results of the Group at June 30,1978 


ACTIVE STOCKS 



Stock tion 

XI 

‘Cl ft 

^hell Transport ... 23p 
Ja relays Bank ... fl 

^EC 23p 

".rand Me? .V?p 

Joyds Bank XI 

tank i» rg 2 >p 

\Jlied Brvwcrics 25p 

>e La Rue 2.7r? 

)istiller> ,10p 

Jag gas 1.1. i I0p 

'.onrhu 2-fp 

lacal Elect 23p 

teed Inti XI 


or 

■Jlocjns 

Change 

1A7R 

1B78 

marks 

price ip) 

on day 

high 

low 

12 

STB 

+ fi 

D2fi 

720 

11 

nm 

+ fi 

421 

32S 

11 

.1.10 

- s 

H02 

4S4 

a 

■34.t 

__ 9 

• 1 

fl®* 

206 

s 

:;ps 

4- 2 

340 

233 

f. 

1041 

4- 2 

121 

87 

7 

23d* 

o 

2P7 

242 

7 

24n 

- 4 

206 

226 

fi 

82 s 

4- 11 

04 

78 

fi 

:iss 

— 2 

.100 

230 

fi 

l !il 

-i- 3 

21-1 

103 

fi 

173 

-t 

1771 

8.1 

fi 

♦14 

+ 1 

78 

55 

fi 

n in 

- 4 

302 

ISO 

r> 

15.1 

— 

1S3 

102 


RECENT ISSUES 


EQUITIES 


Group's share of the total profit after 
taxation and translation gains 


62,378 


77.375 


159.715 


1 • pin* : ? 

t S - 

N-. k 

7 t '£ + <■» 

if i] 


I'fT I' - — 

= . Hkj)* Im 


- 

w < ’ 



EQUITY GROUPS : : 
GROUPS & SliRSECTIONS 

Figures in parenthe*** show number of 
srtoclu per sort ion 


CAPITAL GOODS ( 17 1 1 

Building Materials <27i 

Contracting. Construction 1281.. 

Engineering Contractors 1 14i»:.| 3S52 
Mechanical Engineertngi72i..._ 
Metals and Metal Forming! I©.. 
CONSUMER GOODS 

lDUR.\BLEH53t 

Lt. Electronics. Radio. TV tiff).. 

Household Goods 1 1 2i 

Motors and Distributor* <25>..Ii: ! 
CONSUMER GOODS 

(NONDURABLE) 1 172? 

Breweries y 14).... ^ 

Wines and Spirits<6» — 

Entertainment. Catering (JTJ./U 

Food Manufacturing 1 19) 

Food Retailing! 15? 

Newspapers. Pubii.shing.H2Cl. 

Packaging and Paper t L5». 

Stores (40) ■ 

Textiles i25l 

Tobaccos i'3> . 

Toj-s and Games 161 

OTHER GROUPS <99? 

Cbemi cals ( 1 9i =■ 

Pharmaceutical Products (7). j! 

Office Equ i pmenl »6) : 

Shipping i )0»... 

Miscellaneous (57) 



16.45 
1530 
15.79 

14.46 
19.74 
13.85 
21.18 
1953 
11-88 
18.82 
24.77 
23.88 

+0.4 16.24 

+13 16.74 

+0^ 11.49 

19.40 
1528 
1835 


♦The gains on foreign currency debts are derived mainly from the translation in francs of ihe 
net monetary liabilities of Canada Cement Lafarge. 


24. 1J »<■ 
it 11 
U4 11 -WJ. 
lr? 


K-rruGti .New 564 

27ic Uniii.r .Sm l, ■ {.. (|>y,. 28 
IV I'li-liiai*- .113 


./ir.a. 4.-' o. ,i , . j 

C-k'llk 2.4 9.6 
I > I J 17.4. 0.7 


The decrease of the profit after 
translation gains is due to: 

■The decrease of construction activity 

in France and abroad. 

■The decrease of the French subsidiaries 
sanitary product activity. 

■The decrease of the gross margin in 
plaster activity. However, the results 
in refractor/ products activity are 
improving. 


Increased earnings are expected for 
the second half of the present year due lo 
the relaxation of price controls in France 
since July and the improvement of 
business conditions of several operating 
groups. 

For the year as a whole, the- 
consolidated earnings, after translation 
gains, will exceed those of 1 977. 



Olivier l. scarf. Chairman and Chief Executive Officer 
Lafarge Group S.A., 28 rue Emile Menier, Paris 16e„ France. Tel: 727 97-89 


FIXED INTEREST STOCKS 


H'al' | G*» j 


— *-*> WwhM-i t m im-i,.- hk> 

4 1 Ivin- • * a i Hi-iw W.urwnrfc. f% I'n. 1*4 

16.'11 ii>m* Ir'iic tr.wi.v Hwm li>»Liiuv. ti- 1 *. 1 

1.112 ll'-ifi .' I*®)- ■ll* 1 r »«" Hi * Hrw 

-- '-- 3 , 1,111 l*|'iii,H.'TiKfc-iri- Lanrib^Uyiu 

26.10 IW i II* L«iiii-I»k^ 12j. Liii . tib-IOr 

45.1 M't 1 i* R‘-Mihiwu*iIi L l ilmlB; IVaicr J* . 

IS 2 lux UtMiiiwm; K% L«>uv. Lim. ?»» 

10.1 19 i 4i -xt»ili««rL i •■ffi. I1.-1"!, Iic>l. IVfi 

JO-1 m>. ■*1* «( 1 ftylei il Fil l l:«M 


Telex: 620804F 


LEADERS AND LAGGARDS 

Tht »n|?ow*.TS uj-le «h4»5 ih* B<rvtaiusK tbanK-*- nlucA have lufe.-n place since Deccnb>:r J». in Ui« 
iecUun» of ih. FT AcnMTi'iS Share- Lndlcva. ll also comalas Uw t’lo.d Min.-s Index. 


“RIGHTS’’ OFFERS 


Engineering Contract*,* 

Miamg Finance ... 

Electricals .. ... 

Mechanical Engineering 

Overseas Trader* 

I'-apiul Goods Group 

Newspapers and Publishing 

Contracting and Coaitnuilon 

Electronics. Radio and TV . - 

Wines and Spirits 

Oils 

Chemicals 

Office and Equipment . . 

i onsnmiT cijoO' -Dur «©!•.•• Group 

CmW Mines FT 

n)n snjn. ind--x 

Packaging and Paper 

Industrial Grow 

Property 

Metal aod Mrtal Forming . . 

Bolldlng Materials 

Temilcs 

Food Bctoilinu 

Maters and Distributors 


All-Share Index ... 

Other Groups 

Consumer Goods iNon-Durablei Group 

Stores . 

Food Manufacturing 

Tobaccos 

Investment Trusts 

Banks - 

Entertainment and. Catering - 

Breweries — 

Toys and Games ... . - 

Pharmacootlcal Products .. 

Merchant Banks 

Household Goods - 

Insurance Brokers 

hinanclaJ Group .... 

Insurance (Life) .. •• • • 

Discount House* . ....... 

Shipping - 

Hire Purchase 

Insurance Composite 

• Per«-rn»as» rtiaiuars based 'nr Tu'-da?. 
indites. 


principal equity 


+ QJ3 

- 0.78 

- 1.40 

- 1.88 
. . - 2J1 

- 2.70 

... - 171 

. .. - 3 AS 

- 4-23 

- 0.67 

. ... - 505 
- 6.23 
.... - 6JS 

....... “ k-TO 

- 7A0 

.. . — ».« 

. - 9.T7 

-11.08 

-X3.0S 

—15.26 
.... -1548 

• miter *. !?•" 


” - Jf ’ Hi«ti !«•« 


hi. i.-ll ^4.-11 jfcpfr.ys-imi .trilrurv a .Uadelcv. 
».H. d0.-bd4.ll' »J W l«nek<tu*t 

► .I* 1« lc dO lJ If ■i.'hni.a." tl'nrvy 

K.f d!C17ir Ihusciy 

.Vi 17.11 0*12- Wpiii- Wi-ni.FinUi ieiii * Hnm-v 

i .i- oi. lbii. i9 H 

fl* dd 1C 14.11. Itt. |... 

I I- «J'| 1 8 1Z‘ 15^ ■' l ?fi r««P PinhM* 

f.l- il it. 17.11' i*!; !5 Yi*i stem 



9»6e: 

■ IG . 

■ l|4n*. 

■ loep, 
‘aptej 

;in» 

; 9i*i 
■;120 ! 

5 V 


Llmlnii'Hh ei 

Prfrv : — 

p; • I 


,.l Stjpni _... 

sa ; 

,* 13 1 

. 307 . ' .. .. 
lTiun^l 
7B —I 
59- .— I 
176 -1 

.. 141?, -rl? 


UndorSyBaib^ 

5- 15 yean'.. 

(h-er 15 years...... 

Irredeemables 

.411 stocks : 


Ri-uimruriinn dale usiielly la-i dav f«. r drahns rrer nr cramp duty P Figures 
barrn .in j.niMKc'u^ e*tlBMle. a ts-umri divihKnit anrl yirlrt u Knrecs>-r itlTinnnd- 
owrr hj-.r -n orevtnn.- year's oarnme. r Dlvijanq a „,t y| r M lu-ert On pmpn'niue 
ichrf •tri.-iai .-.'imB'ns for is*” o nm 1 . r I'lqure* .tsfumed. : Cnver aiknv- 
inr .-i.nv^r-.inn ••! share' not now rankinc i«r dividend nr ranl'inc nnlr Inr restrict ed 
diridenqs • prim u. uuhlic. Pi*n*->- uok-^ nth. ; rwisr- indii\ii»q. r i, <u « 

b; tender nffered !« bnWer- nf urtiinary shirr-: a< * rixlws •• •• [i>ued 

by W' -d iupii4ii,3iii<P. D^Rrin'mdnrud. -^fssiied m r-inncrimn with rcnrsanita- 
rmn mrrjnr ..r jakn-nyrr I nirPUurti-in ~ ^’Wl t" f-i-m-r crri^r^nrp h^iriMrv. 

■ til' ;mrr.: rnrrrj lorrfuUT-fuud;. • IV'^viaii'ni? or DurUy-paid a Hutment [cyer^. 
it With na.-raiilu 


20-yr_ Red. Deb & Loans (15k 
invesunent Trust Prefs. (15) 

Com!, and IndL Prefs, <20) 




E E3% 




m m ; 9 

























; Ttastfoy 'November 9 1978 

■■■i ' i j i j i jiii ; :,' '. j. ; » ■ * ; '< j.' i 1 . ■ ■■■ ■ i lnn^ i .'" - ' t . ■‘■ v 11 ■ .. ' * ■ ' j * . * ■ » i — — 

\ ,* ■ <•' rh*** *•;- *v. -.* * . * * .*. .' .. 


UNIT TRUSTS 



39 


Unit Tat. Hites. Ltd. <aj . ^-Vn^dtegtin Unit Mgt Ltd. ia) . Mfe*fer Fnnd Managers Ltd « «r. < ^ 

• - mom ^ "«»» ST^i-wSr "'" C ” 

' ' " '"lior- - 71 





546 

3Ja 


Prolific Unit* 
High Income.. 


I8U 

IllS 5 



• fcS’SnTV?'*.' 31 - - |1M0 J «6I • 

...... ZM Lnit Trust MgenrnL Lid. 

, ^J«a?. ws ;r c -iu j « 1 

Srifcub? ProvdtUmt Tr. MgraV Murray rv 

PUtnrarEntf Dor*tBK 030S5053 M3 k*»_c. — _. e L T * "£“*■* 

Friends pro»;ufs_M.f 

Do-ActTUQ. yui — .4 ow- faaiinx’ivTO p- J* 1 ' 

Ha G.T. Unit Manger* Lt4f . ; ■ '- ‘ ^’nit Trust Managers* faMg) SSSSXfieoae'.lBSi 

M7- ICFmdrary CirieiuXCZV TOD * 0I«a8I3i: "-P®P*WM*e..EC2R7Bl-. 


. QiGngguj--- 

.. gRfo aBJ;. »:BS» 

(ad Hambro Grtrapf (aRg> t 
to, Hutton, firwrtiMrtd. Era** 

SJZ8BI «* -Brentwood i2277i zug$... 
tired Fttnd* . 

.|aas.PUBdi™ftS.5 
.4TM .... ._ 35.9 

'Jwo eond—.., JlftU 
tjroAcc.rd._Tms 
fleTttwta 
'«SDMrPdj...l7B7 

**!«.. - f»9 

itoul F>tato 
mniimc) __ 

fe Fund 

i DJAnwira- 
(.-Sxqopw.: 
alift pnadi 
lerCo.»FA_.teJ. 


Ltd.V 'gave & Prosper continued 
81 S4TSMS Scot bits Securities Ltd ft 

Scot hi Is 

7-90 ScMyield ........... 

.. Scotiharcs 


I 


WJrf 

iy.73 ._. 


• 03009035 U3RaiJ.c. 1IL „ *■■'■ 1,l B®*rT fl) 

Mil : "t"S» SEJ ^Iter Managomeut Co. Ltd.v ,«. South s«*.D»*JnB. __ o^awi 

r 487- Diaa-tL. I 2J5 TheStk. Exchange. EON 1H P DI-C 


361 

38fl| 


497 

53 ll 

-R 

57 2 

615[ 


N! fi 

753 id- 


171 1 

179 S 


Next 

<ub da; 

X«t 


4 IS 
7« 


, . wi j m j « ■ 100. Vi rod Si rcrt. E l“ i 

Scblesiugfr Trust JIngrv Ltd. raiizt TUlTNai-.S......— W.3 


1 ul 9 : :i 


01-6004177 Am. bail. @ S 


4.M 

736 


C T. Cap.Ine-. 

G&Ato.PitifcrZ. 

r.T.VS.fcC«-... 
GT. Japan 


G. Sl A. TnwifaXgi 

i Jfad mgb Rtf, Bncgwoo* 





*-r 

SI iii 

“r* 


T:. 


Reliance Volt Mgr*. Ltd¥ . 

Zo fai 7 37 Reliance Hat, Tunbndgo Well* Ki. 0802 22271 
69.0 Opportunity Pd 1667 7L]I I s 79 

i « «... , -O.fl <JIfc SefiorteT.fAcci..W41 47.2 -D W 573 

S N^Ional and Commercial seWorfcT inc. . |«2 asi^-o.o) 5 7i 

t5' ?K^^*^ U R 57 2 *^ 163 h<Bl ' 356 9,51 Wdgefleld M*nagemcnt Ud. 


>■3 'mJSSILI 0 - 7 ^-'"^' 7 

•78 Mutual Blue Chip an i 

loo Mun«IH,BhW_|S-5 


A m Growth -. • - g2 
Exempt High VW-. »-0 
txemp* Sift Litre-- 25- J 
Tn.a 


(Aceum, L'nltij 

Capt Nov. i 

,'fAccum. Units, 


5.80 


5.00 

3.93 

393 


3840. Kennedy S' . M^nchouer 
Ridgefield !nt IT 191 0 99 C 

RJdgtrfirid Income. |94 101.1 


931 


ffi Sli 

.t02Tft3SS3D0 • lisa.® ISOs.. . I »T» 

33.9^ ^. :.[ 4.» Provident Inv. Magrs. Ltd.V Bnth*child Awtex Management iri 

-wi»r? : ^?. , ?S. llS V EC3F 3im 01413 4200 7 p^0. GaiehofcN* Rd . Aylcaburv Q3905fl4l 


ExTrBlnc.TU. - 
Income Dlst. . 
inc lO^Wdiyi 
Intnl Granin 
inv Tm rm:» 
Market Lcader>. 

■Nil Yield 

Prri. b Gill Trust 
n?; J363S3I rreperty Share* 

1 7 37 Special Sit Til 

L K. Gr.h Accum 
V K Cnh. Dim 


ttl 
24 9 
274 
127 5 
23« 

li 

*23 6 
107 


21 9m -oai 
Tail -9.U 

3 «|:§! 

WI3I3II 

fm 

29*2,1 

ns-°-! 

yiivt i 

21 -0 J 

20 1 >:l 


3 69 
234 
S02 
4« 
962 
9 62 

? 41 

4 71 
497 


odr. Con Fd .. 

verySlu. 94.6 

tfirtACdly .mg 
imuEnrnuga 57.1 
». SmJr, Co’»^.«23J0 


Gartmnre Pmrfl Haunters f f*Kgl kp.i. Gth.UnT« 1459 

. 01-2833031 MjWun.Uuiiai* 


1 It 2.».H*?Am,E«A«P. 

S ' -HS- ; 

-9Z.M--5ii Cemmodl wShare 1 DM± 


' j™> ^ Tmst Managers Ud. 

'enrhurch SL. 2C3MSAA. 0C3SC31 l™ AjCendM-—- i... - 132 


. . 53B 

6UJ -04- 4.75 *=7=Si?r5"SM 

2ttiS| 0 

**• ®333 H'SSri 

Me “* r l-nl* Rp#. Co. Ud. ■ . _ u t income. 

JeSt. ECS V 73 a. oi -joaunca Gibbs (AuwafJ TJnB T*L . Mga. Ltd- Portfolio r 0 v py 

tenthly Fund |179 18S| ,.J..|. 9.69 AFredenckaPl.QW'J*i«W.IC2. 014S8MI7t. Uuirersjl Fdid,' 

■ itb not Securitle* Ltd (*Krt " •■- -)jj tq~ Sw^wK.' |&1 . 


reaaU.T. {50:1 



-tes&T&aafarff- 


rK’ K.u. . K “ l rfMiin* Nov. 13. 

■48 Westnunntery (a> 




IS 

“ gwg 

Nf. lnlLFd. l.tae. J 
VC. Smllr Corn Fdj 


jlMj 

(993 

144 4 

79.8 

90.0 

1514 


175.0*d -0.3j 
105.83 -24 
153 M . 
MH -1.5 
85 3 -15 
161 X -D b 


344 
2 76 
7 59 
1 57 
157 
4 71 


CrrimnNov. 3. 

• \ccura. rnm a _... 
runbl JJovfl-- 
,7",. -Ac-rum. Cnitai .. . 

Glen Nov 7 
i“ lAcrum L'niiai. 
it? MaribwNo' 7... 
J-JJ Aci-'um L'nttai 

, ... 5 M Van Guth Nov 7 

J. Rmrv Schroder Wagg &- To. l.td.V Aecum. I'nlrn 

127 3- iii -Accum_*. 


I2fl, rheapside. E t s 
Capital %cr. - 7 . -B00.6 
•Areumi. .. .... (122.9 

IncomoNov.T -■ -|18?.? 

lAcnjiu taini. 

General N'n 8 — 
-ArcunL t'nlu'.-— 

F uropc Nw 2 . . 

■Accnm Units i 



Rothschild & Lowndes Mgmt. ,ai 

St. Sul Unns Lane. Ldn EC4 hi -0264356 ' F*n*ChaFdOcL24 

NewT-L Exempt . 1029.0 137 Odl I 3 57 ‘SperEa. GrtJO 

Pnc« cm >to. lb Next dealing Nor 15, dxmnp, fundi «t* 

Rowan Unit Trust MngL Ud.V (a) Scottish Equitable Fnd. llRr;. Ltd.V 
City Calc H:-c Flnhburj Sq . EXT! 0i-«3B lO«8 :<8s( AndjrvuitSa. Edlnburch T1 ISeHioi 


221 * 
Mi 
JM5 
3X7 
353 
176.6 

-SperEa. Get 10 . 
•Rrrovyry Nov. 7.. (197 5 



57 
731 
7 31 
399 
3.99 
2 91 
291 

4 23 
344 
472 


Target Tut. Mgm. iScatlandi (aitbi 

19. Alhol Creacenl. Edin j 031 229082! “2 

Target Aioer Faglel23 1 24 ffl -fl S( 108 

Target Thistle. . 39 5 425«d . 5 77 

Extra Income i'd . |S4 J 64 6| -0 1| 10 Dfr 

Trades Union Unit Tst. ManagersV 
01-0380011 
52 5| .. .. I 5.48 

Transatlantic and Gen. Secs. CaV 

01-80 New London Rd. Chelmsford 02455165! 

581 
5.81 
4335 
4.99 
4.99 
608 
6.08 
760 
7.60 
518 
518 
366 
366 
3 66 
166 
8.41 
690 
690 
516 
5.26 
640 
840 


Barbican Nov. 2.. . 
-Actum Uails-i-... 
Sarb EarpL Ort. 25 

4 _ Ruckra Nor 2 

, -0 At^rnnv Units!™-. 



cell Si London EC4R 1BY . -01-^385381 f«JA- G. Far KaaT 



Xjjj : . . . Dealing *T|»*.'TfWod. - 

-tfii a.S iCorelt’ dehiiJf J -• 

9.73. 77.LoadonWaU,EX2 

DaAD^ 3 Uidt-d2lf/_ I&9 
Next dnaltng day J«ov. 


Ho J®* J™*, Managers LtcLV (aRgi 

-....J' 850 Mlitoii Cflurr. Dotting. Surrn s 

K2 


Neteur.. .. 
Xelstar High Inc 


American Not 2 
Securities Nov 7 
High Yld Nov. 3 
lAerum Unlu>. 
Merlin Nor a . . 
lAenim. L’nltsi 


iiroo 


65 5sf 

me 

577 

82.1 -0.61 
101 4 -0 8| 


?« GTieresou Management Co- Ltd. 


S9H 

60. M -0 2] 5 19 
S9 V -0 2| 803 

.. qa5 ™ wi Union Insurance Group fbi Royal Tst. Can. Fd. Mg«. Ltd. 

• "l LOT rV™.^?«'?3 rWleh r N ” ,3N ' c 080322200 54. Jerwn Sirera.S W 1 

7" 2OT : S, WP . T !h F4 369 0JHH] 5.50 Capital Fd |M 7 

T-' L?? 084 Managers Ltd la Hjgxti 

^KHiCbH^born.wn VTEB 01-4038441 


540 

54fl 


Wirier Nov 3 
lAmin Unity i 
WickDn. Nw 3 
Do. Arcum. 


Tyqdali Managers Ltdf 
l9.Can>nse toil Brine! 
Income Nov 8 198 0 

lAccurr. t'mu, 1812 

Capita) Nor 8 [1242 

i Arn.ru i nil* 1 175 t 

Lv.-mpl Not 8 .107 0 

< Accum. Unit*' 154 0 

lnl Earn Nov 8 2391 

:Aecnm Unrlfi . Z714 

PrvI \w 8 1D5 8 

■ Acvum V mi si 1316 


Income Fd.. . —.1682 7l 9| .. .. I 783 
Prteea at Oct. 31. Next dealing; Nov. 16 


0BGre*h*raSt.E£3P2X». 
Bnngtop Nov. 8^— P87-4 

lAccum, Unital.^ 376 

BtiABJfd.Nay.2- fitt 
I Accnm. L'nlttl— Z1LX 
EtutM>. Nov. 7 — u— 2275. 
IAc cum CnitalJ— 2368 
Gmchstt Nov. 3^.. II 

lA rnrm Hnllal 922 

Ln.t3nils N0V.l_ 704 
(AccCfl). Calls) 1740- 


Pearl Growth Fd 


01-0004433 Accnm Units 
-21681 -7JJ 5J3 E** 11 bw » 

-™J 654 (f™® 1 Unita,._ — .]4S 4 

S^ CSm Units A*rfn- Ltd tgW*) 

2 90 aiftontaln SL, Mnncbestcr 0S14S8568S 

*41 Pealcan Unite.. |83.a 




Save & Prosper Group 
4, Great Si Helens. London EC3P SEP 
ffiTO Queen St_- Edinburgh EH2 4NX 
Dealings to: 01-054 8800 or 031-338 7351 

Save A Prosper Securittea LtdV 

Iptottonl Fnds 




way Unit Tst. Mgs. Ltd.f (aVc) 

nQ*.Jsh Hotoorn. WC1V7NL - 014010833. 

v. IBS.: 80S J. 698 

Npv. i Next mib ifc Nbv. ft. . 

a Unicorn Ltdf IdKcMgi'- ■ • 
TfHo. 232 Romford HiTET 01 2345544 


fS jTOhml UiJt'Trart MiS^V f“ ^.c?Sth-~“]66i 

Sfisss?ss“«i _°ts SBSa^^fir 

Guardlan Bqyat Ed Unit Mgn. Ltd. Piccadilly Unit Trust (aHb) 

Royal Exchange. EC3P SDN. Dl-aOSeOU Antaay Cl Mm Unit Tran Htugtn Ltd. 

(agiGuanHilDTctj.|B9.6 


92H -C.il A64 Rodericks Piaco. Old Jewr>-. EC2R 8FD. 


Henderson AdmlnstratSoaV (aRcXgl Extra income 
Premier UT Admln_ 5 Rayleigh . R oad. Hatton, SSi«T rf. ' 

. Gr-TiiwTKid. Kmcx. 



' ncral . . 

iwth Aec toS 

-oraeTiL |E3.7 

i A 'as Ta |l4S5 
m at Ocl 31. Next 3Uh _ 
rtvor*__. - (438 - 47. 

l*t*ePund._ U3A 
i®ldeTsL_M7.b . 51 

JhLIac. B8I -60. 

. sun. (67.7 


LUC Pluto ' 

Cabot Recovery _ Ml 
Cap Crowd] lor . . (448 
Cep. Growth Ace |aS9 
Incomes Asads . p29 
High Tneame Funds 

Hich income -1614 

Cabot Extra Inc. . (563 
CabotPreLfeCBt „ .J98 5 
Sector Fund* 

- Financial 6 ITU --.. 

Gil it N.aL IUh .._.. 
ImawatimM . 

Cabot 

luernstiana) _i. 

wid.WldeNov.3— 


C272-2I72ffi Capital Fund . 

InL Eras 6 Ai*cit 

I . Private Fund. 

« J Hi Aceiunllr Fund 

53 ss : s F ‘ n ' 


“AS American Fund 


(28 3 
361 
429 
448 
34b 
620 
586 
282 
U 0 


41.3 
462 
484 
17 4 
672 
635c 
305 
228 


-62 
-02 
-0J 
*02 
-04 
-0 2 
-04 
- 0.6 


10.90 
720 
650 
660 
6» 
690 
740 
1 90 
350 


(42 4 


65JdL m.2 
»5f-0.4 



7 W Practicai Invest. Co. LuLV <y*c> 

888 *4. Bloomshurr Sq WC1A 2RA 01-6238883 

12.00 Practical Kov ] . 1145.1 15^1 _ l .4| . 453 

. Accnm LmU (209 2 22251 -2 M 451 


Anoraliaa 

8 Brothers & Co. LtdV (aM*7 
denhaU5L,EC5 Oi -MB 3330 N. Am __ 

ftTst IU65 19ia ...„J 4J09 CabotAm 

ram. ^5 7A$A J 4OT Exenna Fumta ■ ■■ , 

■ MwaiC! ■ ■ S^gTktEBM StS=5 


1M 

234 


43 BnechSc. EC2P2LX 
IblBrlUsh Triixt—. 

_ (fi):ori Tnat. 

245. <£l Dollar Trust 
. iffi Capital Trot# -L. 

_ , M - . v ., . .. ib) Financial Tnm 

e Fund Managers la) (c> . ---thiincanMiTruxi.-., 
King William St.. EC« , 01-6234951 Hw Rmswuy Tfust-i 


T**Nov 7 __ 
a '•Nov 7._. 
hi Oct 31 _ 

. 1 Gel 3 1 , 
uxi >ub da> 



CWC880U 


-0h 


an& Gen 5. 



147.fj — 55j 

Ufri -• - j.7 a3 -o 3 
_ 1B0 19^-051 

tfred. tThurx. Price* Ore 
31-JVov. la. 


159 

695 

392 

392 

583 

446 


ib)Hidi.N(eUTst-,t: 


jJB2 

-7.89 

5.77 

630 


imeiyrfaMgK . 

15, Christopher StreeffECi 014477243 
ltUeLlnv. Fund (83.7 . ,9fl.5| -*0"5t 650 

*£* Key Fluid (Kanagera lid la Mg) 

Zi.MUicSL.EC3 VOTE • .. 01-8067070 




.nla Trust Management (aHg> K»^uity*i .... 

^ w Buildfn*. UmKfrWl _-,‘-®i£SSSF2SdZS?tf 


EC2M5QL 


01-8S8W3SWK59 
2?»( — 


•i i 



, „ KeyFrxed lnt Fd^W 4' «3 

EeySmaDCo'sFd. (103.9 : - T10.S 

450 


-~03t 


ritisb Life Office Ltd.V (a) 

- * Her.. Tun bridge WeUs.TO. : 0882.22271 
jb Life. ... 1496 - 525a] -0J2f - 5.91 

:.'^4 W 

es Nov. a Next dwiingTSby- 15, . 
Shipley & Co. LtdV 

'minders CV.8C2'' - :0iaa0S530 


.MHUI. IS 
102 
£• 
9M 
1? Ml 
-UK: 608 

Klein wart Benson Unit ManagersV 
20, Fencfuircb SL, E.C2. . 01-8238000 

XB UnitJM Inc. ...107.7 ' ' 96H 5. 

♦K-R-UfiilFdAc.^. : lZ.fi 123.9 5_ 

KBlPtf.Iny.Twr. 535 S7.1 CBS 

KBPdJn.TslAcc- 543 567 — .. 4.CS 

KESrolrC o'xF d] be. . 09.7. , S62 u 604 

KaSreCouTtfAcc. 09.7 ' 53J 604 

High YM.Fd.tne-,. 464 502 621 

High Vltf Ftf Aee„M64 504 621 

L & C Unit Trust Hanaganent Ltdtv 
The Stock Echfengft EC3N 1HP. 

UcClnc Ptf.^l_-_IMU 145.3 J' 8 1* 
L6C ltul Sc GenFd .(964 1015] . J 2 06 

S Lasrtah Sees.- LtdV (aKc) 

5Jf 37.QuccnrSf.LWon EC4R 1 BY jOl-338 S28I 
“* -fflM.lluilidi_. 092 
nAcaire4. | alui — 44.7 

-Growth Fund 573 

'(Acctap. Umlil — 6S.0 
tlGOLand Warrant 360 

**TT#rir»n Fd Jll 

RAccnnrUmt*1.._. 229 , 

-.' 'Deal. Jttfon- ‘Toro. H Wed. iThare. 

Legal ft Genera] Tyndall FnndV 

1 6 Canynge Road. Bristol 027232241 

Dm Oct II RJ3 66 Bj . [ 660 


615 

480 

S? +0.7i 

H.6 ^9 


590 

590 

2.64 

264 

183 

050 

0.50 


lAccum Quits) 

Next sub 


Trtiau !« fgi 

■ 

4c cum- ...Hu. 

■ ‘ncoipo. - ..j36I - 

■ »mt - - — Q9L3 - ■ 

. .. . . 28to rMU 

s -.-..117.0 : ?18J -0J 

. anc* — ;..j5S3 • . ‘ ftu ^tJSf 
Oct ioLlitti--...- mH ' 

» Life Unit Tst Mngrft XAdV " 

-St.-, PottcnBer.Ueni “ 

«K*L't. + iB75 :;- :39. 

Accmn ' ..48 

Did . . _.]32.9 . 54 

AECtUH-^_ 


499 

456 


13 84.81 ...| 460 

-November 15. 

Leonine Adhaiaistratloti Ltd 
2L Duke SL. London W1M6IP. 01688 5001 

too Dial-..-. :.--p54 • ■W-fl-0-41 

Leo Accnm. 5 8691 -0.5) 

Uoyds Bit Unit Tst Mngrs. LtdV fa) 
Registrars Dept; Goring- bj-Sea. 
WonMoftWraSraiu. 01-8231288 

aalanced i_ _K9.4 53.1a! — J 4.83 

Da. (Accuiq.1 '. B?1 763 -0.1 4.K 

_ l . ■T-'i -- ‘— 7 553 _q 4 2-29 

_ 69J -0.5 223 

P. Bar 51112 ItKOihe- 862a -D.2 626 

-662 rwvlArttun.l._ fiis.p 123S -0.2 626 

462 Extra iBcoma.—— (68.9 65.4 ~®J 7.91 

7.77 '.Do- IAWmO— .-.'|W3 7«5] -62| 7 91 

1SL Lloyd s life Unit Tst Mngra. Ud. 


(James) Mngt . Ltdy- •• - 72^0. GatobauroRiL. Aylesbury- 0888 3W1 

JrofldSt,ET3?iffift ^ 02-5088010": Equity Accnm. — fl5« 167.7J-05) 4.01 

r::TT:-®ii;ej86.r? l ''T: l .j^l9 m * e Gnnpv tyxow 

aa Sfn: tr Next OeaUnK Nov.15-- Ttw ton Tower SOL EC3R BBQ. 0108 4S8B 
Unit Fd Mgrs. LtdV feKe) ^ 

Dpuee. Neiccajde-apon-TVne 21185 fAccmn. UniraJ ,M.S . 46] -13 2J2 

'W&4 • 63.9 ta " l 4.08 AunralimiM* ^_.p0_2 53-5 -OJSi 1-64 

^ 1 ~ ' tAccnm. United — p 54 7 -fll LM 

Conrnicidlty [7615 81.8 -CBl 5.D1 

lAccup. Units) — ^P3 9 09.4 -0J 5.01 

Campiund Growth. p09i .1164 -0.7 452 

ConvorMan GrowthUftS 666 -fl 8 350 

Converal on Inc. ~.~I67.7 725 - ... 051 

Dividend .—0195 129.7 -0.7 614 

(Aoeomunttsi — .0265 245.1 -1.3 614 

' Etm>pcan-^....-._-.jg4 525| -051 ?.78 


M. UnKs -i(82.7 . 
Yldd. 1415 


468 


#a Unit*.. 1539 . s&4| 


677 

677" 


.042) —J 

ul dealizij! dahs Na v o mb er 1! 

es Official Invent. Fd4> 

® waiLEcmiDB. .*: • 01506 ims < ‘5ESSo“5uT 

Jet 17- jl37 J8 _ j .. J 68L ,AOTnn - unnBI 

Iren. — .^2.47 — 


h Only avmlable to Hag. Charities. 


lAccum. Unit*! , 

Extra Yield (85.4 


Ttohonse Japhet see James Rafay ute roja.un iti..,-^ 


in Trust Managers LtdV faKg) . 

i EC2M4TP OJ-: 

hi-.--: ft 2)190 

BTJ7 Trust. 



567 

1 Accnm. units, 626 

Fund of Inv. Ton.... 59-9 
- lAccusi Qniki — .-. 73-2 

General- U6S 

lAccmn'nnitw. — 2595 
High Income 195.3 
(Accnm. Units ) — ... 1772 

Japan ... 1766 

lAccum Units,™-.. 180.2 

Magnum 2053 

lAccum. Unltsl 2591 

■ - uu 

Mil tan Fond Managers. aSEftSJ** — ^ 

trare London SW1X9EI. 01-2258323. L^^.tjSw-T'"' 

4n.flLh.Fd 117,7 “ ~ 

xFd.- i486 


owthTet—OftB 

endian Funds MgL UdV (a) 
cry Lane. WC2A 1HE 014M20382 MkOarid-. 

■und (0.9 -*6U .._.J 4J5 tAceureUsito™. 


JM -0J| „5J3 5maJlerCos 1763 -00) 

Sl.M.__llL22 i Accnm. UttUft™™ (299 J 2273| -!.« 


-S3-9 




90.9* -0.5) 
125.0 -fli 

S3 -ll 

64.4 -OS 
767 -li) 
177.4 -l3 
. 2764 -2.B 

112 1 -o.d 
1067 -0.W 

1902 +0i| 
1M.9 *03l 
220.7 — L7j 
2765 -£l] 

**5 -o s) 


673 

iS 

521 

521 

610 

610 

Ifi 

4.47 

447 

4.56 

436 
7.00 
7.00 
4.08 
4.B8 
548 
528 
4J7 

437 


045.7 


USA -IS 609 
S _ 3820 -SJ 609 
1 «3d. -69 1LM 
044.9 147 J* — L 7. 


1VLH 

24S^ 


7J 

5.93 


«wnt UnJt Tst Mgrft Ltd, ^roteU ag! Fttad* 
erLaney£C2V0HH. . 01-HJ6O2G2 imSEcSSEHL 
amol— ..{gg ioSzS'SI ChariboodNiw^-. 

608 i^im Unfts»Z^|lsg.f 

at Unit TSL Bfgrs. Ltd (aKg) _ Tt . 

&Crcs^ Edinburgh 3. 031-2284E8L SUSBlaM Ud 

er.Fd BL6 23-2*1 -flJl 178 54 Ocorge"* WaJ’.'Stevenage. 00880101 

Sit -Oi -1-6 . Growth Units. .{SL5 . SdSf | 651 

Ot-DtsL 071a +0.1 9.16 • • , . ... 

tore* )38J <u .... 517 Msyflower Management Co. Ltd 

/OT..: »49 2671+0 2) 1% :*i8Srreh«mSt.EC2V 7AU. 01-0080090 

4mmry Unit Fund Managers fiSK^sScV — I mj 3 ^3 “ H 1m 
VW 5I.EC2MTAL ' 01-630 440S S5£Su.K». trloS . 46? 3.90 

«.?: H7S7 195.71 | 505 Manugerc Ltd. 

01400456S 


2089) 

275 7 

70.7 ..... 
763 — 
253 9 
307.7 


•Sncheater Fund MngL Ltd m Gresham st.ECapacB. 
y.S^- 0I-BWSW7 Mm . Cm Xw.6..rij6« 

aclwstw...ll60 20 3 . ..1 4 68 Act CIS. Nov 8 „ 2592 

■hr P'seis|202 2J) | 3.95 Mere FnL Nov. tt».. 66S 

* Dndley Tst Magma t Ltd. SSae!^!d.o?t.»™ Sl7 

phnSL.S.WL 01-4807^.1 Accra. L'la.Sefit.20 |2M4 

odieyTst.fTi 1 . 76#.. -I 3J1 Midland Bank GiwtP 

■ar Djaftas Securities Ltd uiutTrfirt Managers LtdV tt) 

* W#r Unit Trust Hagrs. courtwiotl How*. Silver Street. HmdL 

V . r - Sheffldd.S! 3RD " ■ TeLOTta 

* L 0 W Un. Tf. M-V taKo.KcHzi Cam0 «lity6G«..jg4 

m Rd High Wycombe- CHW 23377 paAmim.— JW4 

Growth — ... 


443 

443 

291 

2.91 

440 

440 


1*9— -|K! 67.5) -02) 444 

Finlay Unit Trust Mng». Ltd 
rtNil«Strpel.Gla*80wu ..WIWWl Incnw— 


htferaWL 2L0 

;nh* M.S 

JwflBK™. 342 
Euro. Flu. 262 

'irits sas 

fUto-Ttf. 2®.® 

'niu |sl« 

a7fw.-& 



Next deafens Sav. 18. 


2.41 UftAWBB.™- 
241 international - , 

li g^a_ Laj 
H&S 

4 99 Do Aremn*--— JUU 




70042 
78S*f-«J 5 J3 

83.4 -fl3 5SJ 

37J —61 345 
403 -42 3« 

27.4 -02 400 
»3 -02 40* 

55.4 -02 686 
646 -0J 686 
452 -S3 338 
461 -Oi 338 

S3 is 


•Prtces at CWL 21. Next dasllng Nov. 30. 


CORAL INDEX; Close 472477 


insurance base rates 

^perty Growth . — 

*anbnrghGuarar.te , wl... - : .• — — 

TAddrew xhown undfiT Insurance and Property Bond Table. 


High Income Fawb 

High Return 165 7 

Income.... }*: I 

U.K. Funda 
UK Equity ._ . 

Oiiiwh Fnndnn 
Europe 
Japan 

S £ 1UI1 fiuth l 
US . 

Sector Faads 
Commodity- 
Fnertf' 1 

Financial Secs. 
Rlgfa-aflDlmum Fund* 
Spied Internal 1240 8 
Select Income.. . |516 


170 inrouic Units --|48-2 51JUJ -1 :i 
4.1! Vciim. Unilf l* z n . *• » -1 2) 

7 95 Dealing dfl> Wedru»dd\ 

JH Sebag Unit Tst- Managen. Lid.V tai 

4 28 PO Box 511. Bcklbry Use EC 4 n : "JH 2Afaslle>St-Edliiburah 
Srbaei-apital Ftf. .03.1 2»T\ -D.’j 4 M «« ,nc Nm a ilft* 

Sebag Income Fd -BOS 339i-0. : ' 856 
oi+BOKLts Secnritj- Selection Ltd. 

6?.3| .. . { 377 ].v 13. Lincoln* Ina Field*. RC! 0;.fi3l6SOGB 
UnvIGthTMAce- IS 2 ?5S ■ -i 234 

Um-IGtaTat lac . .|a.3 21 U I ; 30 

Stewart Unit Tst. Managers Ltd. faj 

45. Chariot 1C Sq_ Edinburgh. 031-2203271 KTacVuH 

fStewart AmerieaB Fund 
Sisndard Unita — 156 0 597! 

Acnun. Units J§§ -f 

ViiMnMl L'mis-143 4 
■ Stewart British Carttol Fund 

Standard 1«4 *.20 

Accum. Unit* J1563 172- » .. .] 4 20 

Pealing fTure * Fn. -5..^ 

Sun Alliance Fund Mngt. Ltd. 

Sun Alii raiee Hse .Horsham. AmsBiH! 

ExnEg TstXovB -1014 9 445 

eThe Family Ftf --(93 8 M71 -04 3 Bb 


sew inc Not a 
Seen. Cap Vov 8 
• Accum. Until, 
ton don Hall Group 
Capital Growth 
L-o A.-cum 
Extra Inc Growth . 
Do. Accum . 
FinancialPr'fiy 


jl* 

134 0 
1 161 2 

‘79.6 
BIZ 
38 4 
106 4 
153 


m= 


High Inc Priontj- 
International. 
Special Sit* . 


-.093 


64.4 
26 3 
33 9 



OFFSHORE 
OVERSEAS FUNDS 


Keyser Ulluanu Ltd. 
25.mikswBi1Er3vR.iK ous<j8-nm 

Fonwlen _ . . |FrlJ9S 1 SB) . ...I 2 90 
Bontf+ek't - Fr 11365 241ffl ..J — 

CeoL Asset* 1 ’J9'.. lUoO 117.64 -0.03 - 


58 JJ -fl 

25. Pd -D 
714# -0.5 


251 

4J0 

1.98 


TSB Unit TrustE ly) 
ZLChatrcr Way. Andm-cr. Hants 


55 9# -01) 7-75 


706) -031 

51 -Oil 


45 2 


864 


* S7 Target Tst. Mngrs. Lld.V (airgi 


Pealing* 
1 h'TSB General _ 
it 'Do Accum . 
ib< TSB Income 
>bi Do Acrura . 
TSBKcoifiih. . . 

<b ■ Do Accum 


to OVA 63-172 -3 



455(-01| 5 46 


31. Gresham SL. E>72 


187 5 
105 7 

fiuthFd M2 6 
. |64B 

pi 

167 5 



254 1| -2 3j 2 IB 
M4 m(-o3 766 


Target CorniBixiity 
Target Financial 
Tarset Equity 
Target Ex Nor fl 
®Do Ace Units 
T arc cl Gill Fund 
Target Growth . . 

T a red 1-ariiif Fd. 
Do Heint Unit* 
Tarxet In' 

Tgr Pr Nov 8 . 

Tut iuc 
Fgl FYrf 
Tgi Spec >al Sits 


[371 
B7 3 
1372 
147 4 
[2681 
116 9 

I 2 

to? 

,152.5 

ffi 

19 7 


P •'aline* ?2M>r>mi 
375 
466 
622 
7 27 
7 27 

3 00 
478 
1 54 
154 
352 

4 85 
B 58 

11 77 
4 sa 


39 5[ *0- 
b»2i -3 6 ) 
10 0 -0A 
207 5 

rc 2 

1.72 5 -9 I 

i!i :!i: 
*1 


is d) 

2: rl -0 1 


Ulster BankV (a) 

Won nc S' reel. P.elfart 
< h .LTsier G rorwrh |36 3 

Unit Tru<i Arcounl & 

Kiiir W'llian Si EG4F.PAK 
Friarj-H-..- Fund [»r-C9 
Wircrinh Fr.i sou 
l". Ae'Ulu |3o T 

Wielc-r Growth Fund 
Ktnc Wi i'i am si EC-vRPAR 
Income I 'nil' |3fl3 

Accum L'qiIn uo l 


0232 35231 
39 01 -011 5 45 

Mgrnt. Ltd. 

O14U3 405. 
4 71 
463 
4 66 


41 0. 
31 5 


Alexander Fund 
3T. rue Notre Dame. laixembreirc 
Alevandcr Fund -I il'SiH ! ...| 

Net value .\o< 3 

Allen Harvey & Robs Inv. Mgt. IC.1.1 Kefeie'i Japan, ipsa 

1. ChanitgUrmi. re Heller. J.-n ill OSH-73741 King ft Shaxscrn Mgr*. 

AHRGil-.Edc.Fd— 1£30.13 10 1-0 | 13 92 

Arbntbnot Securities fC.1.1 Limited 
P*XB<h 28I -Si Hdier.Jerwj- 0534 72117 
i\ip Tst. ■!«**>■ . ..il350 11901 | 420 

Nevi dealing dace Nuvrrtibcr 21 

■toil fern. T.L. iW 1011 11100 

Next deal m c date Novemlier 13. 

East A I nil Tit ill. Illl 1181 | 3 10 

Next dealing date N01 ember n 

Australian Selection Fund NV 
Market Cipnaruimues. c o lr«h Younc 6 
■juiIiwji!>>. 127. Ken! Si Sitjne? 
fiSl Shares f W I j — 

Neal as^ci ^ &juc Otlibrr 2* 

Bank of .America International 5-A- 
.15 Ruulevard Royal. I^nembaur: G.t> 

Kldlmcsl Income .[SUSU157 126 IS) .1 7 32 

Price* at Not 2. Nerxl sw". dale Nu«. 6 

Basque Bruxelles Lambert 

2. Rue D* la Regence B 1000 Bruuek 

Ren la Fai-d LF . JL904 1.9631 -a| 7 87 

Barclays Unicom InL (Ch. Is.) Ltd. 

1. Charing Crosv St Heller. Jr*y 0534 73741 , 

fuereetoincwra; W6.7 49 1J 1 12 » Lloyds Bank Inti. Geneva. 

L'nido liar Trust. . P"SfMS 113M -fl 111 1.88 

Unlb*>ndTriJst . .pt l SMe48 1020 I 8 50 


rn-owon 


1 Charm- Crasi. Si llelier.Jerwr. 01501' 73741 
Valley Hse. Si P«*r Pore finw. t(K81> 74708 
1 Thomas Siren tV'ueJas. I O M u)SH 1 4BW 
Gill Fund I |BR7 aB9uf .. .. I li25 

l.ilt Trust il.o Mi 100 5 3D3 lS . . 1L25 
tiilt Fnd i'ueni}a?ri9Z5 927a| . ... | T7W 
IdIL Ceil. Sm Tst. 

First StiTlme I* IB PS 18 201-0 20! — - 
FrnuTntl . . . .|JlflC21 !no),0Jl) — 

Klein wort Benson Limited 

?0. Fenchu rch St . F'*n 
Fiiriiwst. I us p 
Guenue; In*. . 

Po Accuin 
KB Far E.**t Fd 
KEInll Fund 

KB Japan Fund 
K.E US. Gut h Fd 
Signet Bermuda 
Intemtl. Bd. b M . . 

Lloyds pk. iC.i.l U/T Mgrs. 

Prt Per. LSI. Si Helier JerM- 0i34 27>61 

Uortf-TM f'xca* [60 8 MOnfl | 1.21 
Next decline dale N'pvcmhrr 15. 


1 1 170 

-15i 

313 

65 7 699nS 


4 35 

|c « 87.? 

| * 

435 

5l'l*13 84 


1.45 

; 51 fill 02 


2 09 

SV.Stri.28 


0 61 

SIV13 04 


064 

SUM 89 


184 

SfSlM - 




PU fax 438 l2tt ilcnnr 
Liard* lnl drouth l-fTCB 

Lloyds Int. 1 nr. . |SV29)50 


<Su.it -erland- 
5DW I 180 

5ii nj Is la 


SS'S:S“"*» ul 


L niiarri Aim Ext 

DO AUS. Mlh . . . 
D<. tlrtr PAcifli- 

I xi Inll Income 

r>o. ( rt Man Tst 

Ho Manx Mutual 


1469 
31 X 
68.0 
381 
444 
too 


52 « . ; 

33-5*1 i 
73 2 -0 >| 

78 01 -0 7! 


170 
1 GO 

650 
9 10 
1 40 


Bishopsgale Commodity Mr. Ud. 

Pl. Box TJ Couul.xs.J.n M l«4 3BII 

ARM-U'-ect i .IH 'aBK 3C UJ . I 
t ANRHO“OcLi 11092 XlSfl * - 

COUNT — Ocl 2 112 465 2614) ..| 201 

Dncmally isxued at "SID and 

Bridge Management Ltd- 

pa Box 506 Grand iTajmun Uajrnai Is. 

N-hashl Nox- 1 - .1 T17.954 I — 7«| — 

G p.o. Box 56C. Horn? Kong 

Nippon Ftf Norfl. |SL2L4! 22Bi-0A]l O’M 

Britannia Tst Mngmt. (Cft Ltd. 

3b Bulb Si. SI Heller. Jorvcy. 

Sirrline Dmomlintnf Fix 

GlMthlmest 135.9 

Intnl Ftf. . .862 

1117 8 
C210 
10 96 


Bank of Bcmiutf. EtulMing Bermird.. 
Canlcrbut; riel 27 If I' A 05 l-l — 

M & C Group 

Three quny-.T.iu-r Hill E-'in oKQ 01 G2fi I5W 

AllanllrttiA 7 JSVS2JP 3 ]&l 

\urtfcx‘»u « ZJll-D liJ 

rildExAc.-Wnfl 15L*« 56 lOtej-O-MH 


1-lan.l 
■ Acruni Unit* 


1177 b 
183 9 


1J7_*. 
197 { 


-an *3 74 
-1 ll 93 M 


Samuel Montagu ixln. Agls. 

114. Old Brood S; . t •' 2 
ApolIoFrt N"- 1 . |5F«0 30 
Japlcs, Oct ;,t ... iihiM «e 
117 Group Nm-. I m 516N 
1 17 Jersey xvi I8_IL348 
ilTJffOlfcOcl 25_.li.9 34 


43 70| 
It 12 
112 
5 

1031 


OI-MHfiKH 
18 
0.79 
2.10 . 
0 70 


127 

27. 

0 


Murray. Johnstone (Inv. Adrisen 
05M731M 163, Hare St GImc-w.CS. . 041 J21 5521 

•JtopcS, Fd- J SU.S43.99 I . / — 

Ifhn-sy Fund ... I SUS10 JJ { ( — 

NAV rnAOher 31. 


38 8) .... 2 00 

93.3... 1.09 

27,« .. . 1 -.150 


3 00 
3212 


Segtt SlA. 

10 b BoL'Ieiard Ra>»l. Luxembourg 
.V.W Not * .. . SUM? 56 I 


I - 


!2 5i 
33 21 


0! Cl: 4931 
l 468 
; «68 


INSURANCE AND PROPER u 


Tm^r 


Abbey Life Assurance Co. Ltd. 
1-3 SL Paul's Cburchynrtf ECA 01-2 

Equity Fund 

Equity Aec. 

Property Ftf 

PropxrTTy Acr. 


Crown Life Assurance Co. LtdV Lloyds Life Assurance 


^Selective Fund ko 6 

CourwtJ ble Fu nd - 

f Money Fund 

TFrop. Fd. Ser 4 . . 

J Man Fd .9er.4 
Equii>- Fd. 9«-. 4 
VCooi.Fd Scr.4 

VMcnry Fd Ser 4 . 

Pru'M at Ntu. 7 Vuluat.on normally 


35.7 

37.6 


- - 

308 

325 



1508 

isaa 


_ 

16L2 

169.7 



906 

954 

r 


1336 

140 8 



124.2 

1308 



1321 

1391 



1343 

141.4 



Kt 

363 




114] 

3?® 2 




U?1 

118 D 


— 


Albany Life Assurance Co. Ltd. 

,31. Old Burlington Si .W 1 
VSquity F-l Are- ... 1195 7 
yFIxedlni Air |l41* 

VGuUMoneyFd \r 1163 
1102 


Hanj(*d Fund Acc. - 
Mmg'dFtf lccm._ 
Uang'd Ftf TulL. 

Equity Ftf Aec.. 

Equity Ftf Incm__ 

Equity Ftf IniL 

Property Fd. Acc .. 
Property Ftf lnrra- 
Property Ftf IniL - 

Inr. Trt. Ftf Acc 

Tdt TkL Fd. Incm. 
Inv Tst Fd toil 
Fixed tot. Ftf Act 
F xtf lnl Fd Incm 
loter'L Ftf An 
Interl Fd Incm 

'»*" ■'*« JSSSEI i A „”. 


Tues 


•ton Hlaii^Fd Arm 
fPropFcUcc . . 
Wide Inv. Acc .. 
Eqiriw Pen Fd.Acc 
rfi wH Pen \c<- 
CrtcLMoh Pen Arc 
IfltlAln.Pnrd.lec 
PrwxFVn .%ei.- 
tTpleln' Pen .Acc 


112 4 
170 2 
235 5 
1805 
132. B 
11171 
129.5 
12305 


Money Fd Incm . 
Dt:i Fd Incm 
Crnum Bit 1m. V 


I8Z.7 

iioa7 

fe 9 

919 

92.4 

|| 

1.4 

197 6 
mi 
M6 2 
300.3 
^■9 
|309 3 
109 3 
97 6 
95 2 
1103 3 
168.7 


108JJ-OJ 7.57 MilLGt.Nai.6. 

10591 -0 1 757 Opi-A Pr.Nav.2_. 

U62) -0.1 757 OjxS'A-Eqt Nov. 2 _ 

— OJj 6.95 OpA A'Hy. N«.3 _ 


967 
97i^ 
iooq 
1006 
99J 
102 7 
100.1 
101 2 
1055 
INI 
11S0I 
115. ft 
1S2 7j 
100 , 
1066 


33 

m i 
♦ 01, 


-0 1 


695 

695 

9.75 

975 

975 

645 

645 

645 

11.39 


I 36841 
1044 152.0 

134.1 14. 

^558 164 C 

to! 5 
130 ni 


Op S' A' Man. Nov 2.(153.4 
Op.5-A DepL Nir. 2.11235 

London Indemnity & Gni. Ens. Co. LttL 

1628. The ForbuiT. Heading K5M 1 

Venn Manacer 13? 9 35 4; -0 2| .. 

II M Flexible 129 4 31 C -0 2 - 

Fned Interest . 1 34 j 36 jj _ | 


u 39 Tbe London & Manchester Ass. Gp.V 


5.71 
5.71 
1000 
10.00 
4 14 


WiniJndeFart. Eveier 
Cup Crouib Fund 
*Fle» Exempt Fd 
6E>emrii Prop Ftf 
♦E\pl lr - “■ 


raic'aiss 


Crusader Insurance Co. Lid. 

\T«cu la House Ttmer PI . EC3 
Gib Prop. Nov. 7 _ |73 9 «3 » . | - 

Eagle Star Insnr/Midland Assur. 

I ThreadncvdleSt. Ei.’Z 
Eagle, Mitf Units. )523 


nv Trt Fd 
Kiev; Me Fund .. 
inv TrurtFnnd .. 

01426803] Sd^g^VFd’I. 


236 B 


340 0 


970 


1565 


114 4 


1366 


85? 


1012 



Rdyal insurance Group 
New Hall Place, LiverpooL 0612274-122 

. Royal Shield Ftf 1X42.9 15L2J 

Save & Prosper Group? 

4. GlSLHclea's. Lndn . Ei^lP 3EP. (J'. KH 8830 

Bfl) Ir.v- Fd 

Property Fn. " _ 

Gilt Fd - 
Deposit Fdr 
ionip.PcnN.FdT 
to nil. Penn I'd 
Prop IVn'.r'd ■ 
riiil Pm. F.l 
lirpcvIVnsFdt 

■Priie* on uriolier 24 
iWcn-ilj defiling). 

Schroder Life GroupV 
Fjvlerriri^- Honsi- l'nrL,mi.iilh 'iTiir.lTTtfl 


129.0 

136.6 

-03) 

160 4 

1698 


1231 

1296 

+0.2 

1355 

132.2 


2C7 0 

2179 

-35 

1E1 2 

1°! 3 

— i 5 

2323 

745 7 


■K B 

99 B 

*0 2 

1016 

107 ft 


AfttEV Life Assurance Ltd.V 
Ahm Alma. Rd.. Hei sale Rei£aie4C10t 

HAMEV uaoacefk. .1139.6 1 

| AMEV M*tf "IP—- .E* 4 

mi 
913 
199.2 
110.5 
1106- 
|9G3 


01 588 1212 American Ftf Bd -. 
54 2| *0 11 6 29 I'unv Dcr-J-le - . .. 

Equity & Law Life Ass. Soc. Ltd-V I?' “vSeidF^Rd • ' ." 
Aroers.hz.in Road. Hnth Wycombe MM3.TS77 


MAG GnrapV 

Three Quay'. Tower Hill E '.1R AP.li <1, 4£1H4S88 l.iVi^-l Xe- 4 


Equity l 
Equity 4 
Fixed Ini 4 .. 
•4anul'«-«f 4 _ . 
Money 4 
• ••.erseos-i 
P'operty 4 


Ftf- 
Td- 
Iflt..- 

AMEV Prop. Fd. .. 
AMBVMetfPeu.Fd 

AMEV/ftanrihufton _ 

American 17? 1 

Income W3.2 

ire Growth (it 8 


Equity Fd .. 

PropenyFd. 

Fixed Interest F... 
Gttf Omoel Fd. . .. 
Mixed Ftf_ 


nn 7 
1124 
108.1 
1009 
111.9 



-05 


Family 81 4« 
r.sli Bo-id-*-.; _ 
lnlernauil B'-ud— 
jpan FtfBd • . ... 

Managed Bd •“ ._ 

Porx Pottstar.'-’. . 

General PDrifoUo Life Ins. C. Ltd.V 52521. 

60 Bartholomew CL. Waltham Crres. WX31B71 on •“> 

PorUollo.MaSawd' ic4 44 &| “j IT Merchant Entcsiors AssunutceV 

toon Huo. 233 IhitfiM .Croydon 0I-6««PI71 


(461 
002 
137 4 
^9.7 
1662 
1916 
1071 
:10L2 
[60 B 
140.4 
2399 
,1654 
|672 
a *• 


48 5j +12, 
126 3 tOl 


Wfl-lV - 


3—5 

ar 

173.B 

7E.7 
Nov 1 


-2.0) _ 
•*Oci 3. 


J< S Pen* ap l: 

KF. Pun A-r U 
Mnprl Pen > .%!■ K 
Mn/il Pen \r. p. 
_ ,• Ini. Pen 'S.fi B 

_ K Ini Pen \'«- P 

_ M.-.r.f... !>■.-. ■ .ip X. 

jloncj i'en ire B. 

f-rop rVn *'.ip II. 

_ imp lieri .tit li. 


• 17 7 
137 J 
1217 
099 
67 3 
162 0 
1217 
1124 1 
1365 
2C7 4 
1244 1, 
953 
971 
571 
989 
!07 0 

lose 


239 6 


229.3 -3«1 
144 5 -1 2, 
139 « -14 
HEP *P1 
42 0 *12 

*.70 a *oi 
128 1} —0 1 
ISO J! *0 2 
143 3 *0? 
21B4 -In 
252.8 -18 
100 4 -1.0 
1C2 3l -0 9 
1023. +0 1 
1M2J *0 2 
112 7] 

114 n *0 1 


Jersey Enerjp Tat. 

Uni vs I I Trt. St*. . 

Hush to’-StleTsL 
I'A Dollar Draarainaled Fd*. 

Uniisl STrt . HI S5JS 55» . .. I — 

loljlich lnl T*l )SL 9097 1 CW | 90 It 

Value Nnr 3 Nc\[ deahne Tin-, fl 

Brown Shipley Tst. Co. i Jersey i Ltd. 

!’■> HiA.VD.'D llelicr. JerH.n nVJ-i 74T7T 

<H-rlinc Bond Fd |19 94 9 971 . I 12 00 

Butterfield Management Co. Ltd. 

I'll Bui 100. Ilumltun. P-.TinuJd 
Huitrc- s Equity l5r.>C48 2 57; i i S3 Quest riiod XasmnL ijerseyi Lid. 

"trsJ’st, J c : n "** m 

For Capdirex SA see under Kcyser (k-ito ti 

‘ " ” J Quest Inll fa . .■B30S9I IM7| 

Price ji N'lir H. %tv.t de.ilin*. 


N^git L'-d- 

^-.nk of BIiIcn Hamilton RrmrU. 

VA' 3 . l£6 46 — 1 .. I — 

Phoenix \MLera3iional 
PH R.K 77 M. IVli-r I v.n OuTrvej’ 
liner lNihv' r F'.V" 1 1*2*0 


24*1 


l-l] man Lid. 

Capita] Internaiiontd SLA. 

37 me Noire- Dame. LutemlhMir;. 

Capitol InL Fund- J St-51773 | „. J _ 

For Central^ Assets MngL, Ltd see 

Do. Platinum Bd _ 161.7 
Do DiamoadEtf ...1924 


* - ■ .T I 

>291 -0.7] 12 M 
IDA, ‘ii rod 3oa 
IM7|-<1|]]0 90Q 
mi, N'pv 15 


under Key ser Ul lman Ltd. 
Charterhouse Japfaet 
1. Paternoster Row. EC4. 

Adirope 10*0950 

Adi verba 
Fond 


Richmond Life A.iS* Ltd. 

4& .4ihoi SireiH . Douciai'-J-O M. 
PiiTheSil-.erTrujj 1123 0 ' 115 8 

.1702 

5C®« 
j7s’6| 


06M 23514 
48.3J ~ 
*3.4 
+3^ 



DoJ£raincomcBd..|i65.9 f7s’6| 1 1154 ; 

Rothschild Asset Rianage’Q.wnt (C.I.)- 
P.OJBov.'B. Sl Julians ft. Cueraset .^WBI 2ffi3l 

53.4 56M—' 

153 7 163.53 

*13 13ft 
14 15 U85| 

144.4 15>i, 

. 52868 30511- 

Prices on ore 31: Newt dealing Noe. vs 

tprires on Nov 7 .\'c\, t!^jlir..c Nov 2i. 


O.CJSq-Fr. Octal- 
O.C tocF'd Nor. !_ 

O.C InlLFtfl 

OCSaiCeOelXI 

O C. Ci>L-in»tfity* .. 
O.C. Dlr.Corodtr.t 


- -l' 

-OOX 

-0J7) 


2J» 

716 

135 

340 

020 

C,56 


Scottish Widows’ Group 
ii i fa' 902. Edinbmvh EH W5BU 031-8r*6000| 


_ Gresham Life Ass. Soc. Ltd. 

— 2 Pnncc of ftalw Rd. E'raoutb 0202 TB7»%5 Properii Fei 


For Arrow Life Assurance see 
Providence CapHol Ufe .inunnrc 


Barclays; Life Assur. Co. Ltd. 

2SZ Romford Rd. E.7. 

JIM 4 
tU59 
11083 
11102 

11063 

te 6 


O LCash Fund 
G LEquily Fund .. 

CJL Gill Fund 
fi L Inll Fund 
G L. Ppiy. Fund . 

Growth & Sec. Life Ass. Soc. 1-td.V — 

Weir Bank. Bra.v-<Ki -Thame*, farks. OK'S-FCW jl?T¥5? t h V ' 


986 

103 8 

*01 

105 3 

110.1 

-1.2 

1123 

11S1 

-0 3 

106 9 

112.: 

*4 7 

1092 

1055 

+2 0 


Property 


Equlti Penn 
Money Narkre 
Money Mkt Pcin 
DepOril 
Peporil Ponn 
Munazed 


Barclay bonds"... .. 

Property 

lulernatUmal ... 

Managed^. .. r — 

Money....-.- . 

Man Pen*- Ac chid. 
no. Initial. ...... |94 6 

Gill EdrPauMt: 

Do. Initial .. 

Money Beau. Acc. _ 

Do Initial*. 


Ol-W »M Flexible Finance _) U506 

- Und bank Sore. _ W 11 
1221) -413) — Landbank Fcf ,Kr 1117 119 

G 6 6 Super Fd . i £7 903 




89 « -ft«* 


B 


114.1 
185.9 
103 3j 
99^ 
10LZ 
97J 
10ft ri 
1042| 


-0JI 


rUurrem unit* value Nov. 8 


a . — 


Inti Equir* 
Do Pen? 

Inti. Managed 
Do Pens 


159 7 
169 4 
58 0 
167 0 
14J.J 
18*. * 
Ui 1 
144 5 
1C6 1 
140 0 
95 I 
190 0 
971 


100 0 

„ _ . _ . NKL Pensions Lid. 

Guardian Royal Exchange MUionroun. imtirw.femy 

Rcq'al Evchanfle. E C.9 01 282 7187 N - rte i Eq l Ju «4 5 

Properly Rood.* 1189 8 197 71 I — Ndex Eq. Acvun ,113 6 

Hambro Life Assurance Limited V nSjS M Su£ v Vrr 1^ \ 


In--.PI;- Sene-- 1 
In, F’l* Siriin: 
ln%M 1.15I1 ‘.m ;i 
P\ T*l Vvu. -. .11 
Fjc Ut Inc Ore .-l 
>*j|i Pen '■■■/' I 


104.3 
98* 
998 
138 2 
134 6 
2663 


164 
103.6 
105 1 
!44 1 
140 4 
2663) 


Solar !jfe AsMirance i.iir.ilrd 
I O 1 2 F..y : -| are I undon E '.*.lr- 8TT tf 1 242 2T«»| 
SolorM.-n-creJ!- 
Sol hi 1Y.(|H n; S 
-**-:ar5quilv. 

Solar F.d lnl S 

Mlari.^li % 

N*.-!arlntl S 
solar Manured l* 
solar Propcrr- 1- 
Si'.iar Equllj F 
Nila: Fvi Ini f 
Solar Uu.- h r 
Solarli.il P 


r.Ni 
:j< 4 
162 8 
115 7 
,102 ) 
o*-* 
1259 
,114] 
162.2 
1155 

101 9 
in 5 



mn-oq - 

650 


7010 Park Lone. Loadon. Wi 
Fixed toL Dap... ... 

Equity. ... 

Property— 


Beehive Life Assur. Co. LULV 


7L Lombard SL. EC3. 
Blk. Hone Nor. i._| 


IK 88 


Managed Cap ...... 

Manaced Acc 

Oversea^ 

dims 1288 Gill Edged 


I ._...» - 


Canada Life Assurance Co. 

2€ High SL. rotters Bar. Rena, r Bar 51122 
EqtyCth FdNo* I.«| 6L1 i _ 

Rctnu Fed-Nov-e.l* 11*4 I ...... — 


Cannon Assurance Ltd-V 
j. Olyram e Vy. . Wembley HAS0NB 


Equity UoHa__ 
Property Unttft— . 
Equity BondJBwc. 

Prop. Boiitl/Exec — 

Hal. BfL’KicWUtdL 
iMipcKJi Bond 

Equity Accum.. 

Property Accum ... 

AInctf Accum — ' 

%id Equity* — 

2nd Property. 

2nd Managed. 

2nd Deposit. 9ftS 

2nd Gilt-L..., Wl 

2nd. Amnrtc a m^-^. 76.8 
2nd Eq. PenjJArx.. 963 
2ndPmFensMcc. . 1127 
"ud Mgtf Penal Acc 1025 
2nd Dep-POns/Aec. 1020 
Sad Gill POnt/Are. 90.7 
^jtfAmPenr7Acc 794 

LftESIF 385 

L& ESJJ-'.3 1275 

ftmem 


£1711 

ape 

£1157 

03.75 _ _ 

0354- M 13-O.oa 
U33 1195) ffl 4 

177 
0327 
L640 


.’■rnenejm Acc.. 
Pen. F. LX>epiCap. _ 
Poa.F.1 DepAcc._. 
Pen. Prop, top . .. 
Pen. Prop. Acc . . 

Pen. Nan Gap . . . 

Pen. Man. Arc 

Pen GiliEdc.Cap . 
Fen GillEdj Arc.. 


Pen. RS Arr. . — 
01-902 8376 £«I F Cap .... 


-0071 


a * 4 * 1 


-1 


9281 

s» 


98-2) 


UM.U 
104 a 

101^ 

119J 

U71 
96. M 
84.01 
41 A 
29 q 
value Nov. ?. 


-o§ 


113«_ 
-0.4 
+05 
-U 
-15 
-05 


-0.4| 

*03 

-0.9 

-05) 


1274 

134 2 

. ... 

1799 

1W4 


170 3 

179 3 

.... 

1427 

1771 

1215 

1503 

1865 

1279 


125.9 

132 6 

. ■- 

879 

92b 

... . 

129.8 

136 7 


153 3 

161.4 


21L5 

222 7 


(2757 

2*03 


211.6 

2228 


275 7 

290-3 


1210 

1283 


1298 

136.7 

„„ 

126 9 

133.5 


14 hJ 

1S3J 


104 I 

. ... 

106.9 



703 
538 
55 0 

If-’ 

53 * 


01-4990031 ffelea Glh Inc Cap .‘51 2 
Nele* Gib to. Ac-. |53 1 
N'dMxcLFd.C.p 49* 

Net Mud Fd \r.r 150 B 

Sul. ri*j ViKimbcr 25 

NPI Pensions Management Ltd. 

48 GnwprhurchSi E«3P.'.l!r! fll*a-ta)0 
Managed Fund . 11553 16181 I — 

wire. Nm 1 u'cilin* Dec 1 

New Zealand ins. Co. iU.K.1 Lld.V 


San Alliance Fund Man gnu. Ltd. 
Sun Alliance Koum litirshuin MiCMI-il 

Etp Ftflnl Nw n I11492 159 M - 1 *1 - 

InLBn Sm 7 I CUDS | I — 

Sun Alliance Linked Life Ins. Ltd. 

Sun AlUu.-ii-cHonsr- HorrS.ari H4i««i4l 

Equity P'un.1 

FixetflMierwiFd .[1056 111 Z) *0 3 

Propen;- Fund 
'.nlcrnaliicidl K.l 
licirosii Fund 
MHnnrrd Fund 

Sun Life nf Csnada iU.K.) I.W. 


1245 

131 

1056 

111 

115! 

12 2 

94 2 

•r. 

95 5 

103 

108 6 

114 


Fendis. 

Emperor Fund 

Hjspano 

Clive Investments (Jersey) Ltd. 

I'.O. Box 320 SL Helier. Jersey. 0534 37361. 

CliieiiiltPtfiC.I ..(952 953n» (1154 

Clive Gilt Sd Ury . 1 |9 48 9 49d [U594 

Corn hill Ins. (Guernsey) Ltd. 

P'.I. Bo-. 157 Sl Piser l ure Guem^ey 
Ininl Man Kd . 1171 0 186 01 | - 

DWS Deutsche Ges. F. Wertpapiersp 

•irunehurswi: 113. 60IHJ Frankfurt 
Invext:. . . |L'MCJ« 43 501 - | - 

Delia Group 

I- 11, IV. ad!" Nasciii. Bahamas 
|M,-Ilc In- Nb 3 . |SI*S1 49 Lift | — 

Dent sc her Investment-Trust 

Froilnrh 2885 Hiel-erctf-^tMOGOOUFrankfuri 
onrentra inUMM 218«-0!D| — 

Ini Renn.-nk.nrtr. lUMiOja M5« I - 

Dreyfus Intercontinema! Inv. Fd. 

CO Bn\ N1712. N^'ju ftuham*s. 

NAY *•>■! 31 |Sl^T53u !iO| ..' — 

Emson & Du«fle>- TsLMgtJrHy.Ltd. 

PO fa. 73. Si l.clicr J«nyy a934205PI 1>al ,-r 

Er.,!i. T 1 123 2 128 2] ... | 3 00 «'h.,r.nol .. 

The EaKlish Association £“2**:;" • 

4 ForcSireet. Eft.’. Ol-SMTOTt Sl ‘ kTwP”: 

Eng A.«.Sicrlme*.|£505B 505V+OOTI — -FTi.-fe. 01 W 
Wardcale I'm Fd**|ai 58 12.0S I - 

■ Next denling Nw iv -Nexi dealinfi.N0t.3n. .Scblesinger Internationa: Mngt. Lid. 


Rothschild Asset .Mngt. iBermudai 
PO Pox 1564 Rk cl Hernuicti Bltf. Bermuda., 
Rewpe.-WtiHIU^IS lii’I I - 

mce on 1*1 3i .'.e\i ck-.-iJinn Nov. .. 

Royal Trust 1CI1 Fd. Mgt. Ltd. 

P.0 fa-.i IW.RoyulT-l Ifa Jersey P5M27441 
RTInl'IKd. [SHS92J fCd .1 3 00 
B.T Fm'l iJ«v >Fd JB1 0 87 0d| *1 321 

Pnccf at Not- . N’cvl tfcalinc No*'. 14. 

Save & Prosper International \ y 

DealiRp li- 
ar Broad S. Holier Jersey 


0934-20 VI? 


US. far to-denomt haled Fuo<F 


Plr. FKd lnl 
inlcraat Gr -J . 
FarEurtera*: _ 
"■"orlh A men can’t 
vjprr.—; . . 


911 
779 
53 71 
3 75 
1582 


7 44 


Mcrling-deoaminaird Funds 
itncl Ci.piL.l6 


12287 240 

P463 IK 
133 4 K5. 
-00 9 Ml, 
1C6 8 11? 

6 "Nov 8 



41 to Norte S: S: Ilcller. Jersey 


6 AIL 
S A O.L 
...» Ftf. 

Inll Frl Jersey- 
In:.-.! F.1 1.rm'irj 
■.'•J Edhl Fum! 

«ji. 


fr ; 

93 

>i*sa8i 11 

'192 I . 

dry No* ember « 



Schroder Life Group 
fnlcrpri.-e llourt-. Portsmouth. 


nrrisrrKB 


SUS22.46 

*056 

SU 32137 


SLS56.B6 
SUS13 89 

-020 


— Xnllland lions.- : Uiul head KS12JS 0702 G365 2 :l 4. .M 6W1V OKI 1 


Pen D.4.F Acc 

Hearts of Oak Benefit Society 

ls-i7.Ta*isLKkPtove.waH9SM 01-3875020 Norwich Union Insurance Group? 

39.0( 1 — PO Boa 4. Nnnslch NR1 SNi» 


hi»1 Key In*- Plan J1SE5 
Small Cf'rKd . 
Terbmlocv Kd 
Extra Inc Fd 
Extra Inc MM y< 
atop ri can Fd.. 

Far Ena Fd . . 

Gill Edged Ftf 
Con. Depusil Fd 



MjpIpU Grih . 
Mni'W-i Mnni:<l 
M.iplc U Eyr. 

~ ‘ ’*n. Fd 


20U 
133 S 
i?7 9 
205 5 


— Hearts of Oak 137 7 


_ Hill Samuel Life Assur. Ltd.V 


Manager! Fund 

NLA Tw.. Addiscombe Kd . Cray. 01-680 43M 


Capital life AssuTanceV 

CoulMoa Hoom. Chapel Ash Wioa 090228511 
Key InraaftFd... 99 52 1-iJIJ _ 

PnceroakWtav.Ftf.l 102.96 I-4.4S) — 

Charterhouse Magna Gp-V 
_ .ihenson Hn. Brunei Gmurc. Btotchlar. 
Mlhon Kopnea0«l8-841272 
Clutbse Enant? : — 1372 39 2 

Chrih-o.M«My — »7 M _ 

CbrtJise. iUnafiuL M.0- 96.® 

Chrthse. Equity — M.9 36.91 

ltonu>BltfSoc^_ 134 5 

Magna Managed — 1510 


— <r Property Urals — 

— Property Seri es _ 

— Managed I'ruls 

— ManaeedSenea A- 

— Managed Series C . 

— Money Units 

— itemey Series A 

— Fixed I nt. Ser. A — 

— Equity Series A . ... 

— Foe. Managed Cap- 

— Pm Unnaged Acc. 

— Pus Gteed Cap — 

— m*. Creed Aw . 

— Pens Equity Cap.. 

— Pens. Equity Acc. 
Pna.F*<nnt Cap _ . 
PnsFudlnt. Are. ... 
Fens. Proa Cap .._ 
Pent Prop. Ate 


1162.2 

riD5.b 

UL3 

w 

122.9 

Pi 

150 9 
107 2 
114 7 
1001 
101 9 
flH4 
971 
967 
984 


*0.1 


170.41 
11L3 
169i -0^ 
1002 -03 
96J6 -02, 
1294 +0 J 
104 4 * 

975 
957 
1485 
1588 
112.9 
120.7 
1054 
187 3 
100 5 

10? z 
101c 
103 6 


Fixed InL Fund. 
Deposit Fund . 
Nor Unit Oct 1.1 


1214 8 
344 7 
1339 
1519 
107 9 


220 6 

Phoenix Assurance Co. Lid. 
4-9. Slag William Si . ECU’ IHR 

Wealth Am - (110 5 


226.1) *0.5) - 
uen *o.i| 

140 V J 
159 j +0ft 

mr 


HucIl*. 

Maa r'untf In'- 
Man Fund Aec 
™ Pn**p l 'd. Ine 
0603 23200 prop Fd. Ace 
"" rror F'tf In.- 

Fixed lnt Ftf In 
DepFiL Inc 
Ref Plan Ac Per 
RetPlanCap Pen 
Man Ten. Fd^lcc 
Man Pen Fd Cap 
Gilt Pen Kd Aci . 
01 -8211 9876 *7|H Pen. Ftf ftip. 
—0 51 — PToaPeu.Fd 6ee 

Eb'r.Pli. A4s .! ’ . ~ "" ~ " * 

EbT Ph.Eq.E . '79 7 B3 9( | - Guar Pen FQ Are 

_ ‘ .... _ ijuar Pen Fdmp 

Proji. Equity & Life Ass. CaV d a Pen Fd ac- 

I IP. Crawford Slre*«. W | H J \S 0 1-486 08S7 u ■' p ' ?n FilC.tp 


Purxal Im 

Target Life Assurance Co. i.t<L 
Tantei H*iu>.c. Gairtirei *.• Ftf A- le-bu- 

Aylej-hi;r, ««5«i f«l 


195 0 

301. a 


118 7 124 9 

U24 110 8 

144 0 

mo 


100.7 

1060 


J96.8 

101.9 


696 

75 6 

-0 7 

57.6 

1241 

1127 

625 
130 6 
!!3b 

— 0 b 

13? 0 

Iii? 

*02 

1230 
155.4 
154 5 

129 5 
163.6 
162 6 

+0 1 

%7 

1018 

+0; 

960 

965 

96 0 

1G11 

1016 

1010 

*01 


R Silk Proa Bd 1 
Ho Equity Bd . 

Hw Money Bd I 

Property Growth Assur. ta lld.9 


1859 
73 5 
149 6 


Transintcjnaiional Life 

I Brenm Bldii.' . E" 4I*«V 


— toon llouro fto>nk'n. <- B0 1 1.U 


Imperial Life A&s. Co. of Canada 

Imperial House, Guildford 

i«n. Fd Nw. 3 [74 3 80 ft 

Ptnt.Fd Nto 3 . )67B 73 7) 

Unit Linked Portfolio 


Mima cod Fund 

Fixed I nt Ftf. . .. 
Secure Cap. Fd ... 
LqulCv FUnd 


94 7 
,95 9 
97 7 
97 3 


99. 

101 

ll . 

102 . 


— Irish Life Assurance Ca Ltd. 


II. Finsbury Square, ECS. 
Blue Chip Nov. 1... .{76 J 

BLCpStUNovl 93J 

_ _ . . ... Mmuyod Fluid™. 2381 

City os WffiWMter Assur. Co. Ltd. uangtfFd.ser.n_ 9fti 
RinSitesd SOUB, 8 WJqtohors# Sosd. E x emp t. Mao. Ftf_Bl3.5 

CrojutooCROaiA. 

1 2tI ‘ 

85.3) 

132.3 


ai.i i M* . ■ — 

Equity Fund 
Fanmond Fl 


idFnatL__' 

M oner Fund... 

GiliFhnd... US 

PULA Fund 1733 

Frni Mflfitf Cap. 121 fl 

Pen* Mnjtf Acc. .„ 1269 
Pens Money Cap. „ (478 
Pen* Money Acc — 

1'enf Equity Cap.. 

Pen*. Eqalt) Aec._ 

Fund cwtMll* c. 
PvrlormUilu ..] 




64JB _.... 

176.7 _ . . . 

327J 

1935 

. 583 

- 

57 2 *8^ 

60.S *04) 
to nfrw invewroenL 

2195 1 ..„.( - 


80.3) 

982 

250.6 
101.2 

HQ ::: 

2233 

lflS.0 __ 


Property F unrt . 
Propertv Fund. A- 
1253 Agricultural Fund 

_ Aenc K«nrt>A< 

_ Abbey Nai Fund 

Abbey Nat Fdi.\> 
__ InvesimentFund 

_ Invesoneni Fd >Ai 

_ Equity Fund. _ 

_ Equity Fundi. V 

Muncy Fond .......... 

Money Fund ‘At... 
01-8283353 Amarial fantf .. 


... Gitbedqed Funtf_ 
GUt-Edged Fd. iA,_ 
fBetlic Annuity __ 
Olmmed. Ann'c\- 


190 7 
188 • 
8MB 
791 1 
1588 
158 6 
tf 0 
67 b 
171 3 
173 2 
143 8 
142 9 
117 5 
12L2 
121.2 
1079 
1535 


m-ewneoG 


Prep. Growth FnniMi tf Annuities Ltd. 
All W 1 ! 


Prpitd.Crtli^er.11 1990 
King & Shaxson Ltd. 

52. ConthiU. ECS 

Bond Fd Exempt H01 96 

.Nest dealing dote Nov ]S 

Langjham Life Assurance Co. Ud. 


—.Tiber At Uto)}3L0 
VA11 Weather Cop. . 

Olcv. Fd. Uto 


FoaaonFdVts... 
Con*. Penn. Fd. 


fli mun Cii*. Pas Cap. Ui 
vrurt^Vu 0 * 438 “4W-T™* F«r._ 
103.271 4f.0J( — Map Penr. Cim. U> 


_ . .... tap. 1 

Prop. Pen*, Ftf . 

PropPeniCap Ul* 

LonghaniHs Holtnhroofe Dr. .VW4.‘ 01-2035211 B^'^CapTn' 

TPO^fand 2 lsSS ii "I Z Providence Capitol Life Ass. Co. Ltd. 

Wifp I SPi M*n Fd 1770- fll.ft ". ! | _ M. U\hridite Road wi-'AF*. m-74U911) 


139# 
123 1 129.71 

121.6 
1341 
152 6 
135 0 
1519 
137 S 
1516 
135 8 
1360 
UJl 




*a*« 

*fl«l 


vTuliplme-4. Ftf 

VTulip.Manfirt Frt 
•Man Bond Frl 
Man Pen Frt «*ap 
Man fan Ftf 4c< . 

VMncrt in- Frt ln'l|96 2 
VMnc*, In* -d ^ce|97 0 


142 7 
113 1 
1166 
119 3 
1279 


as. Co. Ltd 
li|-HM5 4Sn1 

150 3) 

114 ft 
122 
1261 
134 b 
1012 
1020 ] 


— Trident Life Assurance Ca Ltd.V 


nervJjde Kouatf Gltoiet-ticr 


Menaced . 

Gtn. Mild 
fTOpetli 

Equitj-Amencan. 
f K. Equity Fund 

Hi qh Yield. 

Gill EdRod ... 

Money . ... _... _ . 

International 

Fiscal 

Growth Cap. 

Growth Aec 

Pen* Mncd. Cap.- 
Fens. Mnfitf Aco. . 
Pens.Ctd.nep.Cap. 
FeireGul Dep Acc. 

Pena. Ppiy. lap. 

Pen*. Pi). Ate .. . 
TrdL Bond ... . 
•Trdl.G I. Bond 


1230 

147 J 

153 3 

794 

1097 

1399 

1216 

,1251 

feB3 

1271 

124 L 

129.1 

116.1 
122.4 
104.1 
109.7 
116.9 
123 2 
364 


960 


13031 
156 0 

Z62 4 
841 
116.2 
340.2 
1287 
1318 
1W1 
1345 
131.4, 
U6S 
123.0 
129.6 
110J 
1162 
123.8 
130 5 
384 


-021 


-0 7, 

*oa 

-14 

-1 1 
*0 1 

-04 

-li 

-1 1 


City of WestnjiRsfer Assar. Soc. Ltd. 

Telephone 0I-O84 MH 

FtrR Units. .11292 1356) | - 

PropertT- Units (54.7 . 57.4) ) — 


Legal A General iL'nfl Assur.) Ltd. SS mm Fd m«T 
KinSFwood House. Nuigawood Tadworth. Pernion Equitv 
RurehHeal>iS3456 PenstopFxd InL 


Commercial Union Group 
SI. HofeB'-B. 1. UndMthatt, £C3. 
Vr.An.Ae.Kor.4~l 5tf2» 

Do. Apnclty Uts — „j 1BO 


.’Surrey KTCO 8EU 
Cash Initial . . 
Do Accum — 

Equity Initial „ 

fa Arrum — 

riiedltflUa! 

Do Accum 

Intl.lmtuJ . 


1 nn !>«■ Accuni .... 192.0 


01-WI.aM MKw£ t<)UHtla] 
- j — Do .Xeeinn....- 


Confederatioa Life Issurtuce Ca E«itraicashiaiL 
SO. ChariosTrLane, WC2A.1HE. 01*2*20282 noArenm 


96 0 
1990 
1288 
134 6 
>1162 

sh" 


U7 0 
1206 
1001 
103.2 


OEQult3>Ifaid__w. 168.6 * 17701 \ 

0Manrt*d Fftnd__ U63 1956 

mPf^nd™.^_ 4113 

Final. Pen. HuiL M.4 02J 

StatfEtflJnmA. 784 82J 

GrouriWnnLiPen.- 197 A 2012 

F)j.«d IntT^oq — mo M»o 

Eaultr Pension.^.: Jpfl* 3561 

Property Ftnalpn_)150 1 15931 ___ 


Preperti initial.--. 

Do. Accum.. 1 

Legal A General iVolt Penanon 
|?8J 
10Ot 
1340 
1377 
J15J 
1185 


Utf 


(104 0 
175 0 
•1173 


(47 4 

r 4 

I'M 4 
144 4 
47 3 
473 
45 3 
<5J 
457 
45 7 


■IM - 

A 


Exempt Eqiy. ! mt._ 

Do. Actum. 

Exempt Fixed Imt 
Da Accum. _ 


— Exempt Mnod lalti 


— tfea. Accum. 


Exempt IniL . 
Do. Accnm _ — _ _ 


Uepwit Fd.Cap 
Drpoci ( Fd Acr. 

Equity Kd Cap . 

Eqult) Kd. A iv . 

Fxd. Int.Cap. . 

Fxd lnt A«c- .. 
intnl. Cap . . 

Inwl Are ._ 

Maaajrod Fd Cap. 

Manned Fd. Act.. , . , 
rropeny Fd Cap . (47 6 
Property Fd.Acc. M7 6 

Provincial Life Assurance Ca Lid. 
522.Bhbop6firert.EC7 OltfJ47®3a 


972 -0ft - 
110.0 -11 — 
1Z0.S * 

121 0 
500 
50 0 

46 6 -0 31 
46.8 -0J 
49ft -03 
494 -fl 
478 *0 
47.01 *0 
«82 -0 
482 -0 
5B.2 *0.1 

50 3-0 


•Cwh rolue lor 4100 prOrniuitx 
Tvndali Abmirance/PensionsV 
DLCatiynpe Road Bn*lol 
a.Wpy No-. ■< . 
tou'lj Nm ? 
honriNci 2 
iTt^jerty Noi 2 
r*epc*U Non fi . . 

1 wni I’ll r*;i 19. 

Oxe^rlnv Nor 2 
Mu Pn.3 W i>.t ; 
fa Equity (ut 2 
fa. Rondure 2 ... 
fa Prop fai 2 

Vanbrugh Life Assurance 
-M-tfiM&ddtn&.Ldn WIR9L.A 


1259 

1651 



167 6 


— 

3090 



130 2 


— 

1521 



75 8 


_ 

1766 



273 8 


ra_ 

181.0 



900 


— 


Manuu^d Fd 
Equity Fd 


147 4 
12330 


— Intnl. Fund .. ._ ....... (953 


Fixedlntora Fd 
Property Fd 
Cash Fund ... 


165 9 
1498 
11214 


155 21 -04 
2453 *fl] 
100.4 -13 
174 7 +0 3| 
157 7 
1273| . 


129.9 


.11335 


& 


Prov. Jtonaxed Fd.. 
Prer.CaihTtf..- 

GDt Fund 20. 

Property FMud-_. 
Equity Fond. 
ufn 


120.7 

106.7 
1150 
1013 
IDS 2 
1967 


1Z74J 
112.4] 

12f M , 

106 7j ZZi - 

105 g H 

>01. ft 


Frn TnL Rind— 

Prudential Pensions Limited^ 


Vanbrugh Pensions Limited 
41-13 MreWoxSL, Ldn. WIR9UA 01490*923 


Cornhill IflBonocc Co. Ltd. 
3S.CornbiU.EC3. 0I436M1Q 

Cap- Feb. Ort -16-,. .[130 0 — | 

GS Spec Oct 13. .. (54 5 
Ma.Gth.Fd Oct » 079 5 lM.ft 


,j : 


NWt mtb day Dec. |. _ _. „ , 

. r „ Reliance Mutual 

9, O 'u^-^? a9y * Ta,1,0 Tunbridge Welle. Kent. 
aMSNeurMa.VI.0RQ. 01-W1BJBS ReJ-FropRlh ..I 2Mfl I ... | — 

Rothschild Ass-si Alanagement 


LACOP Units.. — »T4 1 0251 .( _. 

Lloyds Bk. Unit Tsi. Mngra. Ltd. 


Muaqod.*.. 99.0 1M.3| +0a| - 

Equity 103 2 108.7) ...(_ 

nxealnterodL.... 981 1033! +0.3 — 

Fropcny 999 1052j . | — 

Goaraaiced tee *Ins. Base Rates' table 
01-4)38 oca Welfare Insurance Co. Ltd.V 

w*ins Iwie Park. Exeter 039C-i21Jif 

MoncMnakcc Fd. ..| 1057 ! 1 -El! 

For Mber (usds please reuw to The London 
MBDChcr-tor Group 

newaafi?] Windsor Life Assur. Ca Ltd. 

RayalAlbenHMi.SheeLbl. Winder ftliw! 


Eurobond Holdings N.V. 

Hantfet-k-vlP 24 WiileraM.nl UuroriM 
i-nxiaa ^jeni>. InW. 13 rhritfopher SI.. 

TcL *1-547 7543 li-fa: MHIM 

N W per shirt No» 3 SUS2D9S 

F. 4- C. Mgnti. Ltd. Inv. Advisers 
:-J. tourmi-c i'ountni-y Kill. EC4ROBA 

oi-es *om 

• en, Krt.Noi- 1 | iCSSSZ | . f - 

Fidelity Mr rot: & Res. (Bda.l Ltd. 
n*i Up. 670. Hamilton. Bermuda 
Fidelity Am As* 

F.deJil> lnl Fund 
FidelH.v P.v Ftf 
Fidelity ft rid Fd 

Fidelity Mgmt. Research (Jerseyi Ltd. 

WqierJpo Use fan Si >1 Helier Jersey. 

UKH 27581 

SeriDoAiIntnl 1 IL359 

Scrl« K'Farifici l£9 58 
Series DotraAfK 1 814 Z5 J*0 

First Viking Commodity Trusts 
tf M i3e-jrfie'» St.. Doupla.. 1 •• M 
1*524 4«C ton Apt-*- Dunhar & Ct> . Lid . 

w Fail Mali. London swiiSjH 01-9307657 Seatirt" Assurance inlemalienal Lid. 

Hv v d>lft9h 158 SL..I rlo Ki£;sy*-^sA*^3r. , _ . 

Sin jit & Frij-tDaotk-r Ldn. AgcnLs 
;.*■ ri.nn, nSl El *4 n|.M8MH4 

l-tfilo.itf- . jr-icti! nw-01ft 6 09 
l..l-oT:l.*i;t 31 .(tlttlVtf | 1 44 


InurnnnonaJ Funds 
CEquilj 
itouity 

f Fixed litter**, 
JFir.etf Interetf 
CM^nnaetl . . 
SMun.ijed 


109.1 
11408 
137 b 
105.6 
124 6 
122 9 


116 ft 4.J2J 
149 7 -03 
146J -13 
1123 *0 U 
1323 *1J 
130 7 +3 2/ 


J. Henry Schroder Wagg & Co. Ltd. 

ia). Uhe^prtde. ECJL 01 -»8 4000 

riiea;. 5 N*» 0 
T rjlii -Ijr.SepL Jti . 

VJaii fa vie*. 30 
luclluv Ftf_N.il 2 

1 jj'Rn tv. Net 2 


SUS11 36 
5L.S137 08 
lft?3La UJSI 
5AL93 Z® 
|5i-sfl» in 


255 


238 
S3* 
0 42 


| _ 


Fleming Japan Fund SA. 

rue Nntrp-rinmc. Liuemhoun: 

Kle.TUnj. Nov 7 | SUS6536 I 

Free World Fund Ltd. 

Hutierliolrl Lids . Iiamrii.in {Wniurt* 
NAV».«rt:iI . | SUS19B.05 I . I — 

(i.T. Management Lai. 

I'arlc IIt. 18 FIiuJmjo 1 *':rcus, London El'fi. 
Tri r<l4CR 81.11 TLX KBIUO* 

London A cent* lor 


* 020 ) 
*0 01 ' 


*01F 


$22 
1 48 


092 


An.'hpr'K’l nits . SUM 07 U5) . 188 

Anchor Gilt Trice L93S 941*002 13 50 

Anchor lnt. Fd 31 ’.<5 25 S3( ] 89 

An-.-ht-rln J® - Txt |30 B 32.9 0 99 

Brttj Par Fd _ 3US56 02 . . 0.80 

Berry Fn*- SUIs .. 320 0 334.88 . 0 89 

G T. .Art a Ftf _ . H1HU2 1131a . 1 71 

CT.AMn Sterling.. X1615 1729 ... 115 

GT. Australia Ftf. S.A9JQ lft.20 * 

G.T Bond Fond 5US14.03 
G.T fallju-Frt . . SUS6.79 

UT r<lr -Slrlc 1 Fd £8.65 9 02 

,;.T Paci/lcFtf . . SUS17 00 
G T FbiUpfMueFd JltMIB 1U7 

(iartmore Inrest. Lid. Ida. Agis. 

S. Si Mao* Axil tondtAl tTC3 ni-283.ts.il 

Garmwre Fund Mare HM.l Ltd. lull, 

Helier. Jersey 0504-73741 

tiilt FundiJerseyi 1100 0 — ( . I 12 0 

liartmrr Fund Mugl. iFar Rail Ud. lanhi 
J-'*® Hutchison Hse. I" Harcoun Rd. II Konr Tindall Group 
HKtf Par.U Tit 5IWJE 4430) I LBO P Vi n«, i-u ii-, 

JapnnFd ... H-K« 2u8 1 pfl IJ6 I, “ a 

N American Ts . H >:C 91 U<j)*0 

Inti h.'<nrf Fund 51*51015 u:i| 

liurtrnore Inirannl Mbol Ud. lai 

P11 B..X 32 nuiclav. IcM 0G|"I9|] rsmA.M ileiire.X 

anmnrelntl Inc 120 4 22 2u| 1 1130 

liarunon.- IntI I'inhfU 4 72ft j j an 

flambro Pacific Fund MgmL Ltd. 

SIIO. '"onnauEhl Centro, Honp Kone 
Kw Easl N'oi . fl . It H 10593 16001-0 751 — 

JnpanFund- pl'jlUi tau ) .. j _ 

Kambros Bank (Gaemseri Ltd./ 

Ilambros Fd. Mgrs. iC.L) Ltd. 

P O. But 86. Guernsej 1 0481 26321 


Strur.ghold Management Limited 

I* •’* P":3; r i -•! HcJicr.Jerw) 0534-71405* 
i.'<in.nmlil/ Tm-.t j45 AO 1DD43) ... l — 

So rimes! 1 Jersey I Ltd. ini 
Queenc IIm- fan Rd *si Ilelicr. Iw 063427348 
Mncn :;.r. tod Tri 1170? 7 17, -0011 — 

■'Vpr-.T nj si (ill 76 12.0ft *0 — 

Jsp lnde\7 I IT10 87 11 lft-DW, — • 


TSB Unit Trust Managers (C.I.) Ltd. . 

BatsWflle Rd St Sa»iour. Jerwy 053473494 
Joey Fund . .(47 7 502j . . j 4.7B 

i.uemsey Fund ,|#7 7 50.21 . I <78 

rinr <- , n 8 Seal mib dny Not. IS. 

Tokyo Pacific Holdings N.V. 

Irticniu Mansueinenl A*o. N V.. Curacao. 

* i W per '.fiarc Not 6 SVS6S 49 

Ttik'O Pacific Hldgs. 1 Sea board, N.V. 

Iniirn. *.l ..njtonw.-nI (o N V . C 'J r.tfjn 
?.* %\ J— r -.ll arc Nw. n Sl <*49 nt. 


d. ll Konr Tjnaail t.roup 

I ^ f*H fUrt IfiM II ran lion 3. 
Hm 1 Itft >' ''.'i "- 11 *- I (!*. FIJI 

l06 l I’S . A.-- urn unit. V S17I 

' 9 “° ,VA> In! *M l!l 111* 1 ?® 


tl'i >1 :*_•>» fi 

1 A , lint .-. n or *?r ■ 
W*if»r N.p 11 
1 A— uBi-!i»ro». 
Fur tort :.(■■. fi 
■ urr. --hjro- ' 
Jenny Ftf N.«i 1 

1 \nn-.l Ac c 1 1* 1 
(.ill Fund Not* I , 
1 V 'om .Shares, , 


111 7 25 
U ] r W 

'77 5 
IMS 
fc9S 
6it< 
30b 0 
105 B 
(140 4 . 


Bermuda. 3-3760 
122 I 600 
20 600 
2FMl . 1 - 
9534 37331/7 

7B5| 

12 50; 

S3! 

85.! 

96 ( 

ISO, 

229 4 

J?M 
137 a 

143.0] 


H. 

bo( 


200 

2.00 

200 

200 

687 

b87 


C 1. Fund 

Intnl Bond SUSl 
!nt- Equity SUft 

inr. Sven. ‘A' SUSL 

InL Pt S5 . 'B' 5UaL13 , 

Pnee- on Nov 8 Next deollai; Nov 



fidnrt llmiM-. ttoucla*. lfJeoTHan. 0C424I11. 
JUtiu^ilure 19 ....1134.6 14181 .._.! - 

Lntlife Assurance (Overseas) Ltd. 
p.o. 3ft.' IS® Hamilton 5-31 , Bermuda 
Im-rnl Mng*J Kd-lSL’SLfiS - t i - 


Henderson Staring Fond Mgrs. Ltd. Union-Investinent-Gesellschaft n*H. 


— -t*. 

2UM . 

171 _ 

AS 


BOS. Gammon Houae. Hone Kong. 

Japan Fd Nov I . [SW35D a 
f'anfir Fd' OrL 2S SUS10 071 

Rnnil Fd -Nov 6| 5US1D.645 . 

■Exvlu>.lvc of any prelim, rhiqge-. 

Hill-Samael & Ca (Guernsey) Ltd. 
iT*bi tv-m u % totebtre Sl. P««* Port Guernsey. 1. 1 

GucrnfeyTitf 1146 3 15654 -3 lj 3 79 

Hill Samuel Invest. Mgnd. Intnl 

PU Box fi3. Jersey 05514 ctiRI 

HSiThnnnel N F 1118 2 126 ft ! 300 

Bn\ 2022. Bern Sui;:er!and Telex ittfi-'. 

I! S. CKertcui Fd (51*079? «M-fl W| - 
".S.F Fd iAtrumJsn5i3 15S-0!1^ - 
UroAsbOwFd CAtC 1 Sr3.i5 3 781 -fl 64 . 

ITF Ftf 1 Aec i(SGS7.D ?9ft-0i2| •• 

Intemaiional Pacific (nv. Mngt. Ltd- 

pin Bo* R237. KS. Pitt Si Sjdno. ,\ u .-4 
0M994K3( J 4v«iinEquilyTri IS.52J3 145) . 

JJE.T. Managers (Jersey) Lid. 

PCi Bor Sfl Channel Houwf.JerMj*. 0534 
Jerve? ExirnL Tst . I17L0 uift ; — 
A* at Ol*L 31 Neil sub. day Nov 30. 

|jardine Flennng & Co. Ltd. 

40th Floor. Connanfiht Centre. Hong Rons 


Po-tlach 1(1787. h WW Frankfurt 16 


AtianUclundf 

Euf^ruifondN 

Vniiontfi 

1 turenta . 
Uni.-pccial I . 


12 30 
27 95 
19 50 
4! 70 
160 35 



I'td. Intnl. Mngjnnt. (C.I.) Ud. 
jj Mult aster Street. St. 1 idler. Jersey. 

I* I ?■ l-iind IJiSlSUl FJDI . .( 750 

I'nited States Tst. Inti. Adv. Co. 

;j Ri;«- 1 1'lrinrvj* tofemhoure 
l* \ Trt In’ Fnd ! Sl'SlO.43 | .(0.96 

’•ct h>MHa Nov fi 

>. fj. Warburg & Co. Ltd. 

jn '.ro-.iinmMreut.EC2 

P.<l r.v 7 I SUS9 13 
Enw In*- Nw 7 I SU-SI677 
' - SUS7.10 

51TU73 114 

10.09 104ft 


IM *..T r«i ..o* . *1 

'1 Enw ire Nw 7 51 

* ' ” Or 'i 5Fd Ore 31 SI 

Mer: Sbtf Nt*v 1 JlTtt 

iM 728711 Men Mill- MitfNov 0 (£10.0 


0 1-800 43» 
-0JL2J _ 
-O^, - 

01746 


Jardlnc Esin. TsL _ 

, Jardint J’po.Fd. * ._ 

Jarrtine SEA 

.lardinu Flemlnt 

Inti Far.Secailnc.i. 
Do- {Acc uhl 


HKJ37856 
1IKS432.81 
SL-S20OT 
H1CS 12.42 
HKS15 80 

^ivoeTST^quiraient sfrsfliia 

..at sub Non ts 


Warbnrg Invest. MntfL Jrs>*. Ud. 

I . Charms Units, Sl Keller. Jsy. Cl 0634 73741 

CMFUd fat- 26 ...|fr3t57 \m _ 

CMTLSd 0«l-» -U44.62 1500 - 

L9G MeuJvTa Ore 1B..S12 90 1322 .... - 

0 80 TMTCi't »2-.. - tGSlia UH _ 

1 70 T.MTUd Ore 12. _ .‘£31.11 11.4ft ...-J — 

— World Wide Growth Management^ 

10 a Bwlevnrrt Revel toxemhoarz 
Wnrlfltndc GUi Ftf SU*.U5 16 |-fl.]7( — 


NOTES 


Credit JtCwnmerce Insurance 

110 FwS«ntSl..Loi»tfre»-WlR5in5 01-438 TOtt 71 LfflnbartlSL.ECS 01-623 1IRB 

C6CXnfitfFfl-™_|122-0 132.0) 1 -* g.xrenpt - W (9M KU.4J 7.93 


UI»Im Plans . .. 

FuiureAtwlCthia' 


SL6««hlnaUi»U.ndon.EC4 014C843S8 FSSroA^df.'hlhl 


?..CPr. 




1170 6 -.78 31 

ere Sub da) December 28. 


i - 


Re' A- -tf Fen- 
Floj. ire. Cruwt)i „ 


72 2 76«-l.ft 

2200 \ 

45 09 
r?6.46 

U5.8 U1.4J 


fa’ecf do not inclutfe i premium. q>ecr« •ultern' indi'n’rtf v imd itre sr ji^nrtj units.-- olhpm** 
tBOtf*it-1 Titftds "j. ishown in fat (r.lunui- j 1!"“ '‘tr -,K hu-.ir.s *:\r»'ti » uttered pro*cs 

include all cvpensA* h Tr.dav-v pri. ee t Ti"l-I ■»:«-**d ■■Her price d C.4imBlort 9 Ttr-daj s 
•-•fientnc pnee h Distribution tre«* of U rl la-c- p F-r.-nSi.* prtnu urn in -uranre plans 9incl“ 
ptcmiura ins,ir.i.-ire \ Oliercrt priee m-l.i.le: .-ll *■• jA-i-e. r-.rt*c: ace.t:* ccnrmi*<i*m 
y f ' nmrf p rnee inrlud— . ril c<r**nsv-. ,i nou:ht •l-r».::n manasir-- 1 Pr.-\inus pni * 
* Act 01 lax im reali.fd .-apltal un V- • ■■■•!,• rfcl !.’ 4- * i.u.--n .ry frc.-;. t Suspendcil, 

♦ Yield before ,'er^-; to. I Ev subut* t.iuit. 


I 
















40 




-• • ? “ * 
*> r C.. ,•> 


• ■ . 'jSfr&tdal Tiinesr 1&78 r.y* 


FT sha: 


0RMATION SERVICE 


-•••'> 


iluers 




BONDS & RAILS— Cont. 


BANKS & nP-ContsnuGd' 


■ ISA 

Kith I«w Stork 


Price |+ erlDir. 4*1 ft 
£ | — | Glws | Vk 

59 1--I «%! J 


BRITISH FUNDS 


jjr? 

ra* io» 


- «j T»W 

— | InC | Bed. 


55 42 Harm ate- . 50 _.... 4% 5 

77 65- Ireland SjpcUWS’ 68 - IS 

88 82U IreJandSljpc W« 83% 7% IS 

81 77% Ttotttpc 81-96. . 77% - 13 

425 265 Japan ipr ‘10 Ass... 385 — 

87 68% DoSpc KW8 70 6 13 

160 140 4 PoiiAss3pc. — 150 o) 3 2 

75p 75p 5*»J.H%pc 1980 — 75p 6% S 

5W S94% rnnnto-1991 JW 2 <# 1 

DM91 DM* runndjw 1984... DM91a: ... 6% S 

97 94 [L'rjgUaySipc.. . 97 3% 3 

U S. 5 6c "DM prices exclude nv. $ premium 


“Shorts” (Lives up to Five sears) AMKI 

lG5%!i':Q. : jT;“arurx tlyrTM*-- 103 1 11.49 1124 tm I 

flstf . . 315 3.70 ifli Low Sock 

-r« f'-i. rv.-m-M^K -71-73 *bh ... . 4.41 8.59 80 ' 

l-'-.J 1 # ■7-w- ;Wj* 75- _ 99* +* 13-56 11 U 21% 13% ASA 

. <i-.: . ,r ri . !r ., y r . - t i ri _ 95<..*r -t* 3 6* 8 OlJ 6C% 59 AJfFftOxn-.U - 

V: • 3 - 9 JO 1167 J8^ 22 Arrant SI 

r ' 1 •T*. j.- r.- 9S%>r +.', 9 31 1135 50% 19% Mnencaa Express. 

r -: - • . :r. •- A. T.X, «-:Ssr r% . 3 74 798 24% 11 Araer Mexuc Inl- 


AMERICANS 

lock | £ | + -°1 Gms |crr|3! 


Tz-.«w Fin :jlp, 
Men nr. Fn-- . 
Midlands; 

Do Ma»= *&■«;. 
Min -ter 

SjLBtAusiSAI 
Sat ’’nm • >rp . . 
NaLV.fe; c; __ 
■y: tinker*: £1_ . 
Sercorahu Ml'El 
Smith SL. tub _ 
Slan>fdC7taREI. 
Trade Dm 51 30 
l : nioiDur£i. . 


99* +* 10.56 11 U Zl% 13% ASA 1T% +% SLOO - 

i'-.sr -r.i 3 6* 8 OlJ 60i' 59 AMFftCttv.V - 59 .. .. - 

9 JO 1167 ?fi£ 22 Amt SI. 29% -% $2-20 - 

3%>c)+,', 9 51 1135 50% 19% \menraa Express. 20%-% $3.60 — 

;. 4 :sr 1 r 1 .; 3 74 7 98 24% 11 Araer Meoiclnl- 13%-% 60c - 

iV- •-'•.• ' -.55 9.11 35% 9I2p Asar« Inc. — 952 p -4 40c — 

■i-Cj-. Ji2c5 12J5 24% 17% BAelalnlC jpS: -20% -% Q44c - 

+2 1-.'. Ill 73 1140 IV. 11% Bjra~G.-r.SP; 15% 90c — 

CS-' ;• + •-, ; 3 407 331' 22 Bemiv i.oro $< ... 24%-% $256 — 

«■='<!+•; ,1024 121C 25% L-. iUAiL^e.lS . .. 131; _U $1.Q0 — 

L*.t + s S99 12 09 15 625p Bruwn'a Fcr eld. 790 p -B 50c — 

53. r ;i-'- *10 13 12 42 14 a57p Brur.ivickc'orpn.!i 918prt -20 70c — 

I 349 8 74 65-% 41ij (Jj-vcchj'.crp S» 43% -% 5L60 — 


• -I . C'-iu ^ . l - ■'I Q fH- li 1 ? OJnVUi;iiJ-.«i' -ni'B — 8 — 

»%..• -i? <>47 1231 52 M'i 1‘RSS’SO 36 -% 5260 — 

l' 1 '. ! -- ' -‘ s i:w 12 to 2S%>. rc»j 33’a -h 5270 — 

■ i.&tt - 9-5% +«; 938 1210 4 a % 32% Calcrptllaril 57%rt -l z 5210 — 

5=> ?:■ i7ri i?4r.ip as; 54%+% 3.57 8 67 281a 17% OnceM hinS12.5_. 20% -% $2.20 — 

j I5V I'-< ’"I [Tr? -■■.■.! n J4|r . 104 +% 13.46 12.49 22 13% Cheebraiuti SI — 15J 2 -% 94c — 

Wi|« rr.cv ••.ariarle^- 95 +' 9 1032 13.03 11 663 p '.T^sis-^ — - 740p -B Q40c - 

c ;- ; t ?V : .- 2 . C3% +% 931 12.18 22% 13% CidcnrpSl 16 - 0 -% $116 — 


j -v-- lEscr. jr-p- iKt 1 

>°-.C ir.vri v«pc 1**15 . | 

3+.j ; /■•m ■r-.- tof i 

1 i 9% ! e 3’ + p. . .i ■; liw i 93K | 

liiu-v' iru ,ir:v 


Fi- e Lc Fijieec Tsars 


v:\ +!; 938 1210 4 a % 32% Caterpillar!! 37%rf -% 52 10 — 

54% +% 3.57 8 67 28% 17% Chase 11 hu S12.5.. 20% -% $2.20 — 

104 +% 13.46 12.49 22 13% Chesebroiuh SI — 15J Z -% 94c — 

55 +% 1032 13.03 11 663p i.TairisTWa - 740p -ZB Q40c — 

03^ +% 931 12.18 22% 13% Liticorptt 16 - 0 -% Sll6 — 

50% +‘5 10.25 1249 14 733p City Inv. $125 927n -3 $LOO — 

Sadt-'; 992 12.44 25 14% Do Cm. Prf B 51 - 15% $2 - 

Sl% +■% 370 8 32 18% 11% Cotisate-P SI . — 12%H! -% $1.00 - 

935; 1217 12 41 52% 19% N'o]l!nd< SI - 22% -i 4 $2.10 _ 

B3',i+% 1042 12 45 26 15% i.«iL Illinois SW..- 17% -% $1.44 — 

, W 25' > 16% CuiiL'iilSa. . .. . 18% -% 51.50 - 

! 29% 20% Crown Zell. 55 21% -% SL90 - 


J'-rV WO - » .”•}« 10.62 32 % 20% HunrCorp $%-. 21 % - 1 % SL 20 - 

l!i- .nr. itr._!:*i ! X lu5% -+% 12 B3 12 G 41^ 26% fort Motor C ... 27%rt -% £0% - 

o ’ -3 i t>i . | ; ri.-arfi.-. Kj .-73C: . 7 o--j 4J +% 10 c4 11.67 251 , 161, GATX_. __ 17% -» 4 $180 — 

s : ’ '•>. li>! . •%'» +% 12 66 1291 «% 31 Hen Qectaai; 32% .... $220 — 

m 'A *i.. M *'r 1230 241 , 15% 'lillerieSl 1 17%n -% - 

t!’/- 54 ; n'lwur :■!'*!* £2 _ IC.'t +% 1295 13 02 56% 28 Honej^JISl 50— «% -% K_20 — 

?*+ |Tr.-. 1 jL-yl‘.r- SAC. ?o •*•% 1308 12.60 is 750p Hutton ELF 10%-% 10^8 — 

3 !'•" { -S"'- -- %7% +% -1S3 13 31 232 171 {ROOmS 178 -2 SLL52- 

VTi -;)5 1-M. '&K- 1C5% +% 1299 13.05 52% 31 <mr*ll4S_... 36% -J 3 S7.D0 - 

• I (.5 . jicr.MCtfpc "2I3S . el 1 ; +% 9.6 1171<j9En 67injl T rntemaJwmali 1 74flp -2 95c — 

........ J 32 23 Mani Han L - SS75n Z2J*»0 -% $208 - 

.-■! T — t- -I--. 1^%.-. +•• 13+5 4i i„ rfcS, Ivc-an JP' l/SKlo 31%-% S220 


340 u -IB - _ 

21% -% $1.30 - 
952p -29 80>- - 

27%»c -7 C 1132 - 
23P 4 -% 5L80 _ 
20% -j S2 20 - 
134 -i 10S - 
510p -76 - - 

15*3 .... 5200 - 


58 

196 

- 72 
. 272 

.410 

200 

. 734! 

. .405 
510% 
. 290 
. 37 

- £13% 
. 70 


+ nri Pit 

- I VI 

rU°7 
+1 Cf7% 4 + 

U!«V. 

-% \138 
-1 01 Jn 
... t2 6 1 
.... (HI mi 

.... I 11 12 

. 1? 54 1 
. . 509 , 

-2 1 14.64 I 


a rii; a-i 
605 - 

- 1 . S f40 — 
;.ob — 


lotlcrilw 

111101122 

- 51 - 
43 64 55 

211 197 — 
211 cil: - 
2.5 10 0 6.4 
J.4 51159 
46 55 59 
4 2 64 56 

- 4 3 — 
_ 101 - 

- 9.7 _ 
34 72 51 
33 51 62 
— R3 - 


CHEMICALS, PLASTICS— Cont 

Wttlw | Seek | Price Net |(Tw|5S| 


ENGIN^KING— Coni 


542 376 
£133 £112% 
421 328 
49 41% 

82 62 
127 91 

171 114 

£37% £22% 
108 72 

290 140 
75 48 

72 55 

225 188 
169 108 
21 5% 

32. 17% 
290 162 
■104 73% 


B«ehstDH3_ 
Ifo-FiEjEKssli 
Inf. 'Aiem£l_ 
Do5SP££l._ 

Jm.Paiitf 

LaponefukSOp 


Ranann wm. 10 
Ftentc*iUOp„ 

Reitrtex_ 

Scot Ag.lndll 
Stewart Ptastio 
ItoarBmaE^ 
Parole tBer.iia 
Walstenhalme- 
VortoChems— 


i Purchase, etc. 

;* I Op! H hd! 36 2.0 7.71 9.7 

I*» -1 Ql-°’ — ““114 

Op. Srf _ — . 

jrfa. S3 . tJOl 24 7 0 9.0 g 

iK» 4 3l £ 214 35 74 54 

■: .or 11 -I - — , 7 2 

rj. 94. -1 2 3 79 8.4 §' 

;9p. 25 .... h£ l5 o 2.J 5.7 <i9»' 

; :'ip 13li .. . * 

ace. 42 " -1 h2.09 2.3] 74 44 134 

iNES AND SPIiJITS §> 

fc— ' SZ% +H: 14 3“ 2 1| 7 . 3 IO.I 59 
ICp . 28 . . . P76 11 4.0 34J 228 

on- 157. +1 t4 ?l 33 4.7 9.7 47 

»p- £32cd +2 50 J 32 * 200 

AK? 44 rl 7J4: - 14 -184 

93 ... h255 15 441Z6P42 

s - 76 -2 t3.55 2 P 7.1 106 36 


:he5., no 

eu . 43 




i-.' 134 -i i-o 75haii 57 

-- 172 *:? 4q 3-W102 15 


I - - 58 

ea. 1 . 128 


16 7 2122.7 124 
j 5 7° 2 U 6 a R4 224 


191 +3 7 3 3 5* 5.7 88 23 

ftp- 22 - - - - 110 

Slip.- M .. 20J 1985 7.7 77 

trtey 1U -1 Us* «1 3610.4176 

— . 237 ... 7 57 28 3S159r31 

149 +1 77.13 2.* 7.1 7.6 190 

IXip :i43xd ... . 1.11 6 32 * 65 

... lflO -1 21a 3 9 24130 26 

ts_ 1?1 t3.55 5 0 2.5 10.8 25 

Pfl.. 400 514 25 1 9 <Z37i 6 7 1 , 

— _ 515 12 64 26 3.715.6 36 

_ . ■ 43a 1 X 2 0 5.8 9.9 110 

3Cp. 51 +% I-*, 2" 85 6 3 135 

- - 121 05 2 6 3 8 15 0MO5 

112 tJ l; 2 =, 5.4 11.5' 42 

r . 9?l' +1. . 3 2! 6 1 64 80 

. 214 -2' 'l.il ?9l 4 112.6 13% 

i :«in! 157 . 35151 140,150 

342 

WSKiffTE", 

©SOAS3 jf 

n,t l Cl 
rr, [ l;3 
»'■•: 17 

r.% I TO 

ii 


1 jT 

i l Tl>- £ 


Usdaied 


23% +:- 12 *»9 _ *16?; 1BI. 1k.Mitf)trealS^ - 
2017 j.|J i257 — 10* BkN'j'-aSrrt . 

■aC i-i, 4.. 7 £ 3C> 4 EU9J Canada S25,. 

*tPs ^ 15& ^ Bjnuihju . . . 


■> 71 - 1 50% [.’nr -iMpe.. . 32 +% 12 94 — 

| ; V|-= . »<-!,!« - CAN)! 

:: Trli'-rVi rjS.1 '' a? L’Si _ }]■'. ■ 

: L- -.1 r. . 20'; i257 - Ml (Jjl 

■ INTSKfiATSONAI. BANK 4S?, If SKSk-fc 

" I “ . I S04.I I (,33 I 1155 Jjg 'g^o* 

CGHP07J5-.TI0N LOANS ^ SSSSSSiT 

^ r..rm> J m3i;>.r+0l.l 92 |-*a 11006 I 12.74 ?}a }fc {JSSSTfi:,, - 


'mniara 54%^ (based on l'.S.$1.9720 p 
Conversion factor 0.7443 (0.7415) 

CANADIANS 

r iH.y>aitrralK - 13%*l -% 51.12 — 

BkS'jv3S?rf . 12% -% $1.04 — 

B*91 Canada £5.. 34^ . , $4.2 — 

|13&I«AIjj Boa\alle> 1 l. .. 10% -% h5c — 

I 10% ]325p ?Ri«rar.||. . . . 923n -/ $10 - 

•21,’, 14 inpBkt 16%-% 5148- 

i‘iin PaciFif Ri 12 u -% 97.' — 

Hu -rpe rieh £100. 31% .. . 4°o - 

i;u!fiHli.'anJi 18t z +% SLU — 

Hanker Sid Can.ll 420p -7 4flc — 

H<.'!incerS3 23% -*$206 — 


W’ I >..:%■,• 77,11 

F - ,':, 7«;, • .-C-, i-.-i 

f>5- 4 1 1 iri r 
78 f> 5 M 

IWj £71, | • O y _ _ _ 

»y>i 9: i-.:.- -*»... 

W, C 1% • .4 T.V- J. 

lOo-te 1 190 | A uT-.. :■;* Ll 1 i !. !i 


ill m 3AN&3 AND HIRE PURCHASE 


cor t afsucan loaj*3 


?*<! Hid: Lirx 


Dii Vld 
Vi f.*tr i»r »| P.'K 


«5’< <»2% I.' 7jv 7M0 95*4 

b» A 812, 1 1 V-S.. 82 

loo ii ^r ::: J >'7877 iooit 

96i; 91* |i '.L+: - 7KC£i 94 


£7% :n- ?se 9W3.. . 

«% a=% l:, .A-.aS.p.-TMl, 
79 51 IV.II y.K -65.70 

56 75 U3 6P.7W! 


«K1 +J R pa ii t -5«3 134 \%7SA1 280 ID1&.- 31 36)72 

s 674 12 26 2?J no Al<,anHcf«D £1 235 14 55 - 9 2 

«U+: 4$ EiWi -:wi; Al<vmeiwm«0 £122%+% nJZ3-‘.-% 25 4 6( 

“ 645 ll ?• 269 Alien Haney £1. 305 th!949 - 9? 

27, V" or? 117=239 150 Allied Irish. 202 +1 HB.0 - 6.0 

^ 10 « ii II +74 140 4rhathn.jti.C1.. 143 .... 10 23 - 10.7 

I9 rt U K 13 64 £22% £13% Ean£ Ajut il 565- £17% -% 094c - 3.1 

S _ ~ 4o5 315 Bk. Ireland £1 385 tl5.23 - 61 


i ~J 
•p 13 
r,»n»*;r?>ri . J £0 
:i- .]% 1 107 
20 % I.WWJ i c<r . I 22 


) . ts 
! . 

Pier-*-! i'-m £-1 
t . 35 

?— 25 
2.'; 23-! i 
. 73 

. _ 4-1i 

. 235 
i!.. 275 
Dt). 37 
Id?. 23 
. . 47 

Mi 
lime 94 
op. 31 
. 232 
ip. 42 
1C4 
T- 

i .. w 
.A ,E8 
59p 1 22 

v't.a) 

. *5 


•ip :o 

T : S 

ir ! ''r 1 . 


LO.ANS 

Fdulie Bssrd aad Znd 


£202 £137 £Vj lOpcCom - U77 -7 OIOS - f5.7 
17% 11% SU-eumiKI - 14* .... Q16% - 34 

170 150 RLLeumiiUKlEl 170 7.47 15 6.6 

702 330 F.k. NSW $V2._ 540 032c 4> 35 

315 255 Bank Scotland £1 275 *11.05 3 6 6.0 


«*»* « l ^ ®S: iS ±&S ira 

‘Q9 €12% Cmrizhk DM141. £1^2 .„... MCai 0 , _ A.li 

137‘,1'f-O: -iSCl. ... _J lCOUl J12 97 I 1230 £T0 05 C|<;iiHbU£r!oO £26>j «?*<,- 7.fl 

110 101 • i- 1 -;. 7!< 102% ....U3.S4ll2.fr, 32 13 Con nl hi an Kk^. 28 t0.71 73 3,8 

1J»:> !02- I'.' ; :v ti . .. . :77<4 13 71 13-irCJ £13*4 Cred France F73 £21 Q9.87S - 3.1 


I37«, 'C-0 < -n ' ' 
no io ;• i-- i-. 
m% !?:•• i'.‘ li- 
es 7U. : n :v 
?i% : 

*** i 

V; I* ; 1 . 

•i% 62% ; - “.: 


i!.ic. 


S0N33 & RAILS 

I Ptifi' I* nrlHir. ■'•I Te-1 


ftiri' * nr Hit 
L - — lir, 


2-i I (ini,ij ,’n.i.l! \..i | 


... 637 li 1 :- 4~ 7 Dan«iil Ri__. 15 — — — 

.. S?9 12 30 £89 DtabrheBjniDffiO. £110 018°i - 21 

.. 31 72 22 1 " 33% 53 r C Fitance - 70 fS.03 2.6 4.3 

.. 1223 12 7'. 0ij 1% FiM Nat Hip 6 -+Jj ~ — — 

... 12.73 13 2C 2 % Da WrrU 7>83. 2 — — — 

... 11£* 13 5? 13 9% Fraser AmlOp. 12 — — - 

... 31C4 157 I'rjrrardNald ITfto) — r9.12 — 7.6 

.. 12 ->7 1? ! ri 59 37 ilihtn'%. 45 2 23 - 74 

.. 13 Ut UjC 255 195 liil.'eu Brw £1 215 15.41 - 10.7 

2° 19 CncdcD tMijnp 20 0J3 - 0.9 

? 112 % Gnnrilavr. 119 -2 2.79 7J 35 

iso 93 |'ii>wu«M Peal ... 112s +2 h515 — 6^ 

Hit. Cl Ee-1 ;!7 155 H.:nJ-v _ . 263 9.76 - 3.9 

Uro-.j Vwld ivo SI rjH 'amacl -. 84 H97 — 9.1 

j j 'O 200 ft'. Xirrusb . 209 — — ~ 

— — :3r3 203 HnsgSiintSl.T). 266 -2 hQ59c — 2 6 

- - . 6*' 52 itewITojnb*? 54s th3J2 - 9.2 

— 13 Or l*p l-'iiephilAl'il 170 8.74 — 7.7 

4% -- ?5 37 KutrCT It latum 5D . ... D.67 — 2.0 

3% I7 ; j 7J fi rrm-4Sha\£)p 57 -1 3 44 — 9.C 

6 ii 21 1.14 .33 rneinvartBL- 33 -2 t4J8 _ 7.1 

4 .'3 ‘JO 197 ZA2 Lk.-.A.£I 256 -2 t923 4J 5.4 


FINANCIAL TIMES 

BRACKEN HOUSE, 10, CANNON STREET. LONDON EC4P 4BY 
UdiUria! SCGC41/2. SS3S97.. Advertisements: SS65S3. Telegrams: nnanUmo, London PS4. 
Telephone: 01-248 8000. 

For Share Index and Business News Summary in London, Birmingham, 

Liverpool and Manchester. Tel: 246 8026 
INTERNATIONAL AND BRITISH OFFICES 


i U*«a 


% WhT.w. 


EDITORIAL OFFICES 

AmMcrdanv I* *"* Be*, lrpfi. Ameterdazn-C. 
Tel-.* 12 ITT T-l 24<l 

Birmir.i ham C«.-or7C H-mim*. ileonte Road. 

!elo :Sl!W.'iO Ttl O-JI-54 OKS! 

Bonn rnruhau; II 104 H-nistallcc 2-ld 
KV5C.42 Tel ^l'XC3 
Bawl* :«« Rue Duccio. 

T..lc\ 2C:S3 7< l S!C ?037 
Coir:. P". K.O'C £040. 

T«..| S3S6M 

C-uMiii 0 FilrwiJJiam Square. 

Tele-. Tel 7S53£l 

Edinburv’* 5T «7i-orsc Si reel 
Ti lev. 7£4A4 Tel IC?1-216 41£0 
Fr.infcfiin Im SucfiMRlacer 13. 

I,k". tK£:t£J Tel. 

Jnfi.: r-n.--tu.ru PC-. Pe\ £128 
Tolf* Tel dMi-TMS 

Lisbon- Prjcn .lr. A'e’ri.n 5B-1D. Llebon 2. 

Tele-, !2 r i33 fol 3ft! 593 
Mairia t£.prenceda 3 j. .Madrid 3. 

T*.-I. -il r-TT.* 


ADVERTISEMENT OFFICES 


3T.mches»er- Queen’, Hoase. Queen Street 
Telex 6ivai3 Tel. 001-834 9381 
Mr jov. Ssdme-Snnwlechnvi 12-24. Apt. IS. 

TIKRI Tel. 200 2748 

V-v \nrfc 7S Rockefeller Plua. N.Y. 10019. 

Telex «SWa Tel i212' 54 L 4625 
Pnr;- 36 Rue du Scntjer. 750Q2. 

Telex 220044 Tel. 238 5743 
Pie rfc Janeiro- Aiemda Pres. Viriu 418-10. 

Tel 253 4848 

Rome Via riel la Merced* 55- 
Telex 01032 Tal: 078 3314 

Stockholm: c o Svenska DagbLadet. Raalambsvajren 1 
Tol.iv 17003 Tel. SO 60 88 
Tehran- PO Box 11-1878 
Telex 213830 Tel 6S2CH 
Toh>o Bih Floor. Nihon Kelsal Sbimbun 
Building. 1-9-5 Oiemachi. Chlyoda-ku. 

Telex J 27104 Tel: 241 280) 
xva-shiogton- 2nd Floor, 1325 E. Street, 

N W . Wash In at on D C 20004 
Telex 440340 Tel- (3Ki 347 0678 


Vih3.ml-.nl ; 

Ward til’ll- ;fT | 
S’umr.'t'ii J 


iiirrair-jhiT G.-orgo Mouse. George Road Manchester Queen's Htmse, Queen Street. 

7 r ;-.-, 3.0*30 To! 021 -454 0922 Tele* 090813 TeL 061-834 8361 

Rd ii, " ur l” -f7 Geontc Street. New Vork. “5 Rockefeller Pl m. S.Y, 10019 

T"l.*x 724*; Tel iU 1-220 413P Telex 238409 Tel: l212i 489 8300 

Frai.'.'i.n Im Pachi,>n|ji:v.- 13. Pnn<- 36 Rue du Senacr. 75002. 

7 cl. 534067 Tslex 220044 TcL 233.80.01 

L«"*i!x Permanert Haim*. The Keodrow. Tokyo- Kasahara Building. 1-6-10 I'efcikanda, 

Tel. 0 .V 2 45-{0t» Cho-oda-ku Telex J 27104 Tel. 295 4050 

Overseas ad ; on; semen? represcnlativcs in 
irsns-al and S-wth America. Africa, the Middle Ensi. Asia and The Far EwL 
For furt!"*r ri«4.uls. please con lari- 

_ overseas Advert in-men l Department. 

Financial Times. Bracken House. 10. Cannon Street. London EC4P 4BY 


St’BSCRlPTiOVS 

nhiainahl** front «*«-»acent* and h*v:.w«tnlt« •wldwida or **n regulpr iuhaeriptlMi from 
Si!hvi-ripln»n fu-nacrnenr Financial T'me* l^yndon 


DRAPER! 

53 Allied Retail 10| 
33 Amber DtfflOp. 
33 Aquaa.utiun5p. 

33 Da’VSp... . 
15 Auduxrrauc 10c 
lgtj Baker >Sff5.10j 
31% Baajers-'toa!^ 
84 Beattie Ul’.V _ 

25 BeniaUslOp—.. 
13 BlknmfcC<n.20p 

12 BoardmanKOsi 

10 Bolton Text 5fL 
47 Bremoer. 

173 Bril. Home Strs. 

30 BnnraiM2qpL- 
103 Burton Grp. 50p 

99 Da'A'NvaOp. 
252 Cantors 'A‘ 20p_ 

13 Casket i& i Mp_ 

150 Chuich 

73 Cmnb Ena. 12>2P 
28 lope Sports 5p_ 
8i> Cornell ftess5p 

84 Courts '.V 

162 Cum-S 

14 CtuUnnaglc lOp 
84 Deben haras — 
40% Dewhlrd lOp.. . 
124 Pi.tauFhotalO] 

17 Eaiic&Goldop. 
136 Empire Stores— 
151; Esecuiei lSp„_. 

15 FairdaleTeslaj 

15 Da'A'Sp. 

40ij Fine Art Devs. 5[ 
22% Fond i Mbit) IOp. 
80 FonniaderlOp.. 

61 FiwierBrox — 
244 Freemaru'Loti-. 

32 GelTeriAJ.GlQp- 

62 'kJdhersA 

10 Goodman Br. 5p 
97 Grattan Ware. . 

266 ik. Universal 
256 Do ’A Uri _ 

31 Gre Milletra UJp 

26 Harrfj'iFunn._- 

34 Du ’A' NV _ . 

I ,r 10fl 

Prl 


ParadlseiBHOp- 


f33 51 


.Selinmun.ip.. . 
Shuman-Si lOp. 
SfflthW.il V50p 
Stanlvr A.G 
Stabbnsci iup 
Slanhen: Wp 




McKeehulc 


RameEng'g] 


131 
61 
34 
86 

123xd 
86 
126 
Ml 
67af 
68 
30 
75 
125 
113 
28 
131 
30 n) 
15 
15% 
157 
430 
425 

DwntrailOp _ 25 

DewliurX A Hip 15 
Do*t1inc&M 5p 29 
Dreamland ]i)p . 34 

DuhilierSp 24% 

153 
£96 
273 

22 i 
122 
.15% 
171 

FanteUQec.ttpI 357 

82 


Sqturrenrn 15 j) 


HOTELS AND CATERER 


Grand Met £0p~. 


L^dbrokelOp— 

MLCharioUelOp 


4.8 

41 


4A 

82 

RKi 


Avon Rubber 


Baird JFmj£l 


Philips Pin. 


,td MJ7 2 
4*42 2 
L70 3 

td4 22| 2. 


6 

1 

3.81 6 

Ml J 

3 

132 LB 6. 
132 Lfl 6. 
J5.93 2.W 6. 
1162 3.41 5 


29 
! 15 
122 
64 
214 
98 

135 [Slot bent Pitt £1 

23 
75 
05 
46 
10 

17 [TankiasJ'.B.Sp 


Dinkw HeeiSp. 


DoJnHIdgs.! 


FOOD, GROCERIES, ETC. 


IP* 

138 
7i 4 
38 
23 
84 
105 

f 170 

tW 147 

UJ— 1 7 


TTI6.73 2.i 
B — * 

258 1.1 

3' 
31 
2 
3 1 
21 
* 


44- 

♦ 77% 156 


HarrisfPtLfappl 




tiX& 









































































































Vi 


"to 


r. 


•-.I 


•^WlNWSlMAiS— ^ootmtt6dv'-^''' 


:VM%: 

)&*■** 

m 

m 


• ‘ • | |fjt «r £^l5!fcU -.::»» 


INSURANCE — Continued 



41 


m _,, 

fff 1 

. . 28b- EP 

1 S*§2 




a? 


iM:i 


ft' 


•: 96.-. 

V .»•’ 

•• 95 

V Mfe 
" 54 

isa» 

•* 07 : 

; % 

■i 12 

' 90 
' *5 
:' o’., 

•' IB 
17 

•• w* 

ri 

13 
■ra 

: b 
: VJ 
' * 

w 

'■6 

: *® 

A 
■5 
■ V7 

iB 

£ 

* 

9 

■ <5 

& 

2 

0 

■- 6 

• 7 
. D 

: s 

9 

6 

i>f 

b 

0 

•: . 7 

' 22 
.' 0 

:• & 

7 

; 4 

;'P 

52 

' '(* 

5 

■ S 
•' 5 

v -3 
) 

.-. 7 
- » 

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f l 

— I 


UffffBoULkrtl fat 10*4: 

g®-; Hoowr'A*. 

(Ha 

083- Buntifig Assoc. » 

« BBawtansSi. 46-1 

IP* RynenVt Aj jjp 
EH<a iciodatfricstiu 
in w - . - 
Imp. Coni Gbs£I 
Insalltah Mhu 
Initial Services.. 
Ifflff-CSty20p^ 

lauesfJoiuiL— 


1308 


«£ 


39 

mI (JanfiwiT 

23*2 JeniHjqp.. — , 

10 Muect ft Bstism 
76** lAhoswiOars.-; 
37? Johnson Uttl££l 
32 JsfiirdaitlT.lJ^lj 
28 Sa!asia?eolOp_ 
88 _ Kristy Inds..2LJ 
23 Keanudjia HJp, 
(900 EershawlAJUp-j 
62 (flea-SScR® 

LCP-radC-Z’ 

LKImTLlnw^ 
LRXJnL10ju_ 
Lawler 


R 


Lcadln*.5to^ 

9* UadolaBSbrfig. 

38 

43 LeMfFobdWp 
36 lebusHanis— 

For leigh 1 _ 

LdsireCar.iOp. 105 
Lep Group IDpL 243 
Lesne? Prods. 5ft -77 
USraffiUQp— 133. 

LktetlOp.- — j V 
bnds^ytffjBS- V60m 
TiiWfti«»rt«. '.•■'■■ 730 
Um.A?*taGra_ "•» 

11306 7Z 
Lonsdale Uni vn 

Low* BsosrSQp 1179 ' . 
M.Y.t)ari lDp—.P 541? 
(UcmieWa-WJ 24 
M-c-rthyPh-aJp 
Madarl&KGp. 
McdettyL'A 
]5acLeiia»(P.fcWj| 
HarphersonOLL 


4.0 KQ'Ati 
Ji 4.7 8:4 
2J 115 .42 
4 ' 9 .4 ft 

%'g 




ansa-t 
' HTJ 

129- 



+1 


98 1-2 


, » 

1235 
57 
98 
15 
32 
128 
24 
34 
S3 
68 
163 

5 

86 

18 
15 
55 
73 
196 

1134 iMarshdrs Duiv. 

6 

J BffiSSfcl^Pr 

66d 


MarfrnemiOp: 34 



1-1 


-1- 


-1 




2 10 


ffffiHLlQBJ 
Monuioect Ufa— y 6 
Marfan Craribte 1 -12B- 
Moral] fAbcD-il- 42 ' 
MosstteftLilOp- 
Movftex Itki „ 

Mywn Gp Ufa - 
NariKj.F.lSea 
Natan (B fti'- 
NaLfibiwlOp 
\.CR4%9£38.. 
MesmiiftZuibn. -81 
Meili-SpUccrlOp 104 

NwEqxp-lBpf- ' 24 

Nwnw. 91b 

NorvirSCrs Ufa 27b 

No-Swift 5p :28 

■Ve Finance Of.- £99: 

Office ft Bert. 117 

iXrexafa-. — 103 
O.eastrtflitl^K- .18 
P_M.\lHol(flnga^ ■■ 604 
rarkeriSrilAx 119 : 

iPaobftVfhies— 210 
Feera§elCto._^ 
Penttendlfc — 
PenUblDP-— 94 
PriioconCPjLu: • 42 
PhimpsPAeots. . 18 
Phow-Meito-^ 3« 
ninn«aiBr.tLr-27B 

.36 

PawrilDuffSOp. 


PWtdMHdSvs. 

Prov.LatBidi 
FLF.D. 1. 

RTDGmu) 

kF 

Rapt Organ 

BeckittulEOpu 
BedfearnGtass_ 283 
ReedEnec M 

ReedfntLU 1S!- 

Hrijrwrews^ ;<« 
Renowp.te.Y5fl. ,270 
RenwidGroop^l 
Restnw* 

Rexntaft. 

Rirank)..'— — 310 
35- 

are- 114 

(Kopner tfRfEs — Aft- 
Do. -A 1 . — . 40 
Bnbipnnt20p — 37 
RowuftBoott- 29 
Royal Wettest 165 
RuariltA-ilOpi .87 
RjanfU&i. 12. 

SLfMarnfn.m. 

Sale Ti hies _ — 
SandhnfSJIartel. 
.Sangffl^Crp^— 

gBgafef -stiw 

ScoL HenUblfi- -43 
SeoLftCclDTS, 13. 
i SearsHMgt — 36. 
Secifnroriia — 

Da 'A' N-VZ_ 
SeamiySmiCBrj 
Da-A’N-V — 

.Shan^W^e: . . 
Su*eGraoan^.{i« 

. aientnjgttJOp., 
a]l«H!tte-A'3fc, 55 
fSUrrttiarWilto- ”23 
SlncsralS-l'A^ 108- 

feip '?& 

iSOj>:- M6 1*2 
priieLsw36j^. .5*. 

Jl73' J«hrtiypiIH 315 


h92 

W5 

, 1 s . 

’ M. ; '^?5aor HEW 


{SpipowiC-KBlp. 

j MtSSfifil -£»5 ! 

JaaflOlnL-i— - B 
WPareitorej. 136 
279 


H 4.4 
351 
72 
J.3 

__ &«■« 


1,7 

f 3 If 

as 133 
4-6 7.7 
8.6 29 
89 4.6 

If7:l 

.6.0 92 


7.J63 
’B3J3J 
}S3 7.7 

25 86 
, 45 5.8 
3.4t 61 
5J[ 4.7 
54 53 
3B.61 :5.6 
M|16J 56 

u Ti 



mm 

85 3.4 
52 112 

mi 

9 

«"W# 


■M W § 

19 327 
3.9 -Wr 


ffl|h LiW j . . Sail 


Km?* 


215 157 
tTlfc . 151 
67 '47 
272 . 216 
292 232 
144'' 120 
142 ; 120. 
173’r- 135. 
MB . 125 
425'- 336 
475 310 
■m 91 
606 482 
117^:91 
£20 679 
K 1S5 
_jba7*i 
303 227 


[MaobewVT.zOp. 

t airoj ffldg^ trip 
(peari^j 

Da*B"._ — . 
|Pradmtial5p-. 



SmABisBb@£l_ 

SutttifcSu^ 

: : ielodonBUy 
ftaveimSaik. 


170 

172x6 

50 

I 26 

232 

140 

140 

136 

132 

336 

398 

93 

482 

930 

167 

£21 

235 


-2 


Dir 

Nei 

t933 

T3J8 

362 

1278 

tl0.51 

1829 

t&29 

1675 

622 

1167 

t974 

tin 

w 


PROPERTY— Continued 


UW. TRUSTS— Continued 


FINANCE, LAND-Continued 


& 

19.14 


Crr|c?!|prt: 
ill 


2.4| 


8Z| 


8ffi 




LEISURE 


AnglrtlV'A™ 

• AuMt.LoflffcSp 
BstTT&WA.r-A’ 
BlaciEdCtn.50p.J 

Cai 
Do 

DwaUAH)p_ 
Grampian ‘A 1 lOp 
Green Cree p IDp 
. fflVNin.'V t£Z i 

■ 

ftetooS).—.-. 
ffwWWyUajp 
■ LWTA 


1 44b 


(NonwAffitlOM 
[PhoLai tLimJ— . 

UlderTV'A'-T 

WebhCTiKi5p_ 

WatajtfdTVlflpL_| 
|Zritera5p„ 


-84 
- 65b 
142 
88 

Z60bI 

94 

93 

108x4 

39m 

36 

121 

27 

134 

88 

9 

177ir 

37m 

70 

71 
164 

TO 

48b 

W 1 
15 
29 
52b 


14J4 
. f3-07 , 

W 

2.0 4 


+1 


w 

w 

244 

U5.73 

066 

1628 

15.69 

h0.15 

d4.25 

d2.76 

2.05 

5.95 

45 

12.4 

t2.87 

45 

hd0«5 

9f 


i^io.|ioil 45 
10 

642 
30 
272 

Zgb 

397 
39 
50 
il26 
43 
1250 
D94 
£163 
059 

U75 
125 
,80 
m 

159 
201 } 
43 
50 
Boo 
48 

63137 
67 46 
9 J 90 
7 0 347 
89 


8.4 
69 _ 
2-1 - 
9.1 

7.4 
9.3 
76 
3 6 12.81 
66 iff 
65 

5.5 
0.5 
7.7 
40 

58 10.71 


3.1 7 51 
35 7| 
6.6 34 
U 7.H 
46 4.3 
32 3.2 


2.8 91 

2.7 8.5 
2 5 65| 
1.8 12.0] 
17 10.1 
3 4 7.1 

3.8 3.71 
25 7.M 
28 9.5 

2.9 25 

3.8 54 
19 11.41 
5.1 4.4 

27.4 125 
3 7 4.1 
60 5.0 

2.9 8.7 

1.9 69 
5.7 3i7 


6.4 

50 

4.9 

10.5 

65 

35 


8.4 
56: 

20.71 

7.5 
69 


9.8 


MOTORS, AIRCRAFT TRADES 
Motors and Cycles 


i~20 : tBL.50p„__ . 
185 Gen.Mk 0nits._ 
37 ■■ Lri'itCarlto—, 
5b RdlefltMfeV^ 
RdWteceBto- 
fel5 &62- l/riwKSO- 


HI 

200 

45 

9>a 

100 

£12b 


M5.24 

Q12%| 

Canaaiercial Vehicles 


Q275c 




d2 68 

38 

a 


dh? 4b 

4 1 

10 5 


<17 76 

37 

55 


15.24 


77 

-b 

hi tt 

B? 

n 


3 73 

?(■ 

q i 

-b 

nm 

37 

6.2 

-i 

Cttl24c 

4.50 

37 

401 

3 5 
77 

+3 

5 38 

17 

*71 

-2 

■2 89 

44 

7 7 

+b 

0*5 

10 

3 2 


thO 84 

33 

? 6 

+6 

018 

i[5 2 

47 

+1 

tl 60 

40 

<7 


313 

33 

80 

-2 

*B6 

49 

63 


4 47 

2.4 

8.4 



1 


699W E.ftF.midgsJ_ 
.49 Fbd«(5Qpl_— 
fh pert&vShns 

57b Etorfems — J — 1 
45, ytrfcTraUerlOp. 


46 - Abbey Panels 
31b ADflow Stream- 
55. Armsf “ - 
107. Assoc. Btg'l — i 
52 Aulumotive: — , 

5fi. Blur me! Bros 

20 1 , Brown&w. 10pL 

B <f aana-CorpS] — . 

2 Dinily^ta 

66 Donlon 5^1 __ 

% FMitRrfbellinx J 
Sh BimSoithlOpTi 
J7 s*raEBdsirt|i-| 

\m Lucaslndta... 

^ssssss 

86/ «Ssedui4— 

79- fZaitb r A'50p . .. . 

Garages and Distributors 

iAdra&Um-:r 70 | |4.42 | 3 0} 94| 

lAfoawfcr^^j 

Mote 

l£u_. 


_ 1S78 
High Low 


123 
12JB30 
7 1&J9 


6b 

87 

K 78 

828 


68p0 

018 


47 


5.0029 B 
■^75 


6 

170 

30 

$ 

2 g 

34 
|280 
25 
, 32tj 
113 
34 
1190 
£145 
£125 
£125 
, 37 
1172 
77 
55 
104 
1105 
16 
14 
34 
!145 

n % 

68 

280 

61 

280 

81 

3 

8 

74 

59 

89 

72 

97 

,7*2 

100 

£140 

216 

170 

18 
240 
119 
26 2 
13»2 
16 
30 


Stork 

Gitpale Kip . . 
Gi hanlamJidp 
ijrrenilli I0p_ 
fiieencoai 5p . 
Hantnerson .V. 
Hintei'Ind In vIMp 
HyJemere ]|m.. 
UK Land Hra5. 

Jinny Property 

pnartninpean lOp 
Jenuri; Invest .„ 
iLangPrnpsL'Ab 
ImesL , _ 
tiandSecnato 
To Pfpcrnv. M. 
DaRry'ooi' 
Daltl'iCcni'.'® 

]LawLznd3)p 

[Lend Lease 50c.. 
[LoiiProvShplOpi 
Uw Shop Prop ., 
jlgon Hdgi a)p 

[Marl borough 5p. 
Marler Estates.- 
Mflnemw IPp - 
McKnv Secs 3)p 
WtHw^RlL ]0p. 
Mountviewap... 
MacklovriAiJ 
Noll on 


^ |+«ri w. rw 
Price J - | Net r»T SFs P/E 


m 

Bub ItjW 


Sack . I Prire 


iPfiadiCT 

PlDplflda. ftlnv. 

Prop Pan'diip... 

Prop, ft Rev 'A' _ 
JPnV Sec. Im 50p_| 
•Raglan Prop 5p. 

IRegaJiiui 

lRegional ITop— 

! 0o.‘A’ — , 

Busk ft Tompbiq 
Sanaiel Props _ 
ScotMerop 20p 
Second City 10p.. 

Slongb fists 

DalOVWSQ 
Stocl; Con versa. . 
LliuievIBIlnv.. 
(Swire Properties 

(Town Centre. 

(Town ft City 10p. 
ITraSord Part— 

U.K. Property 

Utd Real Prop... 

(Warner Estate. 

nSaraJbtd lnr. 30n 
Hrstnan-ftCtyP— 
JW’mnslerP 30p. 
tWlnaonEais 



SHIPBUILDERS, REPAIRERS 


IHawtboni L aOp. 
Swan Hunierli.. 

L'osper 

f arrow 50p 


73 



__ 

156 

+i 

6.96 

IB 67 

198 


150 

45 3.8 

320 


5J5 

ft 24 


SHIPPING 


5 7] 41b 
5.7j 39 

SZl 4 * 

79555 

b 2pjQ 

12.6K3S 

54jf]8 

130640 

4.7146 

152iS 

14 4i 
49 
7J 


BnL4Com5ih)- 
Conraon Bros. fOp 

If’idiwiji 

Furness WiihyEl 
Hunting Gittfn £!_ 
jiacobsiJ l.:Li*p 
[Lon. u'Sck Frtrs. 
lLvIeKnippinv .. 
Man. LiWrs'Sip . 
Mersey Dk. L'rnti 
IMilioril LmcL-! £ I 
‘.'ueacTrajiiTJon 
P AO rtdd i ! 

R'.-anlv-, ,» m jyp 
l*o \ Sup . . 
Riin r iman‘W • 


290 


9.40 

3.9 

4fl 

160 

*3 

590 


55 

175 


tl 5b 

77 

1 i 

241 

-1 

1829 

40 

5.2 

112 


♦5 17 


1 

37 


dl 88 

7.7 

76 

35 


_ 





130 

+2 

1497 

05 

5fl 

220 


518 

23 

35 

3Sb 





117 


77? 

ft 

35 

10/ 

+b 

8 3/ 

26, 

Tl 7 

82b 

+b 

n64 

05 

175 

ez 


0.1 



07 

34 


01 



114 

61 

-i 

M3 75 

21 

93 


SHOES AND LEATHER 





54i 2 

130 


BMLCarAiKLifti. 
|G3ffynB50p___j. 

, . fc 

I 

44^ Gates tR . 

1 29 CtocfiddLswr- 
- HwipcrIa«jV. 

S5 iaF*-t 

KenJys20p__; 
HmaMtr.&p,. 
DaltocCms.— 
HarstiOtariesl- 

LaiSejMceGrpT 

48 UxAm — 

73b ijwiSltfOB — : 
54, NrisonDawdSp. 
4 PeHniiieMtr lOp 
77 Pwn(RiMtra. 
26 omcfiRfeJ ilDp.. 

ftrafUoUsi 

43 Tete.oTLeeds .. 
33 WadbamSlr ]0p 
68 ft'esaeni Mir. 


Mb. 34 
787 
12.16 
11.40 

25i S 

tl44 

jSSi 


-1 


\?n 

|1° 


«r 


6.9108 


4.8} 5 71 


431 
5S|09 


5.8 

281L2 
36) 9.8i31. 
' 5.1 46 

5 7 17.4 


5.7|10 6j 




a 


1 AUet<me ]A|ir . 
Booth ilnln 
Footwear In-* — 
GarncrSocthlair 

Hilton-' 

K Shoes.. 

Lajwerl Hlh Ds.. 
.VwtioldAKir.n. 

Ulr.eroji'A 

1 PiltaniGrp 

Ste»dftSin'V_ 
Strong ft Fisher.. 
Slyi 0 Shoes. _ 
Turner A'4EH/p.J 
Ward While. 
WearralOp 


27b 


rl 15 

2-01 6 4 

5im 

-3 

446 

3< 

17 3 

66 

-1 

d4J9 

71 

99 

104 


14 57 

41 

66 

50 

-3 

HI 7 

/« 

■>1 

105 


t4 97 

71 

/ 1 

69 


12 JO 

5fl 

5(1 

51 


13.22 

75 

«4 

53 


tiB4 

3f 

8? 

54 


tl 9 

27 

37 

51 


t?ffl 

47- 

37 

38 


? 16 

1 7 

a-> 

64 


473 

14 

11(1 

63 

-1 

175 

3 2 

38 

41 


fhllB 

38 

4 i 

90 

-1 

M4 02 

81 

67 

27b 


TL33 

26 

12 


10J 

60 

22 

565 

160 

L 6 

* 

13 81 
>145) 


3.5 


1U. 

3.6 

64 

5.8 

4.0 
93 

4.8 

65 
61 

10.7 
43 
10 8 
10.0 
12.6 
93 

4.6 

8.1 


SOUTH AFRICANS 


Abercom R030_ 
Anglo .Am. In. RI 
Ang Tr'slnd50c 

Grid nets ?3;C 

IGr'unrA'Suc — 
t ... . .HulWiCpnRl, 

4.0 S40 288 ItiKPaiaar-A'A . 
I 35 iPrtmntfe !»jcl* 


47 

?7(» 


Bn Tn-tiw \\5od 155 


,58 ISA Brews iiOv... 
1 445 rrutfOKsKI.. 
Il'aisec 


90 

490 

112 

57 

115 xt 
97 
375 
55 


67 

570 

53 


if 


131 6 
7.7 5 
0.7 2 


10 . 

5 2, 

10 
17.21 « 
9ri S.7 
6.0 


421 

U 

2611151 


101 , 
9 54 
L21LB 


TEXTILES 


NEWSPAPERS, PUBLISHERS 


2 . 8 ) .m 69 

2.3| 5.« 66 


1130 .Assoc News.... - 
|I65 Ass Rtwi P Hip. 

46 RPMHldKSA... 
[42b Benn&wtwrv... 

I 70 BlackLAftC.l — 
; h05 Bristol Post. .. 
1123 t'olllusWnJlam. 
Do "A" _ .. 
tWyMlil'A’Xip. 
EJlfd.AIbed-V 

Gordon ft Goiih . 

HorreCoonbw . 

JndependenHr- 
Int Thomson f! — 
do Corn - — . 
L'poo! D.PostMp-| 
I46 i 2 Marshall Cav.lOp 

(228 Nnwlni 

|174 Peanon Unareu . 
49 PDrtsm'ift&Saad.-| 
4fl Pyramid 30p — 


g.4 J tl90;.-|l53 RoitledgeiKP 
-46ft55.rg' SteteiWNiHMss 
77M03 1306 Uld Newspaper? 
- 23b WetatereJ s u5.5p 

35 1 } (Wilscoi Bios. 3>p. 


15 90 , 

W 1 

632 
.4.75 
4.75 
12.8. 
bUO 
m2. 68 
14.57 
t660 
olOc 
105 
1737 
14.43 
■t9.fl3- 
6(« , 
3.15 


23 SterltoclEdsJj)- 

" stochlate- 

SumefiillHIds^ 109. 
SiuBEertPjIfljcu .14 
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IS 5ii 01 


IE 3 
119 


10 

14 

10 

10 

12 

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10 

09 

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4 3(33 7 
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12 7 
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203 

543 

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299 

345 

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309 
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224 
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14.46 

3.91 

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400 

129 

135 

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265 

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lib 

31 

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65 

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101 

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17 

58 

260 

53 

41 

11 

339 

113 

105 

66 

48 

180 

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4nl52 


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16 6 7 
13 5.4 
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1.5 4.1 
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Ll 3.4 
19 53 
39 L2 
2.0 51 
19 2.8 



SECURITIES CQlin 


j London Branch: :..:n r.e : L'isc- . £0 : ng 
1 Lan^.LondC. - . EC:S7££ TL‘ ; : SSiliil -V'B 
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AUSTRALIAN 


1978 

High Law 


15 

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131 

820 

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140 

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117 

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750 

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111 

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130 

78 

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68 

450 

280 

40 

50 

165 

49 

47 

140 

230 

134 

55 

85 

74 

148 


Stock 

AcmetSr 

IftwsinriHeiWToei 

RH Soulh5fc 

[Central Pacific . ... 
JCiBcior Riotir.lojOc 
(Endeavour 2Cw . . 
HIM. KalcoorlieSl- 
iHaoaiain^dN.l... 
Hamnln.Area‘5p.. 
Metals Ex. S0r. 
[VLLM. Hides SX „ 
;Minefiri(5.E\pl ... 

[Moum Ucil'dac 

Newmeta! 10c. . 
iNoniiT. HillhOc _ 

Nth Kaldtoli 

MIL Wist Mi nine-. 

OakbridaeS.4l 

irtOilmui N'J 

Pacific Copper. ... 
Panconl'liv . _ 
Pari d&i M6Ei.3p 
iPekdWalisendaOc. 

Southern Pa-ifir 
[Ween. SLnmcAv. 
Whim Creek Sic. . 


Price I — 


Ana l NiCTU 
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BerallTm . 
BeijuntaiSMI. . _ 

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[GotriA 61 -f 12)^1 

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KanwnUne SMn.nil. 
Ki I line hall . . 
Malnj [mdcin:iMI. 

APahane . _ 

Penci^ien lOp , - 

PctdinpSMI 

Saint Pi ran 

iSouth Crrtty I0p .. 
[South KjmaSMflfiiJ 
SUnKalj!“an SMI 
Suncei Leri SMI . 
JSupremeCrrp SMl 
[Tanjone 15p 
TnncUh llriir SMI 
TronohSMI 


ID 
313 
115 
300 
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121 
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75 
37 
u 1 
148 

Q •> 

AC 
?I 
10 ^ 
. 9 J 

Lui ? 


104 


68 
17 
|300 
465 
263 
, 90 
£12 
85 
185 


COPPER 1 

| 62 (Messina ROiii [ 63 (+1 |*Q3lk-[ 191 

MISCELLANEOUS 

35 Barrnun 

9 Burma AD nes IT^p. 

180 Coos. Mulch. 10c_ 

|245 North gate L'S] _ . 

164 R.T2 

30 Sabina Inds «.7SI 

1750 TaraEximSl 

43 TehxiyMj nereis lOp. 


120 


[Yukon rirasCS!.... 


49 

-1 



_ 







185 

f 5 

ibSGc 

26 

355 

-3 



231m 

fl 

9b 

2.c 

44 

+2 

_ 


830 



— 

GO 


♦1 , 5 

ft 

246 

—4 

Q7c 

2.91 


6.1 

if- 


GOLDS EX-5 PKEHEUBI 

London quotation-', for selwioi South Ainrnn yot.J mi nine 
shar« in U S. mm.ti.-j trscludiru; the iniHnen' >!n!liir 
premium. These prices arc di al (able onJv to non-h'K 
rani dents. 


>15*4 
>11*4 
585c 
S28\ 
515)4 
S13** 
465o 
Sg'z 

— fc37 


>31*4 

512b 


510)4 

BuHel* RI . - 

SU'b 

+)^ 

ijlTO.- 

1£| 

850r 

EasPneRl . . 

92Cv 

<45 

rtj'Ev 

17 

iWr 

EwRan'iPrr. R] 

410c 

-ia 




Sifab 

FRGeduWak- -. 

SlE-jvi) 

S13b*c 


031. V 

ft 

97V 

fTOb. Brand 50e. . 

+i e 


<r 

90f)r 

St. Helena Fii 

SIC'i- 

*)i 

Clianr 

ft 

31V 

StiHerieir ^v. . . 

-'.lC.- 

*•15 


?1 

S16b 

Vial Ree<f Sik- . 

S1E) 4 

f/v 

Ol!*. 

33 

S75 

WMiTicni 

K0S s 

-rl'. 

$K 

4S2.5t 

1 7 

319*4 

B95c 

West Hide* Eft- . 

WesernfieepICL- 

S2S)-rr 

Sltb 

~h 

ft 

2ff 


19!3 
15P 
"0 u 
62 
71 
14 5 
20 : 
9.1 


TEAS 


4.3 293 
5.9 23 4 


7.0120 2 
5 816.5 


53^ 


5 0| 


a 


234 
226 
25 3 
251 
45 6 

235 
196 
1775 
113 
— I&20 

lillll* 5 
22.1 
ft 

13 


375 

JCO 

93 

20-: 

:■:$ 

130 


90 

138 


India and Bangladesh 

As-a:nf«nT>U 260 . . ft965 

\x*.irnFrontier£l 268 -4 10 15 

il 93 -1 711 

r.tnro-e Hants I0p 25b 42 01 

ij»*T.tVl..*a>£« 332 I>15 

M..!eudR-j.»Hj£l- 215 .... 13 5 

Mcir:.nil . 335 .... 150 

Sinjl'iHld;r Kip 26 iFl 75 

(V.am’n Mam* 112 -1 h7 44 

iViUi-nKCir.il . 160 


12.5 


67 
9.4 
6.7 
10 4 
9.9 
1L7 


Sri Lanka 


125 [123 |Lunuia£i . 


I 217 | |5 58 | Iff 3.8 


Africa 


27 

25 4 
19 5 

ft 

26 6 
ft 

18.2 


16.5 


280 
11 6112.9 


20 8 

b?s 

309 
171 
294 
24 0 
33.3 
31.6 
ft 

28 6 
29 0 
46.0 


iJ^T* 

|130 


Flar.lyr? 1 1 

PcoL/Uief 


600 

155 




NOTES 


MINES 

CENTRAL RAND 


442 

-.20 

142 

078 


P0o 

37 

(416 

!52 

444 

75 

10<% 

73b 

5o); 

h»5 

63 


jrnirhjnDccpRi 
£j.q Rand FT? FI1 
Raudfou: » EA IC 


781; [«■«• Rand Rl . .. 


334 

279 

£29b 

102 


- 1-6 — — — 

i -6 — — — 

-b 1®5Be 2-5 7. 
43 1Q13 i- 6 7| 7.i 


EASTERN RAND 


(Unless otherwise liuTicatcd. prices and ert dliidend- in? in 
1 pence and ih-nonniiiaions are 2&n. Ustlmaied priwiearnlncs 
(ratios and covers are bawd on latest annual repn.-tssnd account** 
land, where pw-iiMe. are updan-don tuilt-rearl* licurci PtEn are 
Iralrnbied nn the basis of net dimrihmion: hrecieud firures 
[indicate 10 per cent, or mere difference it catruteied «n “ail" 
(dlstrlbaiiaa. Cocers are based on — maximum' 1 disiribalion. 
[Yields are based on middle prices, are gross, ad jested la 4CT o? 
(33 per cent, and allow lor value of declared dif inbniions and 
righla. Serurilies with denominations other than sterliag are 
(quoted lnclusire of the invest men ■ dollar preimnm. 

Sicrii". nominal cd securities wtnen loslude tntestmeat 
didi.i.- pn-inum. 

- Tup 

5 9j 5 5 ■ llipii- .•• ii 1 marhewl D,us have been adjusted to allow 
4 4 5.3 for ric*ii . ■ ..'us i.c ■ ash 
57 11.4 1 1 iu< p.'. •!'..«■ in\ rvu m! ar rvaunard 
1.6118* Ini-Ksn. e redti-M or deferred, 

rt la* ipv rw’n-reMdcnw. on upplicalion. 

Figure- • r -• uwaitcd. 
f."eli*l ft'jnp 
I’rirt .•: lu:v .'rf su a pension 

liulicats ! • i:\ideaiJ aficr pen. line sr rip and. or ncht.sis.sue: 
.'S'f ii*i.. 4 u* ir. prei-.ous dividends. ^ fonecu.su. 

MLr.'er i-.r, ..r rt->ircunisa[lon in progresa. 

Nit i urn-r.-Me 

s«hk -r.'urim reduced final andor reduced earnincs 
ifidiniiU-': 

Kores.i-i diudend; emer on eanungs updated t>y latest 
inf on m 't-.'-ment. 

• u e.- .-II.**- lor vomrereion of -h.vrvs not now rankin'; £or 
diiPicnl *r roniunp only lor reflnclod diridcntt. 

Cover 4c, not uII"W for shares whiuL may ;J « rani for 
•tinder.' I ui « f-lur>. dale No P.'E rollu uauul)" providetL 
[9 E'elurijri' a final dividend declaration. 

!+ Reuivin..! pmu. 

jl psr value 

b T.V' free h Figures baaed on prrcfpei tur or other offii-i.il 
sum;i:<.- c i-isiu d Dividend rsU.- paid or pny.ii'le on i-ur: 
[of «*| 11 U.I <iiv«.r bi-ed nn dividend on lull cnrual. 
|e Rc'k'mpi'ii IK-M. f Mol yield * Af.umed divdein.' and 
yield h 1 • -..ined dividend and jield afier *rnp issue. 

5 1 F'avrry.r.i :7 utp r.ipunl source.-), h Kcny.-i tn inicnir. higher 
ihan pri'iP'U lol.«1 n RichLs issue pendinc «l fiarriincs 
based >■!■ r.rel-n-ji..v5> figures, s Dividend nrul v-.eJd exi lude a 


57i ? 

Dr;>'i.ca90c. . 

66); 

-lb 

b*44c 

in 


24 

+1 

tyTOi 1 

2:5 

LF:G'.*liv50 

300 

f3 

Fw50c 

76 

i-nwile: J<\- 

91 

+2 

1Q19C 

Q55c 

Q2Ic 

244 

i*; 

Ksnnr. - 8 : 

Lo.'irfiV . — 

248 

43b 

-1 

+1 

W 

Mir.t-.tief.ttI3.. 

53 

+1 

TQ46c 

n 

"■ . 'LUir.i.i Ld 2Fc . 

56 

fib 


n 

> ljUcmie:. n .9h . — 

42 

3 

02bc 

Ql29c 

SlI 

Tiiti^elh^aLRI 

562 

31 

V’*| NiiriZT*.- 

371; 


— 


F.IR WEST RAND 


3 0142.8 


305 
[40 4 


27 0 


3? 1 _ 

[0 l|l4.6 
33 42 0 
4.7 293 
10 2176 


4.1 24.8 

5.0 29.0 

4.0 44.1 
4 0 36.7 
13173 

1L9ILL5 


9-fflft.l 

12)10.61113 
Off 

4ff29.9 
3-2135.B 


n 

Lffllff 


no 

£20?| 

134 


249 

(374 

£24% 


13.7 


53268 
53 25.4 

5.5 23.9 
56 268 
75 a.o 
6.4 23.2 
52 25.9 
0.7 
2J59.Q 
1.6662 
7T , 

3.6 414 
4.1 35.8 

69 2L2 
7.1 2U 

6.6 235 


Finance, Land, etc. 


268 

191 [69 
-TP4l 3 


*324 

46 

32 

20 

62 

48 


& 


AJtrocdSnmhera 

AnncurTst lOp. 
Anllioiiljlm.a^. 
Briunma .Him 
Chalfentti>pf] 
Charterrraisei.fi 
CotnmonMkt Ip. 

MeefrES 

Dst-^r^-... 
t+DcJoswelJa. — , 

Edm-IntfL ia : p. 
E30roMuuDe I9p. 
ErridM House- 
Sa Imtds lOp .... 
BxpItnlioGra^i 
,00 'Fariiitn&Geaffi 
Fituoylmest — . 
RambrolVusl _ 
RumtonTll-5p. 
_ 'HatcPB - S.SL-- 
W ite Int fgJ F £1, 


sw 

26b 

14 

9?; 

56 

£10b| 

205 

22 

7 

50 

36 

12 

22 


204 

8lj 

55 
14 

120m 

53 

U41; 

303 

374 

22 

9b 

56 
40 
14 
24 

1U 

20b 

33 

*2 

50 

235 

18 


-1 


178 


«5ff 

SfcM] 

1.75 


dLOO 

1.* 

12 

050 

5.01 

2.03 


fi 

zdSk 


5.6112.41 


2ff 5.5 


78 

5.4 67 

as U8 
3.0 * 
7.9 (7 St 


2.7 
72 
1L9 
3 1| 
64, 


9ff 


86 

67 

3.4 

7.7 

189 

ft 


H45 

£12 

108 

401 

[920 

250 

153 

tit, 

|57 

Sl4 
330 
El 7”, 
|2E5 
£291; 
p41 
1*70 
2o8 


; c .n 


288 

+B 

Q63c 

Ql70c 

16 

mi 

Kuifri* .. 

798 

+21 

IS 



80b 

flv 




214 

Ifcurn/cvHeinRl . 

272 

+6 

W50c 

tQ78c 

2 3 


EasDncR! 

616 

fl9 

1.7 


Pl.'indsrosrtijW 2fK 

157 

f? 



ao 

Pl-l-ir; HI 

86 

fib 

«J845c 

10 

c°(J 

HarcSwrrt Rl 

iUh 

-b 

(J250c 

16 

vu 

tJcvfiioId ftl 

477 

+13 

W4Dc 

26 

432 

Ijhati'inRl ..._— 

460 

+3 

WOOr 

20 

41«* 

Suuihraal 30: 

436 

+6 

Q21c 

1.0 

t'lO 

bui.'nlvin.TK 

279 

+9 


2.3 

£J1 

i .*al rleeif Kv 

£12b 

+1? 

i*ai3e 

(S!5c 

W8V 

3.1 

i:.' 

\eni?r-,pa?: RI -- 

177 

+3 

27 

Uo>» 

’V Ine Hi 

£2 0b 

+*4 

17 

133 

nirt«ffii.Ui»a' Rl. 

142 

+5 

«13c 

2.7 

bc-9 

h eslerr, Deea R2 _ 

705 

+14 

WZ.3C 

?4 

163 

Zundpun ?,1 

197 

f 2 

(J41ic 

ft 


13.8 


1L5 

83 

5.9 

12.9 

5.2 

136 

29 

4.7 

5.4 

8.8 
117 

5.5 
7.0 


(This scn ii'i.' is a'-silahlc 10 everj Company d^alt in oa 
[Slock Exch«ss2ft- tlinjuelwnl the Crtiteii Kingdom fora 
fy_, ui i»C£i prr acniun for each security 


O.F.S. 


75 

£ 121 ; 
59 

tt 

nib (667 


w 

144 

[190 

£13b 


Free Slate Dev. 50c 
F.SGaduid30e_-_ 
F.S.SaaipbasRl- 

Rdrn»ny50c 

,UraineRl - 

[Pres. Brand 50c— 
Prts. Stem 50c 
5L Helena Rl_ 
Unisd— 


]Velkom50c- 

(WJ'oIdjflEsaOc 


95 

£1^8) 

+*4 

+lb 

QIZc 

©15c 

2.01 

ft 

283 

+1(1 

t£WV 

?(1 

73 

783m 

a 

qS> 

05 

ft 

639m 

+8 

uBOr 

ft 

715 

+!b 

0190c 

ft 

18(P; 

225m 

£um 

+3? 


ft 

ft 


FINANCE 


£55 
[378 

^50 
172 
[204 
25 

E2Db 

£165, 

as 

235 
60 
207 
158 
02b 

59 
,189 

22 93 

23 £15 


[424 
|246 
£14*4 
1621 
U9 
1363 
, 1W; 
£14 

nob 
[ao 
,138 
22 
126 
. 95 
IS 
IS 

29 


278 

340 

73 


73 


182 

238 


Anj'Am.CaaJSOc- 
,\H6lo.AiDa , .]0c-.. 
Ang. Gold Rl - 
Ang-VaalaOc..-.— 

(Charter Cons 

Cons GiJdFirids . 
(East Rand Con. lOp 
’Gee. Sfining R2.__ 
idildFieldsSA 25c .4 

InTwrgCnns Rj.. _ 

Middle Wit SC. 

MincorpUPm 

MmamSBOMO— 

NevffitSOe 

]FaliiiP?jVFTs5.,_. 
htand London 15c— 

[Selection Tmsl 

Sentnisl IPc.. 

BUi-enoiiws2)/p_ 


122 franks Con. 50p 


Do.Frcf.80p. 


£11 fTvaaLConjldRL 


U.C. Invest Rl — . 
Union Corpn.fii5c. 


40 (\'ogri52l^:. 


145 

116 

4.9 

7.1 

15.9 

17J 

154) 


3.41 63 
2 .ffl 73 



DIAMOND AND PLATINUM 


29.9 

61 


£49 

488 

£1H* 

230 

83 

117 


210 

24 

80 

«1 

17?j 


[£30 

1285 

1925 

12? 

54 

70 


AnelrvAmlmiOc- 
DeBeerePf.Sc — 
Do -iOpjPf. Rj-„ 
Hmpain Plat 20c _ 
[LyOHibuTE I2tC_- 

Hus, Plat. 10c 


£35b 

352 

£10 

180 

67 

96 



U10.1 
33 8.9 
39U12.0 
32 61 
61 


ft 


CENTRAL AFRICAN 


155 

15 

ralrim Rh Sk 

Rhod nfarp H5ip. 
Roan Cons K4 

163 

35 

-3 

Q60r 

0J7 

f, 

W 

. 6? 




2V 

P-anktetd. HhJ 

29 


Q9c 

ft 

10 


W 2 , 





.5.0 


223 

5.7 


185 


kpcii.il 

pr^jriu- .fj. 
Ic.iiriin.*- ii i 
Mjjnilnj. ■ % *T 

IrurTL-n* ; r I .:*j 
|« rinser 
PPPL f 

iTeferen-'e •: 
'pn.-e r r*i 

IiHTim..; i vi 
Uiler jH-'iif.- 
(ba a «rl 




-.1 


'Uleri dividend e.iv.T n»lj»v 

nd. I* F. ratio kiMd or laieM annual 
•. .lit d.i i.lenij cover based ni ire ivuv)iur‘i 
free up to 30p m the L v» Yiel'i allows tor 
; Ini :itrnrf jad yield ba-ea' on niercer le.HK 
-.1-1 ie . mdv u sr*-i ini payrr*nt- Cover d.-Krr not 
•ii .viyipeai 4 Net mi iderid and yield K 
i'--'r,i'- v I-.' e-1 c r .lei erred C C-iuadun. E Iwajc 
•■'■■.■ill an i , i.'ltf Ivve.) on nrivfv(l<i' or . .m-'- 
i-.r fi A.-. ji nrsl dlv MmH and n»M 

v.'l nr n«hL- issue 11 Dividend and yield 
- . i-.'Clo or other officiiil i.winviter tor 


IffTP-TP K rr.er-s f.j'Mf on proppcelus or other ntfirinf 
r.- M Hr n lend ami vield hosed on pros.pcnu:. 

.<-ro..:r. [or fi*7H N Dividend and ;.:ejrt 
l». • f I... <ir ivher nffirml e.luTVMcs for 1S?3 P 
••r. ifs.nivtsB or other official esrs males rer 
T J : h'suny.-d Z t’lvulerd '.all irj 
',j ol > s . ur-i-ti'in Tfeasuz^ 1 Bit I Rate stsys 
■f n .I...1IV Ol '£•<!; 


It'a-.ma'.e-- far i 

lor other 

IhiL'e-T or pr. • 
Firurc;. h:. :•) 
1EITW 79 if • 
[dale >A V.e) ! 
urehjn^wl ua: 

r\brrci .ai.o-i . 

all i (■ .-.ij'i' 


v . ill' 'di—.d ices rcnpij,aue. m richLi. iaes 
1 i:nhui:,.n 


“ Stecent issues " and “ Rights ” Page SS 


26 

50 

15 

3Z5 

28 

60S 

37 

66 

26 


21 
144 
75 
, 173 
1 252 
63 

lKm 

21 

49 


*1 


-1 


Slielf ftelr-h.-rr 
StmJaHiWm i. . 


112 


J 

i 


IrTIFrf 


REGIONAL MASSES 

fThe follouiOL I- jNtte> non of Imftin cpj.ilbtivn- of shares 
ipnsi'ICUrij liilvd on I v m rcsion.i! nvirkets Prices of insh 
issue?. mcraL «•: ^hieh il 1- ? not aiifirhillv tutted in London, 
are as quoted on ihe Irish e-dcnunKU. 

Albanj lnv MpJ 
Ash Spinninc . 

Bertam. - . 

Bde'vsir Ekl S'p 
Clover Croft.. 

Cmi it & Rose £3 
Dyson (R. A. ‘A 
Ellis fc Me HHv. 

EveTed 

FifeForee. . . . 

Pinloy Plcir Sp. 

GraiK Slup.£i... 

HiCsoflb Brew. 

I O.M Sun Cl 
Hottf.T<^.-26r | 

Ntthn iloldsnnih! 

Pearce iC.W • [ 

Peel Mill? .1 
Sheffield Bnr*k| 


Com rrtc »j82 

Allinni'oCn* 

■Ymoi! 

CamvllfPJ t...., 

Clordnltin 
f. i-nere-e Kriids 
Heiioni l!lrtc.>-.' 
!ns Corp 
insh Ropes . . 
JaMi 

Sunteim 

T.M i . 

L'nttiarc . . 


£891; 

-J 4 

95 


340 


97 


90 


135 


49 


issm 


105 


55 

-l" 

37 


175 

1 

88 

.... ! 


3-msatk Caii Ecies 


lainslrlals 
A. Brew . - . 
A. P. Cement. 

BS.R - 

Rabeock . .. 
Barclays Bank. 

Beecham 

Boots Drue - • 

Rowatcr* 

BJ\T. 

RriushOoiten 

Brown 

Burton 'A' ....... 

Cadbuc'f ■ • 
Courtauldji - 
Debt n hams .. 

bistlUers 

Dunlop . 
Eafik'Slar .... 

E.M.I 

Gen Aoridcnt 
Gen. Electric.. 

Glaxo 

Grand Met.— 

;i:s ' a" 

.'uanlinn ... 
KN. 

Hauler Sdd . 
House riFrtper 



If I 

20 

6); 

IS 

^Imps 

b 

M 

9 

Iro-ene-.k - 

8 

11 

KCA 

1 

?S 

Ijubroke 

17 

35 

IcCC^l St Gen. .. 

14 

75 

Lex Service.... 

/ 

16 

Liw'da Bank ... 

XI 

24 

■■Lois 

4 


London Enrk 

5 

20 

Lonrho 

5 

12 

I-ucasJnds .. 

25 

5 

U'.onffiJ i 

10 

10 

■■Mam*" 

7 

a 

'Trla. Sc Sprier 
Midland Bank. 

10 

V. 

21 

7 



17 

1! 

Sal ‘A'et Bart. 

22 

14 

Do. ’* arnsnts 

10 

17 

f fc ' • r»:d 

Z 

IE 

riessej- 

8 

+1 

k h 

5 

9 

R-int-Ori; - V_ 

18 

20 

Rec-j Inirtl 


18 

Fenners 

1 

22 

■Tosco 

4 

20 

T'mrn 

22 

12 

Trust Horae- 

15 


Pi 


'T>ibeTnvesL .. 

Unilever 

Utrf Drapery- . 

Viewers 

Woolworlhs 

Property 

RtriL Liad .. . 

Cap Counties 
13.! J . . . 

lacreuropcan 
Land Sees. . - 

MKF“" 

Pouchtb . - .. 
aainjel Props.. , 
Town & Oty—i IV 

Oils 


3V 


En: PsCrnloun 
Burroah Oil 
Chnrierhull . 

Shell . 

Ulrr^mar....... • 


.Winos 

Ch.jierCons. 1 12 | 
, .. 'i?id. . 1 14 i 

15 jp.ir.T. fi,cc ... 1 16 { 


A select i on of Option* iradc-ri i*. f, n on !iie 
Londoc Sio-.u Exchange Hepos*. paie 






U.S. election results 


please both parties 


BY JUREK MARTIN. U.S. EDITOR 


WASHINGTON. Nov. S. 


BOTH REPUBLICANS and 


Moreover. 


expected 


Major companies 
to help London 
small businesses 


THE LEX COLUMN 




|j0 


Democrats claimed satisfaction CONGRESS AND GOVERNORS avalanche of support for tax cut- 


today with the results of yester- 
day’s mid-term elections which 
were dominated by local con- 


AFTER THE ELECTION 


ting and spending curbs was less BY JOHN ELLIOTT. INDUSTRIAL EDITOR 


•' ■ • r'.‘; . . ** : r : ' •• • • 


[Ti 


and which generally oered little 
guide to the Presidential contest 
in two years' time. 


desperately tight races in Texas 


publicans, the GOP has made 
net gains of three seats in the 
Senate. 12 in the House, and six 
governorships. 

The Senate tally assumes a 


though Mr. John Warner, hus- 
band of Elizabeth Taylor, will 
probably have to endure a re- 
count after the thinnest of 
apparent victories. 



Before 

After 

Senate 

Democrat 

62 

58 

Republican 

38 

41 

Undecided 

— - 

T 

House of 

Representatives* 

Democrat 

286 

274 

Republican 

146 

758 

Undecided 

— 

3 

Governors 

Democrat 

37 

32 

Republican 

12 

17 

Independent 

1 

O 

Undecided 

— • 

1 


in several States adoDtboc a more MAJOR COMPANIES, including products from small firms— an . _ 0 _- 
cauUw?Wn«ch JhaHhe ^ Shell UK HP, Marks and Spencer initiative also- being considered a -5.T- 

Vrfr 0115 ^wroacn man me can- . IRM * .^ nnirio tn he o wv cnv^mment rtenartment* authorities today may - well 


the -<pie5tibtt 


bargained for. 


setting up 


From an external (and. 


ing Shell, are already develop- 


decide on- their 


ing ideas such as these on theii monetary strategy for ":tha' 


IC9UU wdh Lue ucLtruL ox Mnacor , , _ m ua.ui ai.u**uM u 

Clark in Iowa,. Mr, Clark has *“* *£« G .T5E west and northeast. 


es today may [ ; Weil T n< J ex roS e 4 9 to 4744 r 

on wheSer.ttey “ <,eX rose 10 tbft^ipemoi _!• 

tion to decide on- their r 

r . strateav,: ttr> r rh« ‘ - - . / detail 

Cottar wssk at; Wast •, 


1 


274 h^rT £ x Y w ’1i- m r JSf meat started' a campaign earlier wcai - * sion for another week ffileast 1, 

758 C this year to encourage large com- The companies are motivated But if the- Governmeia - h^ '1'^ 

3 painSm help small finSs. by a mixture of self-interest and up - te ^ on thScmid^J • - 


raur — u ~- (juiuus io uciu smiiii uiuia. — — — “ mauc. up its uruju an th&Secoad*- 

made su*T£ Sd^mark^ ag ^ 

foreign affairs. b ® t ^ are j^ e( t0 range fron] pukington want to broaden the 

He was Instrumental ip deny- ^ e pn^on of^pare land on industrial base of communities through, its jAaiee- 

ino rnnimiccinri!! huclrinn At*. r _ K . . , .I 1 „ * , u:r- rimi, +n (hA finanAUl 


' ptdpoxto- M 
; baamess -fvL hoir-food^ge^ 
■ extent ^whrfih : A3Ifed;l^^j 
couTd ^he^integrated^w^^^^k 


While a respectable perform- * Before the eked™. fwaw were American initiaUve in Rhodesia. r«W 
ice and marginally better than hew Ret * rtJ " an and With the end of the traditional 


of the Duchy df Lancaster, who) Everybody knew .-that -Sains- 
has special esponsibilites for the ; bury- had : been .pulling ffi tfie- 
Government’s small _ firms' j g f>i nm t» through its Discount 7B 


* 7 Z be Sceptical --of w<3ii&xg(fce£. 
■f, is "hard:- . to- 

azhples of: su ccessIpl-diveK^ 
ty. - tion in retail^ 

•*< ' prqpdfiil' "^boks 

. - -minl a ti tT& ~v t»rgln ru'fif 

. . ^Bpote/House : pT, B>aser^^^| 


ance and marginally belter than Witb the end of tbe tradItlo(u( - — ” ui luc s n n rZZ'u ' '81 If IK If »§•*■?{ " propofiU ^Odl^ 

some pre-election forecasts had seniority system of committee M/itinofpfl has special ^pon^bihtes f o r Jbe bury- had been pulhng fli the -- A . 

been suggested for the Repub- appointments in Congress, it is Motivated Government s small firms volume through its Discs unt 7S 0 f T .ypy' - 3 .Boote/Hoiise "ot 

licans. nonetheless an under ihe n .. nvwl s.iffiHenfH UDCiear who would succeed Other methods of encouraging policies, has been jneeuog lead- campaign: -what* -was ;ulK3esu>' ' i 973/4 74 « Tsm '7Gt7'77iQ 7^9’ ; ’'The 

average advance was scored by J™"-* 5 p,®Sff 7 Senator Clark as chairman of the would-be founders of small firms >°S industrialists to encourage aQd ^ tQ a big.-esprfead M V ^ 

the “out” parly in off-year African subcommittee of the are being considered. The com- them to launch initiatives. The maik ^ t forecasts "afieid: -of 1 •" - - - ; i eas - 

balloting. The result leaves the w mflmmi5e Senate foreign affairs committee panies involved are likely to Pnme Master has rikk^ ^‘:businessto 16vesT.fci 

Democrats firmly in control of their own losses. But it Ja a fair bet that offer financial help and mana- a ^ose interest, especially m re- 1 y^eraays^itait^i^ _^gipces remains « fairly nign_ xisk, jgeaeratetL- andia 1 uaaWe|gi| 

both Houses of Congress and a .T ie .J? lost . pro JY jne ci’ n f um73 f nt the level of informed interest in gerial expertise, and access to lation to Government attempts was _vriietbertmaugi is Baq-sut seCtpr. . :. ' tribute ^it to ^ 

sizeable mu jorit>- of Stale houses S Twif ri^ the contineni will decline as a their technical and other special- to revive inner cities. j fered. Tlie answ.er.was,- ■ ItLisjtind.erstaTidabTe 1 ^!^^' 

and legislatures. !‘ je P^ I^mocrats Didv Clark rgsu^ of ^is departure. ised departments. Yesterday at a -^ ntf oo con-; at baiffiS . 

The elections kept alive the 1?. Mr. Clark probably lost — tn The possibility of companies ference on inner-city problems, a t flSfim., npl^'pa ?^ '■**»**' 


' tribute it to StuCrehbm^jr^ 


The elections kept alive the *? Thomas Mack^re^ in ^ a ark probably 'lost — tn The possibility' of companies ference on inner-city problems, a t £l£6m., ' ap“^^pA:iettL~; c Qmi v«ro- ■srow£e : c^i^bn>'ias^ 

prospects of several potential arch-conservative Roger Jepsen— handing over unwanted product Mr. Guy Barnett, • a. jam or at the lop -of tbalange of nf 1 SouTid £2Sin-^bat it-W 

Presidential candidates — notably dn au ;^ oe Pilot with no political p ar t[y because of his consuming lines which might have more Minister at the Environment De- expectations. T^ retailinfi net talks of tirat half profits ■ . TJ _ 

Jerry Brown. Democratic experience -was foreseen by no intp^ & Afri^ whicb ^ chance of success within a small partment. said .plans similar to fQr the six^wbf wS sUghtiy less” than those of ; vorybMd,investment 

Governor of California, Jim o nel Republika Edward opponent deemed inappropriate organisation has also been dis- the London Enterprise Agency, 2 9 per ’cent -fr&ctioxially down year ' w ^ c ^ l . sfeeta5 .to. fit .Ji».. get rtgfat- ^ ••■ 
Thompson, Republican Governor B 7 0 ^. f n Ma u ssa£ ^^- lor the representative of pre- cussed. Purchasing policies were being considered foi LiveT- ^ ber cenc traOTO^uy aown ih(i Xi{Ase $ CO vaiTig'ti(m the Spice w added,; *^ 
of Illinois, and Howard Baker, only Black member of the Senate, dominantly agricultural and con- might be aimed at buying pool. Birmingham and Salford, on laytime, but cjosetyjn-lm * ■ othBr ' leading . accepting houses: the possibility, that. Asc| 


Republican Senator from However, although ultra- servative Iowa. But also because 
Tennessee — all of whom won conservatives beat both Mr. particular causes, especially those 
com'ortably. Clark and Mr. MacIntyre, as well opposing abortion and the trade 

But it was generally agreed us picking up, as expected, a union movement, worked actively 
that President Carter's standing Senate seat in Colorado. Demo- against him. 
had not been damaged and may cralic and Republican progres- From a national standpoint, 
even have benefited from the sives had matching triumphs: for the most intriguing challenge 

lack of a clear ideologic*! trend the Democrats in New Jersey and was that thrown down on 

in the nation. Massachusetts and Michigan, and election night by Governor 

TIiq country's mood was clearly for the Republicans in Minnesota Brown in California, who won 

conservative, especially on fiscal and in several gubernatorial re-election by over 20 percentage 

matters, but also to a lesser and in several governatoriai points, 

extent on social issues. Bui races. Election results, Page 4 


Motorola deal with 
Thomson agreed 


JSt benefiting from a bonanza in the over such, as , tins- » 
same, m order ..to maintain tins g^^dged market a - bffby&nt dividend throii^i^ seine , §3 

Tn?hnrS y? h»rf Sr0 S equity market and a fair amount scheme: JT at; chobsiS^ 
of corporate ■ finance • activity. ‘ ' holding: company 
th f This year, however, the giit- ' freedom for two 

^2!}^. b ^-* s , ^ eh ’ edged market has ' been will- only further iluSfeajy 

as zu per. cenr. - ^.AAiiinD cta^n D .inWnhm an <4 npassure ^on : the^ ^ TreisinS 


Voters back Sohio oil terminal 


TP - tnrougn ua etores^ edged market ' has ' taseh will' only further^ i1«SreaS&a 

1 ilOlDSOIl SSrCCQ a%2 ° per tTavelllngsteadUy downhill, and pressure^on ^ Tre$^?f 

According to -.the- r private rights issues have almost dried bl.ow the.'whiJitle.. . - 

BY MAY WII kincon c' ° f ■ Great up. More important, the banka" r '. .. v . • 

BY MAX WILKINSON Sainsbuiy s market share, , was cost of funds ^ risen -fairly -GaS : papCr - • : 

THE FRENCH Government’s The other covers Metal Oxide 10.8 per cent in Mardi^Septem- rapidly at a time .when margins. - TAMhiMiglr : ILS. 

strategj’ towards the integrated Semiconductor (MOS) techniques her, against some 8.7\per cent have been squeezed and lending paper is a short' 

circait industry bore its first which are the newest and for the same months- in 19?7. volumes have been ' decidedly meat with a maWnrii m y ^ 

fruit yesterday with an agree- fastest growing section of the Sainsbury itself claims a more sluggish. Merchant ' banks'- y?h daw Ihe vrimltti&m ‘ 

ment between the coimtrys industry. MOS circuits have a modest sain from 7.5 to S.fi ner CS am eDt tn uTnnrlr tiiVsn A .n _• 1 ‘ - r- -_ Trt- ' 


BY STEWART FLEMING 


NEW YORK Nov. 8. 


main electronics company 
Thomson CSF, and Motorola 0 : 
the U.S. . . 


. - — me u.o. , . ll'SU-UCUiUf L-Uiupuici 1 , jjt h * 7 -'-.77 ' , H1UI - 

VOTERS IN Long Beach. Cali- to the company's costs. fornia Supreme Court challeng- Under the agreement. Motorola's factory at East 0 f aremnd *6 fh^Lr thut Gdverhi^tV : . 

fomia. have approved the con- Welcoming the voters' deci- ing ihe environmental impact Motorola will provide technical Kilbride; Scotland, makes MOS . «. snilf^hiii ' on’ e >r »M?Af ^ • lengthen tlw ^chea»LtoSfdSp* 

struction of an oil terminal at sion in a referendum on the report on which state agency assistance for Thomson to set circuits, company has said, ^o^ jo.sellmg sjtaw, ^t on South Afrwan subsidiary yertw- 
the port. The terminal is part terminal. Mr. Alton Whitebouse. permits were based represented up integrated circuit factories however, that its future will not the otlier hand the final couple day reported; a' 2U per cent - . jt. wm recent 


waiu IVII JUU 1 US pi dll a w liana- 'nip cnrmvmv mucf etill nioaivaii jiijJfum?. . u« x-u^uunj w 'HUM - --- . . 1 the OTOUD warns that ■comnetl- thi» 

port oil from Alaska to the U.S. obtain a SKEta instruction Because of this il hns been semi-conductor components for heornduced by EFC1S. which is 

Mid-West by land. permit from the ^ulh cSSt Air v^eroble through the surplus general purpose computers and a 50:50 joint venture between , h i~ .1 '5S 

The investment includes a'QuaHtv Manaaement bodv A jn of A,aj s k a° cn» d e on the West other standard applications. This Thomson and the Government's tb Jf e , IS . 

1,000-mile pipeline from Long Cai iforn i a S lhrn^dpS Coas t- raarket is dominated by U.S. atomic enerev agency. All Prospect of gross margins being stag 

Beach to Midland Texas. l0 be approved by the CaUfontia It has been seeking approval ““P™* 8 ’, 0 ! ^ Molorola is 2S^J^ d JiS5l "* "° W PU>bed Uf> • 

designed to carry Alaskan crude Air Resources Board. of its proposal for a tanker on £. of l iJ e la ^3 e ^- manufactured b> EFCIS. ou tcome should be at^^l 

on from California, which has Mr. Whitehouso added that a terminal at Long Beach for ^iLvi The -deal between Thomson least £33m pre-tax for the vean. -^ en£l 

an oil surplus ..... recent decision by the California three years. California has J"° SSImILm r Sl and Motorola is the latest in a against £27.8xn. for a prospec- ;im ^ 

At present, Sohio is having to Coastal Zone Commission pre- stringent environmental reguia- «15? u ISSi.i t if series of 1'nk-ups between Euro- t i ve D / e of 1 1 6 fullv taxed ind re® 3 

transport Alaskan crude to the venting the construction of lions, however, and powerful development of such capacitj. pean electronic systems com- Dn ^ dem 

Mid-West by tanker through the storage tanks at the marine environmental lobbies which and 11 7,a ® J? 6611 ..^ 1100 . 8 , 1 ^ adv °‘ panies and U.S. semiconductor ^ome forecasts go above £35m. v .^ 

Panama Canal to Houston. This terminal site still presented a have presented formidable ca t 1D 3 a link with a U.o. com- companies. The way was paved Stuiusbuiy denies that 

is ’estimated to be adding serious problem. obstacles to the oil company , h . h>: Philips of HMjud Witt I« Mmurt ■rtfiL-i-kW 

between i5 cents and bl a barrel Litigation before the Cali- plans. ._f art tde Govenunent sub- purc h a se of Signetics. More the cut price jungle has been -i 

sidy— probably about El’-m — reccntlv, Siemens of West Ger- at the expense of its quality 1 A® 

! new Thr m^n^tantf Sel Up he l 112111 ' t>0 °8 ht a _ minority share image, something that it is Js 

Associated Dairies in bid | China ‘keen wa,cti - ! - closely ' But 


wara lor somos plans to trans- The company must still i> ,rou sn Atman pipeline, no ^apunuiiy w mass proouce ""'the group warns that -competi- the beeimuruj of the v< > ar « . commercial : pape^vjrnp 


afniost: ' ^aft'ai nly sbotUdeE^ 


Associated Dairies in bid 
t^lks with retail group 


BY JAMES BARTHOLOMEW 

ASSOCIATED DAIRIES, the Dairies, according to the com- 
highly - successful supermarket pany, which had cash and short- 


to sign 
UK deals’ 


By Colina MacDougall 


statement describing the teebni- join; venture in Gerraanv with 
cal assistance it will be provid- !hp com ppn>\ In the UK, the 
ing. but it would make no com- fjpnerai Electric Company has 
ment on whether it is putting agreed nn a joint venture with 
money into the operation. Fairchild of California to produce 

However, it-says that the new MOS devices in England. 

French products, made to a second French coinoany, 
Motoro a designs -and with M atra. known mainly as a missile 
i Motoro.a technology, will be arK j weapon builder, is awaiting 


group based -in the North of term depusits of £24m at the iasl 7 ^ (Motorola technology, will be ant i weapon builder, is awaiting 

England, is having talks with balance sheet date in April. CHINA IS interested in seeing I marketed in competition with Government tmproval for a joint 
Allied Retailers, owners of fast- If an offer comes to fruition, contracts for. capital equipment I Products made by the parent venture with Harris, the U.S. data 
expanding Aliied Carpets and Associated Dairies may be able and know-how' signed with British company. The French operation com munica tion s comoanv. to 


Williams Furniture stores, which to increase its dividends, which companies as soon as possible. W1 ^ therefore provide a second produce MOS devices in France, 
could result in a bid worth over last year were covered nearly 15 Mr; Wang Chen. Vice-Premier, source Of supply for customers a decision is expected by the end 
£30m. times by earnings. has told Ministers during his \ buymg Motorola microprocessors, of ihe year. 

Associated Dairies bid success- Shares of Allied Retailers rose visit to the UK. -computer memories and other a third Frenrh concern. Saint- 

fttlly for Wades Departmental I6p to l]:jp in the two days up The shopping lists includes i components. Gnbain-Pont-a-M-oiisson. remains 

Stores in August this year, to the announcement, valuing defence equipment. Mr. Wang, j Thomson has signed two agree- interested in principle in the 
Acquisition of Allied would take the company at £30m. The Stock who arived on Monday for a 10- 1 ments with Motorola covering field, and has had various enn 
the group much further >into non- Exchange price monitoring team day visit, has already reaffirmed J separate branches oF semi- taels with U.S. comnanie-; via ihe 
food retailing. is to make inquiries to deter- his interest in thc_ Hawker i conductor technology. One cavers French GovernmenL However. 

“The two groups are both mine whether a full council com- Harrier jump-jet and is due to jbi-polar types of circuit used for it has no definite project yet in 
considered leaders in their mittce inquiry into dealings on visit British Aerospace tomorrow. I high-speed computer memories, view. 

respective fields,'' Associated those days is "warranted. This sensitive deal seems i — — — 

Dairies said yesterday. “They Shares of both companies were unlikely to go ahead immediate I v. \\r , v i 

have both been very successful suspended yesterday while the even though the Chinese side VVaSte UlSpOSal Architects SHOW 
io adopting innovative retailing talks are completed. A further micht tike it to. , r n-*e\r% aa/\ . 

techniques." announcement is expected be- U is clear that the Chinese ti|onf writ £ TOO OOO WHrlf 

This made Allied Retailers a f ore the end of the week. leadership has completed its pro- H rTllt- *1UV UUU nUJK Utah C bmmI inu^. 

logical target fo? Associated News Analysis Page 26 “"Jgj .°/,. p ^ est f h r T te L c J*: A WRIT aimed at ciosinq Re- THE BEST work or British Ute 

Z nolog> and taken the key Chem Internationa Is Pontypool architects will be featured in , a I,onB . ,nai Wagei 

decision* on the kind of plant it chemical waste disposal plant has models and photographs io an Automatic Stock Cor 
*11 * • wishes to buy and from whom. been taken out in the Htah Court exhibition at Sfaipley Art Gal- Management Figure] 

■ _GC M nimPll Til Q I1G fllO" Purchases hav been under con- by Panteg Envirormental Pro- lery. Gateshead. Tyne and Wear, ^ 

x^UUUUJLI. f 5f 5 *•& aaAfmt slderatioo for more than a >ear. tection Association. from December 9 to January 14 All io simple on the 

• • r ° since China first began to work Tb e UTjt alleges -that pollution The Royal Institute of British 

IGC11P in T1 Q deSh S nf From the plant is causing a public Architects, which i 5 organising 

lololiv 111 vJ*k3« T-«»t!me d in a iQ-R f l nmsance - The dnciaeraror plant the exhibition, says it will be Lhe 

BY JOHN EVANS “SK 7j£tab ^ I ' Sf ^ 

tho mission have remarked that ' l, V* ■ %eor over P [JIKi lo appose | London. The exhibits have been 
THE BRITISH Gas Council is British PciorJeum. has lapped RH rt «h Mini«t«sThavp n« m™-d ®L K ®P° ne * insured for more than £100.000. 


d would take the company at £30m. The Stock wno anvea on monaay tor a ro-imeni'. wun raornroia covenng and has had various cr»n 

Uier linto non- Exchanide price monitoring team day visit, has already reaffirmed J separate branches of semi- taels with U.S. coin nan ie-; via ihe 

is to make inquiries to deter- his interest in the Hawker ; conductor technology. One covers French r.nvernmenL However, 
is are both mine whether a full council com- Harrier jump-jet and is due to bi-polar types of circuit used rnr it has no definite project yet in 

s in their mittee inquiry into dealings on visit British Aerospace tomorrow. I high-speed computer memories, view. 

Associated those days is "warranted. This sensitive deal seems i — — 

day. “They Shares of both companies were unlikely to go ahead immediate I v. ■ ; » , . _ 

ry successful suspended yesterday while the even though the Chinese side VVaSte QlSpOSal ArChlfeClS SHOW f 
Live retailing talks are completed A further micht tike it to. . r _ • I 



Thos made Allied Retailers a fore the end of the week. 

' logical target for Associated News Analysis Page 26 


Gas Council plans big 
issue in U.S. 


Hi9h Speed Invoicing, Salei/Purdwie 
and Nominal Ledgers, PayroKc ... 
Automatic Stock Control,' 

Management Figures. ' • !i . 


'""■neo 




BY JOHN EVANS Cbinese officials accompanying j l[lis vear , 

THE BRITISH Gas Council is British PciorJeum. has tapped BritiTh^tinisten; 6 hav’e not^iimed of K ep«ne. 
preparing with its international this short-term U.S. market in j out | n dj e numbers and of 
bankers to make a large issue t t ; J^-v ; 1 th e same level as their French 

this vear In the U.S. commercial of the British National ; counterparts, although they say 

paper market. 9 d ‘--orporation. has previously j ,haf thev accent that * this is 


(that they accept that ' this is 


it wnulff Ke the first such nncra- iSS T U ,t^ .■? ucl * pape . r ' * Iut w '' thouI : merely a nroocol matter, 
inn bv d a UK te lS a UK Government guarantee ; Mr / Wan3 indicated that 
ion by a UK state agency, xhe Government regards the British nil interests iui n ht he 
larryina a Government ctiaran- r: ; ,« rr.uneii «« a r,,rihc» “C 111 ?. oh_ ,r ”pV® sls ,. lu V ni ne 


Weather 


UK TODAY 

EARLY fog patches, dry with 


N. Wales Lakes. Isle of Mao, 
Borders. Edinburgh, 


Office Computer 


Are you making a meal of your 
accounts? Are you late with iuwbrtihg, 
statements and monthly summaries? 
Remember - increase the staff and 
you increase the overheads. • 

More problems, more costsltiroibbli 
at the profits! * r^VV =- V. ' 


Kienzle have the answer -• - j’* ^ . _ • ' • p.ickigc.Tho -vstem L tieveK-ped to stilt. \«««ir 

Switch tnvTiH-w tn the K Computer cv>mpunyar«l u, tual:-pr"Ctafn't are.'dcnWhstraled 
Th'- wlrcuniaincd, desk mtc modeiepts. work. Jt will tu before vou rdacc votu: order! 
earn its keep and help keep you fn^VCM. Yours. could ; Ea _, t _ oS _ - • 

^ Ql [r ud i cc 

Low cast Kienzle - - and