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No. 27,711 


Friday November 10 1978 r vjU | -XU* 


1975 



For your chWs ! 


peace cfrrwsG. 


Comfy Rider 


f Rices-. AUffffiA Sd» lit _BELCIUM Ft 25t DEHHABK K r 1 Si FRANCE Fr 3.0: GERM ANT DM 2.O.- ITALY L 500: NETHERLANDS F| 2 . 0 ; NORWAY Kr 3.5s PORTUGAL Esc Ws SPAIN Pa 40; SWEDEN Rr J.TS; SWITZERLAND Fr 1.0: EIRE lSp 


NEWS SUMMARY 


Healey tightens credit squeeze and maintains money supply target 

Government raises llPFUfi 


BUILDING 

SOCIETIES 

RATES mm , 

Mortgage 


jHi 

Hi 


lending rate to 

BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


m% 


1 15 


10 


A M J J AS O N 


Ordinary Share I 


A M J JASON 


UK BANK 
BASE RATE 


US PRIME 
RATES 


- THE GOVERNMENT increased Sterling M3 consists of cash and unattractive because of its what higher than that at pre- 

• GILTS reacted sharply to the Minimum landing Rate from 10 bank current and seven-day impact on retail prices. sem " 

increase lit MUL. and longs fell t0 T -1 per cent yesterday, in an deposit accounts. The measures, si particular Mr. Healey said he expected 

almost a point,' and . shorts up to “J 1 expectedly severe tightening Mr. Healey presented the rise the extent of the rise in MLR. short-term market rates lo rise 

' '■ P 1 the credit squeeze, with the in STLlt — to Lhe highest level were more severe than the Citv on average b\ : hit ceni or so. 


J1IH JUL AU 6 SEP OCT. NOV 


Lord Thomson; former. .Cons, f 72 . ■ ' .. " — 

monwealth Secretary, last night i .7 F-T. OoiCmm C fl 1 
challenged- Sit Harold WflsonV - - : 

version -of.: life- Labour Govern-;. - * ' lUCLUijHca 

r ment*s handUpg of Rhodesian, 71 ^ 1 A 7 . 1HOGX - 

sancUon^bsltog- in 2969. II - Af L ii 1 

In a Lqnis. speech daring a II- ..'r] % '-T#l" 

debate 6 n the: renewal. of the 11 J -j- IT \ 

sanctions, 'order, : ^ -he; angrily 70*4-1 M ' ? - - - X — t. 
rejected the- sogjauliOD thaL he 111 !’ f M ' 

(Lord Thomson)' had - been un- III • > 

aware.of rh.e inifiltcatiQDS.af the f IS i VTB 

••swan arrangement revealed at a 1 fa- -j . • • r -Ifj 

meeting with British, ojleompany. f 1 1 

U.haiJ been ‘.‘deeply disturb- jU 

ing" to- hear Sir Harold state -1973 L ' .. , | 

that he had never seen the 68 ~r — — ~ r 

Foreign Office record of the Jim jPL AU 6 SEP OCT- nov 
meeting that had been sent to . - 

him! Back and Page; 10. Politics !s. Thc^Goyernme^ Securities 
..Today, Page 32 index;- f ^10.a7 to a low Tor the 

• year of 6 & 0 fi. 

Centr^ Point 0 gold feii $ 9 j to $ 210 ; in 

More than half of Centre Point, London. '. 

Harry; Hyaihs’ 32-storey London -. . . •' l". ■ J 

ofJJce tower, -may.jsoon he -let — 13 # 'EQUITIES sustained falls in 
.years after the block's coni- leading issues and the FT 
pletion. Letting, agents D. E; and ordinary index ctbsed 2.7 down 
J. Levy confirm negotiatiwis with ^. 47 ^ 7 , jn Hong: Ron" rising 

advanced 5 ^bL* e S piSe 3 * *? • 1 Merest rates; depress*! .the 
advanced, umk ami page *» . . ^ the Hang Seng index 

/ell 34.97 to 565.41 - in very 
Kaunda Claim • . heavy selling. 

Zambian President., Kemieili . ~ IT iup r„n •»£ 

Kaunas has blamed the white to 

minorities. in. Rhodesia an ti South SI.9i25. t j|js index Tistng to 62.3 
A frica for a - wave -of racial unrest ■ (62J>. The dollar’s depreeia- , 
that swept through. Lusaka tlon narrowed .to' -10il. per cent | 
earlier this week. ; .(HU)... .. ' 17/. - 


oi uie credit squeeze, with the in aiLlt — to the highest level were more severe than the Citv on average bv ; per cent or so, 
hope of reinforcing the pressures since January 1977— as largely bad been expecting. ' some more, some less, 

against a resurgence of inflation, a technical adjustment rather Consequently, looger-datsd gill- *‘l believe that these decisions 
This was “followed bv ihe lhan lbe ro^r tightening of edged stock. \% hk-ti had been hall were necessary and will allow 


pro win of sterling M3, 
broadly defined money supply 
in be continued during the 
months to mid-October. 


,, js reHected in pari a desire not to In equities, the FT Ordinary Healey 'claimed that the impact 
, 'jo antagonise the trade unions share index c!n.-ed 'J.T lower a’t of earlier rises in interest rales 
during the current pay talks. 471.7. after being 2.4 up in Mie on the real economy had been 


Mr. Healey's .speech contained morning. 


.. ... . . '• grossly exaggerated." Although 

- -is I. a ,- ‘bis represented a no references at all to ihe possi- Discussing the ML It decision, interest rales had steadily crepl 
sngnt ligiitcning ur monetarv hiliiv of any change in current Mr. Healey told the Commons up over the Iasi vear. there had 

I'lllll Yflle Un nit *.] Ml VkAn 1 < L . 1 . 1 . ■ , ■ ■ _ ■ 


Dearer ho 
loans like 


16 

.ii 


i n ; ''SUtcmag, ur monetarv hi lily of any change in current Mr. Healey told the Commons up over the Iasi year, there had 

conirols. he said, since in the last fiscal policv. that **a significant pari of the been a sbanj rise in output anti 

lu unths the rate of growth ur Indeed ’ he confirmed the increase validales lhe recent in- investment. BY MICHAEL BLANDEN AND MICHAEL CASSELL 

noney supply has been below the Cabinci’s recuni decision in plan crease in shurt-icrm market in- He virtually conceded that 

orr i° ! , | 1 . end ° r l g c lstrge * ran " t ‘- for a 2 per cent rise in the terest rates in ibe face of un- the building societies were likely A BIG increase in lhe mortgage 

prcihaijly nearer t percent u year volume of expendilure on pro- certainties al>uin the foreign *■> increase their rales since, he ralc ‘ s lively in be announced 


Ilea lev. 


The: Government Securities Consequently the blurting level His remarks thu 
index- fdl O.aT to a love for flic for the new target is lower than Pori to City specu 


expected. . 


,. ° r J *j c Hd-gel range, for a 2 per cent rise in the terest rates in the race of un- the building societies were likely A BIG increase in lhe mortgage -truggling i- men even ’hose 
proiiabiy nearer t pert-enl a year volume of expend i lure on pro- certainties ahum the foreign lu increase their rales since, he rale * s ,{l be announced monthly lending nimlas. 

!;“ n | - b er cent according to Mr. n ranmu . s j n |h L . next financial exchange markcis and U.S. in- said, even before yerierdays rise t-day by ihe building societies .\ s a result. Lhe-. ban- inr 

ii.*:iiey. year. terest rates, and about pay settle- in MLR. ii had been a question )« the wake or yesieiday's r !>■■■ i1lu , 1 (J r 1 P 7.4 j.,.?cn dipping 

Consequently the starting level His remarks thus gave no sup- ments in Britain.” * of “how much and when” mori- *n MLR. heavily ini** liquid iuiicls. Most 

target is lower Ilian Pori to City speculation that the “Given those uncertainties, the gage raie.s would rise. The banks are also hkelv lo socieiv executives believe tin- 

A new system of monetary action might be Government thought it right and Mr. Healey, who attacked the announce further rises in over- process has cone far pn-mgh and 


Callaghan averts election w - German 

_ . .. statement 

threat with 12 majority ai d S dollar 


BY RICHARD EVANS. LOBBY EDITOR 


By Michael Btanden 


Poison sugar sold 


in London yesterday to discuss are enjoying a reasi moldy good 
their interest rates. It had inflow of funds. Net receipts last 
looked likely that a decision month, at about i!370m. were- 
wolf Id be postponed until the highest monthly total .-.ince 

December. but Hie MLT.' January and receipts this muntn 

announcement and Ibe societies' **s well should be over *i3yiim. 
conviction that interest rates b,„ t *ven boron- ibe nmsi 

generally are now set to rise for recent increase in compel iiive 
the second lime this month left rates. On.- movement e'. peeled 
them in no doubt about I he rbat receipt s could again be fall- 
need fur immediate action. inu u. iielnw ibe C 2 Hi»in i mnr.ih 
Today's meeting of ihe Build- level i.y ihe etui of ihr- year 
ing Societies Association Council a figure which would leave ihem 
luoks set lu recommend that ;hi* incapable i>f meclitu ihe pr»*s*-ni 
home loan rale rises from us .strength moriUo'.v demand 
present ft , 1 per cent level m Advances in 1H7?: should reach 
about 11 ? per cent, wilii about IN '.bn a-ainsi id.Tl-n in 


About 250 bagsfqf' sugar from V • <’■ • ' y r. J r - auwoniy ne neeuea to conunue it impoilant to have the legis- lu cum inflation. He said that 

batch believed to have been con- 6 fN£f\V HOMEY raised cfi- the Jn wheT> MP* voted down lation completed in ihe current the Government intended to use 

laminated by t^t poHon- have'^ S lock Exckingft. in ten *’ n OpposiUon .amendment seek- session. . rather than after a Hu* various ;>:»rtv of economic 

been sold to the public, according -.mombs-of. this yriirtway ff-; per '{*¥ an immediate genera] elec- general election. policy tr, k.»ep inflation down, 

to health experts in York.. Traces . cfait' dbwfron tne'-sifpfe.perihd ui Hon. Earlier in the final dav'- "Tie- oountrv will have i«» 

of mMsqn.'were 'Mfnd :1977; .at - (EIRdtbnJ. Th^ decision by 312 votes to debate on the Queen's Speech, make up Hs mind whether it 


"they We .1 ■Sj''" lis ,r “ supnoned ""5£ Cmrnmm and the 
■V<r.m-S^SSS^ 9 "SK "SLfSa? PfrfM m the Queen's Speech ffi»L P ?h 


bourg next' month. Back Page 



„ 1 \ Y 7' ■ fc BLS^ -SSJ -bit P £ey TriS a >? in , ««* the Welsh & 0 ve„ mem and the TUG in inflation rip'. The Government U 

SUSP f ik 6 J n m r Qu ri specch ^r- ^ 

WR ■ : . ■ ■ p^ate "VZrLr* issue lh c ^“^quate 

emptoyce” . were TetmSing: LECAli action usalxist {j. l ^.y£ n ^’J. l g^}g!5ff t h . Covernnnit mwuaed eonviiMd sil ' Geoffrey Hon. sbadow 

work-Page he XH-C for not introducing the that the policy set out in the chancellor, moving the Conser- 

... Of he tachograph in lorqr vearMdtoSspthe dale White Paper was the best method vative amendment condemning 

Snlriiw iiairf ' •; ^ al >s .will be heard in Luxem- J earand to chw e the d, dte Qf kei?pin „ iDrtation in stagle the Government for its “totally 

oOlulGf null .- . -.bourg next month. Back Page °* “v next general election. fig urcs inadequate economic policies.” 

{aSH ffiSSSSS X *»»edi.te jn^epirM* 

° ow beeD k,lled 

,- . . hfebon said. Back and „ Ulster Unionists would probably discover and^ define areas of “The Prime Minister decided 

Kooken remahd • BP. has made Uic first payment have voUd for the opposition agreement. was not taking advantage of 

' \ | wi j,’ of petroleum revenue tax to the amendment calling for an inure- The indications at West- the vuLe that had been designed. 

&S& Government; with a comribotioD s diate general election had it not minster are that these areas will by the Chancellor. He decided 
ISSS SS of.fi 7601 .for BP's Forties Field. tbe BiU raising the inev iiably be limited when the ,J ""?/ becaus e Je did not 

until next .Thursday- py : - Ixmaon nuaber'of Ulster MPs from 12 expected agreement is nub- trus: l !t - How nght he was. It 

magbrtratesi :'-;accu 8 aL *>T -j .Uie.. - 7 ®. . io 17. „ lishe'd. ^ will never come again." 

J -® B . L 1S having serious difliculiy-, aaepted that . Lhtr Tories Earlier, the Prime Minister Parllajment Page 10 


FURTHER widespread central i,. ; ^-vanct-s in rnt.nw i rcacn 

hank support brought a re- . 11 ; per cent. ''Un Jl-i'iu l>-bn j-jiha) lo.ibn in 

emery in lhc dollar vest erdav ,n '' vSlors ra,cs increasing from 1977. alLimugli few M-cniii-f. 
after its weakness cariiJr ii cent to 7j per cen! or believe the fi -ur,- c.-n bo 

the week. more. improved upon ne.xi y.-ar. even 

Officials of the Assucialinn giv-^ii ct-nuu-i-ii-,;- r:;:* -. 

The U.S. currency was are understood to have The increase in MLR l.rines 
helped puticulorly by a slate- approached the Department of renewed pressure "n ilu big 
racnl by Herr Karl OtloPoehl. |h e Environment yesterday to banks tu raise Hu-ir nverdrafi 
\iee-presideot *>r the Bundese lell it of their intentions, ll was and depusii rales furiher. wen 
>,anh ', asserims West Her- made dear that they would be i hough ihcv ].a-v ab-.-aJ- in 
many s readiness lo support f, ee l0 make whale wr decision »ome cxieni aniidpaLcd ’ Hie 
lhe slahihsa lion of the dollar, ihev felt nec-essar;. ui t..da;- s upward trend 
The pound, h owe ter. showed meeting. The- will wait to .— h-v. ihe 

lilUe reaction to the Jump in a mortgage rate of II; per k-vel of shori-icrm ini-.-:T-.t mt.-s 
Alt aim om Lendl ng Rate. The rent would be the highow -ince settles dov.-n in ihe munev mar- 
Bank or England was thought June. 1H77. and represt-ms a kers belrue inakin-.- a fina! 
tu hate gnen some support to neai^relurn to the crisis level of decision, possible leaving anv 
sterling in the morning ahead 12 ' per cent announced in move* until next week, 
or the news. October. 1976. tk,-. hanks inw 

After llie announremeut. the For the societiec arc in ur.-cnl increased I heir r:: ih-’ iml 

pound picked up a little, clos- need of higher receipt* if they ' 


ing In London uillr a fall of are lo maintain present high Continued on Back Page 


A soldier was ‘seriquih^jn ju red ^ #)»* f vplor \TI01V in the i j. . Both sides were still consider- 

£^PS a gf k aS?5iS Norih Sea^t bc stepp^l up. Immediate in? whether i. would be possible 

South Artnagh borier,yillagh aCUVRy^thl^y^^D^ Dickson • Mr Powell, Ulster Unionist MP the "5 per ceofuiait and y th2S 

f - - itfabon said. Bock and PUge * XSj d^S!? i? 

Kooken remahd V- • BP has made Uic first payment have votdd for the opposition agreement. 

. --v - 'f - Muanua i-iv m thp amendment calling for an inline- two mHiWiAno ..< 


25 poinls against the dollar at 
$1.9725. 

The dollar improved in 
Europe to DM1.8S70 compared 
wiih DM 1.8770 on the pre- 
vious day ant) against the 
Swi-is Trane was up In 
Sw.Fr.1.6245 compared with 
SwFr.1.610. 

Poehl confident. Page 2 


lending and to meet the record 

level of demand for home loans. r - , Vrt „, 
which shows no sign of .-lowing 1 ,M ' nn 
down. 

Despite all the recent oriiicisin ■■ 

of the leading ceiling set earlier 

this year after discus* ions with S( .,, m.mIiai-i; •• -• i,*- 
the Government, and suggestions 1 ••. a -'.- i .--' . u . -.. j .. 

that it should now be removed, f . u:- i.->j -n- ... 

the societies have in reality been ‘ 4 -’- *-' r - -,i- 


^ 5 % 


ma0Btxites, :^acct^aL Uie ^ ■ . ' - . 

-inprdet dtMysS-M&rgaretPhilhiiiiJ ^ rl is having serious difficulty* 
dc^tLdyi^.ra ?;South Kensing- . staffing its engineering departy 

TMi-slreetoiLSanday. .. . meats, lhe company's chairman 

- ' V ■ » 5 Xy.r ' - 1ms wahied (Back Page). BL 

, •' workdrs arCowleyhaverejected- 

ih^rbdgh-^Rafetv- reView - is the'eompany's latest pay offer. 

ywo -11 26 -r ?»* 


Iran restrictions by Eurobanks 


BY MARY CAMPBELL AND PATRICK COCKBURN 


H ‘‘ mi * bp thW ^ tonighr, xould affect car pro- THE . IRANIAN Government's an outflow of private capital, cent of the total expenditure. 

Xo-^nrrwion- week - duction (Page 9) hopes of coping with the may be accounted for by the About S3bn of this was lo be met 

• • ‘ Provisional estimates have financial problems resulting from fall in ihe dollar. by foreign borrowing, 

i Wt^ii gn Victim ••'••• shinen thai car output last month cuts in oil revenues and a high But if Iran’s foreign exchange Substantial wage and salary 

- * . slumped ; uinre than 27 per cent budget-' deficit, received a blow reserves are high, strikes in the increases awarded lo oilfield 

.Tfi^rSB-yeawjid ^daughter "of from- the September level, duo yesterday. ‘ oilfields are cutting production workers in the last few months, 

-almeraber of tht largdiy; to' the Ford strike. * Major banks in the Euro- lo a quarter ot normal. Expected in addition to some cuts in taxa- 

' r-sbori/Taihliy. jcofopatiy. has been-i . • , inri.^trv'R markets said -they had put on income from oil and gas for tion. have increased the bunien 

SkSttSSwed -hr. Mexico City lor • UV -.OttDlK.AL^inausir.vb ^ ]ran to r;j j se 1973-79 ha * been cut from S20.7hn on the budget which will be diffi- 

IW;ransom- r ,w- nr lo. X r Pe v. l orn«>!i hv a ihedium or lbng-tenu syndicated to SITbn and there is still no sign cult to meet from domestic 


Victim 



-srqat sales are expected 


^2 




• Sit ek. ihi. h a i na ^ hv *i “woium or long-iwriu sjiiuicjwu ... «»» u.s.v w oun im a i e n ...... - 

-7': ' -i ' ^ — - n nrnrinetiniri loans until the country's or an end to this bus of revenue, resources. This in it 

^Siite€5ei* r fen : S fined' i per cenr r,s ? VbHUcal and economic future Even if the strikers were to Manually increases the 

' {Exports are .t» ■ «petf «JT to ^„ me c f ea ^ er 0 , oan , vas relur n, there is every likelihood foreign borrowing. 

-•jSSyea -Walford^soccer supporters show an 8 per cent jnLre ? se - canreUed two weeks a"0 - that they would come out again Asked why banks would not 

•VhBhcstgl -during , the League Gup Page 9... On' the face of^ii Iran's in pursuit of their essentially arrange a loan syndication at 

'Wed ^ tolSl- of w cm\t t iiih subsidy i ( finiindsl bflsc i* slron^sr (hun political dtniands. pifstni* on^ bank prominent in 

STS 0 thrSig r imu. The international banks’ lack for 

using offenstw; betw ou . .. manu f aL . t urin^ com- naltonal borrowers. The latest <,r confidence in the Shah’s future a ''f unl ^^ which hS ^no effectivl 

. Rfipflv - : -■ ' - panies anywhere in the UK. official figures ahow foreign js particular^ serious for Iran J 0 vpmmeoi" A ae?v loan would 

.• Briefly.. ' - . .Kgeio .. «cb«*se Df Sll-eebn Since the lftTS-TO _ consolidated untU uSiks^Sm 

Actress Vinessa r,ederave her ^ . <£5.9ba) at the end or budget, now being revised ~ u * ere 

aZE? Tiro^S^dorin fSSf --four • CLARKE CHAPMAN ha^ been September. The very small already showed a forecasted off lhe ^y 6615, 11 s;ud - 

’other members mf the Workers’ * w3Lt 'fl' ld worth or con- drop, contradicGng reports ol deficit of about $17bn or 30 per Other developments Page 4 

SSSff ■ — — 

WVrt Mid.ai.ds police arp seekin- . CONTENTS OF TODAY'S ISSUE 

imhifi - S."!?"" ” RSISS 1 *^ ; , " , -S.5T ta ‘ »*l 

uf a car oarked in HockJev. American news 3.4 lecnmcai page 11 Euromarkets 29, 30 

Birain^m: “T *rP' MOLWNSS pretax pruto o. m e« news 4 "“**««»•*» :• » IHpncynndexdun.es » 


itself sub- 
c need for 


X2,400-^a f ter* r pleadin g guilty ; to 



B 

^ % 





CONTENTS OF TODAY'S ISSUE 


Bomb explosion damaged the jj'*"' 'it-oMm W«rld trade news 6 Leader page 

S!I?L of -/ r ?v" Ch ^S22 on Ruftover of ' E15.77tnT P:irfc25j Home news— general 7-9 UK companies 


Proust in the Pere Lachaise »». Ul -labour 

cemetery in Paris.- • INTERNATIONAL Telephone 

Belgian man has bearen his own and Telegraph .income (j» r ■ 

world record b> pulling train 1 bird -quart ej of 1978 w*'™; . 
coaches weishing 126-3 tons for 8150.31m to S130.59m, un sa dp 

four feet — with his teeth. from 8>3.09bn .t0 53 . 52 bn. Pag Caxe for easier terms to 


2*3 

3.4 

Parliament 

Technical page 

: 10 

Jui). companies 

29-31 

4 

Management page .... 

at 

Money and exchanges . 

.... ;i» 

6 


22 

World markets 

.... 38 

7-9 

UK companies 

.... 24-26 

Farming, raw materials 

... 39 

9 

Minins 

26 

UK stock market 

.... 40 


CHIEF PRICE CHANGES YESTERDAY 


(Prices in pence unless otherwise indicated ') ~r 

■ rises BAT Ind* Mil “ f 

* K h tninninn .■> 7 + 8 Brov.n and Jackson... 224 1 U.. 


RISES 

Ash Spinning ■’< + 

Bank of Ireland ^ 

Bradford Prop 2,-rfJ + 5 

Mersey Dock Units..* 3R ■+■ - s 

Philips' Lamps S.tO + 3U 

Sicdnr * 2 

Tarmac ^ t" * 

Thurgar'BardeX g t S- 

Wardfie f.B.) 34 -r *2 

Northgatf Ex pin. •• 

Westfield Minerjls ... 162 + 20 


Dawson Intnl iTh ■* ? 

Kdbro 21*2 - J * 

HK and Shanghai ... 2- ,s “ ® » 

Jai-dine Maihesoh ... 204 - H ■, 

Jenks and Cattell ... 7 \ 

.MEPC 132 - 5 


explore for North Sea oil 22 
Politics Today: That Was 

The Week That Was 23 

Czechoslovakia: Back into 

Moscow’s fold 2 

U-S. mining seeks more 

freedom to explore 3 

Morocco economy: Danger 
' Of lopsided development 4 


features 

Problems over agreement 

to cut fibres capacity 6 

Energy Review: Recovery 
techniques In the North 

Sea g 

How ICI ‘ covers ilseir 
against currency losses . 12 
Around Britain: Notting- 
ham slum becomes a 
small workshop 14 


Ub motor industry: Sudden 
chill in the air 29 

MAN taking the road to 
North America 30 

The best of West German 
Tanning 39 

FT SURVEY 

Fund Management 15-20 


10 % 000 sq.fi. approx. 

Office Building 

with substantial car parking facilities 

151 Gower Street London WC1 

Facing Euston Road 

lb Let 


FALLS 

Treax. fl]pc 1983 -£88 

Excbeq. JSpc , 99-02...£93i 


SA Breweries ... 
Wilson Walton. 
Wolselcy-Huches* 

ImpalaPlaL ....:. 
Malayan Tin 
Pahang C6ns. ... 
Rustenburg Plat 
Selection Trujit • 


2H4 — 14 i 
71 - 9 -: 
132 - 5 
n» - 4 
:i3 - 4 
ISIS - 4 . 
IDS - .12 
405 - 19 
53 — 5 
!U T P - 
432 . r M 


Appointments 

37 

Lo* 

44 


41 

ANNUAL STATEMENTS 

AlminbAeiiia Uvb. 

33 

Lombard 

14 

Weather 

04 

Hunt & Moscrop .. 

24 

Bmfc Reiotti 

S 

Men and Matters 

22 


38 

Bertram Com. Rbr. 

3L 

^cusword 

M 

Property 

6*34-37 



Lawbex 

2S 

gmcriaiBinwrt Guide 

14- 

Racing 

14 

INTERIM STATEMENTS 

Maas* Bronze Midas. 

24 

Enrs-opIteBS 

» 

Saleroom - 

S 


24 

Rollnce MV ... 


Food prices .. ... .. 

» 

Share Inform at ion 

42-43 


24 

PROSPECTUS 


FT* Actuaries Indices 


Today's Events . . 

23 

Cunpagoie Fr. Pci. 

23 

Kitchen Queen Grp. 57-2* 

Latten 

23 

TV and Radio 

14 

Bank of Ireland . . 

2k 

(Cooimant Pae* 24) 



Consultant Surveyor 

ALAN G. HOOD 

it Buckingham Street. Strand, 
London WC2N 6DF 
Telephone; 01-930 7575 


Letting Agents 



Chartered Surveyors 

6-10 Bruton Street. London W1X 3DU 

Telephone: 01-499 7151 


For latest Shore Index ‘phone 01-2 4b’ 8026 







Financial' Times Friday November- 10* 1978* 



OFFICIALLY, Czechoslovakia 

has now returned 10 complete 
‘^normality." In foreign relations 
this was represented by tbe visit 
which Mr. Leonid Brezhnev, the 
Sovier President, made to the 
Hag-bedecked capital, Prague, in 
May. Ecfore (hat Mr. Gustav 
Hujak. (he Czech President and 
Parly leader paid a state visit to 
Wes! Hermans. Czechoslovakia's 
moii important Western neigh- 
bour and trading partner and so 
brake the isolation of the post- 
1968 Czech regime from top level 
official visits to the West. 

1 1 is true Mr. Husak received 
a distinctly muted welcome and 
that press comment was decided- 
ly hostile. But the Czech regime 
wa3 not surprised since It views 
the western press with deep sus- 
picion and complains bitterly of 
the lack of objectivity shown in 
the reporting of Czech affairs. 

Internally loo Czechoslovakia 
presents a picture of "normal- 
ity.” I was stopped at Prague 
airport and waited an hour and 
a-half while the security 1 police 
consulted the Ministry of the 
Interior about two hooks in my 
possession. I was finally allowed 
to proceed with the hooks after 
I explained lhar they were re- 
quired reading for my job and 
that I had taken both of them 
into the Snvier Union earlier this 
year. One honk was a history of 
ihe Snclalist states of Eastern 
Europe, the other an outline of 
Soviet Foreign policy written by 
a British diplomat.' 

Prague itself is a bustling city. 
The pride of the city authorities 
is rhe new Prague underground 
which has been expanding at the 
average pace of one kilometre 
per year for the last eleven years. 
It was originally conceived as a 
modest affair to put the trams 
underground in the congested 
city centre as cheaply as possible. 
Since 1969. however, it has 
become a symbol of Soviet- 
Czc-eh co-oneration. bas high 
priority in the national plan and 


a 


CZECHOSLOVAKIA 



Moscow’s fold 


BY ANTHONY ROBINSON, EAST EUROPEAN CORRESPONDENT. RECENTLY IN PRAGUE 


has escalated mightily both in 
costs and in imports of Soviet- 
made equipment. 

Each of the 16 stations bas a 
vast marble, glass and aluminium 
concourse with brightly lit 
advertisements for fork lift 
trucks, mini-calculators and 
various foreign trade organisa- 
tions. The shops are full of 
domestic appliances and the 
better shops stock well-cut 
clothes from Czechoslovakia. 
Hungary, Poland and Yugoslavia. 
Butchers shops are crammed 
with meat and salami. 

Restaurants and beer cellars 
are well patronised and service 
in the hotels and restaurants 
reflects tbe central European 
traditions of courtesy and 
efficiency. 

A few western newspapers, in- 
cluding the Financial Times, are 
available in the lobbies of inter- 
national hotels and at the airport, 
but apparently nowhere else. 
Prague is. however, a good place 
to obtain a vast selection of 
Soviet newspapers and maga- 
zines and to view the latest 
Soviet filra*. 

Western films arc also on offer; 
some in the original language 
with sub-titles. 

Theatres and concerts are also 
crowded and Prague in the early 
evening is full of ladies in long 
evening dresses with their 
escorts. Even access to the fully 
booked nightclubs which abound 
in the centre is "for the evening 
dressed only" as one notice put 
it. Bookshops are also full of 
well-produced books. The 


children’s hooks, in particular, 
are excellent. 

But the official Interest In 
Czechoslovakia's cultural life in 
a wider sense is also reHecled in 
the large-scale programme of 


sites when they are offered 
higher bonuses help in obtaining 
apartments and other perks. 
One other reason which is not 
mentioned by officials is that 
in recent years there has been a 


Life in Prague goes on as usual though the 
Government is still actively pursuing the 
signatories of Charter 77, who form the heart of 
the dissident movement in the country. And 
although the Czech people are enjoying rising 
living standards, their attitude towards Moscow 
seems to be more one of resigned acceptance than 
of ideological fervour. 


restoration work which is now 
taking place. Many of Prague’s 
splendid baroque, gothic and 
Bohemian renaissance buildings 
arc covered with scaffolding. 
Unfortunately work is progress- 
ing very slowly — partly because 
new housing projects, factories, 
power stations, coal urines, trans- 
port infrastructure and other 
projects have higher priority in 
the national plan and partly 
because there is a shortage of 
labour. 

Under the planned economy, 
officials said, there is no unem- 
ployment. On the contrary, the 
high priority given to developing 
the economy has opened so many 
construction sites at the same 
time that there arc not enough 
skilled workers to man them. 

The result is a drifting labour 
force as workers move to other 


boom in the construction of 
country cottages part of a wide- 
spread parallel indsutry of moon- 
light labour and purloined 
materials. Giving bribes and 
doing favours to get things done 
is usual and applies to every- 
thing from setting spare parts 
for the family car to foreign cur- 
rency for a holiday ajbroad 
Despite the labour shortage nnt 
all labour is used to the best 
advantage which is partly a 
question of labour hoarding, 
partly a lack of flexibility in 
economic planning. An attempt 
is being made to solve these 
problems by wbat is called “ the 
complex economic experiment of 
quality and efficiency'* aimed at 
giving greater managerial flexi- 
bility to ISO export orientated 
companies. But part oF the prob- 
lem is what to do with the half 


million party members purged 
after I960 and the 1.000 or. so 
“ official " dissidents who signed 
Charter 77. Government officials 
said that most of the purged 
party members are now doing 
ordinary jobs, like the former 
party secretary Alexander 
Dubcek who has a job as a clerk 
in the forestry commission in 
Bratislava. 

Another person now working 
elsewhere is Mr. Julius Tomin, 
a former professor of Greek 
Philosophy at the Charles 
University. He is a nigbtwatch- 
man at the Prague zoo. 

He is currently recovering his 
health after a three-week hunger 
strike shared by 24 other dissi- 
dents in protest against the 
arrest and heating up of Mr. Jaro- 
slav Sabata, one of the three 
official Charter spokesmen- Mr. 
Sabata was one of a group' of 
Czech dissidents who arranged to 
meet dissidents from Poland at 
the Gzecb-Polish frontier a month 
ago and was badly beaten by. 
secret policemen in the police 
station when he tried to flush 
some papers down the toilet. He 
is still in jail and awaiting trial 
on charges of assaulting the 
police. 

The authorities reaction is 
seen by Chartists as a. symptom 
of the new Insecurity engendered 
by the strength of the dissident 
movement in Poland and the 
new situation created by the 
election of a Pope from Poland. 

Tbe Church is nothing like 
as strong in Czechoslovakia as 
in Poland. But in both Prague 
and the Slovakian capital 


Bratislava I attended packed 
church services with many young 
people among the congregations. 

Communist Party membership 
too has been built up to well over 
a million members, after a big 
effort to recruit workers and 
young people. How much of the 
membership is ideologically 
motivated and bow much oppor- 
tunism motivated by the advant- 
ages of membership is impossible 
to judge. But to tbe observer it 
is difficult to see much evidence 
of ideological vigour in the 
slogans proclaiming endless 
friendship with the Soviet Union 
and glory to the 61 st anniver- 
sary of the October Revolution 
which drape public buildings. 

The view or western diplomats 
and businessmen is that the 
overall mood is one of resigned 
acceptance of the posM96S gov- 
ernment coupled with enjoyment 
at the undoubted rise in living 
standards, social security, health 
and welfare payments over the 
last decade. Much will depend on 
the ability of tbe system to 
guarantee this steady rise Id the 
face of increasingly unfavour- 
able terms of trade and signs of 
declining competitivity in certain 
sectors. 

Gaining a better understanding 
of the Czech economy was one of 
the main purposes of my visit 
and interviews with foreign trade 
officials, central bankers, nuclear 
power experts and economic 
specialists. 

While crossing the Czech- 
Austrian border outside Bratis- 
lava I was stopped for over an 
hour by Czech frontier police 
who, on instructions from the 
Ministry of the Interior, confis- 
cated all mv working documents, 
statistics, books, file photocopies 
and background material includ- 
ing two books of official Czech 
statistics and a volume on the 
great progress of the Czech social 
security system over the past 10 
years. 


Poehl confident 
U.S. moves will 

aid $ recovery 



BY DAVID CURRY 

CONFIDENCE IN a durable 
recovery of the U.S. dollar was 
expressed here today by Herr 
Karl Otto Poehl, vice-president of 
the Bundesbank. He did not 
believe that President Carter’s 
recent measures to arrest the 
decline of the dollar bad come 
too late, but thought the U.S. 
Administration appeared to be 
accepting the risk of pushing the 
country into a recession. 

He thought the U.S. balance 
of payments was on the path to 
improvement and he agreed with 
forecasts that tbe current 
account deficit in 1979 would be 
lower than this year's. 

Although the political motives 
“ are by far the mast import- 
ant.'’ however, there were solid 
economic advantages to be 
gained' by creating a zone of 
stability embracing tbe coun- 
tries which accounted for at least 
half the foreign trade of the 
EEC. 

Any agreement on fixed ex- 
change rates in Europe would 
exert “ irresistible pressure " on 
member countries to harmonise 
their policies if the system were 
not to break apart at an early 
stage. 

“ Decisions on technical details 
will have to be based an agree- 
ment about economic and 
monetary policy objectives,* 1 he 
said. ‘‘The one principle which 
must not be given up is that the 
system must foster not only 
external, but internal, stability 
— the rules of tbe system must be 
strict enough to contribute to 
the step-by-step reduction of 
Inflation in Europe." 

“They contain the elements of 
new destabilising reactions at 
some point, for example when 
finally the markets sec a change 
for. the better in fundamental 
economic conditions" 

Herr Poehl underlined the im- 
portance of the U.S. decision to 
raise interest rales and to finance 
the balance of payments deficit 
by raising foreign currency 
loans. A U.S. team had been in 
Frankfurt yesterday to discuss 
such a fund-raising operation, he 
said. 

Turning to the proposed Euro- 
pean Monetary System (EMSh 
Herr Poehl was confident that the 
transitional stage could begin on 
January 1. The central idea of the 


PARIS. Nov. 9. 

EMS was “ to use external mone- 
tary policy as a stepping stone to 
greater political and economic 
integration in Europe. 1 ’ 

Speaking to am investment con- 
ference organised by the Banque 
Rothschild, Herr oPebl expressed 
West Germany's resolve lo sup- 
port the “new determination of 
the U.S. authorities’* even though 
this might initially create some 
problems for Bonn’s monetary 
policy. 

The dollar's real value had 
been underestimated by the 
markets, he said, noting that, 
from the end of 1976 in the low 
point reached by the dollar last 
month, the external value of the 
French franc in real terms « for 
example the exchange rate after 
elimination the difference in 
inflation rales) rose by 18 per 
cent, that oF the D-mark by 24 
per cent, and that of sterling by 
34 per cent. 

“ Such large shifts in exchange 
rates have quite obviously com- 
pletely lost touch with the 
realities of economic lire.*’ be 
said. 

It was important to get a 
monetary system off tbe ground 
with realistic exchange rates and 
allowing for exchange rate 
changes to offset differences in 
rates of inflation in Europe. 

The cardinal problem was the 
size of intervention obligations, 
because such interventions “ can 
completely puli the nig from 
under domestic monetary 
policy." It was important, there- 
fore. that there should he a grow- 
ing degree of harmonisation with 
respect to economic, fiscal and 
monetary policy and that 
exchange rate adjustment? 
should he made where necessarv 
to keep intervention obligations 
within limits. 

While intervention could take 
place before the limits had heen 
reached “ we reject an auto- 
matic obligation *' to do so 
because this would be unreason- 
ably one-sided and create an 
intervention system within an 
intervention system, Herr Poehl 
concluded. 

He saw no need for parity 
adjustments among members of 
the existing European currency 
snake but said that newcomers 
would have to enter on 
“realistic” parities. 


Credit Agricole fights bid 
to change tax privileges 


BY ROBERT MAUTHNER 

THE CREDIT AGRICOLE, the 
French state-controlled farmer's 
bank,, and the third biggest bank 
in the world by assets, has fumed 
down the Government's first 
proposals for a modification of 
its privileges, including exemp- 
tion from company and payroll 
taxes. 

The decision by the bank's 
representatives says something 
about the independence that 
even state-controlled institutions 
have under the mixed French 
banking system. 

But the Credit Agricole will 
clearly be unable to hold out 
indefinitely against the pressure 
which has been building up to 
change its status. 

The private banks have been 
campaigning for years to per- 
suade the authorities to put the 
Credit Agricole on . a footing 
closer to that of the other banks 
and their appeals have lately 
found favour with the Govern- 
ment. which also feels that the 
bank is growing too fast. 


PARIS. Nov;-.'*.’.-. 

■V.. ■ 

The Credit Agncole appears to 
have accepted that its profits— or 
surpluses, since it is theoretically 
a non-profit making co-operative 
—should be taxed, on. condition 
that it is granted the right lo 
extend its activities lo areas from 
which it is excluded. 

But tbe Governmenl's proposals 
in this respect have not come up 
to the bank's expectations. 

While the Credit Agricole, . 
which has branches in big cities 
but can give loans only to client? 
in municipalities with no more 
than 7,500 inhabitants, wants to 
spread its lending activities in 
larger towns, the Government has 
offered to raise the ceiling to 
only 10,000 inhabitants. 

With total assets at tbe end of 
1977 of FFr 3*29bn t about £3Sbn) 
and FFr 127bn in medium-and 
long-term loans, the Credit 
Agricole collects more titan 
25 per cent of total bank deposits 
in France. Us capital has more 
than doubled in five years from 
FFr TRbn in 1972 to FFr lfi.flbn 
last year. 


Monnet foundation set up 


Eo (Financial Director, major UKcompany) 


Recently; an independent research company- 
talked to 200 financial directors of major European 
companies; but in order that the respondents could feel 
free to talk openly their identities were not disclosed. The 
purpose of the survey was to discover Chases strengths. 

One particular virtue of Chase was clearly our 
foreign exchange expertise. 

The advantage'our dealers have is Chases 
pre-eminent position in the dealing markets. 

The advantage our customers have is that they* 
are able to enjoy direct contact with the dealers. So needs 
are better understood and the service is faster. 

A constant key to Chases leadership emerging 
from the research is simply this: 

Chase not only employ extremely good people, 


but also give them a system in which they can operate 
as effectively as possible for customers. 

The result is a highly personalised, very efficient 
service, praised by the respondent quoted above. 

He added, “I’m influenced by the people I deal with 
in the banks— and personally I prefer the Chase Bank. 

They give excellent service and are always ready to 
give f irst-class advice. My first choice always” 

He went on to sum up Chase’s 
advantage in one word, “people” 

Alan Ulrick who manages 
foreign exchange trading in London 
agrees. “Better bankers 
make Chase 
a better bank” 



THE CHASE MANHATTAN BANK, N. A., 1 W00LGATE HOUSE. COLEMAN STREET LONDON EC2P2HD. AND EUROPEAN OFFICES IN AMSTERDAM, ANTWERP ATHENS. BARI, BELFAST BRUSSELS, COPENHAGEN, DUBLIN, DU SSELDORt- 
FRANKFURT, GENEVA, GHENT GUERNSEY, HAMBURG, JERSEY, LIEGE, LUXEMBOURG, LYON, MADRID, MILAN, MOSCO W, I/UHICH, PARIS, PIRAEUS, ROME, ROTTERDAM, SAL0NICA, STOCKHOLM, STUTTGART VIENNA, ZURICH. 


BY DAVID WHITE 

A FOUNDATION is being set up 
in honour or 90-year-old M. Jean 
Monnet to promote studies in 
European unification of which 
M. Monnet was one of the prin- 
cipal proponents in the 
immediate postwar period. 

A preliminary meeting of rep- 
resentatives from various Euro? 
pean countries was held here 
today to set up the foundation, 
which will be based in Lausanne, 
wbere M. Mormet’s personal 
archives — eight tonnes of them — 
arc being stored. 

Founder members of the body 
include Mr. Edward Heath, tbe 
former British Conservative 
Premier. Herr Willy Brandt, the 
West German Social Democrat 
leader. M. Leo Tindemans, for- 
mer Belgian Prime Minister, and 
M. Gaston Thorn, the Luxem- 
bourg Premier. 

Patronat chief 
warns of 
‘world crisis’ 

PARIS. Nov. 9. 

M. FRANCOIS CEYRAC. head of 
the French employers* associa- 
tion, the Patronat. said today 
that “all the elements of a new 
woi-ld-«lde crisis are starting to 
fit together.” 

He told a news conference that 
the French economic recovery 
was fragile and remained at the 
mercy of such a crisis. 

He pointed to the threat of a 
shortage of oil supplies to the 
industrial, nations, due to the 
troubles in Iran, the risk of an 
increase in -energy prices, and 
the possibility of a “ violent ** 
attack on the dollar. 

The French economy was 
recovering “ slowly but surely," 
but has sUll some way to go. For 
this reason, the Patronat bad 
remonstrated against the labour 
unresil in Frimee in the past, few 
weeks, he said. 

AP-DJ • 


PARIS, Nov. 9. 

Her Helmut Schmidt the West. 
German Chancellor, in a tribute 
published here to mark M. Mon- 
net's 90th birthday, laid emphasis 
on the importance of creating a 
European monetary system in 
order to carry on the process of 
unification. 


KnuncuL Times. paliUsbcd dally oxcepr 
Sundays and holidus U.S. subttcrlptum 
r-MJ.08 fair Freight). SM.M fair main 
ocr annum. Second class postage Rud at 
New Vart- N.Y. 



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union 


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■w ? *; ; ?! i: v - 

Kj.II' • 



accord 
reached 

THE TTALIAN fioveriiment has{^%v * re : uni . v . be fmvc-d tu inleivene when iny technical establishment or: 

reached a lemnorarysiccord with i* a - iSw-Ji #>:» i'M'Oiipatiny currencies move tu the system on which Ireland and : 

federated nubile '' enmIavees , Tf ier .^'.f°^ a ^. I ^ at h® h* e fluctuation limits laid down West Germany liad differences: 


sets new 


progress on EMS details investment 


U.S. mining industry seeks 
more freedom to explore 


BY JONATHAN CARR 


BON X, Nov. 9. 


policy 


BY PAUL CHEESER1GHT, RECENTLY IN LAS VEGAS 


federated public"’"' employee S*Tf* e Y ? !7~ u *^ “ -, ,ne fluctuation limits laid down West uermany bad differences 

unions e wlu^ pr6vide S ft/pay I***" for lhew *«* •*«*»• ^^tance. 

increases .that tiie Prime ^Minister 1 ac^ocd on the technical details of . Som ^ - “Oter ;«ru«peciivc went- He believed the political will 
S_ig .Uiulo AndreOui_ had prth j fhp-Eufopean monetary system. ”*** s usgesicd establish- exited in Bonn to help bring 

vicusly refused, to. gi^nt--AP-DJ H . Speaking .afler talks with his a kind of currency early about that iransfer nf resources 

reports front Rome. One Jabpiir'j,-^ rt<>rm » n counterpart. Herr ' varmn S system. This wnu Id mill- which Ireland fell il needed to 
leader said, that the agreement j ugnj. Matthoefer. Mr,- Colley sum , ' yly wl, en a cumrnry was devisit- be a member. Mr. Colley noted' 
meant unions' would call. °ft ? ^ rh* .prosress -involved both Hie ,n « i w,, *ild unleash cmnpul- j^t ihe transfer hum invoved 
genera! strike; by stole workers of central bank inter- swy 5 enlral hank rnlercrnliun was issom over five 'ears, but 

which had- been planned for ventiOA - and the size of credit before the fluctuation hums he made clear that, if Britain 

Friday, hi on-federated, or 'auto- -facilities With Lit the system. had been reached. did noi join the system. Ireland 

noraous unions. At aged a general -jy s .* com men is Tollow word The new Haris accord means would need more than this. 

JlCii'iL- m.Sff icSr froiuW-est German -soureeh ihai that in the view of West Cvr- Mr. Colley said Uial Ireland 

services 1 a- the - public-, sector athJ -Paris reached broad many and France there can be W as not primarily interested in 

yesterday.- - •• agreement "on-; the intervention such a warning system, bur no a j 0;in but in u transfer, either; 

issue at talks last week between ubtiguiory intervention, only a jbrouyh Communin' insliitiiion.s 
Dutch UKlUstrV. = . J . Chancellor. Helmut Sctain idi ami comm ttmenl to action which by some other imilli-nalional ; 
Tlnlrh rnvprnmpnt assi£lance fo Pre5ltfent Valery Glscartl nnahi lake many forms. At its means. He did not expert] 
inddstr? dSS fn ^ th? S«2" i ™" 1, «' f . ^lUcst it would mean no more figures on a final package to 
” if 3 from' l »»] The Bonn Government and the than consultation. emerge until the European 

^ j Bundesbank • have strongly m,-. nnlley said he did not Council meet ins in Brussels on 

Ministry^iSistics" AP-BjTe^nts ■ aTgued that-cenlral banks should think 1 litre was any item regard- December 4 and 5. 
from The Hague! In lie first l - # -m # _ 

half of this, year., the Govern- 1 !. JOr S%iri t/v. muIa 


By Paul Lcndvai 

VIENNA. Noi . 9. 


asraunrAei -'BSmWp. M4 to ease extremist rule! 

fiSlmS)-! - - BT <*“ ?"» corespondent Bonn. nov. ». 

was provided to 71 projects. j the ’ WEST ‘ German Govern- stales to try n» ensure a niuiv ship of a party whose aims are 

. / - •. hiieht pas made _ another efforMo unified approach throughout the hostile to the constitution does 

Tair p. sid: meeting * "dcurb abuses arising from a 1972 t-ouutri. nut automatically rule oul a 

t- ... : . & - . decree intended, lo prevent Su tar ibis has nut been the candidate for a public service’ 

Ten we «tt>y ->gB>ons .openea a • estrem j sts gaining public case. The federal Government job. The judgment must be made ! 

L^ ay ^ r a ^*5SSSI service jobs. and Slates ruled by members or on a case by case basis. 

hSnanimriM ^aid 1 The Gahlnel agreed on a slate- the Social Democrat and Free Further. 1 he Cabinet says there 
IntC chort-term loans to relieve ! ment which tries to indicate the Democrat parlies have been in- is no need for public service 


-BY OUR OWN CORRESPONDENT 


BONN. Nov. P. 


indicate the Democrat parties have been in- is no need for public service! 


Zaire’s lar’e foreign debts AP-DJ-r-Ifniits within ; which ihe investi- clim-d in interpret the decree authorities in every case 10 ask I 
reports from' Brussels. Zaire ujgJtion of those applying for IlexiMv. Some other states have the Office for Protection of the j 
understood to be proposing a I pulilic service Jobs should lake lieen inueh more veal 011 s. result- Con>tiluiiun ithe counter iuiet-j 


undersiood to be proposing a i puliJic service Jobs should lake lieen uuu-h more vea ions, result- i.'.oiwtluiion line counter iutel- 1 
$500nt scheme' to restore the r place. - mg m cl target that they are hgence service! for 3 report on | 

economy by 19 JSD to Us 1973 level. ’ Herr Gerhart. Baum, the illiberal and that their altitude an applicant. The questioning of 

' Federal Interior Minister, will be ermlriloiies in political passivity, a ea mil date must also be in 

Call to CUt hOUFS - ; discussing the matter later mis A mun u i he points now stressed reasonable relation to the job for 

• i munth with ministers of the by ih L - I'.abinet is that member- which lie is -applying. 

A 10 per cent reduction in ; 


weekly working hours over the i 
next four weeks was .demanded 
yesterday by the ' European ! 
Kederariou of -Trade' Unions at a- 
meeting between government,; 
union and management represen- ! 
tauves on European Community} 
employment problems. AP-DJ ' 
reports from Brussels, ‘ - 


Spain protest 
at terrorism 


Swedish package criticised 


BY JOHN WALKER STOCKHOLM. Nov. 9. 

THE SKr 2.6bn (frjoaml econo- the higher income groups, while 


employment problems Af^-D J ' MADRID. Nov. 9. 'THE SKr 2.6bn (EJOam) econo- the higher income groups, while 

reports from Brusseli ’ ' - J MORE THAN 140 demonstration*. package presenled to Parli:;- increased child benefits have not 

. .. arc. planned throughout Spain to- merit | J} the newly-funned gone nearly far enough. 

OFm nrirp riwK: 1 " morrow -in^ a growing ^campaign ‘Swedish Government in an effort Mr. Ola Ullsten. the Prime 
' _ • ■ against terrorism'. .- Organisers, * l0 j*ut the economy back on its Minister, said that the economy 

Consumer . prices in member , hope that at leasr lm .people w/l! ; f eel has come in for strong is not yet hack to normal, and 
countries of the prganisauon for turn nut • criticism from all sides. be appealed to the opposition to 

ta£°opn.M SS'S?S!-miimS „ S3*: Till- child alluwani-e is lo h« "JJPPor. the Plan even though 
Sen, ember after a liTper cent S^ d „ r b D J ' „ S 0 ,^“7 „£,*£ ! ine.vase.1 he SKr i-40 ,n SKr l»-» »« t-leellon year. 

sain In AususL giting a year on i “ni eif^en^ lc^-jations P - Thc- : 2 - 5u " » ,er rh,l(l P e, ‘ > l ‘ ar - Tht,e 

year rise of SJ per cent,. Reuter . I i is :| 10 rwluve the mar- j *■ ■ r P p 

report -f roru Par lh. The ^increase , 0 a 7“' a L P hu ! ' 1 g in u I ihv level on income nvei Small decline in EEC 


in the to violence follows a4ong debate un ™ 1,1 

a^nlfaT rate" aster ^puriiinasTnigh^ 0 Spaniih An' income* of SK? l S0>J0 would industrial production 

annual rate.- the same gam as for j pari loiueat. last nignt. - ii„ n amouni- th. 


die shc months ta e^-Augi^l ! * Four, people died -and more g™* “ The seasonal ly adjusted mdustriai 

i ih-Jti °0 nthprs were iniured when ,n ^ ,,, SKr - lh>1 a SKr Wl-W'** prudueiron index or the EEC I 

g*- 1 tSSi «„ thS.im-f.me wm.ld benefii b> SKr 475 siond at 110.1 in August 118751 

3>150m loan to lurkey ' ^rhorn LL?Jh tow n 0 f Ca*a- 1 «n ineuine of SKr 70.000 by equals HUM. down ..36 per cent j 

The World Bank has approved * 1 2„ er .“ SKr 76S. from tio.5 in July and up U.-to peri 


31 K. PAUL Nia LEM t\ the 
Romanian Finance Minister 
and Deputy Premier, has- Ui , »- 
rlosL'il for the tir-ii lime del aits 
about the counir;'< new policy 
Of invest menl financing. 

Presenting the 1979 Budget 
to Parliament, he ounounced 
that from next tear the Slate 
enterprises will have at their 
disposal fluids uf 50bn lei 
(£5L9bu>, cifLii'aleD! to almost 

22 per cent nr total capital 
investment in the economy in 
1979. 

Companies will get back 
what 31 r. Nicu lest* a called “ a 
considerable portion of their 
net earnings in M -i up Tunds 
for economic development, 
working capital, social and 
housing Schemes ut well as for 
profit-sharing for employees. 

Investment \s ill he liiianred 
from Ihe det elnpmeut funds 
of the eumpanic.s roiicerneil 
and through bank credits, with 
performance in terms of net 
income and expenditure 
regarded as ih«- yard slick. The 
Minister warned that com- 
panies showing losses will be 
subject tu iin e.stiga lions. 

Meanwhile she 1979 Plan, 
now approved hy Pailiauu-m. 
continues to provide for some 
of the- fastest growth rales in 
Eastern Earn pi-. 

National incimn- should rise 
by 8.8 per cent and net indus- 
trial output in 11.5 per cent 
next year. All hough this year's 
harvest fell 4m ions, short uf 
the 23.1m tuns target, the 1979 
Plan aims for 24. 7. u tons. 

Investment will be up hy 9 
per cent hut farming and 
forestry will rereii e only about 
10 per cent of ihe total against 
57 per cenl fur industrial 
investment. 

The Plan envisages a 1U.8 
per cent expansion in foreign 
trade and an 18 per cent jump 
in exports. Speaking in the 
debate. Mr. Cornel Surtira. the 
Foreign Trail e Minister, 
emphasised that the exports 
growth rate must he attained 
under ad terse international 
conditions and called for 
imprmt-d <>ualiiy as the basic 
condition fm hei-nnii.’g compe- 
titive ill werid mark els. 


r j! : vr 

2 r • i » ki 


'Ifpln I Jasi -nighK . : .,PoJi. 

$ 150m loan .w .Turkey . to ■ help n , nM ic, miohMiaip n 

finance hisb-priority impertts. the j chow 

bank told Reuter. This would aid *■ t ®*^, ,s j 1 °. n 
fuller use of productfve capacity ‘Spain, s _faotDaJ! , mterr 
in agriculture and industry asif.Satusr France, avhich kef 
well as meeting the import needs ; bmga players av home. - 
of exporters. .... . . : ' iReuiec,\. .... 


. proposed fax cuts -mainly Jienefil and cr.n«un»er goods indusiri*s. 


Observers, mean while, are 
doubtful whether the over- 
extended K'lmnniuu economy 
will be aide in maintain the 
highest unminul grnwlh rales 
in Easlern Europe and at the 
same time digest a difficult 
adjustment m a new system nr 
decentralised investment and 
credfts. 


Full THE I’.S. mining industry, 
the West has not been w-un. it 
ha» been lost not in skirmishe-. 
will. Indians on Die plains and 
in ihe mountains hut in dispute 
with the federal coverninenl in 
Washington. The Ggbt is about 
aecess m. and exploitation of. 
the public- ’and? and the battle 
is about the .Mining Law of 1S72. 

The lSTi* law was one of :i 
seric-s of acts designed lo open 
up the West for new settlers. 
The search For minerals on 
public iands was actively 
encouraged hy giving the pros- 
pector the title to land and what 
lay beneath i? if he discovered 
any muioivjis. He had the right 
or exploitation in his own good 
time. 

“ It was a good law Tor tbs 
purpose fi*r which it was 
designed — - tu open up new 
frontiers. We have different 
frontiers today — wise use and 
management of all our re- 
sources." Mr. Cecil Andrtia. the 
present Secretary of the Interior 
told tiie mining industry 
recently. 

So the arguments about the 
reform of the 1S7‘J law arc argu- 
ments about what rights mining 
companies and individual pvos- 
peeiurs should have on the 
public lands and what they 
should give in return, if any. 
ihing. for those rights. 

‘ Two -side?; of the argument-— 
the Administration’* desire id 
achieve j measure of control and 
ihe industry's i-Liim for as much 
freedmn as p«iv»i bit*— were encap- 
sulated in Bills which died when 
the 95th Congress went into 
recess |as» month. 

The Bills are likely to be 
revived in the 96th Congress 
with the measure favouring the 
industry sponsored probably hy 
Representative Morris Udall. the 
Arizona Democrat who is chair- 
man nf the House Inferior Com- 
mittee. Previously the Bill had 
been brought forward by Repre- 
sentative Philip Ruppe of Michi- 
gan who is retiring. 

The potential u*e of vast tracts 
nf land i> nt -stake, especially in 
ihe Western states. The industry 
•■la ! nis ihar it ha<- already Imen 
fn.ye-i mi- nT a land a*ea ermal 
in sj/e to ne:*' -, v al> of the states 
east i>f th«- Mississippi 

In it-, latest policy -i i’-mem 
op ih'* twe o»' nuhlic lands, the 
•Ximriran .M s nin* Congress. 
imiiisirv liodv. said: ” 1975 

sttirtv Indira 1 <*d t h ai. by ihn en>i 
of ]97i. nearly 7:j per cent, or 
anarovinin'eiv SSi'ini acres, of all 
public lands had been pnfirelv 
or ua-ibrtlv Hosed to exploration 
ant devHnnmeni." 

The *v*ihilr:<v:il o r this !-»»»»* 
ic a eonsi*riH<*n-p nf »h«- 


law. The Administration argues 
that mining is the only economic 
activity on public lands which 
rent at ns basically utiftntrolled. 
despite the proliferation over the 
last decade of mure stringetti 
environmental laws. Once a 

company gains in ihe land 

it ha*> very wide discretion over 
its use. 

The response to this situation 
has been to dose large tracts of 
land to the industry— wilderness 
areas, where roads are forbidden, 
nave been created, for example. 
But. as Mr. Andrus confessed. 
“The withdrawal authority is a 
blunt tool at best for managing 
public laoc^-' 

In short, what the 1S72 law 
gives is being taken away by 
other laws, plus a battery of regu- 
lations and court decisions. Only 


Botb sides adopt tiie 
principle of the 
multiple use of public 
lands but place different 
emphasis ou what is 
meaut by the term. 


a skeleton of the 1S72 law 
remains, but th*; rights and obli- 
gations of mining companies on 
public lands still requt re- 
definition. 

Certainly the companies will 
never enjoy ihe freedom they 
once had. The Federal Land 
Policy and Management Act uf 
197R gave the slate authority if- 
manage public lands and for ihe 
first time embraced the concept 
that the state would actually 
retain and supervise the use of 
the lands. 

The industry has fonr prin- 
ciples it wants followed. First, 
prospecting should be encouraged 
to allow maximum but not 
exclusive access to the public 
lands Second, a prospector 
should have exHusiv** *»vninrat‘nn 
rights fo any area where bis work 
h:i<- reached a detailed stage. 
Third, if a deposit is found. » 
prospector -should have the 
exclusive right to develop it. 
even if development might be 
deferred Final I v. Ihe law should 
provide a mining venture wilh 
secure 'enure. 

The Ruooe Bill went some way 
inwards meeting these demands. 
Il embodied ihe right of «Hf- 
iniiialion cihat is a company d'.^s 
what il wants to rlo in its men 
timei and wlmt is called ihe 
claim location patent svstem. This 
allows fur the grant of a title for 
ihe discovery, but the patent 


would cover Ihe minerals and not 
tlic land. At the same time tbe 
Bill envisaged Ihe payment OF a 
royally un product inn to the slate. 

The approach uf Inc Adminis- 
tration is w lu'il ly different. It 
would give tiie Depart men 1 of 
the Interior very- broad discre- 
tion to establish" the terms and. 
conditions for a mining lease, 
including the power uf veto. It 
would allow public bearings on 
claims for leases ant! provide 
For the protection and reclauia- 
li»n of ihe land. 

In mber words, the mining 
companies, instead of having a 

right to minerals found on pub- 
lic lands would have Lo justify 
the need for tbe development 
of ihe deposit in relation to 
other potential uses for tbe land. 

Both sides in the argument 
adopl i he principle or the mul- 
tiple use of public lands, but 
they place different emphases on 
what is meant by the lerui. “No 
areas should be closed to ex- 
ploration for minerals or t» 
mining in the absence of a com- 
pelling national interest which 
overrides the need for an ade- 
quate domestic- mineral supply.” 
says the American Mining Con- 
gre.,s. 

The Adm mistral ion does not 
automatically grant this priority. 
The BLM Organic Act provides 
for the management of public 
lands in a manner which pro- 
tects the quality of scientific, 
scenic, historical, ecological a:id 
environ menial values. At pre- 
sent both the Bureau of Land 
Management and the Forest Ser- 
vice are undertaking studies lo 
see huw the lands' should be 
managed. 

Even if questions of land use 
are sorted uut, the industry re- 
mains Tearful uf bow the In- 
terior Department would handle 
a leasing system. 

But above all. the- industry 
wants to keep what it finds. At 
the recent American Mining 
Congress convention in Las 
Vegas. Mr. T. S. Ary of Utah 
International told delegates that 
he would not recommend mineral 
exploration tinder the conditions 
envisaged by the Administration. 

it looks, however, as if the 
induslrv may tie whistling in ihe 
dark. Tb«,e who have followed 
••lose! v Hie mines over Hie la*t 
15 yea is to change the IS72 law 
argue that if a pull was taken 
around Congress. 95 per cenl nf 
ihe representatives and senators 
w-nilil not know jnvtbiny about 
ihe 1872 law and 75 per cent uf 
them mull Id come nut in favour 
••f a leasing system. The industry, 
they suggest, will have lost iis 
Kittle unless ihe public sudden 'y 
Iw»«ins lo upprcHai- ihe n»le 
minerals play in everyday life. 


RodE#are - leadi 




ou 



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. • . - • • . ■ = •’ Rw anda! ± uw» . • 


AMERICAN NEWS 


Bank regulators intend to 


tighten up on foreign loans 


BY STEWART FLEMING 


NEW YORK, Nov. 9. 


of 


A CO-ORDINATED attempt by vision, may be Jess effective lator. it will point out that 
U.S. bank regulators lo tighten than they should be, and may bank has a concentration 
supervision of foreign lending by not be treating the different . lending when a particular loan 
U.S. banks will begin io January banks fairly. accounts for -5 per cent or more 

with the first meeting of a joint The agencies are meeting these of a bank's capital and reserves 
committee of the Federal Reserve criticisms through the creation The level at which the regulators 
Board, the Comptroller of the of the new committee. It will will comment on the degree of 
Currency and the Federal assess the political -and economic concentration will depend, in 
Deposit Insurance .Corporation, risks of lending tn specific states, part, on the risk they attach to 
The move was foreshadowed An initial screening process Joans to particular countries, 
in May this year in an article focusing on a country s economic There -has' been considerable 
in the Federal Reserve Bank of condition, and studying such concern around tte world in 
New York's quarterly review. In things as its debt-service ratio countries -which have 'been heavy 
general, the new committee will in relation to the size of the borrowers from the U.S. corn- 
try to assess the political and economy, will disclose which niercial banks and who fear that 
economic risks of bank loans to individual countries merit a the new regulatory .process could 
specific foreign Governments and closer look, according to the j&ad to some banks being forced 
their agencies, and relate this committee's staff. It may also to reduce dr restrict their corn- 
risk assessment to the strengths examine countnes not thrown up mitments. The bank regulators 
and weaknesses of the banks by the screening process. wall not say whether they expect 

making the loans. 11 ° een emphasised that the any specific countries to fee 

Over »he past decade dramatic committee wiR not aim simply adversely affected by the new 
growth has occurred id foreign ,0 make a Ust of riskier coun- system, although they stress it 
lending of U.S. banks, particu- tries and to classify bank loans 4 S no * tied*- aim to allocate 
larly to governments. Accord- to them as sab-standard. The credit 

ing to a congressional study the regulators will also look at the a -particular focus of concern, 
total foreign assets of U.S. banks condition of the individual bank to some extent separate from it« 
increased From around S3.5bn in lenders. It wui consiaer. tor operation of the new committee, 
I960 to SlSlbn in 1976. A sub- example, whether a bank to a has been ^ federal law of 1864 
stantial proportion of the in- tosh or luw proportion of its W hich lays down, that a bank 
crease, particularly since 1973 capital committed to higher risk miIst <not up more th an ' JO 
has been in lending to govern- countries, and how broadly diver- p er cent 0 £ capital in a loan 
ments. sified its foreign loan portfohois. to * single -entity. 

Such loans have a high ele- , Tbe agencies have given a The Comptroller of the Cur- 
ment of. what is called, clearer indication of what in rency has the responsibility of 
sovereign risk — the danger that general constitutes a sub-stan- enforcing this taw and 4n 
a change in political and econo- dard loan by stating that they January iflris year proposed a 
mic conditions in the country begin to clasify loans to a means and purpose test which 
could affect repayment. country when there has been an would .help to distinguish 

The huild-up in loans h3s interruption of debt-servicing or whether a Government and its 
given rise to concern about the when such an interruption is agencies should be viewed as a 
risks and there has been criti- imminent. single entity. A final draft of 

cism that the regulatory agen- The committee will also look these regulations, which have 
cies at the national level, by at the concentration of a bank's been slightly revised, is expected 
not co-ordinating their super- lending. According to one regu- in a few weeks- 


Support for 
SALT not 
seriously 
affected 


By Jurek Martin 

WASHINGTON'. Nnv. 8. 


Canada sales tax cuts 
expected in budget 


BY VICTOR MACKIE 


OTTAWA, Nov. 9. 


j MR. JEAN CHRETIEN the money markets. The latest adjust 
Canadian Finance Minister has meat in the Bank of Canada's 
‘announced he will bring a new bank rate came earlier this 
THE CHANCES of the United ‘ federal budget before Parliament week, when it was raised to 


State Senate ratifying a new 
strategic arms limitation aerce- 
ment (SALT) with the Soviet 
Union next year have prohably 
been slightly, but not grievously, 
harmed as a result of yesterday’s 
Congressional elections. 

At first, it appeared that the 
Carter Administration had lost 
much key «upport with the defeat 
nf half a dozen prominent liberal 
Senators and the victories of 
three new Right-wins hardliners. 
Rut a closer analysis tends to 
bear out the Administration’s 
contention that it has incurred 
a net loss of no more than twn 
hackers of a SALT treaty, and 
perhaps not even that. 

A major treaty' has to he rati 
fieri by two-thirds of the Senate 
in order to become law and. even 
with President Carter’s recent 
triumphs in Congress, it has 
always been clear that a SALT 
treaty would he a close run 
thing. The President has not 
entirely ruled out presenting the 
treaty to Congress an Execu- 
tive Agreement, thereby petting 
round the two-thirds provision. 
But he would prefer not to take 
the highly controversial route. 

The Administration's losses 
yesterday are obvious: the five 
democratic liberals — Senators 
Clark in Towa. Haskell in Colo- 
rado. Sfacintyre in New Hamp- 
shire. Hathaway in Maine and 
Anderson in Minnesota — plus 
moderate Republican Edward 
Brooke from Massachusetts could 
have heen counted on to back 
a SALT treaty. 

Senators Clark and Macintyre, 
in particular, could have been 
expected tn play key roles on 
the Administration's behalf, 
using their considerable in- 
fluence in two key committees, 
the Foreign Relations Committee 
(Mr. Clark! ami the Armed Ser- 
vices Committee (Mr. Macintyrel, 

Three of their replacements. 
Mr. Roger Jepsen from Iowa. Mr., 
William Armstrong From 
Colorado and Mr. Gordon Hum 
phrey from New Hampshire 
appear so conservative that their 
opposition to SALT can be 
guaranteed. 

But sonic of the mher new 
comers. Democrats and Republi 
cans alike, appear as likely to 
support the President on the 
issue as oppose him. 
to back SALT. 

Among the new Senators rep 
resenting seats whirh did not 
change party hands. Mr. Paul 
Tsongas From Massachusetts 
would appear certain to support 
the treaty. 

Among the new Democratic 
Senators taking over Democratic 
seats, Mr. David Pryor from 
Arkansas, and Mr. Donald 
Stewart from Alabama seem 
more liberal than their predeces- 
sors. 

Much may well depend on the 
committee assignments which 
will be determined by party 
caucuses early next year. One 
committee due for a major shake- 
up is Foreign Relations. It will 
have a new chairman, presum- 
ably Senator Frank Church, in 
place of the retired Senator John 
Sparkman, while two of the other 
nine Democrats (Mr. Clark and 
Mrs, Muriel Humphrey) and 
three o( the six Republicans 
(Mr. Clifford Case. Mr. James 
Pearson and Mr, RoHprf Griffin) 
will not be returning to Wash- 
ington. As a result of Iheir sains 
in the Senate, the Republicans 
can expect to cet an additional 
committee member. 

President Carter has shown 
himself quite adept at working 
with moderate Republicans nn 
some key foreign policy issues, 
such as the Panama Canal treaty 
ratification. This, as the Republi- 
can party chairman, Mr. Wil- 
liam Brock, suggested this morn- 
ing, may turn out to be a highly 
desirable approach. 


ion November 16. It is his second 10.75 per . cent from 10.25, in 
budget in seven months. response to a rise in U.S. interest 

He will probably cut sales tax rates, 
to give a mild stimulus to the In moderate trading on Wed- 
economy, to offset the slowdown nesday. the Canadian dollar 
in growth caused by high Hipped to its lowest point in the 
interest rates. foreign exchange markets since 

Mr. Gerald Bouey, governor of 'late October. At the close in the 
the Bank of Canada said yester- North American inter - hank 
day in Vancouver that, for the wholesale market, the Canadian 
time being, Canadian interest dollar was changing hands at 
rates will have to keep pace with S5.13 U.S. cents, 
further increases in U.S. rates. The Federal Government 
“In a situation where we are yesterday tabled supplementary 
heavily dependent bn inflows of spending estimates totalling 
foreign capital, and when con- C$1.06bn in the Commons, bring 
firience in the Canadian dollar is log expenditure authorisation to 
still rather fragile in foreien C$49.79bn for this fiscal year 
exchange markets, opportunities ending on March 31, 1979. 
to be able to ignore movements A Treasury Board official 
in U.S. • . interest rates are however, the Government still 
limited." ■ • expects actual spending for the 

He said the two recent fiscal year to be within the 
increases in the central bank's planned CS4S.3bn. because some 
lending rales were necessary to funds allowed for will not be 
stop the Canadian dollar declin- spent, and hecause some loans 
ing further on international will be repaid. 


Teamsters win court fight 


BY JOHN WYLES 


NEW YORK, Nov. 9 ; 

MR.. RAY MARSHALL. President trustees would be violating their 
Carter’s Labour Secretary, has fiduciary responsibilities by chn- 
apparentiy failed in his attempt limit ng the relationship. Jfhe 
to prevent the Teamsters’ Department said the Fund /had 
Union’s central states Health organised a false bidding / pto- 
and Welfare Fund from renew- cedure to ensure that Mr. Dorf- 
ing a three-year multi-million man's comfiany would win the 
dollar contract with Mr. AUen contract / 

Dorfman, the controversial Mr. Dorf-man is a close. associ- 
Cbfcago businessman. k ate of Sir. Frank Fitzsimmons. 

The U.S. Court of Appeals in the Teamsters’ president; whose 
Chicago has rejected the Labour compliance with the voluntary 
Department's appeal against a wage and price guidelines in 
lower court refusal to issue an trucking industry' negotiations 
injunction against the renewal next year is considered vital for 
of Mr. Dorfman’s contract. Mr. the Government’s anti-inflation 
Dorf man's company has been policy. In 1972, Mr. Dorfman was 
processing claims for the convicted of accepting a $55,U0Q 
Teamsters’ Fund since the early illegal -payment to organise a 
1950s, and the Labour Depart- loan Prom the union's central 
rnent alleged that the Fund’s states Pension Fund. 



/BY ANDREW WHITLEY 7 


•- -i,- 


TEHRAN, New- 9,. 


Refugees 

flee 

Afghanistan 


THERE IS 'still little sign- of an Sources in AttWax, the tegfonajTrefiisa! to allow . 
end to the strike in the, Iranian capital, say 38 makers were- to ; reappear- since -its. -Monday 
oilfields. Production today was queuing off the Gulf- -coa&i. on ..take-over without some -fonu fe£- 
1.479m barrels, compared with Monday for their turn: tojoad-censorsbip • 

i average daily production of Two were loading-. The ; sources’ 't^Liioiy the atehide’ of die 
' 6.053m barrels 4a September. Ex- say the waiting tankers • r epre-/j^» a i s towaids‘ the media as 
ports totalled 980.000 barrets, of seated requests tor 42ni tonnes of fir.whble remains & ntystecy.‘a§ 
j which a quarter was light crude crude oil. worth $6Gm. . .^Ukc has been no fonnal coni 

and the rest heavy. Exports for Shortages of Iranian crude ai^' lact Avitb thenew govern"’ 0 " 1 
November have averaged 986,000 causing particular' ' concern iBat jt has- become .dear 
barrels a day. because Saudi Arabia -is bgtieyed: they are pot prepared, lo tolerate 

The hasty shutdown of the aO to be. producing closetocapac-ityjrtbe sort-of^freedoifi -agreed omy 

a 1 If iu'Kati lim cf riba luMvn n tn _ tn * A ~ -■ i.Aiebe’-AnVTlor hDhtfMn thtf 1 


By Chris Shemell 

PESHAWAR. Nov. 9. 
VILLAGES IN the hills and 
valleys of Afghanistan's remote 
eastern provinces have been 
bombed and strafed by aircraft 
in support of the Afghan army’s 
attempts to queti. armed resisr 
lanna by staunch Moslems to 
socialist rule of Premier Mur 
Mohammed Tarraki who over- 
threw President Dand in <a bloody 
coup 'last ApriL 
People involved fn the fighting, 
but driven -across the border and 
seekring refuge in the tribal areas 
of Pakistan’s North West Fron- 
tier province, say Russian 
advisers in Afghan army uni- 
forms have been killed and 
cap-tured along with hundreds of 
Afghan soldi ere. Their reports 
corroborate independent accounts 
available an KftbuT and confirm 
claims made by an exiled right- 
wing Moslem group -based in 
Pa tost a-n known as tfie-Movement 
of Islamic Revolution. 

Although itfee Soviet-backed 
Tarraki Government has not -ad- 
mitted oiperfly that there have 
been clashes Of ’this severity, 
recent statements by the Vice- 
Premier Mr. HafiznUah Amin, 
strongly suggest that pockets of 
resistance persist He himself 
speaks of a holy war -against the 
Ikhwani Moslems, whom he de- 
scribes a« psuedo Moslems, to 
emphasise his government's com- 
mitment to Islam while it pur- 
sues its socialist path. 

But it is generally agreed that 
at -the moment they do not pose a 
serious -threat to the government 's 
survival, even if they are de- 
manding a lot of attention. 
Though there are reports of un- 
rest from several provinces, the 
government retains control of 
Kabul and other urban centres, 
and appears ito have successfully 
purged the army and adroimsf ra- 
tion of potentially disloyal ele- 
ments. . y 

Refugees I spoke to yesterday 
in the .tribal district^ north of 
here said, they had fl^d because 
of fighting in their, area on the 
Other side of the border. As 
many as 10-000 have fled. 

. They $gave richly detailed 
account* of bow jet -.aircraft- and 
helicopter gimsbips were brought* 

in with incendiary' ho mbs after 
they nad initially beaten back. the 
in Afghanistan's Kunar 
province- • ; 

ev also Ibid of villages, 
•luding mosques and revered 
TODies of the Koran, .beina 
[burned. and of how they trekked 
miles north and survived in the 
hills Wore crossing into Pakis- 
tan. Thev claimed that a farge 
part of l his area — Nooristan— was 
an “ independent Islamic area." 

These refugees claim allegiance 
to on? of the religious poetical 
nartics which are part tit '.the 
Movement of Islamic Revolution 
formed recently to figbt : the 
Tarraki regime. Thev «^y they 
do. not want to stay in PhJastan. 
but cannot Teturn because^ they 
lack the bullets. Yesterday they 
proudly di.spl.tved a captured 
Soript-made Kalashnikov rifle. 

This determination to resist 
makes tfhpm a potential nnhrieal 
embarrassment for Pakistan. 
Relations with Afghanistan, are 
uncertain at th« moment, in *nite 
of General Zia's short visit foere 
in September, and a PakBtonl 
trade term which is dtA to 
arrive in Kabul nert wepk. « r -. 


wells when the strike began to Sources close to Ar ainc o; -res- ^three w'eeks eartier between thek^ ^andl '.^o/ roo b <p 


bite is understood to be caostng^pdasible for most of the King-Hocal Press am* <he - government 
some .teebmeai problems -at the bom's output, say production- & br.:the Prime; -.JOzuster Jaa me 
fields. Acid has got into the oil now 10.1 million barrels a day/ Sharif -EraanL.' .. . ‘ 

coming from the Jarge Dehlusan the maximum which can be sans-'/' None oF lbe^ major pewspapera 
field, near the Iraqi border. . tained over the next few.months. j n : Persian ' or ’ English :hav*rf 
Of equal conceni is the fact The new military government; appeared for the past five .days, 
Qtat several drilling companies in Iran is taking a tough sta&dr mainly because. of the journalists 
are thought to be halting their towards the local and forefgtj syndicate’s refusal to wor&wtale 
operations. The American cpm- pres, as shown by the- arrest last^ their members. : are- , being 
pony Santa Fe and Sedco -are Right .of the staff coixespondent arrestedl:- About T5. newspaperi 

believed to be among them, for the American news agency -men .anld. five - . TV journalists 

although no confirtnatibn is avail- United 'Press International, arid, were detained . for' a. -number 'of 

able, • what is understood to* be“'its days and subseqv^eniiyi released. 


Botha’s warning 



BY QUENTIN PEEL 


JOHANNESBURG, NOV. 9. 


SOUTH AFRICAN newspapers ted being . used by , the ■ The establishment -of a j«di4al 
appear.to be set on confrontation department to found the news- commission of inquiry in tu; thtf] 
with'tiie Government today after paper. -'/'.'activities' 'of ; '4be v Information x 

publishing , further details of According to the . reports; '-the '.(Department : tO have 
transactions . connected with the cheques, post-dated for annual^made aU reports oa the subject 
Administration*— /«««« #!««««.- *»»T? m r \ n N> Ko+u m»n HfbrpK ' kw» • ♦Ka- ■ 1 

of - the 

paper, the Citizen- payable _ 

The latest reports coincide a company called Homerus strict in the case of a commls- 
with the threat by Jlr. P_ W. Finance Corporation .operating sion, as it is in; court cases. ■ 
Botiuu tbe Prime Minister, to in- from the same address as Tbor ; Meanwhile, Judge Anton Moe: 
troduce controls on the press if Communicators, which has- been text,. who was -dismissed . by Mr.- 
newspapers regard themselves as identified as a front company for 'Botha from his one-man cammfs- 
abbve the law, in the exposure. of Information Department opera- ston into foreign exchange viola- 
secret operations by the former tions. tions after he published evidence 

Department of information. One of the two directors of. the about Information Department 

Three newspapers, the Johan- company, Mr. David Abramson, activities last week, today banded 
nesburg . Star, the Rand Daily chairman of Hortors, a printing over all . his documents to 
Mail, and the Afrikaahi-language and publishing company,, has . Treasury and court officials- 
Beeld, ' have given details of denied any links with Mr. Luyt, V Mr. Alwyn Schlebusch. Mini- 
cheques, said to be in repayment his fertiliser company, Triomf. or ster of the Interior, has been 
of die R12m advanced by the the Citizen. The other director, appointed acting Minister of 
department to found the news- Mr. John Heinrich, a Johannes-. Plural Relations, in place of Dr. 


fund the Citizen, made out by burg restaurant owner, refused Connie - Mulder, who resigned 
Mr. Louis -Luyt, who has admit- to comment. . . /.'..y^yer -the scandal on Tuesday. •/>,•., 

Israel public opinion poll may lead to 
tougher line on peace talks by Begin 


• _T<r;- • V 


BY DAVID LENNON '' ' v ■* - V-.; iV TEL AVIV, Ndr. 4 . *f ' 

_ ..**-!.? :*■ •• . -. 

SHOCKED MEMBERS of Mr . 48 seats in the 120-fnember^Cnw-' /party members who belieVe fee 
Menahem Begins ruling Likud set compared with its current 32- tgave away too much In the peace 
bloc are trying 4o find excuses The Likud emerged with 46. inegotia tions. This coulfflead to 


to explain awav a oublir nDinion L,kud was quick to point oat/a further toughening of/ his 

TSia'Sr the poll sampled only the {stance in the piece talks, 

would be defeated if Section's 55 per ceat of eligible voters. ^sprciaUy on the emotive West 
SE bPld now : who turned out for the local ^fcnk i ?5ue . . £.. . , . - 

The Likud had been convinced tions ' 11 stressed^ -Uiat the^ W -‘|i.;GcneraL elections . aA mOfe-dde 

BontbtiM> rilh iS have voted. in a general electianOTlm,^ I cohJJioiff. coi 

general elretion But now it Pf , - rtjD 5 supporters. 

A- 

KS aS W “ 1 ' UM ,aUB 

The poll findings wUl hardly *w» 

strengthen Mr. Begin’s hand in . Re _ au „ . ' ■ *, 

’ with m the S U°s’ neck fin logo to'ihe electoral to. seek 


Commodity 
fund talks 


resume 


in 


- ' lijff imtioAs : rdSumg;-^iegotja- 
; fn ^Gengya. oR MOnday in 

7 'in' effDtt’ td set ^lp s tbe pro- 
: ^oisfed- • - 'Common fFfcpd to 
istebitiite, 'prices inter- 

* raanaodities. 

Through - ySbi Com*. 

:;-^inittfed/4tt/ princqwe^to ; the 


• bt: .-December 

jiScyir:. ferykeit down 1 
-.'aniid v v^iai^r.c rmrriinhjationR, . j 

;• which * 

: - hbeBST ihndet ~.tije. $usmces of . 

■ the - Confer- 

: ‘ence ;tou.i'*fi^e^Mt/E)ev.elop-. 

■ dBily iift^ext^iyd.siSpiidinga 
r . suggested that n«ar>.conf er- 

- eiwe wq«H - be^sitotws. ;■ 

Blit- ^aBodt' ach i ev- ; 

: ihc 

K .-Nortb/^iiffi ^d^ogue : -"Wbicli ■ 
v/emer^edr 'aL 3 : Comnmnwea 1th -I 
■m^ ^iRg^'^^London ' ' 

i . to“tiie".'maxe g I dow'>v1w tiwt- 
. ,rtius; “meetlDg ; could, end in 

^afibas-hsreat on" : /-l 
thteir xiegotlatihg :■ -position- at 
: ohl.QSCD meeting that ended 
inn '.pyfils. :tin , /Tyesday* - / The - 
.' - package A hey have/, to offer, 
i t though ’'an ijdf anqe' ;ou pte* ' 
'-Tsriohs terms, is Ukety^ to be 
k i turned -down /by" nibst dmbp .Vi' 
ing nations, -which they do not ’ 
see sufficient economic or pel i-^ . - 
tfcal advantage in the OECD 
proposals to make, a com pro- .•••) 
xnise vrorthwlttle; ‘ ‘ v 


The developing nations are divi- -:- 
ded among ‘ themselves • 6et>: : 
their greup position has bar-/* 
dened since- the recent break- 
down. of .discussions .between-./ 
. the two sides on the role of the-’ ^ 

.UN Overview Committee on 

. 'North/South issues. ; Develop-/^ 
.ing nations,- for example^ 


wanted the committee to plaJ 4 > 
• s direct' part 'in ■ h^oti ationk/3: 

1 - yMraip -- 


over j access' t o ' markets, dehf 
-and .the .tranafer-'of resource^-, ' . a , . . . 

: • while the •U.s..-ta 
. insisted. taaLlhese^were ques.’- 
tions- for 'discussion -it), already - *-• -•••■- -■ 

Aftotber -obstacle:- to/a|reemCBt- / 

’ .fe That Congas is hot . : ' 

jirepared ’ ldc stguificant coni : 
•^cessioh^ajid ^;A#inistr^ ; *• 
v-tfmr-sSjat gain-impressing - 
Congress . too hardto^tbe Fiiad 
or. . ;; an >ther ■ -Jferth/Soath 

i55 ‘^-' • ~ 

Among jdevetopinjgf; afatftas,. the 
’ ' resumed .Gonmum Fiymi .pifet* • 
ihg is ^ecn -Hiereasiictoiy na a 
. f est^ase-of . Ihe- West&iUing. 
ness to negotiate Smr-anterpa- 
'tionai ^econoailn:ltfees of in- 




admin istra (ion. which believ-es he the . ele cli°n race, they, .witibe a new mandate.:. -This Site’s TV 
aanunisiranon. wmen oeiie\es ne particularly anxious to avoid poti/shpvred that it Jnmot aertain 


Sadat criticises Saudis 


BY ROGER MATTHEWS 


CAIRO. Nov. 9< 


„ . vrjd^Veimjing. 

eoiinbies over" thCcldrt .four 
years. This- diplomat argues 
that a growing JniiiiB'er of de- 
veloping countries sen ho point 
m pursnihg discudsiifos, that 
seem do lead nowhere. ' At 


though-- ; :POstpbnement’ •' of TXf‘'-v/ ,:_ - 

\SKa£iy^ 3 &-« fe*® 


fe- ••ss-i -rfarwra- -mum, 

f»ttons will clearljrbe^ major. 
influence on the .'mood at 
■MihuJa. 


j- hxi rimd parucu lariy- .anxious to avoid n, 

It aho’means that The Govern- W .i?i ^ T ,' " at > 

went will come under intensified ^ b ^ ve t*mik **. special to continue handhng the Uego 

attack from the opposition t0 retaiQ support of^ Mans. - . - 

Labour Party. Surprised bv the 
Ending that it would re-emerge 
the largest sinsle party if 
elections were held now. a re- 
invfaorated Labour Party is 
expected to step no its. criticisms 
of the Government’s handling of 

the peace negotiations and its PRESIDENT ANWAR Sadat of producing arab states Mr. Sadat 
dismal record on domestic issues. Egypt has now turned even on said that Egypt “ had no respect 
In addition, the poll has effeo Saudi Arabia in bis anger at the for those who use their wealth 
lively silenced those members Arab world’s rejection of tfce for bribery, nor for those who 
who wanted to end the alignment Camp David Middle East peace receive the bribes." He accused 
with the Left-wing Maparb Party, accords. In an interview with a King Hussein of Jordan of only 
Both parties now know that every Kuwait newspaper Mr. Sadat is going to the Baghdad summit 
vote will count in the next reported as saying that he because he had heard that a 
election. regretted that Crown Prince imilti-bjHion dollar fund was to 

The public opinion poll was Fahd of Saudi Arabia would be established, 
conducted by Israel Television have accepted the logic of Iraqi Mr. Sadat added: “we will 
among more than 20.000 people President Hassan al-Bukr during never place ourselves under the 
voting in local elections tins the recent axab summit meeting guardianship of the ignorant, the 
week. • ' Ln Baghdad- . malicious and the disgruntled. __ 

• ?; faich Party they would According to Mr. Sadat, Presi- Our decisions are based on prad- The major shift in tfm 

back in the event of a general dent Bakr was mentally sick. In ties] realities and we speak the of 

election the sample gave Labour another • reference to the oiU Umgudfee-.oftbe age? 1 “ e nations 



k\; 


Western officials,, however, see 
some optimism for toe Fund in 
tne - progress being made 
towards an intern^ional rub- 
her agreemeht Negotiations on 
-uus resume '-on -November 13 

progress fc closely 
linked with that :of toe Fund. 
«ie major. point of difference 

s i? e H' S v wi ® 3l for a- rubber 
buffer stock of 7 00,01)0 tonnes 
consensus amongst 
most tftoer producers and con- 
sumers that 400,000 tonnes will 
suffice. 


U.S. COMPANY NEWS 


Olin and Celanesc call o7 
merger talks: currency losses 
hit ITT: Allstate Insurance 
diversifies— Page 29. 


LAST MONTH King Hassan MOROCCO*S ECONOMY 
opened the new session of ihe 


Moroccan parliament w-ith a 
speech wltioh foreshaffowed sig- 
nificant changes in -the kingdom's 
economic policies. “1 will not 
hide from you the fact tliat if 
we continue a' on gtbe same lines 
as before," tie said. *• we will end 


Danger of lop-sided development 


self-sufficiency, so that last year 
exports Only, covered 60 per cent 
of the* cost of imports- Overall 
exports earnings are still insuffi- 
cient to -cover the • costs of ' toe TJ.S. had. rejected this out- 
econontic.'development, military -right A French proposal, sup- 
spendi^and energy (80 per cent ported . by most other EEC 


Industrialised nations 
ov?r the Fund since last 
December's negotiations is that 
they are now ready to consider, 
that some of- toe -financing for 
•it come from direct Govern- 
“ en I_ contributions. - Earlier, 


n 




of requirements are imported at 
a cost'bt'S2»>m In 1976). And 
the decision taken In the. early 


BY BUSAN MORGAN, RECENTLY IN RABAT 

up with a souiety in' which the Four major adverse develop- Western Sahara, officially: a pendlture to 1977 levels. In budget, it features more selective 1970iT^Sn - finance development 
pour will fee very i»or and the drove the economy into a Moroccan province. Qulte.iow March the King announced new investment with concentration on through/ external borrowing 
neb excessively rich — aad this retyssion 13St ye ar fr om much Ihe Sahara war is costing austerity measures which existing projects. According to makes.' wuefa less sense today 


members, is that S200ni of a 
proposed Slim Fund, (compared 
wltt UNCTAD** original pro- 


posal- for a VBSq FtindT should 


gap wrll inevitably be trails- ^ch it is only slowly recover- in .finanuciai terms (let • 
formed nn-lo cla&s differences on tog. First, phMphate export in the drain on 
a scale our country bos never earnings (accounting lor about and management) 
known.” 40 per cent of total export earn- quantity but *' 


financed -from direct con- 
tributions 



King Hassan was expikatly 'J ¥C / e ao ’’* rtien ; near as high spending bas almo&t tripled 3nce encourage cvengreater rcpalria- uranium sectors* will receive tural jWPductioh will probably I 
recognising the failure of the 33 ™ been hoped- World de- 1975 to $722m this year. Nor tion of earnings. This was priority while most other projects bs up vf’" ’ 

D . fttunn n fl/1 Tlt*1/»nc nnmiliAn 1m f a J _ 1 ! _ .a _ I fnll Aitm J V» t , _ e ■■■ , . ‘ ■ 1 


outset until they .can.g’et agree* 
mest on the form -such financ- 
es 'rill take and for what it 
will be used. .The Western 
view is that, this “seed” capi- 


gorenuneat’s eoo-oomic pro- ®I.and and prices declined up to would a solution to the Sahara followed by prohibition of vriiT be postponed. J and -jffiosphate ■ exports could 

gramme, but at the same time i? 77 contrap* lo the Moroccan crisis immediately relieve ■* toe certain imports (which contri- As the man responsible for earn SWtoi if 20m tons are sold 

z —• » t — : Gnvprnmpnt s aicsiinmv Innis in anna iinrHan <• ; _ «_ *r u hi iipH 11 wait* Mnt ih«i i ore *■ • - — ■— - 

tne was 
.fear in 
mrgent 
some 

'Socs^oouCdTiid ttseW ^ 5? because of weak prices, a Westingbouse air defencetadar panies were also obliged to He told this corresoondent that turaf%id industrial commodity, — 

Sesame turbulSTpath as But instead of adjusting expendi- L _ the chief goal of the plan was exchange.- Tourism (toe toird}: Gfevernmeitt 

Ug me *r j. v* 05 ture to meet this unexpected ^ iL . T^CZ cTT tn correct thp disequilibrium mair^eien : exchange earner ^considered 

of the 1973-77 period *nd after/pSosphates -and. .foreign.} ' js to 



outb . urst a S a “4 Shah has sobered 

hart xnh»rinv nn consistently resorted tojorwgn Morocco s ruling elite about the ments of 


Identified several major areas of remittances! Is set for. improved] 
urqent concern: uncmplovment. earnttB!fthis year. ’’ 

illiteracy, rural devplonment, tax Thefi^are at last encouraeii 
distribution and inflation. signs oil may be- found al- 

Officlally.- unemployment runs thoug&ernbarrassed and uncom- 

amouuous, »»>*«,»., ivmeaisiv W , u - . . g - at 6-7 p«»r cent, but it is gener- comunmicattve Energy^ Ministry . 

iIusltUI devoiMpmenL Official ,® ot ser ^j^ to export ratio has network c^somi How- make a prior 25 oer cent dennsit a1l 5* reckoned to be more like officials could ' not -substantiate 

Xh£3£ hi sudSeniy wfekS IS?. ^ Ki^ Ha^n^?roop?Tn P ' deP ° S,t per cent. This is particularly the gte ' «■ J Jr 

to the danger of lop-sided ***** cent f ° r 1978 ' Zaire are believed to be paid The Government is also Irving ! he cas % to urban areas which bis spee^to parliament that! 

developmeiH and a mass rural The second major upset was for by Belgium. 9 ... ■ Vr, '“* a " nF 


had a «ibering effect on horro , . 

imitating Iran or Brazil with ambitious, 
Brazifiaif of ^pid, s3-6bn in^6 a^d is expected capital-intensive industrial development. 

capbiaH-menslve 


to reach S5bn this year. The 


exodus"; the oew caufephrase 'is toe ^decline in agricultural pro- The result of these economic money supply and has ^raised * rOTn the countryside. Slimanl to nover^domestic consumption. 


to * slow” down 'the* ? ave su J fered an in , flux of neo P ,e eno U ^t;'pll.-had been discovered! 

w “ ***"" *he countryside. Slimanl to c< 

that the Government Osffiimr-SIinianl ' describes the] 


said 


ever^ tban the rebuts” of “any food imports this year is put at increase of SiTper --- h - r «^ n I,s predecCS " has 


attain, credibility as a new 
. International Institution. 

A further, area of controversy 
. will be over the. setting up of a 
second -window” for lending 
.- on concessional terms. The 
Western view is that contribu- 
tions must be voluntary (the- 
U.S. -will , not subscribe) and 
•the scape-' bt its activities 
’ clearly defined.' 'In - practice, 
such a second window would 
> be of little baneflt to the poorer 
African countries which have - 
been toe . most vociferous in 
pressing for it 


fundamental rethinking of econ&- 5200m. Third, Morocco was foreign trade deficit grew ~- 
mic goals. The new austerity affected by the worldwide recea- SL34m in 1976 to SlA9nt;h 
programme with its reduced tar- sj on * particularly in Western year. 


Small’ is beautiful." duction in a series of poor har- reverses has been a decline in interest rates. 

The new economic policies vests. Morocco has been forced 
proposed by the King reflect onto the world grain market for 
mure the exigencies of Morocco’s f xealer wheat imports than had 

current flnancia 1 difficulties, how- been price ot _ ^ cre ™- *- b^usM hotnc ,o STSSS^ri^liTiS Tb>-W««- S v! W «ma6, 5 that 

ss "S-i E e I 

• ? py 1 ^ per cent m the fjrsr six prices and wages, blimam said P a rxmoimt’itupo rtaace of social . . an? -system ■- to- stabiUsf CQUh 

hn„ a ir, t-~ ^ _-i. *—■«■“ mu - financing 

is' still 
relation 

strategy <*C. capital-intensive bas not been bad enough for authorities" this" year'-to’ SgraP new IBTBio. three 'year' plan "The underl>ing%'^omlC prob* rerrencbm^^ succe^^ thf ^ ' j ' - 
development IS resumed at the Morocco^ development plans, the the ambitious 197S-18S2 Five | which since )t has only just been Jems facing the Governmefftare GoveroS?' 'may^?tem n rert .Cocoa.^rubber and.imare seen 

beginning of the 1980s. But country has been lumbered with Year Flan and institute aust^fy presented to parliament will in massive and will lake vears to aevIht^SmBiiHeon th * ^rec COmmodiUes on 

no one in Morocco is denying an increasingly costly military measures. The 1978 budget reality he little more Hum a solve. Ton much emohuN hnv evS,^ L™ 1 ®Sii of a. Common could 

that (he 1973-77 economic pro- conflict with Algerian-backed increased taxes, reduced invest- two-year Plan). Tn accord:, nee been Piired^ on 

gramme went badly wrongs Polisario freedom fighters in the ment and limited overall ex- with t be pattern set by the J97« agriculture at the expense cf fa^?cd^ Tareas .of the - ecou^^ 












ifeSt?! 

■ - nl' . - ' ''UT L., ' 

fei 

fetfel 




. , f .v:* '. i.- f. '• ■ 


Piftp 


THE WATER TORTURE.* 1 


w&%\ 

?V*; 2 J 




fSP 

ill?; 


TRIAL BY FIRE 


There are two things we’d like you to know 
about the remarkable new Princess 2. 

That its the best mannered, most considerate 

and civilised car that you're over likely to drive. -- — - 

And that it s pulled through the most uncouth, i We even ran it until it was iv< I hot 

back-breaking barbaric treatment that anyone could 


Then hating made it. we tried to break it. lights. Even a glove !*«. wlm-v A >or i> -Ms A ’ m 

We put it on a test. rig. -Vnd ran it t he equi valent a small table with recess.. *s t« ■» h« ild 

of 1.20u,000 miles at temperatures varying Iv-iwcon Then we tm-mir-d ii. again, ■‘■•e pur ii \hv>'\v 

thn arctic and the equatorial. ■ n • r ^ _ _ aUO.Uuo mi!- - ■- mgri ?r-rA 


throwatit . _ „ 

Consider first of all. the remarkable 0 series 

engine you’ll find in the 1700 and 2000 models. ■ 

Wespent3years making it into the most civilised 

unit you’ll find under a bonnet. 

We gave it an overhead cam, like its six cylinder 
sister shorter stroke and aliunimum head, to make 
it quieter and smoother than youd believe possible. 

And thanks to the lighter head and closer 
tolerances, we achieved the remarkable double of 
making the engine go faster. While making the petrol 
go slower 


Ari:-:<>na Tit * deep Jvoe" 
Hviiunent ii": • Tuna: bun siv ; 


. w ’ ■: v. ' ;-•* •. loti llg ill El •••;" ’• -'a V- 11' 

ihen poured in cold water t*» lest the 7 - ' ordeal in ill ■ ;;-Ty s m >*!. 1 lie 

gaskets i. v..;....,,. ... — — -.= " ■ ■ 

_ 'Vii.v- ->««'!! L. • r - 1 - ■■ . - ' ' ' - _ 1 

i h on we consi d ered 1 1 < e car . e-- •'=>■' ».v • . 

itself. We kept its distinctive wind- " ” The water evm- in •?. Ian -A 

cheating shape. We improved u? unique bum] i-fiaiicning Audi ran it . ivr-r ilv;- rack-like r =?.-.T ■. >i iv •ny-.u 
Ilydiitgas : suspensii m. And final ly we i< »«.»k tiir- • .nu i~ :■■■• ■■ i : -i. 

And we added a few e:u ra ci\ilised tnuches. 1* >r :t f« Ttnighi non sl< »p at up * mph u t - 1 }: ; "r; 

A padded steering wheel. 7 Another cigar lighter. Radio Thai’-: moiv miles in two weeks than nvei r- ;p:«j -c s 
aerial and i win speakers. two years. 

A Triplex 1 ( ), 2U winds* Teen, the most advanced After all i his barbaric treatment, yen II unde 

windscreen in the world. Clu h'* and hand brake warning stand ' why we not only have eiwrm- -us c ‘nhdence in 

FORAOVilK^£rS^^^mm^%¥ilj|||IESfS. 


]'.i -■ 


The Princess 2 ii available in 3 rjuduio, 17UuL£3,?-5.:iS, ITiWflL £),!&*.« J, I'OOOHL ftl.UJj.yUj iMuHL Price., induuv from seiu wii>. >:»i JvU'- >>-i : .1:0 riausc*: 
















/Pinanci&r Times 





Peking in oil deal with Japan 


BY RICHARD C. HANSON 

JAPAN has won agreement 
with China for exclusive 
exploration, development and 
production of oil resources in 
a 20,009 sq km sector of 
■ Pohai Bay. 

The Japan National Oil 
Corporation (JNOC). a Gov- 
ernment agency, will sign the 
agreement next month. 

Negotiations on the project 
. have been underway since late 
■September. JNOC this week 
. presented the plans so Tar to 
• an oil company association, 
composed of 24 Japanese oil 
development companies which 
may participate. The entire 
....development is considered a 
. national project by Japan. 

Tbc Pohai Ba> exploration 


TOKYO, Nov. 9. 


— in water 40 i® 200 metres 
deep — and development costs 
will be paid' for by China in 
crude oil shipments to Japan 
once the fields begin producing 
successfully- The Japanese will 
finance the costs of develop- 
ment. 

JNOC declines to pul a cost 
estimate on the project, as 
details remain to be worked 
out. but Press reports estim- 
ate that Japan will supply 
about SlObn in machinery'. 
China will ship an estimated 
100m tons of crude to Japan in 
return. 

!| is projected that ' the 
Pohai Bay fields under develop- 
ment could produce about 2m 
tons annually as early as 1980, 


S. Africa 
approves 
£105m . 
diesel plant 


FIBRES INDUSTRY 



Problems for 
agreement to cut capacity 


By Quentin Peel 

JOHANNESBURG, N&v. 9. 


BY RHYS DAVID 


with production rising to as 
much as 30m tons by 1990. The 
entire Pohai Bay area extends 
for 77.000 yq km. equivalent in 
size to ’ Japan's northern 
Island of Hokkaido. Develop- 
ment initially will be only In 
the southern part. 

• China and Brazil have 
reached agreement on a major 
trade deal involving exports of 

crude oil from China to Brazil . - - - 

and imports by China of 1 biggest industrial projects in . . _ . 

Brazilian iron ure, pig iron i c0 . un £ ry ,n f ecenl years, and one industry for lightening its industry to draw up its original h&ve' in tdB since she recession 
and steel products. Shigeaki | burden or over-capacity and proposal— -the _ Commissi oo has firet hit the industry is 

recently 


OECD fails 
to end 

shipyards 
deadlock 


o . . — — - - ■ -LIKE the lady in the song, the Evidently impressed however, .will be limited If the 
TKE South African Government . £ Commission is finding with the case the industry ha* sharing agreement is excluded 

today announced approval for a a is . forward — and perhaos Theroasons for this are to be 

RISOni t£105m) diesel engine it difficult to say yes and difficult COOSC j OUS too that It was the found in the moves which the 
manufacturing plant, one of the to say no to the agreement commission in the shape of U. respective fibre groups in tbe 

the drawn up by the European fibre Uavignon which encouraged'- the -various EEC member countries 


Ueki. tlie Brazilian Mines and 
Energy .Minister, said today. 
Confirming earlier reports 
from the New China News 
Agency. Reuter reports from 
Peking. 


not entirely closed the door. -.-.Iff the ‘ UK, 
The Commission wants further ^Holland' and 


West 

more 



tercontinental to build 
in of hotels in China 


BY10HN WYLES 


continental 
' .America n 
sidiary. to 

, All l?ad:ng Chinese cities 
suffer an jcule shortage of hotel . fi 
- accommoduuan and last month 
Pan Ain's chairman. Mr. William 


NEW YORK. Nov. 9. 


studies submitted by eight com-! posa I in May: a reduction m 
merci i! vehicle assemblers, in- capacity all round of 15 per cent 
| eluding Leyland South Africa. but a special deal for the 
The plant, ’ to be sited at Italians who were proposing to 
Atlantis, near Cape Town, will ‘ increase their capacity. Market 
ihave a capacity of 50.000 diesel shares for the next three - years 
i engines a year, and could cost would be allocated so that the 
RSSOni (£ 15.3m) by the time it is i Italians in return for agreeing 
! completed In 19S3, be said- to cut back could be guaranteed 
The whole exercise is seen as a bigger share of the 'market 

_ TT[> . ..... J _ ! of major strategic Importance in when it began to grow again. 

■CHIN \ S increasing need Tor SaOOm will oe borrowed abroad officer and the bead of the China • making South Africa indepen- ■ T h n tt -hir*h hv* 

■Western skills and technology by China with Intercontinental International Travel Service, Mr. dent of external sources, provid- 1 , h i h^tina nf national aovern 
-hHs been extended to include making the credit arrangements Yuan Chao-Cbun on Monday. ling new technology, and savins : ffp wb. 
■ hole! operations following a which will be guaranteed by the Mr. Sheeline said today that some R130m i£76.5m) in foreign j ^ Thpr Wp« Fimmean 
landmark agreement with Inter- Bank of China. he understands the Chinese may exchange each year. Although I with fibre industries 

Hotels. a Pan The agreement has been put want a total of 30.000 hotel industry sources baveTiuestloned jr?SSJL5® rt in M av on SeoMe& 

World Airways sub- together with the help of the rooms. Other hotel chains would- the financial viability of the pro- ou ° — ~ 

build a S500m chain. Hong Kong based Chinese archi- undoubtedly become involved infject Mr. Heunis said the 

tect Mr. Henry Liu. who was China. He speculated that lnrer- 
involved in the week-long nego- continental's contract, -which 
in Peking between provides a fee based largely on 
Intercontinental and officials of tbe profitability of the hotels. 

Sea well, visited Peking to explore ‘ he - Chioa ‘^national Travel might last at lea-;t 10 years. ' 

’the reported interest anions tbe ^ice and the Genera Intercontinental s 
-----* Administration for Travel and China 

Tourism of China. 

The accord was signed by 
Paul Sbedlnc, Intercontinental 
chairman and chief 


. tial re-organisation of the com- , . 

mercial vehicle industry. i heavy losses. 

Mr. Chris Heuais, the Minister; The Sbre producer, besu tSST eo^deJSr'te £*» 

! of Economic Affairs, said techni- ■ their talks this Ume last year Ia j~* “ TpSnSfcmu -* have alraadv' taken 
[cal assistance agreements for a after losing collectively more 

comprehensive range of diesel than S2bn in three years, and nf the 

! engines had been signed with helped by H. Etienne Davignon. j^siation upd ^3?* ' -J»!!lSS5S*a^or has 
■ Daimler-Benz and 8 Perkins ibe European Commissioner Eor tk® Rome Treaty to sanction fraltua fibre-tiiiklug 
' Engines, following feasibility ■ Industry, came up with their pro- - . . much slower ana nas » 

-a An in 


engines, especially -larger ones, 
could be economically manu- 
factured. 

Mr. Heunis’s announcement i 
followed a study by the Govern-j 


: — 1 — ; — ^ bedevilled by the plans of some 

Of the smaller, groups ia Italy 
Malta yesterday hit *»ck . !0 bJfag on stream major 
at restrictions on textile sales increases in capacity. Tbe 

to Britain by buninr all im-l-market-sharing formula was 
ports of British textiles and: intended to provide a European 

h framework within which resmic- 

of BntlsJi Cttuiya facUltlwni _ in Italian fibres 

%aJIetta.. Reuter reports town SnsEry’couid take place. Witt 
Valletta. The move followed a - cammSsio n backing, the Italian 
decision earlier In th e d ay by Government would have been 
the European Commission, to v-ki- >#, nnq u throiish-cbe closure 
Hmi. c *rtajb WnMItc tt3i£ 

ports to the UK after the two \j D< ^ ils i r y W0li uj m return for 

timitipg its expansion, plan's 
have been given a guaranteed in- 
--creased share of the European 

tfons of the EEC’s competitions . . r ... - -JRaftet in 1881. 

department, which was none too deviation from the community's The f ear among other pro- 
, happy at the market sharing pro- strict competition rules. Tbe ducers- will now be that without 
I posal. wblcb was seen as setting Commission seems also ■ to be say^ tbis -guaranLee the pressure on 
a dangerous precedent. ing, however, tnat while At may itakan producers to conform 


countries failed to agree on 
ceilings for some items. - 


Commission omoisis have since -I®*?*** 


a siuu y uy uie t«i\ern-i .. „ uuuuix «k>ccw ».ovuw: • ..There are therefore, the 

presence in'ment's Industrial Developnimi iJJ" 1 lh « ^Sation IS th? uon t it ll "™" ns opposed - to of an’ impasse when the 

tbe industry on what 

...v- _ happen next. The indyi- 

beeri fearlnT in recent" weeks/is tially to their liking. Tbe prin- try view will be. that the agree* 
stands the ciple of a crisis cartel would ment painfully worked out in 
compatible seem to have been accepted des- months of inter-company dis- 
~ ...... . .. W uh ‘article Sa/3 and 'hence pile continued objections from ;eussions, matches its require- 

Curnmlns. United Car-and D:eiel • cannot he legitimised by the M. Vouel at the competitions meats and will be weakened 
t Mercedes Benz) and Messina. • £ 0fflmiss j 0n . directorate, but its effectiveness perhaps fatally by amendment. 


Chinese leader-hip in laying Hie 
hast- lor a greaili expanded 
voun^i sndu-Ao. 

An agreement announced in 
Hong Kong ;• esteiday providing 
for i he construction of a 5.000 
/'.mni hotel chain appears to be 
the fruii of .Vlr. Sea well’s talks 
■ with Vice Premier Tens Hsiao 
Pin? and other Chinese officials. 

In outline, the plans call for THE 
• the construction /jf 1.000 room Wan 


executive seeking authority. 


Wang sees Harrier Jets 


BY COLINA MacDOUGALL 


.According to the - announce- 
Imeot. the Government will con- 
CHINESE V'ice-Prenuer. Rnlls-Rn>ce has a k-ng-standing ' tribute RIOOm f£58Bm) as .i 
Chea. on a ten-day toiu- wiationship with China. Thi i djrect S raflt frora its decentra 



.(new part of the Sigma Leyland ^' ‘“/‘ ^ 

| Group i. the companies involved: is not 

were Fiat. Ford, Man. Perkins. 1 C ”V . %=„ 


hotels in Peking. Shanghai and of Britain, flew yesterday ’to the includes the Heal ihroet 521 ' 00 fund - and 1116 ^ wi,} 

i-amon with others being con- British Aerospace factory at tnc UQes sl Stw<t inree \ underwrite tbe whole project, 

side red for Hangchow. Kweilin. Duasfold. in Surrey, where he *’ e * rs a 6° ‘0 r _‘be supply o. the j Mr. Heunis said the project would 


nnt he underestimated for Inter- 
continental. like other U.S. hotel 


‘Great depression’ if GATT talks fail 


Sian. Nanking. Soocbow and watched a short demonstration military version of the Spey j stimulate industrial development j 
Tientsin. of the Hawker Harrier jump jet engine and a production line i In ” 

The cultural implications can- ®3hter. the Sea Harrier, the in China. Before that Roll— 

Harrier GR Mark 3. and the R 0 yce supplied engines fnr 

aw Trident and Viscount aircraft m 


BV REGINALD DALE . ; 

the Western Cape, providing' p.^iLLtRE OF the Tokyo Round arms limitation talks fSALT) M mtn^-package,’ , but pointed out 
a * T ‘ e ® 81 . 1 - 10 ® skilled and 5;err y- of multilateral trade negotiations between Moscow and Washing- th« Mr. Robert Strauss, the UJS. 
skilled jobs. It would provide .id ■u-M.nira a wo r i<u,jji(ir. re- ton. he said. "soecial ' trade neeotiator • had 


. v '"” "''■Vi 1 .j|a, ,K.» n (k«, t IIUCUL dUU VISVUUHl UirCrail ID 

chains, aims to provide an oasis nl " r ' a i-i5S,«2 RI y rhS5lI rije early 1970s and mid-1960s, 
•an wav nf life plant at Kingston, tbe Ctune.se 

.an m me. — a -:. — _ a Eighteen British companies 


1“ further impetus” to the motor 


-. could provoke a world-wide re* ton. he said- 
cession - comparable with tbe The world today 


special trade negotiator.* had 
faced the said he would not take anything 


industry, already showing signs Great Depression of 1929 to 1931. same conditions as in 1929. With other than a major agreement 
of revival, and result in consider- s, r En C Wyndham White competitive devaluations, rising to Congress. • » . - 

able new investment — e^rmrt^n warQe ^ yesterday. This could unemployment and recession)’ in It was unrealistic to expect tbe 

lead ro the breakdown of the the most industrialised countries, EEC to make major concessions 
capitalist system predicted by Sir Eric said. The only difference - otr the operation of its Common 
Karl Marx. Sir Eric said during was that Governments were: so Agricultural Policy during the 

a visit to London. far generally succeeding In hold-' Tokyo' Round — such concessions 

Sir Eric, a former, GATT jng protectionism at bay. wtftrid not be made under nego- 

Director-General now advising Sir Eric said it would -be .a tiattng pressure. But he thought 
re-taurar.r* an ,i hanaueiino " ,,tr “ :u ‘ J, ‘ a “ “i'' 113 im/iuumy uaaurs. 'Hawker Siddelev Group, has the Canadian delegation in tragedy if the chance of a new thal the sheer cost of the CAP 

facilities ^ the company's operation. The lion equipment. spraying : received a contract valued at Geneva, expressed his concern at trade agreement were not gras- would lead to its liberalisation in 

• Chinese have previously shown machines, hydraulic equipment, ftm from Enipresa ilectrica the l3ek of public interest in the ped— the opportunity would not du* course. He thonght that dis-f 

. intercontinental will operate interest in the RB 211 and -in cultivators, sugar beet har-; Quito, of Ecuador ro supply and outcome of the Tokyo Round, occur again for at least five to" cols ions of agricultural policies' 

•ihe noiels. eventually with industrial and marine engines, vesters. shearing and clipping j install electrical “ ' " — - ” ' * — 

Chinese personnel. The estimated which they are expected to see equipment. . fertilKers, insert! 
capital construction costs of today. cuies.and vaccines. . 



. By Jan Haigreaves 

PARIS. -Nov, 9. 

SHIPBUILDERS * m.. the 

developed world! failed ; here 

today to agree, on a concerted 
approach • to . the problem of 
growing shipyard • capacity in 
dhveioping . and- Co»Baunist 
countries. .■ - - : - • /. 

In, spite of -a newly comHiis- 
siooed . study .showing that these 
ediiBtrieo' could establish; a firm 
one-third -share - of . tbe- world 
shipbuilding -market in the early 
1980s: governments .represented 
at the shipbuilding, working 
group of ' the Organisation for 
Economic CtHJpe ration and 
Development, rejected the idea 
of involving Third World coun- 
tries in their discussioirst 

This decisive factor .-in -the 
matter, which -has been under 
discussion within the OECD for 
two years, was. the continued 
intransigence nf the Japanese 

Japan argued that any attempt 
to 'suppress -the jndustriair.ani bi- 
llons- of .developing countries 
would- endanger its wider poli- 
tical relations with .the develop- . 
ine world. 

Jap*n also bas a. substantial 
stake '& ■ thi» fastest-growing 
Third 'WP'rid sWpbutiding ' coun- 
try. South • Kore?, 

Some’ European, delegates, in- 

chiding repmehtatives of the 
European '• Commission, .had. 
hoped that Japan’s recent agrees 
meat to'- bring non-OECD coun- 
tries into the organisation’s, dis- 
cussions on the steel industry 
had prepared - the.. ground. .for a. 
change of heart on shipbuilding. 

' The OECD study shows .that 
by- 1981 Third World countries 
will have shipbuilding capacity 
of around 5m gross' registered 
tons fgtt> increasing to between 
5.6m and 7.3m grt in 1985. 

.With the. effective! world mar- 
ket averaging only about' 23m 
grt a year in the period studied, 
the report concludes that OECD 
shipbuilders face a possible 30 to 
40 per cent reduction in output 
compared with the peak year. Of 
1975, 


Credit for Mexico - 

Barclays International bas 
made available a .line o£..cfedit 
worth . 820m to National. Finan- 
dera, tbe Mexican Government, 
development banki . -under a 
guarantee by tbe Export Credits 
Guarantee Department, William 
Cbislett, repons from .Mexico 


^xe money will, be made avail- 
able. to.- Mexican companies which 
import British capital goods an# 
related services worth more than 
$200,000 at a preferential fixed 
rate of 7^5 per cent a year- The 

. , substations in The 99-nation trade negotiations ten years. He expressed concern-- and their- effects could continue -credit period will be five' years 

?cti- • Quito, the company said: AP-DJ . were far more important for the at reports in Geneva that the UK in anew GATT consultative 'com- from the. end of .each exporters 
'reports. 1 •: future of the West than strategic might be happy to settle for a ritinee. : £~ - obligations,. • ' 



AREAS f y” * 

Compared- with three months ago:'. 

OUESTl^N 1 . 

What a the trend of rents? 


-LON. WEST REST SE 

CITY END GLC (EX-LON.) N NW 

% % % % % .% 


east Yorks. * east west 

ANGUA HUMBER Mios: 

- % ; . % .% V% . 

•' ■ . •: ■-! * > ' 


sw~scot.Wals 
% . % % 


N.; NA7 r 
IRE. ItiNAL 
% % 





ioo: 


80. 


40: 


2o;| 




CAPITAL VALUE5 QF PRIME 


I 

I 


ORAL SHOPS 


a 




CAPITAL WUES Of HHHJSTinAl UNO 



1978 


• A poll by the Royal Institution 
of Chartered Surveyors 
ft ICS member fums and 
investing institutions in all 
regions uere asked li there 
uhw a runup < R ». sin lie i S » 
or falling • F i irerrf in renf-5. ; 
/ju-esfTntmr yields, capital r-nluci 
and investment activity for 
different classes of commercial * 


and industrial property. 


t 


l 


| Rising Qstafcte □ Rilling 


SECONDARY SHOP RENTS 



1977 


1978 


(a) Offices 

R 

S 

f 

70 

30 

9S 

5 

82 

18 

73 

27 

■33 

67 

57 
. 43 

s 

92 

22 : 
78 

19 

81 

: 44 
> 56 

H 72 

_ Y 

33 

V 67 

,73 

.27 

- 67. 

33- 

.51 

: s 49 " 


R 

82 

100 

100 

88 

100 

100 - 

92 

82 

93 

87 

. f* 

100 •*. 

91 

100 

- 9T 

(J)") Prime Regional Shops 

S 

18 

— 

— 

12 

— 


8 


7 

13 

■ 26 \ 

’ ■ 

9 


9 

J 

F 

— 

— 

— 

— 

— 

— 

— 

— -■ 


-V 

" \ 

, — 

. cii' 

; 

t' 

* 

R 

42 

71 

so 

65 . 

75 

47 

75 

35 

53 

SO 

S3 

> 73 

- 45 

100 

. 56 

f(c) Secondary Shops 

S 

58 

29 

50 

3S 

25 

53 

15 

65 . 

47~ 

43 

42'. 

27 

55 


43 


F 

— 

— 

— 

— 

— 

— 


— 

— 

7 

— 

-r 

— 

— 

... 1 


R 

25 

100 

100 ■ 

85 

42 

69 

77 

63 

55 

72 

72 

36- 

SO 

V , 

67 

(d). Modem Factories 

5’ 

7S 

— 

— 

15 

58 

31 

23 

37 r’ 

45 

28 

22 

. 64 . 

•50 

TOO 

- 32 


F 

— 


— 


— - 

— 


• — 


— ■ 

6 

_ — 

— 

— • 

1 


R ■ 

25 

87 

ICO 

85 

50 

75 

77 

72 

55 

72 

78 

67 

so ■ 

TOO 

— 7y 

(c) Modern Warehouses 

S 

75 

13 

— - 

15 

50 

25 

23 

. 28 ■ 

’45..- 

28 

22 

33 

20 


27 

- 

F 

“■ 







— - 

— ' 


- — . 

— . 

.. 

. — . 

- -- 

QUESTION 2 










-- 






•. ■< 

What is the trend of investment 

















yields? 















- 

. - 


R 

5 


— 

4 

— 

— 

8 

6 

14 



__ 



- . 3 

(a) Offices 

S 

70 

59 

62 

70 

58 

50 

77 

69 

57 

67 

88 

83 

36 


' &5 


F 

20 

41 

38 

26 

42 

50 

15 


29 

33 

12 

17 

64 

100 

.32 . 


R 

— 

w » 

— 

— 

8 

— 

8 

12 

7. 


^ . 

10 

8 


3 

<b) Prime Regional Shops ;• 

S 

69 

42 

62 

65 

54 

53 

54 

50 

40 

56 

71 

30 - 

33 

■ '■ 

S3 


F 

31 

58 

38 

35 

38 

47 

38 

38 

53 

- 44 

2» ;• 

60 

59 

100 

- 44 


R 

— 

— 

— 

— 

— 

— 

— 

-T1 

8 


11 

11 

~ 


. 3 

(c) Secondary Shop* 

S 

91 

76 

83 

88 

92 

94 

85 

67 

84 . 

93 

78 

78 

83 

50 

--84 


F 

9 

24 

17 

12 

8 

6 

15 

70 

8 

7 

11 

11 

17 

50 . 

- 13 


(d) Modem Factories 


78 

22 


07 

33 


79 

21 


82 

18 


79 

7 


78 

16 


85 

15 


72; 

28- 


65 

35 


72 

28 


6 

59 

35 


11 

<7- 

21 


(c) Modern Warehouses 


No Dutch auctions 


9 

73 

18 


78 

22 


67 

33 


79 

21 


82 

18 


14 

79 

7 


100 


3 

73 

24 


6 

78 

16 


85 

15 


a: 

3J 


65 

35 


72 

28 


6 . 

53 

41 


9 

64 

27 


9 

55 

36- 


67 

.33 


- 3, 

72 


QUESTION 3 

What is the trend of capital 
values? 


:A STABLE summer has given 
"way to a stable autumn ia the 
property marker. After Spring's 
-near unanimous reports of 
sharply rising rents and falling 
/investment yields, surveyors 
throughout the country no«-' con- 
firm Institutional investors' reluc- 
tance to chase yields lower. 

Institutional demand for prime 
iproperties remains strong. But 
^in a thin market, with very few 
-good quality properties available, 
.the funds appear willing to allow 
rent increases to support capital 
values rather than entering a 
Dutch auction on yields. 

This view or the market 
.emerges from the ninth national 
poll of surveyors carried out by 
The Royal Institution of Char- 
tered Surveyors in cnnju fiction 
with the Financial Times. 

The laiesi poll, which tested 
-opinions ai ihe end of October, 
not onlv kill* any remaining 
speculation about an “over- 
healed ' investment market, it 
also confirms j continued, if 
still hiahl\ .'elective, rise in com- 
mon: ia I rents 

On a national basis. 7J per cent 
oF thf firms polled felt tb3t the 
inver I m on? market is now static. 
That is S per cent less than the 
June total. But the laiest figure 
is best >-u in pared with the Febru- 
arv poll when over SO per cent 
of’tbe firms reported that invest- 
ment activity was on the 
increase. 

This sharp change. from 
activity earlier in rhe year to 
3 stable markei in the summer 
and autumn, would .suggest a 
decline of institutional interest 


in property but for tbe remark- 
ably consistent trend in invest- 
ment yields in the last two polls. 

Both In the summer and in 
the October polls firms reported 
either stable, or falling yields, 
which is clear evidence of con- 
tinued buying. Combined with 
tbe reports of investment market 
inactivity, this evidence suggests 
that it is the shortage of good 
properties at acceptable prices 
rather than funds' indifference 
to property investments that is 
keeping the market from over- 
heating. 

Rent movements are. therefore, 
setting the pace for property 
values at the moment. And in 
looking at rents the laresl poll 
shows that tbe outstanding per- 
formance of prime -shop rents 
over the past year -shows no sign 
of failing. 

Central London ^uneyors re- 
main highly confident about 
prime shop rents, as everyone 
polled fee? that Wesi End rents 
are still rising, a feeling shared 
by all tbe firms considering prime 
shops in tbe whole of the 
Greater London Council area. 
Througout ihe country prime 
shops rate tbe most confident, 
unward rental trend of any type 
of property with a national vote 
of 91 per cent for rising rents. 

■4 per cent up on the June figure. 

Secondary shop rents are also 
beginning to enjoy the effects of 
a spill-over from thr- High Street 
spending boom. In -June. 52 per 
cent of the firms polled believed 
that secondary' rents were 
staic. now 58 per cent believe that 
l bey are on I he- rise and. as with 


prime shops, some of the 
strongest rental- growth is 
recorded in London and tbe South 
East, 

Tbe strength of the South East 
lettins market also shows through 
in industrial property. Overall, 
modern factory and warehouse 
rents continue to rise with 67 
per cent of the national poll re- 
porting a rising rental trend for 
factories compared to 53 per cent 
last time, and 73 per cent report- 
ing higher warehouse rents com- 
pared to June's 55 per cenL But 
the South East remains the most 
marked area of rental confidence. 

Alt ihe firms polled report that 
factory and warehouse rents are 
risina within Central London, 
and 85 per cent believe they are 
rivins in the rest of the South 
East. Rut ihe figures become Ifss 
clear-cut the further one inflv»s 
frnin the capital with a 5S per 
eenl vule for static factory rents 
iu the North, and w per cent 
tor static rents in Scotland. 

The picture of office rents is 
rather patchy. Enthusiasm for 
City offices has faded slightly. 
June's 90 per cent vote for rising 
City rents falling to 70 ner-cont. 
But in tbe West End. office rents 
continue to power ahead June’s 
75 per cent report of rising 
rental trends turned into ;< 95 
per cent nsina trend this time. 

One of tbe most dramatic irir 
creases in eonffdenqp in office 
rents covers properties in thi* 
rest of the Greater London 
Council area June's. US oer cent 
“rise" and R2 per cpiiI “static" 
poll becomes an Si! -per cent, 
rising treed in October, with just 


(a) Offices ■ t. 

R 

S 

63 

37 

83 

17 

77 

23 

75 

25 

50 

50 

57 

43 

28 

72 

4i:- 

. 59.:.- 

33 

67 

44 
.- 56 

33 

; 61 

33 

47. 

73 
- 27 

" 100 

55 

- ' 44 ■ 



— - 

— 




™" 

— 

rr. 

— 

• 

: 6 

• — . . 


' ‘w 

I- 

(b) Prime Regional Shops >j 

R 

S 

64 

36 

94 

6 

100 

77 

23 

83 . 
17 

81 

19 

85 

15 • 

9T- 

• 7 > '■ 

88 

12 

88 

\ 12 

56 _ 
39 

100 

92 

8 

'MOO 

'84 

15 




. _ — . 

_ — 

— 

— 

— 

— 


_ 

— 

• S' 

- .’ 


“*■■■’ ' ' 

•' i . 

(c) Secondary Shops 

R 

S 

42 

58 

71 

29 

55 

45 

50 

50 

57 

43 

40 
' 60 

57 

43 

44 

50" : : 

47 

53 

47 

53 

61 “ 
33 

64 

36 

.42 

53 

... 67 

33 

- 52 

47 



— 


— 

— 

1. ~~ 

““ 


• ' «■' . 

— 


6 




1 

(d) Modem Factories 

R 

5 

25 

75 

75 

25 

86 

14 

81 

19 

43 

57 

65 

35 

64 

36 

65 

35 

56 

44 

58 

37 

58 . 
37 

36 

55 

55 

45 

.100 

62 

37 

v 





— 

— 


— 

— . 


' 5 

, 5 

. 9 


’ 

1 

fc) Modem Warehouses i,. 

R 

S 

25 

75 

78 

22 

86 

14 

82 

18 

43 

57 

65 

35 

64 

36 

»■' 

56 
44 . 

\ 6T- 
33 

• 65 
"30 ' 

•-..38 . 

33 

73 ■ 
27 

■ 67- : 

33 

66 . 
32 



— 

— 



. 


— 

— r ' 

— ■ • 

4 


■ 9 



2 

(f) Industrial Land r ' 

R 

50 

86 

77 

88 

38 

56 

75 

62 

• SO 

• 67 .- 

V -61 

45 

-67-r. 

■ 100 " 


s 

SO 

14 

23 

12 ' 

62 

44 

IS 

38 

50 

27- 

39 

■■■;■ 55 

31. 


34 











■■ “ 

' '*’• : 

• • 

■r~- 

: 

■ — 

. 1. 

QUESTION 4 

Activity in investment markets ; 

R 

S 

29 

71 

39 

61 

29 

71 

20 

80 

21 

79 

35 

59 

15 

S5 

.y •" 

33':'.. 

*7 . ; 

. 4 

94 

V JL 

-..•IS.’-' 

: '67. • ' ' 

S ■ 

. -33 - 

67 

-SO., 

•'SO.- 

. '.W» ! . 

' > 

• 27 

72 
- 1 

“ 

F 

— 

— 




6 

— 


















. ■' 








II per cent of the surveyors 
reporting a static uiarkeL 

An equally dramatic turn- 
round is reported in the West 
Midlands. In June. S2 per cent 
or the West Midland firms 

believed that office rents were 
static. .. Bv Ociober. half that 
number had changed their minds 
with a 44 per cent doH for risioa 
rents. 

As letting demand, and hence 
rents., lies at the heart of the 
commercial property market, 
surveyors were asked in this poll 
to say whether they believed that 
current demand arises primarily 


from - reorganisation of existing 
businesses, or from genuine 
business expansioo. 

The source of letting demand 
is one of tbe key questions for 
tbe market at the moment. Is 

there really a mass of fieri t-up 
demand for commercial property 
that will take up the remaining 
slack in the market once indus- 
trial confidence returns? Or is 
tbe economic and political out- 
look ^till too cloudy for' space 
users to consider expansion? Tbe 
surveyors* answers suggest that 
there is now a reasonable 
balance between reorganisation 


and genuine expansion in recent 
lettings. 

In tbe retail market most 
agents throughout the country 
feel that new lettings are a 
result tJf genuine expansion. 

Genuine expansion is also *een 

as the prime force behind ware- lenioe de^and for rtfiMsT'Wiit l 

bouse lettings, although the fur- 

tber away From the Capital, the that ,- e t.= i«nr .labA«a -W! 

lees definire the surveyor's 
answer. Reorganisation appears 
to account for tbe majority of 
tbe oew. larger factory lettings. 

Not surprisingly, most surveyors 

report that new first tune .... bhu 

demand for factories and so most office reports' fc thni -tunan ^c are • 't-i.i- B 


of the genuine expansion at therbecoming incieaangly conscious 
ntoinent: tends to J>e limited, to of the -need for modern premises 
younger industries deeding rela-' ar order to rfetain -staff and to 
uv *!y small- units. '.1 >inrprdve -the- ‘efficiency of their 

in the City and the West ^nd-.-hnshsess. r 

2 JJ 2 ?" i : OVmraJL the .October survey 
otvided about the direction of ppoftided fewsurprises: -Surveyors 
Jetting demand for offices. West confirm tbe current 
End agent; twd towariii tije letting and 

!&! by iparkeis iod they do nm see auy 

th^ 5 ^ ^^v'^rovlng tbe xrimihy o f ..S)articu(arl.v,drania tic changes on 
their offices, while aty agents ib e horizon. . After a bcctiq-first 
see errereeas jenams astise prime q« a rter.< the property . market 
source of new lettings^ • ; wems to b a vc^ settled down to st 

One common therae.tb emerge quier winter. . ' 
from both the’ industrial and"- - = 






if. . Uj. 
* 

%. 

: dr.-.. 

^ e ac|ifC;" 


Financial Times Friday November iT3 1975 



HOME 


Borrowing need still 
at double last 




Z&\—+ 


1 



BY KENNETH GOODING. MOTOR INDUSTRY CORRESPONDENT 


ST MICHAEL BLAH DEN 


CENTRAL 


- -m -m ITFIE IMPAi T nf 1)1.- Fvrd i*ril v 

years leyel 1 - swiewsras * 

J VWA ^ .«M,mhesfrw,i LheDeparinwiii-.-f 

! Industry. 

ST MICHAEL BLAH DEN . L p * *■ vi-iionn ! .'-:.nrn:i lt>- -lir- il!»i 

■ riiL vinnn.iSi. :if|jii>lon uiilpu! 

. . . "i can- nmrc inart 27 

CENTRAL liOVERN^rENT tnomhs. whereas la?T year rntjih in f ,. n i fn..„ aw SenluuK-r 
repaid a rnfide^t amount nf deM.nf the affect was delays until ' 1**1 «•! nr si.iion. 
la's! month, hut the level nf its the second half. . ri 

borrowing requirement so far in The reccipis by Urn Om-nii- .. . 'j '• r,, „' 1 l ,,, 1 l 

the .Jirrcnt financial venr still dated Fund arp therefore ^,u —> ?'-• ecu 

run.T 31 more than double the &M^ily below i a r- el. Last mi.nin Al,n ^vir,-uu.»;i i- 

rase last v^ a r Cnnsolidatct! Fund revenue ' , . 

For Ocluber. central amem- Cl.9Sbn. up by £437m compared , • onlfi.^ h.tsprclv i-illcn 
menl repaid an eslJiualed fi55m with October 19n. Inland ’’ Vl - ^hc ■i.- , ur»!- -Ivn-. 

Tbi* compared with a repayment veaue receipts were up hy . ‘ ,,,J - mil oa oppnriiini.v 

of £29m in the same nionlh last Customs and Eacioc 

year, and a heavy £1.251in hor- 

rowing requirement in Septeni- For 1 he seven months from ' 1 

her. The figure was rather better April to October tola! reveimr- | V |5|F|CP t V P? 
than -ome City observers u * as U P_1? n.sThn. or 9 per 1 AAV 

expected cent. Tfj ' 5 compared with a ‘ 

For the fim seven months <jf Eud * el forecast of a rise of jo; 5r jQMN q.qYD 
the year mum] sovernmenc P* r ceDl 10 £4 **' &n for ,he Mil ■ u 

tfi&lSSSaQ* T the On the other side Conso.Wa.ed I nllr, of' E™»^n£ 
AeS nf if? Fund “P^dilure over the seven Industries. il.r-p.^cr plain ■■run;.. 

S C T l e wen 'wrm 5 ,on,hs - 8,1 ***»"■*“ up hy ha, h^ n mid by the Central 
ilr cenV ,«mm ; -res w,?h * 20 pcr «?. 1 com P a T d ^ E'-eineny .;.,ner.i,n? Board .hm 

Budcei 7ore. Jst r^northe r,,r l* 8 !' 7 h,s wa V h ** d nf lh * " * *H receive c'jotn.ru, *orm 
“h, Ujre, j! » l ri * e Ior tbe rur- Budget forecast of a 17 per cent atMiin ci Mu. 
rent year as a whole of about rite far th.- full vear . ' 

79 ner cent. - " 1 ?? Vd' * 111 * r .._ . n - Bwrt has asked the eon.- 


l ‘r. ■■! n inr. n| rmnnv n-i:ii 
vi-|iic|i.. •iru[.|,''(l In JO per cent 
c**iu;*.irvii Aiih Svplr.-uitn;r l>- 
J4.hi.ii i . 

‘•■li:- l- nuU-u! h.is r;ir»-l> f illcn 
t * 1 : hi-, level. The figure- -Ivnv 
»»■•'■■'•■ great ai» 0 Pjrf>rui:i:;v 


fpcRmr ;fr- f.»r C .n'liit-nij! .m- 
pi'rtiT*- Iii-» , au--.- •••.•hicis sales arc 

eytreMi ■_• ! > ' n ■ i:.-. a n : . 

r ivv.Nir .li-<;i- :ii ' 'i;t<iln.r 
‘ ■J M tb. J.-.: f.»r ; ; ,f. month sim-c 
l9.->. .(Ofi in • < r- lifiii ;i :n»y .-**nt 
■,bv..d -i -.I 1077 ' qpe 

la'.i i* , i!.i;i!«;.-i i! i.-rueii- s'.i ■ !■*-- 
Sri-i-uiiier. -nd 

^.ib>^ :ii-n- -J4 |m ■ up. r.n fhC 

vt;n«* irimi 1 !■ ]r.,i -var. 

Iv. vii be fun- ;; : i» iurd (!;>:i»;le 

1 •-••nioi- -n h:-d 

n '' 1 u I ' .ir uininil 'v:i- 
lni ny p’-.. 1 , \';i d;.;|i;,Si s 
F.!!*-.-ii;«-rn I’r.rt mi io- 

i’M'T i'f t'fi.'ii- 

• rvui -.•■hi*-;- pr.-'lv.lmn fcB 


IIIS^S jOmpomicefs 

! chairman to 

ais:, “' e : iead Vosmer 

uu>;>u: c:-r.- :n the latest; 

qi:;.r'.,-r I'rJ.-Vn.i ■, 

eanil;. M?ivv 3477 monrhiy : fQ | S7C 

aipra^K jf 1 l*i.»« 0 f». And the , ** 

NOVF'rtr.— .••■rfnrni:.rev eannni. 

i.,* »'■■. :>m ,; >?.i u. ■■n-.rovc matters . 5 y L-nion McLain 

utijii -1 . I;:' f-'n-ij s ;n|.-? c r, n-. 


8 ^ <3SF* C E o iTS f* 


&.&X wra CL'<i : L?iL it v 


I freeze until m id 1979 

i 

j BY DAViD CHURCHILL. CONSUMES AFFAIRS CORRESPONDENT 
! ISIFER1AL TOBACCO, '■■'hie!. ; switch '.n demand inward? the 


5Y JOHN LLOYD 


bin. h*»n tnld by ibe Centnl 
Lh-viriciiy livnemiiRg Board ihai 
ii win receive cuutracis ooria 


Tl*e Bo. i id h.i» asked ihe com- 


ment is dui 
in timing t 
compared ■ 


earlier 

through 

further 


impart 


coining last year. 


Energy saving projects 
given £21m backing 


,J f 1 hr- South nf Scotland Elvtrici'? 
Brmnl — haw n l <n jnvih-iS im- 

torbuii' y'-neralrir uuiiufaviiirer-. 
‘i»-n,-ra| r.lertro* i • ; h'.i". ) .»n*t ih. 

Ptir.'on* suf»*.i«tiar; -.f M-.l 
ii> ii-ridi r inr ihe turlon<* :vnr’ri- 
! or work hofrin* mnl-.Tanuar;. 

The 1 »»*;|er work' a.- e‘:»«<'Ci.‘n 


tan 


to gn v- ■' lari-*' rhspinan. ’arret" 
h^vaiicf n vn.jid '.:h-r--.;>^ be 
in m c iii vniel; duii<ii!' p(isiu(ix 
1 1 b:*- unly vua* luiicir v.urk up. 
Miv l.'ra-; ■ F'. “ K..| |..|-_ pp'.vnily 
on hand Th*. hi;!' i tint v nrl: 
-'■.■I?; ;■• rn.iJ ta.akrnv 

tin n Ibilif'.c 1 ' ri'u.i V.':U-.i - .— » 
aiioih-r n': , .:«ui fm- -.•q.i.ilMriv ih*- 
•>id-:*ine ! i; cr my Cljr'-v t.uap- 
;p:i •/ :>»/• .-''lit'. 

Tn-.-n- •■:l l .• • -..-rk fi-r 

flrmvcl’ ;n-. ;tii:I. 

•ir.-i!i.i , .|;. ■;o r;iv*t !<< 

'■.brl.i- ‘i It-- : I'tipiirijon 

i-. Mill fli*i i s:v«!. -tid -ill do 

» it.- !*»•— ijl • «'.J’ - - . ; i >** *i .i.i!iy i irj. 

f!i - ■ .•i:i:ii«M:i :;., 0 ,,.p ii;n 

lui-l.in-- . ••nr.-;.|..r .. ..r|- .. ilj ivr 
ii! , u:li ii.*r* i-i * ‘.-.rl ■’ !;;i;uii:ia 

i*l:uiii- ii- - - .-Sciii. mi 

-I- i-ib us..:-. i ui.i'i. .-;iti-:i nl 
:.n.j inui' ii.i- 


«Ttt 


f.ECr f'.ur errhau*; system, snd ; : ” e . 
that tee t-cv-irsetiy Board pre- 

K« .evcecii.e ut vesper Horn;. ernt j "*• ' new pro(lUCi:v!tv *r?a! 

„ } !.7'.V7 V"' h,c '’ : rc 7' J r d : ' ' ' I The C.r.mmi««ic-n sax* .r i-? . Ir.wrta' a*-. Mine so .nvr ' 

? «b.it 1 po i jr-p.rt on th* price rKex ;hr-; th- n "- v,lv 11 f- - -.-w***' • 

:i Dvu — i-J ..o»;0 ntccaviatu >.f » ^ ‘ ! cir.ir*-::- 7 .-..C v -.- of p-<t • r, r ‘■e.i 4 c '.r-o.i:- 1 ;. • v. Toe r.<- 

, ; :ri,,ru - -l- r.^ratur* r-nn.-h ShiphutHers refund 1 'v* ' »a ; v -’has h-Vn -f cV n «i ><r- :1 '•'* • s»*i' - 

' .A --tx-s 'ur -he jj re-jur-sts far -in evplanaiinn aide ben *d: :x th.- ronsirmcr." « k.c f r? 

Sl\ 1:;^ four C'.njUat . ...- ... A c i<^ 1 .se J | vnVp tMiiei . ... ?. . r-. men:* v!*! T.'hc' T 

- : ?>f *>»<• »hly W SintlS' L’ftcr >•?. SL»S;« •”* 1 -v e |. r,.r ;V- 

,Z, i r .“; ^r: - — »>• ! ,,, : h i'. 

*•< n/i"' *r n < r.i ■ • . • . , ... *• ••Kn ' r; 1 t* Fi. n » •. It *. 

1 fcx- r*:v:-p. : w.>»,o. p r ‘7‘ . .. . * 10C« no! f->-» there - A l;! !lf n .ade lx ju. ud.i- 

Bohir : Th-.- -Hjim. .ir.ci counter- C!r Antnon.y vfii«d .ne neat!- J nl p? .:n c-.rly rulurn to “ tm- r\.nseqcenii-.. the par • - 
Lidim- li - ;h-- c-.nrimiinc >h.,rt- . nuartor? of \^per Tnhrnycroft . decree nf jidinlity espercc cd e;, r .;r fal " .ui.irl.e 

a - of ■•<rk ;..r UK power 1,1 rarehasn. Han;#. .■ -n -• cdoes- pror ’o ls.o. for 1971- ma;. r'.,- c.vrsi::- 

plan* :'id*.:s: r - . Thi- .-hnrtacv ha* : 1 ' ^ - r - ! ’* ! * huMstrn. ! sin.-e then, the structure 01 plan-. 

only : . 1 !; utcil i /nifioraniy i(':'?rJ.y ‘no rno. rhiei duty pny a 1 • 00 tnlias'pu h import si Tonacco"? r. i.-" *..■ • 

hv tn., :-T :■••>: r. ;u^p; 1 a -■ ; l <• j.-ecd -he -t.5W ; np-n vh.-n.ed he, air e >■: return r»n c'Jpii::) ■■■:■*. a •.vu rd • r . 2 

r, r inn - s n r.irvct for Hrav • vnrkvr- !•• **!-cit:c .••v.cn jnd , B -; : ain * -tnr-y ; n ; -.1 ibe EEC. ;o :nc report. JO.S r*er .em r 
*" 3 ,! a r ':. .il.ii-.-l ^ 1 ! vf ; flop -Aor.-yinj.” He * 3 Ui then* ; Ttvs r*iii:. ••••.: 'the ditfcrer.ee >n l£>77. which -v.iy r^'.vt'.cd !•• - .i 
which ••'• ii :■> :;nj BaLeocr. no rs-vft*. •dirt^ prvpocts r.f I r»rsc-' i, -riall ar.c rinj- per r.;nr on .-u.tw. 
wi.ri "id;- •• i:nd JI'Um ;>• fiirih*i- n. .ng'.’.-picnt --hanacs. •i-i-etl r»-r an.! |>r coin ’rated i?dountinc 


; builder*!. 


•1 ms so . n •.••••• 


BT MAURICE SAMUELSON 

THE GOVERN WENT has ailo- 
cate-d L?i 'tn fur j series nf pilot 
energy conscrvitiiciD projects in 
Industry. 

Tbfl money will be available 
over tbe nevt four years. It is 
hoped iu -avo at least £5 wo rib 
of energy for every T1 of Guv- 
ernmen; support 2 nd to copy 
eaci. projC'L-t on at leaid slx other 
sites. 

Dr. John Cunningbam. Parli 3 - 
znenury Under Secretary f v r 
Con serva lion at the Energy 
Departniem. said yesterday that 
a number nf projects have 
already been authorised, includ- 
ing one — a i 3 Unigale dairy ai 
Walsall — which was the first 
of Ms kind in Europe. Other pro- 
jects are under consideration. 

The granti will encourage six 
categories of energy-saving icch- 
oology. leu by waste-heat 
recovery and utilisation, in 
srru mentation and .putver .nn- 
trols. The sectors in which 
priori 1 ;. v.n.jM h.» -<icen are fund 
and drink; 01 i refining; cheiiueah: 
non-ferrous metals; bricks; and 
paper. 

Tbe projects arc intended to 


deammstrate the benefit* nf nr -1- 
applications of existing or im- 
proved Lechoology. A Govern mom 
discussion paper, published yc-.- 
terriay, describes them pan 
of Tbe “initial strategy for in- 
dustry. ” 

It suggesis that technological 
changes now feasible c'nuiri 
eventually save up to 30 per eeci 
of the present industrial energy 
consumption — equivalent to ;*Sm 
tonnes of coal a year. 

Grants to users for tbe demon- 
stration projects will generally 
be up to 25 per cent of capita! 
cost of plant or equipment am! 
installation. There will also iv 
up to 100 per cent assistancr 10 
cover installation of monitoring 
equipment. 

Tbe new scheme Ls the li?:c-r 
in a wide range of measure* to 
promote energy saving in ir>. 
riustTY. including financial incen- 
tives for which C5m has been 
allocated over two years. 

F.ncrup Ctnuei'rrniion Research. 
Drivlopmenr and Dent ousirc.i ion; 

. \ n liiiLwl St rau'Wti far’d rul nx In/. 
Energy PujHtr .Vo. :.! 2 . Depart- 
ment of Energy ; SO; £2.2o. 


vv-^' .. <->•- . 

\ ." *'*4 


- 


rJSOSL^ 








Banking Bill proposes 
extended supervision 


n 


• • . 
*4*u 

•ri 

’ '. -S , 














NsS 


- ' f ■ 


mm 


BY MICHAEL BLANDEN 

NEW PROTECTION for small 
depositors and extended super- 
vision over ihe banking system 
will be introduced as a result 
of the Banking Bill published by 
the Government yesterday* 

Contrary 10 2 previous pro- 
posal. the Government has 
decided to impose no Fees for 
supervision either on recognised 
banks or 00 licenced deposit- 
taking institutions. . 

The new legislation will create 
for the first time in the UK, a 
uniform system of prior 
authorisation and licensing for 
all hanks aod deposit-taking in- 


stitutions, under the Bank of 
England. 

It will *orr out tbp confusion 
over tbe various forms of bank- 
ing status highlighted hy the 
fringe bank crisis, and it will 
meet the UK's obligations under 
the harmonisation or EEC regu- 
lations. 

The Bill will al«o <et up a 
deposit protection fund, backed 
by contributions from the hanks 
and institutions, which will pro- 
tect small depositors against 
losing their rmiorj ir a company 
fails. They -will be protected up 
to 75 per cent of UK- first £10,000 
of any deposit. 


mm&r 


: ■. . . : * * :* y 1 




Sir Hugh Fraser drops 
appeal against conviction 


mmm: 

- 5 ; 


•jTv ,, ; 


m. 

;vr-'- 


pm? . 
{£&<*£■& 




fef®: 1 

WmmL 

?: <r 

MTT- _*■ VT*-- 


‘3-T: 






‘-3&\ 




FINANCIAL TIMES REPORTER 

SIR HUGH FRASER and other 
directors and former directors 
of Scottish dnd Universal 
Investments (SUlTst have aban- 
doned planned appeals against, 
their conviction earlier this year 
on charges under the Companies 
Act. 

The Crown Office in Edinburgh 
has also dropped a counter-appeal 
contemplated against the acquit- 
tal of Sir Hugh, tbe company's 
deputy chairman., and former 
directors Angus Grossart and 
'William Forgie on charges of 
failing, to give, .v Lrue. and fair 
view of the company's r.JTai rs in 
the balance sheet fur the year to 
March 31. lf)75. 


Sir Hugh. Grosfark Forgie. 
•T a mi's Gossman. Nicholas Red- 
may ne and Eison Gamble were 
charged that as directors of 
STTFTs they placed before the 
company's annual meeting in 
1975 a balance sheet which 
showed a £4. 2m loan 10 Amalga- 
mated Caledonian under the 
heading of- cash at bankers or in 
band. 

A f ter an ei ght-da trial at 
Glasgow sheriff court in May Sir 
Hugh. Grossart. Redmayne and 
Forgie were fined sum* totalling 
£SS5 for breaches of '.be Com- 
parues Act. 

Gamble and Fed m.*;* ns were 
fouril not guilty ?ntl the case 
against Gos/man was not proven. 


-■£*>*. ** *--•= air 










•*Fz 




ITSmx 


Councils lend average 
of £5,940 for homes 


M 


m 








THE AVERAGE council mori- 
gage grunted during 1977 u-a? for 
£5.940. according t., a Department 
nr ihe Ervtrr»nmcni survey pub- 
lished yesterday. 

The survey look s 20 per cent 
sample uf tbe 23.0(H) local 
authority home loans made last 
year, together worth £134ia. In 
the previous 12 months, councils 
advanced £152ni to 27,600 appli- 
caots. 

According to tbe Department, 
the average price paid for a home 
with a mortgage /rom 5 local 
authority was £ 6 . 620 . 3Pd the 
average income of borrower® was 

£3.830. . 

The survey fh^w? that the 
average percentage advance Tor 
a new borne was 92 per cent. 
sijojjtJy above Lbat for existing 
properties The survey -H>o 
«hnwed lhat .first-time^ buyers 
paid an average D ?-*' 0 
former owner occupier* .pa’d an 
aver.jse £7.i90. , . 

The" furvfy also e'iahli«hed 
that 83 per teal of -sew home 


loans given by authorities other 
than the Greater London Council, 
were at variables rates, of an 
average of just under 12 per cent. 
The average for fixed r-ile loans 
was 14 per cent. 

The rate for GI-C loans— a R 
■at variable rates— ranged during 
the year from 1 — i P ef c ^ D t 
101 per cenL Thirty eight per 
cent of GLC advances 3 tid 30 per 
cent by other councils were for 
100 per cent. 

RAC code for 
caravans 

A NEW 10- point i-aravaiKierc/ 
Code was published by rhe-RAG 
ywlprday. Cumniled with tlie 
cooperation of the * tech- 

nical and lesal ricpa’tmenis. and 
in ynnjuadinn wita >hc Natrona! 
Caravan Gouncii. th" Lode gu-os 
safety advice on twinr well 
as the preparaLion 0 ( a car and 
caravan^ ' 


mt- 


A recent survey by Sales Force’’ finds that it 
novir costE &1S.000 a year to keep the average 
salesman on the road. 

And much of that may be money down the 

dr ain 

How many personal visits can even the most 
industrious rep make in a da^ 7 ? 

How much time is he spending between visits"? 

How mar?.’ of the customers he sees are 
actually costing you money to service? 

How, don't get us wrong. Salesmen area. 


valuable asset to any company. Too valuable. v;e 
would argue, to be wasted. 

What we suggest is that you should use them 
for the clients who matter most and use thepaoi* 
to service the rest. 

It’s generally accepted th at 20 : of your- 
clients accouri t fo r S0 ,: of your- on sine s a. 

So keep the oG happy wim a teiepb.one 
call.Tou'ii cake up less of their- time, for v/hich •; 
Liieyii be gra t-en.il . 1 

And thr'.'II jouaume less f vour s. ^ - 


ot-mg uiat me cost- «. 
sir.ee QcLOberi&T'-: 
and vour sal esnei 















8 


HOME NEWS 


. .. - Financial Times Friday November/lO . 197 ? 



to choose 
nuclear waste 
site in 1980 s 




BY DAVID FISHLOCK, SCIENCE EDITOR 

BRITAIN can expect to choose a by rocket, or burial under the 



state intervention 


BY MAX WILKINSON 


Takovers 
rise to 
£31 5m in 
a quarter 

By lames Bartholomew 


STATE intervention in the sidies given to many direct Mr. Corrigan said that some i 

European paper and board overseas competitors." These fundamental rethinking about j 

| manufacturing industry was measures were distorting market the structure of the European j THE NUMBER of takeovers 2 nd 

disrupting competition and forces and introducing unfair industry was needed. i mergers continued to increase in 

cnovse a ay ruoMst. ““««=* ! depressing profits, a conference competition. “There would appear to be j the third quarter this year. At 

final repository for nuctear P® 1 ” ice, T £ev we?e t m London was told yesterday. Mr. Corrigan added: " Our a requirement for a major £3 15m. the value of industrial 

waste by the mid-1980s, provided reliable. The were not beio e industry will continue to be restructuring of the Euro- and • commercial -companies 

explorations gy geologists are pusued in Britain. I Mr. Tom Lorrigan. chairman nian „ a A - *■ 1 ‘ - - r 


The possibility, of “ incinerat- ; of the Inreresk 


plagued by 


added: 

continue ._ .. - _ ...... 

poor, operating pean paper industry, including^ acquired was the highest in a 


allowed to proceed, a senior UK , 

Atomic Energy Authority sclen- ing " nuclear waste m fast reac- warned that a 4u „ wtJliU UUMUMW 

ust told the nuclear industry tors would need a great deal of ; in the European paper mdustiy by state funds, and inefficient on a grand scale— not necessarily 
night. development and^ inevitably in- ] could be expected when tariff operations are arKfieiaiiw «un- a reductioi 


result* if unnecessary new invest- realignments, 
mnner snaNeout nj ents j n production are financed rationalisation and modernisation, 1973. 


last ni 


D, Lejns Wgg. »" ~ ^ ^ 

recto* ai reaearen. saia tms the p roce5S would have any 1 


•dj recto 

time scale was the estimate of 
the Institute of Geological 
Sciences, which is making 
studies for the British Govern- 
ment as part of an EEC pro- 
gramme oo nuclear waste dis- 
posal. 

The geologists believed they 
.would need at least seven years 
to satisfy themselves of the 
' long-term safety of a repository 
in hard rock such as granite, 
he tnld the British Nuclear 
Energy Society. 

. Ar the moment their efforts 
were being baulked by local 
authorities' unwillingness to per- 
mit scientific investigations. 


amalgamations, j quarter since the boom days bf 

Figures published j - in. ’ -the 
jo 

Industry today 


When state interference fewer but better producing units. om * 
Mr. Corrigan, immediate past started in one country, however, improvements in commercial ; .i;„u»7.. «... 


show that 142 
were acquired. 


hpn»fit nrer the idea of storing- Mr - <-orngan. immediate past siarcea in one country, however, improvements «□ commercial, 5liKht |v fewer than in the third 
£df£c£^ the British. Paper other counts could he com- poUm^ and » efficiency of £ MW.” - “ 


ground. 


Safer buses 
aim for 
passengers 

By Lynton McLain 

ONLY ABOUT two-thirds of the 
even though the Flowers report population travels on buses with 
on the environmental con- ease, Leyland Vehicles said yes- 
sequences of nuclear power fn terday in a report on passenger 
1876 recommended that Britain problems on buses, 
should put greater scientific Elderly and disabled passen- 
leffort into the problems of waste gers bad difficulty. The problems 
disposal. • forced many people to stay at 

Dy. Roberts, who was review- home rather than go shopping, 
ing the technical effort required The report was commissioned 
to implement Lhe strategy out- by the Government's Transport 
.lined in the Flowers report said ana Road Research Laboratory 


and Board Industry Federation, P*R*d to follow suit, 
was addressing an international 
symposium organised by the 
British Wood Pulp Association 
and the magazine Paper. 

He said that a uniform price 
for the main grades of paper 
and board would inevitably be 
established throughout Europe, 
and this was already happening. 

He added: “This equalisation of 
price structures has coincided 


EEC lends Hull £3m 
for telephone service 

BY JOHN LLOYD 


operations. . . . 

But the value of the. com- 
panies was £42m greater, due -to 
three large takeovers: Allied 
Breweries' purchase of J. Lyons 
for £Blm. Imperial Group's 
acquisition of J. B. Eastwood for, 
£38m. and tbe takeover of Lin- 
food Holdings by Wheatsheaf 
Distribution . and Trading; for' 
£30m. Ail three deals involved 
tbe food business. 


r — — . . , The proportion of cash. used in 

with substantial speculative new HULL, the only town in the UK be at tbe Councils discretion. ; tbe takeovers rose in' the third 
capacity installed in Nordic with an independent telephone Some, 18.000 new subscriber * quarter to 55 per cent, biitf 
countries and elsewhere for service, is borrowing £3ra from connections "'ll*- be made by J taking the first nine months as 
most grades of paper. This new ihe European ^Investment Bank, spring lwl, ^ana^the jietworkj a whole the trend compared with 


capacity is greatly in' excess of the European Community's long- will be adjusted to a changing 1977 Ls for less casb t0 be used 

any foreseeable increase in con- term finance institution, to pattern of demand linked to the an( j more sb ares. The tentative 

sumption. improve the network. creation of new industrial zones. . revival ^ the use of fixed 

. , The loan is over 12 years at Hull is making strenuous 

Western Europe has become ^ interest rate of 9.5 per cent, efforts to attract industry to 

a battleground, with thft com- The first £Im tranche has been these zones to help counter 

batants locked in a fierce but taken up. Two other tranches unemployment in the area, now 

unrewarding struggle for market are due in 1979 and 1980. running at 8.6 per cent Employ- 

share." Though the loan is earmarked meat has been hit by difficulties 

This problem was made worse for telecommunications, it will affecting tbe fishing fleet. < □ 
by the growing interference of form part of the city council's which Hull has traditionally been 


lhat vithin tfn vf»r« tPoVininnec nnrW * firuvMr cmannn I 3 e'uwwg uneuerem-c ui iuiui iwri. ui uie Cliy council^ wuicu nun 

for «n«rtln 3 highly radio “cl. I ■»tfoo»l,gp »wn,i l ei .t ? for politic! general ^borrow in g, nmame »j denendent. 

nuclear waste into 


active 

strong 


^ m . and social reasons, he said. about £20ro annually. The total The Hull network operates 

nnrrecien i-eeiet, n . i ?° r ® ma0 ; “ Many UK producers view debt currently stands at £200m- under licence from tbe Post 

would- he a commerchti nron!™? ir- nn nff Iota I wi,h concern the substantial The rate and timing of cvpendi- Office. A new licence for the 

'cion in Britain. ’ h Fenfale casualties formed 7: j j state-influenced support and sub- lure on tbe telephone service will next 12 years is being negotiated. 

He outlined the French AVM per cent, a greater proportion 
process, a continuous method of than expected, 
vitrification “considered to be Entering or leaving the bus 
cheaper, easier to scale up to accounted for 15 per cent of 
high throughputs and more accidents. Emergency stops or 
flexible ” than the Harvest pro- collision avoidance caused about 
cess under development in 20 per cent 
Britain. The report recommended 

Capital costs for the glass- changes to design, many of 
making operation would work which are incorporated in tbe 
out at less than 1 per cent of Leyland Titan, which has started 
the value of tbe electricity to enter service with London 
generated, he believed. Transport 


Sterling decline 6 to stay at 3%’ 


interest securities was resumed 
in the quarter, accounting forf 
3.6 per cent of the' ‘total -con- 
sideration. • -IT’ 

The third quarter has b&en-.a 
seasonally stro n g one GVerV.the-j 
past four years'. 

The figures published give the 
values of takeovers on' the day 
they become unconditional'. -bftep. 
some weeks after the bids are. 
first announced! So the third 

quarter figures reflect to a large 
extent bids initiated in the: 
second quarter. 


Petroleum Revenue 
Tax starts 
to flow at 


BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


STERLING ‘ IS expected to of other currencies to fall to effect . for th UK of staying out 
depreciate by only a small between 58 and 59 by the end of of tbe. monetary system is I 
amount over the next year, even next year, a range of about 60 unlikely to be very significant j 
if the UK stays out of the pro- to 61 is now projected, against 
posed European Monetary a level of between 62 and 63 so 


More cash for 
devolution 
group . ^ 


Dr. Roberts said that although Leyland Vehicles report on ' System and there is a funda- far this month, 
some “exotic" ideas for the Passenger Problems on Moving mental recovery in. the U.S. The brokers say that an im pi i- 
disposal of nuclear waste were Buses, available from the com- 'dollar, according to stockbrokers cation of a more stable exchange 


during 1979. assuming lhat mane-, 4 „ p . T nv for the North 

tary control is maintained and ! .V?* CAMP* AIGN_ for theWjtffl, 


the pressure group -for devolution 
morie«rt surnlus next vear i of P°*' er to the regions. . M to 
Sterling is expected to 


proposed from time to time, such pony at Lancaster House. Ley- Wood Mackenzie and Company, rate policy is that there will be by an average of only 2 to 3 per j *™“ , f M-nnn fm- M 'rh 

scheme? as expulsion from earth land. Preston, PR5 1SN. 1 T " n MU,BW , * r lit®*’* loce rantml nwr nine r#»nt aoainct lh» mainp V.nrfinMn lOenflCfS 1 rusi . -O.mni w. MSB 


Office of Fair Trading 
criticised over insurance 


In a review of likely exchange less control over interest rates, cent against the major European n*vr two I-mts 

i rate developments, the brokers Nevertheless a decline in short- currencies between the end ofj® r - 1 > ears - .. 

| assume that tbe Government will term interest rates during the this year and the end of 1979. | The campaign, which aims to 


SriltAY PSRMAN, SCOTTISH CORMSWWOSNT 

Xfo'/BTSST aaymeat on Petro- would take 75 per cent of the 
Uam ; Revenue- Tax (PUT) h^^profits of Forties... .. ' 
been .made this mooth. wiim the. payment covers ihe first 

over of £176m by BP. * 5 ix months.-of this -year, 'when 
; The money is in. respect <rf production was still balding up 
tbf^ctittAeld, which has been to its -pehk of about 550,000 
In-production for three years hut barrels a day. . .. • - 
beSe Hable for PRT only at Tbe second instalment, cover- 
’&e'- b^mning of 1978 because irig the period from July-Decem- 
of ae allowances BP has been her this year, will- be paid -next 
able to claim to offset develop- spring and will be higher, pos- 
ment costs. ’ sibly as much -as £200m, ... 

•‘■.‘.aii iileh cost of Sir David. asked to comment 

b mum ne North* Sei oilfields on on the -report of the UK Offshore 
atream^ and the effect tins has Operators Assoriation suKeetmg 
SITn the yield from PRT, is that the life of . North. Sea oil- 
oste cf the factors wbnch have fields- could be shorter than- 
caused the Government to con-- expected, took a calm -view., 
aider increasing the rate of the . The high platean of produo 
tax-from its present 45 per cent, -tion from any field was probably 

&«• Qr«»l chairman of only about sis years, he: said, and 

^rSnount there would be u decline in pro- 
2 a ^SSr- duction from the .North Sea dur- 
1980s. But it -would not. 
Ss?h«Lftha?Se cost 5 FortiS come suddenly and would not 
has-been £lbn to date as against dtHnands of 

a -1972 estimate of £300m. A the world economy. . - 
further £300m will probably _ In con trast to some other od 
Um m k» suent' tn the immedi- intj d»L y.- ■ leaders. Sir David took 

ss^bRuS: - ■is^sssaf t toepro ' 

"ffigher inflation rates than posal to ^jncreasePRT. . . • 
iorSSrn accounted for part of The Government had been 
inc rease, but so. too, did receptive, to the ideas of .the 
te^cal^^ppraisal reflecting izffiurtry he said, and bad con- . 
tije'risks in any invest- salted companies about the- IiMly . 

meat decision relating to new rate of return from fields before 
imdaaology” making, its announcemenL- 

.- Forties, now supplying a There- was a danger of eon- 
quarter of UK oil needs, had so fidence being lost and some -hJar- 
Tar contributed £2.5bo to the-rUK gpnal fields ' . being made 
balance of payments. uneconomic -to develop. But -this 

Sir David said that in tbe long bad to be weighed agaihst' ; the 
term, taking account of PRT, extra benefit from increased tax 
royalties at 12.5 per cent, which revenue. ■ ' 

have bceD payable since the **l think the Gbvcronient do : 
field began production, and Cor- try to get the balance right to 
poralion Tax. the Government encourage investment.’ 1 


This also assumes that 
» Government has abandoned 


tbe 


BY ERIC SHORT 


maintain strict monetary control next year is still projected, 
land that, if necessary, official “For the corporate- sector, 
reserves will be used to support firmer sterling implies some policy of devaluation to main 
I sterling at times of pressure. pressure on (profit) margins Ir lain competitiveness, 

I Accordingly, while Wood is companies trading ia the U.S. Wood Mackenzie expects the 
Mackenzie previously expected —or in dotlar-denofminated pro- pound to decline to about $1.85 

of ducts— that are chiefly ;affected, to SI. 90 aaainst the dollar by the 
The brokets 


the trade-weighted index 


the 1 operate across party lines, -has 
; also received tbe support of Lord 
Crowther-Hunt. the Labour peer 
and constitutional expert who 
has agTeed to be its honorary 
president. It . already ’has the 
backing of a number of Labour 
and Liberal MPs. 


Metal-working took 
hit by fall in orders 

? |qNANClAL T1ME5 REPORTER " . 

SAZ^ES of metal-working tools In by about 6 per cent over - the 
both borne and export markets three months in current price ' ■ 
dropped in July, according to terms:-: 
provisional figures ' published ••. New orders from abroad were 
to <ky- . . , •„ about the same In' current vaBie 

.Total new orders placed May M j n previous three months 
to* July, while slightly • higher. remained. considerably, 
than the level in 1977, showed a Cipher than in the same" period 
& per cent fall in current, prices nfl 977 : 

on the preceding three months - : - 

of this year. The substantial While the overall order book, 
decline in the volume of new at £263th, 'did not change signi- 
orders is largely due. according ficantiy : over the May to July 
to Trade and Industry magazine, period orders, on hand wefe. still 
tor the behaviour of the home less than 10 per cent higher than 


WORLD standards the -July. AS Mr. Robert Blackwell. Reids 



THE Office of Fair Trading had life assurance is all about. Mr. 
a positive duty im educate the McCrindle said. Perhaps the 
consumer on the merits of life OFT could - recognise that the 
“assurance and should not confine life company pays out the full 
itself to negative criticism of sum assured on death, irrespec- 
sotne insurance intermediaries, lively of how early that death 
said Mr. Robert McCrindle. MP. occurs after die contract has been 
parliamentary adviser to the effected. The lire companies 
British Insurance Brokers’ Asso- would be dn severe trouble if 
ci ia son. last night. they did not do this. 

Mr. McCrindle. who was speak- Mr. Barrie had expressed 
iny at 3 BIB A Essex region anxiety about inadequate advice 
dinner, strongly criticised 3 re- and high pressure sales tech- BY 
cent 
Borne 
OFT. 
deplored 

renders .. _ . 

bad deal provided on surrender, (ices as a tool of trade of* the J 5 S!»^? Ween ^ K r 
insurance companies had Tor industry instead of abuse by 3 ^rie annual production 
some time been trying to endu- minority. And even more strong w W double, from 50m 

fate consumers in lhe folly of was Mr. Borrie’s silence on ihe 100m tonnes. ! and manpower 

regarding life assurance as a standards of conduct lirid down Even so. the uil indu'-tr^' is time 
short-term investmenL Mr. Borrsc 

could d«j worse than emulate this trauon acl, i»h. wiucn would prolong production and squeeze in the proper perspective, 
example and explain just what pul a stop to the abuse. ,v,o 1 • , 

the diffii.ult-to-obt 2 in. crude oil j n general, oil companies 

out of reservoirs when they wiJh ., sl;ike M1 thp ^: orth ^3 

reach their mature state in 10 are sceptical of the widespread 
to 20 years’ time. The Depart- application of enhanced 're- 

THE DISPUTE between a turned out that Mr. Payne's covery rechnK iues in such 

Lloyd's of London underwriting syndicate had cancelled the hvuckly from the o.aer produc- hostile offshore conditions; 'a 
syndicate, headed by Mr. Michael underwriting arrangements ^ Ion regimes — particularly ihe view admittedly based on Jhe 
Payne and the small specialist because of heavy losses. Mr. U.S. — has set up an Advisory 
consultancy firm. Employers Payne said that the losses arising Committee on Oil Recovery 
Protection .Insurance Services, out of this insurance business Research to evaluate ways in 


• .- 


— 

•a 

" "i . ... 

ENERGY REVIEW : NORTH SEA OIL 

* 



BY RAY DAFTER 



means of chemical viable process 


North Sea covery rate is derived from an industry’s needs. Future coal 

efficiency gasification plants could also 
barrel provide a useful and substantial 
the source. But with plenty of 
15bn natural gas resources in' ihe ’ 


costs, and the o', '.-'VJ i7 ♦ more read Ry and. • tliere fore. barreL 

implement twid the July seminar result in a better recovery. 


merited too . late — towards 


a standards of conduct krid down Even so. the uil industry is time required tu implement . . u result in a better recovery. these figures further turn of the centUiy-r-tO be of 

! e tJie insurance Brokers Regis- already invesllgatiiig ways to enhanced oil recovery methods 11,1 ^ ^ ^ k! L v abora t OI I tests have shown Dotcher\ndlRuuskraa havfcal- mucb hel P to .those seeking 

■is iration Art. .19/ <. which would n niinn>T nmrinninn and cmi in rhf* uroDpr norsDeefive. - * . . 11 1 be needed that high pressure earbon .s ^ enhanced oil recoverv material. 


Underwriting dispute resolved 


has been resolved. business represented only a tiny 

Employers Protection Iusur- part of the syndicates total 
ante Services indicated at the business. 

weekend that it was moving Bui he considered remarks 
insurance business out of made by the managing director 
Lloyd's because of what it of Employers Protection Mr. 
claimed to be the unsatisfactory Brian Raincock to be “inaccurate 
nature of tbe underwriting and detrimental to the Lloyd's 
arrangements. In fact it later market." • 


which new production tech- 
nology can be applied to the 
North Sea. 


current state of the art. 

For a start the average 
recovery factor in the North 
Sea is considerably higher than 

in the U S., a reflection of the DriHia 8» ^completion and 
reservoir characteristics and of injection equipment 
the fact that water and gas Operation and maintenance 


n w'T’r"' P^ssure earbon euilYeri* that assuming a"*75 tier ®nhB n ted oil recovery material. 

would probably be far in excess dioxide can displace almost 300 pr *ibi ScJJs. re- poacher and Kuuskraa maim 

— - — - - . . . . venues to- 'the UK Government tai °. oil recovery 

could range from $33bn to < 5?£! n c ot ^ deferred 

$80bn based on a tax take of ^ 1 * fi f lds P™" 

tween $3.40-' and 58-00 a barrel. J. 1 /®' !R. has bees the 

It is important not to lend Sft ^ d Jl , °I al L^ R \ Cent ^ 
too inud weight to these esti- “ 

mates, however. The- authors “ economically preferable 


COMPARISON OF CARB0H BI0XIDE ANB SURFACTAHT 
ENHABCED OIL RECOVERY PROJECTS 


( cost per barrel without royalties, taxes and return on capital) ^ 


Carbon Dioxide* 



NEWTOWN 

New leasehold factories and serviced sites 
are ready NOW. 

Government grants are available and 
substantial rent concessions may apply. 

★ New motorways, fast trunk roads. High 
SpeedTrains and modern docks link you 
with allyour suppliers and markets. 

★ New Town housing availability. 

Cwmbran is one of Britain's most successful 
industrial developments - little more than 2 h c-ru-s 
from London by M-* or 1 1 boors l«y High Speed Tram 
and 1 } hours irom Birmingham by rail or motorway. 
Cwmbran Development Corporation bns already 
built and let more than 130 factories, and tbe 
< urrenx bmldin.' programme provides* wide choice 
■j! mo-Arn. leasehold induswiAi premises In J9 Th. 

K oily ser.i eed . leaseh old s 1 1 es .1 re a Iso aval lable. 

We have -16.000 people, excellent bousing, school 
and amenities, chnvtng industry, andaspiendi-i 
s hopping centre - a magnet for the region. 

Get the farts about Indus triad opportunities 
and Government- gran ts at Cwmbran. Hbnsinvv iU 
be provided for all workers in new industry, and 
tbe key men who come with yon initially will bo 
hoosed. immediately. ' • ■ 

Please ivriie, phene or use the coupon 7QDA Y* 


S 1 JO-S 2.00 
S 0.50-S 1.60 
S 9JO-5IL20 
S1U0-S15.80 
* Assuming field is drilled to 50 acre spacing, 
t Assuming field is drilled to 10 acre spacing- 


\ r - r -er* operation ana man 

arymg success s^* #, SS^&TiS **— 

This committee, which in- from the beginning of prodne- TOTAL 
cludes British National Oil tion. Therefore, the target for 
Corporation and the British Gas enhanced recovery techniques 
Corporation, will be looking in is smaller than in the U-S. . 
particular at the enhanced pro- Second, production costs - In 

duction techniques that are the North Sea — over $5- a 

being tried with vary ing success barrel a cc-u r ding to Shell— ate Kuutm t«m" co-efter." L^p*an~'swZZm 

in pilot and field-wide tests, among the highest in the world. u,„b U , t h. j u i r 5 - 7 . 197 a. 

These are being conducted There would have to be-:, a ' 

mainly in North and Soutii quantum jump in crude oil — ^ ^ 

America and in Eastern Europe Prices, in real terms, to justify 
and in isolated cases in Western investment 


“ 

For a start, enhanced recovery 
$ 6.70-sto.oo technology, of any kind is expen- 

5 5JQ-S 8.00 rive when set against conven- ■ 

s soo-s too tional extraction processes. As t to see 

lhe accofflpanying able shows . a "™e 

SI 7.00- $25.00 mi mt n«r Karrot «c tflis precarious path Without 

form 


Incentives 


(a) the cost per barrel of car- - ... 

bon dioxide flooding will be be- f?” e -W*’ 

tween Sil-30 and .815.80 a barrel Kuuskr ? z 

that companies ■ be 


Enhanced Oil 


V , BttOOpCt 

while the cost for surfactant ,. . 

- flooding iwonld be even higher. r _ H . n _ i°^ PiailSe r PUrCh f^ d 

Source: Eeonamic FeosibiliVf of Non h Sea Enhanced Oil Recovery fPart II). Voile At' S17.0d -tO $25.00. As these r ® . SU Pp ile8 and „ 10 

— ■ 3TJSS SfiS S-SSfr— 


H. W. Howiett G«nenU Meaaser . ... . _ 

■ cwtnbraaDcveioian eat Co rporation gcTnPr* 1 " QwemNPtaaJ Wain. 
TrttpfajneOwtnManeTiTi 

PleajfiseaJmclnljQnnadtraabootiBduzSIalopportBnJW* 3 * 


Europe ,nd Indonesio. m.th>d. now^b % ° f .?. e anuted ! 1 “ nl . 1 ,er ^ g® «"> o€ the mid, oil in . pSdSf *3Si,SS 

endeirours ^s U SSnTZ .« • nuinbr J-f, ° f *' 5 gf!/ barreL quantities of o^^crude - 

oil recovery rate from reservoirs. of technological barriers that J®,* answer * but no1 ha ^c been far Jeb^ spectacular. The.Ificl* of adequate carbon could not beproduced ata later 

At the moment the industrv would have to be overcome. Per “ e .,°. re the industry has first v Eve" dioxide-^' supplies might well date. In the formulation '.of its 

hae tn !«,-<> an owaroan T Instance, most Of th«» RpIHc Tiiav futiy tested Che ■ ------ 


iog platforms. Sub-sea : wells mercial tests in producing fields 
may be the answer, but not have been far less spectacular, 
before the industry has first Even so Doscher and dioxide-,? supplies 

has to leave an average of two- instance, most of the fields may tested Che recovery pro- Kuuskraa conclude that an early prove £p‘ be the major con- depletion . policies it may not 

thirds of the oil in iv^roJSd. we » be too deep to be effirieutiy on dry land. “ rb ? n straint.? .Jysould take between: want righifieantiy to bpost.out- 


jujpncss. 



iu spite of the widespread soaked in steam, one of ffie in sif« combustion is another C0I ? W be 13m adff tffin cubic ft of iarbon. put above the . self-sufficiency 

practice of supplementing the melhods for leasing more oil possibility. In a number of SSIiTc? 17 /-Irilr in - the dlo »de.rto produce, just, one level oyer, the next decade. On 

natural pressures in the oil field out of the ground. According fields companies are setting a n „ a 2t„ nW® 3 bairel cioil- At around ?2 per thc other^ hand, the industry 

with injected water or gas. It is « ll }c National Petroleum light to part of their oil reserves. SrSrnSvVwifh milh on, cubic teet {quite apart would havejo be convinced ihat 

realised that even a modest im- c . oun « , . ,n ’ he us . 5.000 feet The object is to use the heat JJS* by ^en.bcrs^f itl operatmg the incentives were real, and 

provemem in the recovery rate ^hauld be the maximum depth f0 provide a driving force of oreanMatinn ^»f ^ J5S ^ „ w °H! d be a pro ^ 1 ' they would not -evaporate 

-‘AIM ss%s, ^ ^“^ profi,s " 

n ffuSTJPS iTSTeNor^ea:" f ^f. 

E ErSSt .sssiSST® Ruled out SS3SJS 

40 b? C SreK b Srum?ne t 'fa n vaur d adequately ‘^gatns” 8 the P cSld Mr. Todd Doscher. of the Uni- recoverable com pan ie 5 :^ith the task °t»f 

frf- anrf S? ?n S Jnti™[ North Sea. veraaty of Soutitern California. re ^ rves ® E Britain and Norway ldentifjringjWrtential sources fbr SSm ' 

That So? of OR woitirf meet 11 is knnvn ^ at a numbef ™ d Mr ‘ Ve,, ° Kuuskraa. vice- “ d w0 ri u, i l CDinp ^? ly !«? a P e «t to aOS«on cubic feet of SSS nl^ed ^SiMced 

SSi ™ -S demand for «”^5 of companies are trying to president of consultants Lewln gSi U ^^E°SL°l Nonh nc ^ Wboffdioxide. ■.%%£* 

13 years - a 30bn barrel addition devel °P suitable polymers fbr and Associates, concluded in Q S . s f ! h ! J The che^rtrscun*. would be v «y much^ kaowlSg^ of ' 
SSffV Te n STS the Ncrth Sea enrironmept: papers 'Sf' W J 5 th?charSeS5^^d5frtSaSv 

us reserves chemicals that could be mixed that the safety hazards, together 0,1 or So-.*r;.It reaemirs. th»r add' adding- 

But there is a marked ^tth the injected water to kfr wth tiw highi fuel requirements m ^"W&f.5»ilA-«!SSS 

difference between operating P r(>re the recoi-ery factor. But »nd the relatively low proper- Norw«r total some 5m barrel? Sf ba^e the sbilky ind; the. 

conditio^ in the U.S. and m the here again the type of crude tx«* of oil remaining in the. of SHqu^eT ^ 

- - oil found offshore Britain add resereoir. would role out f« 5 «u Thejr q figures are based on S* 'JfgSSi plan? % 


North Sea. This was a point 

emphasised over and over again 
at the Institute of Offshore 
Engineering's European Sym- 
posium on Enhanced Oil 


Norway and the heat of tbe combustion in ihe North Sea. assumption, that of 7 the neit ^ negrett^oiy.tne men 

reservoirs could prove to be They have concluded ihat nF North Sea fields abSut half Tre ^e' ^ 

ihf* fni^tratinp fartnr ail thp rvifonf i«i _.-i . oJvwiq ot maieruus wouja pg wiii probsbly be workmflr otit- 


ihe frustratingfactor. 

Similarly the scope for 


all the potential enhanced nil technically and logistically clasefv irnked"^ SSE 

wash- recovery method, now hen,? amenable to carbon dS 

Recovery held :n Ed.nburgh this mg - [he rciidual oil out of iried around the world ihe only ilnuding. The 9bn barrels re- be fax\ enough for tbe * oii R^-cnue * * ^ ** - 



' s 


look 
i orders 


BY SaY Cir 


j|Q(j 


ICFC::tojJ|; 

plan to 
aid small 


Sij s engineer shortage 
as serious as disputes’ 


The Times 
issues new 
terms for 
employees 


Bjr Max Wilkinson 


aiu smaii . I, , BY K ENN€i ? i .® ooD,Nc * motor industry correspondent employees 

• ; • . i&‘2SSL^ I ^!Sin , ^rn d : A> * r ? sul1 - lhe influx of aliJt ’ earned that a large oar! nf BL’s 

deiarmSS. E* Mc IDt0 engineering had ear operations ivoiild be pul “r «« Wilkinson 

JP.i,* ha as keen quile inadequate. “beyond recovery" if it fated 

vUllI U^tlU. v ^ a uSitSon or^lon&tenn IJUSI* espedall > when .-ompared wild a strike half as lung a., the Ford TIMES NEWSPAPERS last nigm 

?1^ countries abroad. stoppage. released the terms -.vi.u-h it is 

By John entott. Industrial Editpr : (^ h ^jjjrijj ». Mr. Michael "The only way to attract engi- “jj u * ‘ jnajnaiife csti- Ip lU employees in 

Edward es, BLs -chairman caw nccrs intu a business is quilt* mates s . i }, c,w that a lengthy stop* * fo * 'guarantees of ton 


Skilled workers Bakers 
to strike at two c J a ?j 1 0] 
VauxhaU plants ^ rt 

BT PHILIP BASSETT. LABOUR STAFF ST ST 


By John eitott, industrial Ed to rl^ art-term ,’’ 


- ■ . .. ...... HriwarttAe RT.'c chairman 0 -.iVi " tcri > JUIU a DUSinCSS IS QUilt* •» W ou-uauiecs or ton 

THE Industrial and Commercial Ls tBairmaa ’ Sdl<1 simply tu pay them— and par- 5*8* wlU mean a loss of some , Uauous working and for nego 

Finance CorjiDratiDn' is one of ~ . UcuJarly qualified engineers— at 55.000 vehicles and between 7.000. tialiuns about new v.orkio: 

lhe members of a working potty, There. werp WOO wnfi lied vai-an- the very least in line with their a °d >0.000 jobs." methods aed .staffing levels. 


icularly qualified engineers— at 53.000 vehicles and between 7,000 . tia turns about new v.orkio. 
he very least in line with their ar, d >0.000 jobs." methods and .staffing levels, 

quivalents in Other professions. Austin Morris was iht* mosL. The company has threatened 
- a, .. , vulnerable — “it i* only now; that it will close down The 

oinr tSs Se Sihibhed bv *PP r&ach »n8 f> ein ? profitable.; Times The Sunday Times and 
• ‘I®. inis . a,e utniDitea "> and a serious hiss uf prorluritnn . the three supplements from 
■oternment will mean a ruiwJou,? «r some November :* u^s SgreenS 

MuJLaL X?c P f and ? ««* » invest- can be reached *,itb its union 


The working party Is 'expected. [M e cha n ical, Eogineers. we - n rt pi l? L fl po n»rtie ularlv mean :i run-dov.ii of some; November so unless agreement 

to complete: its study within the! . “For example we have J40 influenced bv this lt is our SfS^StaSS.^. s,n,th m invc3t ’ SSJif IS? e<l Aith ils union 
next month when a formal an- people per. product line com- intention. thuu4 to act » soon m ?. n l V ^ t 0nb ‘ , , lsn0 *»- 

nouncement will be made by the [pajed. with 800- in Ford of as wu axe free" to do gn - ' f 2 l, i C r rr fi? t n, t s,, ' kt * t share, A letter sen: iu an ihr cum 

Lopdon Chamber of Commerce, f Europe, .which has a far tighter WTuu. ? < f r . tlded further before newjpanvs 4...00 yinj.l.occa >ay a that 

which will run the ngeney. with S enters £! a SfiES T™* >hen there {the comj.an;. ,» prepared to pul 

Large -companies involved In- greater rationalisation in com Jem Rr S f.»ir 4S ;i a a PiUA?? ai “TTi» lS 2 ^ ri ? e ^' fi! tule ff " • mi * ,,uns pounds” into a new 

elude ^ ShelLuL BP, Macks" ^and Shtfv " herald. K BL felt t acutely. The and the plants that supply it." wages structure which would 

Soencer^ aid 'Two ■ ’ ,k.- - ,wt ? be,n £ mi P0 s ed on our But Mr. Edwante insislcd that^ 'mean beibw i. a v ff , r -the' 


are likely, » .become Solved ■ eSfneers 

TS'c- idoa for the a scncy-srew.!« 1 * , '! OT 10 oDler workers ' 
out of the .Government's policies; - 1 

for reviving inner cities ' and * - • 1 

helping small companies. U was j .. VtAA B ' 
first discussed at * dinner. given 

earlier this year by Mr. HartiM ‘ . . ^ 

Lever, Chancellor of the Dactiy^ - 

of Lancaster, and Mr. Peter! BY- ROY HODSON 
Shore. Environment Secretary. . rr tmre .r,H 


i urning to tue more tin me- we have set — and we are — t dix .leers liuliday and lull 
tn diate problem of the current pay challenge any government to pull'P a > while away sick* as well as 


negotiations. 


Edwarcles the rug." 


output still at low level 


: better pensions, are also offered. 
The company say-; it is prepared 
1 to put £5.5 m intu tue pension 
. fund to improve benefits. 

The company is. in addiUiin.. 
i offering v. hat ri describes 
."very '^eneruu.^ ” terms i< 
employees who .u-h tu opt foi 
1 voluntary redundance. 


The’ Industrial, and Coiiuner-i The decision of the stockholder new system of recommended i * The letter says: ‘■•’.All thes; 
oral Finance Corporation, which s >°Pl^« es at r»ritisb companies belonging to the prices to result in lower prices to [benefits v. ill take up tu two- 

channels finance into small and Steel Corporation /works a 5a*n National .\ssocialion of Steel customers than existed under the thirds of our planned saving, 
medium sized -companies, expects j depressed steel production :n Stockbotders to change their previous system uf mandatory ‘j The balance will bv reinvcsied 
to provide Ihe .agency with ! October. pricing system will not result in minimum prices. inio the company through new 

general help. Its cha frma n. Lord Total steel output by u»u } u "’er prices to customers accord- ® Alcoa Manufacturing is in-i plant, etc. which we need to 
Seehohm. who has been] public and private sectors n» ) n u lo an association slatemem creasing prices lor roiled | support our considerable expun 

associated with .a £3m inner city {the industry averaged 431,800 la& i mghi. aluminium products i>;, S per si on plans.” 

project in. the . London Borough i-tonnes a'.'week during the monlh. It believis that a more stable ceni on average. The Trice Coni-' In return ;hv oimpaiiv is nsk- 
of Southwark, believes that the! That ^a S an improvement u-f T-J IT, f r ket situation in steel lias mission has been Informed, and i mg its empku ees for guarantee' 
Corporation can' help the agency 1 per eent upon October, 1977. J!H?J*>*d from the impact of the the company said last night the i of continuous prod u •.•nun u. 
assess the viability of small com- j when the industry was feeling “. Et : Davjgnon schemes for increase was needed to 'recoup j prevent the wildcat strikes will; 
panies projects and advise on ; the full - , effects of the Inter- “'setptmiog European steel. The part of the recent rise*, in operate which n has recently been 
the structuring.’ of financial ; national gte eJmaking recession, association does not expect its ins costs. . plagued. 

arrangements, ft could also pro-; But the latest figure is still far — The letter add#: “Almost Him 

vide finance if necessary. 1 below the levels needed for a 'copies uf our papers have been 

• The Government's £20 a week | general return to profitable a tiw/tm* 'TfAlYI 4-1 1 1 /l rt d- ■ ; l° st >bts year, including l.ont in 

job subsidy for. small firms is to working in steelmaking. V/allLvl l_i i/IXl llUlH iUdUUll [ the last four weeks." 


VAUX1IALL MOTURS laces an 
all-out strike by skilled workers 
at two of its major plants from 
tonight as its 26.000 manual wor- 
kers drev closer >eslerday to 
accepting an S.5 per cent pay 
offer. 

A skilled workers' strike would 
have severe effects on vehicle 
production. 

Secret baliot 

The 2J00 members of the 
Transport and General Workers* 
l‘n ion at the company's Dun- 
stable truck plant have accepled 
Lhe pay offer. In a secret ballot. 
H9.4 pt-r eent uil«i for Lhe offer. 

and TO.a per cent against it. The 
decision in hne with another 
secret ballot taken by engineer- 
ing union worker* at the plant. 

The rent a in me ihre?« foot era II 
acceptance or the offer conic.s 
from the I5.0t»0 TGVVU mcuiuers 
a i the .ho re i rad it;' mall;, miiitani 
Elitsnicre Port plant, wim hold 
a nin^s m-'eiing rht‘ morning. 

The offer provides average 
increase? uf aoout S.5 per cent, 
with a further L’5r»-£l r » a week in 
product i* s, .v navmenl*. 

A decision to strike would 
leave the Ellesmere workers 
isolated, a? the 5.000 engineer- 
ing workers at the plan! art.- 
likely to follow the instructions 
of their union's executive to 


accept the uffer when they meet ■ 
on Sunday. Luton shop stewards 
have accepted the* uffer without 
mass meetings. 

The strike over eroded differ- ‘ 
entials by Ynuxbal! skilled wor- 
kers has been called by the 
unofficial General Motors com- - 
bine craft committee, which ’ 
claims to represent about. 5.000 • 
skilled workers at VauxhaU ami ; 
AC Deico. the car components 

company. 

Skilled workers at Ellesmere- 
Purl and Dunstable ore due tu . 
strike when ibe final Friday ' 
night “mini shirt” ends at 9.30! 
tonight. The 2.500 skilled wor- 
kers ai Lulon will bald a ma»s 
meeting on the strike call on 
Monday, when stewards are ex- 
pected tu recommend strike 
action. 

Weighted offer 

Current top skilled rates are. 
£79.18 fur da;, shift and £104.04! 
for night shift worker*. These 1 
would be increased to £S42.*0 and ' 
£112Jfi in tht* pay offer now 

being accepted. 

During ncguiiations. the offer- 
was weighted to try to deal with 1 
skilled differentials, but combine, 
leaders want cash figures r o *»•? • 
pui on the company's off or uf 
a new skilled workers' grade. 


job subsidy for small firms is to 
be extended next year when it! 

will apply .to . small raanu - lnd^?d^i BY DAVID nSHLOCIC SCIENCE EDITOR Disputes 

facturmg companies anytvhere “ • , }r~. xsnosn . jnpepenueoi r 

in the UK. instead of jtist j n | Steel Produeera AssoctaO on said A TORY MP is expected to claim water. The company is also asking for 

assisted and inner . city partner-;*^ in a Commons adjourruneni The source of Mr. Lawrence's ? new deputes procedure, which 

ship areas. *fcL i U 'ii debate today that 1,000-2.000 concern is evidence given at Con- ! i* sjiyt, mttsi he honoured, nun* 

Companies outside’ manii-; 161 ^! 115 «> t^edgpressed J^-' ve l n eoD i e be dvints from cancer § re ssional hearings by the two jworkmg nietnods to allow it to 
facluring industry in develop- experienced over the pasi three • ® . . . scientists. Dr. Dean Burk and Dr. ! bring in more modern machinery 

• nient and inner city partnership , Th ?_ re V* <ndicatio,,s jn Bntdin John Yiamuujiannis. who work; and a reduction in manning ia 

areas will also qualify, for the ° r a significant upturn in ihe tiuondauon or drinking water. for . dn unofficial bodi iri | led Isoine departments, 

subsidy which will run to March future, according tu itic Mr. Ivan Lawrence. MP for Xational Health Federation. i The Idler, from Mr. Manna- 

I960. 12 months latef than two sources. . Bunon. says that two li.S. It purported to -»how that the; duke Hu»»ey. chief executive uf 

originally planned. . . ' Labour problems and plant biochemists' have produced rales of increase of death from Times Newspaper*, continues: 

The Department nf. Employ- 1 failures- disrupted production of "alarming and quite frightening cancer in Hie C.S. were greater! “We cannot go on as we are— 
merit estimates that as many as-j flat-rolled products during the- ^'’idence that between 10.000- in areas with fluoridated water; we canno; sun - it e unless our 
40,000 extra jobs a year couldtmotuh- The Welsh -mills pro- and 55.000 Americans die each supplies than in area.-- whose : papers n*;.c It their readers. What 
result from the scheme. ’ idiiced -188,000 tonnes a week on - veui ‘ because of fluoridated supplies were not fluoridated. ,we are trying to du is. firsll-- to 


National rail dispute 
threat moves closer 


BY DAVID FTSHLOCK* SCIENCE EDITOR 


BY NICK GARNETT, LABOUR STAFF 


nned. . . ' Labour problems and plant biochemists' have produced rales of increase of death from Times Newspaper?, continue?: 

tment of. Employ- , failures- disrupted production of "alarming and quite frightening cancer in the US. were greater! “We cannot go un as we are— 
js that as many as ! flat-rolled products during tie. evidence" that between 10.000- in area* with fluoridated water; we canno; survive unless our 
jobs a year could imonth. The Welsh mills pro- and J 5 - 000 Americans die each supplies than in area.-- whose : papers n-;.c it their readers. What 
be scheme. ’ idiiced -188,009 tonnes a week on - veai ‘ because or fluoridated supplies were not fluoridated. ,we are trying to du is. firsll to 

— — — ■— — . : average — "thie -.'same level ns stop the damage: then set to a 

£!• Lz 'October 1977, lit Scotland pro- n . . .. where our papers can 

n 'PVm. ; '[*5SMS Record price tor a cello tJiSSt?,,, 


iV/TnifJ/tn fl!~Lf 'October 1977, lia Scotland pro- n . . .. p *^°? vhere nur papers can 

Maiden flight ■ Record price tor a cello ’SCitS,, 

by Harrier .- % >v «*««u judge ' ^';i;v ,h S mil, 

THE PROTOTYPE of a new WHAT WAS possibly the most record price for any musical ' A 'ben newspaper.? of editorial 

verrion of the Harrier inmp-Je£iJ5S“?tnH twI important sale of musical instru- in'-t rumen i. excellence are eftinemly pr^ 

fighter, tbe AV-8B. its I * L ndti* menl5 ever he,d wai! inducted There »a» strong Japanese dueed and Isold by well-paid staff 

maiden flight at the St. ‘Louis, ! 52f li 3S d SroSSSsili^w! by S otheb ^ 5 - in Lc,nd , on on '"' ed - bu - vin 3 at ihe well-attended using modem equipment. 
Missouri. _atrfield of. McDonnell j KSJf ^ rI S?fh?M ™ n « d ??. * W*. 1 ? ^ 


Douglas Coi^Oration oFthe US. ! Cached to*«oSiVSMK was suces^ful a, TllSSS fora. - .. 

vesterdav. wor^^vat^l^OOff tonn^ ia sum js douhlc the previous gold and tortoiseshell violin bow; J 1 limit 11 FC HIOV 

This version of the Harrier ; 0 H Th rS 8 (Wi t^^ e 9 n ’ 0 u n 1 f0T such an event and made by Francois Tourte. Paris : 1 

has been developed by 1 tormcs a eek 818 lots were involved. in ISIS— another world record: THE Furniture. Timber and 

McDonnell Douglas, in- conjunc- 1 * - ye ^ r earJier - \A s reported in later editions price. - Allied Trades Union liiteri it*, 

tion with British Aerospace and 1 : OutpjrT for the first 10 months yewerday. Peter Biddulpb paid Silver sold through the same . industrial action against Furni- 
Roils-Rovce!; for the U^S. Marine S of 19T8 by both the public and £145,000 for a Stradivari cello bouse yesterday made £30.454. tu re manufacturers and rt- 

■■ sv. - jJ •.■j- CWlKK / 1 T 1 IJI nn /1 fl H IVlfl (r,y . f’llur. 'OlA -Inn nrino l.-nc- Cl ORA n n..jHA« ...^.> 4 ... .....II 


THE THREAT of a national rail 
dispute worsened yesterday 
following rejection by ASLEF. 
the train drivers' union, of the 
recommendations on special pru- 
ductivity pay men ly made last 
week by an fodependern inquiry. 

Tiie unions executive ruried 
down ihe proposals of ihe Rail- 
way Staff National Tribunal for 
a sectional productivity payment 
solely for drivers ur British 
Rail’s High Speed Train. 

It had claimed a special pro- 
ductivity bonus for all drivers 
in relation tu what it believes 
to be improved productivity over 
Lhe past four years. The claim 
was suhmilied following special 
payments made tu train guards, 
whn are members of the National 
Union of Tiailwaymen. 

The drivers' union said yester- 
day that unless a satisfactory 
offer mi a special bonus was 
made by British Hail this month. 


the union would be in dispute 1 
with management. 

The union is seeking a meeting 
of the Railway Staff National ’ 
Council within the next week, j 
The executive w ill then discuss - 
the position again. British Rail ; 
said last Digiu it was trying to 
convene a meeting uf the j 
tribunal as soon a& possible. 

Soul hern Region drivers have 
already called fur a series or 
one-day strikes from November 
-J. 3nd two-day strikes from , 
January '2. 

Feelings among ns members, 
on the issue was qui'e strong.' 
the union said. However. Hit-; 
militancy among Southern 
Region drivers has not been re-j 
fleeted »o far iri other regions. 

ASLEF also wants the pro-j 
posais on a national productivity 5 
d**al. recommended by the iri-: 
himal. to !o» discussed by the : 
Railway Staff Nat tuna! Council.. 


Four-day week need not 
cut output, says Gorraiey ; 


supplement more than 100 of the' wreeK— a reuucuon of 3.3 percent Deiongca 10 xenuai Aienunm. ii.inu ror 

earlier version of the "Harrier, ion the same period hist year- The Stradivari made a world piece tea 


set- ) this month. 


BY ALAN PIKE. LABOUR CORRESPONDENT 


TUC talks ‘could place CBI 
support for pay policy at risk’ 


BBC writ for cinema 
groups after film row 


BY ARTHUR SANOLE5 


nv oi m ikim icnt al staff LEGAL confrontation between Some time ago the BBC put 

BY OUR INDUSTRIAL 5 AW . ' the BBC and the cinemas in the up £280.000 in “seed money" 

A WARNING that the Govern- deliver moderauon by their said Mr. ureenborough. . form of EM j -md cinema for films, believing that it cmild 

ment may lose. 'employers’ sup- members is in doubt but tney • An impartial board set up to : Exhibitor's Association moved a enow them before lhe normal 
Dort for its Wly policy because r,s ^ ^ 0SU3 ,f >“ e support of “iron, out the anomalies in, stage nearer yesterday with five-year "break time.” 
n f ialk« it ii havlnp with thp ^L e . mp ^ loyers. wages has becoine mcreasipgly : the issue of writs as a result of Seed money is cash for turn- 

of talk* il ls Maying wiro tne This echoed vuews aired eariier important. Mr. Roy Close, direc-, EMI’s refusal to consider for in>; a raw book or idea into a 

Tue. was issued last rngnt Dy me this week at the confederation s tor-general of the Britisb insti-: general release a film initially Him script. 

Confederation , of British- Indus- national conference in Brighton tute uf Management said last, funded by tbe BBC and which ■* Agatha" is ihe film con- 
iry. /•’. where the possibility o£ increased nigbL it wants to show on television corned in the court action. The 

Spetikiog at-a chemical indus- price controls w?as sharply Tbe board which should be three years after Us exhibition BBC seeks to show iba! the 

try dinner in London Mr. John attacked. . made up of trade union, manage- in cinemas. aciion of EMI and the exhibitors’ 

Greenborough. the conJedera- “We have warned the Cbaii- xnent. and political represents- Behind this legal dispute lie ao-ociation whose policy EAII 1- 
ti«»n'.« president, said: "The cel lor already that any lightening lives should analyse, comment deep divisions oF attitude. The fnilnwing. are restrictive prac- 
(Tuvemuiem will hoi. get much of price controls will be regarded and provide a national perspec- fitni industry thinks that televi- licet 

front the unions w'hose ahiilry to extremely seriously by business," live on economic affairs. sion use? old cinematic products The BBC has funded 13 pro- 

_L to kill the industry which pro- being made now in wdiii- 

- duced it. while television be- lu-n to "Agatha.” » film. Shcr- 

- UK -freight forwarders ! stock Exchange^?;.* ‘"sy o ™; 

S? ' ( Britain, with stricter rules Lhan i"pber Plummer, has been enm- 

fortunes ‘could decrease’ raises less r us 


NATIONAL UNION of Mine- 
workers leaders will meet the 
National Coal Board on Novem- 
ber 23 to press their *10 per 
cent pay claim. 

The union is seeking to in- 
crease Taee workers’ basic rates 
from £7-S.44 to £110 per week. 
<\i:h proportionate increases Fur 
other grades. It also wants a four- 
day working week and is instil- 
ing ihai lhe next settlement, 
whien will date from March, 
should last Tor only eight 
months. 

IF you want lo run a coal in- 
dustry you have 10 attract ihe 
rigbl type uf w orkvr*." ■■jaid Jut* 
Gormley. the union’s president. 
jcMerday. 

The NUM bclwwd that us 
claim for a four-day week v- :n 
in tine v.lth TUC policy and 
tt'iulrl create jot's, wit hum new— 
rjiiJ} Iodine; In ;,n inm.'!i%e in 
prudui'imn costs. 

Leaders ■ if 3:5 uno ir.it iun:il 
new -ina per pri men/.*, and ivlnied 
workers mei employers yesu-iday 


for Further talks on tiieir 15 per- 
cent pay claim. The employers! 
— who calculate that the lota! j 
claim is far more expensive lhan 
the straight pav element — asked 
for further details from ihe | 
unions. 

Negotiations a rr likely »o: 
begin in earne<M at lhe next | 
meeting, on November 22. j 

Nlrk Garncrt writes: Briii-^li | 
Owrpii's gases divl-ejon apreod 1 
yesterdiv to further nay talk?. 
ppM ThuTMlav. fnUo-.-ip'* rejw- 
i»nn hv mass mppiin^- of vn i-' 1 
to 9 per cent r»J*v offer In its 
goon drivers and cas cylinder-, 
h.^'llr-x. 

I r nion rw'cnt-^rur. ho‘ , p 'ii in 0 **! . 

nPHripK nf XHrlmlin 1R T"»1 -m 
irm h-. ^ fit -0 

manual vorkr-i-j ,.f an niW r-i 
f* w •-ent i" hie her 

«n" -mi. 

Pay i-rlLt -,i p-'il n<* 

n»-v« V'o(l'i,i i (|.,v lli'-il Ilf I ho 

r-i-iniial l-ihrmr fi.--i— ,1n -n 

the i-n 111 pane's ,nr'.rhii'i|v;|\ pro- 
;-u-aK 


clash on 

strike 

support 

By Pauline Clark, Labour 5tafT 

UNION LEADERS: ami em- 
ployers in lhe nationwide 
hread strike were engaged in a 
sharp cun llict uf \iews yester- 
day over ihe level or support 
being given by bakery workers 
to the action. 

Mr. Michael Rogers, director 
uf tbe Federation of Bakers* 
representing (he country's two 
biggest bakery combines, said 
more workers were going hark 
to work ami that about fit) per 
eent of normal bread supplies 
were reaching lhe shops. 

Mr. Peier Davies, chairman 
of the Mother's Pride bakers. 
Ranks Huvis McDougall. said: 
"Thr drift hack to work, while 

not yel a UovwL is accelerating 

alt the time." 

Allied Bakeries, meanwhile, 
claimed tu be maintaining 
40 ner eent nf production, and 
-.aid thui union members at 
seven plants — Crawley. Worth- 
ing. Exeter. Barnstaple. Sn*k«\ 
Leicester and Bradford — were 
working normally. 

At the Sunblest bakery in 
•Sheffield. 4011 workers decided 
iu return lo work on Sunday. 
Another 40ft workers at Ihe 
'Winibusli bakery in Small 
Ilealli. Birmingham. al?n voted 
fur a return lo work but shop 
stewards are seeking Ii* 01 pr- 
turii litis decision. Elsewhere 
in Birmingham. 300 workers at 
a bakery in Gam- it's Green 
luted Vo resume work today. 

The Bakers’ Food and Allied 
Workers Lniun. however, con- 
tinued to deny siren no us I y 
(bat support Tor Ihe three-day- 
uld action was fading. 

Mr. Terry O’Neill, president, 
said: "Wc are quite happy 
with the situation. There is 
a tremendous amount _ of 
actii liy on the picket line.” 

The reiteration increased 
pressure on l lit.* union yester- 
day hy giving notice Ihai it 
would not support lhe posl- 
entry closed shop agreement, 
in a letter to ail employees and 
individual employers, it said 
that any workers who were ex- 
pelled from the union For noi 
joining the strike would noi 
lose their jobs. 

"We will stand by all em- 
ployees who. hy working, are 
doing nothing mure than 
honouring lhe agreement that 
applies iu the. industry." 

It was reacting lo a union 
warning thal strike breakers 
would risk hating their union 
cards confiscated. 

The strike is in support iff a 
2G per eent pay demand- 

Engineers’ 
union warns 
on disputes 

By Alan Pike, 

Labour Correspondent 
THE Amalgamated Onion of 
Engineering Workers’ Execu- 
tive has emphasised to ils 
members* that it will not pay 
dispute benefit if workers go 
on strike before a full-time 
official has been called into 
negotiations. 

A firmly worded circular 
has been sent on lie half of Mr. 
John Boyd, general secretary, 
to all district secretaries and 
divisional organisers. it 
appears to reflect lhe deter- 
mination of the moderate 
group which now* controls the 
union cxecuthc to curb un- 
necessary unofficial strikes. 

In udditiun. lhe cost of 
financing strikes is heavy for 
a big union like Ihe engineer- 
ing workers. In Ihe past three 
niunlhs. it has paid out more 
than jKJTM.ftOU. amt ihe weekly 
total is rising rapidly 

Mr. Doytl fells hi> cfli rials 
ihai the decision noi Iu pay 
hem-til unless u run-time 
••ffieial has been railed in 
lief nrp members s(op work 
applies bulh i<> companies 
roiered hy the national pro- 
cedure agree men 1 and I bos,- 
which arc noi members of the 
Gimineering Employers’ Fed- 


Chemical industry 
may export 8% more 


FINANCIAL TIMES REPORTER 


c freight runvarderb w.w new money ! Chemical industry 

companies have only a slim foreign companies. Subsidiaries O/T*/ 

chance of increasing their present of British companies showed a (NEW- MONE\ raised on the |T|3V GVilOrf" ci/f) fTIOrf 1 

SO per cent share uf the air cargo profit rise uf only I” per cent : Stock Exchange id the Em 10 1 M.*A**J t. \J f \s 1I1UA V- 

market, says u new freighl-for- The highest increase in profit] months of this year totalled; FINANCIAL TIMES rfpootpd 

warding survey. was recorded by PHS . Van j & gg ba ^ ^ ^ down 0Q . mnanuac iihq reporter 

Freight fonvarders were also pmeren (London) wth a raised in the cones- i THE CHEMICAL industry's 14 per cent in real terms, he s-aid 

unlikely to handle more than from £l..ra in 19.6 to .b-i astj T, er iod of 1977. J gross sales are expected to reach at tlie assocratiou's annual meet- 

thetr exisuog two-thirds share of year. Much of this lncic.isc camo.P nuin^, pc 01 . nsibn this year. wiUi a 3 per ing in London. 

seaborne trade 'to and front UK from dividend income, a no repre-. fa{J in iSaUe VO ] U , tie . C eoi rise in the volume of pro- Export sales in 1977 totalled 

poll's. seated profit from tntcie. largely reflects a drop iu new- duction, air. Siuort Woodhams. .some £3.Sbn and the industry’s 

The repuft warned that next side freight forwarding. . I outgo Log president uf the il.-iabn positive trade balance 

year might see a downturn in the Brown Jeakmson and -7., ‘^ hUes 10 011 [Chemical Industries Association, sceounted for more lhan a 

fortunes of UK freight reported u probt of C-Jb-wO- front ill.OSbn. said yesterday. quarter of the overall UK 

furwardew and that there might: gainst a loss in 19 fb of - ■ ; v„. , « QUJ . V raised bv British Chemical imports were grow- balance uf trade in manufac- 


University workers joii 
queue for 40% pay rise 

BY PAULINE CLARK AND MICHAEL DIXON 


tu rwarouiN. unu lutii misui ^ s ew e quilv raised bv British . unemteav imports were grow- balance ur trade tn 

nut be room for the ur.e-man The greatest fall Jo prohtj i J ' ^ in- yet the UK industry’s tiffed goods, 

company which handies import fell by Rankin Khun 5«™** sn,es ^’ am ^ 10 ”®‘^ m **• 1 volume or exports would increase Investment ibis \e 

and export documentation only, down- front £318.000 in 1 yl ’t : £S1 vni in the first 10 months or 5 p er cenl and investment bv likely to exceed £Ibn. 

private companies showed the loss of jTl^m last year. , Lfr"— • 1977. oversea^ issues toialled ’ 


ibis year seemed 


greatest, improvement in' profits in Eggan Vorresier / B ! £1.15 bn f£L\23bn), Irish Govern- 

iasi year over 1976. with a rise fell from almost lint l f | '.TL* ' * ment slock £592 m c£738nn. and 

a.^,> 

50 per cent for UK subsidiary icicle Place, Londott M Boards stock £9lfim itl.Oibm. 


Britain warned of slide 


BY LISA WOOD 


Civil Servants angry 
at pay claim order 

BY PHILIP BASSETT, LABOUR 5TAFF 

CIVIL SERVICE preparations for The issue directly aflects 
a fight over pay this winter were aooul 150.000 civil " servants, 
fuelled yesterday when it hecarae about a quarter of Britain's 


UNIVERSITY manual workers, 
including porters, cleaners and 
cooks, yesterday joined what is 
expected to he a unilde demand 
b*-* suiiie i;m public uniplov-i-s 
this y ear for a wage rise of mure 
than 4IJ per cent. 

Untun represeoiatnes of 24.tiUU 
weekly paid university staff have 
ubminefj a claim for a ib'U 
minimum wage compared with 
the presem £4L'.4(.». They are a ho 

claiming full consul ida non. 3 35. 

hour week, longer holidays and 

increased shifr paymt-nis. 

This follows similar claims 
from Lint local authority manual 
workers and 250,000 ho-pital 
ancillary staff whose demands 
have been accompanied by 
threats of co-ord trialed industriai 
action after Christmas from the 
National Union of Public Em- 
ployees 

Meanwhile the Cuiern-ucnt 


has been asked to end an inler- 
uoion dispute h\ utwitshtR- 'he 
National Union <ff T«*jcliers' 
ahsolule majnrny on Mie 
teachers' side -if ihe Burnham 
pay-negotlatms com millet?. 

The LM.OOM-111 ember National 
Associotiun of Head Teachers 
one or several union? repre- 
sented on the committee, wnis 
the ca«rin^ vote v»". ih^ teachers’ 
side lo be ?iven tu aD iudo.ien- 
dcnl '-han man. 
l-iirtur broiiiji.ds by Min. 

Shirley Williams. Education 
Secretary, the NL'T would retain 
its dominance with I'« « ,f the 30 
seals on the uniuni’ pa r, *?l- 
Thi* 110.000-meiiii'er National 
Association uf School m:i?i era 
and Uniun of W.imcn Tea vh era 
— which like Hu 'T'T !■« t-ress- 
ing for “special <. i?-.*” ircaRuent 
for schruil st a ff in the uay 
round — would have .-K i. 


I Sliotton case 
for £26tn put 
by onions 

THE*TRADE union ** action cum- 
niiUec ” at Shollun s tec i works. 
North Wales, yesterday put Ms 
ease tu leader? of lhe TUC stee! 
industry cum mi live for a il'din 

inve.stmeni in provide three 
lamleni lurnaecs and cut the 
[cu-i nf st*;el nia King. 

Union official a! Mu* plant 
Tear the loss-making Bniish Si eel 
Corpuration Aams tu end sieel- 
1 making ai Sbuitnn at a vot-l of 
about half its 10.1H3U jous. 

Mr. Neville Evans, of the 
I Electricians’ Union and action 
cumin Mice treasurer, said BSC-* 
idea of Supplying basic steel 
from Llanwern in South Wales' 
and . Raveiiscraig in Scotland 
would he inefficient ^nd destroy 
Shulion’s tradition of re<nonding 
quickly to :i wide range of 
cusiciiiier needs. Thp worker? 
were not prepared tu be bought 
out uf their job? j 3 - they have 
been at other works. 


Equal pay victory for bank girls 


dramatic economic 


vesSrSofby Sir -Antony capitaLThe min problem^ services. 

J^5 & y y oonro- hn«U In fiipnnr'ilo tVlP lliuintcnancc UTLII. 


I Ira tion. 


permanently damaged Civil Ser- 


Sir Antony, giving^ tbe 


iiuo^kou- _ J- - ... iWpif ? n t prt jcu in tne vrtn*RPW«r. union- int«.au ui un 

trial manaRement and new j.u n»w ^ be suggested muWpUcity of unions, 
uidi-i jp WnitenaiL 4,1 


in 1925. 


unlikely. 


TWO WOMEN clerk? veeicrAiy 
broke through a legal barrier tn 
a £3m equal-pay appeal on behalf 
of 14.000 Lioyds Bank women 
employees. 

The Employment Appeal 
Tribunal ruled that women under 
25 in Lloyds were entitled to Uie 
same 5 per t*enl extra given to 
their male colleagues to cover the 
pier’s pension-tuml contrihiitirpn-. 

The dccisiun voubl cm* t be 
v.umen mme ni'iney in their poy 
packet > than Hie men— -.became 
at present u omen dn nut i-ou- 
tributc- to Lluydt' pcasiun fuuil 


before 1 hey reach -■». 

The National L’umn u* Bank 
Employees said later that it 
wuuTd aerue to a rules cha nee so 
that women under -5 rt , nlrtLiited 
in the fund like th*ir !11a,e 
counternarts. 

Tbe appeal iri!"ii»a f held that 
a ■* pension evclusbin clause in 
the Equal Pa; A, ' — ->'2iu*h -ay.-* 
equably flmalii n«*l up*- cal* 1 iu 
lernv* Of emninvmeni n*la!iii-j tu 
(i«-a>h or rutircncni-— d ; 'l Put 
upuly *•> I hi* <itua*lon :,l ! b.jd?. 

l\ had been sialcil that the 


increase, plus back p:.y. to thy 
14.000 women affected by the 
easy would cost Lbyds over 
fSm. But ihe women are un- 
likely lo see any improvement in 
their pay pockets fur some lime. 

The bank is expected to riial- 
l»*nce 1 he rlHfirion in 'he Anpe^l 
Court and ilui could t-:ke .weral 
montha 

The siopea! in I >1111:11 ail«'«e r ! 
an appe-ji hy the iv.c '••* , »inen 
a v.'ii Hat an mriiiririai tribunal 
(li'i'Kiur* I'f-wr-ing their pica lur 
equal treatment. 


i'V' 


- ■ .■ .■ jw-J . : l j" •* y > .*f v= 


v -^Fmaiicial. Times 




I’ARLI A M E N T AND POLITICS 





.-. •s»"rfir' ••— 


Too much 
talk ‘can 


" ’.- 'T: .(t^T£ ;%- 


.'y.rx'-.- ,;vr:v T xV_i 


move prudent and nght-~§§al©t 


BY 10HN HUNT, PARLIAMENTARY CORRESPONDENT 


a* 

# 

;$■ 


hit Ulster 
car deal’ 


MR. DENIS HEALEY. Chancellor 
of the Exchequer. last night 
defended yesterday's Increase in 


Minimum Lending Rate to I2i 
per cent as ** right and prudent." 


By Our Parliamentary 
Correspondent 


He claimed that it would still 
allow for the essential financing 
needs of the economy to be 'met 
at the same, lime as holding 
inflation at its present level. 

The Cbaoceilnr also announeed 
a “slight tightening" in the 



that the Government will be pub- adopt unnecessarily deflationary On pay policy. Sir Geoffrey fiftea ' allowed . .itself to- be a 
fishing a Green Paper setting out policies. If the arrangement said the country did not ’ Know means of imposing the views 01 j 

the arguments for and against was to be durable it must be where it was going. .Was there; Si? toad cap Left on society as . 

the “supersnake.' 1 significantly different from the still a 5 per cent wages limit, dr ejwhoie,” . • • 

"i cannot conceal rmn. the existing joint float or M snake." were we back to free col I§ctive '.. ? .^j 1 j 8 Government in every 

House ihat we have °^ri ills Mr Geoffrey charged that the bargaining? Sir - Geoffrey Jadyi^ fi<fa ^Ss ^ebed the endynf the ■ 

doubts about the wisdom and Government had been forced to. was a return to realistic and. r0a « ^ hey are following a. 
durability of the arrangements at drive up Merest rates to produce responsible collective, bargalo- dhtch of policies which make no 
present proposed by same or our money needed because of log " - - Vkintf of sense even to. them.” . . 

European colleagues. But I hope t*, SP6 d - 8 *?- « rr °^ ih’ d Free collective bargaming, was:. :Jir : Healey had once accused 


BY BL&QR GOODMAN, 


I"ci^?nT/commo r os U dm ai '; SSL 


curuKM" colleagues. bui 1 nope ° ~7- - . j free collective onr^uung.was.. «eau?* *«»*• f c . j • ... . -- 

that we shall be. able to resolve . Ttu: Prime Minister decided j rrespons jbte. because -it ^d- sqtimXabour MPs of being out of . ■ ^ ’ w ' . 

these problems in the coming was not taking advantage of - savage consequences pn-thosci tbeir- •'tiny Chinese mhids. yURTHE.B.Eyn3ENCE--th^the 
weeks. the boat that had been designed •, ~ nibrittn* WTfh . ,! W&d is out of whose tiny Gove ramefit would meet .strong 


■ of (he financial arrangements 
eniered into with the De Lore art 


supply over the coming year. 

He was leading the Govem- 
menl cuiinler-allack against the. 


- v^,Kn m ^I^ Ure of Conservative attempt fo press a 


of ^ensure tm ihe fiAal day 
Mr. Don Loncannnn. Minister rt r c ngo ,h 


-At ci -v- t , j , , , of ihe Queen's Speech debate. 

vp? a ,u' n th t®. rn rf!r e if«?r'« 10 f Mr. Healey claimed there has 
• ?k Ps } hat ear \ d sc osure of n0 vi been a susbtamlal improve- 
Ihe arrangements could put at nienl in ii, c real economv and. lg*Jg 
■n.sk a lot of neqouauons. dismissed what he called the " 

He was challenged hy Lon- “mournful bleating” of Lhc 
servauve MPs over whether the opposition 
■ pr 5 e 5 l J had been „ P r ®nerly SJr Geoffrey Howe. Tory 

Ttl! ed ? nd "as stnuidlv based, shadow Chancellor. pointed out m - 

They also asked what strange- that Minimum Lending Rate was Mr, DENIS HEALEY WW i“* fl 

menls had been made Tor any nOW higher than at any time j j \ 

-losses to be borne by the tax- since the Government took office ....... 

^ a ;" er - apart from the three months’ bad been below the bottom end wjilip niwt 

- -Mr. Concannon accused the er i s j s period or 1976. of *he target range. BT PHUJP RAWS 

•■MPs of “pessimism to the “The truth is that the con- They were probably -nearer to ui\imiim LENDINI 

extreme- He said he was not ,; Unicr P5e udo-boom that the * P«’ eeui titan S per cem. This h ’ raised as nar o 

-Xpecting losses but success, and Chancellor so carefully designed had offset the higher growth in n j enr - s an Li- inflation 

..the project was a great oppor- f or the election lh3t-never-was the list months of Llie prectitiins j lr r ame « Calia^lu 

.tunlty .or the people of has now been kilted stone dead.” banking year. Commons \eaeTdav 

Nor. hern Ireland and other declared Sir Geoffrey. He bad now decided that the ™ „ T' 


Mr. DENIS HEALEY 


weeks. - the boat that had been designed , invoh'ed “ Oiie iWngW’rfd “ Who is out of whose tiny Goveremeit wouW oieef .strong 

“ We start from the firm belief b >! Mr ,- h Heale >- „ «• decided to J 0 j nec ^ ^ a return to tighter Chtoese mind? More .Jan most '.oftpogtion Treto AJ NMJMr 
ibat Ihe EMS must not have a llllss 11 becail se be did not trusj = controls the tighter UAias PaDeots who meet tneir p*ycbia- ers-ifjt -.tried. To trire ^ntstn 

buHt-in deflationary b°Ls f he '»• How right he was. it wlU g" c n e prieeshSe^L the Chancellor seems to into fhe; European Notary 

economic and financial ohli«a- ne'er come again. . risen” .iacjc true insight into bis eoddi- System, cam ^yesterday ;WHh ; two 

Lions must fall on * sironaer Economic and industrial pros* n . t u - tion." .- • fresh'.Jpitiptlyes^m Weslnjmsler 

cou nines no 1»« than the weSke^ reels would not be improved by He called for a . u natlonld' , Xhere had ,o gradual reduc- m kttt lhe Idea before lt. geu 

countries no less man the weaker ^ , ale£t increa:ie . sir Geoffrey debate" on the need for atnke . Woljzf the growth nf. earn bias off the ground. ; 

If this did not happen then added. baliols. There was a conspirtcy buf dlri that mean the .Govern- Mdre than one-third, of . ihc 

2reatcr stability . j D exchange “The figures arc as dismal as of ulract on ihe subject ment had t0 intervene and fix p a rIiamexjtary :Lpbi|ur.^ Parly 
rates would be achieved onlv v>v they possibly can be tf one looks among Laoour ^ps. • ■ -. every pay settlement at a par- ^<>4 a m0 Heo reJegUng Ute 

1.: .1 ... 1 . t ihn wi-nivl " “ Thf- Xu hour Partv has ‘ ... ... -- _p-- d^i<.-w' 


making the weaker countries at the record.' 


The Labour Party has ticular level: 


We did it to beat inflation— PM 


BY PHILIP RAWSTORNE 

MINIMUM LENDING RATE had 


Mr. Callaghan said that world through into prices.’ 


as not jjunicr pseudo-boom that the * P®* ^ eul Jan 8 per cem. Tlus - neen fais^ as part ofth e Govern- conditions had prevented a reduc- Answering Mr. Terence Higgins woultj. be an erosion nT our thpv ciainw 

and Chancellor so carefully designed had offset the higher growth in meat's anti-inflation measure-! tioo In the rale. “ il may have (Con. Worthing), the Prihje.ecdnemlc sovereignty.’’ he said. lh « f^line-. a 

, °PP°r- for the election that-never-was the last months of Llie prectiding j| r j ame „ caUaghaa told the escaped ihe Conservatives but Minister said that the financtaL, ' Iftt 1 * Callaghan replied that tfS^aT 


pp ticular levetl * . idea "of Britain' “joining . the 

system and calling On the Gov* 
' ’• jar ernment lo retaJn control of tlie 

lV ^ I M |%/l ' country's- econoihic Eplicy; . . 

■ I 1 W ■ The motion's .spun sore included. 

. JL -L ▼ Hr. Brian Sedgcmorc, v^bo was 

v- : -I : v . . sacked^ earlier - this weck ’as a 

V . .PPS foc ^uoting: from a. confl- 

.. . deutial Treasury document on 
.' .->-e^oppesed to membership. It the systRqi.. -J -■ - 

bs would, he an erMtoii -oT our. . Tbev tunned Tastnigbt-that 
ije. .economic sovereignty, he said. . ^ fe'elfng-v against "the system 
Callaghan replied that wt <hln ther.partyr wflS far greater 


companies there. 
^.‘‘The financial ar 
'entered into with the 


- • -- . . . - - r-T,. D_|— j. III llir uuauiuu UI UIV UW1I»| KV U| U». VV4W-.-IMVUVSH --UI Uiltm . UkUtlliKC 

Mr. Healey .told the House that target range for the U. montilts to Prijne Minister marie <t an j ncrease j n S horl term ' arise during the winter." : ' . \ieroded already. 


there has been a certain lurhu; markets were “ Uncertain- -about., Tloveraraem. . control . over 
lence in the position of the dollar possible consequences that might , exchange rates had been severely 


the number . 0? signatures 


rrangcmenls the increase' in lending rate had the end of October 1979 should dear that one of the ni3in Merest rates.” 
e De Lorean t»en taken with his approval. A be 8-12 per cent. reasons behind the move was 


indicatSiL ■ . . -f . . 
The Sponsors maintained, that 


teresx rates. There were a Dumber of uri^-. A. .^one of monetary stauuny. at j^agc^afCThe memberg of the 

The MLR increase reflected certainties including ihe strength, “respective of the mems 01 inis- coveentDerii had similaT:re?erva: 


:%ESiV- 

Jijiim 


parties concerned. 


tnmpanj anout tne extent to term market Tales to- rise on aver- h ad now learnt from ils cnlleciive harsalninc.’' ' burden.. 

I'il'fi 1 Linvernmc,nt may. by age hy three-quarter percent or experience. Amid laughter, he added; “If The Prime Minister conceded 

agreement, make known the so— some more, some less. It was consider ms with the w*? weren't. T promise xou some that the Government's borrowing 

nasis of toe assis ance provided Turning to money "supply, he TUC whether il would be nf the settlements would he a lot requirement determined to some 

in ivonaern Ireland. " eaid the growth of MS (the w-ider unssi hit* in intrnriuco nmr» flovl. a i rr* m n t tm m uam cvlent lh*» level nT interest rates. 


D n tk it 1, il- '2 ^ corbe ta,lf8 afMult f w ? rW - associated wfih Tribunites. gisoa- 
Mr. Ron Thomas (Laly Bristol .-monetary system, making it clear , inefuded not only- welL- 
Hinwd .the Prime 3Ti n^ier- thatje was am seeking tu “ditch opponerts of the EaECliite 

at s majority of Labour ifPs- the UMS-" . Mr. BTyan Gonld, aobtherofthe 

v ‘ - sponsors.', and Bits. \ Barham 

Next: week’s business : 

- * - Watkinsdn. ... ■ 

COMMONS Tuesday: Electricity CSpotJandV’ Labour’ MPs were, - yesterday' 


Tory attacks 
seal cull cost 


seal Ctlli cost ji 1 ,he la ? r tw '° years when **** col ?. Wnced thal Ihe -•» fi« r cen! cne-s to a three-legged stool. child henefitsf enlargement display and priejng Wednesday: Debate on- ’ the ': ftScdd for Ihe- oam-’fi fnflu- 

THF ciTAf ,.u: l, „ „ . Conservatives were in power. policy was the best way or con- "We intend to use them ail 10 Mr. David Steel. Liberal leader, of foodstuffs and on groundwater - growth of “Quangos." - ' - en tSrhome nohcy-cOnwhSiee. 

THE SEAL cult which was called Domestic credit expansion had trolling inflation. keep inflation down. The country suggested that ir the incomes pollution ' “ ^2/ - quangos. 0 . u S 

’IS:? 2? Th f ™C. on the other hand, ha, cot to mate up -it, r„ind policy leg of, the Govermueof. _ Wcdocidi,: Debate : -iff wS'LS &un : 


cvpensiv 
payer." 
Shadow 
te relay. 


^prrpt&rv in a IpIiph in T-»- aeiuemeuis t-wnsisiejM. wuu me vvnemcr uiey wiu ue reaa) u> lei i-ugic uues not cover an Jno iteaains: ass is Lance -IW 1 ' / 

kirv:, VP i PrtO rtfi hi rlrLcuH cent - In Hie second year, -it was control of Inflation. inflation rip. I political decisions," Mr. Calla- House Purchase and Improve*, a* 

Clili II. a Wniln nZwnu overshot, ending at 16 per cent The discussions had been " The Government is nor read> ghan replied. ment (Variation of Subsldyi” 

Jiff mirth SMiisnd iih»iv in t -' om P ared wtth tt target -range of marked by a growing determina- lo do that: we shall take all As far us pay was concerned, order: EEC Document on Mte-V.'6 : 

be ie<s ihan J 9-13 per cent tion to discover and refine areas necessary measures." he was stilt waiting to hear from leading and Unfair-advertising;- - ^ 

Mr' Tavlnr said" "This com The Chancellor stressed, how- of agreement consistent with Mrs.. Margaret Thatcher. Ford about the likely effect on its Friday: debate on the report of r.'-> 

panv’ sailed across Ihe North ever * that il was underhine the Government's objectives on Opposition Leader, said, ft at ihe prices of the company's pay ihe Royal Commission on Civil 


Cabinet committees 




Sea.‘ twiddled ihcir thumbs off f al * of grow-th over a period inflation. 


last time MLR had been^ raised, offer. 


the Orknevs fora few da vs and llut mattered rather tihan the The Chancellor dealt at some Mr. Denis Healey had predicted "It see uts very unlikely that a 
sailed hack 3 -ain The cost. I ,evel on a particular day or leneth with the proposals for the that it would come down again company of that size should take 
am sure will ^nut be less than establishment of . a European within a fifcw weeks . "What a decision on pay without know- 

He reea Lied "that he h«i set 8-12 Monetary System. He confirmed went wrongthls time?’.’ - *— ■ — * 1 ---- 


Liability and Compensaaon for 
Personal Tojuryj ' 


'^^*§111 


’.vjkiiii* 


isrour 


£20,000. 


per cent as the target range Cor 

a , the growth of MS in the 12 

II Finn lie months ending with April 1979. 

II UUUU3 FuH Ggurt * fr jr the six months 

ORKNEY ISLANDS Council Is to up to last October would not be 
give a £10 Christmas bonus out of available until next week, 
its Nonh Sea oil revenues to But it was clear from -the pre- 
p^nsioners and also to widows liminary figures -that the rate c-T 
w>ib pensions. growth of MS during that time 


ing in advance how il will work Bill. 


Thomson 


Wilson 


BY IVOR OWEN 


To bet 

or not to bet- 
tbatis 

the question. 


growth of MB during that time IF NORMAL Cabinet .procedure? Uwf British oil was being to him. was never seen by him. 

- had been followed. Sir Harold darted to Rhodesia through “Given the fact that he <aw 

.. *.■ Wilson should have been told in Mibzaiubique. the Iac» had been the record of the earlier talks 


195S that sanctions had been reported to the Defence and the year before in February, 
breached and that British oil was Overseas' Policy Committee of 1968. sixen the fact that he him- 
rcaching Rhodesia. Lord Thom- /lie Cabinet— “a committee seif as Prime Minister had 


i reaenmg t.noarsia. uirn rnom-yue Cabinet— " “ a committee self as Prime Minister had 
son of Monlfieth, former -Com- /under the Prime Minister’s chair- generated a very importani 
monwealth Secretary, insisted iiv k mansfaip." ■ correspondence between our 

the House of Lords last nighg He explained that at that time O&ices on -March 15. and jjiven 


In a forceful speech in a di- ij had been accepted that the ,he Importance of the conslderii- 
bate on whether sanctions should oil com panics were acting in I,on llie Defence and Over- 
be renewed for a further year, good faith. . seas’ Policy Committee of the 

he directly challenged some'of Lord Thomson told peers that Cabinet, the record of ibis 
the statements made by the for- the main Lines of the Goverfi- particular meeling • certainly 
I mer Prime Minister in the Coin- ment’s policy in the face of the 0U S hl lu have been regarded as 
.mans earlier in the week, when very real dilemma which the a mosl Important paper." 


he told 5IPs that he first heard sanction breaches presented was Tboroson went on to 

about the sanrtioms-busiiiig decided collective lv " at the hish- a . r lhe former Prime 
operations last April. e*! level" " Ministers suggestion that be 


The first question you should ask vcurself a-: a 
serious investor is - should I bet or should i, in fact, 
not bet at all?. 

We can give you the answer. . 

The Computerform Club, established sonw 
thirteen years ago. is the product of disillusionment 
with tipsters and guesswork. 

Our racings are based on factual measurement 
rather than opinion and conjecture 

This way we narrow down the angles statistically, 
and tell you when to bet and when not to bet 

i hus we save you time and money and at the 
same time tell you when the odds are in your favour. 

Our Daily Ratings service has an impressive track 
record on both fronts, throwing up as it does what 
we call 'Pure Double Too Rated' horses, and at the 
other end of the sc3le the many obvious .and not so 
obvious b3d bets. 

Our strength lies in quality and not just quantity 

And we take ourselves seriously 

We offer an exclusive membership for 
individuals who take us equally seriously on an 
ongoing basis. 

we don't subscribe to one day miracles but 
rather to a planned and calculated programme or 
Investment. 

What we don t do is to tell you how much to bet. 

In the final analysis, that’s down to you. 


Lord Thomson stressed that The poLlcv Mi-n deteruiiued nr ii^ tnuI ^veruaiiscd the 'ini- 
e Bingham Kenort made it had hppn fnlimverf f„r c. n » a i-.ma plications of what was staled m 


: the Bingham Report made it had been followed for some time. P« wllw J“ °» ™ r was 
I Clvar that the full record or his including the period or the so- lh « /S’? £ thal 
iwo Wlks with the oil companies called “swap" arranaeiuenu! * . lil ! nk t . he r D e . LOr > i 1 

in Februarj'. 196S. and again in Lwd Thomson said that wrap-" ‘, 5b . ed 

i as™?. 1 *?: “*! as? •“ d " 



do not exist should ;be main- though a, decision by .a .C^dwl 
tained, the Prime "Mlnlitef has committee has exactly 
told his Cabinet colleagues in authority as.. a. decision, ,b#v the, 
a ’ three-page - meinonftnlum. full . Cabinet. ‘ / -i-.‘ ; 

leaked to the New Statesman. ’ • Despite the Primer Ministers - 
Though Mr. Callaghan admits frequent;.. genuflections, at. th*. 
that keeping, up this preienedv, altar of. opeh , government, foe 
can create problems of its own. says that he has decided tiftTtftne 
he concludes that the whqle i\nol right To change the pre- 
subject should ■ continue to be sent policy." »• 

kept secret. -- Amy departure from. . it ,'wonW - 

The ' pfactioc r ni ■ dividing be lAore likely to whet stppeufrs 
Cabtner Members into smaller than 'tp satisfy them; Therefore, 
groups td~ discuss particular he ended his , memorandum by 
subjects derefoped as a way of asking ''his colleague's- n'of* -lo - 
both spreaduig the work load- answer any questions a boat rt be ■ 
and saving time. ' -' committee .System. 


Unionists back Maso 
on regional authority 


ULSTER-- ‘ .UNIONISTS agreed majoriiy wishes ..of the' B.HUsb 
with Mr. Cllto'y Mason. Northern people?”-- .. 

Ireland Se^etary. that a tocally Mr. Mason said lie did: noi 
elected 'fegtotial -authority should agree llie peop.lq in prison- were 
be established in tlie province, either prisoners. -of war or politi- 
iheir leaderi Mr: James MoJyneaux cal prisoners. ; l;:’- 

l AnLriui'B^ satdin the Common^. ’.’"As far as -t am '-ermremefl. 


LORD GEORGE BROWN 


. Mr. Mplyneaux agreed with Mr. have killed, .murdered, 

Mason's comments in' Socialist massacred/ They fuivf 


Coiumons speech that'** as one of ovrr 


- .iT e i 1 T, i n * lM d ,l1l? i-*ling that ‘ swap ’ as something ou Laid*- 
'A’hicii l«e presided in c„i r control, bul as a repugnani 


lhe newer members of the February. 196H. Lord Thomson uecessitv." 
Cabinet. J conducting some complained' “ Il is verv deeply furri T 


Gouunentarif that such an author- oeen .responsible- -For- .major u*r- 
nv eouW -take fesponsibiiiiy for rensm. Now. because .we - treat 
Lhe sreat: pHjOrity af - mslic'rs them as criniinals. niucU oC-.tlie 
- - - - - . it»rrrtrici anrti/ii-w , 1S ,->n the wane- " 


y deeply Lord Thumsun came dmvn 1 left the Government in March. repoviea a drop m lhe nunmex 

Nirongly against the publication 196S. I will he most surprised Mr. Mzsdn said, that general^ of troops killed froin 88 in 1973 

or the Cahinel papers and other l f * learn — l choose my own lhe> wer-e.fn league. They pad lo to nine so far. this year . . and 

ortieiai documents relalins to wnrda carefully — that the pusi- realise.' hp»ever. that -If there wounding down from. 278'.' to 25. 

that period being published'' in tion changed ir>_ any material was to be A regional authority, ir jM- r . j©hn. . fardde. Libera f 

advance of ihe normal 30-jesr respect after that." had to B^hn ^he basis of part- Deputj- Leader, said the flgtxresl 

rnierval. • Earlier. Lord Elwyn-Joncv. n ^rslup.b&WBen tlie two sections were good hews, .but . British 

„ He was- suppiiried by Lord Lord Chancellor, warned Peers the community. _ soldiers. -..'sent There - in Targe 

llallsham. frum the Uppositioii ihai “failure to maintain sane- Mr. Kevin 1 McNamara (Lab. numbers-. had‘“ died" to nuyTIiW*' 

front bench, when he contemed \Jons on Rhodesia would deslrnv Hull Ct skutthe Unionists did not in which . lhe politicians, irbu Id 


" bo far as J ani curiuerned. that tha . ^ffec tee the Lives of people activity 

PPlIcs right up to the lime when therp -^.- ' Earlier. ’ Mr. 


Mason - 


reported a drop ui the number. 


Fight to win more time 
for debates on London 



iUi UCUaiCd Ull X^UIllilJII w 7 T , ^ a negoliated settlement." were betpfi givea.everyimne with ” How hiany-more lives wilt be 

"IST-f&S? 1 '£S^ ,hc . The Lord Chancellor. AUorney fc J™*# incra6e *'««* golllirtanr Ph, y ; t hoir 

THE LONDON Oh a in her of Com- and Conser\-alive Party interest former Labour Foreign Secretary. G from tM^-TO. said: ” We Rl Hasbo slated -that he' did ***Mr : iSas'tm - iha't 

merce has launched a campaign in outer London. who sits on the cross benches are bound in international law to no , h e SreTbe increase inseat! aiUWh -J ’ 

lo win more Parliamentary lime The Chamber has also -cut a also clashed with Lhe views maintain sanctions until there is ™ ‘ ^ ,S^5h ev wSfld all to -iMS* BSSm * 1 *5S U S2“aSS “ 

for conride ration or London mai- letter lo the Prime Minister expressed by Sir Harold and a return lo legality m Rhodesla. l0 ^ rt^ists ‘ouTof 17 ials 

levs, and plans to help set up an expressing concern al how some strongly opposed lhe premature Uu r failure lo maintain sane- was fiSS*keiy four o’r^ve 

all-party lobby of London MPs legislation discrinnnales against disclosure of Cabinet documents f ,c> ns would simply scree lo pro- .. 3.*? i.he SDLP or other or - l v P 

lo press LondonS case in While- London despite the structure. He refused lo loin with his c» 'ong and inlensifv the war.’ SSSnliKSrSSlnSSw' * ,[ tSS2SiSS # t- 1 iV ' ' 

i-aM. economic and -ucial problems of Cubinei colleagues in a public The Lord Chancellor assured - 

.. . . . the citv. -- discussion about who knew what, peers that the Iasi thing the » aa ~ * • flr?\../ lP 7. ng !!!" ETtL’ ^tnurirvvn tn imH^sl-yeilr, and 

Next. week, the Lnainbcr has . ' ... . ti . .1 i ....... . . r'lumnunanrunnioH .. •Voffhiu&MS-.Nl «aid the Irish In Jteemriy. 'with . :nw -wnniu 


hamber ha, also .cat a also clashed with Lhe views maintain .auction* until there ,s Thev ail-IS ■ffriSS 

o the Prime Minister expressed by Sir Harold and a return lo legality m. Rbod^la. OuT^f 17* 

iy concern ai how some strongly opposed ihe premature Uu r fmjurc to maintain sane- f o'r^ve 

in discriminates against disclosure oi Cabinet documents mn s would simply scree to pro- JS&thm SDlS^or ^othw M ■:*? p 

despite (he structural. He refused to loin with his ex- 'one and inlensifv the war. S?i„i,SSnSves 

: and -ncial problems af Cubinei colleagues in a public fhe Lord Chancellor assured ' bad .been 


■'fid 


Founded 1965 


Computerform 


To: The Comouterform Cub 

45 Wimbledon High Street. London 5W19 5«’J 
Tel: 01-946 2805 

Please tell me more about the Comcuterform 
Daily Eatings Servr.e. 


gcstions thal more Parliaineniaa- c.overnmont nail been “very i can oniy say aurinu my tunc ” iTsSttiaii ,Sim> j I'T w 

The Ch* *n her believe u c.<n time cmild.be al luca ted lo the# much a Number 10 spectacular is Attorney -General, when 1 was '.' p* a ‘ - JL e ~ - ardoe i ..haa.. ; sug8efited was 

'act as a catalyst to form such a problems if the devolution . pro- front lhe beginning." and claimed obviously concerned wuh ''" Ul ^nrmrawat or ■ fiivingj joy-'to ;the. prdyiaropal 

I group- and as “a broker" p«i>al> rc*ul' in ihe transfer thsi none of those then in office Rhodesia, that my colleagues Vu. andr-ausnrgrdeypair among 

'between tlie iradmonal Labour Scur.isli and WeUh maUere !?» could claim ignorance of the acted towards seeking a peaceful w,mch “ f™.; BKWajIU - ,e "wnai the the- people.. - - 

Party interest in inner London devolved HSacmblic*. " pusinon. and honourable scitlemcnL '/." L’. : 

Jobs subsidy to be extended prob ^ m 

, N EfT Gbverbnient nor " aTthbugli " he had Tim powers to 

n »-«r\-r-c k.fl iaheI,- jn 10 00(1 n*u> mhi U'miM hnvn hoAii Chnn->»<« in 1 ho Kinnlnv-mom Prn. ihn L«.. .1 - - : *" 


Name:. 


Address:. 


operated From January 1. and industry located in Development January. play ip solving Ihi 

will be open lor applications Area*; and Inner Citv Partner- Most of the Government’* meut problem, bui 

until March 31 I9S0. Mr. Albert ship Areas. .t measures to tackle imcm ploy- corned its ox tension. 

Booth Employment Secretary. Under the extended scheme, a niwil. amounting lo £450m-J500in. For the Liberals 


® a “““ V*™ lu » a ^rsle>T iT5W6 secretary, sajd lo in. tte Price. -Commission Act 
ig the unempUiy- in. a CohtmotottJSH-er/--'. ..^-rv - 

.but they wel- >li> wu rmB to Mr;]^mt ,r .T in^ffuffeth el desirability: 

P s,&1 ?- „ _ }^ Itioot CCour,- IxIosstqnrUpon-, of :>«ncaura^x& : reductions ui 

r>crals. Mr. Cyril Thames j who csk ed what 1 jj ovee rs CqitS'by 'jmprovenicnlS- .fri .Mite . 

>*j 1 Uipv riiri nni Pip iMpac *TW« 9rin'«n+ i Via n.,.' .-.JTG 







nvinuf^ct .irin- cuiupamcs >n% en« P loving few or than ^UO people Mr. Jam*. Prior. $h..do» E.n amount of form-filling which had rial m* Jn excess df. the Govern-’ - r IriCneashs latottr " cast*. ' 

H Ah.Tc in the I F w.nild -r Lh-I-t rim present plo? nmnt Secretary said th^t if r<i be ri^nc u> small companies mem’s norm. . ,T-.' , • - ’ - - mpetj TWO 

eltjcbi* for th» .-uhcidv which *chemc. Air. Booth estioidted tb*l Mr. Booth made some jeuaible was an ao»olute waste of time. Mr. . Hatters!** »ld that accoUflL’^ *- V' 


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fyt- 

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rommitit 


secret 


iijistvtn. 


^ \Jx$ 



EDITED BYARTHUR BEflJNETT AND TED SCHOETERS 


ft PROCES^Na - 

dL Fast production of small 


ft ELECTRONICS *ueh mtist'uir»N and art. mechanic Tro\idcr1 which 

ga Morins. is tlio Skutlli- i.ince of alto 1 .-;:? in* * :ind ;i:j:n-h ;** b.’ 
— ••'■aporarivc humidifier* from the aceuraicl; „! ;h c point 

More on the i f 01 

There arc mom nunsnln and Powered In .. fi-r 4 p motor. Lhfi 
aI| ! n dueled models. The console machine ha- maximum round 

Lilli) f . v Pos arc of sicol construction bar rutting eapuciij of li inches 

a «»*>» w nod-grained furniture diameter. Piau; miiienpj up i„ 

V ^ chlp Tnl cror ,roces50r finish. Both niudeis in this jiH-hei Olid: can hr handled bv 

from RCA Solid State uses the ranee arc free-suntling and able the plaio "hear and the punch 

company's silicon-on-sapphire to be plumbed in fur automatic head n cjpahiV „f nrodu< in-* 
technology and is able to operate v.nter suppl>. Output ratings at l.t/ltf inch d'.sinirter hole* m 7 

at S MHz with .1 mirtnlv vollae* »wrivni .J.u .V.,-.- ...... Lr 1 


BECAUSE-WWGH made with only discharge into an empty 
largo batch mrxer?.- is grdducedljrouglL .. 

in large quafitides, .i-and.-cofiM-.- ■ especial attention has been 
become . stale, L -jr . pompany given to safety. The mixer will 
promises to- overcome this pick- not discharge uttjess the dough 
lem with the ! introduction- of a chute is. exactly located. The 
mixer that inaSw small batches.front of. the machine to guarded 
of dough at' high- speed; ■ • ‘ ’abov'C the. chute by a transparent 
• The machine is called .the .200 'hinged door which, when opened. 

AHS, and automatically supplies .instantly atpps the tilt mechanism 
up to^SOO-kgtof hard dough -airi and the blades. • 

1,800 kg of saft.^doagh an hour.: 

It has been introduced by. the bis- • - \ . ■ 

cult machinery- division ot-Bakei : V» 72 3 T . 

Perkins, Westwood TVorksj West- WHl till • 
field Road.- Peterborough; PES- .- - 
6TA 10733:26200); 

The design of' • the ~ 
elements guarantees awift-disper- . .. 
sion of ingredients: and control — — 

of dough development,' says the SIldDo 
company. - Ingredients loaded, at Sr 

i>ne side of- the mixing bowl' are THICK SHEETS of tow-density 
dispersed in seconds throughmii material- such as expanded poly, 
the mix.’ resulting in greatly styrene, polyethylene foam., and 
reduced . cycle tirii.es. all- types ef - foam rubber, can 

Upon completion of a mix, the be cut on a bench-mourned rig 
machine can be set to -discharge introduced by Welwyn Tool Com- 
thmugh a chute which can ' be pany, Welwyn Garden Ciijr. 
removed Tor ■ cleaning. Aiterna- Ht-ria. t Welwyn Garden 2!»l2l j 
lively, the machine can be' : Said 7 to be- capable of making 
arranged to discharge automatic-: straight cuts or producing intri- 
aliy into, a trough, or close- cate shapes in materials up it, 
couple hnist system. - ti.2 inches thick, the equipment 

The tt\Vx cycle' van he set to com prises an electrically-hc-mr-d 

pace -production' needs .'by a fretsaw 'and steel. tabic assembly, 
probe- in the . homier, of the form- so arranged that the blade passes 
ins machine; Where automatic through a hole in the centre of 
discharge is used, the mixer will the working surface. 

ft MATERIALS 

Substitute for asbestos 

AN ALKALI resistant in organic being tested Tor a variety of 
fibre which is said to have excel- other products, such as friction 
lent reinforcing properties, has materials, gaskets and gypsum, 
been launched by Rockwool Inter- and the company says that they 
national AJS. DK-2640 Hede- are now bem£ used in several 
husene. Denmark. countries as an asbestos sub- 

This has - been developed in sti tote for calcium silicate pro- 
close co-operation “with several ducts for the marine and offshore 
of Europe’s leading manufac- industry. 

turers of composite materials. The company operates faclorie* 
primarily as an asbestos sub- jh Denmark, Norway. Holland 
stitote. and is- called' Spinroek. and- Germany rind has offices in 
It is available - in various th' e UK and France. It is now con- 
grades, each: intended to meet strtietfnffx^lSm factory in Wales 
specific functional requirements which ..will be. in operation by- 
in composite materials: asbestos the end of next year, 
cement '.sheets, inorganic mil!- -. 

boards, calcium silicate boards ' ■ . 

and materials, paints, bitumens A chfiCTAC 1C 
(in particular, asphalt for roads JO 

and roofing materials!, plastics . ; -g! 

felts r used as badsins rio. vinyl 1^.-1 . 

cushion flooring! fire-retardant. J>vd.iCU ; - 

SISST' “ d "^ cRAeKiNc; .spalling or 
Tho Spinroek Bbrcs mo al,0 ..MbatoJ.lWHM.mrtj 

polymer emulsion coating system 

• agriculture 

Breaking up barr,cr 

Galled die jPaeirCeeU’system — 

flip armmn •. . *nd-.meetlng;the higTfcst Class 
lllC ^l ullliU - 7 BS476 -flame retardaii rating— 

S - iach 1 ^ WSSmSS 

models, ore offered by Raosomes chemicals pf^ 

WX- 5 (M71 5pSmCl1 ^ vldhijra cdmpleielj Impermeibl^ 

harrows «r « SKSnS.”" 0U,E ' ’ 
basically mounted with working ■ 

widths of 2.63 metres, ..2.OT . J'p coats, to a total film 
metres and 3.65 metres, and - the - tbiekness - of 400 microns, are 
largest model has wings which recbm mended, and the coaling 
fold manually, . with*, counter- be -applied by brush, roller 
balanced spring assistance, ,-to* r - ai l‘^ 3S ^ ra J' f „„ 

give a- .transport' width, of 2.7? f Furth^_ Con- 

meirpft >.- . - tracts. 165a Upper Heath Lane. 

When penetration: beanies Uartford, Kent. (Dartiord 72521) 
difficult/ Uie 'hah*ow cap be 
worked .with the 'wings>fblded. ^ DUALITY 
thus increasing the weight-per- 
disc ratio from 24kg to 34kg on --DONTROL 
the remaining. 28 wojteng discs.. _* . 

The heavy, 'A’-tj^e versions FnciirUirT Q 
are said to' have an^exceptionaDy |’ 1 /Ha Ul JJL121 4X r 
high weigbt-per-disc ratio which - 

gives them the ability to break 

down ' really' hard land. The JiOOO ILrllll 
important option here is the « .... . nth 

wmi -mounting kit which enables M ETALL1 C m at e ri a Is d t ^ J b® 1 b 
lower horsepower tractors to be m the speed "* 1 ^ 1 ^ 1 f 
used for working and transport* besoldered and 
ing the barrows by reducing the adhesion 

load on- the lifting capacity in referred ^to as 

the tractor hydraulic system: - -ShSttv * u is vitalb" 

; 

! try where numerous components 
publicly displayed lor tbe first f roaj different sources and of 
tinn-’ at the Royal SmithfieW aee s need to be 

Show next month. ^ _ assembled both quickly and 

. The smaller is a Jjghtueight rgHabiy. 
three-rurrow reversible - far. There have been \anous .tesi 
tractors in the SOhp range and jpeLhods proposed and snan- 
has k width ,cul of 12 or 13 dardlsed for quantitative and 
inches with' clea ramies nl 23* qualitative assessment of solder- 
inches underbeam and 30* ability over the Iasi 15 3-ears, 
inches interbody. coveriuR round wire. lags, plated- 

Tbe larger model : is built 10 . through-holes and yrinied circuit 
work in heavy trash conditions boards. 

with a tractor in' the 75 to 95hp Mulucore Solders has drawn 

range.- Furrow widths are on its years of experience m this 
135 "inches or 14$ inches, wlih field to build a new Multicore 
clearances of 24* inches' under- Universal Solderability Tester, 
beam and 34 inches Interbody. This microprocessor-controued 

equipment complies witn - an 
relevant international- national 
Tvi Ai*AnPAO and association standards -in- 

increases ■ ciutnng ipc. eia, iec. bs aad 

. . DIN. Generally an> plain or 
4 .I. plated metal in sheei- wire or 

rne VI 01 Q ® tri p form ma > - bc t *? ted - 

^ Results are automatically printed 

PARAFFIN burning uniis that 0 uL 

will raise the level of carhop Different tesl method?, are 
dioxide in commercial green- achieved by quick and easy inter- 
houses from the nominal .300 io change of certain pans. One of 
about 2-000 ppm are available [hem is the meniscus graphical 
from Heylo Heating and wetting balance which tiaces the 
Ventilating. Yield of both vege- soldering speed and wetting 
tables and flowers is. claimed to force. Previous instruments have 
be Increased. ■. had to-be connected 10 a high 

Made by the company's. -speed chart recorder whose 
principals in Sarstedt. West graph then had tu 1)*.* analysed. 
Germany, the units are supplied The unit’s mieroeomP ute r ^uto 
in three sizes to service' 7. 14 and . jnatlcaily prints uu } , these 
18 thousand square feet. Each measurements, thus eliminating 
consists of 0 robust steel tJie necessity of a separate ;cbarl 
cylindrical housing containing recorder. It l>:s represent* a 
an axial fan. a pressure jet significant cost saying °ygr the 
burner and a heat resistant -sum nf purchasin'.? different 
chrome steel combustion solderability testers tor different 
chamber. _ components. 

More from Ihe company ai 53, Mnlticore Solders. MoMifinds 
Fleet Street, London EG4Y 1BE Avenue. Hemcl 
f 01-353 8601). Herts BF2 TEP. >U442 3M> 

I eSectrica!wire&cable? i 



tore to 1 be earlier 1502 dmc-f lhc 415 - machinp ^atinnc -ectiin 

"lit has added, on to the chip. Dud power humidifier* are shears. «S :»5 

twu kilobytes of mask-program- available in eic'n; models, having lon; an< [ nunch-n • nrt-« ; 4M trm 
mable read-only memor>. 64 ratort ouiim;^ ranging fi-nm 11.5 ..'. ' ' ~ ' " ‘ 

kbytes of random access mcniory to 28 vallrm> por day. rti/H have 1 nc pum-h rioj«l ha-' a ma’ii- 
and an on-cblp oscillator and been designed 10 provide iunnidi- 111 jr .*/, 1 "f 1 9 « mi- he-, 
counter-timer. It can be used in fixation for heating and air ancl f i,r iihn- operation* !hr- 
pxistins 1802 applications in conditioning system.:, in supply punch .an .yiv ji ;i rale of 43 
reduce the component count and or return air-duel*. strokes a minute. In ihe single 

power consumption or to reduce UK aeent and siocki>t: Dalc.s- fj°,° r L ‘ in , ft Poratod 

the size of the final equipment. 111!in Scientific Co.. 6S6 Boiton .L-,,. 

Applications are expeded noa_d. PendlaPur) liaaehcstcr s d ^ n , ^ ^ ^ 


data icrmioals and portable data 
acquisition systems. 

The CDP1804 r> available Tor 
operalion at 4 to J0.5 volts or 4 
lu 6.5 volts. Both types are sup- 
plied in 40 lead heruieue dual 

in-iinc packages for operation 
ovrr ihi? temperature range — 55 
to -125 deg or in pluslu- 
packa^es for use over a loser 
lemperalure ranqe. 


o.> a m n adtliiiuo^i kmve>. 
sj\s the rrunpjiiy. ihe machine 
'■-to lund;t ItS-.Is J -cvlion. anil 
ronstru'-iiiir.al :ii*fN up j u four 
lnche* -isinJji'd '.eutiun. 


ft METALWORKING 

ible Tor — inche- *ianJji>| -.ectiun 

irc^; Bar cutter 

5H3 from Russia ^ est 

, P loVer A •:OMBI NATION pun.-h. .hear (jCrillSfl 


A NATION nun.-h. 

and bar eiiTier from Bm-ia is 
bom; marketed in 1 he L'K by 


RCA Solid State Europe. Sun- '\T : ' T ',. : , ^ Q -'i 

SHK «mr eS,MiddleSeX ,S ""' 8 nVtaU: 


*’ oaoii > Pothvell Road. Wanicb <0925- A XE\ V bar. rii^ft and rliucbma 

46361* lathe imuje in U> a ; Germany hy 

A FNVIPDMMFNT Thr S':«nko umver-al moinl- Sflloo. ' ?T h L‘ n<i 

• ENVIRONMENT ^ K 

Atmosphere 

imnrovori JuiVT? 

llll LILLI YCU The particular design *.f the nianufai-tun: >if complicated parts 

.r machine provide- for shearing and hw- a K*-.!auuii ii'drauliL- 

PROMfSING comfort to people section material at angles from tool turret mmmicd *»n compound 

who work In computer rooms. 90 m 45 decrees 10 the long]- slide- f**r internal and external 

hospitals and public buildings tudinnl avis. ,-\ cenrering machining ••per;* rums. Retool mr 


Thr SI an hr. univ^r-.-il mclat- 

wnrker «■> desicned fr.r shearing 
Hals, bar slock ■'< n ri <e, -lions, 
punching hi<)es in ll.Os and 
rntied <*-ciien. and fnr notching 
operations. 


is seldom required when chang- 
ing production runs 

Main spindle motor power is 
J0.5 k\V f 14 hpi. giving a 54- 
4000 rpm speed range suitable 
for machining of most metals. 
Maximum chucking capacity is 
130 mm diameter. 130 unn tong 
and maximum turning length is 
205 mm. An optional bar feed 
attachment is available for 42 mm 
diameter round bar. 

St.mtnn Machine Tools is part 
of the T. B. Koberli-on Grutip at 
Robertson House. Carton Way. 
Holywrlt Industrial Estate. Wat- 
ford. Herts. <W’d reford 35333). 

Heavv-dutv 

v v 

threader 

THREADING. CUTTING and rie- 
burring pipes from 2 inches tip 
to ti inches diameter can be done 
rn :i new machine by Neville 
SiVcs and Co 

Pisei No. 6 is the largest 
machine in the series. Dicheads 
and dies for different nipc-sires 
and BSPT or NPT threads can 
be enanged wiihin minutes: and 
b-vcllina dies ^i-c available for 
Dioes that art- to be welded 
rathe- ih»n rcr*»w-c«-inn<fctcil. An 
3uio:iial:t die-itiscnraecrucni 
ri<?- -.«?*• i-r.jiiml5 the Icn-tb of 
threari applied. 

T«* minimise manual lifnng nf 
heavy pip?, ine machine is nnr- 
:11a l! y ‘■upplieri as a low-Ievcl 
trolley-mounting unn. There ip 
a (hnji e of three-phase or single- 
pn:*5f- mot nr. the taller inslanlly 
sv Reliable from 110 V for sue 
work to 220 V for factory use. 
The machine 1- intended for 
hf-utine and ventilating vnrrtrae- 
:or«, and waicr engineers. 
.tnd ali mduslrics concerned wiiii 
:hc incfgUalir.n and mainTcnancc 
of pipework and pipelines. 

A ihrec-spced gearbox enable* 
inrtal-curiing speed ;*• bp 


matched :o pipe circnnuc-rcccc 
anil the power available. 

The machine's hollow spindie 
means »)iai there is no restriction 
on pipe length. The pipe is 
inserted into the spindle and 
firmly gripped by h hammer, 
chuck at the front and a hand- 
wheel-tightened scroll-chuck at 
the rear Optional roller-topped 
V-stand? support tic far end uf 
long pipe*.. 

Neville Scales. 34 Priests’ 
Bridge. London SW14 ST A . 
01-876 $79fi. 

Notching 

machine 

agreement 

REDMAN Engineering (Redman 
Hecnan Group) has concluded j 

licensing acrecment with Ludwig 
Bose her i GmbH and Co.. West 
Germany. 

Under the agreement, Kedm.m 
Engineering will have sole UK 
selling rights in respect of ■ 
Bn sc hert p'r*iducta. includin’ ih 
LB 15 I dmii lie notching 
machines. Guschert a Go maim- 
facturc. z siamning/pressin- 
auachmeni which can !*c ; 
mounted a: Inc side of the 
LB 15 machine. 

A problem 
solved 

ECLIPSE PERMANENT ma?n?t 1 
chucks fri-iij danic.-s Neil) l 
« Sheffield ■ have solved .* 1 

holding anrf locating problem in * 
the manufacture of special and 1 
prototype component a for the • 
aerospace and power generation 
industry. : 

Turbine Service*, of Hatfield. 1 


KACEL®INVERTER 

FED KSC MACHINES 

7ELtX : KGEL LIMITED 
CHAM CON/ LOl'JDON 8BB74I 


u^e.? spark erosion nudimes in 
work rn veri high accuracy nn 
■'"fieri runs of small component-: 
such as turbine blade.-. The 
i , k-.-irode-hi.ildin.4 jigs arc- .-in- 
nended from liw- head u, f 
niachinc and a special set * ,r 
ficctri.-dti i» required fur each 
individual j-*b. 

Some j:gs are multiple tin: if 
for machining several similar 

cOinponeni-. ;*j un«- lime and 
could v.eUli Up lo 21)0 lb. Tu rhino 
Servici-s required a mean.- of 
holding thOM! jigs safely, rigiril.- 
and precisely. \ ei mie •-•as;- < r > 
change over. 

The uiacnin*.-.- were originally 

fined with c-leciromayuelic 

hciidiTN. tin r ihi‘*>e were of 
limned huldm-j pnwer and tiahl** 
iu accidenlal release ihnmgh 
power failme »*r iuadvcrlcni 
-wilt h-r.itT. resulting in dama - : r . 
in e\peo-ive e'.eci mdos and lo«* 
of mne in preparing the jigs. 

in conjunction '.nth Jamfi 
N ci M's lechnicai advisers, te.-t". 
were earned nul nn standard 
permanent manner laihc cbuck-. 
The-e icsls --bowed ihat lb*--.- 
were fully capable of suspend ing 
loads of 150 I*» and 200 II* refp'V- 
lively, -'iih :id<'*|ii:,l*: f.,i-!»*r- 
safely, yiven eei-tain condition's 
mi nijicriaJ i;. pc. lii;ekne-» and 
surface fini-h. 

•lames Neil! iSiu-lticid ». N^pn.-r 
Sheffield Sll SHB 1 0742 

7P2M * 










H 

* J 

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Even the most hard working of firms should put its feet up now 
and again. 

Which is one of the reasons so many of them appreciate having 


H ■■ . ' ’ • .s. 


.^ m *M*V-VS S ^ • .f % . . 

s 2 m- : : i «<* vl'^nw. *'■.■. : 

. *»w •*. «:• • ' 

\ «■ - 



Increases 
the yield 


HO MINIM 
ORDER 


NO HINIMUnS 

tfNGTH ; 


Thousands of types and sizes insto^forirnmeefiate delivery : ; 

LONDON 01-561 8118 A£8ZRDEE&(0224)32355/2 

MANCHESTER 061*872 4915 

' T»ANSR*'C*U CH*RfiE5 fiU'DLT *CCEfTtD 
j 4 HA - . SMtRCtNCT NUMBEk 0»-<3r 3Sft7 E«i. 


set up in Irvine, a new town whose attractions extend much further 
than the office and f actoiy floor. 

To include all the delights of a place that’s slap up against the 
open sea. 

With a harbour that provides mooring for the sailing 
enthusiast. 

Rivers with enough trout and salmon in them to catch any 
fisherman. 

And gott courses that match any in the world. 

Facilities which, taken together, make Irvine one of the most 
attractive business environments in the countiy. 

And the only one in which leisure activities are more than 
matched by industrial incentives. 

Strong enough to have persuaded not only Volvo hut over a 
hundred and twenty other firms to set up business here. 

W you’d like to find out more about what makes Irvine such a 
beautiful place in which to invest your future, write to oi§r 
Commercial Director, Mike Thomson. 

And tell him you’re interested in floating a new company. 


CURRENT DETAILS OF FACTORIES. SITES. OFFICES AND SHOPS AVAILABLE TOGETHER WITH tmpid ccutc rrr r-«»- n >- ftn TM'-r r rr-r 
MICHAEL S. THOMSON. COMMERCIAL DIRECTOR. IRVINE DEVELOPMENT CORPORATION, PERCETONHOUSE/iRVIf^fAV E R^flfre^KA1^2AL^ TEL: ^ 


^:77S3S« 


S' 


I 








12 



4ftE&Hdfl'T5&es Friday Novgmber^r - 




EDITED BY CHRISTOPHER LOREN. 




“THE FALL of the dollar 
threatens to plunge the world 
into recession’" and “the floating 
exchange rare sysreni is sappina 
the growth our of world trade." 
These are two sayings for 1973 
which a small group of economic 
leaders and leader writers 
regard as axiomatic. Many other 
people take their word Jur n. 
without quite understanding 
why. 


How ICI covers itself 


frnrwc r'nat it exists. 


exporting. ICI still bills i te'wn? •: 
sales to that subsidiary in itx'r' 

local currency. •_ 

For direct exports, which- , 
account For about 50 per cent ol~~ 
the products that ICI sends 
abroad, the company also avoids 7# 
sterling invoices where possible.- . " 

it prefers to bill in a chosen. 
series of foreign currencies, 7 

_ mostly strong against sterling 

Six years from London: bur ICI Finance the fact that ICl's cash centres «f c«ver needed. The company *?£'.> 


against currency losses 


i» i«^* riii«jicc uic inti mat a tdau w«h«j — • — Tpi tViw ffnt 

ft may seem Grange there- 0 f Uvinc with flexible exchange first makes sure that exposures may hedge entirely successfully niust be able to provide the benefits from sterllni»'« 

fnre r.i repnri that Alan rales have led LCI to develop are minimised by altering the against currency losses arising Bank of England with the con- c tbreueh'fStLr 

Clements, the treasurer of a S vsteni which continuously timing oF intergroup payments out of actual movements of tracts which show that currency ^eakne _gn^ster 

Imperial Chemical Industries, quantifies the group's exposure and by cancelling out surpluses money, they may find the ICI flows are going to take- place_ if ** req • ■ ,_7J? 

last week appeared unruffled by j n any currency, it allows ICI and deficits with intergroup share price affected by valua- they are to be eligible for ra^se i tn s t ung P proad •. 

developments which left the to minimise such exposure by loans. tion adjustments which bavr no forward exchange cover. ICI 5 »u a fnreien 

international currency and - leading and lagging ** — that is. This orocedure minimises impact on the financial integrity own business projections, how- , r n? cHhctMtSt 

capiraJ markets quite breathless, i^y hastening some payments . . M P r . . .. .V of ICl’s component parts. ever certain, do not suffice. At needed to «> su stantial v 

ICI has one third oF its assets and delaying others within „I|’ m m the US the _ f .. 1 . riou ^ ^e same ume ICI UK can hold purchases abroad. . tWZXf* 

outside the UK. Sivtv per cent limits laid doiui bv the Bank economic exposure. But un- In the U.S the notonou_ currencies to cover future out- It is interesting to note that 1 ’ s> - 
outside the uv btxt> p.r cent limit* laid down i by the Bank for . unatc , y he has |0 dt?a , Hith ^counting ^standard FASB 3 20ings for a raaxinJU111 M t y 0 f despite the recent weakness nf •• 

two other, mutually related, amplifies tbc accounting ns^ a month. These restrictions, the dollar the company still has • 

exposures which he calls because it insists that 5xcd j C |j ar£ . minted at preventing not abandoned the dollar as one 

■ . ICI from becoming an engine of of the preferred invoicing 


of its sales are overseas* and of England. ici can 
generate .10 per cent of the consciously store currencies in 
group* profit. This multi- holding accounts" to meet 
national company should he as later payments. Any unhndgahle 
good a guide as any to the prnb- gaps which are left are either 
lems of doing business in a covered in the forward market 
world of jswUtiy fluctuating cx- nr borne as an acceptable risk, 
change rate>. " The ICI system concentrates 

The fall of fhe dollar has not mi currency conversions which 



Alan Clements, matching currencies. 


BY NICHOLAS COLCHESTER 


accounting risk" and "market assets, and possibly stocks. *«»■. invoicing policy. 


speculation, make a switch to currencies. This reflects IQ’s with the aid of holding atmg units wtU . 

accounting cover impossible. view tha; the dollar will con-, accounts. TCI Finance then covered by ^e ^stenmg' t 

The basis o( ICl's foreign tinue to be a strong currency in decides how to deal witit the received thr0 “f li s ^i s ( , h ^jr nS 
0 xchaos, expu&ure i> ,u the Ions item. MM£ bentf, Hoal vincible ri* .bat i» WL on *£***$ ™ 


ICI UK could Of matching" . ICTs . dollar, heft- 


t ij<\ ujiiu£ l luuiu —• RUcCCSS. 

threatened ICI because, to pu, really tv, II take place Cross evaluation risk- The arvominc no, be revalued i yea.: i« .theory sr « « tiy ^doee ... in Witt PtacevMd 


siVrUnjT 1 ri *prac tico n ‘tends to UK’* overseas sales are invoiced ihefiairo west sense of the word after six years of practice, Alan 


s tur Jinuiwo Trip naiTOwesi sense ui «« — — - — — . - , - . , , _ r • „ 

in dollars and this is nut a pro- —in- the broader sense the Uements does not feel strongly 

of ICTs international about the need for a retura to 


. 1 

marketing a fixed exchange rate system-, ill 


it baldly, the 3700m annual frontier payments are predicted risk arises from Hie fact that end exchange rates. Thus, som- exchange 

flow of dollar payments into in detail mx months into the changes in ilie sterling value treasurers are taking steps to 

ICI UK roughly matches rite future and in more general of balance sheets of ICl’s provide themselves with foreign bill its direct exports in a . ... 

flow oF dollar payments owed, terms i« »nc year ahead. A foreign currency subsidiaries exchange cover that compen- selection of strong currencies portion whica can De changed whole 

Both these in- and out-flow* tn- “ cash centre " iu each currency have an impact on ICl’s sterling sates for the*e balance sheet and the sales to and by its at whim. • - \ investment and - - ■ - - - .- .^11 rate system 

elude all categories of pay- area pools all the predicted profit. For instance in 1677 gains and lotto,. Alan Clemen- oversea s sub sidiaries tn the.r A. the UK cash, centre. ICi Mm involves a view ao-.o. ■ h>v - beeh ; sasttinw f 

ments — dividends, debt service receipi* and outgoings .if the shuts in the value of ICI s is sticking for the moment to local currencies. Finance monitors all the direct ^exchange ™ lCs . a thmueh- -the oil crisis of fhe 

and repayment, current and subMdiane- operating tn its current assets .abroad con- economic cover. Part of hi* Local subsidiaries are bound foreign currency receipts end -speculation. - It couia co e w i ; • jj 0 r does- he ex- 
capital expenditure and so on— area, distinguishing between tributed a loss of £29m after problem is that IQ’s moves J*» to sell io their own currencies expenditures that are predicted teeff forward: in pract ce * ; i tri’s' esehange rate Vn- 

but the main inflow results from inter group paj meets and other having contributed a profit of hedge against currency fluctuj- if they are to develop their whether from direct exports or Finance does u " c J ' . ™ , virenment In the near future to 
export sales invoiced in dollars payments. ICI Finance in twice that amount the previous tion.«, are circumscribed by tl».- presence in local markets. That from subsidiaries abroid. - how . say . a spot rate _ rffffprent from that in 

while the main outflow consists London pulls the different year. Bank of England’s exchange being so. ICI L?K bills them in together with the other cale^'IQouths time wul couipa ® • 

of ICI s dollar related purchases reports "n currency flows and The market valuation risk is control. the same currencies, preferring gories of international cash flow with the current -sis roomn the recent _ 

of crude oil and naphtha. exposure together into a group the effect which these ups and ICI is quite tightly con- to deal with the exchange rate —dividends, interest and so forward rate and opts tor what « ® currency 

Ye* the important point is picture downs have on ICl’s share price, strained by the Exchange C«»n- exposures un inter-group forth — to give a picture of its »t believes to be the coeap Pf. . . t h is, ho^a y s 

Ie*« tliat this fortunate match In prinrtp'p it is up *,r» each Mr. Clements notes that i lives- trol rules in arranging forward payments centrally rather than net exposure into the future, path- •. rk u . - W hat -the 

exists than tiiat Mr. Clements cash centre to secure its own tors tend to favour steady cover and in using holding leave it to Ihe subsidiaries. If After having decided whar pa»t 1(3 Finance can measure iis to reauy wu 


and his team at ICI Finance forward cover following advice growth in earnings. Yet despite accounts to reduce tiie amount an overseas subsidiary is itself of this exposure can be remoyed P Br fbr i n aj,lce ' n reducing cur- impact af floating . exchaage- 


.• ?* 


IN THE middle of February JL • J j ^ jj • T| j • ■* j9 Earlier this year. Hugh Clegg 

next year a handful of senior /m VI 01/1 T A tlDllDl 4 lTUlllClTlQ I l*0IQtlAV1C held a one-day meeting o'f,ali 

managers from industry will M-JI.U R/dlCX JLUUU!^U\I.^U. A the managers from the first, two 

gather at Marwick University - ... -•••:• 

for an unusually exclusive in- .... courses, together with sepiot 

dir^rial relations course. <uch a* Lutlever, ICI. Rolls- contact with companies. solution. - intake include: considering representatives from the com- 

Like its two predecessors tn Ro - vce - i * ucas and Alright and Like many academic indus- The course itself is divided ways of improving communi- panies which had sent them. 

1976 and 1978 the course will wi,e0n - f,ia i senior mane* trial relations departments, into two official parts: the cations, examining the scope yvbat was surprising was th« 

Ia>t five tairlv" gruelling weeks. 3 ers from companies Warwick’s was both educating theoretical and the practical, for the introducUon of systems degree Q f enthusiasm shown bv 

and numbers will he limited to with industrial relations rospon- its full-tune students and run- and there is a third informal of productivity bargaining, aod aU Uloae prei) ent for the coursi 

no more than 12 managers — s bilities would not benefit from rung educatimial courses for part which is equally important, investigating the operation of _ not just from who ^ 

2 nd quite probable les-.. ,1)e cour5e - hllf ll,e - v mi « hI find lrade udlon o ffi «rs. But Clegg The theoretical side of things incentive payment systems. ^en on them although it was 

The tv pi cal student will he a il even harder to leave their realised that his department consist* or i daily lecture r.n One problem witli the pro- adm ; tted that ’the benefits were 

personnel manager industrial companies for five weeks than was not contributing inwards one of five subjects. These are: jects has been that only about noTeasUv qiSSlrtte 

relations officer or a line mana- t* 10 *® who come from larger the education of senior manage- industrial democracy: collective one-haif of the students 

ger. He or she Mill have had or S ani sat»on5 already do. . ment. bargaining structure: trade have been completing them: t Th ® course may have obviouf 

a numher or i-eare’ experience The course is run bv Hugh He rejected any ideas of the union organisation: white-collar but Clegg is emphatic that they 5 ei * fils f T ° industry, and. qp 
in management and a fair ex- Clesy. the widely respected pro- traditional course for managers: problems: and industrial have great value in coocentrat- doU “ T K ! f J 

nerience of industrial relations. lessor of industrial relations at h * d > d ^ol believe that a short relations and the law. For each in g the niind. Many of the available could lead _to better 


renev . exposure arid in taking rates, on our prpfUa.bUUy, has, , 

V view on what remains, rt been and to be able to give b^r-;,... . , 
tak« ail future receipts and pay- ter advvce tb our commercrtl . - y. 
ttfemsoff the UK operating divi- people." Last- vveek’s__currency 
slons’at market forward rates— movements Jed .some people in, , ; - T . 
thus effectively providine them ICI Finance to wonder whether 


i"7t icui t Mi inumii iai luauum. icrout hiuu.?uioi iviauuiic ai '"O — . , . « • n , j - 

And on pa*t form, the student Warwick Unlversllr. and it has » ur s® of lectures would meet of the seminars there is a con- n i ana3e rs agreed that the pro- industrial relations. But there 
will have hern responsible for a double-edged benefit. For the needs of senior managers, siderable amount of background jeci was the " lynch-pln." pr ™ em ?', ® ne 


industrial relations in a plant managers, ir is a chance to gain As Clegg explains: "In our reading for the managers. There arc two further l “?‘ ted n ^ mb ^, r , . ndu f t ^ 

or organisation for at least a an education in industrial rela- view, the need was for a course The other major official part unofficial benefits tor the Rations aepanmems sueir m 

few hundred employees, or up lions which would be hard to which save the time and or the course is a practical pro- managers. One is the consider- Frotessor uieggs. &econa is tpq 

to several thousand. find elsewhere. For Warwick’s resources to develop the jeef based on a : particular able number of guest evenings number of companies which ran 

Also on past performance, part, the industrial relations de- capacity and to analyse indus- problem at a manager’s own held when industrialists, acade- spare a senior manager for five 

*hp managers attending will partmem benefits from learning trial relations problems and plant or factory'. Examples nf mics and trade unionists come J*' ee £ s - r Thts . poin i ,s 1JJ ustrated 
come from large organisations managers’ vjetv« and making generate ideas for their these taken from this year's to Warwick as guests and find by the fact that the course start 

•themselves talking half the '"S in- February. 1979. is not yet 




for every size of 


businessman 



Skelmersdale New Town believed 
that when the business upturn 
cameyou wouidn’twear long 
delays. So we went on building, 
confident that when the time 
came you'd be much more 
impressed by our arguments that 
Skelmersdale is an excellent 
centre for manufacture and 
distribution-and agood place to 
live in. 


We've got the factories, the skills, 
the enthusiasm, the pleasant 
environment and we won 't keep 
you waiting, however small or 
large your needs, 

Skelmersdale Development 
Corporation, Pennylands, 
Skelmersdale, Lancashire. 

Tel: Skelmersdale 24242 
STD Code (0695) Telex: 628259. 



Skelmersdale® 

Theexperienced one. 


night with the managers: the Ml- T, i e closing date '. JS 
other benefit is derived simply November 30 and the cost is 
through talking over problems inclusive- 

with colleagues Trom other T • ^ - 

industries. JaSOIt LflSp 


Business courses 


Corporate Planning in Practice, £60. 

University of Bradford, West Warehousing and Distribution 
Yorkshire, November 20-24. In Materials Management, 
Fee: £225. Details from London. December 7. Fee: £60. 

Management Centre. University Details of the abuve five courses 
of Bradford. Heaton Mount, from Purchasing Economics 
Keighley Road. Bradford, West Ltd.. Pel House. 35. Station 
Yorkshire. BD9 4JU. Square. Pelts Wood, Kent BR5 

Managing Foreign Exchange 1LZ. 

Risk, London Press Centre, Systems Design from Micro- 
November 20-21. processors. London. November 

Profitable Technology Transfer 27-29. Fee: £180 plus VAT. 
Through Homan and Details from Inter-projects 
Managerial Effectiveness. Hyde Ltd.. Church Street. Edmonton. 
Park Hotel. Loadon, November London N8 9DY. 

20-21 


with forward cover at a commer- floating, exchange -rates 
ciaf rale. At the end of the day . reafiy-.be lived" .with:. r'j’y '■ 

XCf;Finance hopes that its net need. .a smoother palth , = 

sterling payments to these oper- their heari ngs again. - - iT; -:' 

• ; .'4 . ■ 


pm-L - . 

■ «3R 

WM i<- 


»3®£ 








Executive Secretaries. Amster- 
dam. November 29-December i. 
London. December 4-6. 

Critical Legal Issues in the 
Euromarkets. London Press 
Centre. December 4-5. Details 
of the above [our course* 
from AMR International. 6- 10. 
Frederick Close. Stanhope 
Place. London W2 2HD 
Tbc Skills or Overseas Buying, 
Leamington Spa. December 1. 
Fee: £60 plus VAT. 

The Art or DP within 
Materials .Management. London. 
December 5 Fee: £60 plus 
VAT. 

Concise Law Tor Purchasing 
Executives. London, December 
5-6. Fee: £100. 

Measuring Purchasing Perform- 
ance. London, December 6. Fee - 


Distribution 

award 


A new management award is 
to he made to companies show- 
ing the highest professional 
approach to physical distribu- 
tion. announced Leonard Regan, 
chairman ot the Board of the 
Centre for Physical Distribution 
Management iCPDlf). part of 
ihe British Institute ol' Manage- 
ment. yesterday. 

The awards are in be made 
un the basis nf a written sub- 
mission describing a proj«M-i 
which has resulted m the 
improved iiw of resources jn 
physical distribution Regan, 
whin is chairman and chief 

executive of Carrington Viyella. 
said: “Through the publicity 
which this scheme will attract 
we hope that some of the 
principles, techniques or philo- 
sophies which have made 
possible the better use «»I 
resources, will be shared by 
others and in Ibis way con- 
tribute io greater efficiency in 
the field." Regan told a con- 
ference to Birmingham. 

The awards will bv marie in 
three categories fur companies 
with distribution costs “f tti 
les« than £lm a yw. nil 
between £lm and £|Oni. mil 
Aver £lt»m a year. T>- frhruic 
is fcp'.msured by Lloyds List. 



iv;.' 




;.S r : , - 




The Company is Fiat. 

Not Fiat cars. Not Fiat commercial 
vehicles. ’* " ir ’ 

We are Fiat Industrial and Narine 
One of the world’s major producers of 
diesels since 1 907. / 

Up to now, supply of our diesels iri jfei ;: 
U.K. has been restricted. Now we are 
up and ready to meet demand, with a 
choice of .engines tailor-made to your 
requirementsfrom the largest rangeavat 
50hp to 540hp to cover every industrial^ 
marine ^plication, with or without ancSftBy , 
equipment. -rfif.-i V 

Fiat Diesels have become renown 



world over for their power, -reliability, ’rtf: 

ce and quietness of operatioR3l"i ; - 


performance and quietness ot operation.*-. • 
Add to this their superb engineering 
long life and you’ve got a powerful arguhJGRt:: 
for specifying them. You can rely on our ’'^§X 
delivery dates coo, with prices that are 
competitive. • , ; 

And it Is reassuring that your cusK>m$GS&: ; = 
will be well served by the Fiat world wide^: ; ‘ 
spares and service organisation. 

Whether your need is one engine.br 

many. Contact our nearest distributors for 
more information. 



• - ! - r r l 





S0HPTO549HP j ' 



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Tr.esc faiDics-i 


nmation. U'Cg*. . 

3^Pe*i;r5peculk:: jrea« YW*r 


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The Financial Times 










n 


• I • 


ai 


BMW have been renowned for producing 
cars of great power But power for its own sake 
has never .been a raison d’etre. The BMW 528i has 


can accelerate to 60 in 9.2 seconds and has a top 
speed of 129 mph. More important is that its 
sophisticated suspension can effortlessly handle 
such power. The design and comfort of the interior 




encourages cpoi ana rapia anver response. 

The result is a luxurious four door, five seat car of 
the most positive and dynamic nature which 
possesses exceptional margins of safety. 




&& y-, .. .. 










Specification for manual version. 

Engine: six cylinder with electronic fuel injection, in-line, 
OHC, 2788cc producing 177 bhp (DIN) at 5800 rpm. 
Performance: 0-60 in 9.2 secs. Maximum speed: 129 mph. 

Source of figures BMW. 

Price: £8,899. Price correct at time of going to press 

Leasing. 

In today’s financial conditions, leasing a BMW can create 
substantial advantages. Your local BMW Centre will be happy 
to put you in touch with expert advisors on leasing who can 
describe the schemes in detail. 


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BMAV Concessional! 


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ires (GP») Ud^§9i. Gffeut West Road, Brentiord. Middlesex. 01-568 9155. i xport. NAjj0 & fid 

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14 

LOMBARD 


Competing with 
Germany Inc. 



The city slum becomes 
a small workshop | 

BY ANTHONY MORETON 

- more to premises ou estates on of 1975 and involved work on and that is a lot to make 
; the fringe of the city but no one a terrace of five houses. Within This is cheap, convenient ancf_£\, 

the GERMANS have unw finally The kinds of oresanre I NOTTINGHAM is a city with a fuU y appreciated their needs two months of completion they great advance on anything else)' 

‘jtiuiAoia nave now finally me mnas or pressure wJdch | - diversified and when the small premises bad been let, at rents of about we saw - they said. 


mm-: 

..... , •• • ■ ••.. . Vfi. ’S-f&iiwm.- - 

; . Financial Times Fd3ay Noveni% 10 19? 



NOTTINGHAM 


BY MARY CAMPBELL 


Nottingham would like • t t6‘ 


admitted defeat in their struggle have beeo put on the German strong base’ in a . _ _ , . . . 

with the Brazilian Itaipu con- banki are reasonably clear, manufacturing 'industry'- Be- that they required were not £7 a week, to a joiner, printer, _ _ „ 

sortium. The terras on which Neither in the case of Warn' nor cause of this spread it has available they just folded. metal polisher, wrought-fron extend the scheme bul'has/nrnv" 

they will finance their latest in the case of Itaipu did they managed to hold on to much of The crunch came when the manufacturer and a builder, up against the problem that 83vV ; 

batch of exports for the SS-Sbn expect the projects to be called its prosperity through the large concerns, to which they Each is a one- or two-man busi- its slum-clearance progr atfm n'eV : 1 

morlT eC ^crou? em th^ C th? nf e ^Snrf^' US 9SiH t0 h SUbmit to . present depressioa were frequently invaluable sup- ness. runs down it has, r beocfthfc‘ 

Braz, Han? maintained toy home of John Player P'iers of smaU-batch or _ . ^ , hnmeasin^y diffioulrtp; ASa/ 

would be. And this after sporting chance that V and sons * RaJe, 8 h and Boots, specialist component supplies, fTODlGDl SOlVeU Premises which can be, smlaM* 

arguing that premature publica- Nigerians might call off Warri) and thou « h the traditional suddenly found their sources _ __ . . _ adapted- ... 




raent of fact. countries. What was at stake swimsuit firm, are still active, that were scheduled for demo-, race of nine houses. Work began cept by building small . wd jfc i 

The margins being paid by was the speed with which the And the city houses Stag lition into small workshops. on these in July and it is hoped shops which are Uttie bigger:^ „r n r™iriin~ £IjB5Qto'£L950 a. wear. before 

wn I m a, ¥..mm^SlIf n i2- n r. lhe fnf^wnrk Vor tho b r lransIated Cabinet, CrosI and Filters, Bell The council could do this to have tenants in by the start than a double garage. -^hesegf^ ^hnnM h^ ihe P resnons£ completion Of the development 

o l H sS °* m “ COm - ™ctoering »"d rconomicdlytrara* it was not of Decerober.For about £60,000. have on area ■*?“ £ "‘LiSS. *SE^-in-t of_the«L 

ten-year tranche through IJ per cerraan hanks sav that not * * Urse Wb,{± 

tranche "to V '**« ol the P^res ph£d on S indT”— ^ ^ develop** which have been is one Ann. in larger premises, 

fifteen-year 1 [Ancte^ TheTne 22? J*. l!“2? machines and accessories m live m. me unstairs rooms. xueie w» ou uituiu ptuuuuu suracienuy successmi lor nyw»iu:s__,_ ; _ n s0 . rj^g jjutJaJ . ajjn Was not 


e UI Li per cem on 500m th , chan^p their mind* nn 1 ““T- “'““.““i* amusement if they were destined for people created. .... Ullt eTen so urey nave oeett: Binvidine factories are no\ 

-year tranche. The one g nanc , n ° 3 terra's have hSinfrora machm ? 8 and stage accessories to live in. The upstairs rooms. There was an initial problem sufficiently successful for resets ‘^SSSS^fo smaller units and s 

mt level for ten years is the Gerrnan companies for whim n ^ cctive,y - for instailCe - have been cleaned in interesting such small busi- rations already to have heen ^ 1 ^? *1* cost to the user i 

iew fit was reached nn - — - - *■ The massive redevelopment up and made safe, but nothing nesses in the new concept But placed on the great majffHJy pf/? 0 ® ^ ™ e cost t0 


peT cent 

' not new (it was reached on 
another recent loan. for 
Nuclebras. which was also 


are now with 10; but the. average is five.- 
so The initial., aim was n 
is necessarily to provide for a' 


of the city centre and the decay- elaborate done, and heating the council discovered that once them. Again, they kusmess 


these export orders are crucial. 

t« .... „c .... or me city centre and the decay- iri«ui»r»M* aoae. ana nesting uie cuudcu wacuvenia ui«i unce “*»•“- "6““« «• ^ auuHL-sr-^ - *■ - ... , , - • „ . .- 

arrangedTby ,"G,™,TTba.k to loin ‘SSiS? S^TtaSSlS ig. j!!," ?. - fiUSSt ^JST SS 1118 "" Sd ont ^ ,D 

exports ? ct kv:n' e ? isrsz ‘LSs «* i»r Sr 's ‘“SJiS » , he h 

. .fifteen year loan for a Brazilian able in order to increase the with small businesses, and water but otherwise the firm of joiners. The two -men fabricating business, a printer*,' • square feet of ^ space — enough for proviag ^n ^PP^ ^ ^I^ .v^ '^ . _ . 

’’ borrower had the margin set at yield to the banks above what *s in Birmingham when shell has been left to the tenant were previously in Radford but a light-engineering concern -and- a businessman with four or five small jnan to carry on.ms s&uu - y ; 

li per cent, and carried a shorter Brazil is nominally paying. But the inner-road schemes were to use in whatever way is suit- when they had to move out they a miller and turner.: . •: enmloyeesl .By .now, its small- in premises wruch were siutable-. y:.- 

grace ^period before repayments although the closeness of the being built, most of them were able for his business. found it diffi cult to find a The council sees itself asbemg’-factory programme had gained and at -a cost, he co uld l,- - 

relatinnrtiips between exporters squeezed out. The first phase of the house- suitable alternative. “The in the business of providing ^OTfficient impetus for three- Tlie- intention has been : amifly Tt ./=v ' 

and oa s i Germany is a An effort was made to shells conversions was approved places we looked at were chars- accommodation between 500injd; : quarters of the units to have fulfilled and Nottingnam^tt 

encourage these concerns to by the council in the autumn iog £25 to £30 a week in rent 5,000 sq ft After tbat it^itxbeen let at rents ranging from well pleased with i IS : 


were due lo start. 

Irrelevant 


Essex looks best bet of 
Dunlop’s fancied four 


major factor, the point at issue 
cnes bevnnd thK As with 
The precise details of bow this Jarwn. there is an element of 
loan breaks nev- ground are. Germany Inc. ahnut the w'av in 
however, all hut irrelevant to which the Germans — hankers, 
those outside the Euromarket. in»*intrtoH"r« and government 
What is important is that this alike •— handle their external 
loan is but the latest example of financial affairs. 

'• the German banks caving in to 
tho demands of their domestic jVflqrlrpf fTPIlflC 
-and foreign customers in order 

• to ensure that there would be no since the Japanese authorities 

ohstacie lo speedy activation of week told the Japanese - 

exDort contracts. The other hank* not to cut mareins in inter- DUNLOP, who has sue- bay, a son of that game sprinter head, despite the lack of a recent 

celebrated example recently was nal ] oaa i lending (and caused ce€ded 111 keeping bis Arundel Fashion Model, to prove that outing. j 0 

the financing for the steel re- t u em t^, d r0 n 0 «t 0 r a bio low team outstanding form since theory with a clear-cut success Looking ahead to tomorrow’s 
Auction plant at Warri in m , r _ in i oan nrovp the nnintl ^ ,e 011 °f the French cam- over the disappointing Kings- big race at Cheltenham, the 

Nigeria. th#» 8 attention of those P who paifin in February, looks set to clere filly Nesting, to whom he Mackeson. both the favourite, OPERA & BALLET. 

In the original contract for object to cut-throat competition “?*« ^PSSLS 011 wiU be concedIn 8 just 6 lb. Bishop’s Pa wm and his market cm.t5eu£Cr**x m 

this plant the Nigerians agreed in the Euromarkets should surely on a h,gh note at D ncas,er - An hour after the Town Field r J va ^ Jhtlbrmiey, remain in en«^sm national opera * . 
to pay cash. However, when shift to the German banks. Apart He fields four likely-looking Handicap, Dunlop may well be ^“ g .„ e ?? ni 7 i ,? 1 ^ 1 0|) L, j 
they found themselves running from the U.S. banks — which have chances, all partnered by Carson, back in the winner’s enclosure to Yl . - e i.T,w ana SET^EELS: 

short oF money, the terms of the unsuccessfully tried to hold the on Town Moor this afternoon, and greet another smart three-year- !* ^ bJIDroney “fconTi mHfmS:. far 

* contract were re-negotiated to line on margins at several levels old the Great Nerthetu enit Over, natt.a point to »*.• hi aens. from io.m on.dsv.oi p^n. 

include a DM 1.25bn financing and are not lending aggressively 
guaranteed by Hermes (the Ger- at present— the Germans are the 
man export credit agency) and only other national group bi, 
a DM 750m unguaranteed loan enough to swing the trends of 
from German banks. Sd far so the market. 

*°° d ‘ It is also arguable that the way 


ENTERTAINMENT Gt 





' r". '■ '. 


_ _ -TDvw theatres accept certain cradU 
cards by talcebon* or at tt* Box OBce. 


6'«1 nuuuiG, 9U1U1 (luec-jciu- u..tf _ --j-, nn 

old, the Great Nephew colt Over- 

trick. Although this tough little .ntai RWtrS i« y (covekt -garden, cc. 2*6 \io 6&: 

sprinter has a string of zeros I ?SSr *g 1 ®i ,G * rdeBd,a -3£ 


against his name, he has not rreOOff^s S^per'eent 

been running too badly In the ? “ L _ per cent 


RACING 

BY DOMINIC WIGAN JMB& SVe“.“hi 0 ^ i-p^tte 1978 ftBJJ 


dry autumn which has been all 
against him. 


Prize money at the National 

~ n„e (hie vac hv no meane the 41 ,s a,au dr s uaoiB U4i41 loe wa J r " ' " " ' ■ " ■ ■ Hunt festival meeting will aver- 

end of the storv.* The proposed banks generally are increasingly sees tbe William Hill November . . . , *Se more than £74,000 a day. 

DM 750111 loan 'was found to be H. SIng the Euromarkets 10 support Handicap favourite, Falls of 0n tod *Ys perfect ground and Seven new sponsored events are 

a bis obstacle to the arrange- their countries’ export promotion Lora, among bis runners. OTer a stlff slx furlongs— Ins ideal planned for the second half of 

inent of a Slbn Eurocurrency ES™*" ' 0 o uld a „^2 n be # 2? My idea of Arundel's best bet- SSTSSTwIfh,; ,1° ** CUTTeat 8eaS0IL 

sj ndicated loan which the Si 3e Swrn ™ fr S ting propositions on today * s close with his burden of 8 st S ib 

Nigerians were also planning to group wrnen sew j aC ]{p 0t card ^ Essex in the 11- At today's principal jumping 

raise. Indeed, not least because Suiuclines on antisocial competi- n,i] e Town Field Handicap. This meeting. Cheltenham, I shall be 

of this, the Slbn loan was cut uon Jn export tinance. good-looking half-brother by disappointed if Honegger can- 
to S750m. As in the new case The British and American Tudor Melody to Desert Way has not give weight and a beating to 

of the Itaipu loan the German banks are least good at this. But improved considerably in the last the trio who face him in the 

banks eventually bowed to pres- to match Germany Inc. and Japan two months and could well be a Lansdown Hurdle for four-year- 

•surc from the borrower, and Inc they would have to develop step or two ahead of the handi- olds. 

added it into tbe S750m pro- America Inc. and Britain Inc. capper. Earlier, Ramblix may just be 

posed loan. And that does not look probable. I take the lightly-raced Dunlop good enough to give 3 lb to Road- . 


THE ROYAL OPERA 
Ton't * Tile. 7.30 Cost ten '-time. TMOtt.’ 
7.30 & Thur. 7.00 L' Africa KM. 

THE ROYAL BALLET 
Tom or. 7.30 Th« Sleeping Saaoty: Wed. 
7 -3D Mayerllnfi. 65 Am util 1 MBOIng. 
(or all perfs. from lo am on iJ*y c< peer. 


DONCASTER 

2.00— Glenjade 

2.30— Essex *» 

3.00— Liberated 

3.30— Overtrick • 

4.00 — Bulging Pockets 
CHELTENHAM 

LSfl — Ramblix 

3.30— Honegger ••• 


COVENT CARDEN CELEBRITY CONCERTS , 
Sue. 12 No*. FISCHER- DIESKAUfi 
BARENBOIM. CONCERT CANCELLED. 
The Management regrets to. announce 
tfiat Dietrich FI«rher-Dieskau-'ls' nnWeR 
and has had to canal his redtaV Re- . 
funds will be available from the. BoscJ 
Oflkoe on recehK of returned ticket*.' 


SADLER’S WELLS THEATRE. Rogrber* 
A*e.. EC1. 037 1672. EvSS. 7JOj : 

HANDEL OPERA 

TonlehL Tue. next Nov. 16 & ,TEt 
R1NUDO Tomor '‘ Wed ’ * Frt * ^3* 


THEATRES 



t Indicates programme 
in black and white 

BBC 1 


7.00 Tom and Jerry. 

7.10 Star Trek. 

8.00 Going Straight 

&30 Rings on tbeir Fingers. 
0.00 News. 

9-25 Target 


MKOO am For Schools, Colleges. 

10.45 You and Me. 1L05 For 
Schools. Colleges. 12.45 pm News. 

1.00 Pebble Mill. 1.45 Heads and 
Tails. • S.02 For Schools, Colleges. . „ - . 

3^3 Regional News for England *" e following times: — 

(except London). 3.55 Play Wales — 11.05-11.25 am 
School. 420 

4^0 Jackanory. 

Caveman. 44»5 Crackerjack. Heddiw. 7^0-84K> Cawl A Chan. 
540. News. 10.1! Kane on Friday. 


Northern Ireland — 5-52-3J55 pm 
Northern Ireland News. 5.55-5.20 
Scene Around Six. I0J5 The 
World of Percy French. 

England — 5.55-6.20 pra Look 

^ . East (Norwich); Look North . _ .. 

10.15 Tonight — In Town (London (Leeds, Manchester. Newcastle); H-25 The London Programme. 

and South-East only). Midlands Today (Birmingham); ,12-25 am George Hamilton IV. 
1045 Regional. National News. Points West (Bristol); South : 

10A0 The Late Film: “ Don't Today (Southampton); Spotlight/ 


7.30 Sale of the Century. • 
8.O0jGenerai Hospital. 

9 JD9 Best Sellers: 

10.09 News. 

IOjJO Best Sellers (continued). 
11(15 Police 5. 


A DLL PI THEATRE. CC. 01-836 76 TV. 
Evenings * 7.30. 

Matt. Thursday 3.00. Sttunisyi 4.0CL 
BEYOND 

THE RAINBOW ... 

An Enciianlltg New MusicaI 
Credit Card Bookings 01-836 T6U. 


Report Extra. tlWS TTMr FridAT Film. 

” The Mummr's shrood.'’ 

ITTV Cymm/Wale»— As HTV Ceoerali .. -. RV x - 7 „ rr ^ ,rrrt -« 
Byd. 6.SS6J5 Y OzdO. 18 J5 Letter by 


THEATRES 

KAYMARKET. 01-930 9a32. n ErsS. 8.00. 
.-Mats. wed. 2-30. SaB. 4.30 and 8JW- 
GERALDINE McEWAN 
t-jl CLIVE FRANCIS 

NIGEL STOCK ' 

■ PETER PAUL 

V.' SOWLfcS HARDWICK 

w!d FENELLA FIELDING 
LOOK AFTER tOlO . . 

•- bv Noel Cward- 

•••■ , ' with GARY RAYMOND. 


STRAND. 01-836 2660.- EreoJtiw ^^g. 

WE-RE.aaiTtSM -• -a 
LONDON'S LONGEST LAUGH— r.. 
OVER 3.000 PERFORMANCES-.'- 


HER MAJESTY'S. CC. 01-930 6606. 
■;Evhs. 7 JO. Mats. Wed. and SaL 3.00- 
• 4 — • ■ BAR MH7VAH BOY 

*• - THE NEW MUSICAL 

^■"THIS STUNNING PRODUCTHJN 

* -UNIQUELY ENJOYABLE." FI nan. Times. 
"-DELICIOUSLY FUNNY." Ev. Standard. 
EXUDES THE SWEET SMELL - OF 
SUCCESS." Guardian. 


THEATRES • 


u- 




ST.. MARTIN'S. ' cc. , ' pi-fsaiau 
Eras. 6.00. Matinees Toes. 2 AS. Si 
SJ» »nd v .i, 


i St * 


AGATHA CHRISTIE.-S - / 

THE MOUSETRAP. . L r ::—. ■- * 
WORLD'S LONGEST EYCR RUIF.. • 

26th -YEAR. . - • 


KINGS ROAD THEATRE. 01-352 7468. 
' from Doe. 18. Dly. 10.30. ‘2.30 and 4.00 
THE ROCKY HORROR SHOW'. T 
• -1 DONT DREAM IT — SEC IT 


EYRIC THEATRE. CC. ' 01-437 3686. 
•;«H. 6.00. Then. 34)0. S«. 5.00. BJO. 

JOAN FRANK 

V. PLOWR GHT FINLAY 

FILUMENA . 

: toy Ertuaroo da Fill duo. 

..DIRECTED bV FRANCO. . 2EFERELLI. 

r - TOTAL TRIUMPH.” Ed.-' News. "AN 
L .-EVENT TO TREASURE.” D. HHrT -MAY 
’ IT FILL THE LYRIC FOR A HUNDRED 
% YEARS.’ Sunday. Times. 


MAT FAIR. .629 3036.' ■ Eras. B.OD. SaL 
L UNDER MILK WOOD 


At AY. FAIR THEATRE. - - 01^493 2031 

J8-plir. 10.30. 2.30. t, 4*Q0. 
SOOTY'S CHRISTMAS SHOW 


TALH OF THE TOWN.' CC. 01-7*4; S0S1. 
Air-conditioned. From 8.00. ' OrrWon 
Dancing 9.30 SUPERB REVUE _ . 

. RAZZLE DAZZLE 

■. --«> tt.oo S att monro - 


THEATRE UPSTAIRS. 730 2554. Lint. 
P«ts. Ton't A Twnor. S.15 L ! 15. 
Traime Th. Prod. « THE SLAB BOYS 
-i by John Bitrne. 


VAUDEVILLE- S36 9988. Eva. 8.00. 
AN EVENING WITH DAVE ALLEN 
V UNDOUBTEDLY THE FUNNIEST 
SHOW IN TOWN.'** Sun. Expreu. 
LIMITED SEASON until Dec. 2- 


VICTORIA PALACE. 826 4735-8. 

Evas. -7J30. Matt? wtd. ‘*nd Sat. 243. - 
... STRATFORD JOHNS 
.••••• SHEILA HANCOCK ” 

*■ BLOCKBUSTING-^-' 

' SMASH HIT MUSICAL.". □. Mall.. 


Make Waves” starring South West (Plymouth). 10.1 m All IBA Regions as London 
Tony Curtis. 10 -45 East (Norwich) John except at the following times: — 

All Regions as BBC 1 except at 5gjW" . of . Bedford; Midi an* 


Lett'-r. 1LQ5 potiook on Agriculture. 
1U5-J2J0 am Tbe Outsiders, 

„ „ HTV West— A* HTV General Sendee 

jO Close: Wilfred Oven poem «*««: IJMJI pm Report west Head- 
read bv James Coyle. UnCi - msajb Report West. 


Wed. and Frl. 7-4S otn Thor*, and Sat. 
A30 and 8.00. 

A THOUSAND TIMES WELCOME IS 
LIONEL BART’S 
OLIVER 

“ MIRACULOUS MUSICAL.” Fin Times, 
with ROY HUDD; 

GILUAN BURNS. MARGARET BURTON 
Extra Christinas Mats. Book Now. 


(Birmingham) Hurdy Gur 
_ North (Leeds) Close-up Nor 

tor Vnrlh Rntt rMn.mctl^ 


ANGLIA 

1-25 pm Anglia News. 2-2S Frida* FRnj 


sco.rnsH 

LS nm News and Road Report. US 
Hoove party, 225 Friday ATatlnre: ” Flight 
of Uie Dotes." starring Ron Moody. Jack 


•ip: Mai^eo' '■ Tt^Cha w te^urder^' siat^ t Ur ' ^ a, f ] I R5C “'so a* THE * WAREhOose i»e* 

iday n»J Diehard rfTZEJr.J*™ I' o"~ Mrs. Wa_ScotUnd Today. SJS EmmertaJel under W». 


ALOWYCH. 836 6404. Into. 836 5332. 
ROYAL SHAKESPEARE COMPANY In 
rcoartolre. Tomunt 7-30 
AS YOU LIKE rr . 

••An evening of rare enchantment” S. Tel. 
With: Coriolanus Tom or.. Mon. 


NATIONAL" THEATRE. 828 . 7257 - 
Olivier lopen swaeij-TooKifil 7.S0 Io^ 
morrow 2 AS -A 7.30 . toffy perts. tKl 
TZ * 2 «™ t , WOMAN . newnSav pj 
Edward Bomo- (wfiosu. S2S tonight - tatlcs 


fWESTMINSTER. - CC . 01-B34 -0283. 
_ i UNTIL NOVEMBER IB..' . 

Tues.-Frl. 7.4S. Woo. and SaL 1410 
A M USICAC^NTERTAl NMCNT . 

‘ -THE BUNNY^ AUSTIN STORY . 


. i. iproKefrlmn &uae)r ' Tonignt 

oeevs.i . BETRAY AL new gii, br- FliHn- 
liSJtortumi: ffiitH No».‘ 
IMt - *yorld turned 
{fSSLifSI!,' ht Kefth oewhurat hgm 

srr^&f 0 **- iP * r *«* n « “‘i- 

M anVwBCBHent cheap seats a« 3 theatres' 
of^perf. iCar. pare. Restaurant 92a 
2033. &edlt ^card ■ boojrtnga 925 ; idsir 


hSS mui 2w? y i n£ . Ground; South g- •«“ 2«C<!HJTSSL“ gLSSffjFSt 


South-East only. 
WD Nationwide. 


ton) It’s Your Bid: South West Part 1ZJ0 m Men ^ Manec ' 

3.35 Nationwide (London and Scotland - 1053-10^3 am For (BS^bllc^Ufe 11 * 1 .' x.2* pm atv^JJL*. «25 in'ru. Cin>1 Unltjr ' 

Matinee: " ConwriinE Rooms." starrine SDTITHFRIV 

Bette Paris and Michael Redgrave: 525 OVUinciUT 

Happy Days Anniversary Shaw. A08 A TV T- 20 nm Snotbern Yews. 2. BO T^omea 
11.00 am Play School (As BBC 1 Tadv - Sno ^ Shadow.'' **{£*£ " 

1 13 Phott h BORDER Scone SouLh East fSouib East Area only t. J ambassadors. 

1-w Raring from Cheltenham. nJS pm Border News 225 Matinee' ^ TpI1 iTe Anmter- 9ja LiUIc. MJO - " _ 

5J5 News on 2 Headlines. " FllBbt ol the Doves.” starrint; Ron „ MJ 5 Th< Snntbertiem. 1125 


Schools. 5.5S-620 pm Reporting 
•Scotland. 10.15 Spectrum. 


F.T. CROSSWORD PUZZLE No. 3,819 



ACROSS 

‘l Put one can in suitcase to 
finish (4. 2. 2) 

5 Programme takes time and 
change (8* 

9 One of the hazards of billiards 
(2, 3. 3) 

10‘ Horseman's rope can be a 
trial .(6) 

12 Thief accepting bet (5) 

13 Fear to arrest (9) 

14 Recommend favourite cloak 
I6'v 

15 Consideration nevertheless 


4 Roughly elected by demand 
<7) 

6 Message from- duke enclosing 
musical decoration (5. 4) 

7 Simple for one to enter body 
of church (5) 

8 Don ate it in order to poison 

combatant (8) 

11 Notice first Sign of rain (4) 
15 Noble girl goes over pole (9) 

17 Potatoes for plucky carpenter 
(4. 5) 

18 City district still very happy 
<S) 


to Turkish casual (7> ™ Domeatic cupbearer (4) 

19 Beast not playing the game 21 J®S“J Jjl cbar 8e of Aunt 
thev sav t'7) Sally? r»J 

21 Side in steam yacht initially 22 Scote American girl 

suffering from condensation , 4 Wj “ f^eign Statist (5) 

25 Munch with tbe world’s best 
(5) 

Solution to Puzzle No. 3,818 
sj/zli/irii/ip 


(6) 

23 East-end stray one politician 
. has to land (9) 

25 Accountant caught man in 
hiding place (5) 

26 Bird needs to briefiy mount 
it (6) 

27 Way part of west London 
meets crime (8) 

28 Doggy* preserve in one 
direction 

29 Offer support to ring Sarah 
( 8 ) 

DOWN 

1 Periods for diverting 
trains... (6» 

2 ...the handy way (91 

a Conclude hell has no ending 

.<*) 


B 

□ 

G 

Q 


D 

0, 

D 

S 

E 


□ 



n 
aca 
s 

Q 

M 

ir o s 
aca! 
n b 

HHD! 

a -a ; 

3QEE 


BBC 2 


UJ« Appainrmpnt Wiih Pete: " Tt^* Ntubt 
Suffcor.” starring Darren McG a vtn and! 


ALMOST FREE THEATRE. Tel. 485 622S. 
Lunchtime THE BALLAD OF WILFRED II 
bv Frame Mirw. Directs bv Paul 
Marcus. Mon.-Sat. 1.15 R.m. 


ALMOST FREE THEATRE. 9-T9 Rut 

Street. W.l. Tel. 01 4ll 62 

MUSICIANS PLAY THEATRE it 8.30 
P.IT. 26 Oct-11 NOV. EPISODES RUJiarU 
Go olden I; superb. The Soon O'Kane 
ErurmWc at 11 JO p.m. Sideshow bv 
Martin Raphael (late Debris) 


t5.40 Laurel and Hardy Show- Moodr an d Jack wild, sjs Garneclt Way . §**1?%.. | 


case: “Helpmates.*' 


6.00 LookaroiiDd Friday. 6 JO Thin^wmnV. Lal f, Show: ” Tbe Bitter Tears | 

6 00 The Vova bp of rhartee ^ Uberace Show . (»«h of ptfira von K#nt -” 

W n,Lm ° y K 0t Char anniversary show of Liberace’s deWt In TVTWC TCCC 

P arwin '. Us Vejas). LUS am Border TYIVt TEES 

1_.00 Mountain Days. Summaiy. . 9^5 am ^ Good (olknred by ' 

«..»0 Mid-Evening News. rRANNEl . North East News Headlines. L26 Pin 

7J * Course ^ « S ^ R& BWT- 

5.00 Top Crown. BBC 3 Masters Sf* ST ,gJS & SttJSt. 

Bowls Championship ' ear * V -, 5 - 15 ““cnlale Farm. 7J0 Mixed Blcnlngs. XLIS Rlcbie Brockle- 

Cbanae] News. 640 The Senators PWann. man. 1245 EdUoctc. 

740 Benue. 1048 Channel Late News. 

U.IS Gearse Ham ill on IV 11. 9V Rirn-ihv TTT CTTD 

Junes. Ii40 am News aod Weather to _ _ _ 

French. 1-20 pm Umchflme. 140 Roll Harris. 

GRAMPIAN ' “ ^ “ an, ” : ' “" l 


- -- CC. 01-836 1 17T. 

Eras. 8.0. Tues. 2.45. SaL S.O and 8.0. 
JAMES BOLAM 
A su-erb pertormjnce.” F.T. 
GERALD FLOOD 
In A NEW THRILLER 
"WHO KILLED 
AGATHA CHRISTIE . . . T ~ 


APOLLO. CC 01-437 2663. Evm. 8.00. 
Matt Item. 3.M. Sat. S.OO and 8Q0. 
PAUL CLAN l MAN. LANA MORRIS. 
Dennis ramskn 
CARMEL McSHARRY 
SHUT YOUR EYES AND’ 

TH'NK OF ENGLAND 

■WICKEDLY FUNNY.” Times. ” Very 
very nmny — great entertainment." NoW. 


iFinal). 

B-30 Westminster. 

9.00 Butterflies. 

8.30 Horizon. 

10.25 Sounds Like Friday: Leo 
Saver. 

1Q.55 Late News. 

11.10 Rock Goes to College. 

1 1*50 Closedown (reading). 


ARTS THEATRE. 01418 2132. 

TOM STOPPARD S 
DIRTY LINEN 

” Hilarious ... see It.” Sunday Times. 
Monday to Thnndav 8.30. Friday and 
Saturday 7.00 and 9. IS. 


Dorea.” starring Ron Moody. Jarir Wild. ASTORIA theatre, cc 

am First Thins. 140 pm Grampian P?r ,l ,nL M< ^ ulre ® rK L, 1 Suri1 ^ . Ho ’ te,ray Rcvrt - 73 * «ei- Mon^nSf 8 00 ^“ 

7.(0 IVetooniL’ id ihc Ceilidh, n 15 - R-- u/rr-mi a ni-, 

flections. 1140 WVstside 3IPdira1L^224» WESTWARD 

04A C U . n G ra®Pton Late MgJu HeadBneiL 12JT pm Cob Ronertrtin’n Rinbdays. 

9.30 am Schools Programmes, followed by Road Rrpon. 149 Westward itews Headlines 148 Fire 

n.54 Beany and Cecil Cartoon. Act. US The Friday Matinee: '"Tlw 

12.00 Song Book. 1240 pm tiKAINADA tmw»irblc Yoare.” aiarrinn David Riven. 


LONDON 


Amazing World of Hrcskln. 245 Prldi? Diary. (45 Time Out. 748 Bemie. 2848 j 

U45 Gennn- 


CC 01-836 6056 . Mon. to 
Thure. 8 . 00 . FrL. and 8 . 30 . 

CXClTItWG BLACK AFRICAN MUSICAL 

. J^ssf-Sss^a. oV-sess. 

T „ DI 7F^,T&'r E £ | r 5D 

TRANSFERS ^OWHrraHAU. THEATRE 


OPEN- SPA CE. ‘ ' 3fl7 6960 

BKKFrrniREcrs 
Endsamr— Vrapp-s Last Tape 
Tues. tO_5J»ri Nov. 7 to 26. 7.30 om. 
IW P&tfe. Nor_ 1 47-15 and 1 6; 

detain. . 

^ Extended by public demand. 

OLD VI C ~ ■ "928 -761 6 

■ PROSPECT: AT. THE OLD VIC. 

.StWNrd.- yjeen AtklrtA ‘‘Rlvetino 
rhr^calju^v - Financial Times. '-A B un 

Saricfont . mu 
KfH) yp n*e larahs.” Gdn 

* .Yz M Twelftn.-Nkrtit Eileen 

^zxivn j wpcft) . Ta* Ti mM 

ncSSLif ~ 

HfiHimwp -Noy, Idtti Dsrdc Jacobi m 

coumST with cni? 


WAREHOUSE. Donmar Theatre. Cownt 
Garden . Box Office. 338 '6803. Royal 
Shakespeare Co. Stun available Idk'L 
“8.00 tor Pete; Atkin's. A and R ' “Pprv 
AlUa-'s- playing is as-' eolovable 
dialogue,''" Times. Ad». Bkss. Aiawvth. 


WESTMINSTER. THEATRE. - =634 0te3- 
Tun -Rice 6 Andrew- Llovd. Webber's 
“JOSEPH. 'AND THE.' AMAZING -TCCH- 
N (COLOR- JMtE AMCOAT.” NarrldtL PAUL 
JONES. Twice Daily Bcdaced Price Fre- 
' rtvw From Nov.- 27. Opene- Hoir'. SO. 
(Ticket*; £2. £3. £«. Book Now: Limited 


Qt.»30 8692-7765. 
Is and 9 00, 


WHITEHALL, - CC . , 

8.30- FrJ,-. and SaL- 682, amr 9 wi 
I Raymond oreients the SenuUoiMi 
. Sex -Rente of the Century . 
iL . DEEP -THROAT- ' 

Ypur 1»« chance lo see prior to translcr 


to .Elvsee Montmartre. Rarls- 
MXlST . END.-DECEMBER 2-1 


PALACE. CC. ' * 01-437' fiftsa 

s&JSfftz 

by Tint .Rice ABd Andrew Lloyd-Webber. 


Tuesday Nov. 14 lor 5 snvonh> M 
' MARY O’HArJT ° n ' r - 


PALLADIUM.- CC. 01-437 Wl 

A BA NAZAR 

“"^SS&^WP s ^ a ep shall 
P revHwr December 19 ar 740.' 


WINDMILL THEATRE. CC. -0W37 6342. 
.Twice NFBhHr 8.00 and. 10.00 
. • -Sun- 6.00 and . 8 JJO 

PAUL RAYMOND present* ; 

- THE EROTIC EXPERIENCE OF THE, 

' . MODERN EBA - • 

Takes u> unprecedented Jlmlts Whal 'I* 
. permissible , on our. stand.” E. .. Ne«n. 
. ' THIRD GREAT YEAR ; 


VfYNOKAMrS. , '.03-835'. 3028. " CC 

Bkos. 856 iw from 8-50 am Mon- 
Thors. 8J)D; Frl.-» Sat 5. 15 A. 8J50. 

' ewORMOUSLY RICH : 

VERY FUNNY. " Evening Men 
Mary O MaJley^ smasb-hir comedy-- 
„ . ONCE A CATHOLIC \ ... 

Supreme comedy on sea and rellgipn, 

-'vSSfaB&V :i 


WORO WC, 828 6383 . : Tofl'L., Mon.. 
Wed. 7 . 30 . Tomor_: Tue*. 2 . 0 O. HAMLET. 

T ’ ,u r - M RICHARD in 
Mrt of SlWtusspeare trtlwv ACTION 


SWINGLE. II and CHARUE SMITHERS LT2S! , % ’K. *W™®- -5»Z8 -6T6X lit* 
^.•SPOKING NOW • OWM ■ f P,rf ' Tw,5t 8 Terence Greer's |AIUBW 




A- Ner.fUy by TOM STOPPARD' 

Dlrectad hr peter wood/ ° 


Wnrrfa 100 Mpu-q nine FT ir.rL»r or Krwsklu. 245 Friday uw wui. 

■TlSi™™- 1 ' W P ,u * index. Mailneo: McMillan and Wife 545 This Is Westward Late News. „„ — - 

1 JO Thames News. 1^0 Farm- Tour Rteht. SM Granada RcportSi 5.30 BanUlton IV. 1245 Baroabr JonaJ. I2A0 COMI ^J* Evasa.00. 

house Kitchen. 2.00 Money-Go- Rich-off. U45 Reports Estra. nuo The ■*" tor Life. bill*? WH n=E law ' 3,00 

Round. 225 Friday Matinee: ^ouchahies. YORKSHIRE 

, ^ HTV ; 248 pm Calendar Neirc. 24S Friday *' P ’ mdlly NA ,n 

148 pm Report West Headlines. X35 Film Marinee: fOlahr #f ibr Dovi's.” by -S imon gray. 

Report Wales Headlines. 2 J» Women starrtna Ron Stanly. 545 Riinoy Days. Intemelv moving.' E. News. 

Only. 225 The Friday Film: tSl£^ errd AW E r!T,^i f ” r CRITERION.^ 01_-930 . 3216, "SST^- 


Lost Flight " starring; Lloyd 
Bridgei. 4.J5 Raven. 4.45 Magpie. 
5.15 Thames Sport. 

5.45 News. 

6.00 Thames at 6. 

640 Eramerdale Farm. 

7.00 MLsed Blessings. 


Tmiwsihle Years.” starring Oavid St^en edlilonsi. 645 Cnlemlar 


and Lola Allbriahl. 5.15 Lavnrae and Richie Emc-klr-man. 
^hirlcy. i.83 Report W-sl. a. 15 Report Peterson iTescnw . . 
Walciv. 64o Emruerdalc Farm. - 18 JS Joe Williams. 


12.IR ant Ojvar 
Count Raala and 


247m BeeihOTen Plano Trios iS». 340 EasWi Weather: prnararnrae news, toa *vetrB i 
Wind isnsic and Sonw *S». 348 Historic 648 Gotta Places. TJM tiers. 7.05 17*01 
..... Performance on Records: .Uben Sarntnons Arrttcre. 748 Pit* of the Week <si 848 1 

^dto • TB Dare ree B J. ays EI *ar. 445 TVo EUubeihau Edlrt Profile. 8J8 Any OueStlons? 445 Letter 
Sn ai« 'ifii !? ■ MS Jtomewanl Bound .s>;. >48 -from America. 938 Today m synod. 

™ - a a MJS At Home: A Janer U.nMtaw.Mi Weather. 18-M The 


RADIO 1 

(S) Stereophonic broadcast, 
t Medium wave. 

5JHI am As 

Spa®. STiKJf'iS =.'•* sa wTSBris? $sf&ss ™ l •off .b 1 ^ s» ulto 

OHI CALCUTTA! 

“ Tbe nudity h stunoma." Dally Mall. 
■ 9*b Sensational Year. 


bookings 636 1071. MOn. to Thor*. B.DO 
Frl. * MJ. 5 AS. 0.30. Ton't no s.45 perL 
■JH€ MOST HILARIOUS PLAY 
FOR YEARS.'* Financial Times. 
GLOO J DO 

■ °* Mlcbocl Hastinos 
''HAD THE AUDIENCE ROCKING WITH 
LAUGHTER.” Era. Standard 

DRURY LANE. CC. 01-836 8108. Man. 
to SaL S.OO. Matinee Wed. a Sat. 3.00 
A CHORDS LINE 

_'■ * tef »; «^^'ir>u. tovoui *tton»*niri5 
atunper. S. Times. 3rd GREAT YEAR. 


PiccADfit V From 8.30 am, 4 jt asm 
C redtt cards' 036 * 07L Mdn..ThSr 

j&jsf '56 ■« ja- rfsSgt 

hu^te^ADWAYSTAH,^^ 

"Worlcs _ llfce-- waalc ” Hnanrial Ttntes. 

in iSnoOS?- £o? 
rx? *nqv? c iSr**-"-. 


. ..'ClNOfAS ~ < 

£_*■ ^HAFrtSBURY AVE." 838 
P£*»- ALL ■ SEATS. BKBLC. 

(A, ‘ Wl< - * 'Slut. 
®^ D t- L *'r- stiovr Ton iff ht A 
ml V I 0 ' *• fieitf «w the NBe fA). 

wit. 6 . sun. 2 JOQ. S.OO, 8 . 00 . 


C TJbel EM , I 00 **- Camden -Town 

Jf Vw ' ^. Thr 803 or CAN 
Ron 1 nwlftWjl CLARA fAAl. With 
TRAri? JOAN BAEZ-ln «* 

.TRACK. STEREO. Progs. Z.50. T40 datlly. 


C Tottnh!u.l^ ?•; i OxfffBd Street -I0M. 

““rL ‘Bd. tube*. '636 0310. 
• » ■ ^5tiS'5 r 94' **>‘Wreo halt-price . 

1;. PJfHril .Adam's WATERSHIP SO 

I. >ro«J». 


. ’Jjtij’lP'.'PdiaPwreiMnd. 


WN 


PRMC6 -EDWARD. Ct. 01 -a ST R° 77 
Ereulmn. WKJ. Majv^urs.: 0 ^!. XOo' 

by Tim ■Jtlcv anO Andrew Lioyd-Wetemr 
. . OfrWw br -Harold- Prince. • • " 


PRlNCF Of WALK. O' -930 8681 . Credit 

t^r^&Y^Mcn raffia 

AYCi^«^^^^^, ! ldVf kLAN : 
- vSEBBOOM FARCE 
If ro n,4P-iwr lduuh. w me." O. Exp. 
A '^affetMnal Theatre - p ro d uct ion. 


To®* "pS* gririen . Ufl BBC 'xnritaaB' "*8>n|toV «■»' FrW* 8R Fridar. ZLOi A Book"ar 
ijOirts Radio -i. «.ra John Peel rsi. oreheatra pan i: Wattnn. Brineo^Si- E"<ltlme. n.15 The Financial World Til 


t iiHhn dnrf VRF ^ TUooIokiads ud the Wf** ni»:hf. 

I^Otnxx and VHK Rnicn «t aDr by. James Brnilrr i. 8 - 15 :BSC Xcw* 

— cm — _ _ NnrTtu*rn ^rmnfwn, a — *» ■ DP/ 


I2JB Today In ParUamem. - lies 1 


12.1B4.62 am As Radio 1. 

543 «m Neva Summary SJB Tone >; an he re Sirnphenv OrebcMri "HarT £■ BBC Radio XiODdoit 

Brandon *S. Inclndlng 645 Pause lor EUar >*». 9.80 .lohn Jcnklny rgi, 1848 ■ .. „ lrnr 

Thousbt. 742 Terry Wnsan *S< Including Jislt 1245 Allsfalr Cooke’S ZTOm anti 94 J VHF 

877 Racine BulleU □ and 8 -C Pause For =«»■«•« 11484245 Tmlfito'S „ ”8 «n Badio 2 . 648 Rush Hour. 

ThooRht 18.62 Jimmy Voting »S*. 12.15 Scholirn Sons *5*. ..? yJJ London Lire. 11.40 Lobby: A London 

om Wagoners' Walk. 3240 TVle Murray's » VHP snly-648-748 pm «PC» L 1 '*' ® P° Ut l'T- 

□pen Rouse *S. lacludlnK US Sports Cnlverslij. - «•» P"Ca n U* ?W S he- er ase .4.03 

Dealt. 240 David Hamilton >S< lorindloa r? A nifl rtc'hw I FORTUNE. 836 

E45 and 3 AS Spans Desk. 440 WaenacM* RADIO 4 tlf-c-n TJS 

Walk. 4.« Sports Desk- A47 John Dnnn 454 m, 33l)m. 285m and VHF ¥?& 

SI inctadlDK 5.45 Spans Doafc. 6 AS Sports 6.60 am N'mrs Brlefina 640 FaiiattK rESe^J^fidto *' N 

Desk. 722 Take 3 our Partners in ihe Today. 640 Today Magazine Indodltn j «• 

Radio 2 Ballroom tSi. 102 NeU Richard- 6 AS Prarer lor ihe Day. MR aitd 84# JuGnaOIl tiroadcastin? 
son cnndncis :1a- BBC Radio Orehesrra Today's Men's 748 jik| s'jg Vpki Head- 361m and 97 3 VHF 

■ Sri. LG Frldsv Xlsht is Music NtoK ISt. lines. T.B Thonsht fp r the Pay. lB 5.00 am Morn In,- Mukjc. LOB AM: 

0JS -Sjmm Peek. ULOZ Sbbpmt \nur ^L-sterda?- in r^rt lament vro Xetra. #£* mut-voo news, mform.irlon. travel, sport 
togL Z#-M Let s •jjto'ri ^ at Time. 845 The Pleasure Prlodu^- 10.38 Brian Rav-s stjtni IA -ft, 1 Rr 

Snmhe and Slrocro. UJ2 Brtamiammw 1840 Ml I« Frem 0.,r Oirt Rwttv 3.00 C-»r=e Gale'T -^-rhwk 

v "" nA tDcMbM F^nondeiH 1040 n.iiiv Sertire. call 4«t LRr n^.rt, .cnminirai. S 


DUKE OP YORK'S. ,CC. 01-836 5122. 
Eras. § nm. fn. g. sat. sjg * 8.50 
TOM FELICITY 

COURTENAY KENDAL 

CLOUDS 

"MICHAEL FRAYN'S FUNNIEST PLAY " 
p-_.feL " .TOTAL_ DELIGHT.;! _E. Ne«i. 


5SO " -T ,: 

f' THE IHIEEK TYCOON lAAl ProJC 
- *■ oliiS fl-DO- 840. Lat e sno w. 11 pm. 
|vGW* Jojtow; « STEVIE . 1 A An. 

vs&jL ^ w "- m * a5acm 




^wtiee'Vy’LS? p -"* . J '|w» 7 .b“bli48 

* 8ua. bh tare Show bJm.i . . 


lUEENSfc- Cnwir ■ ' oi-rsa t i bs. 

EfS‘ - MO.. WnL 3-00 ■ SaL 9.00. 8 30, 

CEOROFTCHAKARIS.. ROY CXJTRlCEl. 2 
RICHiSff VYRNON. JAMES YfLUEiS Z 
_ IW •PASSION- OP wtaoju . « 

■•DAza*NG* ‘-E. Stan- -AtDST SCENIC; ~ 

Au,y fflKTMIRAR Shnw Mil TtWM -j 8 PWW. . HWDWim 1910 17U- 
Punen.^T rStHEATKE.- ■ AT- 1TJ MOST 1 txPKPSS^ IJU. 

M AGtC^DJ* 'Tune# UL.SUM. ' I ?ly/ .35P.-S73a .840 .aTm/Sfe 

1' . --- - - C Sat. a.Sup. Doom open l t.j 

- 01-734 1593.1 PTOB «L 11. as pm. All mSte 'hkblf; ” 

«. Opwi . Sun. I 1 

p t t w n b • .( 1 
Etenva -■ * 


27714 

vpaa; 

show 


REYUMAR. CC. 

.-■9- nm. M «n 

RAYUONO l._ 

FESTIVAL OF. EPOTICA 

.‘.f -VFiAv - »if-««imtlooeo , . 


S .*35 E "- 8- Tnurs. 3. 

Saturdays- 540 and 8.00. 

in 

MURDER AT THE VICARAGE 
FOURTH GREAT YEAR 


GARRKK.CC. 836 4601. Eras. B DO 
(vturst. Wed. 3.00. Satt. 5.30 8 
DENIS OUHXKVm IRA LEVIN I ^ 
DEATHTRAP 

A New Thriller Plrectva o» 
.“ifflSf 1 - BLAKEMORE 


RECEN T.'-.;- - r -jCC. 

^-1- ,'RBUBRFCTION 
TWe.gfft.4otd Gaspol Musical^ 


- two' 61 1 1.» 

w«w- DTd' JteOrt seen 2 Oo5^%. 

^iir-sre^ j ^ * 5 f t V do °? 1 1 « 

“*■“ - e “ a-30. 


rss J&MW 

- — S vktH&rss 

“ ■ MhRr«a 

— — “ } -X 1 - .1 iMK 1 . 10 . 54S;' i4S. 

— '■ 845.* BJS.l tale Show Frt. 

.a mi Sat. IT. 15. Scott M ate. UCd Bar. 

*5 l *9|f T — * .*- Wttto*, Cirras.. 437 3SOO 

-ffiS* UWUARRryo WOMAN 

A^Asama Chrtstlp^ DEATH' ON THE 
V. Ants. Oi> 2 IS. S ifl. 


ROVaLTY.’-': «sCC. 01-tOS 8004. 

Monday-ThuMdBY eranlnff* 8-00 . Friday 
5.30 .eWSawmarj aSoi and- aloS; 
- LnMdPn Crltlry rale 

kmp a » own sugar 

bOOWng^^repted. Malar _e««dit 


imrodoccs Hnnnd Mldnl-Jit. ... .... , 

1243 Nows. ZJ&2BZ an Sm St.mman-. MMb Swrr. 1LM 1145 IJm^ %n ' r E, - hl - •’VtaMgiW. 140 mo Msht l Globe theatre. 

R b f%v ■j ici m CfPTYHi JC- \tit? * nur Tiai vvif< Cr^nlnch 5m »*y. F' tr* . 

A DIO 3 amrunF Mr Lire me Army •setAo.! of wn Cacilal Radio 

645 am W.-nth-r 7.80 7JS pr.-r* reiki hr Cl-m-n; Fri-ud- 1248 Simn nnuire 

Fjn N-n- 1 . 8.65 Alumina Con- 12.83 pm Yun and Vijors. li2T ,B r DM HI SRif 9.<J) VfTF 

ratritn D'’n-»"« Rn-jt fn-i 


wqnai 

ca- ns, . ttelaWant »ei. Qt.aos 24T 8~" | SSjkgH' ' ‘ ~ ' " " ^ 

•“THIlIf CHttftS FON'tWhouRS Of i ?* v Of . THBAfl* 01-836 8868 t . . ... . ... 

MARVELLOUS SNTERTAINMfiNT - ; Credit j&* 4 ,I T2 ,_ T °"' COntt in Mr Slura ThOrL. ffi.Sat. 11. |5, 

Sunday reiogmph. WHOSE „ tiff I? _tT ANYWAY , Bttbte. 

- — — . , r-iILh —A Mnucumn, a. . „ ‘ 


’ u* "rgn aiff.’* WrtMENTOUS.PLAY. 
01-4ST ISM.. « URGE tOSKlO IT" Guardian, 


rer.; I*‘ 8 jn N-Vi- 1 . 8.85 Alumina Con- 12.83 pm Vhh and 

■Yri 'S’. 14J N'h<. 9.85 T*u: Week'* ■■Toni: '<• 1435 OVathpr uTtm-atnm'' *-80 

Coupnicri: Th" 'rmirt «f llen/T VIf| ■!>». trews. 140 Th- ivnr'ri ?t nn« UI Th” Shnt/ 
045 VOIWR ArtNU R-Wtpf 'S'. IMS Arrlren 1.05 Wiman'r Hour firan Krinol hair 
Driloc >S-. J05S t.'nacwmaafired Tl.irh hiclnrtlm 2.H-2.M »wc. 245 Listen IWh 

1149 Ruw'a" sorts Recital if*. 12J5 M"*hrr 3.00 -s. 343 .if nreonn Theitrt f’. ne ‘" 

pm OrJiff r.'lflliv Prom, p.-rj i 4.88 fl -B5 A Land Once D 'Stent r — i|i 

itthshi. Vewv. 105 and Alan— r;vj n Ttnmir <rn>la!mr ,h ' - 109 

Plajbltl fS-. J H Ttnilff MWiy Pn*m. rKit> 2 ” 'f Sffa'n *in^r 1033 iC:, 245 S *** 9m 

part 2: Tchalkorsky (Si. 2-M Ives tod Ttme. S.M PM: Km mafaxta. *■* niHnnal 


... J. a.oo' 

PAUL EDDINGTON. JULIA MeKENZiF’ 

. B *HJAfc*!«_!r.MITRCW ‘ ■ S«ApW50UWY.;‘-“.CG 01-838 6506-7 

' F'l 'No* 40 af4 pm Jar. No* It at " 
y. BA S pm Suo'lNoy 1> a, ■ - - 


ALAN AYCKBOURN'S Nm Coined* 
TEN TIMES TABLE 


CLUBS 




• -x-.-L.v- ,r> . 




r-'C' /V ' 

Vv^ 1 ' 




. ' . r.jCi'.'-.' 1 ’-*?-. i.- * ,'ir**/’ - .'. .- ! .. ; ;-'C 

■ - - -v^ y % ' »~kv /J >. ^ : . 


of their portfolios. ' 

This service is now ottered ori a consultancy I 
and we should be pleased to discuss it iri deta 

- 7 ; .\ ;:' ' - =; ’^v >'- 7 : 5/7 ; 7 %? r •--'- •-'Wx- : ^ r 7 i- r --..,v , ;; V-v ^ *V“ 

Richard Ellis, K**f: MiK,V\v(i acw 
:^:r :, 64 GqmhiH, IxmdoiiEC3V3PSj^l^phonp*0f-283%09(J; --? ; - 
Hollan d, 7 ^ Spam^lSdulK^ Africar?:* ?&sfeaKife > ' f - 7 SW ■ 


Scotland, ; Be|§3&fiijaS^raMe. 


Spdfn, ^South Africa^ 


London WlV - Ma n the slec, 


Financial Times i^riday November 10 1978 


Friday November 10 1978 


Institutional funds have come to dominate the investment scene to the extent 
that their influence on our society as a whole is under investigation by such bodies 
ilson Committee. But there is no gainsaying the fact that their growing presence is the direct 
outcome of the steady shift of savings into life assurance, pensions and similar media. 


liquid just ahead of a market p An increase in direct invest* 
r,sp - men i can only be achieved by a 

Fund managers arc under combination of reducing the 
pressure Ida 10 stick with shares rate or inflation and adopting a 
of major companies; as a result policv (lf fisca j neutralitv t0 . 
smaller companies’ shares are .,- ards a] , 5avitl * s . or at ‘j east 
often neglected. Small com- removing the tax disadvantages 
pames are consequently often 0/ direci investment.” 
accorded low share ratings 
which can be 3 brake on their 
expansion projects aud uiti- lllll UvlICt 
mately on ib<s economy gener- 


natural 1 enemies— advocates of . in terms of their day-today 
large-scale nationalisation — bur influence : on markets the 
from such upholders of the insti tutions* dominance is even 
savings ethic as the Stock greater — -the latest figures sug- 
' Exchange. Coincidentally.' fund gest that about 60 per cent of 
managers ...• have J been . Jh;_all stock-market transactions bv 
crea singly, - exercising . their, value ire conducted by lnsdtu- 
power openly ^in, for. instance, tions.. • * 
standing ; up -managements of The increase -in the institu- 
compames in. which they have tjpns’ share . of the savings 
major investments. . .. . . market in the last few decades 

Much of the criticism of fund has . been fuelled largely by 
managers has -centred on their private investors?' awareness of 
market influence. In the institii- tax. A saver who channels his 
tions 1 traditional stomping money: through an endowment 
grounds i— gilts, equities and policy or a pension arrangement p e |hod of saving for anyone not This has probably been partly the institution* that if they 
property — their > influence is enjoys considerable advantages 
already overwhelming yet con- compared '■with investing in the 
tinues to . increase! Now- the market direct— tax relief at half 


lu ihe da» when the indi- 
vidual investor dominated the 
market Ihere was always plenty 
of money being staked agaiust 
the general tide of City opinion. 

Some of it came from en- 
lighreued speculators who were 
answerable only to themselves 
and could afford 
worthwhile risk: and some came 

from less informed i 

who for better or worse were 
dealing against the trend for 

^ ^ ^ ^ „ reasons often unrelated to any bid for~J. 

with company managements and assessment of the outlook for the institutions "'ere shy about 
meet each other regularly in marker. opposing publicly what many of 

face an the City over lunch or a driDk. The Slock Exchange in its them considered an ill-conceived 

.. . is inevitable, therefore, that evidence to the Wilson Com- bid but chose instead to fight 

to economic niittee on the functioning of for the principle that such a 
news in much City institutions pointed out major diversification should be 
that the most effective way 10 voted on by an extraordinary 
dilute the power of the institu- general meeting of share- 
:e the holders. 

•ircumspect 

awn lorni of oppusilion is a major 
change from a few years ago 
when institutions almost in- 
variably voted with their feet 
new money bv q U | e r!y selling their shares 
as soon as they got wind of 
trouble. 


the growing 


num- 
ber of occasions recently when 
they have used their power to 
influence individual company 
managements' decisions have 
usually been greeted favourably 
in the City. In sonic recent 
a episodes where the institutions 
have flexed their muscles, they 
investors have chosen to fight on techni- 
calities. In the controversy that 
surrounded Allied Breweries’! 
— J. Lyons, for instance. 


By Eamonn Fingleton 


give The tne«ry is that when the 
' institutions stampede they all 
they stampede together and in the 
=ked same direction. Fund managers 
into r ea d tlie same brokers’ circulars, 
the same economic commen- 
taries. go to the same briefings 


relations efforts behind the direction of investment they 
one area of scenes, which have left the could easily end up being asked 
traent which Labour Party in no doubt as to to pump favors' money i - ** 
legligfble tax how fiercely nationalisation lame-duck industries whose sole 
trusts — has would be resisted. case for favourable treatment is 

5 vigorously The institutions would find it that the jobs at ri>k are in a 
Much of the harder to beat off attempts by marginal constituency. 
he unit trust politicians to have a say in how The pension funds 
ly case been their funds are invested. Such extra danger in Labour Party jr 

ties harness- "direction of investment" could proposals in give trade unions they should read 

>f life insur- begin on a small scale, with the half the seats on the Board of and financial 

avings plans institutions being asked to fill trustees. The petitions Industry the same way. 

rusts. in awkward gaps In the Govern- is not against giving a com- The pressure on fund mana- 

institutional meat gills sales programme or pany's emplo>ees a say in how gers to march in siep with their tions would be to eneoura:.. 

tied many to help fund the creation of their pension money is invested: fellows is reinforced by the individual investor to come back 
institutions Jobs in depressed areas. the objection is tu giving the attitudes of the investment into the market in his r - — 

the savings But once they conceded the unions the right to nominate committees which supervise n§ht. Direct investment of this 
he economy point that the State has a right worker representatives. Not their decisions. There are few hind would create a two-way 
The biggest worry to participate in their invest- only are trade unions often not penalties for a fund manager market through which com- 
nsu ranee companies ment decisions, the institutions run in a truly democratic way: whose investments fall in line Ponies could raise 
self- are now so large that they are would find it hard to know in many cases they represent with those of his competitors on better terms. 

1 .v are sitting ducks for nationalisation where to draw the line — and onlysa minority <»f the workers but woe betide him if he goes The Stock Exchange added 


have few obvious .advantages. ' AjA r AUJ1 ’ V, - •; ing the ta: 

According to Stock Exchange Hie pensions industry, the ance for r 
estimates, savings -institutions most rapidly growing sector of investing i 
Iasi year for the fiirst time held the ’, savings industry, has The gro 
more than half of ail London- enjoyed explosive-expansion in power h; 
quoted equities. Their holdings, the_ last. year, mainly- as a result dangers F 
52 per cent of the total, repre- -of . legislation 1 requiring 1 com- themselves, 


Chartered Surveyors 







■s; 


i 

’■ 4.1 

I 


- r 

lustmec 


t 

1 

ieir 1 

3urc 

»?>■■■'* ■. .-f . ^ 








!«.««* i. a.ii \>>« "»■< 


- - v.v:.v ■ 




!T5 




\Sfi ■&'$£&' 

««* ®Ws , 'V 



Portfolio 

ement 


FUND MANAGERS at the Nevertheless those researches It is bardto resist the moral sfoall and emerging Indusfrtos-soiy 



investment ^in£ ' «ay,,fhe 

| moment would give almost as do seem to have narrowed down argument that pensio'ners^^at cootext BR’s £13in jo£:^rf1ish steel - fo'* 
much to know the thoughts and to a handful of important should be able to rely on. open ait looks as if it could fuel s lot .yould pensioner^ y^trpm sucn 
plans of Sir Harold Wilson, the -pecific issues. Of these a par-, criticism of their fund managers of hrigh t new industries for the ap. investment- ■ . 
former Prime Minister, as the ticuiar trio stands out for the to sustain their efforts to keep foforo . To nally - the Wnson -Coarmit- 

Chancellor’s plans for interest frequency of comments and up performance.' ' ••= : • ■ • \ d afe it seems as if the 


! rates. For Sir Harold heads wh3t submissions concerning them. 


i . . • - But thatis not the only^dibrtF .^*^ 5 

j could be the most significant m- in the 'past few months alien- issue under 


* as . “ tJ? tee is preoccupied, wito'eahther 
have successfully .problem, of a mn^’rodFe tech- 
riig m^ ,‘r ^-countered. the nfcal nature, that^-oLtito way Ln 


fa thSy' are not offering industry w bk 3 i 


Allen Harvey & Ross offer a range of 
GILT-EDGED, FIXED INTEREST 
andLIQUID ASSET investment 
management services for 


(vestigadon into the operations tion has been concentrated: on present, .. 

| of the City ever undertaken. the accountability of the pen- the problem of where the fitods !S^- eI,ou ^i 

His Committee To Review the sion funds: on the method by invest their income; .* "The TL c„ ms . -• 

Functioning of. Financial In- which pensions are funded and problem becomes vast because l?' - to significant . w the future pension. 3S-. provided 


future. ^pensions > are 

- guaranteed. At: present pebsion 

They have been aotevyhhfrtnay -are “funded’*!- that vis. 


| stitutions held its- first meeting on Vie way in which the funds the income of the fluids & Vast-dS^® 8 * 1 ■ *“ .5^..2Sl?-2iL 0 jSi out of thc PTesent, contributibn 


in January last year. It is still invest their income. 


T*e Government * 

’i^Syei that activity does seem to 


[sifting through . mountains of Pension funds, exceptionally instance, has estimated tharitiie ;£? .^ D ^ p ^ oye — 


the ’ pensioner . and <•■■■ his 


* Private Clients 

* Companies 

* Overseas Residents 

* Overseas Institutions 
^Building Societies 

* Pension Funds 


evidence from the multitude of among organisations of their public sector funds alone are. xj 6 * tB8 !L£i A ,.tid since sir Designed to safegaard -pen- 
pressure groups, associations size and influence, are virtuaUy growing at a rate of £2^bh'alS??® l . issue ) s&ners in private industry from 

and individual institutions free of the constraints imposed year. Tbe total value ofth^ir" f* 0 ”* bega having little or nothing to show 

which dominate London's on companies to disclose funds at present is .£13bii, _x_ J if their 'firm- dwindles; -pc cok 

financial markets. financial information about which E9bo is m - tbe-JLHTcCIcU , lapses, the theory has fBaUed a 

The task is enormous. The tb erase Ives. * nationalised industry -pension* thfire ^ gtaione other 

terms are vague and all- The funds have argued funds. • : moral' issue which they have not w ^ ch , ha 'f e 4 ^ na i ^®_z!®^7" c 

embracing: tbe evidence is through their National Associa- weight of money has jretTJeea able to soothe away, sector funds the oxannnoths tiiey 

coloured by partisanship and tion (NAPF) that there is no forced the fund managers to Sir Harold is known to be look- “ e - • > . 

drowned in technicalities. A need for new disclosure rules. new Pr ^ s tor investing ins, very closely at the question For those funds alone,, one 
. t will be a long time The competition among them is ^eir income other thaTthe 'of whether some of the vast argument goes, shch safeguard- 

m drafting. Not only U the scope so fierce, the NAPF claims that ^fional mix of fixed interest; inflow into the funds should be mg Is jumm. 

of the review itself a guarantee internal financial disciplines and property. In recent directed into what one might litUe nskpfjhe mmnnajpn- 

of a report of great dimensions apply . which are at least as they have begun to W describe as “public good works." aiised'. industries dis^pearag,, 
and complexity, but Sir Harold stringent as any which could be ' iarma ^ art, for instance. V-\This problem came to a head so Pensioners ;widd ^ M«- 
clearly sees the task as a water- imposed from .outside. This is - ' ■-■only recently with the so-called an aaygago. basis outoffiie 

shed in his transition from enhanced by the balance and ^ A fine f “? re Jr 0Se strike^ by fund managers, contributor of the : younger 

spread of the income which have created. The penetration i & nar (riric , th at interest rates generation of worfiexs. 


For further information please contact 
Michael Lawrence at theaddress below. 




tw 


Allen Harvey & Ross 
Investment Management LtdL 

(a subsidiary of Allen Harvey & Ross Ltd, 
the London Discount House) 

45 Comhill, London EC3V 3PB. 
Telephone: 01-623 6314/5. 


| politician to statesman. 

Certain key areas for in- 
vestigation . have - already 
emerged, however, together with 
tenuous pointers to Sir Harold's 
own pre-occupations. The bulk 
of them concern the status and 
operation of the funds, particu- 
larly the pension funds. 


of the income which f that interest _ 

pours into the total movement. rise- in the near. The; problem With /this jflteii: 


rs mro tne loiai movement. Ui)UUiUUUJ ****** n Va 

single fund has more than the rural land market has t £,£*^0 
>r cent of the total income Jed to • another - GovM3«nent^y 4 wt of yj e gjj 


No 

3 per 
of all combined. 


„ a man they na.tiv^: while .it would 

, . , - . gilts market and, reduce the growth the'-ftmds^ 

investigation under Yefased for 1 several weeks to is that it • might dJ^prirthe,. 

Northfield. Due to report by the^ nd public debt. economy even more.- ; j 

end of the > ywr, thl?- 'itfp* .^, e auaa daiy is how to Treasury and the Government 

“ESS? °i.^‘S£.-5J:weondle the foUowing ' two' Actuary have submitted-ti&tiip 


arguments; f the funds)/ “ ft ;is><*jah£e should be made. r v- -. 
duty to our pensloners^unit : ; miey. . -fear r 


farmland o :t,Ur - UUiy lO OUf peuaiuuaafuuu .. ; XOey. . mar - (OSI -.-’ir ■ ‘4 -«ie •- 


f ? r ouf mon ey '- If wouId PP ' to ctoaBtoitms tt'tte. 



ur phenomenal srowth 

. ♦ A i ♦ . . .o ♦ . -g 


is entirely consistent with our 

♦ J i ♦ 


Forum 

the weight of institutiona] 

, . .. , . , . . _ money might be 

In a key address on the sub- been so sanguine over this issue. „ f or 

Ject Sir Harold said that “the The Stock Exchange, for in- v 

pension funds are so powerful' 'stance; told the Wilson Com- ...... . ....... ... _ . _ . 

that they do not know how mittee that there was a need of toriav thsit'fenflfi beeD wr0 9 £ for ’J 5 t0 national ised : mdustner ^;.wourd'- ; 

powerful they are. Thev could for a forum In whjch the per- tn TnfW -* c< ^P t: certa * n interest levels have considerably more mhoey- 

very well be transforming the form an ce of the funds could be anriSt* hehariour? rric “~^“when we believed (hat if we to jp Lay .with, _a^atioir ^hi^h/ 
nature of society more than any publicly criticised. They should . * •• ~ T^--.-. -'-toh.etd back we could get higher might fuel a jpaWiC’-^pen^ig : 

Government would ever dare to also develop an overt code of * ar ibere is no: formal ;in.. the near future. 7 ’ -.(The boom. There. are »■ mriober^of 
do.” best business practice. quizmaster overhanging the fine Government) 4 ‘It is the responsi- more techhfoal disadvghtaflte' as ■ 

Come September, however. i n fact the Stock Exchange’s art but pujlic_feirs\bflity of a movement which is_so well. . ' -.".H/-;- v ' 

Sir Harold was still keeping his request boils down to tbe plea fefiuential by virtue pf its mje -n, e soiatfon to this ^tondary 

options entirely bpen as to whar that it is no good- being told “m£iiroiS : £k have l 17 ^^ bas yet to .be fmnKL AJjwes^it. 

decisions he had reached about that good business practices are rtSSthSi- : ^P t S BV A ^ ' are ; no .. • indkaafoha 

the impact of that power. “Our applied. They must be seen to SJ? ^ Sta n ^™ ding 01 Government debt. . : whether the better Tcourse .wffl. 

more apply! It seeems likely that Sir So C SnSste? to wnriS accounts it looks as if emerge . as a . reductionr in/tiie :; 

- — ^.7m invested in wggLOtwtr ^ ^ ^ ^cond argument which size of^ ^the funds tthfr effect -bfv 

squandering future j3S« ' ^ elgh * more heavUy on to ,^pay aff- ypa-go- : ; 

^ , .■ J" ^ 7 .- : committee. . waniti mean- anpuai mcome fo 

The involvement Sir ;Haroltf v. The funds for their, part are the publicsectorfanife dr3>pping 
would have in such accusations: concerned that if, as "in other from £2fibn to £350m)” (>r the 
would , probably be inihl^ cpuntries. rules are made today continuation of. a^,;enfbrced'- 
were it not that one specific iWhicta force them to invest a -savings- ., scheme by; . the. : 

topic he is required to consider- certain . percentage of • their Goveirmnent ••'"/ ..' 

is whether the City is doing its funds in gilts, tomorrow that 
job in providing capital for new, .could be extended to- compul- 




\ . - 
■r-5’- • 


o f- ' 


researches have raised 
questions than they 
answers at'this stage,*' he said.ment 


have Harold will follow this argu- ^ regularly 


Ghristine/Mbk 



sions 


^ 300 lm 


b SOO 


1- 700 


h 6CC 





. r* 


ter 


- - r r 


r VL ;■£ , 


. \ 
J 


1972 1973 197A 1375 1976 1977 1978 


THE INTEREST of UK' industrial 
investors ln overseas stock 800. *- ' 

( martlets has significantly in- 


Ayetage^feil below "wise wftuM, hayp •: .hap^ei^d- 
v ' ■-* - ■ Moreover, it * has bee^se; easfer 

. ... The year, hadhegun .with fund 'fordiraet =iirvesfors»/?silc?i/hs ■ 

creased this year. The pattern manager^ frying: to. assess the companies buying fectoifoi^o; - 
is clear from the investment implications of the derision . by get permission to/ bypass^^e 
statistics or the unit trust move- the Government.' just' before Inv^tment 'curreiicy'iiiarfe^. '; ' 
meat— the form of institutional Christmas" to abolish; the muclv ' As.- the year has - 'Progressed-. ; - 
uivestment which is most hated _25 per cent surrender more poten T iw>a rTsii liifh Umrp -' 
responsive to swings in fashion, rule relating to securities 'field- has developed bn the itevel/of '" 
In the second quarter of 19<8 through/ ."the investment ^cur- tie preririum! The;fregoriatlot)S - ' 


[unit trusts put a massive £ 74.7m rency pooL ^Previously, invest- preparing the grotonf^qr/the 

rnonf rtii-Tnnmr ropn i ah tka lr ^ * : .‘-r- 


In the last six years we have grown 
from £30M to £900M, looking after assets 
for 400 pension fiinds. 

Yet our investment policy could best 
be described as medium risk! ; 

It is backed by a highly skilled 
spread of investment over equities, gilts, 
and property. 

A quick glance at the chart below shows the consistency of our 
performance. 

.There is no need to sacrifice security to get a good return on 
investments. And 



into overseas ordinary shares, ment cUrrency received on the 'Eiirupean Monetary:-- 
More than £100m was added sale pf shares!- had partly: "been ba ve-Vled tb T . spebi atibn^S&b 
in the first six months of the required .to be converted hade" fiirth^lmbveh to flxstoatfile' the 

year — representing no in^reasp intn ^aAina m -ilia »»» - inr. «u.i * ■ 

of some 25 per cent 
ment end-1977 holdings—worth. 

at then market values, just cent tax on switching, depend- 
over £400m. - -- 

have- been 

shares by ouaer institutions— Without . this accompanying gested that- die:' Government 

some £30m in the second penaRy ithe premium route to w3th an eye to keeping 
quarter by private sector overseas: investment became pesra partners happy: - might' 

pension funds, for example. s “ — u — j - 1 r - **• - '- 

There have been two main 
elements to this boom in 

demand for foreign equities, institutional investors.- But- the' spot market, - Asra toatter' 
First, tremendous' portfolio per- there'jwore alsio countervailing, of policy fhe - au tho rities Vnay ^ 


t — Complete abotitidri _df^liwfe5t-- 

400m. Significant sums Ing on*, the market Jevet of 'the raeiit currency overnight fs ira- ' .• - 
een invested in overseas prerahmt probable.. - Bat-ff l^Beferg siig- “ ' 

by other institutions— Without , this accompanying geste'd" that- the; Goveromeot . - 


. . Svv 



OUR PHENOMENAL GROWTH 


formances bava been achieved forc^^Tfre drain from the . in- wish, to see the prexntom -lo^er 
| this year by many of the vestment currency pool caused rather than higbef. riv/H;§y : 
specialist Far Eastern trusts, tift! 'surrender-something In • these : KtiroumsfrnjcesH 
[Second, and more important like £200m a yekrT-cgased, and exacerbated by the" ihEreasftig 
In terms of volume of demand, tiiis promised -to improve the volatility of- the’. TwMMmeirt 
(investors perceived a buying supply/demand-.; balance over currency "market, which - istoore 
opportunity in the U.S. in the time, cbmpared wlth what other- and nrore^domlnatedibyhmipy 
Isnrina when the Dow Jene* • CONT/NUfiP ON MEXT PAGE" "* 


leaving it to us never 
leaves our clients in 

the dark. 

We meet them 
regularly to discuss 
what we have been 
doing with their, 
money. 



ftte pM0h sJtqms Ih* tirw^ ■ Md poriorman« 

janonnng larifi-irvmttmd income) at twofomte:- 



International Equity Reseasch • 1 





es 


Fixed Interest Analysis - ; g 

Portfolio Valuations - V-/4 ’ - . 
Performance Analysis r * i//- i . ' - ; | 

" ".I 

t 



H tToniarket Researcfri ‘ : .#1 -T^" 


Mqtwv in«e|tod ai our docrahoo 

(or theainr^e Ctoml Fund 


r^* — J Notional ditiMtfneni wnonvm 

1 *■' FT^a«MiMC/IRS»MralndaK 



Dk » 7* __ Dee 191*, O-c 197* 1 Der 

OUR “MEDIUM RISK’ INV’ESTME^T POLICY 


Oee 


June 1978 


Britain’s Largest Manage 










i 

1 

1 

1 




computer and extensi ve da i 

and managing and valui ng por^pBos. 


our investment information , ± 

be of directfreneBt to you. 


■apital markets or zulvise ortim^ tn ^i i L s, 
valaation and r^axch capabilities will. 


| please contact your local 


Heer Bo kclwegllo . 
*UJ32 AD Rotterdam 
Td: 010 653233 ' 


^4BtKIn«i Street - 
Lon*m£C2V«iU 


> V I. -Bons€7ipbrt2r.7^1^ J ■’ 

. fiOOOFfanktoiry Mfudei-.!: ’ : . ■ 
! TeJ:06ll'l30228^L' - ;' " 


I 

f 

f 

1 

I 


Legal and General Assurance ^Pensions xv-Ianagement) Limited, Temple Court* 11 Queen Victoria Street, London EC4N 4TP* Tel: 01-248 2276. 


















f "r 

i dll' 


3 


I I 


- • »' - 



A^ifianciat- Tiroes Friday- November 10 197S 


FUND MANAGEMENT in 



m property 



Z L dZ l0 r Z Z’M ZrZ£Jt“! t 2*'2?- 

knows the 1873 properly erastr perxy as an in vestment, medium, and how ran trinc S l^-c ? acl find HS. t 

was brought about ty silly poli-' Since comparisons with equi- responsible to n pn L« S, P °h Uie V ,S ‘ 10 f 1 Qsure , tliat 

ticians, taanelj Optimistic ban- valent investments in Jon- SSfTKSitd TTfinJ!? ?“ h ?^ S1S " a t clleq , u * 11 « 

hers, developers- who got their dated gilt-edged stock implies raenr rommitte? Like on a centre simb tend /Brim? she’ 

back-of-enveiope-. -sums wrong, property; buying, with a rental risk. That speculative industrial vwm, Si 

and the wlek# oil -sheikhs who.. expectation- of- around io per esiale underwKv on land eostirw !?'fn s d h ki> * b0 U7 

pulled th&. plug :00 the eeom* cent a year forever, who could twice its 1973 price is not funded I*.*™! lind - c ^ nl f fes . . In _ 

^CCUSe todai s fluid managers of by risk- money, that is long- ijons rarely gel pas^th^front ’ ORIGINALLY EXPECTED in jecture, but most specialists thought Lhat prices might have agricultural holdings. A hand- 

ce. The door these days; j trie summer The Xorthfield predict lhat he will not opt for p 


Latter-day lords of 
the manor 


mies of the-, West. lw *y ““^ks oi ny risk- monev. that is 

How coufd-.we possibly have Torgttljig the lessons of the term investment finance. The door Uitwe^days; 1 the summer the Xorihfield predict lhat he will not opt for peaked and consequently their fu! of years ago those brave 

another property -crash . - ^ „ fac 7 ^t it may take 20 years Whv buv from the sharks? i Committees report on the pinning the boom in farm prices inflows would stabilise, managers who were contemplat- 

tSr Welt of ™ U ree f, Vf L n a3 , an i f vestI P enT There are now teams of in-house iownersh/p or farmland is not on the funds. As it out that did not *n* farmland at alt were pro ; 

before that time ^ f* h °' V ]o ^ m ]t .f experts able to pick just as due for a . month or «o. In its And make, ho mistake, there happen. The funds .continued not w put more than * 

^ . . -building worth the hnfr? h' JW ■ ho “ l fc th * ea f ,Jy yood swamp land in the glorious absence the arguments continue has been a boom. Even the to buy strongly (albeit com- P £T cent oi their total imest- 

and^tbat &£&J3^JS5#*. of' -.commercial ” S^uation^ ^ 5Un - be,t ° f “* U ‘ S : 11 fa3les ! ' SJH *£ !? e highly conservative statistics plaining at thJW time about «■ 

free market: is - not : only dan- wfflbe: within the portfolio of no one can nid an C1B 

genius, but possibly financial cmeiund or another. and so how v^rith the pre-crash davs into the was that 
sacrilege? Are not all the free- -could we possfbly have a crash? currenr sl , uallon 9 There arc* o ■ • Singapore. >. 
lending M viww ii lmnri»i .. . , T lw , mere are Politically. the climate 


ments in the rural economy. 


menr equation? Here Surely growing population in capital] hup* cr or | farm prices of the produced by the Ministry of prices) as the values of their Now that promise is honoured 
f parallels spending lerms in the world, or flnancial institutions. Agriculture 


and Fisheries funds rocketed ahead. largely in the breach. Many 

I There is a sector r.f the rural shows a 47.6 per cent increase Th j survey by Harris funds have more assets tied up 
has 1 OnmmUniiV which hplim-M Ihar in farm rents between October. . ... in farmland than in any other 


bankers mired. or What. we wfll have is financial no queues oT^nda AT h7n I t l 0,,l, l caMy ' , ule climate nas ; community which believes that »•> Jarm between October. Graham and Partners fw h 0 pro- *. n fa ™ 1: ' 

serving behind the counters' of musical chairs, with as many, hammerinc T^ dTvdoir? ??-?, C ' 13 " ged radl f 1Iy fron, jihe funds have distorted prices ?»•?■ and a year later, with , if!p „ imnim . ricnri „prfomiance L orffi m ?np*rty except offices. 
a ntT R -WntP« h^nrh CTer-mbre- expensive chairs as ° n „“ eve ? pe /A l9<j - No longer is there a com- L ‘ 


their bankas 3 remotest branch ever more expensive chairs as door*, 
office ? And3 are not- the de- players all the lime. 


L - — .... . , ^ \idc computerised performance Ul f 'T™*- 

sen , . . . ...rent free*. iSSSSS*' “dirt ^ 

velopers bankrupt mi .'tba In any rase, there are ahi-ay., hu.iness7 wliUI-h* ihey^are n.n JUSSf’* SZ*n ' '"T m • M its Farmland Market inn “»« tnw. war ahead »f their had ,nr '*'* d - 1,8 p ' r “ m * f 

“ ““d* ^ d Zey Pm -°^ t “ “nasty IJSL ™‘ ld renST.- -2? ^5S»%‘SS res°XX r "’ ”* «"«™l b»< «' 

rae cast haa. Clearly Changed; loS^hine developments Z r „ _‘?°1 ha y ln ° » '"enlion in the Queen s , vacant and ie, ,SnJ and the Eata.es Caaet.el for the 12 months to September. 


given up wailing for the queues Speech. But it 


is 


any case, if the mercial 

.. _ - ivu.iui.jj - SJon tunas) show tne property . . 

to c.unnete. Ar ir< .-car. „_. f ■ , v r ^ 

ils total valui.- of flSSni in agu- 
cuirura! land by the end of 

land and the the Estates Gazette! for the ” ’ " ' duly, 

clearly | newer type .»-: transaction, sale three months to August this Even more to the point, or Witri tbai sort of investment 

y*ar gave- a price of £1.263 per the 28 property funds in their j a fnniiiaud the funds have also 
acre as ao average. This was table, the four specialist agri- be?un io lie a little more ad- 
£285 (33 per cent) up on the cultural funds produced the venturous in what they are buy. 
previous year and followed most striking performance. On ]□«. Conversations with fund 
a 23 per cent increase in the aQ annual basis. Abbotstone managers in recent months, for 

Agricultural Unit Trust was the instance, have revealed a 
top performer again (as it has greater willingness to consider 
TT finUPfl been for the past three j-ears) lower graded land than hitherto 

with a return of 37.3 percent, and a wider geographical 
These prices are only Hill Samuel's (formerly the spread, 
averages. In July Equity and Mutual i_ agricultural fund was In part this arises out of fear 
Law Life made headlines when third with XUS per cent, the t - na . should all The funds con- 

prices re^knme.d are sheived i-nasties" spread n,e «»rd .bread. ^ ted ''prop'Jny developer is 1 1 -» 1} P- cep. »r ,i ^SirftroS 8 X ^ wp'% ofTrhd" 

tSL B - dU !L ed ?n nev^Sliir'anfre Mnn radin ?* 311(1 P I: ’ ns for nalionali- ] st0( ' k . far, | 1 * vhanae« hands in v . rii.-ii rcpre.scnted around The Proper;;.- Bonds .showed Three m the Eastern Conn lies. 

■ S u 0d having i real -,nd ->11 ' teanJ saiion of the eonsiruclion Indus- [ • ?|W -' n >'-; ar - :h -’ mipacr of £1.550 sn acre. Ar the *ime similar sLroug performances. Lhe weight uf money they could 

cent ran D e. Some prune shops the same piace,.tbe site ha mg * 1 J to' apart few politicians have lhe fu . ,,ds ^oniinue to i>e ijj a i level had been easily Propertv Grov'ih's Agricultural pour in -would fuel price rise* 

were even snapped upon Initial converted from nasty . to good J*}- «l mmw face a lou^h dari . d l0 up , el lhe v.orkinps of negliaible h-r many years to p.ppej l>y -evend other sales Fund, for infante, which had 

yields of under 41 per cent, and by being. left to stand fallow Bnhsh . propertx . negotia.or- lhe prtpeny markel in reeem come. tlf ' Grglk . Thmr laad (ELL - S increased in >ire by S3 per cent 

years, or have found any poll- That camp, -vhidi includes :iie purchase was Grade Twoi. in the year to 'March to a total 

tical mileage in attacking it — j Count ry Landowners' -Wocia- Further condnnation or the ° r £J6.5m i-.ad climbed 10 
private residential landlords 1 tion. firmly believes that over hoom in values also comes from by July. 


. disperse manaSerS ' ^ ~ 

' pertylmarKet now and S! maL ments of the 1980s. Jne other obv.ous difference VcL-A) ST'liLran^and S 

r ket in .the run-up to the last“QL & l VA J. between 1973 and today's effectivelv managed’ \nd bo?h 

properly hpom and eraslr that SneiVea marker shnuJrl kill any remain- major political rarties are « 

it hardly seems reasonable ;:io . Sometimes, when the light is mg doubts that property might one *„ t h e | r appreciation of the 

start worrying. . . - * Ultle dim and the viewer a yet talk itself into another uu- n(?ed j or a healthy private 

Take property yields, for ex- little, too sharp, the good institu- susTainabJe boom. property' industrv. which is 

ample. ; Some foolish' fund tional development of the 1980s _ When the scope for direct whv the Labour pLtv hopes to 


managers- did convince them- looks suspiciously -like ooe of investment and development in k(iC ; p fJ)e CLA and Development 

selves. back in the bad old days the . “nasties” of the early Britain ran out in the early L ;ind Tax and lhe Conservatives 

. of 1973 that prime office proper- 1970s. But don’t . be misled. 1970s. the developers jumped are committed 10 their repeal 

ties could happily be bought at They may look the 'same, for on to their planes and began to y hc popu ] ar j mace ot - t j, e 


good industrial investments untU -the sins of its would-be the fearless men who taught lhe 
changed bands for 'yields of developer were shriven by the locals that off-centre bomb sires 
around 7 lb 7| per cent How liquidator. - And. the financing could, in u matter of nunuics. 


One plank :n this argument 
rests on thi* quantity of land 
the institutions are bu>ing each 

season. There is fairly well ...... . lr ,. our . 

documenretl evidence that the brai ha f of thc - edr ‘ 
funds have bought around 
25 per cent of all rural land to 
come on the market in the last 
three years or ;o. 


even greater than we have jer 
setn. 


Province 


could such gross optimism ever may look very similar. But it change from unsaleable scrub ^ f ‘ 

warp the market again is in. -the financing that the land to internationally com- ' , 1 f 


Yes. a 

The fact that fu^d managers zooii stands out from the uld peted for prime sites. Bemused ££ [hf eroTh-^onf whirls 
now scramble for prime, office nasty schemes.. _ . < Leals quickly cashed their — . — j . — .. — 

properties showing initial" re- .Gone are .the .-secondary banks cheques, having politely resisted luIlua 

turns of around' 5 per -cent, leading developers astray with the temptation to travel bank- a|Jce compan j es a] ] 0 f which are 

chase prime- shop, rents down high cost, high risk, easily ward in fits of laughter until — ... — ■ 

to 4.25 per cent or -lower, and-' borrowed bank Joans. In their they had bougl 
pressure - their -^tnte agents place stand - the institutions, other bomb sites 
for news of good ihdustnai- lending safery and' long. silesi they 

space on the market to show an Tnis new style funding is noi hands on. 
initial yield of 6.5 per cent high cost to the developer. He No such 
surely cannot be described as gets little or .none of the equity stains the property market to- 

over-optinHstic. - . anvwav. so cost hardly comes day. Fund managers now take 


They are also rather more 
likely to consider allernativof 
to buying tenanted land, once 


the period the funds have been j| 1t . yield picture. By the mid The push behind Uie increase 

active in the market the actual summer. Knight Frank and in \alues ha*, needless to say. 

price achieved at sale has invari- RutJey. the estate agents, was been the powerful increases in 
ably been set by local farmers, saying that yields had fallen to farm rents at each review tand Jh^ghi their special Province. 
Only last month Mr. Roger Paul, around 3 per cent for vacant it is not insignificant that these Hi-hand farming has become 

f chairman of the CLA. said cate- possession land, compared with occur everv three veare com- relatively popular (though £ till 



Johfl Brennan ! Lord Xonhfieid appears to vent on the agricultural element the year to April 1974, for in- tor t,ie funds. For the rural 



.-CONTINUED FROM PREVIOUS PAGE 

institutional deala-itlie level of UK '. -investors !:dp. the U.S. stock 


Properly Correspondent 


markets In strong policies of the type which non- 


S bold simiiar views. During his of the portfolio. stance, rents after reviews community, (he status quo 

progress round the country ,\ 0 wouder fund managers averaged £16.51 per acre: the seems preserved- The iniroduc- 

holding open seminars with Vt?re saying opeulv at the comparable period this year tion of financial institutions as 

local farmers groups, he has height of the buying season that shoved levels of £26.57. Almost landlords or overt frewioider.s 

persistently said that be has yields were unacceptably low. a« an aside PG uiso noted that employing lied managers repre- 

found little or no evidence uf TT, ei - e were rumours that many renr reviews in this latent *®nis no change front centuries 

distortion caused by the power j- und managers would pull out Period were of the order of 4S of tradition in which thc. 

| of the funds and their large uf t ] ie mar ket at this level. P er vent and this level was ex- Church, the charities, unhersi- 


confldence^in -the premium. has ^economy, for- t^- performanc? currency countries go on to a resident investors tend to like ! p0 cketi 7h c specialist agricultural pected to continue, 

fallen in recent months. - Start ^Of- the dollar tfqsts . nas been higher valuation basis, and in to see prescribed for other ^yhat he will finallv conclude tunnels, in particular, had been No wonder therefor- rha 1, 
ing the year at an effective rate dismal Even the much vaunted the weak currency countries, people.. But lately the Sydney * ------ 

of 39 per cent the- premium was. second line- U.S. r stocltf have like, the U.S., share valuations market has paused in its 
pushed up to over 50; pqf,cen t- fallen ^QUt qf bed- iuTrecent get^ cheaper and cheaper. advance, 
when AVall weeks. The declines'' hare been It is not so bad for UK 


when hi-: report is published is. buying farmland 
of course, still a matter for cr>n* throughoui 1977 and 


heavily most Property Fund manager-: 
it was are still keen to increase their 


ties, families and the Grown 
have performed thc same func- 
tion. 

Christine Moir 


summer 


fund jn Europe the German market 


?et looked firm. Recently it compounded by, The weakness managers, because since thc has performed solidly but ii 1* 
slipped back again to the 3o of the doHar. /?' V turn of the year sterling has t he more speculative markets, 

cent region. •• \ According.#) the Plarincd only appreciated slightly, if at notably in France and Italv. 

, . •• . r* . 1 *■> D... ... 


in the 
Street 
has 
per 

. The level of UK investment Savings- imi thrust league tables ail. against the dollar. But thc which nave really powered 
interest ia IJ.S. shares continues for. the firet ten months of the SiWss fund managers have ahead. Thc French market is a 
to be a major influence on. the year BiU Samuel Dollar tended to give up in despair: particularly interesting example 
premium. According to Federal languisSes-at number 305 out of whatever they achieve in terms of political transformation, with 
Reserve.- • statistics, . British 358. JMany specialist American of underlying portfolio per- share prices first depressed by 
buyers, poured- $807m into the fuh(fe have performed signifi- formance in countries like the the prospect of a Socialist elpc- 
U.S. stocks iq' the first half; of cantly worse. But there remains U.S. and the UK. it is \irtually tion victory, then boosted by the 
the year, far higher, than in-a strong conviction that despite certain to be negated by the tax incentives devised by the 

the whole . of any other- year the short-term problems U.S. strength of the Swiss franc, returned Conservative govern- 

this decade.- - stocks are cheap un any reason- While British money was gush- menu But it has been very' 

Figures-' ior one unit trust ably long view. ing into Wall Street earlier this tricky for outsiders to judge. 

Hill Samuel - Dollar, . illustrate Right at the top of the league year the Swiss were actually The very , atesr f ashion eon . 
the pattern. • At tiie be^nning table, by way of contrast, come- net sellers of U.S. equities. cerns the Republic of Ireland, 

of the year.the* value -of the the Far Eastern specialists... In these circumstances, how- British insurance companies are 

fund was; £24m at . market. Some of these have appreciated ever, the potential rewards for believed to have invested 
prices.. Money' poured in .diir- by 60 or 70 per cent in. ten successfully catching a stock between £50m and £100m in 
iug March. April and May, and months, the gains on the Tokyo market and a currency on the j r i S h giit-edged bonds in recent 
halfway through the year the market being, in this case, turn are very high.. So far, the vvecks. and a lot of UK money 
fund reached £50m. Aided by increased by the currency British attempt to call the turn, has gone into Irish equities too. 
the Wall '-Street rally the fund swings. . on Wall Street has proved to The reasoning is that Ireland 

peaked at ?£58m r ia August- but In theory stock market be mistimed, but at least it has may go into the EMS even if 

bad fallen back to , £49m by prices should move in the not-yet gone disastrously wrona. Britain stays out. so that the 

the end of .-last month. opposite direction to th^ Another market which fund Irish pound is likely to float up- 

■ Demand '! has ■ clearly been currency- -because of the reverse, managers have been dabbling in. wards against the British pound, 
affected by -the uncertainties impact on the level of company hoping for a big turnround. has while there could be a premium 
surrounding the dollar. . Even profits: . when- a currency been . Australia, where share windfall for UK holders of Irish 
so, buying- interest , remains. appreciates, company profits are prices have risen by about a securities. It is a story which 
strong given any. encouraging squeezed. But in present cpn- fifth this year so far. Several u nly sounds really convincing 
development:, the trust reports ditions of dirtily floating Australian unit trusts have when told by a little man with 
a £0.5m -surge in purchases on. currencies this effect seems to shown up well in the rankings a twinkle in his eye, standing at 
the afternoon of the Carter be outweighed by the size , of for 1978. Certainly the Right- jhe end of a rainbow, 
package last, week.: : the currency flows. So we have wing Australian Government is , 

Ail this' shows great faith by a destabilised pattern in which, following austere economic ISarry Klley 



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FINANCIAL SERVICES 

3 London Wall Buildings, 

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Telephone No: oz-588 2777 


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BLOCK CAPITALS P LEASE 

NAME 1 

ADDRESS 




FTrs 


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Professional 

Fund 

Management 


In 1978 PPL’s growth has by any 
standards been impressive. 
Between the 1st January and the 
18th Octoberfunds under 
management have grown from 
£227m to £366m. 


A descriptive booklet and the latest j 
annual report are available ■ 

from John Clark. He will be . 
happy to discuss with L gmtei 

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Group Investment Linked Pension Policy 


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Prudential Pensions Limited 

142_Holbom Bare 
London EC1N 2NH 


Telephone 01-405 9222 



Life offices 




LIFE ASSURANCE remains a equities, has remained around i* buying into a particular in- sector In a big way with': con - j 
popular form of medium- to seven or eight percentage vestment media; or 0 f siderable success. ‘ v . ; : v*Tr 

long-term saving, carrying as it points. Investment- managers in media, where the value of his Life company investments. ire V ’ri-Vv. 
does the inbuilt advantage for general have : considered investments ic Hirnrtiv reiaferi subject to certain controls/by--: 3§-7 
investors’ of us relief on the equities expensive compared I" * direcuy reimceq autho iUies. There" are- <4 

premiums paid on regular sav- with gilts. . cu , rTeqt niarK€t values, me lim^ on the proportions df the- - ." 

ings plans. The industry now Secondly traditional life held in any particular asstt’ V?? 

offers a wide variety of savings uvels 2 ee S >m J m bis if set gainst Uabflities;;. The 

products to investors, eaen in varment T^!. 1 strategy. He does not have to nn g e 0 f asse ts that eaniie; '-20-® 

^aravasr= 3 »SS 3 sS 3 SSSSS 

managemenL gilts are the -most suitable. The offer— equities, property, fixed- threatened, *»rticufor_j -v... | 

The traditional savings actuary . m his valuation of life interest or a man agedftocL ** direction : of invests ?■*' 3 

scheme offered by life companies conraanv assets anil liahitities "““ wlucafl ™ i 6 ,,UiUOU - . men t. . • i.fQ- § 

is the with-profit endowment ], as ^ comment M the Sch: JT*™ SZjTE ,£££? Bat «*• authoriUK ^ia^ v : ■ J 
assurance contract. But over ing positiou. The' valuation S?* C S SSSSJ recentJy been concerned ' with - > v .5_ % 

the past decade or so the growth regulations tlie JjL* ,e ? : r Md “**? the action of life companies k 

of linked life assurance— both insurance Companies Act 1974 ?alup S holding off investment ingifcs.. . i 

single and regular savings— bus nn .» n io nor va iue of property has held up : n notion nf bi0h«r vfoMc 7 -. ^ 


ORDINARY & INDUSTRIAL FfflfflS - j®;? 


SI8 

if.w'C.YV 


m 

XrbB&t 


5 ingle and regular savings— bus D0W pia Ce s considerable weight 




iiSt 'ftfc 



widened the invest 
for all levels of t 
medium and large. 


in anticipation of higher yietdsVlr; 


investment horizons ^ihS wnntag ^ of ^tle life r ™J“5*T ™ el, ‘ ***** £te“ T53Tri5rlTSt SS'* 

s of savers; smalL 2"nri Sto SUE! * nd ^-interest vTtiues have a -mt strike- will make interS' 


a “gilt strike” will make interest ' 


tSoaar.Dji 1- A&Adrtbn 


Total life funds, including yielding gilts. The last few 


more emphasis' on the higher ^Sd °Sf £2£jd “5. 


industrial 


consequences to - : the 


.viciuuig A«e last lew concent -where the life “ - “XT. - ,-^T- : 

assurance reports of the chairman of ii e national Interest, Ttaioprofeli... 


business (depicted in ctmrt'one) G^ra,“=nc, I??"? 5 


TOTAL INYESTMBimSfTT 


have risen from £20.ihn STdn sSond“l^t lie “« ^re^ed b, lb - 

in 1973 to f30 7hn in 1977 The — a— Jtfz funos offer a mix, but in linked in , nt .-I eo«»ii 3-4?. 1 3 


in 1973 to £30.7bn in 1977. The company refeTSidSS to this £UDdS °® er * ”?*• bu£ iq Hnked 
cash flow of the industry last featW managed funds much, more 

year was a staggering £4.1bn B 1t * t . ■ . . . emphasis is placed on equities 

and all indication^ ^rethat this ^ pr °P erty - 

levelwil! be creatlv exceeded in . fia ® “* SMeral not been Linked investment was once 


level will be greatly exceeded in ? J? not a- 

1Q70 made at the expense of dis- 


_/ ,, . . ... investment in equities and 

.ZZ'rZai.’Sr’SZ p™!*"!-. we life companies 


=£"’SS. d ^P!'f»' fi SSTISSSf "SffTSEiS arSJFJZSKS. 2 S£ “?»»“ -asures^m ,bo 


I detail to this T«,SJ23 er i-SSf* mi i D 3°int investment manager of 'the; v ,rg?m 

SSSSte i^ placed on eqmtiS Prade “ tia , 1 ; is ^ the ahthortv 
investment in iSTprape^ SSS&Z 

3ral not been Linked investment was once The in ^e StII , ent managera. ' ^ 1 

1 ! 1 

investment of i SiSSfr' m, c actions are inadequate, and 






previous year. It has. to be sector 


needed. 


G overnmeht.' 1 



h-Ih h 7 h. . , re their portfolios. Now they conflict .of natio; 

cSSpmtes Is UkeSIli mort casS SSe" ,'lSTl “ r “" arcepted tte Unked Mnce « and 
to be widely different from this proportions down. many have recently entered this 

aggregate Pattern. Equity investment by the 

The most significant feature J*® has 

is the six point rise in the ‘ Q *5® *^£2” b een con- — ^ • 

percentage held in gilts and ? ned toVkmg up rights - I 1/%^ / 

local authority securities. The ^ . 0Q listing hoi Jugs. r^f^TlV I If II * 

life companies have been heavy ^® re bas been comparatiyely ■ JL / I I 0 I \ h J 

investors in gilts since 1975 and *£?**** ne ? IPHS*: ° W ? a f W 

th a Drooortion of Gilt holdings flow of ris^ts issues fasts 

has S from 18.9 per crat^t *«PP«* to a trickle, it will be OUR FOREFATHERS had to 

the end of 1975 to 24 4 per cent interesting to see just how much save towards their own pension l4r£M 

at the end of 1977 Those life bas been invested . this year, if they wished to be financially 

companies which have reported Some Jife companies have in- secure in- their old age. Now . t2 _ 

at the half-yearlv stage this ve sted substantial sums early in the saving is .done for us, either 

year all confirm a" continuation the year in the U5. equity mar- through the State scheme, or by 

of the trend in massive gilt ket - At die time it looked a good the company pension scheme. 10 — 

investment investment Now, with the bene- Pension funds, aiong with life 

The first feature has been fit of hindsight, one may query assurance, form the most im- a — 

the very high returns available ^ move ' bul life investment portant sources of investment in 

on long-dated gilts both in m ana S er s have to take a long- the UK. The current size of 

absolute terms and relative to term view * pension schemes can be judged 6 

the return on equities. .The The investment position of fr0m Chart 1, which show's 

reverse yield gap. that is the the linked life companies is aggregate funds of over £~0bn d 1 Uilo I 

difference between the yield on somewhat different Here tin* in- and JJ annuai 03811 flow exceedr 

Consols 21 per cent and the vestor does not have the under- ins . 0 

average dividend jieid on lying investment guarantees. He Under the Social Security 2 (7M 


jal -and policy-" 

Eric S&ort 


.. '^ean 

• CM ’ a - j ' hci.h ncunyil Lt 1 .* 
;44V i* -> V SJS 


»3g» jglat 1 Aia 


• : :-:, r ,V^vAf J- v& ■ 

■ 1. ' -i a .t-V- 












F- :r*'.- r r-— 

t. t ’ 


••TXr.-:- 




SELF ADMINISTERED PENSIONS 


' ■ . 


"if. 







Under, the Social Security 
j Pensions Act 1975. which estab- 
I lisfied the new' pensions format, 
company pensions must be 
based on a member's final salary 




r .wfls ■ -A v 


- "•*1974;- . j975;. „ jlffi;; y-; : 



I . .on rn I s o r. int tweeq S» lts antl equities, also came the accusatym bf a strike pension funds. This : w^ if 
llrh vl.r **** high, a significant propor- of capital in that -equity funds Boa: ReeL- chief esemttisixof 


; 1VJI 


«ai-h v*»ir Thiic nonsinne aria J «*■ iuuuo jwu 

fnflarion nmnfMrf 5S ?hp 11011 of funds is t0 ^ ere withheld from UK. manu- Legal and General - Assuriqc&4 ; 

^emher s P workine d ^iEe S And invested in this sector despite factoring industry, -thusV con- the larger pendons comifei^ 4 -- 1 

there is a -rewina flenumd fnr ^ disadvantages of these Stocks tributing to its. ..poor perform- - in the -UK,, urged-^ 

Densiona when fhevbecomJ beine toed 111 incom ® tarnfis * ande Tb«; Wilson Gommittee. of the British Iusurance Asso^ . 

peiuiona. wnen luey oecome «rhi«h wm -m) 


payable, to be revalued so that The current rapid growth In which was_ set up to. exrnnlne i 'etetion--the. CBl^ CottfeTence . 

they maintain their real value, pension funds has led some ^ 15 charge has exonerated the Brighton- tn 

Qinnt. fh Q iiahiiiKor- mco commentators to express fears 'Institutions ’But some eoin- tion of a; coaflict bet^»enrtiie4^ 
oince tiie liabilities nse with . ,, -mentators are. now -talkint*. rfiaulr^mpTitc «f- Gn*na- 


Ste 


inflation tiVnSi aSJ.^hnnS of a " money mountain," with mentators- are now ' JaUting. reqtiirements oEindustiy.linairf- 
d?£e sMM ^SfMt nekSSn fundt too much money chasing too few about “ forcP^eedlng ” capital cial institutions and -thenathm^- . 
are s^T ^wine iritii ?he investments: It is felt that soon wto IMyai*/ presumably intent _ Nevertheless^ 


are still srn win investments: It is felt that soon f industry, presumably interest Nevertheless ^i ^ - 
avera^ter^rgie nabflitia ^ wiD not b ® enough trough Erection -ot invest, morels: goings 
le % ^many veare in the equities available. ' nient. ' ‘. . tije.nesfr:few^ .months* 

A member can be contributing Such fears were, however, 1 f +!f ^upions tion of fpyietstm en t.. _' .:j ^ 

for at least 40 years and draw- dismissed by Mr. Peter Moody, are talking. about the establish- One area of jpeiBidJl'fniifl vii>£ ' 
ing bis pension for another 15 joint investment manager of the . meo1 of : a - cmti^l fund, .with vertment that'Wsinlrt^.uiide^ ^: 
years. Thus, to get the length Prudential, in bis presidential ^tiwuwjj^sSnWiouHdg-nDn a ton es reiatesr 1 fo Mn vesanent o/i- 1 ■ 
of assets and rising values, address to the Institute of year r. ^ ucb '' o£: rr 15 : TJ P 1011 ^ funds back into-thepareit;can^ ’ 
much of the investment eropba- Actuaries. He considered that wouId eoi^.flrom the life add- pany, eftfier by * direct 1 *: JbanaS 1 . . 
sis will be placed on equities if tbe market were allowed to ’fiV'-'V CO NT INUt DON Pact Vi r ^ - ■ - 


C 



v j -' 

' L --1 . 

• --i ».?¥“■ 


:....• w -i : ; 


For some years now M&G have been 
providing an investment management service for 
tiie pension funds of companies and public 
corporations, as well as charitable foundations. 

We are now extending this facility and 
taking on new clients for our Pension Fund 
Investment Service. Our independent status, 
wide contacts with stockbrokers and the very 
substantial volume of investments under M&G 
management place us in an ideal position to 
provide an investment service of this type. 

For a copy of our new booklet “The M&G 
Pension Fund Investment Service,” or to arrange 
an appointment to discuss the investment 
management of your Company’s pension fund, 
please write to: 


much of the investment eropba- Actuaries. He considered that 
sis will be placed on equities if tbe market were allowed to 
and property- operate freely then supply and 

The current pattern of invest- demand would balance and no 
ment of company pension such volume of money would 
schemes, as distinct from the accumulate. The. yields would 
public sector and Local authority adjust to ensure equilibrium- 
schemes. is shown in -Chart 2. if tiie authorities inter- 
The high level of equity invest- ferred with the market 
ment is to be expected,- but pro- mechanisms with- the aim oF 
perry holdings are rather low correcting the situation, then a 
and gilt holdings high. "money - mountain” could 

Funds have been increasing occur - 
their holdings in gilts and other Pension, funds, unlike life 
fixed-interest stocks in recent assurance, are not accountable 
years, simply because of the to any central authority for 
very high yields obtainable, their investment policy. This 
While interest rates remain high has led to severe criticism 
and the yield differential be- from several quarters. First 












t'V^r> ••• -i 




er ? . ; 


irv.' -»-f 


yi;-v. .. 


-i’- 












*---*> llU'-.'T Mil 




ibr arLadcep table level of risk: 
jHendersohs' are.anind ^gnAi 






David Morgan 

M&G INVESTMENT MANAGEMENT LTD 

Three Quays. Tower Hill 

London EC3R 6BQ 
Telephone: 01-626 4588 


rr rf u 
1 L 1 L' 

THE M&G GROUP 
















19 


.b'. i+i I ' •': :I'. r . .; 

."•• -v»v; v vvv v 


Timer 5Wday November 10 1978 



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f t <r - 

< i k Ar 


rvi n Hv 

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7~£~ ~ 

, 

' J, - :/t 


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ersofl 
on ^ 


. -iT 

1 vfV> 

iK*' •• 



FUND MANAGEMENT V 






companies 



Q» 


Investment trusts 
speak out 


Tim Dickson 


£&^iTS£.' n ? cl1 “ m ^ly among the Now that the institutions crewogly being felt ihat laying 
Gufnihfn S^nii e iS£ , J e ^.?4<? U S^ i,S ,ns 7 tltull0ns - appeared to be adopting a more down a clear role for the non- 

fta^e * hWe ' J at * Sepl r e f mber ^ con ‘ keen *» n <**n for the future of executive board member is 

^ 53??S. ym.amgpt^SKUL •• certed efforts of four investment the investments, the complaint „ pnTia i 

would be fouMof establishing Shortly afterwards. Allied managers representing Clerical changed. They were “inter- ’ 

strong - relationships ■ between -made 'its bid for Lyons, a com- Medical and General. Equity ferring busvhodies.” Merchant A 0 u,cl v:orkin 3 party com- 
tne mstituUoos and the com- pany . with a . turnover compar- -and Law. Atlas Electric and banks anti "executive directors P osed of ini u«nce. unit trust. 
panics 1 • in. which • ■ they. - have able 'to its -own butinthe field General Trust and the British asked how ihey could be investment irua. accept mg house 
interests. • ^.?v -V pfeakes'aad ice cream, not beer Petroleum Pension Trust, pro- expected to make fast decisions ^ P ension fund managers is 

The t nsuramre 1 :«unpam£s i _ ha: arid spirits. Merging with Lyons vented S. Pearson and Son from and run their companies if just beginning to look into the 
said- were bfett^ng.inqre alive.would . alter the .. . nature of taking over the rest of Pearson shareholders were a ]ways matter * 

to theft reap ooa b U i tie s not.onXy. .AIUedfetMuSmesB, said the funds. Longman which it did not breathing down their necks What lias clearly emerged over 
to their. ppUcyhoUiers : .but-also “?fo.-it .wDUldn , t.” said Allied, already own. ready to call emergency meet- the past year is that, willy nilly, 

to other shareholders: - Jhe 1 la^be- Stock Exchange’s eyes in this case the fund roan- ings. the institutions must now be 

Qifficirity jwoalq . he in: ifinding Allied/was in the right. The agers were not making their The political climate or today more active a - shareholders, both 
a balance, v between. : being .-definition of a- c han ge in a stand on a matter of principle is making a solution even more as champions of iho&e without 
u absentee shareholders" and- business' relates to .the amount as in the Barclay or AJiegheny imperative. As the Government such a public voice, and because 
interfering. busybody 1 , Vpf-;. assets.- and .profits which cases. They were not even con- (and a variety of QUANGOS) of the increasing number of 
la the past ye^ this -prt*lem- W oruia Aerive from « completely testing an established Stock Ex- espouses the rights of other companies into which they are 
of las .become a real different . field of business. First change definition as with Allied, groups such as employees, being locked by virtue of their 

talking point In this C3ty follow- of all iit was arguable whether Tbeir complaint was simple: customers, and the public, the large investment*, 

mg a zither dramatic. increase food- was.'- completely .different Pearson's offer was not generous shareholders must put forward tf the ;n<iiiniinn h,.M -n i 
m.. vociferbusness institii- from drink.' But, more enough to entice them to accept their own case as owners of on 0 er ceiit r-f all British nuhiir- 

tiona! sharehoWers.:. _ importantly, • buying Lyons it. And the offer failed. companies ur lose their position COJ h P anies bv ;h* turn of the 

ITie clamour began in Febru-, would - not- ;m -any case divert All this activity gave rise to by default remurv av h a 

ary when the pension, 'funds more than 25 per cent of Allied's considerable discussion about One practical way in which .pey Hill mu he ahip m vnr.« 
““2? 1 ^ ned TOtterB'—wid. suer enlarged -assets or profits (for the pros and cons of institutions shareholders might reinforce w jth iheir feet v : u-n the evpi-n- 
cessnilly aooirt the . route .by. * start Lyons’ profits vrere fairly taking an active role in the com- their posiliun is through the nou- t ive does aiuneihiTv n..r in thn 
which the ,U.S. conjpaiiy panies in which they had shares, executive director, a functionary f,. n< j's likine. \ n rMf thov arc 

Allegheny Ludlinn was tu;have; ' . : . * In previous years institutions whose role has been much over- j oc jced in iiiev will have 10 

a^uired controf of- Wilkinson Settled * • ’ • • *■«* ban castigated for stand- looked in many companies. j^er ou i mproper rciation- 

T T , ^ \- . . .. •; • .••••■ „ ing back and not raising their Although the institutions are s Mn between Lhom<e!ves as 

In July, the same pressure - Now -that the -dust of the voices when companies were acutely aware that they must not shareholders and ihp officers uf 
group, through its National Allied battle has settled the real obviously sliding into catas- inhibit executive directors from ih e compair--. 

Association, thundered that significance, is beginning to trophe — the “absentee share- running companies with tlie r .. 

Barclays Bank had chosen a emerge. holder"’ arg um ent. maximum flexibiitv. it is in- V.M. 

method of raising capital which. Id the first . place it made 

was “ wrong in principle ” when, obvious what power the fund 

it bought .the Investment Trust managers control if they choose 

Corporation and sold it at a to flex their' voting muscle, ft 

discount to the Post Office a jgo showed tbst they were will- -w- 

Pension Fund. ing to do so, notjust to force a I ^ 7AnT4^ ^ T 

( Although, as it -turned out company to^ -step back within the 8 T1 \/(— I [ | 1 ® Jjl II I fl ^ B W 

the funds then decided that Bar- City's formal rules, but also in £ f I y LI I I f f V'JL ly k3 

clays had been punished enough the cause of getting those rules 
by the “ticking off r and voted altered .to iheir own liking, 
to pass the deal, the mood was . "Within a matter of weeks 

obviously hardening.) . - - after the -Allied tussle, two | J 

The following month" the pen- other major companies went O Q 1 7* /^11T 

<ion funds engaged fan battle into a huddle with the funds B Jl ,f] |\ t * 111 

?n raged by the way Allied Braw- and thTashed put a new wording ^ ^ ^ 

tries intended to take- oyer Joe for the proviso which accom- 
Lyons without seeking prior Pah^ their own request for 
ihareholders’ permission, - -new-capital. :- ;-; 

for week* Eyen^more" significantly, the investment trusts hare had a participate in what effectively ment trusts in their traditional 
until. Allied hit upon the.com- newly formed^ Coun cil for the m j xet j b u t unusually exciting was a substitute rights issue and form can sumve. The answer 

promise of calling a snare- Seconties Industty- has only time over the past year. the deal left a slightly bad taste is by no means certain but 1979 

holdera’ meeting “to discuss announced in the past month 0n lhe plus s j de 6UCCe ssfuI in some mouths. may yet go down as an Im- 

t , j a ’ ii 181 .-* 1 is reviewing the Mock takeover bids have periodically Meanwhile, the whole invest- portant watershed in the move- 

In Allied s case the funds had Exchange rules over ivhen share- S purred share prices and nar- ment trust takeover scene this ment's hisior?’. 

AUied'h^ad^onfv Xnfl. wo'n S^’h/’funds-demS^c.'d d'SMums: changes in tl.c year raises sume impertant As Mr. Tony Arnaud. chair- 

Allied had only recently won case thp funds; jimpanfls need Apri j Budget improved trusts points. man of im^nnem Tn«i 

shareholders’ apw-o^ to meorporating m the- ensting tax positlon; abolition last First, the net result has been 

increase ite -auftorised share regulations. , . ^ - December of the 25 per cent some diminution of the move- 0„T ■ h S Sm? time 

capitaLwrih the built: m proviso Since Aupst tbe-p.ension ifund surrender rule, given the invest- mentis assets and yet invest- KTrheLJp, LTr^ml 
(formally .required by- stock manapjs have been quiet but ment m0V emenfs heavy raent trust analysts seem con- chafes fn Se mid 1960s 
exchange, rules) that it would that does inot mam; that sflence over ,eas exposure, has further- fiden t that further takeovers a L nn ^ml' tax Dosiltn ! 
v increased its attractions. will follow. rhink iT°m?v\akP a Few months 

T T~:4-12~ V ' « -v- i{-- On the other hand discounts The past few months have Kp<\£e Trttis 

. .1 ..iftltltl 1CT, ■ — * : V r H are still historically high, admittedly been quiet but bid 

WX11L11U.OL 4 Barclays* bid for the Invesuneut runi0U rs persist ev-en if the ^pJcteted '’ 

T. ■%■<■■■- •/%’ ~ §T -y . r- ll i \ Trust Corporation in the possible protagonists change. a PP reaaiea - 

I\l^tnKnr\l/ Ir M/xtQ ll '' summer involved some perhaps ScoU j S h Eastern, for example. Tim Dickson 

X lL/LoLKjl/il // JNQJ.O \\ unwelcome publicity, and the was one trust recently standing . ■ 

| 1 \t - important British and American at a discount of well under BkH 

5*®'" ■' 1 11 . ' . 1 y st6ck markets have performed o 0 pg,. cent a o a i ns t an average ’ 

. -y distinctly poorly in the past few of rougbly 04 per ce nL f ^ 

.- ' « • y Investment trusts, in another Uipcii-QKIp Jm 

■ : fi ^ important development this l>C5Ila.UlC - 

■ C^hBlTP r^rfiftnCTP y 6811 ’ h8ve W€U and l ™ ly corae A somewhat smaller sector- ^ 

• * ■ - lf< 1 into the open to put their case, ^erefore seems inevitable and 

• C publication in June, for probably desirable. Most B ■ J 

OOiolIlCO example, of the Investment observers feet there is stiU an 

■ .. ■ •• Trust, ^ear Book was widely exC ess of supply over demand ^ ^ 

it •• v 1 'v • . - .. ■ .. *' acclaimed as a major step for- au{ ^ <j e spite other exceptional jS ^ B 

IfS^I^fiiajrwrtaiaresintourBlssx^ . .ward, while the^ performance factors this is clearly the main irfm wfo£% 

do k> on .aduamagrous terms by ejd»n®ng them tables in the final section were rea50n ’for high discounts. |LBB 1 B bT ^ B ■ I 

thipu^au^tiustfCiarffigem^axTpar%t particularly timely. Investment trusts, however. =30*^^ TVirvea^.^J^ 

^ .- After, all. the mdustry still ap p ear have become more 

Howthf^woric. - J, ■ looks after as much as MOOm defiant of ]alc . Managers feci. 0 »»rp q 

.lo mve an esanpetjf.yoti have 1000 shares whose worth of funds, compared with {or jounce, that future bids !>AV r. (V r PWI IN 5 

mafe'Bidpii^ is lOOp and uiiose offer price is I05p • roughly £4,000m in the hands will be more expensive and it 

you could selUhem through a broker for £1,000, less . pf. unit trust managers. seems probable that cheap- laf^! 

coniTife^n,-<x>nbad: stamp and VKT (CI650) rraulting '- J? s , lonkins terms wiU be more 

in anetvalueof £98350 been a. sonttwtat lackinstr^ ^ nrongfy resisled. Utllt trUSt grOU 

rctvwu .. image since the early part of This trend will also be 

HoweveC were shares uWch ihe unit trust ' the decade, investment trusts encouraged by the greater 

• mariaaOTaentiMinp^ - are obviously much too im- shortage of suitable partners ^Unit trusts under -manager 

portfcfflOj it -would usually purchase them from you at portant to be ignored, and suil H-ith good blue chip portfolios- now exceed <£800 million fin 

' either half fedifferencebehXsen the bid price and the “KfiSSi? mn ,. pmpnT - c Meanwhile, despite ^the hungry ’ that part of the life fund ixr 

nr- fill! offer nrice nfiSol Admittedly the movement s predators at their door, invest- m unit trusts) 

UU0P numbers have declined signi- mem trusts seem to have found ■* Over 40 years’ investment 

and aiecatjiOUwtthtinitb to that value. ficantly in the past six years. In sonie renewe d hope for tbeir *S55iS5?i«i nnoinv^r 

‘ fftfemareraern^airnparivdoesrKrtv^ } 972 there were weU over own survival. ... More than 500,000 investor. 

slrarestoitsc»^seanities,m^ff:ufln nornmliyselll^ni tSnV2 T i?f^ The abolitJ J on of , Uie 25 per 

iori»u and pass on to yai the M hid value in units. IST^^iW^SBIS.^^SSS 

^ejdTaifQeofsharesibriirHtsispegardedasacfisposai trusts offer investors both in- W as uudoubtedly an important 

for capital gains tax purposes. C01 ? e and capital shares.) boost, freeing many funds with 

.. . m*-_ a high overseas content of what Interuational funds 

Aaoantages . . .. ... , was more than just an irritating Capital Units 

2, B^.usng a share exchange scheme you can exchange » - „ liability. Secondly, this year's Investment Trust Unii3 

pcMir shareholding into units at marranal expense. Sini» the autumn of 1976 Budget introduced a new 10 per Universal Growth Fund 

- - .- - alone. 45 trusts have dis- t -ent Capital Gains Tax rate Increasing income funds 

2. As a tirnthddervpu getme benenfs cx(a; constant appeared, partly because of take- (previously 17 per cent) for High-YieURmits 

professional supeiytaon ofw^.intflsirnerrt, (b)a wide ' overs and mergers (which investment trusts. . S ^ oti ’ ie,d ^ 

spread of. shmies^ (c) caj^taf gains tax advantages, accounted for 25>. on two individual shareholders do ^ ig \i n u°n 1 f fun , d - s . ^ 

(d) the adrrtifistradve comeroence ci a unit trust, occasions by unitisation of the receive a tax credit for this Irusfc 

(e) the pa-ouen safeguard of the trustee system assets (foreiample bybewoi- M0 „ nt and pay the balance 

mg a unit trust and thus themselves. Trusts, however UJX ttvp .. ~ , 

Where they can be obtained removing the discount), and f ee l it is unfair that small share- S^tahSes ^ 

Share ©change schemes are (rffer^tvrocstuitft trust from time 10 time through holders, who might not normally Overseas funds 

imnageiTient axrpanies whowiHsend details. liquidation. Takeover demand incur any liability for capital European Growth Fund 

has come primarily from the gains tax. should effectively pay Japan Growth Fund 

_ cash heavy pension funds of the through the trust Although 10 South East Asia Growth Ft 

UnitTrUStASSOdation nationalised industries, which per cent represents a United States Growth Fund 

are eager to find an easy way compromise (the plea was for Sector funds 

I^Ho(^16Ri3tMyCiraB,ton(fcnH2M7JPTtiqi(wwoi-6ZB057i into the equity market without nil) some people in the invest- Commodity Ships Fund 

- pushing -prices up against them- ment trust movement feel it is Energy Industries Fund 

' . ■ ■ -J i selves. tlie best solution possible. Financial Securities Fund 

SS5S5S SSSS — — — — SS^^Si ^ Late last year and early this Funds which are exempt for -r- ... . . 

— — » . year, for example, the success- tax are often more careful I v Hi„h minimum (^,500) funds 

■ ; ful takeovers of Edinburgh and scrutinised by the Inland S^iSt 

: r : ; Dundee Investment Trust and Revenue. Investment Trusts are oeiect income fund 

yl. _ jn» llim , ..il, ,„ >r I » riir i --a n £ ■ British Investment Trust by the meanwhile free from some of Asonc of Ihepioneers of unit tre 

I ne WOW III Onu impOCTWl British Rail pension funds and the restrictions which apply to Britain, we have developed a 

■. , Institutional Investors MW MMS raaMM 

- ' H^ssfiESsttE**' ^ i^jsrurs Msssaasss* 

ana Hicnara UOPasns . _ investment trust brides above lose its privileges as a result of advantageous way afexchangin 

• Appraises the influence of institutional investors ana the market price for the shares, closer inspection. and shares for an investment ma 

- the power which tfieirlarge holdings of ordinary shares The deals, however, were both Despite this year’s develop- by Save SsProeper Group, 

allow them to wield. fS- 50 r contested on the grounds of ments however there is no Brma Kntmi 

• ■ ■ , r the bidders using a wrong escaping the ament high dis- JsymaJongTU 

Ttebst^lrfCkBler^ACCOSQttillfS mfepBld ON Woles . definition of asset value in for- counts. At end 1977 the range of mve 

■ ■ , initiating their offers. Share- Financial Times Actuaries lielpyoutoin 

— i — ■ ■ ■■ iQRDER FORM (payment with order please) ~~ f holders nevertheless accepted Investment Trust index average r^uiar savin 

. To: The Publications DepsrtmenVThe Institute of Chartered fe the terms. discount was 21 per cent 

Accountants in England and Wales, Chartered Accountants ^ Jn June this year Barclays (thanks to two big takeovers) 

Half, Moorgate Place, London EC2P 2BJ '. Bank, in a skilful but contro- but this month is hovering near vision 01 proii 

Pbowawlmfi coov/iesof The Growth and impact of ; vereial cash raising deal, bought 30 per cent This compares 

: Please send ma_~copy/ m / : investment Trust Corporation, with a 1972 low (for aU trusts) Save&Pr°sp 

r - la CHAWTAC) immediately passing it on to the of roughly 7 per cent and an 1934, and at Is 

. I enclose a cheque for £... ..-.—(pay Post Office Pension Fund. Some autumn 1967 high of around 43 

Name — — — — ' • Barclays shareholders at the per cent 

Address——-—- — — — — time were' unhappy that they 'nte question must stiJI there- BfjArJ 

-. — , — -a-fcr “ _J did not have the opportunity to fore be asked whether invest- ftw ySAft 



When it comes to investing 
it pays to think about us. 


Did you know this is the sign of The 
Association of Investment Trust Companies? 
Did you know the 210 member companies 
control assets worth something like £6,500 • 
million? And did you know some were 
formed over 100 years ago, specifically to 
meet the needs of the private investor? 

Investment trusts have been combining 
prudence with profitability under shrewd 
and experienced management through 
booms as well as recessions, slumps, wars 
and international crises. Perhaps it's time 
you shared in some of the very special 
advantages they can offer: 


# gearing 

$ assets at a discount 
no dividend limitation 
s',: low-cost professional management 
:.i investment spread 

# capital gains tax concessions 
i'fi international opportunities 

If you have, say, £500 or more you want to 
invest, find out the facts about investment trusts. 
Fill in the coupon and well send you a copy of 
our free booklet 'investing in investment Thist 
Companies'. .And consult your stockbroker, 
bank manager, solicitor or accountant. 


The Association of investment Trust Companies 

yq 

>i n n : n »o— u t.,.i ^ Name 


J The Association or Investment Trust Companies, 
! Park House, i Sixth Floor '. 16 Finsbury Circus, 

J London EC2M 71]. 

j Eease send me your booklet Investing in 
| In vestment Trust Companies! 


Professional Management lor your 


Barilie. Gifford & Co. is a wholly 
independent investment management firm 
encaged exclusively in the management of 
equi ty and fixed interest portfolios for 
institutional diems. 

Bui I lie. Gifford & Co. provides a 
complete investment management service 


for pension funds in accordance with 
policies agreed \\ ith individual clients. 

For farther information, pjease 
contact: J.G.C. White (Senior Partner) 
or GJ.N. Gemmell (Partner in charge 
ol'pen>ion funds). 


SAVE & PROSPER 
has more ways than most 


If soil wteH fa.convcrt shrires into iinfisswicanitsualjy 
do so on adyantagBuos terms by exchanging them 
thipu^i a u^: tzustinanagenient^ conpar^: 

How they nwk 

Tb gye an eten^le: if you haue IKK) shares whose 
martortbldprice is 1O0P. and uiase offer price is 105p 
you cotffd s^I .tttem thrdu^i a broker for £1,000, less 


inanetvalueof£9835tt .. 

Howeves ^ were shares wBch the unit trust 

managoder^ amr^ariyv^ptepa^toaddto 
portfcfflo,! it would usually purchase foem from you at 
either half fedifferencebefcXaMn the bid priceandthe 
offer pioe (KSI'sp) o^the faff offer price (105p) 
and creefit 5 »u with units to fhat value. 

for jipu and pass on to i^ the fuii fcaivaJLie in units. 

An eahar^e ofsharesforui^isregardedasacfeposai 
far capital gains tax purposes. • 


1. ^tiring a sh^exdiange scheme you can exchange 
pour shareholding into units at rrmknal expense. 

2. As a unithdder vpu get the benefifs of (a) constant 
jBtrfessiorBl supeivtaon of wur. Inuerfment, (b) a wide 
spread of. shaies^ (c) c^tal : gains tax advantages, 

(d) the admlifiisbaffve. comeroence oi a unit trust, 

(e) the pxwe ri safeguard of the trustee system. 

Where they can be obtained 

Share exchange schemes are erffenedh; roost urfft trust 

management companies who will send details. 

UnitTrustAssodation 

MHml6finstouyClin*Uftto 


The Growth and Impact of 
, Institutional Investors 

by Professor Richard J. Briston 
and Richard Dobbins 

Appraises the influence of institutional investors and 
: the power which their large holdings of ordinary shares 
allowtheni to wield. £9.50 


SAVE & PROSPER 

Britain’s largest 
unittrust group 


-^r’Un it trusts under management 
now exceed £800 million (including 
that part of the life fund invested 
in unit trusts) 

T*r Over 40 years’ investment 
experience 

Mare than 500,000 investors 


Unit trusts to meet; 
most requirements 


International funds 
Capital Units 
Investment Trust Unii3 
Universal Growth Fund 
Increasing income funds 
Hi gh- Yield'Units 
Scotyields 

High income funds _ 

High Return Unit Trust 
Income Units 
UK funds 

UK Equity Fund 
Scotahares 
Overseas funds 

European Growth F und 
Japan Growth Fund 
South East Asia Growth Fund 
United States Growth Fund 
Sector funds 

Commodity Share Fund 
Energy Industries Fund 
Financial Securities Fund 
Scothits 

Hightninimum (£2,500) funds 

Select International Fund 

Select income Fund 

Asonc of the pioneers of unit trusts ia 
Britain, we have developed a 
comprehensive range of funds, each of 
which has a clearly defined objective. 
For shareholders wc offer an extremely 
attractive Share Exchange Plan, 
which offers an efficient and 
advantageous way of exchanging stocks 
and shares for an investment managed 
by Sara & Prosper Group, 


SAVE & PROSPER SAVE & PROSPER 

A major life An established 

insurance comparer annuity and 


#7 Over £200 million life fund 

r +7 iU20 mi l lion annual premium income 

rr More than 225,000 policyholders 


t-linkexl plans 


Our range of plans can be linked to any 
of i be unit .trusts *botvn opposite or to 
the following funds: 

Property Fund 
Balanced Investment Fund 
Gilt Fund 
Deposit Fund* 

* K it/» tim cjxcplion of the Stoe-Tnsu re-ond- 
Proaper Plan. 

FlexibleTen Plus Ten Plan This 
Plan combines considerable investment 
flexibility with an exceptionally high 
inveotmentcontenc— up to 100% 
depending on age at entry. _ 

After 10 years the Plan can be cashed 
in l'or a tax-free lump sum or used to 
provide an income by regular 
withdrawals, free of personal tax. 
.Suve-Insure-and-Prosper Plan 
One of Britain's most papular unit- 
linked plans, it provides an attractive 
way of building up capital over 15 years 
or more. 

Investment'Bonds A versatile 
single premium contract. Up to 5% of 
the original investment can be 
withdrawn each year for 20 years free of 
personal tax at the time- a feature 
partic ulariy attractive to higher-rate 
taxpayers. 


Guaranteed plans 


Guarantee Plus Protection Plan This 
is designed to provide a high basic sum 
assured plus a bonus on death. It can be 
suitable, when writtenin trust, for use in 
connection with CTT planning. 
Guarantee Plus Savings Plan An 
endowment assurance plan designed 
to provide a high basic sum assured 
together with a bonus at the end of tha 
term or on earlier death. 


An established 
annuity and 
pension company 

•rf: A leader in personal annuity 
business since 1974 
■fir £70 million annuity and pension 
fund 

■:£ More than 30,000 policyholders 


Annuities 


We offer a lull ran ere of annuities and 
r.il l be pleasud to provide a quotation. 
From time cu time we are able also to 
oii'er: Guaranteed Income Plans and 
Guaranteed Growth Bonds 


The School Fees Capital Plan enables 
you to provide for i mruediate or future 
school lli-es by mean; of a lump-sum 
contribution. By starting a School Fees 
(.’spiral Pi a u well lj-ifore the child starts 
school you cau effect considerable cost 
savings. 


ton schemes 


Executive Pension Scheme This is 
deigned for controlling directors and 
senior executives of companies that have 
contracted into the new State scheme, 
but who wish to ‘top-up* their pensions* 
Self-Employed Pens ion Scheme This 
consists of two plan? v/hich together 
meet the pension needs of the self 
employed. The Guaranteed Plan 
provides a fixed amount of pension in 
return for each contribution, while tna 
jr.vaslnirnt Plan provides a pension 
based on tlie investment peribrinance of 
a iax-e>:empt; eq uity or property pension 

fund or u uni t ; rust . 

Guarantee Plus Retirement Plan This 
plan enables the self-employed, partners 
jn u firm or those whose employers donofc 
operate a pension scheme to build up a 
substantial guaranteed pension. Tbs 


a£ a pension. 


)RDER FORM (payment with order please) 


ntiwui iigiiu' ■ ■ ■ > — _ 

Halt Moorgate Place, London EC2P 2BJ 
Please send ma—copy/ies of The Growth and impact of 
institutional Investors. ai £9BO per copy 

| enclose a cheque for £~ (payable to CHAfiTAC) 

Name — — " — 

Add ress - — * " '■ '' 


By mating: use of one comprehensive 
range of investment services we can 
help you to invest your capital and 
regular savings in simple and tax- 
efficient ways, and ensure that your 
money is under the full-time super- 
vision of professional managers. 

Save & Prosper Group was founded in 
1334, and at 1st September 197S 


managed £950 mill ion far some 700,009 
investors. 

For farther' details please consult your 
professional adviser or contact : 

Customer Services. 

Save & Prosper Group, 

4 Great St. Helens, i mm 

London EC3P3EP 
Telephone: 01-554 SS99 Bs 










■Facial T^mcs Friday ! 




Ihsst 

Schroder Migg 


FUM) MANAGEMENT VI 


.;: ? v /.;.£ .Mi ?tj>? 


.; r-tr \ 

• • *- : 'C •■ 


J.Hertry Scarocter TVaqg S Co. limited, is one ofBri tamVi • 
largest and most r'ispectec: Merchant Barks. Our experience and ■ 
fiScffls in world stocJ^narkets are such that .Tisnv leading" - ' 
companies and instituiion 5 entrust us with the iuvesnaent of 
substantial sums of money on their behaifl . 

Private investors can also benefit from our expertise by 
inTBsting in our Unit 'Dusts. There are four Fuads. 

SCHRODER CAFITSL FUND. 

Investment objective— csoitai growth. 

SCHRODER INCOME FUND. 

I nvestm ent objective -income growth. 

SCHRODER EUROPE FUND. 

Investment objective -to participate in the ste a dy g row th 

o f well -managed European economies, f ' ' 

SCHRODER GENERAL FUND. 

Investra em objective-a balanced fund peeking income 

end capital gro w th. - ; 

To had oat icc-rs abort Jmr&igFhhrcdeTTrsg? *r arsge yorcr 
SnTestments, please writs to: i/n M. Smith. Sctecd e. r Wage Unit Trusts, ' 

48 St Martin's Lane, London WC2!-i 4EJ or telsparrrec 01-2 4 1 J 3434. 


ANYONE WHO wakes up to funds tend to-be quite fully In- tbe broker for buying each ftac- portent forces in the market performance record is good. Rolatiye newcon^ft -b& penr.. 

find himself suddenly in charge vested. tion alone. The sum of' these and there are signs that more ' Further competition comes sion ftmd management gre-Tn.-- 

of a pension fund is unlikely The mis of the funds varies fractional retail commissions is brokers are looking for pension from-. the insurance companies, vestment ‘ houses , whii^i ^lraye ^ 
to be short of advice.- He will quite considerably; the very a good deal more than the funds to manage. ; wfik-fr have being trying to ma ^ their reputation iu furi- ’ 

■be in the position of the man heavy issues of gilt-edged stock- wholesale commission actually One of the stockbroker’s, attrtctlarger funds th^ the in- _■ =*■ t g ists .yWiy'-W 1' 

who wins the Pools and 1 has over the past few years have paid by the bank to the broker, advantages is that he does not'-surediiinds that have tradition- 


who wins the Pools and' has over toe f* d1 - ."w® ujb uan*. 10 me oroKer. advantages is mat ue aues mu surca -ranas uiai 

forgotten to put a cross in the tended to swing the portfolios The banks charge on a sliding charge a management fee, but Aliy ’been placed, with them. In instance, now , . 


ftSd 

mm 


UNIT TRUSTS v 

Member ofThsUuitTmetAsscxtiatiaL 

Not applicable to Erie. 


lorgonen 10 put 3 cross m tne icnuiru «-v miufis a auumg cnarge a mouasciucui ire, uul .“y/ uccu j)ia>-6U' ”■“• - — — . -■ .. «, .. . ■, 

" no-publicity " bos: a bewilder- of many funds rather more into scale so that the larger the fund lives on tbe commissions terms of pension funds under funds T ../wurfh;. oyer v *B«v. : 
ing number of financial instrtu- gilts — say a proportion of 20 is. the. smaller the proportion generated as the fund trad^ iriaxagement the largest four growing. Ifefaarges i pter ceit- - ; 
tions will be falling over them- per cent or so— than has been of its book value that is charged. Brokers insist "they ' do : riot . compSues: are the -Prudential, above £20 andas jnnclras'f 
selves to offer him a trouble- usual for pension funds since Against the' examples above, “churn” their funds ter pro- Standard Life, Legal and cent for- a small fimd.j-phis^ - 
free, high-return existence.' the war. Some banks are un- Hill Samuel charges £11,000 on duce extra Income— indeed. General and Scottish Widows. .. brokerage charges. ; F t- ter /a&fer 
If vour fund is very small— happy about this and put their a £10m- fund and Schroders they are so anxious to. avoid •' .Air Insurance company would to pat funds into it s. 
up to’ £lra or so — it is probably pension portfolios overwhelm- f 20.000. If anything, the trend this charge that some of them typi fy run * number of trusts, for 'averaseas investment 
not cost-efficient to run it as a ingly ioto equities with a good is for these charges to rise as may trade rather less than a>jpanaged funds, investing in and considers Aat its ^expertise; .. :; 
managed portfolio, given the slice in property- overheads increase. But old and merchant bank might ’equities, fixed-interest - stocks,- '-in running a variety .of trusts; 

strict income demands that pen- It is difficult for any but the valued clients may well he able " • • priraerty, or a mixture of these, gives it. knowldege of. a .'wider, 

sion funds, by their verv nature, largest funds to acquire a to negotiate lower rates, par- foilfllCt The fund would choose its own spread of companies than & mer- / 

require. At the other extreme, reasonably spread property ticularly on the higher marginal VyUmiJV1, spread between these funds and chant bank might hhve. “ 

if it is enormous, it may -pay portfolio on their own, so the slices of their portfolios. The broker’s other institu- be invested accordingly.. The; go farthejvolume.-of-pensiqii^ 

you to hire your own investment managing banks typically run One source of competition for tional clients may claim there fees 'tend to be heavily 'front- - , fnntfs ~ • heen growing fast - 


managers to look after at least ®eir own property funds, on the banks comes from the stock- is another potential conflict'_6f .'foaded; that is. there hs a heavy pn/ mfX>l . to .: g ye newcom 

part of it As casts stand at the the lines of unit trusts, and in- brokers themselves. This ere- intereri: in that a broker who ^ injtuii commitment - fee, and-Tund manaffim^it everyihance ^f 

mnmpnr it i.« nrnhahiv nrtt umnh vest their pension fund clients a t»s a curious uasition with is offered an attractive line o£'-«j»*e'-. 'roiaHu»iv - low: running - . - . 


moment it is probably not worth yest their pension fund clients a tes a curious position with is offered , an attractive Itot bf>jireiT . relatively low . run^S 0 f getting^ slice ^^the - f 
doing this unless you have in these. Hil l Samuel has set up the stockbrokers at the same stock cheaply may take it on .fc^arges. - Legal .-and General,; 7 althougii the cmnp^titf an th:pl ; e-I ; ^ -.- -r - 
something of the order of £50m a fund to invest m a very wide time competing with each other for his in-house managed fund; rfiur «tainp lie. charges an initial:-. jmAinmggc mpit-ff : v - 

to nlav with. Rctwppn th* spread of meaium-sized com- to handle the banks’ business instead of offering it to thenL^feA nr '1 «imt on the. first- - ; ' 


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pany for a guaranteed return. Jn ^ ir ® ct st fy e m companies ^ management of funds. The management depai^ehts; : are, t t$je}V next - £3m: ^ There.. i& S nlit ^theinTini ^eng^mSt'" ' ‘ 

and the jumbo fund, which can would ouierwise, from brokers see their pension fund kept strictly separate. . . ' ■..Woha^e' above £5m- .. ~ ' ber of - a - i; '. ■. 

afford to be self-administered. the , P . 01 J!! j.® 1 • | T“ W ?.f hare management as a natural exten- The banks argue that-,they~:jBtmhing costs range '. fxotti-- 

there is an extremely large m^rKetaDUJty, oeunstil table. ^ sion of their discretionary man- have access to a far gxxater TV4S>i)er c«nt per -month f , > t 'tli e ' _ omDan¥ - 

volume of business for the. The merchant banks are also a gejnent of private clients’ spread of research information equity - -fund 1/98 per ceotVtisk: 'Tlrift may keen thb maihS^^'i- 
institutions to play for. * good position to advise mo ney. than a stockbroker, who basic-iincfflthljsr for the : fixed-4nterefit-™^ ■ ih&r toes 3 s''t&Ttti 5 ^#: -rf : ' 

The merchant banks havs? ™” ds on * b ®“’ dmenng tax re- Naturally only a stockbroker ally has what hia: ;.owh.;funrL-reflectiii 2 the lo wm: - stock' t ^ ^ ^ t! - ' 

traditionally acted as invest- ^ U1 f‘ ?meilts - 1 hey maintain that a substantial research research team produces. v'But_^ciiahge cotiimissions charged dirActiv :but it does fosfer the“ >: 

ment advisers for pension . ie a overseas business may department covering the entire the argument over fpesfjjiEd^.'Qiir-j^t^dged trading -f . ■i n roa ? frTW>,’i» 

1 funds. The biggest of them in ^ ve , em at ? e «ge. over their 7Q ar ^ e t can Launch into the rankles; tbe more suceessfuL.wIth^^equities. The . ninnth g ^ g 'gjy No one -with a fund ta ^ f 

this field — Hill Samuel, competitors in placing funds management of these very large brokers say they believe -their .efiages cover all brokers’ fees, can : b* linhant^ 

Schroder Wagg and Robert abroa a- a sector winch may ac- f U nds.^ \ Firms such as Phillips clients come to them not’ antf.switchirig blocks of a fund : '/ ■ . ^vTTr .t ^V;;^ 

Fleming — typically have 0011111 fov U P a fifth of some an d Drew. de Zoete and Sevan, because they , are cheaper- than i^between the various manned -. J •wir ^ » > --• 1 '^npj l'u ifc 

around £libn or more of funds portfolios. and Gneveson Grant are im- the banks but because tneirpast funds is. free. ..... 

under management of which — , • . . > ■. . .. 

£lbn might be pension funds. KXDCDSIVB /'\ 1 'V 

With the addition of advisory " -y t ' . ■ . ' . ** . r - v ; - " 

services to clients like local All this can be rather expen- ■ I _ >-v - '■ 

authorities, who might not give s,ve - For a fund .worth say, I | T1 T f 1 Jk WkW f 1 m M '.u : 

the bank entirely discretionary £30m. Hill Samuel charges a llllll ll 1 J 1 HJ_. 1 1 11 ¥ i^fc 1 ,i y - 

powers of management, the »tfle over £20,000 a year and V VJ. V*-k/-yW 

figures would be even higher. Schroders. by no means the most ... v; •• '.'2'.'.. --.f- ’! ■-VS? 


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figures would be even higher. Schroders. by no means the most 
The clearing banks offer similar expensive, £35,000. On top of 
services through their trustee this the client pays. the dealing 
departments. fees — that is, the brokers’ com- 

Tho great virtue of the missions — and In some cases 
merchant banks' fund manag- fees for services such as safe 


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quite the contrary, for the The most common complaint deeply concerned about the out- rie? of free-falling sbares foitt bdlow the £lra mark. - 

funds are on the whole looking concerns the banks’ practice of look after this year's consider- years ago. Even so it is probv ’ j^or a £im fund - the usual 


I when necessary, although the client what it would have paid 


though launching a new trust is markets, has figured - 
usually profitable,. the day-to-day minently among the 

expenses of running it after- orientated trusts - launi 
wards now outstrip the small recently. . 
annual fees the managers are The Far East has been. 


■failing sbares faur heipw the £lra mark. . - -having to. pay iat?mediaries./r' - - •• 

Even so it is probv ^ or a £im fund' the usual Most of 'the. latter nowr get ai^ -- 

aint that the high- annnal management charge ' of P®r; cent. . compared 1 to . ! jj; ' - 

ept, with its premise I per cent represents just £3,730., per cent a few yrarS ago fthe^ tyf?. 

safety in bear total annual fee income, out ‘of extra -coxhmisfiion, H repre^iitiii^^ ’ .. 

has figured -pror w^ich the management com- what the- lndustry _ _ 

among the UK- ,pariy is expected to meet cosmetic reasons^;' •* mwt^etirig v... . 

tnlSlS -launched- nnctairB Killc fhn altnwariM;” W»S introdiicM^ 


[allowed to charge. It believes ra°®t exciting of the cosis ana also pay for invest- uonasi. ^ ^ : •- /■-r - l : 1 

that If its long-term future is to investment areas— boasting foui^ mont expertise'. In 'reality. the/ The ne^ cbmtoiss^sT^te-HOtr • f f .• 
he mado s/>mrp tho anmni new funds this vear from Save hnK, ihm - - u „ - J- 


ousts and also pay for invest- .bonds), y. * . 


be made secure; the axmual new funds this year from Save . 

management fees the Depart- and Prosper, Midland Drayton, tn^ts can su^ive is on the net- revenue "irttra 



ment of Trade allows it need to Chieftain and Crescent So far, once-for-aU ;5 perscent' charge 'urilts^Hirf liavd; alSo ad^ila?:' - "T. 
be drastwally increased. • backers of the Far East idea they take from . the ^ investor’s new -proWem-an -incentive--Sf- J ' •• •; 1 

Tha ITnit Trust A ccnnl.t.'nn hflVP ildnp UTAH anrl Pflr Rast i—L.'. 1 . , . '• - ■ - 1 : " .Stir' 



*3W« a s ci a 




mg 




a. 

PMi% 




this month it will hear whether year. Four of the new trusts TJ|f] e -. - - . moiuKln^ .tu&e K % 

its pnoers have been answered, are specialising in American he confirmed -observers’. su£: ' " J 

This is when the Price Com- shares which got off to a false But fof x SIm fund even the -pidohs' that We :r^t;pattom^' - ; • 
fusion, the latest branch of start in the spring and early initial sales - charge revenue at high repurchases at £ time\ - : 
officialdom to scrutinise the summer. totaUing iSO.OOO leaves . little wfien sales ^re tdsh^ partir^ ^ 5 

industry’s case, is due to give Sales of established unit over after, insurance brokers refects an increase In question-' . -V 

lif> rPTniri fmete hnwo nlcn Kaon trrm/1 tKi c 1 : j. 2 -m • • ... _ ^ •- 


lirhe 





J 40 

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officialdom to scrutinise the summer. totaUing iSO.OOO leaves . little wfien sales ^re Mglr^ 

industry’s case, is due to give Sales of established unit over after, insurance brokers refects an increase In question- 1 . . - V 
1 n. .m. * ■ ' u 4x1,515 have also been good this and other intermediaries have able -switching bv brokers^ but *' -” ■ 

??*** 3 e yea r . again probably ^reflecting had their'riikfi^ff and adyertis-. the thought ’ almoA- ce&l : 
uidustrj projects in its advertis- mainly greater confidence m ing bllls Jiave been pafi -taihly -hot- new - *'• -- ■ ' 

!2S 11 "!5 P succe ? 10 ^Pressing equities. Total unit sales for the Accordihg-to Mr. Edgar; Pala-^ Commission f which -■ is' i 1 ' al^ - - ; ■ - 

would-be investors but 11 has first- nine months of this rear monntahi t ;e6alrman.nf the Unit probably : r ooly: too I-.' 

undoubtedly been a stumbling were a record £ 4 2 2m against Trust Associatio h and leader, of* in the short- term vrimt brini' ^ " 

nif^n f0 > ^i Unil -n^ rUSt ASBth £265 “ , fox the corresponding the camprign/far higher charge, the indHvfryte -p mp f •: '• 

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launched this year— the biggest year ago. Mi. Pakmduntoiii warns that “ investing tije publitfs'nroto 

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Pensions 


CONTINUED FROM PAGE IY 


and effort' as they can getaway :T^S. v: * \ 

withSm^agfngrt. * **L ^!***2*^W J '^. 

Partial th« problem- fa . tart*:- 5 ' 


equity holdings, mortgage on assets. The Board has now set 


property or sale and leaseback in motion channels for annual too,§dly huL their incom'e wSl’: 

?* there. reports on the degree of such 


of fixed assets. At present there . reports on the degree 
is no official limit to this type investment There is a 
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On the one hand the security receives. 


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of a pension scheme requires 
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ted. Yet pensipn funds are great 
consumers of casb, especially in 
inflationary items. The casb ! 
flow position can be eased by 
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If the company is prosperous, 
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21 



'. • •I*'- ».- ; • .-J --.v:-7, «** . • • ; • 

1978 

•• |inema> •/' -' ; ;-• >;• 

;;: TM 


it safe 




by NIGEL ANDREWS 


Phoenix 


Night and Day 


bv B. A. YOUNG 


The curtain rises on jeep heyd- 


ijHMtim Film iFpctW-AJsrtonaJ S ' ' ,(lrl,!f ' and » Wn acclaimed ihe excellent L<utm,iraw.this|liShUSleamin3throu S hyruund- 

rilmThJaS? £ mer '»an curios. Errol Morris's film gives one new hope for the | mist under a dead tree. We are 

l Adi u.W • ■-■''-T' 7 ’' •' £&^?i3!!i%JSX' ! i Si ^ Gr,,<w °f Heoten (atmul pel Hollywood thriller. The style is ; m Maugham country: and we 
S£|S a^WMtoTn ^idnr fAI ""2 ? Wb?,{ u ? C| ncleries in California) and Penny-Plain compared to ihe stay there when Carl Tunis's ier- 

^SSmor JSST-'Ska. «I‘ >h bav ’ d Unchs gmnd guignol Fash Wuppiement Baroque of ] sallle set curls round , L seif to 

c^o« Sludl ° • .'■?*•* vtthjhonotirable- «*wcp- essay Eraierkeod. Lourn Mars; hut the story has a j become the bungalow of a 

‘ een ' '■"••'•;•"■• . .. ^otis; are the usual mwture nr There is also Inumar Berg- spooky and remorseless logic, j mining engineer in Kanibawe. 

• ■ ■ ■■ r to**' ' h *!! ,na,, ' s new film Autumn and il twangs almost every ! a former British Colony in 

The 'J2nd LoodbrfFOm festival Kte- forest; ana disnevtiied Smtata: n .strange, hothouse hospital-phobia nerve in the film-; Africa, 
begins at the-; Rational Film 5m?ri umirm* f6’ J,, i | " wh,ch ,cll!> rhc stnri of £° er 's system. George Guthrie and Dick 

Theatre next ■Wednesday. ...... v.^i aw.CTearw.jnur oooKmg t h e embattled reunion between Crichton wrote and directed Wagner, photographer and re* 

it is one of -life'* re^reiiabie f^'^ Q™^ * tody concert pianist, Ingrid that robot fantasia of yesteryear porter respective!-, from the 

ironies that the one Tear :m which ■ ?v’ 0 ‘! CJ ,, y „ n Q / , lostc Bergman. and ihe plain Wentumid. and this film deals; Sunday Globe, have cudie lo 

the London Film •; Festival . is 1351 year, ana .1 snaiJnox nesert daughter. Liv U liman, whom in similarly mitre ideas about I Kambawe tu report on the civil 
soliciting strong.',. support /rorn. tnatnajisfinis- year; ine prop iem *hc neglected during childhood ihe 111 odi an is tic uses and abuses j w *ar that l* about to break ouL 

newspaper Clitics .since" its; -\ 'V "-"s’" In u-hli-h fh«- human hndr ran i Thvr liavp i'Oiiip in ihi>. hnnn-jlnw 


0^ 

*'*4 






newspaper ' critics -^since" its; 
budgetary cutbacks iiave. forced 
it to be . abstemious .with 
publicity— sfaodldfcer the one year . 
in which'; Mhink-the programme 
has some yawnitig .deficiencies. . 
fn his introduction to this year’s 
booklet. : festival. : director -Ken. 
Wiaschiri asserts tbstthe festival 
is. “oae jof the" strongest in. 
years." He then goes do to tell 
us of the- near-im possible odds 
against .which.. : ft .' has: been 
mounted. The budget is £31,000.. 
which . is -minute . bp Cannes dr- 
Berlin -standards (though .larger 
rhan Edinburgh, which con- 
tinually .manages tn make brick-;: 
without - straw-V.r ' there, .are ho . 
extra, staff employed, for the 
enormous "extra work" involved, 
overtime •._ volunteers - . betas . 
nluckerf from, fh^ British. FKtrv. 
Institute: and the frugal budget... 
has meant ~ no * posters- and" 
virtually no outBlde advertising--- 
The securing ot good films.' 
however, is- leas affected than, 
most parts of a festival by fin an- : 
dal deprivation, and so one is 
enritled V to. judge. £be selection^ 
more or less- on .’its ajerits.; 
Country by country.- it is much, 
weaker than it should be. - 
Although Italy, had, a strong 
year at Cannes for 

example, the Italian presence in 
London is poor:' four films,' two 
of which are directed by' oon- 




-WAi'-- i'.- 


\m*>l -.5: 

xmm 


lo which the human body ran i They have come to ih is bungalow 
bp put. Crichton has a wonder- because Geoffrey Carson, its 
ful Teel for the slow build-up owner, baa a Telex, which may 
of suspense — gliding his camera I be the only reliable means of 
thrnuch the hospital's white j communication with home. But 
corridors and dark basements— they are toy late: a freelance, 
and a wonderful eye for stir- young Jacob Milne, has already 
realist visual revelations. The I filed an interview w hich, by-lmc! 
choicest of these comes w hen {“ From our Special Correspon- 
Miss Bujold traces the de- dent,*’ has driven Wagner’s 
hospitalised coma victims to a routine story down page, 
huse. evil building called the The Maugham atmosphere is 
Jefferson Institute. The, room in maintained while* the war 
which they are kept — open- to matures in the distance and in 
visit ina doctors one day a week ihe conversation. Carson's wife, 

— is a large hangar in which the Ruth, lately home from England, 
bodies are suspended from the confesses to m5de!ity — with 
ceiling like so many human Wagner, no less. Now she turns 
mobiles. “ it prevents bed-sores her detention to Jacob. Romance, 

and cuts down the cost of however, though it holds the LivHurrt Bvrl 

patient-care " explains Ihe nurse, stage for much of the evening Piana Rigg and John Thaw 

simply, before whisking the con- is not the theme of the play. Its 

tinn led What° n the lhe bodiis altr a a re ** news ^ aper raDra,ll >'- serious matters are discussed— life” as it should be when Maugham in her fiDger-Ups. The 

Jctwlh , beJo* kept there for is Th e author knows journalism one another and with Ruth com- tie question of newspaper three journalists are John Thaw 

?r^v« f |9 t irn E h a .» I?rt tn/?!* and , J P oll,,cs from tbe P ose f «tory that is positively, ethics is discussed in depth, a as the brash Australian Wagner. 
® ™' e la Vv n eft ,ntacl untl ‘ inside. For bis argument he has and happily, old-fashioned in its voice even given tn the dicta- Peter Machin as Jabob and 

,k. Jacob - s' 111 > -ou °S enough to see narrative excitement. torial President nf Kambawe. William Marlowe 3S Guthrie; 

Judged retrospect u eli - the j 0Un ialistn as a crusade, even There are weaknesses in it. I who sav* -a newspaper is David Lanston plays the imper- 

filin is mined with unlikely * 0 the extent of breaking a think. The delayed revelation of responsible when it is edited bv lurbable Carson and Olu Jacobs 

toinL-idences. red liernnp and stT lke; Warner, ihe embattled Rmh and Wagners aasodation one ° f m‘ rel""on s ' is ihe very perlnrhahle President. 

Si JS'JSSIT. smaM JSS “ D ,!-2” ri r“- m S°. m S7' 5 , JS’J !” ?, i. -- .lW«l «.d« The author. }*ou weald never 


Lcvnuni Burt 


Genevieve Bujold In ' Coma ' 


Italians and the other two f Eece ^ :pa£holicity -ii^eds the and during the early years of Jean Jacques Annanl's Black 

Bomno, Cfmdio -.OnusoJ are safet'v of mimbers.’ and in bavins the girl's marriage. A single or»d While in Colour, which mys- SadIei* r S Wells 

glorified commercial -pot-boilers, to- cut down, however fraction- viewing leaves one somewhat tiTyingly won the 1977 Arademy 

There sre no signs of • either a jjy_ fjj e . . quantity -- of films, baffled as to whether ihe film is Award For Best Foreign Film, is 

Kerrens Cto Juascnw (Special tvias'cbih'b'as. mostly cut down in a multi-megaton soap opera or a a Gallic comedy about the tinpotj 


Lest damscl-i^stresrUr * j . «« -old talc such r,s 'the theatre too ^nt^it head ami client S £ .n^ve" Theatre 

Hollvwond has -iven u s : ^ ortbco ”J* n .® " al ! ,n 1 heir set era I seldom ghes us now. Much or gives a tice performance nf thi* i!nrk;o- .\± this plav makes you 
simi Janet Leigh in pj!. :^ s - their relationship* with the dialogue is “larger than lovable, loose-living woman, think. ' 

Jean Jacques Annanl's Effort- 


% y*~V ~ J .. 1 U \c. , , ally. the. .quantity ot aims,, narrien as in wnetner me nmi is Award Tor Best Foreign Film, is 

I I t Tp V erre S.* * rliS 1 'Wlischinbas. mostly cut down in a multi-megaton soap opera or a a Gallic comedy about the tinpot 

. \ | ^ 1 \ ■lury^l'nze at Cannes t^orOlmi ^ Oie : wYongrareas. Too ■ many dl rec- psychological pas dc daux with mobilisation of a French colonial 
^ JsAuiero Deglx- Zocaju (Grand ^ofs^ave'got Jotb the festival hidden depths. Either way. oulpost in Africa's Ivor}- Coast, 

rrix at Cannes). . . . . 'em - nasi reoataDohs .alone, too sparks fly in inimitable Berg- circa 1935. When war is declared 

. . . rr om the . r mu Cfr vaunted fe^^^gpecially froin Europe mao fashion, and even bewil- — 0 r rather discovered, since 

- •*• Australian , cinema, the DFF has aiJ( j g BSt — on m uncon- dermeni is a pleasure when news of it reaches the sleepy 

cnosen a safe trio of Perio-: snitdatiiH. hot conspicuous administered hv the tikes of colonials in a yellowing news- 


Rinaldo 


bv MAX LOPPERT 


The Handel Opera season^ at Its requirements of stage spec- be awkward, and the solutions presence. 


niciSfe a 1 anti, u^r , pe %y? i MlUlUA- but. ... confipicuous adimn, slered by the iike^ of colonials in a yellowing news- Sadler’s Wells opened on Wed- tacte manifest a similar concern contrived for such things as the in the title role. Gillian Knight 

NTnvre**' ckiirflf^ * tn Pfotnise. • - “■ M:sses Bergman and Utlniaa. paper wrapping a wine bottle — nesday with ffinnido. The opera for brilliant effect; and in nuin- sorceress Armida's empire or made a serious honest impres* 

Donald CromhieV Few is bet ter^ than. bone, how- * H 1 * French arm and uniform has figured prominently in past her after number, the fertility spirits (busily choreographed sion without fully persuading 


Dnnalri rmmhfov rtniir) _ n J Few is -better than, none, how- w r, r — — “S UICU ua pant uci unn uunutei. me xertimy spiriu, iuusny cnoreagrapuea sion wnnoui tuny persuading 

h sna " rhZ ever. - and those few give th ! s Meanu-hit- hn.-k in the West t ,hemse ^ e f* ^ nd u , ut , l ° f"* Handel Opera programmes; it is and variety of the Handelian and usually accompanied by one lhat hers is the voice or 
nm the year’s festival most of the E[ Jd h b k lh " [^ e °}f>r fn endly feud f ,th more than a little unfair on the melodic invention are felt to be -strobe" lighting) seemed at once the stage persona for an alto 

Tnd moS ASSn surriving disinctidn it has. En A hv arp . n man v anaesthesia ? h f ne, !S&? rin 5 C *™1V° ,ony s0ciel? ' and at the s:tD,e hme « lheir P eak - Th " wrjrk over-active and under-controlled, castrate hero, it was good to 

the aS“ the oii -person- accents ha Lnenin"^ iJoSSSS Slb?"S*L?SLr ? Wark of the edu F cali - ve effect clumsy reworking of Tasso by neither "in period" nor convinc hear Wendy Eat home Ringing 

' a Stor “ 8 In vouch for' ar* The Grri.s- R?nm q R^Siln \ffimirllS I h ^ fu "jr its many years of pioneering Aaron Hill i was assembled in ing as a modern alternative m with much of her former sweel- 

bv^Srt^I^mka’s Suminra Peries SSSS.fi- *wht Sltv xlnrv * n t A hUt r’ t -. i ? S T he ! effort haie had. if now one baste-Honde! drew liberally on period manners. ness and individuality ,.f timbre; 

Ronald Chase's Wes Greeniv "fl'oR? rhilesT^the *?irl ff ke * nusflre or fail to Ignite: j begins tn crave a new way of past works— and signs of that Perhaps one might not have Aim irena's "Lancia ch'io pianaa" 

four^oilf n^fim^Ri^miSSA'GraSn'fi The Hills' Have. Eyes who went" hi C fnr * a routine lhe c0, ? ur . photography is ui- \ putting the work on— a style at haste arc recognised in the lack fell the deprivations of Mage i“ Weeping, forsaken" in Mr. 

Rip Tore - nnv’oUs’J'n'Sret'fm {&',“{?** ',° ,,rh ? “i 1 ' *» Sr*t inflate iteflnl 

and 7 ZSSSS Board- ilSatiSuS! v' P nc v\ Iriend fCeSJ5S ?“!, 5 u ^ uel or bad , i for U,ndo - n ' P"- nutshell, was what Julian Old- kind of forcefuiness of cor. vie- and later editions of the opera 1 

K irJ - ^ ffi from TJv^ri-aSS? til ,ac yed the same subiect. Several : duced here m 1711. With it. he field's valiant production, in the lion that throws production de- and John Rath as Argante (he 

oho*. ‘ r^n-, Dnss^i itv ^f fn^ ^-^ Jhv 3 °° d coaract ^ r acl ? r5 c0 ? ft and ! determined to make bis mark imaginative (ihough somewhat vice, into the background The must watch his inlooaiionl. 

fh'JJ “hLr* hnV f?Lnrianri^ ^Fdinw 5° 10 n S f.^ct— Jean uiniiet. Upon the London musical scene: roughly executed) designs of perfonuance gamed security Mishap-, apart, the lempns 

ri tartar fM i rh a J I Dm.! el a s i f sp cm Ji * C( ’ , J es Diibho. Jacques 31 on net and upon i! he lavished the full. Miranda Melville, was no;. For arter a rather lou.-e first act. in .-mirk by Mr. Farncombe v>re 

£ eSSSIv ob«?I?iiv? e ' T and ^e films winning of an youtbfullv exuberant inventive- the Snwiplia—j symphony which the Handel Opera Orches- often feiii-itou*: mu on.-e heard. 

l^e^syof the Ffirlile l alley, by equity onMruclive.., ^ Oscar must be considered one of . ness and copiousness- nr his accompanying lho climactic tra under Chnrle.-. Famcombc ;hc sound <>r original instruments 

pS S*i« a s - r ®f k Cf,n f us « d - \® u wtil be l£«s m the odder aberrations io which ■ musical resources. Its orchestra 1 liattie berween Crusaders and was more than once out uf step m H.mdel — remembered from 

vlhEm m» S £ ,, * j * seeing . Michael Lriehtons Uiat way-ward statuette has been writing is aimosi extravagantly Saracens, spectacularly plotted with ihe singers: but only 'bis years mi some wavs less 

Film., section, of the. .festival Erdm .Lhdia^. Majdas J\lan vj Coining two weeks after involved. vivid and olourrul (there are in the libretto — Mr. Oldfield had Eiddven Harrhv's Armida. sung sji i? factor;, t English Bach Fe-ti* 

i -..I . , \ virtuoso obliiato pans for three devised a pantomime behind and played with a gn...i deal (if val conceri accmint of the opera 

Pnlkeum ' b ! FI!rr-*K^+U UoII recorders, four trumpet-:, ha rpsi- gaure which intelligently not the full measure! of her — i- nm easily forgotten. Three 

vvipcum . r . i CluaDein nail chord, and clolone grows in answered the need for spectacle, wonted gliuer. came acres.*, the fiirlhcr perfornsances. and, 

/ . . • - . \ j • some of ihe most striking arias i. Elsewhere scenic shifts tended to font lights h« a definite dramatic tomshi the Sent el e revival 


two hig-nwne directors ibis year 
have contributed conspicuously 
be low-form : ^Blras — Epseys .Lcs 
Routes du Sud and Osh ini a i 


r. . J. . ■ - - . . - rr' ryy 'v “ ,r . , 7-. • , . . I. “ utl u »uiui huimwl muuno. u* uriiieMiai »aius ucmwii '..lutauers, anu was mure uian »nc» pm ui mcp m M.mnei — rcm.-i 

P^- 1 ,0 §\ M edaxn^a fi er seem? Michael Lrlcht<»n s that wayward statuette has been • writing is aimosi extravagantly Saracens, spectacularly plotted with the singers: but only 'his years im syi 

Fflitt., section. oE the. festival Erdna .Ihdiv Wajaas Jlan vj EJoma. Coming two weeks after involved. vivid and olourful (there are in the libretto — Mr. Oldfield had Eiddven Harrhv’s Armida. sung sji i* factor;, i Eneli* 


Colrseum 


Elizabeth Hall 


The Thieving Magpie cmmpmA 

■ - ■■■■■-■ 7. ^ yi L —. The concert by Contra die 


, by RO’M A LD CRICHTON 


Roisinl's . Thieving Magpie nr 
GazzQ ladra has 'come -■ to the 

Coliseum in a new producuda by 

Tom Hawke*'. The - setting' by 
Peter Rice that axe at lelast in 
part the .'familiar. deJjghtfiU 
ones from ; the Sadie Wells 
staging that’ was once, a great 
succ«s iff the years ..before the 
move to ; St Martin's .Lane. That 
stagiig tiyii Anthony; Bescb re- 
estabfished *;th : e,- Jfappie as a 
majof work, au opera *erni>seria 
stanqng ..betweeif the comedies 
and ffoise hr TieiL a, sentimental 
villag? dram a' with tragic under- 
tones but’-iF ha Rpy ending. The 
score isTiin and: elaborate, cal- 
culat d"to upset tiiqse who actruse 
Rossi i\ of : laziness - and oppor- 
tuois r by being' carefully and 
skilfiHyr worked , (for instance 
in the way the Tele vane© of the - 
oyer dire, even .of the introduc- 
tory: nun-rpM; is gradually made 
clean — .ji ‘was intended 
plea^ the publjc at La Seal a and. ; 
did io: . • . ._ . 

JBivan BalkwilF has returned 
to cffiidiiol:;- with spacious author- 
ity aid, .a few uurtogetherful de- 




• - -- r 




• ’ 

.V ' ' 


r -v • ’ 

. 





• a ■ 

• 

'i- ■ 


The concert by Contrapuncti 
on Wednesday was over-long 
and under-patronised: at least 
one of those things was due to 
i the inclusion of 14 little pieces 
i by Percy Grainger. Amiable. 
: undemanding and ever so 
slightly adventurous, they were 
j undertaken with due affection 
1 and verve — especially by Jane 
(Manning 3nd Stephen Varcoe. to 
jwbom (mostly in tandem) the 
( songs were assigned. Most of the 
instrumental pieces were song- 
' based too, whether arrangements 
1 or simple pastiches. No claim 
! to .interesting originality could 
! he sustained by any of them. 
, though “Bold William Taylor” 
i pre-echoes Britten's way with 
folksongs. The odder numbers 
—“Arrival platform bumlef'for 
solo viola, a harum-scarum ‘re- 
write or Bach, called “ Blythe 
Bells." a version of “ Shallow 
rxx • Brown" with Wagnerian swells 
j from a hoiel-size hand — sounded 
like one-off experiments. Jorted 
down with no further end in 
view. 

Gordon Crosse's new Tliel. 
first heard at Aldeburgh. was 
• commissioned by the Gulben- 
jkian Foundation for the flautist 
j Richard Adeney. who played it 
i again on Wednesday with his 
usual elegance and transparent 
lone. The soloist is supported — 
very discreetly — by double 


Wh 





\Cl U ' 


Ity- abd, a few ux^togetherful de- 
tailsl, apart,; -.the ■: precision ..the 
scoi^ ^demands.: Some- fluff y string 
entrits and an opcasiotLaL hint, 
of . unready horns . wfire, ' only . 

rinalidouds in : a_su^y.s^;The-’.^* v ^'®l*;S7 ia, - I * w '. ; - 1 ' v!> ... VCII ,. u, UUB u me 

chonis.- iinportaedt lh opera. Delta Jones and John- Brecknock I horns speak quietly Jn their 

of Jig ensembles; • ’Vas. •■gofid. • . V ’j . V ’ . I lowest registers, the whole piece 

especially the men in the splen- ., _ . . . . . ,, . Ueems to float above the treble 

did trial scene. Two of flie solo- . ana , 0D other hand ,R . ®J* e Coliseum stage and. with ihej stave heroine of William 
ists were members of the origj- of the- few dull numbers in _lhe ^exception of the prison and g ]3 |.-^- s - Bonk of Thel" hovers 
nal Sadler's Weils rasL. Harold opera) -and lends- distinciiun to -perhaps the court rooni scenes. |behind 1he intende d 

Blackburn resumes -the role' of-gje stage every time he ^oeare heyhave done su. Generally l enioliynal - darkening of the 
the wicked Mayor with designs The 'restored doet f°r r *' l ‘ F ■ music ,0 ^' a ^ Theend-^hoing 

oh the heroine. Ninetta.: : . Rovers in the pnson scene goes. help. But while Mr. Hawke* the vouree of the poem— remarns 
;• Mr. .Blackburn’s abililF to coni- so weU ttaat one wradar5 a vb> it not^ so happy Him massed ; a ^ ie su g ces ii D ^ The cui^et- 
bine words delivered with relish was .ever left uin. .The rejoicings, scenes, he succeeds jierj well flute tine dominates 

and.afirm musical line have set after Giannetto s entrance -hich with the soloists, notably in ihe ' . e J vfng variations on the 
dom i«en beuer employed— only contain some- deljciou^ Performed ensemb^| tern - Qf wbire nQT whJch 

the pire cantilena of the trio music, have surely beenj-hort, that opens The act one finale., J enerates m0S t of the piece The 
with . N inert* and her father ened. -or sliorn of repeats. . On balance The Thieving \logpte < 5 uaner . hour lbaL a takes is 
Fernando gave him some diffi- The hoy ^ Pippo is one of the ^“^'f orm* The - Gained not by contrasted 

cuUy : ©on Carrerd£on« ag^ best tro ^ er . r ^ s in ltie r ever, EtTiE ^ ^h2 ^ ^ W 


like one-off experiments, jorted By now you’ve probably read or heard about the superb Philips N1700 Video Cassette 

down w:ih no further end in Recorder> 

first or beard ^ Aideblfreh ^ cheapest, most convenient way to have its advantages in your own home is to rent 

commissioned by the *Gulben- One from VlSionhife. 

Richard Adeney. who played it Buying a Philips VCR can set you back a fair sum. You can rent one from Visionhire fora 

again on Wednesday with his fraction Of thp 
usual elegance and transparent 

Tb di^°rSAy upp 7o^ And take comfort in the knowledge that Visionhire’s famous high standards of service 
sinus; sepiei and • p^r or horns are always available to you at no extra charge. 

tloms Tpuak quUtiv "hT tho!? Visionhire will explain the Philips VCR to you, demonstrate it for you, install it for you. 

leems 1 uf floa. rs a iSve w t h°e e t?ebie And when you want to change your VCR for a new one, you'll find it simple-and 

Bi’a'S-a" Bn5t r of"' The. ■•"hnie" inexpensive-with Visionhire. 

eniotlnnaf 1 - darteninp of en ^ Visionhire is the only national TV rental company to offer the Philips VCR. 

music inward the end— echoin- So you can put yourself fully in the picture at whichever of Visionhire's 365 branches 

□ phle suggestion. The curvet- rOUHQ tn© COUfltfy is nGSFGSt tO yOU. 


Ferttiodo, a character » r synj ha n S^pliwe^ Ten tiering’ to' 'the 

n? &S5? -Zf5££i i?The-2sk„f «M< ,r»w* SSS4TSS and ®™« rul “ 

that oae is curious about bis K^h*- -Sbe-hasn t quite ifke * ' Michael Lankester also con- 

omitted solo scene in the second warbttfi of pcrsonalttv • ■ ^ ,rlucted ihe first performance of 

2t 1 ' her predecessor she • ChnStmClS 3t \ J ^ r K"V*I *« schrecklich by 

"with respect loathe eminent «tat -what matter, vn h;; ! Erika Fox. whose programme 

oH stagers, the seal is set on ‘ n PjJP® * ..J” bS thp Tvlotinml nMc ,0 ex P lain poim 

this rerival-by tiie young couple Ninetta is not brtM)«in n nrt J. . . lilC INcHlOIitli of selling passages from Rilke's 
—the serving maid Ninetta, tend^rpe^' .Hossint s . . , hDa rri l)u,n ° Elegies - so as tu render 

faiselriawnsed of steating silver manner (ihongh one ml ^ l | I . t ? l f lD ^- X ho h '‘ n 1nam T 3 Jl ‘ them indistinguishable. M’ss 

fohS 5n C ttfa nick of time in 'a ibink so from clumsy ■'"‘‘"Pjj cal cratpames based tn London jManning and Mr. Varcoe took 
&.“t“ C Lcf 1 Za • her at mastering* if) i» as much <™- ; boib' bave special Christmas. lhe vot . a , roles rpriflllhf ,h, " 


; Michael L, ink-ester also con- 
(ducted ihe first performance of 
j. (crier Engel m schrecklich. by 
' Erika Fox. whose programme 
note failed lo explain the point 
nf setting passages from Rilke's 
Duino Elegies so as tu render 







SSSl^nflSThS : 1 a, Ni^V: r?le basedin medieval! foSSS^gSJ" SSK 

as a Rossini singer with ^her whistleYnd Domin^Muldawnev. ! [haTThe vom^ music T an(j Cl3 the 

apple.jShe deUvere Rownisjar u i .ding. W. ^concession, for Plunder over the IZT'Z* 9 ™ 



‘Only 6 months advance rental required by lav,'. 1 ye2r minimum contract 

Recording playback ot material may require eonseni see Copyright Act 1956. Also Uib Performers Protection Actl9SS*lS72. 


wKv t e role appeswu m tne me Oi a au»*» r—j. r -a - a autceoBiuii ui i»iuai| 

« M»™nos of the ealibre of village. He Was aided by the children for the first urae For; musical gestures, patently of a 
Parti She looks charm- baked^rown sertiogs and cos- many years. It is by Peter Flan-;iS60*s cut. In a moderate tempo. 
tnC* ^ tumee of- Peter- Rice* k> w ,n nerj: and Mick Ford and iS'UOjNot unpleaslng. fairly anodyne: 

•Ack'iannPTto' John Brecknock but affectionately observant and adventure about a' failed stunt- i^ard to believe that Rilke had 1 
Him, l. hS nn&wce ari, with senurate. Sets sn well fitW . man. Avtul Mn.t-ful, I, will . anyU i! n B lo io with it 
tnm^ out nis eniraiJve «i» ? Sadler's' Wells are only too likely play a ( the Warehouse frami 

w1«4!!foOi£uSpSS- to l®e linS nffnet nn th. 1«W ^hnr 20. 1 UVID MURRAY 




J 

1 


I* 


DAVID MURRAY I 


You watch. We watch your isiteiests. 




% 






*. • V '■ “i : '■ It...' ."V 

■ - • • . ."r .• T :.' .-. . .. . ,. ' ■* V - i\'v ■- i~, ■£& ■vfc'SS'. I •* 


financial times The case for easier 

BRACKEN HOUSE, CANNON STREET, LONDON CC4P 4BY 

Telegrams: Flnaniimo. London PS4. Telex: 386342/2, 4S3S97 A A "fl 

== , terms to explore 

Friday November 10 197S ■*- 


financial -Times' 




FORECAST U K QFFSHORECBUDE OIL ilNG flE $ S - 

COMMERCIAL QRUKELY TO BECOMMERCIfit «nn»!%n» •» : 

'■ ; t- • ■ ’ ..I!..- c. V-' . 

2500 - , - - : ;v ' /*¥ ^ ; • , v ' > . >' :■ ; * r . ■ 

.■■■-• -A •_. 'ffwainwa'.' r . 


Coming home * or JXl^ °W 

TF THE UK’s experience as was passed in June the approval Government adopts pelides 
I fl fl fl fl flfl I I. a self-sufficient oil producer wa s limited to the end of 1985. which will encourage a high 

A VVriJI^ » to be much more than a The Government is insisting on exploration and ' development 

pa^mg phenomenon m the early having the power to review effort. The exploration effort 


UKMA Forecast for ; ewstmg fields 
which are commercial er -fikely to 
■ be-commercial iasbbwbjo# w»»si 


Hftrr wjejjste J»*B«r™ui 


.\ TTRCT2SRaj»lh3Ba»fnis)'‘ 

t v 


lO'-V-l 

2005 . - - ; 1 


present the latest rise in suing a strict monetary policy “ver S^i^j^’TSTS ^ b ^' up of pi ° duc - ittll than the current level," 

minimum lending rate as a (and pursuing it, it must be Ss to mlintainnearJF: UOn ’ S? , ' 

largely technical adjustment— conceded, with firmness) fails to sufficiency until the end of the ll bas changed its policy on ?J ere . . a ? e curr ® n u t l 3r . 35 0l1 

a move which takes (he recognise that the implied century but much oF it Is un- allowing farm-in deals, which fields which are either in pro- 
authorities a modest siep ahead limitation on credit growth l^eiv to he eWtored and means i that the British duction or under development, 

of the market, and thus provides applies forceiully to its own develoned without a radical Natioos d Oil Corporation must ? r *** expected to. be developed 

a prudent hedge against the borrowing. 2123^1 have Brst refusal on any pros- « the near future. Under the 


REQUIRED INDUSTRY ffilWIY FOR 2 MULUON BARRELS «R WJNWDMMi. 

IM - : os FhOW Nk« UiaLUVoiito 


I WtmCAI mils Ptfl r£A8 


• r-^(f Viitt - I87f-mr ^ . 
> r . f T *■ E^oratioir&fffiu® ^ 


influence of rising U.S. rates ...... „ji oecuve aeaL as licences mature “ iu8 ‘ upuwuui. oagum^uuiu 

and fires a warning shot across a *Ti.o 110V h-? ertlap ! policy. deaJs faad by tbese ,5 fields could provide'a 

the wage negotiating table. In ^ up ,P~ * at ^ ey ^® ve put ' ^ hls w ^* e burden of a major comDaa j es « a useful wav of combined production capacity 

a purely he is ^e^beLT E£* "*£ the“ w^intoolher exceeding 2?5m barrels a d^ in 

right, and this was reflected in not? « ^ the °^ r the *?* 10 mon . ths *?y *he g^up,,* exploration acreage But ihe early lflSOs. (ITC consump- 

the fairly tain, reception of the *>"" "°* Z * 2S " U „ operaTi " s 'L the fta?s trade h™s “o“ ^Tmelly tion in currently about 2m 

n U N. a * , hp m . pkpt . v-p. T'ntung recovery, so that North Sea. It was prepared at * u,-.,, , , 

thel^ss rhe mnve marks i j" le . re?t rate 5 m New York can the request of Mr. Anthony come t0 a standstlU - But S this d feiil of production 

SST-fn? rho in bes \ n to . .'T^' . and if mnre Wed^vood Benn. the Energy _ When the conditions for the Pan Z 


change in toe diFectiJn of UK have flrst refusal on any pn>^ in the near future. Under :the 
GovJ^mentoUnouS pective deaL As licences mature most oppmistic assumptions 

these deals had been sceD by tbes t. 2 ° fields could provide a 
JSS * ™ a i°I companies as a useful way_ of combmed production capacity 


news in the markets. Never- 
theless. the move marks a 
defeat for the Government in 
three senses. 


this trade has now 
come to a standstill. 


When the conditions for the 


barrels a day). 

But this level of production' 


OKSLATTW BECOVBMOr OR. IBUKMMflBSI 

THEORETICALLY' RECOVERABLE 
' OIL REQUIRED : 


^0.^24; y {^wOS 

ItSSSfc ' ' d TbBe F ™* i ■' 




Fnr the r.nvprnm-nt in * ,uu " "‘"re neugwuoa Benn. me energy wuuiuvus iv. cannot he <ms1kineri fur mnnv 

roe senses " workers follow the example of Secretary and w-ill be discussed Sixth Round of Offshore Lice ns* years p ro m t h e ^5 fields out 

ree sense*. many VauxhaU employees and at the next meeting of the ing were pubhshed-applica- put would decUnem Vb^t tm 

A defeat °I bakery workers, Energ>- Commission in three tions must be submitted by barrels a davSiMOflnrirnnni? 

It is a defeat m the market 8 L hen P err,aps ^ markets will weeks time.- November 20— the oil companies ^“ c I gL i * b JJ?? ,“ d T ° pn \l 

.2 I* ,* rea«on whv MLR had bes ' n 10 r espood and al * wiI1 be Coincidentally the reporr is were asked to compete in their ha^reJs a day in 

Hen a 'point and a half behind * eJ1 , again - . The Government being published at a time when bidding to offer the British Si ^ b ^. 


{ 15 Billion - Barrels 
! Found To Oats . 


1HUWI WBOkEMfUilS «. MUIU fUX.1 - '.J-“ 

anEU>«iLOit.SWTWU(T Kr.lHM' ; 

HMw« cpMtBjut rtfs tar.iu be . 
in Ttg .PCiiaglM-tto umai - ' ‘ V i 


The only reason why MLR had 
fallen a point and a half behind 
the market is that the authnri- 


.“es w ri 1 5S i- 


amount of oil that could be re- 


heck the ^ rue in ^ rates and pu,ic - v ' and thal ^oUcy has in one of its lowest' points. It equity share in new blocks and 

om ince thi market that the £ cl been 5i2nificantiy tightened, conies at a point when Govern- they were also asked to offer to °* r 

Sonwa, woU?n hand O^e * IIH » growth up to ment and oil industrv views on carry all or part of the State ^TLfa fn '-n* 

. .. October has almost rerfamlr hmv tha 7 nw nrrehnoa nil mmnrafinn'e p.vnJnratinn and CSBlu Were paid to l06 


m itnis ukch atviLa^rirwBooow-- s-s 
t natt mr.uKu.to ** ■ g., 

■ ' CartKOL-A ,jb' 

E32 oa.' mkx. imm'l .. 

CCWEVU. ju' MSoor of nMDjER' wnnm,' 

* -rum, wucr * Tfed^7 


NEW FSLOS TO BtrCUUD S D£ VEU3PS , . 

" REQUIRED blSCoVERY APPRAKAt APffl 
' DEVELOP AffBUT. OF 


■’■r -Cv T ' 


reason fur this .setback is the ‘ t h7 ^ ™ t ’ t > s ™ s ? nre , ou ou corporauuu 1 

mn ru «.rir.„ K nr pr 2^? *} “ e bottom end of the resources can best be developed appraisal costs. 


economics of development But 


nation ‘u.-as u*r>u in hand One « f,te nionetaiT growth up to ment and oil industrv views on carry all or part of the State nn 'i 77 ♦ ~l ._i j 3 n, i - : wi = *t~ ■ | .-i ■ V-^' ~i ~:r > -i:vi :a\ 

" a n l ; ^ -ilark is the ? clober has flJn,0St certainly how the UK’s offshore oil oU corporation’s exploration and “ '2 ? 4°! 1987 'es ' to l 7D Tt.'TZ -77 'n-’aW® -® WWW$ '■»> 'm r^: ... 

TJSAZS& S£: a? per X^iSd %£ "“T” ?“ ^ Z *?T* ^ l - — ■ : - ■ ,^sss ss ;ssbs^ :^ 

& tart *° /“'""t f “™ ard of ^ ^rf a ™ r fe»N^ s e u,, a Mh^-o “ onths » f 197& the sUe for 

Ge I V ..n the crude monetarism tar ^ e ' <-'onsider?biy reduces the sidec miqht reach a consensus. Government proposal in raise i e s m»riP d . !SC0 ^ er ' The number of discoveries cial: fields is reduced to '150m industry work ^ouid ba veitcrbe ^ ^; 

th fi,m.imrp \n ; 1 row ' 1 _ h tha ] he permitted io When the E ne rev Comm isrinj. of p^JI-um Revenue ^toration peaked in 1W5 when To-jweils barrels the additional .reserves committed, to .Ihe. r.UR- ibri-the^ -C4T 


more serious defeat over wages: o',:,- V oe ™"» ea the offshore oil operators argue 

ss. w sts«ss 

K>- Min^zr — rti* wzz ? H“5 ; zstnsr 

heartily when »om, Lua^rra- Admittedly, dressing up a fr o m the fuel Tndust?ies the next -? ar ?"V lso / ha " se occurred half way through this 
tiv**s rccomnieiui it. Finally, it tlghier policy as an unchanged trades unions/ the 'ifnircrsities oth f r parts of the ^ at, o° period The 161 exploration 

is a deieat for the Chancellor nnM ic „ n Lrd a« unions, me universities regime. wells arilleri hv tha pnrf rt r tova 




was formed with delegates Tax 'nevr^vaar and "also ebanse were drilled. In both I9T6 and that must he found would_fall tong term.:. • 

From rhe fuel industries, the otber parts of the taxation nprinri^ Tha ^ikt 1077 ^or* were 10 Aids' frbm'-'to '9.2bn barrels with 89 oil The Comtnitmeni'wilToav'^ ^ 

trades unions, the universities P ' ^P 10 ! 3 . 1 ^ 51 weUs and 58 weils refipee-^deposlts found of whieh 18. given, ;,says : 


and official reaction ha;? now bcen j one 
pushed intere?t rates to what is, ^ _ ' 

in real terms, an ugly record. Second best 
The average business loan will Quite apart 
now cost some seven per cent rmcwH alamo 


cu uulie - nation, was not represented. But 

L'CO/ld best ’ T was promised an opportunity 

_ to air its views and at the be- 

Quite apart from the fingers- ginning of this year it set about 


Guerrilla 

campaign 


wnR=awiw fcr th- SSiBri 51 weUs and 58 weilsreg)ee- : deposits found of whieh 18. given, , .says U7.7GQA,r,^-.:::%4ld' .. 
mnria .Jf 1 ?I 4 hl^ely- Bul this year the num- could be commercially devel- industry, faas,-. confidenqe '^ . 

iQdL.ii e her of exploration . Wells - is oped. At a threshold of 50m governinafat- pbHcy/ . Mqre abfe- 

t »77 « e ed .in ^ 19,0 t0 ^ely to be below 40 and by harrels as many as 32 fields ageTnust be' airocateff tb 
Ri.f 1 T„rt Vi* , May there had been" only- two would have to be developed-a higher -Iev^--bf. 

one ■ of *?ha fi ° 0 f veT ? smalj -finds ' ; ' buf additional reserves that present, licensing .i^ndsb^^ . 

that ha™c« 1 “r ■ From this actuai experience 'would have to be located could . There musfbe-amorfefavotff.r 

UK v^ta^3h 3 t i<f a ««7^ UKOOA has built up a, picture! fail to 5.8bn barrels. able taxation re^me;tijat wbal#^;>^ 

u. of the way oil discoveries are If fields of 50m-15Gm barrels reduce the threshold for coxbk-^^ 


But most significantly only 
one of the eight major fields 


.„»■ ...Tct enma eoi-pn nar rpnt ”, „ . *. _ ' — * =■“ . 4,u «‘ u 6 >«>= >1 sci , .. . triT „ ,, UIXWA »■«. uuiu uj/ a- uituire iiUl lu o.ouu - ame laxaiion reEinae-Tnai -WBBKf * 

more than the *oiog rate nr in- f neither the producing the paper, which has . Tfa e result ls ^ a J an . 1 ° c T® a *' exceedin? of **“ W oU discoveries are' If fields of 50m-150m barrels reduce the threshold for ctun-^ 

flation Even when the market fLisi nffinLi^ 8 ^ are now enierged witb tbe ^and mg guerrilla campaign faas been ® " . e d likely to dereiop over lie next. Icould be considered commercial,. mercial fields to ehcourage ab - 


flation. Even when the 


was confident some weeks ago, veiy much a second best policy SSZn^ be^een 

Th e i/t-^ tha St in°a f T Ttle r ' 3hf way 10 solve tbe dustry Effort In Optimising The the oil 

This is the inevitable result of nrPSPTlV nrnhlDm ic not mnno. n r fit* «.• Rntin nn 


/, L . . nprimf Tlio oHcfimr cu : nil ijicu cfxv acn-Duiuucm;j ucvauDiiiiaiE ui aoiauu 

the Go nunent and fi j are^MnSntrated exploratibn target the level' ot.'lhro ugh the 1990s could be deeper water fields. , Assuran^^ ^ 

Both Mr. mennai neias are concentrated thituniTirf 


self-sufficiency 'development of -smaller^-kfad ^ ^ 
90s could be deeper water fields. . Assurant^ v u 


me rignr way to solve tbe dustry Effort In Optimising The Ine oil companies, Both Mr. ‘ concennxied prodll ctirm that would beneeded achieved from total recoverable must befeiVen abbut^ 

u f«NlT. demand for credit. oSsU^M" 01 UK ^ J£“ CisSr' rf *1.“*^ dm «ta in the mid-lWOt to_aastaiaiearwser.es of 21bn-2dbn- barrels: Is 

optimistic about the result of Second, it now seems likely become more vociferous. Off- merely to establish a bargain- becoming a mature oil province ? ^ - - 

the 10 per cent wage policy, that ear nings will rise fast shore oil development would not in 3 position. The Government andas t , m °?er .areas of the ^ Saf^UW bf'S?UK0^ OA re ?W^:_P.le«s ; be accepted? ^.Oxi Wwe>% . . . 

and too pessimistic about m- enough to finance a growth in prosper, if the oil industry is out they say. to secure “a there is a general shift J^cSSuS Lfl»M bv ftoSS' - ^ ^ • & W S° against the ffai «aMT«3 

vestment. As a result both con- consumer demand a good deal lacked confidence to invest, the fair and reasonable return” for t0 , smaller discovenes as Se!r?“LS M uiat^2»W ^ ' '• V. ' principles of^ ^tfaeXaBpor Goyer^:’i^ 

sumption and capital spending r aste r than the economy nr the industry argues. At first glance both the country and the exploration continues. 2S iSSoS. M ■ W.' MumifintH : " mentis iJreaent^UcyV-.'^»7^^^^^ 

have been rising much faster balance of payments will stand, it appears it might have a case, industry and they appear to. The overall success of drilling Tha axtra ornduetinn thaturin" lrldllllllUUI to increase the roto^d^^bt;A] . 
than forecast, and the private A deflationary package of Exploration drilling this year suggest that they have heard the ^JJ ,K w ate fL. ba s b «f 11 be needed by 1993-97 is some >. ■ Al 4 : . r , the state in offshore 9^1 

sector demand for credit has spending cuts at which the has slumped to its lowest level companies cry wolf Aon often in ® ood - says b “J 1,1 ^ 2m barrels a dav biit how this >“ V GllOrt meat at every 

grown correspondingly. Even prime Minister has already since 1973. The Government has the past to be swayed from their pea ^® d m . 19 ‘ 4 311,1 is achieved^ Will depend rritihaUv policy might be?.mwtfieditt-t6e r A 1 

on ihe official forecasts, a £8-bn hinted, and perhaps a rise in tried to explain away the fall, path now. , since then there has been a f g t} . - But f tfr' achieve this produe* oil radastry really. ;begg®?«o . " J 3 ' ■ 

public sector borrowing require- lndirecf taxes/ would do far but it has. itself become con- Bu t for the first time the oil ?««" orat «m- Success m fin^ ” ou X-to be wmmeSeia?- ttoa^mV need .a matonrotfa pull T but trf; tfae. N6rth s -|S r ^ # • 

raent represented the outer limit mare t0 impress both neqo- cerned at the drop in activity CO mDanip« are trvina to explain ,a JS ei ' field ® bas declined g . : ^pJnration effort M thany as a triffi-wayrrits ^Itratioffi^rr /: J- 

of financial risk. tiators and markets than any and discussions have been thair M / a in /arifi an ? tha drapiah { :ail y* About one well If the commercial threshold «)-95 'exploration -wells ai year licences under -ae.^lxthltoend;:,.!^ 


' principles of theXaBodr Gbvex^ : 

Momirinfh : : cent’s . 

lriaillUIUUl . ■ to increase the roleimd . 

^ / r , the state in offshore 


meat at every opporilini^/Tharv' ^ 
- : policy might be.m<wiifleditt-t6^ ^ ./-j 


tivitv U Ior ine * 1 "“r in V lng laTseT fields has declined 

of financial risk. tiat nrs and markets than any and discussions have been SSHSe “JJ deSl and the About one well « roe rommerciai xoresnoia «)-95 es 

With total credit demand still further tightening of what is started between the Department UKOOA Energy Commission D , fi ' e has ^? nd some oil but for fields is reduced, the -tolai-wili hav 
higher than forecast, the com- already a tough Credit squeeze of Energy and UKOOA to try r^ori i<= a lwgecontri3^to 0D,y T ^ * 4 ^ ^ i™*? \ ° f * must be tion. to t 

petition to borrow has driven _and also far mure to guarantee to analyse the reasons. Kitote ^fwill now foUow ^ rere t d °i m * ufR ™ nt fount! to meet such a., produe- d i SCO ver 

interest rates up to a point th e sustainable srawth of the a.ii,- w^kwb uibi w» mim. ^ t0 be considered com- tion level is also dramatically 12-19 rii 

where the recovery will be econom^TWe are^ now^ufferlne melit ha< felt ^cTentiv wn • aa f ocIatl °" arsues ta raerc ! aJ >“ der present cut Most fields today need to on ex^ 

checked sharply. The fiscal the ? coJ.sequencSof rennlnf E aboiitthe^CTessof^ff |Uttoductionio itsreportthat taxation regime. be in excess of 250m barrels 18 . to & 

stimulus which was supposed to risks with over-stimulation; it shoTe oil dev^pm^ ^ ^ *- fn of fields before toey^ 11 be considered wnu i d t 

get the economy moving has thus i s time to tip the balance the are now in production and self-' t,0 ° and de J‘ eIoptnent effor | discovered has fallen sharply d fJ e o , I ? rnerit ’ .. A } 5f!f °P®d frd 

backfired. This is inevitable other way. suffidency shmSd?e IttSnM ta D f eC f^ ry 1 t0 k ! ep t - up ** le 7 l f J 1 from i he MMPj°n«l »wl of the industry coveriei 

»uniLicni.y snouia oe j uain eq ip 0 f uk oil production into the more than 900m barrels in 1970. would have to find an r.,* w 

- 1 !* to tighten the screw cop- 1990s has not been realised or A year later it was down to less additional IS.Tbn barrels of inrineirv 
*■ 11 • A siaerabiy nn the oil companies. .n ^ om— 1 i_ * ^ inuusoy 


backfired. 


inevitable other way. 


/W ^ r " - i /B siderabiy nn the oil companies, appreciated outside the oil than 600ra barrels and from recoverable oil. It would need 

Itt/B ■ '■’ilTIlini C 0ver the last 12 months'' it industry itself. Its research 1974 there has been a steady a total of 136 oil deposits to 

JLY.fl.Ji kjrtt \JI CjIUUJU Or has introduced the idea- of shows that UK oil production decline from around 200m be discovered and 13 commer- 

phased development consents could meet most of the country’s barrels to less than 100m barrels cia l s* 2 ®** fi®Ws to be developed. 

^ for the first time. When the oil needs to the end of the in 1976 and 1977 to less than The discovery of such a total 

d W% d O rnZ Fulmar Field development plan century “provided that the 50ra barrels in the first five of new reserves is unlikely. 

A GREAT MANY Indians will the character to initiate any ii/i Sural jfl «| k o F 

be shaken by Mrs. Gandhi's such debate about alternative |f9 bill fllilaUr I vflirnl 1 I KbI1%I 

return to politics following her forms of government in India. 

by-election victor}’, and by the Mr. Desai is preoccupied with TdirinS OVGr the probably stay on for a period a« attempts to talk to the Com- Tree Planting ** on Wimbledon 
possibllitj- of her return to with holding his unwieldy . & chairman after a new chief mission.” He is not clear what Common next week, 

power. As Prime Minister she Janata coalition together. His CrBCKS executive is appointed. He adds exact jy j S 0Q -^{j e agenda of the II seems something of a 

brooked little opposition and failure to get a strong grip on !bat the firm is “widening its s * departure from the, welL 

dealt harshly with her critics, the economy has been masked 01 nilfin cholce " and is “ in the market f uId decorum one associated with 

Should she return to office she by three years of goo <i gl? e ^2iJ22-2^KSS^^ff25S? ^ «W®«tions.- look at the effects of “super- ^ councU Yefi _ S'™ 

is unlikely to show much monsoons which have boosted ^ obl , ; ; ata active” proposals by con- secretaiy, appropriately named 

mercy to those officials and agricultural output and lienee „ w . * h , 5 *£, e ^ r «Jod - ' surner groups and weigh up Susan Forrester, things had 

members of the judiciary and rural purchasing power. Mrs. * h- hainft.i - whan WaivinS DOrt their cost-effectiveness. changed, including the staff of 

the Press who have denounced Gandhi’s main achievements as wou,d be h ^ P 7„ raDa ^” r . * ^ one ^uch proposal is for an four: “Before, the secretary was 

her for abuse of power. prime Minister lay in her t-reeb authoress Anqnna ^ ne suen proposal u for an houfied in ^ Department of 

But Mrs Gandhi has so far mastery of machine politics, ber Stassinnpoulos tuisht not have EEC directive on misleading tbe En^ronjment, gj d ^ 

conduct JTher ca^Jai^n against Power to mobilise public Cubms advertls,ng whlch Y° uld T * Council was really a quango, 

the judicial proceedings that opinion, and the leadership she (Nige £ a) Sw*3w7Vrere 5S£ SSL SP f^t r at „ ?*u ^ , such advertisers to We were nurtured in the bosom 

have been initiated against her gave at times of crisis such as . Martin markina 1UDCh ^ °A f ■ Bntlsb publlsh “ corrective adrertise- of the DoE. but this a totally 

by mobilising 0 support 1 on the the 1971 war with Paidstan Ta^’sThare^ p r es f ed A,r Society at the Dor- n, e nts.” When I asked Sains- new situation." Since April the 

streeL This extra— Pari ianien- But she was no initiator of new 14(J ^ h a| | Tarmac s latest c ^f*i er >’ este ( da y r But ,® b ® P F°' bunris Company Secretary, council has been fully indepen- 

tarT a-itation-often resulting ideas. Nor sadly is there much balance shepr a £l«m Vlded 3 semce of 3 kind for Ni S eI Matthews, about whether dent. 

indolence— is damaging to the sign in either the Janata or a „ owance fnr |” e s o Q it S £ con- h ^ e p suests ,^ ad he ap P r e«ated this revolution- Simon Klinger, a director of 

health of democracy in India. Congress Party of new leaders ^ Nigeria ^ SSS - h f„ r ^“ ht 3^’ 3I Z ^ he answered a quick the Tree Council who has 

What should he welcomed by emerging or of debate on what « Bnnf . weaning in Creek good and No. It is hard euongh trying devoted most of his energy to 

all parties in India is that Mrs. form of government is most fact Martin _has another beautiful. to say the things you want to Trees for People, is more out- 

Gandhi’s victory means that the suitable for India. JJ?" EjLffjL SL ^ 1 celrmZnmZ " ^’s spelt with one * 1/ ” said w, . tbout ba\ing to say what is spoken: “The DoE used the 

main opposition will now be An important reason for Mra. Tarma^ West German^ib- u Stassinopf)U , ns -Apart from g ai "g wrong.’ Tree Counril for its own 

focused in Parliament itself. Gandhi’s decision to fight the _ ■ „ "Jl" " a “ b “ * that yachts are female so it publicity needs. It was a cheap 

by-election at Chikmagalur in hp W niIn! v/ould hav e to be 1 Kali V The . , way of. getting public relations. 

Alternative Karnataka in southern India ^ g Jf semn- off a S italed hydraulics man could Border COUntry There was a lot of talking, there 

Her return to politics and the was to ward off the possibility “ “L e ° ature of seilrn^ off get through his souffle _ _ _ , . J were lots of meetings, but 

liketihood uf the Congress Party of legal action against her. The P ns wit- fast en ough to rush off and tele- Dutch-Belgian border is a nfithing seemed to happeo. If 

umting behind her also means Shah Commission — set up by Given Lubitts tNigeria) phone his boatbuilder. “Twish place, bisecting village you detect 3 note of cynicism 

that India has a chance to the government to inquire into problems I was surprised to 1 hadn’t asked “ he muttered. ,n S h streets’ without a customs in my voice you’re dead right." 

develop the two party system, abuse of. power during the learn that the Middle East when lie realised his boat would P 0 ^ in f!® b *’ an 5* occasionally Klinger is optimistic that the 

and thus the possibility of an Emergency— has amply demon- group planning to purchase the have to be pulled nut of the through houses so that new-style Tree CouncU will do 

alternative government, thai has strated the dangers of dicta- firm wants to keep the present water to be repainted. on j S fcw ™M s in one something more than preach to 

ai..riari rha r«„nirv «naa inrio- torial government It has also management team there. All the and one s room 10 the the converted; “Il’s not good 

pendence The justification that shown that there is a fine and more so since back at borne the “ 1 ocnc,r - enough to get Prince Charles 

l-ouIU be nut forward for Mrs. often indistinguishable border- deal has led to a shake-up In Re+ailor’e vn irp Bl,t ir is on, - v now that the along to plant a tree when it’s 

Gandhi's veara of Emercency line between bad administration Tarmac when 14 months ago ■»««*■*«* ^ VUlUri- EEC is over 20 years old that going to be pulled up next day. 

rule is that a stronger executive 111111 criminal responsibility. William Francis, then chairman Consumer protection is to be one Belgian chef has cooked lip Rather than build barricades 

naarind to hold India mcather H * r by-election victory is by designate. left Tarmac. He had 0 n e of the subjects covered by a recipe for using this fact to round trees you have to attack 

and SSm tr HiTnrtivPhT Vhan oo means proof that she would been largely responsible for in- a new EEC Committee, so i was avoid tax. children froth the age of five, 

was allowed for in the West- win at a general election. Her vestigatmg the Nigerian part of surprised to learn that one of The chef. Leon Dues found Tbe y destroying several 

minster model inherited from P 01111 ®^ base ^ now 111 *** HoIla ° d Hfl “ nen 311(1 0,6 tv, ’° Britl sh members of the that Dutch law requires pay- hundred thousand mature trees 

StaiL 0 “^o : the trag.fd^ o” «»“«■ » f lDdla - She bee still apereU„D S wh e n Tarmac bought committee is e mao from the ment of a tax for cookfng in "year.” 

the Emergency was that Mrs. t0 demonstrate that she can win the latter m 1976. other side of the retailing the street but not for selling 

.hiccLhv the Hindi belt of the north Francis now runs Cementa- fence. John Sainsbury. But cooked food. Belgian law re- M a . .. 

■aitowina a «=rrnn*ar avani.riva where the excesses of toe steril- tion, the construction arm of Sainsbury was quick to explain quires the opposite. So Duys PSrtlflg Ulg 

Isation campaign swung opinion Trafalgar House, but Martin ex- tba* consumers already have S et up a stand on the border, hie 
to misuse power. most deef> jy against her. The plained that he had left Tarmac their own consultative com- frying chips in the Belgian half l nf 5 *£?*!!& 

Mr. Desai. since taking over Janata Party h as clearly been because "the board felt the mittee in Brussels aud that the 0 f his stand and seUing them in :£?!* 

as Prime Minister, has run a far gj Ven a ^ ad j olt Mr. George company had gone too far and committee he is joining is to the Dutch ball. Jf SSEr 7 

more open system of govern- Fernandes, the Industry Minis- too fast in contracting overseas, help bridge tbe •' eommunica- • urith hi 

raent. But his administration lePi aad one 0 j most lively Expansion had not been solidly tions gap” between retailers ” {JS SSiffc? „ 0 “ 

has been ineffective and there members of tbe Cabinet, rightly based. The Nigerian situation and Brussels. Branching OUt ito mmted WrenVeoitanh* 

lias been a dangerous loss of put dovra the party’s defeat to was surprising in its immensity Its formal title is the -Com- 1 mmiunentiim^ reniiiris Sv 

power by the central govern- bad organisation, failure to pro- but was seen as symptomatic.” mittee of Consultants ror Trade " We want,” said the new ‘V 

meat to the states and to jeet t he government’s policies. Since then Martin, 57, has con- and Distribution. Sainsbury secretary of the Tree Council, r. ua i* s ‘ s * r mnrtals*’'-' looked 

organised pressure groups rang- and a lack of contact with the tinued as chairman and chief thinks retailers have been less ” to be seen as a public relations aPflll0{ j “thcre’d be damn all 

ing from trades unions to com- people. The setback at Chik- executive. well represented in Brussels organisation for trees.” As if . Q finri ^ 

niunal organisations. magalur could just provide the . -He tells me that the firm is than industrialists and fanners to rub in the point, the new-look 1 

In practice neither Mrs. impetus to put these defects planning in due course to find but says: “IVe cannot complain .council is flexing its publicity ' ClHfiOmo Y* 

Gandhi nor Mr. Desai are of right. a successor, though he would if we do not make some muscles with a "great Womble kswk,* 


MEN AND MAHERS 


What should be welcomed by emerging or of debate on what « onnf . J" eao ,i” s . J n GreeS “SoOd and "No. It is hard euongh trying devoted most of his energy to 

all parties in India is that Mrs. form of government is most f 3C jl J“ a ^ n . ba f. beautlful - to say the things you want to Trees for People, is more out- 

Gandhi's victory means that the suitable for India. T^aci Wes^ reimJn ” ^’s spelt with one ‘ 1/ ” said w, . tbout ha\ing to say what is spoken: "The DoE used the 

main opposition will now be An important reason for 'Mrs. ^Tarmacs West : German la Stass inop OI „ ns . “ Apart from going wrong. Tree CouncU for its own 


“i industry would exact for such publicly-rto be 'rmp nQbg ygh ? - ■ 

a commitment of its resqurcesT attractive ' investment •- . 

, 0 At presenfabont half the Inter- the vvorld.” - h - ' 

:v nation^.oU : industry’s world- ^e ihe .GoVttrnment®^. S-3^ 1 
• wide effort in offshore activities on to that belief - 

** is congntrated in UK waters, accuse the cbmpaniM .bf. ‘ 

.\nd UKQOA. stresses that a sig- crying wplfz . - 


more open system of govern- Fernandes, the Industry Minis- too fast in contracting overseas, help bridge the *' communica- 
raent. But his administration i er> aai j one 0 j most liTOly Expansion had not been solidly tions gap” between retailers 
has been ineffective and there members of the Cabinet, rightly based. Hie Nigerian situation a °d Brussels. 


Branching out 


a successor, though he would if we do 


make some muscles with a "great Womble 






'"•hi 



‘Friday" Ifoyember 10 1378 


POLITICS TODAY 







Week 



A WZLK which uiirfiitfes The bcSgim.tft' understand the real 



™ th8t sanctions against mirajjed the Government to an malum. F«r whVt ii»«T Binifbatxis l* 1 ’- CalJiuhDn ; nd V,r Heal!.*- mure nr :.>s deplorin'! the fact 

uJT% 5^i of Ule ° n llun * c *ng ir had more uirtu- tiepon is maHy about m V d*« to re*,-! a^t ir. lila; m- ,a.- son". Ye. doe, the 

House hv ? e ? ,e of *“£«« , the rebellion or .-ncr than ir really had ami it broader ronfoxi i- the quality Ins ironic ii,ai ; ,h this should Prime Miniver dare i» >acfc Mr. 

rhf» 522fS5-I *5S«L-.f ?. KV - atv ! i a " "P*n debate about <«f :-mvnune:ir. and the quality have been hanpenmv li 


sreai deal * ‘i > p lv>tdes. 

lx was very interesting to 
nhsvr.o a similar phenomenon 

at what iiiiuli; turn out rn he a 
imi«-h mure mip.irran; event than 


r-m» F ^ e -^ ith° l ^ k - “ 3 *! ,e meril < {r f commercial eon- of guwrtimeni iia- been verv same time a.- am.Tii-r dispute due* Mr. ftenn him <t?if resign on 

t.me-TIft J*r i *e..n J* actios r.aga«st South Africa. ^derations (i.e. trade with i.m which afc* involve! the dton- principle. That «. what i> 

Stature _ Heath Such aeDan WOOltf have required South Africa I n*o-vU moral Mr Edward Heath, by «,«- billion of offi-ial -ni.u-mariun. meant by th- .hallemie i» 

m the iJlyurTarty, a ppoint international . su ^ort which Sutures or even moral responn- irasi. van he at l«*a*i partially namely, the n-iLm- more affair auil.iiniy.’ Amhnrity dues nut 

rise in .MLR, md- mpMovera would tgse Been difficult, if nut bij jj its ( i.e. the need to do some- exone rarer!. He has rh»* excuse. S* r - Sedaemore v.-a-, ji-,mis < >eil ^wr. i:«*!f parity heraure ii 

week "whJfcJTat the time of wnt- impossible to secirre. and in any thing about Rhodesia). This dc- though he chose mi to make by the Prime- .Mm, star as Par- Iin dubious -rounds At the 
in? Las stillnot finished case for-cconomic ^reasons of bate has still nor really taken it In inv speech on Ueilnestlav. iiamenian Pr.vi!..- Secretary io .-:m;e rime, l he K-ml^ncv ru rebel 

such a week; can hardiy .be rt* own the Bntishqoveimtnent plate i 0 this day. even though rh.it for niiii-h of his premier- Mr. Anthony V. j-i.-jwn.id Bonn, mrrea-e-. ?.Ir. Bonn is winning 

described as -unevcntraL did riot ."wish to try. • “ Was ]t i#s arguable that the question ship his ad ininisi ration was tlw Energy Sevri.u-.y. for ha\inc tin- arjiun^ni ahum open snv- 

There are, of course, limits therefore -.decided to continue now more relevant than ever engaged in sivkina a Rhodesian had access m. ami revealed ».hur r-mui-m haatb down but the 

to the extent to which one can ^anrtioqs in their enffting J°nu- m the context of Southern seiile.imur including rhe time- a«o» to - a cnAdentsal Trea- dana.T *• Thai h^ mr-hi win a 

impose ordet upon chaos, as but to copccal the Rnowiedee Africa as s whole. taking testios of Rhodesian mjy Uocumvni. 

the above sentence -.shows. Yet . ibstithey. were unlikely to have gj r Harold Wilson has chosen opinion by the Pearce Commis* 
there are. I thinlc. two common, the desired effect. . ro soe The raarter on an altn- i»>n. Ii was not therefore the (|Pf 8XV3V 

and related themes to what has 1 . .. _■-« * aether narrower level. He mn*i obvious period in which 

been going on.- Ths first is. JVIorC^ TCSlllStlC sa > s rhat be dirt not know of i«» ci»n>ider nut ins off ml Again r.-. o point* <iand n-.il. 

1 he challenge Xb authonty, and . - . . rhe existence or certain key supplies. In any case, the Tories nic first i-‘ Lhai if the Trcasuiy all rn:s week's pnbiical ^wire- 

the second Is ihe- growinK The ■ qnestjons raised are as clucuments. The Bingham h.ivi- n«-ver made the claims for bad concluded :h:«» Bnliah p;.r- rnenN That ws- rhe now annua! 
demand for more- open govern- follows: Did the act of con- Rcpon. he suggests, is about th»> samiimis thai have been made ticipation m cbt- ;»r-i iij-cf] fcluro- runii-i-eru-i- **f i)ie Confodp ration 

ment. They are related because cealment encourage the Govern- «.-umpeience «if officials ami ihe by labour. Tvm points, however, pean Monetary S.'.iii-m umi|.| <»f Bniirh lnd,:-:ry ai Brighton, 

it is precisely the lack of open ment in its illusions or power? behaviour of the oil major*, are worth making. I, was parily have cenain p:«j:i*‘nl .•cnuomic The urL:n-t .-.f the conference 

government which leads to And would not a decision to have Even if one lakes his siatcinent Hip lhai su.rescive i 'tinker- effects on the- cm.-iiry. liierc ;<< lit- ;n rhe f.-dim: that 

authority being challenged. gone public have led to a more at fat . e caluc. it is a varivc li-arier- have gone along every rca<«in •.viiy :« .luiuld .-a;. ,»irlu-:iy has n» real vuice in 

Sir Harold Wilson will do as. realistic- assessment of the dcvaKtatiog comment on Uie with snnrlinr.s. even though they so. Alternatively. .: i; ie-lu-v-'!': ihe country. Then- are the 

well ‘as anyone to illustrate the situation ali. round?- Wil.-on Governraeni. One is wvrr noi working, that contri- tiiat these eiTvi-i.-; '.con id he nut- 'rade^ unions and there are the 

point. One is often asked on There is a perfectly respect- asked to believe, for example, bmetl \u iho si/.e of th** Tory balanced by p..J, 1 5 i-o! gums or pnlitu-?! parries, but -<iinehnw 

an occasion like this whether able case— it was put -by Mr. that Sir Michael Palliser. now revolt on Wednesday mglu. Mr. even by ccunt-u. :r r-.i tuns m the i-idiis.'ry rinder-rcprt*r-'nfed 

a Parliamentary performance George Thomson, the "Common- the Permanent ■ Undor-Seere- Enueh Powell, who mude one longerrun.it e.ml:! aav !ha: tn.i. iv.-hii-b may. o, course, he a 

v/as really as. bad as the Press wealth Secretary at. the time, lary at the Foreign Office but of his bc.-i-ever speeches in the There wmiM ,-vcn b-- any re.-uli, of .mr social system — it 
has suggested. The answer in and was supported .by Mr. then advising The Prim,- saneii»n> dehaie. was clearly great. harm in rh** Treasury say- 1 - ;mi ihe case, for example, in 
Sir Harold's ease is -that it was Michael Stewart, the former Minister in Downing Street, did phial ing over the Party'? di«- ing that .it had not yei made ’in Wv>: Germany or the I'.S.r 

even worse. He was rambling, Foreign Streretary. m the debate not realise the significance of comfort. The debate, as nc said, its mind, or -ht: ;; -a;,* ti;v:d<'(i. Anyay. u ^eem* r;i in? an e\- 

he was ineffective; he- was this week- — for saying that the official memos outlining the way was abou» how far we arc honest but here arc rh.- r.-*ul:- of the -vll.-'ii idea ilia: people like Sis 

pathetic. He -sought to blame Government’s action was right, sanctions were being evaded, wiih on Helves. studies sn :;t. The problem Adrian '".ail bury or Sir Hector 

everyone for Ihe Rhodesian at least 3n the. orcumstan cess of And if Sir Harold himself did Secondly, when Mr. Heath arises when rhe Government re- l.sir.c of I'niicd B;scitiT* should 
sanctions-bpstlng except him- the day. Sanctions, after all, did noi know what was going on. went un m his statement lode- fuses ro divulge v.-iiii mi'jnn.,- now hav-- a fonun in which 10 

self. Ai 7 of that, however, have some effect on the ii is absolutely dear lhai 0 nme fend ihe doctrine nf covern- lion it has. A ^••\ernn'.eni slur make a public contribution u» 

etiuld be put down to the RhodKiati economy. They were of his senior Ministers were mvnr cnniidentialiiy and to crilt- inns the cmn’r;- •.• cl! mav get the na!i<<n:,i u^u.-ie. 

old master having simply .lost a reminder that Mr. Jan Smith's fully informed. Quite apari from cise ihe calls for the greater away with ii. It 1 - eh harder Vet there is more to ii than 

his much— Ahe ^anie thing unilateral declaration of inde- the now Lord Thomson. Mr. availability of official docu- for a govern me 11 ; :hai .s open 10 ihai. Tile conference i> not en- 

happehed ta Rainse)' Mac- pendence -was ■ internationally Michael Stew an — at one rime ments. he received the most rhe charge of b^roi !. s r- than iin»ly di-Minikr in rhe party 

Donald. What is” much more unacceptable^ Besides,-, a public ihe number three in the peck- vigorous nods of support from competent. pnl:;i--al ••'.•rforences. It is 

important is that Sir Harold admission that Britain was un- mg order — openly admitted Mr. Michael Foot and Mr. Janie* The .-e« ond poin: Iip? in the *r„iri.*r. better organised and the 

does not even seem: to have able to stop oil supplies would as much in bis contribution to Callaghan. It is les* than clear manner of Mr. S^dgemore * cntribinirm-- are. on the whole. 



The old masii-r before he l"-n lti<< touch: an i-builient Ilarnld 
Wilson ou first becoming Frink- Dliuislrr 1-1 years ago 


more rational. It is al-:.n probable 

That it is more revealing of the 

real world than anything iha; 
ihe polinc.il panie* can •<ia-;e. 

But one can delect too the ssrne 

.■•nrt nf TeiiMoiiK between lie - 
platform and the fl«mr. belweer. 
the establish ic.-. nl and ihe om- 
siriers. a- :ti any majnr puiiiicai 
assembly 

Take, fur example, rhe deb:,;-- 
on mduslria! 0 cm. w racy. 1, v. im- 
perfectly clear before the vtm- 
ferenv- iiegan '.nai ihe platmrin 
resol in nm exprcssin - -* lukewarm 
accepr.ruv "f SunM-.-ri ba ,- lwi;) 
lei'isli'iinn l-.:r ; ; ,e Giivernmei::'- 
pn ipo-3 is was ir- danger ->r bciii*' 
uverwhelmingiy ilefeaieii. It v 
ih.-reffre decided m pm up 
Lord Pb.iwd>n — now ?he Pre-i- 
dem "I Tube irc.-esiments and a 
imsine.- .-'man alnto-i trfi*«»su- 
parablc ali-roi'i’-J ».* •■uerier.ee — 
To -peak fr- n tin- fioor with ihr 
idea of def'isinv the aMuu«phciv 
ami. in Labour Parly Ivrnri.. 
having me irmion referred bar-*- 
Lord PlowJer would nuu h 
rather have sru.ken in fa'.our 
of const 1 i ui ionul refunu. 

The pian w;.s only parnaliy 
successful. Germ inly file almns- 
phere became calmer, hui :he 


wa-s -till against any 
f- trm of legisiaMun \vhal*uever 
and it was ic-rt f.«ird Watkjn- 
^•*11. a P- C T Ppr-SI-J.-m. IO bow m 
•.•.’hai he .-aMcJ "yu reeling" and 
•-•ir-rviivclv ii id raw ihe motion. 

■ • 1 * a- i» ih*- ouisidv world 

l.;n? !--l.tli'.d ,iga>i!s| the E*ial>- 
!>.• hiin-n:. 

There '.re •< ther insMiue-'. 


T.T 

>.;..• -.-ai ilv 

rt.' 

'■rail 1 who <11 g- 

Lite-. 

i-.-rt lhii ll 

lie 1 

val pay mum 

.-h< 

«llj J i»y nil . 

vnri 

••■.■hn vi mrtcrert 

V.-h 

u .uiltl 

iit:> 

7** -ii it ?ei-rct 

1-a! 

[nt- v.i-r.: 1 ; 


:n thi» GB1 Ii 


:i!.-n v.v.rih nuring that lire 

•••in/.. j rfn«-- vi. 


\v imirv than 


. '11 .ini' ,:i 

fav 

.Mil- Hi - pl'npi.r- 

• ii - . 1 

ia! repr.'^ei’T^ 

i ■ n Thus, in 

tii' 11 

en«l. 

r;sl: 

■ 1 .’ sway fnun 

P-r: 

r. .n v.-i; 

r. 

i-red-riy ihe 

- hi 

'C Li- -II VI I 1 . • 

: a.- 

I'rum ihe T.»r> 

•:li. 

1 La 1 .‘ii! r 


.iiferi'nce«f a 

in. ■ 

i:rh v ;1) 

1 fr; 

un ; In- dchare-i 

ii 

1 hi; 

.‘f 

kimmntii ibis 


•?;. Aiiilu.r 

ity 

is be me ilial- 

l-ii 

jeri ,Mi(. •)..•' 

■ tple 

v,- i ■ l nn lunger 

iri : 

iik v.h.ir ; 

I.,- 

plaif irm rHIs 

in.- 

.ii in ticnl:. 

If necessary, they 

v. il 

1 •’halir-iigi - 

th. 

: basis uf the 

inli 

'••m. - >i:.iiv 

The 

re '-"tilrt be 


v;.iree developments than that 

ri'2‘cotm Rutherford 


Letters to the Editor 

'■ j- • revolutionary viiOfle side has servants, tend to jump up and sidered on a virtually equal foot- extent tba' it provide- the 

UGDHtC Oil won” and suggested we tutu to demand that the Government jog with conventional stations markets with a constraint nn 

r y the mere boring task of specify- should take some new powers nr and thus affording greater fiexi- future economic condition? - , and 

ini. rlni » ilarl nnliAi A/- In imnlo. mol'n cnniA fiAa.- r»ftilnrr«,n^ Va ftniirA ■ c ip 1*1" ft Ill.'jff'H I IV inkrt^K 1 fill 



costs. In - his example papers are as fonvard as Lon,- <J ' r _5 aWT L ^ ut0jI CvrtKcit. Perhaps we need an Austrian 

r costs are rising at bard io discM’ding the post-war Sir. — -We are all indebted to .«fyie referendum to give up an 



from Professor P. Moore 

has'caiied'for'an op?” debate on «lre«dy publiaed on socb burned, not bis odvison. 

psy policy. 1 would like » perhaps be sbould pause before .<> Manor IV ny. 
oblige ; • " n launching a national subScTiption Sowh Croydon. Surrey. 

He states that - it « not pos- t0 reM ./ rd oiirr .'flnaj success. 

pihle for wages to rise by 15j>«r ^o U gh remembering' when the 

cent, productivity by 3 per cent. l j nie pomes that Cobden . was A FOullCilV 1 1 V . 
and prices to rise by only 8 per awarded £40.000 -at I860 values . f 

cent for- years at a time. Prices f 0r hij, propagation of ^-free III C03i 

in most areas f of. the., eebnomy ^^ 1 . instead he should faefe ihe 
are determined as somtf. mark-up truth that not ajl readets of XEA From tke Leader, 

over unit costs *- ~ 

unit labour coi _ , _ . . 

12 per cent, the normal expected consensus of psehdo-Keynesian- the chairman of the National oppn ri im i t v tn vote for a n ucle'a” 

rate of inflation in. his example, welfare-state-coflectivism. Coal Board for the Sgures in his reactor at Battersea? 

The average rate of. price in- Even If we- ignore such in- letter (November 3» on produc- w. T. Thorne rcroft. 

Ration will .be a pproxuuateJy curable laggards as Mr. Heath, tivity in the mines. Springbok. Duporth Bay. 

equal to the percentage that there are stfil the Augean stables J would, however, be happier $l Austell. Comical!. 

■ns^e increases outstrip pro- of “new^* Cambridge to be if 1 .did not have the sneaking 

ductiritv gains. In order to have cleansed;- as well as enclaves of suspicion that be was confusing 

price stabilitv. annual money error to be instructed in Smith production for output) per man 11110110 v 

wage increases must fall within Square fboth sides), in White- with productivity tor real-term _ " 

1 per cent^i. per cent tbe rate baU.' Thread needle Street Dean unit <*»vtsL TnflrketS 

of growth of labour productivity. Taench Street and— dare 1 say— then 

It is no fallacy at. all to argue at. Bracken House, 
that the .way to get low fefiatio.n^^JP 11 ®^"®- _ ■ . 

L* to have -low wage increases. — Lora North Street, Sill. 

The only point at issue is tow 
to arrange thiB — either directly, 
by some form of -incomes ppHcy. 
or in directly,, through monetary 
and fiscal policy" by reducing tbe 
rate of growth of money '-income. Frnm Nr w camplin. 

There ; is viipw. _a abroad con- Sir, — Your article on the new 

sensus among ..economists that KieLder water reservoir fNovem- 


solulion to the whole qnestion of Alan Munro 
credibilliy. Now that Battersea City of London P.'lylechni'. 
power -station in London has Department of Ecnn**,uics ana 
come to tbe end of its- life, why BanlanR. 
not replace it with a nuclear School of mi si ness S dirties, 
reactor? [f — and. I suggest. Moorgate. tf.i. 

only if — the Government iv pre- ~ m 

pared to do something practical TrCir«C^'prrinO r 
like that, then we really ought l laiwicilliljj 
to hp coarinced tbat the exports 
are certain of the safety aspect. 


the cost of producing coal this From Messrs P. Franklin and 
year must be 11 per cent lower A. Munro. 
in real terms than last year. Sir, — Nicholas Colchester's 


pensions 

From Mr. P. Shan 
Sir. — Simple solution? 3 re not 
normally the stock in trade ui 
actuaries so ii is no wondtr that 
Mr. McLelsb (No\ ember 3i asks 
for guidance ou tbe ca leu i;. iron 
of transfer value; in order iha: 
an employee changing jobs- dr."* 
not 'ose credit for pensionable- 
service. “Fair transfer values" 
based on age. years of pension- 
able service and salary earned 
during this service v.nulci nni 
need to take account of whether 
a pension scheme gave 1 /SOth or 


GENERAL 

Mfoisiwr.- ar.d TL ; C leadr-r'* 
'•orMHiue talks on prices and 
‘••r^es. 

Mr. George Gj : !*v. Irish 

Finance Minister, meet- Mr. Denis 
Healei. Chancellor of rht* 
Exchequer — discusnion.-. will 
include European .Monetary 
System. 

Dr. David . Owen. Foreign 

Minister, speaks at Ho.rwood and 
KoMnii labour Party dinner. 

At Vanvbal! 4.000 .skilled 

workers strike cner pay differen- 

tials. 

Lucas twice- an appeal fo 
prevent tile French Ferod.i com- 
pany takinc control or its 
f'ucdiicr Buljsldiary. 

?.h P-'hi-rt Strauss. L'.S Special 
Trade Re pro -on 'at ire. vt-iis Bunn 


Today’s Events 

and Copenhagen to d:-cu<s multi- 
national 1 rude agreement. 

Last da> of Church nf England 
General Synod. Church Hoii.-m. 
Westminster. 

Wwspaiji.T do«ign award lon.-h 
Til Savov Hole!. 

Mrs. ShirLp William- - . Edu«.ati->n 
and Science MiniMer. uifonrii 
Bailey and .Morlev Labour Party 
dinner. 

OFFICIAL STATISTICS 

Build inv we relies' receipts mu: 
Juan- fur October. 

PARLIAMENT \R\ Bl STNFSS 
llimsc of Coinmi'iis: Public 
Lend.ng ltiuliu. Ri'l. eend 
reading. 

COMPANY RKSUTS 
Final dividends: ’‘‘i.i.e.'-Ti ■ahe - -. 


Ini»*r’.m dividends: Ferguson 

!ndu-ir.al Molding?. Forihuni and 
r.'inj riul Sna\son Imerlrn 
figures: i_'j|,i a al Gear in.. Trust. 
! «a m mersm 1 P 1 r.perty . Lcadcr- 
rtush 1 llclditiar >. 

1'iS‘iPA.NN >IEE1 1 \GS 
Bvj-m. V.'r nch ester Hou-e. ion. 
Old Fir.-. « r! street EG. 1^. 
GaaiiMur.- and Fargus, 1S9 
■•V'li'.-.ilnil-e. Hull. 12. Creilon. 
■V itii-he *1 i*r liar. Old Broad 

Si 1 ••.•!. EC. 12 Dalueiy. I'pper 
Griis'.i'nnr Si 1 1 1.1 iv. Y. I2.::fl. 
r-.jhsh A- ••iciaihm of American 
FSiiv.l and Nh.a:'.ho|rl“rs. 4. Fore 
'•'in-el. EC. is F:. i’. Mertm Great 
L.i/'.ei'ii I l-itel. LG. 5 l.Ihi. Nnlton. 
'*.•■'111 Jiniil. V. - G. 1 !.:Mi. Rlvili 
G -■■•I’M.. l‘». KiU.acoiH Street, 


Thirlmere and 
Haweswater 


Allowing for general inflation, belief (November 2 1 that greater l/60th of final salary or whe her 
there is therefore clearly scope information has been the cause or TI J' T i lt "' a ® 
for a minor reduction in the of .price volatility m U»e inter- questions posed in Mr. McLei n ^ 
retail price: when may we expect 
it? 

Horace Cutler. 

County Hall. SE1. 


with pensinruible 


feet market. Of course, Mr. . . 

Colchester is right in stating per- «--onc; t nea 

hnfhf 2 * The riniple question remains: 
for a perfect market, but he is lfi - t ^ a person w - htl 


sensus among economists toat KieLder water reservoir fNovem- \T A _. j 

whilei'i.hf^er -- traeraployment her 3) refers to the recreational i>ICW £j6dl3HQ 
slows ^Wage inflatipl^ its effect, facilities envisaged — Sshinsr. . 
tn the .past -at least,- has been, dinghy-, sailing, canoeing, water ni||TPr 
modest Jir- 4he_yeitteme.- : It is skiing and a number or land- ^ 

premsto .bepflse ithese gains based activities. lV . r - J - Toieler n r, ricB Toiatilitv in the inter- hein - 

;rpra; : fosisUft^inflatroa through This is wonderful and sharply „ Sir,— -I- was surpnsed to read ™ tOettA 


not right to deduce that the >ro- ^ 13 obs shnuld 7 u ffvr P 

f 1 fern Lion of ‘ins- am tmor- c,1 * n ;;? h in- M 

•nation - ” has been tbe root cause - educ ^ d ? en =:°. n - oUier ihin, ? ^ 


national currency markets. 


hein-j eotial ? Mr. Berui3n 
' ?-.pr 30 > has no sympathy 



i ‘ * -j ^ “ 


115 Tr cent for indmttia! caolinV Trade Federation, ha? a vested jurying linvalidlr) to apply the .^Vrm a company s’ transfo.-s 
,el which raise! ihe issue of CHP Interest in this proposal. Even theory is uncertain and dynamic. Jfl approximate “to .* 

S T combined beat and power) dis- '» I would have thought thut. Mr. Colchester also needs to transfers out. 




;Aq . ^inefficient and expensive. _ _ . . _ 

At ihey jre the only two alter- and.Haweswater . 

^y&V- available 'to-' reduce -Camplisa. . 

Ration. -It "is' silly %a -go on • oa<2, 

iSect&g' both because tb'ey are Staines. Mi ddlesex. 

•ffperfect;'. -■£; . _ ' 

!VPh^: is rtqttfrfed is’a rompre- Prnnrk|* CPOTIC? - 
approachj iisiiig incomes, • 1 

'-■pliijirV'- -fiscal t policy - : aniT mim> • n f' rrn V^rnTYlPIlf 
tiy ffolicy: simultaneously on. Ul gtl VCFIilUCllX' 

4^ migrated - basis. The wage' From Lord Creham . 

nrnis . of. in eomes policy must Sir,— L happen to agree with 


- . . ,, „ . . „ ,u 3 n?w job. But black will no: 

support in other areas, especi- a state wherein all sellers and all et| , iaI -. % -hite in mv bonk Gould 

ally during 1914-18 and 1939-45. buyers determine equilibrium ai ; vnrit . but an actuan- undsr- 

It would indeed be sad if we price on the basis of perfect cer- sfand a situation v: lie re a r the 

were to throw away old. trusted tainty about bolh current and e ani f. time that Smirh mm»« 

friends in New Zealand (and future demand and supplies of from .omnanv a to eomparv B 
elsewhere) just for the material not only their goods, but also all an identical person Jonc® move? 
benefit of our newer friends in relevant goods. In this extreme f rom j to A to fill SmlihN vacan 


Europe. 

James Towler, 

55, Moseley Wood Laue, 

Cookridge, Leeds. 


case of perfect knowledge, the cl , air IF salaries. aae? and oast 

r « ""hilfnm 35 service are identical each man 

exchange becomes redundant and would lose credit for pensionable 
only its unit ,0 1 account functinn service in the new scheme yei 
remains. OF course, such infor- both ? .Mi ernes would receive the 


1? VconsiStopt^both wjth the p e ter RiddeU (Lombard. Novera- jlJ.. 1. rpapfnp n,ation Practice— even for one same contrihutinns. Surely this 

irger':. monetary aggregates of ber3)-tbaz the British, far more 1-iULlCal 1C4LIU1 economy. — is impossible to is a m ,nsense which mv original 

ronelary policy, and - the public than any other people, look to • obtain, hut if it were to exist an nr0P(I .-,in would put riiht. 

srior borrowing reauirement of the Government to solve problems .|fl BatterSCa important implication Is that it $ \ Shaw . U,U ‘ 

seal. The debate ^ on from Afr. W. Thomeucroft. SSil 'E£ 0S LZJ e *££™^l ***** 





1 : 0&l\ 

■:v A i 

? •■*# ■ 


-Trt - - 




gay iiliu ui 1 *-- ----- , - _ • . . j “J auu in iv. ■». uvniivuv PflWiOIIJ 

servant's are clearly understood., pan enough environmental prob- expectations, which have no role I»yoniiario« Centre. 

Britain’s rulers mav be pessl- Jg®*- Unfortunately, no amount jn the theory of perfect com- Sir.— In his article of Novcni- 

...... mistic. and the civil ’service niay of verbal assurances by the bov- petition, become very important, ber 4 j!iout.the pension problems 

Vves eyan University. . - hav . u a wor id-weary sense of eminent or its technical advmp Bluntly, there is no need for a of people who change jobs. Erie 

Middletown, Connecticut. USA), - m Both assert jons cil n bp are likely to convince the public cybernetic monetary economy: Short ".as rather critical of “the 
IWi Kensington Cfcurm Street, debated. But - it is not good: Bingham report has taugnl money markets’ allocative role pensions industry” fo r devoting 

enough simplv to equate them;, us how much faith to have in would . be replaced by the its time to problems other than 

worliEweariness of civil servants government assurances. If they cyberaaut! this one. 

does not determine policy- (There - ' do wish to convince us. then it lu reality money markets I am sure people working in 
mav be occasions when «t is tbe.wui have to be a matter of operate in an uncertain world the pensions indust rv would be 
other way round, but that is a actio ns, not words. and on the basis of imperfect only wo pleased to ‘see hieher 

different storv.) . , Lp to now, these actions them- information (and expectations) pensions for job change's. 

No one would, deny that; salves simply add to ^our doubts: concemms participants’ choice Indeed the mechanism is already 

w provide them. It is not 
any shortcoming on the 
the pensions industry 
the problem arises bin 

, . .. . - .. —, - : e employers and emplijvees 

by the no t S | an rf idly bji should not be. -using the waste heat), we must current and expected economic have difficulty in finding ‘ ihe 

to the' underestimatert. : For ins-lance, remain hiahly suspicious, conditions, the market*; will money to pay for these higher 


aroductivlty. 

Basil J- Moore, 
(Professor of Economics, 


WS 

Revolution 

awaited 




partly • overcome 
.rarkable iribuie 


w 

ffr- 


(ituie 'af Economic Affairs' whenever anvtUihg goes wrong in Especially when the Central reflect this. Pcrfecr information pension*. 

* b _ 0 iij friend fobs, no ifaelr constituencies, even those Electricity Generating Board does hot make prices volatile— - Michael Brown. 

rHniVi ATTihon* Harris. Yes. MFS who are the most severe itself _ reports detelopmems quifo the reverse: The Govern- Compare Pensions Information 

hJiiirw/ftH “tta LEA critics of government expenditure “enabling advanced gas-cnolerf ment •, rnle can be viewed as a Centre. 

5, - ' the sai d 1 position of a or of the numbecs of civil reactor station sires to be con- dampener or spring only to tbe 7 Old Park Lane. Wl 


IF WOR \ >D 


tlND 


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In Hong Kong, for instance, n-e arc l> • S'.:: - - hr iarucM British bank, ■with 
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helps youthrougheut the world 




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ii.r.a .l.-voa 


■ Suilh'.a 







COMPANY NEWS 


Staveley ahead midway: 
optimistic for year 


Bellway recovers to near 
£3.3m— reshape mooted ? 


-t' -KSancial .Tin 1 ® 5 

: I ISSUE HEWS 


*JBr ; 


flS» 




PROFITS BEFORE tax of Staveley 
Industries improved from £4.8]m 
to £3.43m in the hair-.ve.nr ended 
September 30. 1078. and Sir Harry 
Moore, the chairman expects a 
further increase In the second 
six months. 

The interim dividend is stepped 
up from 4p to 4.5 p and if present 
restraints are still in force, the 
directors expect to recommend a 
final of not less than 5.-15p — the 
previous final was o.IOjGd paid 
from pre-tax profits of £15.rtJm 
for the 75 weeks to April 1. j 97S. 
or £ 10 . film annualised. 

•Sir Harry says the interim 
results are satisfactory confirming 
the group's increasing resilience 
and the ability to adjust to 
trading conditions, mure difficult 
and depressing than expected. 

is 27 

wky titles. 

157* 1077 

rotin roun 

Sai« . m.sm 0o.u*is 

Tradlns orofii ; £.*$« 5.2ts 

InlerpRl vhargi's *JS W 

Profit before la* 5.428 1 fit 

Tas ... . 1.411 737 

Xim profil 4.A17 4 KH 

Minoriiies 2 sl W 2 

Aiirihmabi^ .... “T.Hi 3.712 

The chairman says Salter, the 
electrical and mechanical services 


THE SPLITTING of the house- “ ^ 

building and property interests 

of Bellway ffoidiags into two IHDE 

separate companies could follow 

on the heals of the sharp Company 

recovery in the group's taxable — 

profit, rrom £139.000 to £3.271,000. Allnatt Lond on Props. 
now jvpomd for the year to Ash spinning 

jury ill, iH/o- — 


INDEX TO COMPANY HIGHLI6BTS 






Page Col. 
26 2 

~24 4 


gSf 



is proposed that under such 
scheme shareholders won 


: v W- 


£1.9m seen 
by Flight 
Refuelling 


Bellway Hldgs. 

24 

4 

British-Barneo 

- 25 

6 

Common Bros.. 

24 

A 

Falrdale Textiles 

25 - 

t 

Flight Refuelling 

24 

3 

Future Hldgs. 

.24 

4 

Higsons Brewery. 

f 25 

2 


Company ^ 

Leech (Wm. ) 
Manganese B ronze ' . 
Marler Estate s 
Northern Secs. Tst. ' 
Porter & Chadbum 


Page .Cot- .•••/ ' ' ■ / -'"-ki 

WE PBOSPECTOS j, pub^ed 

-S— j-ss&sr 

~ vs ... i'.. shareholders. . — j.jtmnionf 

'K^i^iSSSgrgS. ig35i.%*n-aL*. «o«D.h. S : iD34i^ 


Spher e iw. 

Staveley . 

Wood Hail Trust 


*' 'Sanp&n have arraneeu «*u Kitchen ITiSiESE*' 

5 of 8.812,500 ordinary iOp shares headway though 


I---' 


Tor their existing shares, boldines 

in both the new concerns. The 

directors hope- to make 3 further 

announcement about their plans OQ1 - 

at the annual meeting on January l VSa! ioSi 


— - - 1^-TT ¥P ° y r- — "" tr- dSwh -and^espne^ -r 

r . or 8.4 fully taxed, and net tantjible drop in the v 

• *. Assets are 145p per share. - 40 per cent. Profits Vr ba r ° ^% 

Touquc i— Bellway has mode the . ' ... ,„ hnenn chairman to hold. and, after a tem poraffi 1 . ,- . . 

expected return to profit. But.-. Mr. Neville Johnson, cm urm; an. subsidy prafiteahrosff? ,-i> .. 


to 2.913 p iS.Oipl. Touquc i— Bellway has mode the . ^ • .y rkhn«nn chairman, to hold and after »i 

Terminal losses of the French expected return to profit. .But-.-. fe 1965 by employment subsidy . - 

subsidiaries resulting from a the housebuilding side,. Seaway’s •*2S2?^L.PlT .‘Jf’iuwrnm a small -18 per cent /-Oddly e4<®iSfc»^tii»T ~ T V ' 


iivkwuuuwiin OIC ■■■ nni'u (A ri 

to dispose of the company's amounting to £1- 


5.428 uu 

1.411 757 


7;7 for the second six months should 

4 5jJ h,r ” ar| T Moore, chairman of equal or be slighUy bctier than 
-j7? Staveley Industries this. 


• 4w “ ms than “T d - f ■ ■ s ,an p « ss-n 

SB . fw" J SSUtrS? R ' t " c,,,n ‘ * A W u 

SSL. m ■ vs ir> Mk >» «» *« .here ■« . n g^siS? ssHt£l«^“RS:- ™ ™ 

ln.er-4 vh™nj.^ r .... w ^ JBBb advance of £275.000 to £035.000 , h '/ ref orc contintTed at aveVv J yr 2? v#p »•»' «m. par 

Prom before u* 5.428 4*u MH and the directors feel that results bul at 4 ' ery Trodiaa profit . . . .. 3. w -n )n 5 t 0 ck 

* 4 1 Sir Harry Moore, chairman of ...S u5 ^£1 

37 ^ blaveley Industries this. Manual ^triA^^the latSf ^ ^ fgi ‘ t g5 T b l™l 

The chairman -ay« Salter, the Over the six- years up to the figures and justify their policy cf xJt " r«s ses „ 

electrical and mechanical services ... .. ... end of 1975 profits hart shown a expansion into new areas the EsiraorO. lo-ss " ‘Si i" , 

group and North America have »n requirements including possible steady r**? from £314.000 to direclors comment vrinhoiahie i to raise i 

general been performing in tine future acquisitions. Sir Harry ewq.ihm) a nd then accelerated to Turnover for the year \tas ’ti* S ,v - ,d i^ri* — ' Si «i^ nearer *' 

with expectations and internal *■>*• £977.n00 in the following year. £2J»6m at £32^5m and profit KC[al^fK, - ' ' d,ue ’ a,£ 

forecasts; in other groups some In the first half- of 1R7S turnover included rental and other invest- t loss. two year 

changes have taken place as a # Comment r rora £4.98m to £5 77m After ITle^, income of £L19m, against property 

re luL °,[ i Like many others in the engineer- tax of F495.00n (£350.0001. the net II -01m # Comment The comj 

Mineral Products -.roup maj j se riur Slavelev Industries is profit emerges at £140,000 against .After tax of £1,782.000 .... _ . £3(Jm bt 

achieve or even surpass last year s "■» ..-5^ , ' _ a«nu*r u t-h £310 000 (El.OOS.OOfli there were earnings With its disastrous French 

annualised figures, helped by the ,r ^,ian v ^i* r miiTn* . . . . per 25p share of 6J5 P . compared operation out of the way-^r capitalise 

continued turnround ai Staveley vo m pa n. is . h 'J ^ ^ v er. by no means The J ,r ' fenm ,, dividend Is with losses of 3.4p. A net final almost: there are still trouble- a P‘t? oi 

tiime Products. °" h h ne , ef> jn . .E.? 13 , , . n> “. v? "tcreaMd froin l.lp to 1.4 p net dividend of l.aljp Efts the total some ends to be cleared up at Le per cent. 


continued turnround at Staveley co k,V fhf • ,11e . ,n r Ienm 1 . oiyiueno is lv j, h josses of 3.4p. A net final almost: then 

Lime Products. °" ,ls h e , es nt ! h .^P a f h, , n '' . l t? '"created from l.lp to 1.4p nei dividend of 1.5I3p Eftii the total some ends to 

On the Other hand, the down- ' tbares "I 1 lo " ei ,0 *A ,a * , 1 n, * hl P*r 23|) shire— the total for 1977 
turn in ihe markets served bv the ,he n ? arkc . was P. r t obabI > - "W**- »'»a M»P. _ 

fnunrlrv n.-nri.i.-t* unA nhr/:iv« m= US disappointment 31 the 1 1 


Atmhoiahle 

l.W 

♦1.1M 

Dividends 

TV 

MS 

Retained 

731 


1 Loss. 



• comment 



With its disastrous 

French 

operation out of the 

way — or 


I2*i2 30.3011 14 m. partly through .a reductiotwriaW • only just getting off V..;^ v 

?1SI iStM ,n slock5 ' vhlch has led tb a'V ■ _ _ Johnson sold There haa bnly 

is ia cJhw - back of deferred tax and.pot :^ J ^>J^i^'fo tliTquoted of new Issues ^tbis year! ■.ana^ps6?i.;V;..v«.--'. " 
1.115 t.i.w the Uut charge up to o4 per have'showTi ihat once 

32U. • 13S The proposal to spbt Bellway a J start rolling In They have 

Lf£'a housebuilding company ' wdvi’- s ^ lal ^' r f Jf2Si -f Ji i^Mav snowbsdhhg.. Therfrcottl9.:ber*r- 
^ property company Is. an artewL.^ce ff £to0.W S foUdwtllR 

i.w *i.w to raise the market wpitalWk|5idh : ^couirS the . fnndtnnentais— ancL^Kft^:- 

ns us nearer to the groups net asset' Cofporotion aCTUt^ n ueen .TV per cent'-st .fttramwlj' *-y , 

73i * 1.^12 value, although it would aiso givn- 06111 ot the ; caplt " manufaefurer-^the shares. iiwjjfljrv ; 

nvo years of dividend*- fteBdooK "-a ' • . •••■' pivtlCDhrlj; - cheap 1 


property revaluation is taunfbent'- 1 . Queen ™ t ,, t ^n. a «2 a of - oth ®T 3Iia 5^1 ctur ?r s ^ btt ^^fe 


capitalise it at £I7Snr, trading- on prodnetieu 


foundry pvodu.-Ls and abrasives ,n = «‘S3P P o«mmeiu i me 
group r* makiue it increa singly cauliou- diudend statenteni. This 


doubtru? whether the"gr'oup ' 'wlTl * een,s ^mewhai misguided since • Comment 
achieve results as good as last lhe company intends to pay what Although Flight Refuelling has 
v ear's. h can under present restrictions, turned In an impressive first-half 


Ship sales boost Common Bros. 

vearV' "”***” **'* <? '*'*'* " " h can under present restrictions, turned In an impressive first-half ^ ’-ertai 

' The groups product range is Meanu hile. a modest 13 per cent gain of 42 per cent there are i-^v /vw miM , ii, 

competitive, maitufaciurinu ability nse ,n taxable profit*, given poor signs that the rate of growth is TflB (|VPl J /.ill T|Tf B||| ^ 

i< sleadilv improving, and the demand in most areas, is not slowing. The forecast for the V f vl Cfcf m/m 1 1 U1 vlll - . tors 

director* expect total profits for bad S°* n r- Liipital spending in year implies a growth rate of 26 v 

the machine tools and engineer- the last eight years has just about per cent which will be less than unocnm nv . i . . . , . . ... , , ««» 

in-* 'roup to exceed tho*e of Iasi matched pre tax profits and that half the average rate of growth BOOSTED BY a surplus on sale of ducts tankers did not cover run- 1978 losses are not mud) .different are ; 
year has helped bolster margins this over the previous two years, ships ant oimting to £2j5m com- nine costs. from last year. However, the time 

There are. however, increasing lime. More importantly it has Moreover Ihe three points jump fi are ? **"' H).lliu, Common On ancillary services, they re- ship solas have bolstered The : 

instance* «f ih* placing or order; hid firm foundations for any m first-half margins Js sfightly Brothers reports a turnround pon Insurance broking increased group's liquidity and markedty 
being delayed ami the* factor, future upturn in demand. Judging misleading because or the lame from P": 1 ** deficit of £0.oiim its contribution to profitability, improved us gearmg so that ft 

coupled with the dearth or new by the.se figures and expectations nature of the company’s con- 'o Profits of p.0Rm for the year and ship management also per- reels cor ihdent enough to increase .. 

orders, has led to a material for the fuH year, that happy pros- tracts, which can easily bunch en ^. Jun6 ® ,), . lt . 973 -. , formed satisfactorily. *** dl Y ld ?? d tl .^ y mn t ^ 6 ■ 

inoniqin in ctnnl- Ki lilrl inn I ho llPt'1 IK Hill Ifl Thf fftlirlrTrv fin mror nno ohnrf na „i„A With a reduction in borrowing ia7 7-is ifl7n?7 amount. At the moment real- - - 


rtooui » per cvui «' 4,1 

ow productiou -is sold through • -/ • - • — • • ' 

14 Kitchen Queen retail outlets. XT iM F PR ■ 
Manufacturing Is by far the larg- I IWC r U I/tiV 
est^eleraent in terms of profits Thwe . Produces’.-, •; 

. land 'sides. -. V. issue -ta s been accepted f --r : - 

Sales have, expanded, from of 1^07^02 ordinary^ • 

/ , '£3.64m in the 16 _montiis ended representing 97^^ 


WiJ.m -August 1973 to £15.09^ last year. 
<■., * • -Meantime pre-tax profits have iu- 
“ . ' creased from £368,000 to £l'.46m. 


' For the current year the direc- 
ton are forecasting pre-tax pro- . 
fits, of £1.8m from sales of £19.7m ; 


ADDA.fNTl-^^|S?':2r V , 

Shareholders- in . . AddaT; -il -i 


orders. has led to h material for the fuH year, that happy pros- tracts, which can easily bunch en ^l Jun l?' ii 978 ’) u formed satisfactorily, 

increase in stock building, the Peel is nm in sight. The foundry up over one short period. Never- " ltb 3 reduction m borrowing 

chairman .-ays. and abrasive side. Tor example, theless. the results bear out the [f 1 . 1 '®" 1 ” 3 ®f “* v Traiilns oroRr - 

TTie group's finance> continue is very depressed fullering from chairman's statenteni in lune that ji |tiausta J) ? n 9 MV A. L. crosbie. wiuiaies 1 losses 

tn be sound and in good balance, low grinding wheel orders and the upward trend is being main- |. he "rojtP '* * n a much .stronger imprest . .... 

There has been an increase in static pig iron prices. Machine tained. The group makes hieh- ^ na than a year a2 °' 

borrowings, reflecting the com- took will probably do slightly l eel i oology equipment for the ,^ IM111 pKAStSS^SSt* 

Hined impact or the acquisition of belter than last year but order aircraft, nuclear and electronics ,p£l-7u«r .in;, ■ 01 iwe.uuu before ux 

Electroscale Corporation. the delays arc inhibiting cash flow, industries, and the improvement »«ro.000 crefllt), nunonlies and Tax eftanw - 

build-up of simks in a number of On ihe bright side Halters is still has been Felt in all divisions. At e * traordinary debits, available i*' 1 ™JjL ■■ ■ 


>» n VI If nun uctm i*h m an uivi->iuna. ,vi ; , , _ . . Tn minnrlruc 

operational areas and the much gaining in si rength. the new North 1fl2p the shares are on a p/e pr ?«H emerged aL £Lom against E “ lr IJU nUn |^ debits 
hoavipr csfitnl inv'estnipnl nrn. American acauisirinn Innkn a innd nf in u-hile ihe irielrl ic !) nor k £U-43m UetlClt last lime. inaiUHi,. »nr.i 


heavier cpfital investment pro- American acquisition looks a good of 10 while the yield is 3 per 
gramme. buy, and the lime subsidiary is renl — which suggests that the 


formed satisfactorily: 

1S7T-75 

137ft- 77 


fihW 

eow 

Tradlne Dinfir - 

233 

3«0 

A^iuUUeS' losses 

44 

. 1*1 

fnr.T«r 

399 

S73 

Sal,' Dl ships SUrplQb 

2.i32 

UK 

Sn-viaJ chareeb. um visions 

10 

197 

Pr**- dell very interest* 

03 

09 

Profit before ux 

2.07S 

t56a 

Tax '.-furve — 

H99 

r.'TB 

N,-l profil 

I.r.rs 


To mlnorfues 

M 

1! 

Extra ordinary debits 

IT, 

IM 

Available profil 

1J89 

♦427 


DIVIDENDS ANNOIJNCEI>' " 

' • Date' 

Current • of apondJnc. '.for ^ 

. payment payment . ..<Uy, ^year,.;,;. |/l 

ndon JnL l _ - Jpn. 2', .. A.-.- : ft v 1 


' ulrao'rlo' AJIBZtn wnuun -in*. x 

•w.lSa5r** 


payment paynient 
L I jpn. 2 


Nov 29 




Common Bros ; 4.S2" 

Tfttlrdale Textiles int. 0^53 


ij 2 >s *<27 price bur apparently !Wr. : Com- pqtnra .int, 1.05 


We have adequate resautros now in the black working at only market remains "confident !n this raises . tJie r ° r lbe - CnM,lL 


IE .oSmT" * L “- mon-. offer of eroond 4#'g|ta fXSfHTZZ.^. W 


Dec. 15 
Dec. 22 
Dec 15 


available to meet our future 4D per cenr enneitv Thai in comnanv. 


year from 5.8I0&P to the maximum 


share was not high enougtv East /Maledie Invest. 


year from o.aiuap io ine maximum j n | ts ot her service companies ‘7 h , -Manu-inoco Rmnv 11 ■ 

permitted 6. 3232 p net per 50 P wherever possible, loss-makine y “[ lhe d,r6CC ? r ; °^ Co ™ m ^ b Nthn. Securities 1 

was eliminated and. where appro- Brothers stated that -while the jiet; p^ rter chadbura Jnt. LK 


. was eliminated and. where appro- oroinen. siaieo uiai-wnne inejiei rh^f hnrn .....Jnt. 1.62 

Commenting, on operational re- priaie. closing down costs were asset value of the shares was T62p jiCF Holdings i;S5f 


Dec - 14 0J5S . :. : a.75 -:;o.h&. > . 
— 1-88 -SJZA. ;■ ; 1 fiS . / = • 

Dec.' 15 •: 1 .. -r- : ' t ' 


HiD Samuel Group 


cbar S® d as’ainsf the year's results, their true. value was of the ordpr^phere Inv7^TKt’.*™’.Jnt; L65 

buted very satisfactorily toward- a comment or flop. The current net axset 1 ' ‘1m r~ 0 ^ 9 - 

(he results from shipowning. • Comment value of the company is b elie«d ^^'^ron^^prtn* ...inL 


'in revuua ■ 1 uni siiipuwmng. — — — iirnnoA, ’ ‘ Int 1+ ' ■ ■ nsK9V - - r- .-- 

though the remaining dry cargo Strip out the surplus on to he around £2 per share.- At - 6 -tl - -* ' 5a*' - : 541 /■ ■ 

vessel and two of the three pro- ship sales and Common Brothers lflOp the shares yield 6.1 per rent. Dividends shown pende’per share net except tvheS fftfierwlse. stated. . 

* EauhralenT after aliowirie for .xerin issno.-- t Ori eauital 


4»n-5 -1145 <-=-?i-*927 

Jan. -5.. . 1 J15 - 2 73 7M'. 

Dec. 4 1.45,' - ~ ; - ;‘3JV 

Jan. 2 . - .4 , '. . rr-ff , 9.t - 
' • ftSB* — - r OS7* » 


EquhralenT after allowdne for ' scrip , issuer- tOn capital 
A W £~yi • • 1 * • w increased by rights and/or acquisition issues, t Includes extra pH6l5p 

erfe \ninmna hDirinC S\ IT- nn rollow-ing;chanj?e Jtn tax rate. V-SPhtt additjonal-,B.068pfipt TBfT-78. 

AMI Mpilllfllflg UtlglilS PICK-UP * Nor les s than-5J5p final expected, , yV; .? V 0 

A jSHARP recovery Trom £11.293 resulting from consolidation, they The interim dividend is stepped 
to/ £1 <8.682 in pre-tax profit .is expert lhai despite closing down up from 1.43p lo 1.63p net pec 
reported by the Ash Spinning €>u losses, ihe trading profit will be 23p share— Iasi year's final was 
for [lie sis months ended similar to 19/ 1 . Last year, the i.85p from £l.im revenue. 


Interim Statement 




The profits of Hill Samuel Group Limited for the six 
months to 30th September I97S, before taking account of 
exchange differences and exhraordinary items, are 
slightly less than those of the corresponding period of 
last year. 

The Board has declared an interim dividend for the 
year ending 31st March 197? of 1.834 net pence per share 
(last year 1.675p net) payable on 2nd January 1979 to 
shareholders whose names appear in. the register of 
members on 17th November 1978. (For the year to 31st 
March 1978 there was a final dividend of 3.229p net 
making for the year as a whole 4.904p net). 


Tor rlic sis months ended similar to 19/ 1 . Last year, the i-S5p from £l.lm revenue. 

September 23. 1978. in 1977-7S. group rponried a profit before tax Directors point oui that the 

profit totalled £8B.«I0 as3insi 0 r £173.000. normal practice has been followed 

£90,00(1 in the previous year and ■ Sales for ihe 27 week'; amounted or recommending an. interim 

a record £243.000 in 1975-76. to £1.5 ini against £I.S7m. There payment at hair the previous 

Earnings per share, including i* a tax credit of £10.612 (£11.625). year s annual rate, 

exceptional credils. Tor the firs! The inlerim dividend is again 
half are shown ai ll.ISp (IMSii). i.ffiin— last year’s final was i.4p. wwr«n» 

Hie interim dividend is •teopvd The planned consolidation of VA/llll<lYTI 
up from Ip lo l.Sp ^md Utere w qroup production has been com- Tv 
aiso an extrci payment of 0.05 1 .ip pleied. wiih iht? cIciMirc of Slitfh tt ■» 

following the reduction in tax. Down" Closing down losses and | 

This rise should not be taken redundancy payments were in- Aitv V^aJI 

as indicating an increase for 'he curred. and the branch faclorv ASTl-/ 

year, the directors say. The final which was no longer required has lift //) 

laai >'e«r was r 3.44.jp. been sold witlr a resulting small *” /C/ 

._T!? nrollt. A SUBSTANTIAL inn react, m 


BRONZE HOUHNGS 


LIMITED 


Extracts from the Report and Accounts to 31 Ju!y ,1578 - 


as inuicanns an increase toe ”ie curred. and [he branch faclorv A S' rtf 

year, the directors say. The final which was no longer renuired ha^ I IT) 
laai year was 3.44.jp. been sold witlr a resulting small / U 

TTie multi-bbre arrangetnem for caniial profit. A SUBSTANTIAL increase in 

jest lies which came mio operation Leisure footwear production reservation sand leialremJe 
m January this year has been has continued tn be serioudv lions is reflected in a 46 ner cent 

SMSS 1 “£? *122 J? »•» v™* nr S TW.VIfffi 


Hill Samuel Group Limited 

100 Wood Street, London EC2P 2 A] 


many complications and 4ome Eastern imports, 
countries have been dilatory In 
conforming to iL> requirements. 

Nevertheless! the figures nn„ Sphere Trust 

reported show an acceptable level 

uf protilability bearing in mind til i) iITl 

l ho Tact that the group’* entitle- 

ment to temporary employuieot qf Tiq |fu/Qv 
.subsidy ceased very early ia the Hail “ a.j 

P er 'od. - ,, , „ 

Present management figures O r„-o 


■ wrn imports. £721.000 to £1,051,000 at 'Vllliam 

Leech (Builders) in the half year 
* r»n to the end of August I97S Turn- 

oDllGrC? 1 rust orar W!,s “P £3 81m at £15. >m. 

A.1U31 Announcing his retirera-nr as 

pqrnc -PH fk'Xm rrom Noven, ber 30. Mr. J. Adam- 

tdl IIS J.U.UJ111 son. the chairman commnnrs that 

i ihe sucresful rights issue in Julv 

al naiiwav has R‘ v e n Ihe Kroup funner 

J capital to continue its growih. 

For the half-year lo September Last year profit was dnwn from 


• 1978 . 1977 

- rooo ^£W; 

Issued Share capital and Reserves . 11,866 " 9,843 
tnrnover . 3 Z, 7 flf^L 3 flJB 38 .^ 

"Profit after taxation . Z 341233 Q ' 

■ Warnings par Ordinary Share 23 . 0 ^ - : ^ 3 , 30 p. 




. f'ypd the Ordinarj' Share capital of 2. 1034p per^are ■ V 
■K.(W77-1.88364p per Share) , to Shareholders (njrth.eri - ■ •/. 
\ • Register on 24 November, 1978 with ai optiotftQ- •;? ' . 
-■^ytake Ordinary Shares in lieu. . : - . 


-ire enrnura"in-' cnhipet to 3n - l °78. after tax revenue of a record £2. 78m lo £2 2m. 
unforeseen "“circumsianceir the s P he ro Investment Trust A change in accounting policy 
^oud Is geared io SSsuSe am ounted io £(«4,l39 against on deferred tax meant (hat there 
r«,i;nn r«- OWL £514,962 in ihe same period last was no tax charge for the half 


t/adin- for the remainder oM078- »«" ' h ' -™ «**« ™ %£% 

Gross income stood at £lJ2rj.l23 for the first half of 1977/78. This 
TTnflirQ Incc • (£1.012 Jk):;) and tax look X350.9SS left earnings per 20p share ahead 

i UlUla IUS5 - (£201,902). from 3.82p io 8.28 p. It is antici- 

• I If - " However, (he directors say pated thal the lax charge for the 

III IirSi 11 ail ■ • half-yearly results are not Tull year will continue to cort-ifsi 

„ wwrm - comparable because of the U S.SGm nf ACT arising on the year's divi- 

Fiif, THE -i week.* ended July S. loan raised in June, 1977. dends. Ihe directors sav. For 'ne 

1978. looses of £20.408 were incur- They explain that last year’s previous year the charge was 
red by lulura Holdings, footwear figures included only a minimal £4in.uon. 


-^During the year both Caplin Engineering and -'Vlv 
-L'?^-^-. Gans . suffered from depressed ’.biding - - ,i‘!5 


.-•conditions giving rise, to an adverse swin g in profits - - ■>' 

: Counting to some £750.000. whie.h aae-ni^- -- - - I- - 


CHADBURIM 


[maker and distributor, aquuist a amount nf income front the The net interim dividend is 
l tllt’-tiao deficit in the same period investments made with ihe raised lo 3n (2.5pt and co-us 


IINITERIM STATEMENT 


UMITED 


deficit in the same period investments made with ihe raised to 3p (2.5p) and costs 
fast year. proceeds or the loan and only I45U000. A total payment for the 

For ihe current jear.: : the one quarter's interest on it — HITS current 12 months or tl.Mp. (6wi 
direclors >ay lhai with reduced fisures include □ full half-years was *orcca.st at the ume of rhe 
furnnvrr. but increased rfflrienrv income anrf interest. riqhts issue. 


. .a^xneouncuraes lacmg tHe British. motor ^ehitde=. : fs"-: »' 

- r^lnduatry- > r ’^'.V -S r- = ;Sy 

:^#:i6 expected that fho Report and A^’un& sriif v ' 

-|pbe sent to Shareholders on 20 JSlqvemJjer, 197S. : 


RESULTS 

(Unaudited) 


Group Turnover 
Group Profit 
before Taxation 
Taxation 
Group Profit 
after Taxation 


26 weeks ended 
6th July 1978 
£ 

7,058.000 


26 weeks ended 
7th July 1977 
£ 

6.330.000 


52 weeks ended 
5th Jan. 1978 
£ 

12.946,000 


433,600 

225.500(52%) 


561.700 

292.100(52%) 


1.277.111 

587.322 




£208.100 


£269.600 


£689.789 


Group sales have increased hy some 1 1 "« over tho« of (he equivalent period of the prei inu< year. 
This increase has. however, occurred in activities .issociaicd with now products, with their inevitably 
low initial protilability. and in other areas w here m-irginsarc under severe pressure al a ume " hen ihe 
general demand for the products of the Engineertnj; and Plastic Film mdiLsrnc* wifi not rennil 
commensurate price increases. 

ORDINARY DIVIDENDS 

The Direclors have declared an Interim Dividend of 1.62!4p per -bare. Thi* Dividend wifi he 
paid on the 5th January. ISJ7*J to shareholders on ihe register at the close of business on ihe 4-th 
December. 1978. 

The nci interim Diridcnd of I.b2l4p per share i i.452p) in respecr of the 52 weeks ending 4th 
January. 1979 is. with the Associated Tax Credit of n."98fip per share (0.74£pi. equivalent to a Gross 
Div idend of 2.4200|> per share (2.20Up). The net amount absorbed is £52.-14 3 (£46.964 ». 

PREFERENCE DIVIDEND 

The half-yearly payment of Preference Dividend wifi be made on the 24th December. I9"K. to 
Preference shareholders on the register at the close of business on the 4th December. 1978. The net 
amount absorbed bi this Dividend is £ 1,985. (£l.9$5i. 

OUTLOOK 

The Direclors anticipate that ihe profit ol " lb| J *ccond half-year will exceed that of the lir>L in 
accordance with the Group's usual iradim; paiicrn. They must, however, bear in mind the dangers 
inherent in the dilliculi Phase IV wage negotiations ihat are being conducted al the present time and 
which will continue, plnni by plant; until the end nf the year, fn the circumstances the Directors 
consider that it is unlikely that the pretax profit for J'iTjt 9 will reach Ihe level achieved in (Itc proceeding 
Year. 


with Lombard 


If you have ES.OQQpr more to invest for a fixed 
period of 3 months or longer, telephone our 
Treasury Department on 01-623 4111 or 
01-623 6744 for up^to-th e-minute competitive 
interest rates. Interest is paid without 
deduction of tax at source. 


A Lombard 

f North Central 

• Limllad 


Bankers 

Treasury Depl., 31 Lombard St., London EC3V 9BD, Telex; 864935, 


Olh N'ovcnihcr. I'flt. 


Park Lane. 

Bootle. 

Merseyside. L.'0 4L'P 


\-^-P 


In the year ended 30 thJune 1978 c = 

■ Another year of record resist;; • 

and progress • 

■ -i ' t -'* ' 

■ Pre-tax Profit increased bvi w! - - • 
to £1,481,000. 

■ Turnover increased by 33%tQ^ ; 
£16,362,000. 


■ Exports doubled and nowaic^nt 

for 32% of total output. . 

■ One for Four StGrip Issueof Deferred 

Sharesproposed. !-;• _____ 

ijP _ 73 ^ : *■ mrwn 


Copies of the fufi Repiort can bB obt&rie& frdrn the^S&cieiai^Bu^S^^scmp 
(Middleton) Ud n f?QBox36,Apex')^^MickfIetoh f MancfTester^4-ii^ 


r-a'j," Pm 










t 



MARGINS ttvttfti nrah^iir^- ank. . HELD BACK hy rcriuced demand from the honor liquid position, afrcr tax had risen from £55.973 

m *ooe tbr^£?*touJEL- ^Prowd trading results, says Mr. at KA Guns and a sharp down- Tim showed a further £531, uOO lu £104.922. 

depfSd taxable *0^1 BOAR0 MEETIHGS J UmpM] Rik-hie. rho ehairaun. * urr ‘ by Caplin Engineering, improiemeni and was achieved ^ dividend is lifted from 

<3S£L TSwrJ -Ute *.* »mum, * &?•* * r j he yejr sr BSSL • “L^ n sr? m 8 ™Ef, S2h a .%S„Kf./, e „ nt irr^. in e& wlip lS 

July fl. 1978, from laaSffo' to dafcs- V owuiinu w a* Sic I? fL, 1 * 1 * J^ber siocIm were do*- {SSj? ^ "K JESl'i , nearly £i.«m. rjo4 < j 1 3 a-.ainti £(i4.s>Tu An 
£438 600 • Exdianse.. Sach njertna are usually by a fire. This, however, JiwrooM from h-m tfi £2.(.im The vnavnr.jn v.re:<ses that the amount of £3-*l 34S < » v> 47 OS- 1 is 

£43J.6W. : teM fcr Uh. wrowe of amstder,,!, tots hod no effect Oil current pro ,n Ihe 5« r endec! July .11. l'J"S. repayment Mlu-dulc of the FF1 ITruS' uT «?in,£ 

jssss - ,? e^uiss5«s: s K. a. <*** ^ *.*» ^ *>» .««■„ • *«.■ ™ r ^ sss&. 

S or ttoab ™ ^ON. rt3i“«to!S Gnancial lo*.. manufactures plant uwd the «*»"“* * n l9 ?*»- - icisjiuiicani ... tion n , BI 

equipment, cniaes,^etc.._.were up ,towii..bejrrw- air. Jmetf.onjdBSr-oo lam DCfcJW-U? a sau^f^ctury ."0.6 per silicon chip making process, the burden on earn l;uw and inevit- c «r.J l <!n?hl < i n 
by some 11: per cent at .JT.fifiOfc star’s umetabh.. , ..-. .. c?iu inrrea^ in m >h- leaprroiu-iuc in technical know- ably rv^rui, she group* ability S £P** ml ? er J "° " Ms / ,L ®" 

and rfte home mt?kete. how between the impend " I jEft£ r **■»*«. ‘ SLFaEm “SS5 

to ac^ibesflwoctoed new ^ >ja»t3.KiaB and Staxson. Profit EeH from a record competitors Jins produced a very Referring n iN,ori0n ' lU,er $ f- a 'i ,*717 r^r'ini, s h->re 

products With tttur weViUbljE lor. .’FUalK.C. H. feutr. totem. ,~r £2o4.43Sri0 £200.136 for the year cyclical trading pieiure. On this Triumph. Mr. Poore slater that IJiHiJ*- 1Jm $h Sa " fip 

initial proflxabillty. the directocs lfc^s._UiiD<»u. Jifcab. Tricavii*. to ,uay si i&th ti» riuw-nri i* oerassion the dowuxwinv <n nr-oSis although si£mli.;an: further *»■»»?- 


The dividend is lifted from 
0t57S52p id 0.7467 p absorbing 
£104,513 n-.iiinji £fi4.‘>TU An 
amount of £3451.343 1J247.0S4) is 
carried forward to revenue 


were under seyef& pressure at a • fBt-rtort ._ r 7 TUKE . lJiROOfin a 23o <jUr» p 

S: ii r 

; ' NOl ' lS prev ^“S InTSTtte TS k ^S! l trig 

permit COmnjOTMiraie price n.VSc AnstraDa A Sow. ZoSsmi BziWnt Nov. ;o oversea*. Additional! v the cycl 

--Profit in. the. second is —■-“• "■■ ■■ ■•■■ »«piwem*nii in the value of *rer- A 

expected to- exceed that- for. the oWraeas currencies due 

lirst six m6ntfi^.«f.line. with the- generally, and in particular a >‘i 

group's usual trading pattern,- but- .': asitins: the Swedish kroner and P ral 

difficult,, -wage negotiations- - ; wiU f us - dollar, affected tradins ,urr 

continue, plant by plant. Tin HI the / Iff- If IT recu-ipis. for 

end of Ihe year and it is unlikely . - - .'*■*. A geographical analysis of sales — ^ 

that the full time surplus will Tif* shows: Europe £2in (£1.58m); ar Jf 

readi the level achieved last year f-f KTCAT1C! North America £965 705 f£76£808i* but 

when taxable- ^aruingsr : were a JLlltlJV**?. Australasia £41.857 f £8.701 1; Asia a si n 

record £li8m. .. .- - - - £m. 7« t£i3.30!i): South America „ F ‘ 

The net interim dividend is KrPWPrV reSSS ;VH ca 5S 

rawed to l.«214p 0.4SZP) per 20p AM. C TT Cl J and UK Ilto ™ 


ffr.u-nir^r i,-. , .. rompany in Csiablishins a new in September whereby Majcdie 

ivel '^iistan al ^ordX m.tofv financjal **“■"* > r '' considered and five ether rubber companies 
im Grrnan- which ’ SmS d premature io re-uirribute any would be -malgamaied under one 
ul„ .tSfi! value to this investment until n holding company. 


hn? againvf overseas currencies duction in demand cmiiilfd triLh '' ,1,- GQ.J^ I n \ ai ^ n c , ^ 1 pot f d 
generally, and in particular a *-«*- sirike combined to dip l* i 5 ? * utatrtp ‘ 

asirins: the Swedish kroner and P™fU* by £215,000. The down- “ on agreemei.t of Hl.3. 
ihc U.S. dollar, affected tradins ,urn >" thc^ two units accounted 
reccipls. ^ for n 14 per cent fall in exports • Comment 


when taxable- wanting* wore a -Australasia £41.857 (£8,701 1: Asia a small reduction stocking or ^porting "un* and 

record £li8m. .. ." . ... f£l3.30!i): South America „ For . ,h « rest rhc - rou i J Mr - pressure on building products OOW^I 

The net interim dividend is RrPWAfV 3-2® South Africa Foo . ro ' ch 1 a,r !"“?' r eporu ? margins. Manganese Droozc did ^ 

raised tn 1 e>l4n ft 442oY 'wr SRo - V fl vj[ y £2.903 (nil) and L^K £ 1.05m that the sintered products and we j| \p hold iradin-* orofiis at 

share SldmiS ; -SS a! (UGOmI s * 0844.368). metal powders group continued to around 1676-7T* level This F0B THE ha,f >‘ car endecl Se P- 

tbg final last time was 3£lS76n AFTSR ..-.• TAKING - into soooiint Source of funds fell in the year advance, and. for the hrst time basically rcflecJs the ca-siinc and tem & e " 30. 197S. profits before tax 

“““.“S i taoe'W*s additional depreciation of £J«9.GOo from £294^158 in £252 022 and substantial contributions were rotliponent^ ‘uhsidiariel suodIv- vf Briiish-3.irnen Petroleum Svn- 

T7w net balance emerged lower due to . a . revaluation, profits, anplication from £197,196 to "“de by both ferrous foundries, consumer durable ind‘ motor d}cale uere down from £470^47 
' compared with’ before tax. of fflg&ons Brewen- of £1KSJ94 with the movement In Alp.iy a main*i;.y to cash Ho*. ve hide manuf^-urer* which have *° «®«- 1S4 - ln lfl ”- 7 S- P«-tax 

£260.600. after lax of £22e,500 UverpooL Showed a fall from new liquid funds down from ntamlaincd us reuatlaruy; Car- nn-npH ; n mi-i— i<i™ nrft «j. c profit amounted to £746.019. 

l£2324Q01. .. : £Lj69 m the year ended £U6 M72 to £63.098. ^dics had a sood year while Wlh ^'e' Ford dSte The interim rtiridend i< lifted 





r Consolidated Interim Results ^ \ 

I 

TOTAL Group consolidated results for the first half. T97S j 
compared to those for the same period ip. 1 377, nay be summarized [. 
as folio v.-s : f 


Saiesbefcrotaxes 
Cash Flow 

Lass Depreciation and Provisions 


“k f>z!f 
??77 

('hr:7.'.w Ft. F) 

-5.570 
1.491 
fl ,173} 


7sffts/f 

797S 

f million Fr. F) 

28,345 

1.684 

(1.355) 


.September 

Turnover 


dispute The interim dividend i« lifted 


I! M3 t-j... 

1 l“L 


' ! s l ? v :vn 


TTaiwJaIa - .■ £18b9m to £19.7Sm and profits ar 

.r air paiP ' - - the trading Jeve) came our at 

. . ..,£L7tat against £1.69m: 

TflV+ilfiC - AJte r tax of £860,000 (£931,000) 

1 CAUlCi ‘ - - earnings per 25p share emerge at 

:.- 8.16p (8.8p). The final dividend 

n iltronAb - : is 2.1 p effectively raising the total 

“UVxillV^? .• • . from 2^i5p to 2.5P net. 

t _ t„w «» A revaluation ,of fixed assets 

1978, Fairdale. Textiles has 

book. ^ 

increased Its profit from £166.000 DOOK - 
to £202.145. from turnover £0.5m 

After tax £105,000 . (£88,3001. Mt Herrburger 

profit came out at £97,14.5 «« kV,' ' 

(£79,790). for earnings af l-59p JofOOKS SG0S 
(1.3p) per 5p share.' - 

The "Interim dividend Is 0J53p -nPff’Pr VPAT 
net. against O^p. Total for 1977-78 ututl _ . 

was .1 J6p paid from profits of After., a difficult year of higher 
£480,000. . . ;.. '.- sales .but lower margana, the 


Northern 
Secs, earns 
less midway 


Herrburger 
Brooks sees 


Kerning per 25p share of f7r>iup profits were aided by a rV*om ""fierm- -v 
Northern Securities Trusr showed further reduction in interest rrom ■ 

a reduction from 2.3p to I.92p char-es rrom £715.294 '« £Ti(i7.52!i. 
in the six months ended Sepiem- Karnint-s per S5p share came 
ber 30. 1978. through at 23.04p (23.3pt. 

income . waji . “S™ ar The dividend is being raised by 
£*i<3.9]i compared with £19 j, 9RIJ |i, r maximum permitted — from 
but after hisher interest and ex- j.883im P t 0 2 1(l34p. The chairman 
penses of £1--186 (£b2^li4) and says that since it is prudent to 
taxation £39.339 (£4<,9a9j. the net ronst-n-e cash resources lo meet 


S" rrom U ?7l5 n 294 l Vn gSrK' reverse Jasr /ear's ^fit down- 
ended Sepiem- Earning^ per' 25p“ share came SSnlJr P S 2* a^d 

... .. through a, 23.04P (23.3pt. . . _ J%d of 49 V5m 


P toL2n SStend I. OS3 d horiur VPOr Penses of and Maiedle InVPSf ^ 

oetter year taxation maw IHW l. the not conserve cash resources lo meet ill > CM. TjI 

m -U6p paid: from profit After.: a diffi^tt year of higher SgS S bSt Jher^ra^^aromion^^holTra nrnfif^ PICP 

«?,000. •-. ■•■■■- xales. .but tower, matrix, toe g The l /merim dividend, is un- *%£ ?=fL n SSSSSS’SS P r0TKS riSe 


Diridnnrls am ir.ien.-5! 
Prr.hi- 

Admui. '.-si>. r.ic > 

Eiiro .um-r«.-r WMi-rcM .. 
Ksplwra;i<in rb,, s 
ProHi So'irr lax 
Coroorrilion ... . 


NO! p.-nfil 
Dividends 


The- group is concerned directors of Beubar^r. Brooks, changed at ip, costing £35.637— narsf Rhsrec 
• arK j T4ottm?haoi-based or D3ry snari?s - 


principally with ladies' and PW-insagMOi-owsea nraxers oi m e t olil | f 0r tj, e previous year V'. 7.5' '"o. ^oun hank loans nt«249^ a-sJn^r’rt i’f rat" on' * t ha Ll5,ted 

nn«S, .ou^Wfijm. i?l£;l'=? *?> Lifit PXd ln«n n« «v e „ue gW^wen-.^e^rSn.^or H““ZL. 


of the total for the previous year 


Taking into accoimr profits of Conc-«-rtns .u c*«i: 


% \ % %i )! \|T; 


the purchasing of doth to the are hoping that some Improve- of me.ooo. 
manufacture of .garments and meat . in economic conditions in Net assei 
their sale through retail outlets; . -the current year. -wHl 7 produce IS4p (I52p 


and overdrafts totalled £5.07m sale of investments, net profits or t:p, raireni tubiim-i 
|£4.98m). The chairman says that Maiedie Investments amounted to Eurorurrcn^ ic-ans ! 


■ijl! 

-liar 


UC7 

27fi.#v:7 

2 45 Mi 

2.-S 420 

2K.991 

34.*4i 

:i.3M 

47 0=5 

40.543 


MXi 

436.124 

470,541 

110.56 J 

i-c.esn 

72. SEN) 

52.S« 

252.374 

259.051 

112 669 

102.600 

Sept 305 March 31 

1P7S 

1 97v , 

253.991 

175. 175 

3.M DO) 

4.0C7 9-W 

52.073 

52.073 

25 147 

129.424 


1.0II.S90 1.073.5.17 


RGF ahead 14.7% to £0.64m. 


Net Group Income 31 S 309 

of which : 

CFP Share 230 260 

- Minority interests 33 43 

1. The Consolidated results at June 30. 1 973 were determined by 
the same methods used in previous yeais. Inventories are 
valued according to the ElFO Method and depreciation on 
plant, property and equipment is calculated according to the 
straight line method. Monetary item? in foreign currency 
(credits and debts) and inventories of foreign sunsidiaries are 
translated at the exchange rates in effect on June 30. 1973. 

2. Sales before taxes for first half, 197b totalled 23.349 million 
Francs, acainsi 27.570 million for the corresponding period of 
the previous year, a growth of 2 D o. Since in the first half of 1 978, 
the average dollar exchange rate depreciated by around b'lo 
against the French Franc compared to first helf. 1977, the 
higher consolidated sales figure is a result of an increase in 
tonnage sc-ld by the Group. This increase of course includes 
sales of gas from the North Sea Fields i'Frigg. ckofisl: and Witte 
Water) which came Into production during the second half- 
Of 1977. 

3. Cash flow amounted to 1.664 mlilicn Franc 6 : r.gainst 1.491 
million lor first half. 1377 and 2,873 million lor 1977 as a 
whole. Depreciation and provisions for the first half amounted 
to 1.355 million Francs in 197S ccnpared to 1.173 million for 
first half, 1 £77 and 2.613 million for 1 977 overall. Writedowns 
to depreciation by the North Sea subsidiaries following start up 
of the gas fields mentioned above mainly account far this 
increase. 

4. Net income for the Group amounted to 309 million francs with 
CFP's share totalling 260 million Francs. 

5. Net capita! expenditure for first half, 1978 was at a level 
slightly lower than that of cash flow. 

6 . Thanks to the improved situation in The French Stock Marker, 
the holding company was successful in raising 58E million 
Francs through a new stock issue in September and October, 
which will allow the Group to improve its financial structure. 





rOULOWING AN advance from 
£73.000 to £120,000. *C midway, 
RCF Holdings finished the July 
SJ, 1978 year with taxable profits 
ahead 14.7 per cent from 133&643 
tn £638,563, on turnover up ' 18.7 
per cent at £15.77m. . 

5 fir. John Godfrey, tile chair- 
man.says that white ait impeove- 
menr in home trade was evident 
ir. the latter part-ijf the year, the 
company’s export order input has 
been and continues lo. be a cause" 
for concern. • ■ . 

The improvement In home trade 
has been perpetuated Into the 
opening months of the current 
year, and adequate stocks of the 
majority: of .the company’s" menu- 
fact ured products is enabling it 
to take advantage of this upturn. 


"Export order input presents a 
somewhat- gloomy .picture; but 
with a few encouraging signs in 
selected markets particularly 
where' specialised products . are 
demanded, - Mr. Godfrfey- adds. 

Australasia, for many -yeara its 
principal overseas market^ has 
been-.experiencingecfthomj<;i^iffi- , 
culties.-in "recent- times* "he savs, 
as a result of whiter the com-' 
party’s total export-turnover has 
suffered.' - J* • 

Some signs ari^now evident. of 
a slight improvement in building 
and construction and consumer 
demand in the UK, the chairman 
states. 

He says projections as to 
current year results must be of a 
cautious nature, but targets have 


itiZEIf 


| Manufacturers ^of Clothing and Umbrellas 


1977 

£9,770.944 

£458.286 

£428.541 

£500.000 

£1,782.351 

11.55% 

21.4p 


SUMMARY OF RESULTS 

for the S3"weeks ended 1st July -1978 1977 

Turnover . £12.458,651 £9,770.944 

Group Profit before Taxation ... - £501,965 £458.286 

Profit after Taxation • £470216 £428.541 

Share Capital £566,099 £500.000 

Reserves ; £9,739,850 £1,782,351 

Dividends.. ....12,89% 11.55% 

Earnings per share ....... 23-5p 21.4p 

Mr. Cfc'M, Schaefer, the Cbaixxnan, reports: 

★ Recortl turnover and profit. " 

ic .Exports increased from £L15m. to £2^7m — now 23% of 
turnover; • 

■ir Continued improvement in productivity, 
j*- Dividends 3.223p per share, covered 7.3 times by earnings. 
Copies of ike Report one araifable from the Secretary* 
.Lawtex House, Holt Lane.' FaUsiDortIi f -M_anchestcr M35 SA'H. 


Swindon 



- r The facts speak tor v 
th«smseh?es. ■■*'■■■ . 

Sihce-1953. nearly <*/ 

300 companies re-located \ 

iq Swindott Firms like \ « _ ._ _ . 

British IcyUcd, Bnrmah \<iFAU^ 

sme“--" Wm&Wm 

■ ; With a hundred and . - V 

one promising alternatives, 4 ^1^ / J Cj? , « 

why S\vindon? Simply 4 

becauseino other area can L/j 

match ira for location. • ■■ 

communications^ fatalities andiutnan - Xf • j SwM HaBaj|jH 
xesotxrqss-^.umque assets which can . .. \\ IKwbbkjP^ 

offer yoU a '^ ptedier, more substantial- - \\ JWpg 

remrnwr'yuur investment. .• \\ if ll/An !! 

• Ba^oryspace, office space ana \\ l|////|j jjj 

dwpln wwipinr. sites are immediately liajfcfc 

avails bV^^’ . _ • --- 

, art not required an dyou^ga tc 

I.D.C suimon; Talk to our development team now. V/ith over 
years' ex^ience behind them f "the/U move moimcain8 to make youi 
nwve ajahooth one: . . r , •- J • . 

Forijhe ferocWwftfcb is 

The Industrial Mviser. Thaatesdawn Borough Cauual Sv.jaon 
iNl 2UL Tel: 0793 26161 Telex. : 44833 , ... - 


i been set to achieve further 
: growth which the directors are 
i confident will materialise from a 
gradual improvement in trade and 

■ an increase in market share for 
the company's products. 

Trading profits for 1977-73 
; advanced from £550253 to 
,£659.481. before exceptional debits i 
of £20.913 (£6,3S5 credits). After j 
Max, net surplus was £502,oyfl \ 
i against a restated £457.844. 

In accordance with current 
accounting practice, provision has 
: only ’been made for deferred tax 

■ payable in the foreseeable future, 
which has resulted in restated lax 
comparatives. 

Staled earnfngs per 25p share 
[ fell from an. adjusted 6.91 p to 
! 6.47p. On capital increased by 
last December’s rigbts issue, the 
dividend total is maintained at 
2.7225p net, with a final of 12475p 
(same). 

Mr. Godfrey reports that the 
closure of the Crawley plant and 
the transfer of its manufacturing 
operations to Sheffield was com- . 
pleted during the. year and the 
Crawley premises are now on the 
market. 

Manufacturing results improved 
and the division is presently 
engaged in introducing up-to-date 
plant for the purpose of reducing 
costs of manufacture of the exist- 
ing range and to add new pro- 
ducts within a relatively short 
time. 

-The installation of improved 
data ' processing equipment was 
completed in the year and this 
will be operational in March, 1979. 

It is anticipated that the division 
will benefit from boner techni- 
ques Involved in c-n<ting, sales 
forecasting; production and stock 

control. 

The directors anticipate that 
increasing activity in the construc- 
tion industry will absorb surplus 
capacity that is available in some 
departments. 

The company's South African 
subsidiary produced the best 
results in the coime of its 10 
years' trading, despite conditions 
having , only recently shown im- 
provement in that country, the 
chairman comments. 

The wholesaling division again 
produced good results, while RCF 
Tools (5W1 Ls now operating fully 
in line with the financial projec- 
tions made prior to the establish- 
ment of this company. 

Various new marketing concepts 
within the division are already 
producing a valuable contribution 
to its results. 


BANK RETURN 



Banking on Grindlays means more than taking advantage of the 
Group’s network of branches in. some* 35 countries. It means working 
closely .with our specialists in suck fields as export finance, foreign exchange* 
eurocurrency finance, and corporate banking. They take full advantage 
of the regional knowledge and support provided by over 200 Group 
branches and offices located in most of the major world markets. 

This teamwork provides the right financial products and 
packages at the right time. 


Members of the Group's Export Finance Department 
discuss various forms of ECGD finance with a major 
U.K. exporter. The Group can now handle ECGD 
buyer credit business in U.S. Dollars or Sterling and 
can also arrange the financing of supplier credit business. j> 

to India, Grindlays has over 120 years of banking experience 
and a network of 56 branches serves local and international 
companies. One important international customer of Grindlays 
in both India and London has a subsidiary which operates 
this audio factory amongst its worldwide activities.^ 




:* - \-?»Va- ■ . • < v 


- •• •V-’-', .- 

T* ■ . ■ 









soon 


Tarmac negotiating sale 
of Nigerian offshoot 


A RETURN to the dividend lists then retained only 1S.9 per cent 
by 1979-SO was forecast by Air. Blade had said it Intended to keep 
Leslie Marler. retiring chairman of between 30 and 40 per cent of 
Marler Estates, at the annual the company’s shares, 
meeting yesterday. Now, haring bought a further 

The property group, which was 37.6 per cent oE the shares from 
the subject of a complicated take* the family. Blade says it intends 
over bid in June, had a revenue to retain "at least 40 per cenL" 

deficit of £2,448 for the year to shareholders refrained from „ „ ~ - -« - . 

march after a £22,1oi transfer asking any questions about the East consortium, its 60 per cent legai dispute with Dn 

from capital reserves. reconstitution of the board after stake in its loss-making Nigerian Soull, said a spokesman. 

Yesterday. Mr. Marler said the the Blade move and no queries subsidiary, which is at the centre Part -j- «u e agreement 

deficit should be reduced in the were raised about the accounts. of a legal wrangle between Tarmac 

current year and the following and Drake and SeulL have strong Lebanese cor 

year “ should benefit from addi- ■ The group has also been looking a „ v!»n 

ttonal lettings and rent reviews. A ||-— c\4-4- 
After a meeting a director con- 1 1 1 \ A I 1 

firmed that lettings recently 
achieved on Marler House in « 

Bournemouth meant that the pro- ■ flflnnil 
perty was now breaking even. 1 JlfllUll ll 
This aione could mean a £30.000 

boost to net property income in A 4 r-y 

the current year. fIVPr t I .MU! 

Mr. Marler also outlined two v T ^ M.WM. 


lnco: t 
of a little extra 


ad a revemw to retain""at least 40 per oenL" 5 BY ANDREW TAYLOR KENNETH MARSTON. Ml^mTOS - * . 'J. ‘ ^ 

' the year to Shareholders refrained from Tarmae is selling to a Middle was not likely to influence the in Cubitts Nigeria to 40 per cent THE GEARING effect of ruckeT, Saskatchewan border .a jrnb» bCcaijSe jjf lower sflveg 
,157 transfer asking any questions about the East consortium its 60 per cent legal dispute with Drake and once tne sale is concluded. • ttvis and copper prices on earnings of ■ fe Mfa ry of Sweden’s Granges Jias and. .bigneir • operanng 
5 - reconstitution of the board after stake in its loss-making Nigerian Soull, said a spokesman. required under the country’s Canada’s lnco, the; world’s leading' outlined a deposit of rirore than comp- because of tn4,-iu gger pncg 

subsidiary, which is at the centre Part ^ }hp amemont with the Nigenaiusation programme^ producer of -nickel, was' RIustratALaAm .tons gradfas.2,6 per - cent', of; ^pW- and^finpririgd 

or a legal wrangle between Tarmac m * h «« in <f ubltt * yesterday by Mr. ; Charles-: Bair^^er and 43 pw‘ cent sine: production. ^The^e^uri^p^t 

and Drake and SculL S^stroSgL^neJ mra^lons are ^ company’s president- ~-at !■ jarSnSueerihg and metallurgical -this- trend to- .cpnQn^ .fe g.-. . 

The group has also been looking "J JLu , STwiiSuSmnSlSenoe 0 .'i? ed International sub- London meeting of investment "Studies are under.wayand there_Panrour has-a^o -J Mgagg: f to 

at some or its other overseas JJ sidiary. which also owns other analysts organise* by- ^.the-S^of jnine development start- r«t|wce^ 

v.. ,n west Avnca is mat m mnr . consti-tirt-ion interests in an hrnfrinw fiVm . • j T- -• tti riSfim from -GSILBin* 


and Drake and SculL have strong Lebanese mnnecMoM are ZrSrZuZ’i . j" if “o company's - presmem-'rar ^ EngiBeering and metallurgical w pw* «» 

The group has also been looking S weH ^roMttnlSm^mSence °.^ ed Cub^ International sub- London meeting of lnyiwtoaeht ■'stmHes are under way:' and there ’ Panmur has . a^ ^ nanagor ^ 

at some or its other overseas ?? wL iXS2^?ha?^m" “diary. which also owns other analysts organised by.^the-S^ofjrine development start- reduce shott-^^ 

interests and is thought to have ’ ilj SS ^m«tearem-nt Sf Ti n - or construetjon .interests i in Canadian broking firm L Wood^g. nfckt year. . :>■; to &*** SEteS® 

found a possible purohaser for for new^ow-ners in Af ric^ Thett other muw^stsnMy Gundy. ‘ -Third-quarter net .incom e .'Of borrowings. \y^ reja3ad& jn.^M^-7 

parts of its troubled Tarmac Bau. fee °' ,7,ers - JU also be purchased by the Middle He poi oted out-that if the Pom^Shcrrfft Gordon . Mines' Jras risen whery .as Ihe.-conipapy ^ti-j a 

West German subsidiary which nSTiSu? JJJ it had ^ consortium. Puny* nickel sale» had been 10;td C$».5in .t£L5mj;~or. 27 .cents. d«i?ea^psa^ 

the group says has been making Jrntp^n Tarmacs share pnee rose ap per cent higher m the first nlne'p'er-lhare compared with a loss- .=. •. 

heavT losses. !St of nEmSL 1 !^ ySa coX r?£ terda * t0 14flp i having touched months of this year earnings pet 'of C$L3m in the same period - WFTffnpi ten 

Meanwhile, there is to be a ^ M«P at one poiuL share on an annual basis would -of last year. Sales rose to C849m MIM Wl A HUKAh^ 


Meanwhile, there is to be a from . — — ... . - - ... 

further management shift within comdet«i adtfu>u«h work have nsen by lfl per.owrt. - An,frDm C$32^nL ; IJpnilf -TnTVTifWf - ^ ' 

the parent group. Mr. Gerard Paris IbfOTVOTVPF mcrease of o per cent^fa profit improvement., is : tKUM l-UlYlJUl\ . 

said yesterday that he is to resign at^dugun sbcmW MOIHOTYFfc n, ? h ®J pnc ? rB *? lv SS ^h«ld have attributed to better metal pnee^ MIM HoWtogs. the leading Austra. . 

as the group’s finance director to Sllb!rif «arv arouired HOLDINGS raised earnings by 24. per cent the" weaker Canadian dollar and gas base- metals producer, .irta- 

take up a new main board appoint- ^o' tel^rnmuidCTrto^ tracts U ^ UL average ^PPer Pnce re-- a ' reduction in operating costs, cfoiae Hs London re^fetw. r'A state 

wun planning permission tor ibts. continued progress atlment with Tarmac In the Netv ■ “s ™ n ‘ racia Further details have c been reived during the period had been Earnings also benefited from the meat 7 -from the groap,- issued 

housing, and 37 L'pper Gro^-enor Alina tt London Properties where I Year. worm arouna turn. released of the shareholdings in 10 cents per pound higher, ; the 1 much higher selling price for yesterday, . said" tSiat appEcaticra~ 

Street, a short leasehold property, last time the full year surplus' Tarmae arauired its hnldiner in Tarmac dedined to reveal a Monob-pe Holdings, the company annual earnings rate would have-Jeobali-. Fertiliser sales in the h»i -h«M tmHe fnr'a ri<Ui«Ai'ir ai 
T he book value of the two was climbed to a record £3.47m. 

£l Th™proceeds would be spent on in 2S™ r, nr 
reducing overdrafts and in new JJSKj?* ratM^ 1 o7 7ntrres1 
acquisitions costing £300.000. The thl k ,r -*! 

rwo specific projects now under- * ,JJp m.iS*. to th^ risions against losses from Cubitts able to reduce its borrowings— directors. Dr. Peter whim icnair- prices ror copper ana uiCKei to- ^AJMUUK KLJUll^a decline' in the hun*er of share- 

wav were a S230.WM) block in Nigeria from 112m to £16m. totalling almost £5Sm in its last man) and Professor Brian Gaines gether with the higher rate ,of ^ holdings on the Londob 

Govern Garden with redevelop- ,or 8 ^ / *’ Ine turectors These are largely against two balance sheet— by a few million (technical director) will have 10 nickel sale.**- would have lifted DlVTDFNn T 1 ST and - tiie expenses involved in 

ment potential for offices, shops, major contracts: at Maiduguri pounds. per cent apiece. The remaining lnco s annual earmngs rate by.^SS- mamtaimng.the- register ^ 

a restaurant and flats ttbe flats At hair-Dme, the company Airport and a larger £33m He added that the £16m pro- 5 per cent wUl be held by stock- cent* per share, or 64 per cent- . * For the first time since Thfe rtffectSJ® some extent-the 
would be sold to Camden Council), benefited from interest payments contract for a teachers' training vision against losses was perfectly brokers Laurie Milibank. As tt was, lnco s earnings per ' December, 1974, Pamour demkudOing importance : ' of 

and a development site for 13,000 maintained at £667,300 (£0.3,200) coUegg 3 { Yola. The two groups adequate and might eventually Among four a on-executive share for the nine months ,fe2 Eoreapine Mines, the Canadian London' as a n Mn p investment-' 


MONOTYPE 

HOLDINGS 


uuw.i nuau, . wit. xidii-jear iu me ena or September, UV a n«sw iuahi uua.u appumi- telecommuwkfflrton* contracts 

with planning permission for 1978. continued progress at ment with Tarmac in the New TOnlraCT3 

housing, and 37 Upper Grosvenor Alina tt London Pro^rtieTw-here Year. ' vorth around ^ llm - 


Tarraac acquired its holding in Tarmac dedined to reveal a Monotype Holdings, the company annual earnings rate 'would have- cobalt. Fertiliser sales in the had been made for' ^ de-4istine'of 
ubitt Nigeria when it bought likely price but Mr. Paris said set up by the National Enterprise been 19 per cent. better; current". giiarter were higher and for . the its. shares to -take place ■ from the * 


TVo further properties in The net interim dividend P*r cover the Nigerian losses. director for 11 years and felt that Speirs. who is an NEB divisional lnco — with a 31 per cent share. of has declared an interim of 10 Australian ■ issues, with- S9J90O 

Cheshire and Newport would also 25p share is held at lp which. Tarmac said yesterday that it would be helpful to have a director, and Mr. Roger Walton, the world nickel market in 1977— cents (-L3p). shares per day regulariy chamSae 

be sold. Negotiations were after waivers, will cost £152.473 agreement had been reached in change. He would remain a main a deputy divisional director. The and Australia’s Western TSHnlng „ hands • ■ ■ • 

advanced and three development <£163.300i. Mr. L. H. Smith, the principle with the Middle East board executive. others are Mr. Leslie AJten. an were the only principal nickel «.wL rtiiS5«w» in thi. MIM wifi not be lost to the 

and refurbishment oonnrtunitiPS rhairman. and Mr. TL W Die?ens a mimtur r J .w,- \t„n»-i,iu .< . RiwUm nrndurers Tn make nrofitit m (hot aoosianuw recovery ui me , . , ^ 


bouqbf 30 (>er cent or the equity their holdings. Last year's final 
from Marler family interests and payment was 3.3p. 

CLIVE INVESTMENTS LIMITED 
1 Royal Exchange Ave., London EC3V 3LU. Tel.: 01-283 1101. 
Index Guide as at November 7. 1978 (Base 100 at 14.1.77) 

Clive Fixed Interest Capital 123.99 

Clive Fixed Interest Income 113.69 

AJLLEN HAR VEV & ROSS INVESTMENT MANAGEMENT LTD. 

45 CornhiH. London EC3V 3PB. Tel.: 01-623 6314. 

Index Guide as at November 9 1978 

Capital Fixed Interest Portfolio 100.02 

Income Fixed Interest Portfolio 100.01 


the recovery trail and it-hOpes- „/'f^ 7 =« n^T 
that improved results-! Jri-:th& 


Cedar suspended on bid approach 

-®- MT M. But nobody, induding Rfr. i- " : 

Secondary banking group casualty in the secondary banking Service Incorporated of Rich- 
Cedar Holdings has received an crisis, have been conducted on a mond. Virginia n nrf 

approach which could lead to a limited basis under Rule 163 (2). Markel Service is a wholesale 

cash offer from an as yet un- whereby specific bargains could speciality broker, specialising in Sie roPtSlriw? 

named financial group. Cedar is be arranged through stock- motor carrier and other commer- ,i tiw SnE' 

hoping to make an announcement brokers. rial property and casualty risks. Howevw the ^ 

next week. . The unnamed group could be It operates 45 branch offices K ?the 3 of? dhSS- 

Dealings in the group s an overseas financial company throughout the U.S.. with loca- eiSnw viTlS esb 
securities w ere suspended yes- with a broad spread of financial tions ranging from Boston to San eiectnc 


recovery, 
in the 


its Australian listings.' - 

although it . Yesterday . the - shares - were 
third-quarter down 3p at .I85P. .. T. ! 


Interim Statement 


Dealings in the group’s an overseas financial company throughout the U.S-. with loca- 
securities were suspended yes- with a broad spread of financial tions ranging from Boston to San 
terday by the Stock Exchange at interests. It approached Cedar Francisco. 

the company’s request. For the two days ago. Cedar’s chairman Pre-tax profits to December 31 
last eighteen months or so Mr. Simon Coorsh said yesterday. 1978, are anticipated to be about 
dealings in Cedar, an early __1 was not looking for anyone. Slim on turnover of 818m. The 
" ap P roac ^ e d us-” value of stockholders' equity, ex- 

ceaar was rescued from the eluding preferred stock at par 
secondary backing crisis by its value, stood In the last balance 
bankers, together with four major sheet at S3.1m. 

Institutions (Phoenix Assurance. 


Cedar, an 


At a meeting of the Court of Directors held on 7th November, the unaudited" 
results for the six months ended 30th September, 1978 were considered. Based 
on historical accounting methods the Group profit before taxation shows, at 
£20.8 million, an increase of £0.4 million as compared with the corresponding 
half-year ended 30th September, 1977 and a decrease of £1 .6 million when 
compared with the half-year ended 31st March, 1978. The results include the 
profits of British Credit Trust Limited for a period of six weeks. 

The Court of Directors has decided to declare an interim dividend of 6.5p 
per £1 unit of Capita! Stock as enlarged by the issue of £3.4 million in May in 
respect of the acquisition of British CredrtTrust Limited and also by £3.3 million 
on the conversion of Loan Stock. The interim dividend will be paid on or after 
the 18th December, 1978 to stockholders whose names appear on the register 
at close of business on 14th November, 1978. 

Trading during the half-year showed some material differences from past 
patterns . The unexpectedly large demand for credit was not accompanied by a 
corresponding growth in resources and necessitated recourse to rediscounting 
facilities at The Central Bank. The arrangements for an increase in staff 
remuneration in a single amount early in the year rather than by phased 
increases during the year as occurred previously, meant that staff costs rose 
more, in relative terms, in the first half-year than they will in the second 
half-year. 

For these reasons the pattern of half-yearly profit is changed and the results 
for the second half-year are expected, by comparison, to show a considerable 
improvement. But until the precise outcome of current discussions amongst 
governments regarding the proposed European monetary system is known, it is 
not possible to foresee fully what new implications there may be for commercial 
banking operations and earnings in the remainder of the accounting year. 

However it is the present view of the Court that results for the year as a 
whole will justify the payment of a final dividend at a rate at least equal to that 
paid last year. 

LOWER BAGGOT STREET, DUBLIN 2 . WILLIAM FINLAY 

7th NOVEMBER, 1978 GOVERNOR. 


Consolidated Profit and Loss Account for the six months ended 30th September, 1978 (unaudited t 


Six months ended 

30 Sept. 73 30 Sept. 77 3tMar.73 

£000 £000 £000 

Operating Profit 

The Bank *16.962 17,362 18,392 

Subsidiaries 3,6/0 3,048 4,050 

Profit before Taxation 20,832 20,410 22,442 

Taxation . 7J939 7,768 9,258 

Profit after Taxation T5MB3 12,642 13,184 

Minority interest in subsidiaries 172 154 152 

Profit attributable to Stockholders of the Bank 12.727 12,488 13,032 

Interim dividend of 6.5p 2,801 (Sp) 1,733(1 Op) 3,633 

Retained Profit 9,33) 10,755 9,399 

Earnings per El of Capital Stock H) 

Basic 23 Bp 36. Op 37.5p 

Diluted 29 -5p 33.0p 34.3p 

NOTE: (1) The figures for the current half-year lake account of die Capital Stock issued in 
connection with the purchase of British Credit Trust Limited in May, 1978 and the Loan 
Stock converted at 31 st July, 1978. 


Consolidated Statement of Condition as at 30th September, 1978 (unaudited) 


the Unilever Pension Fund, th* 
Electricity Supply Pension Tnnd 
and the National Coal Board 
PenuUm Fund). 

In the group's last accounts the 
Electricity Pension Fund holds 
20.6 per ceni of the ordinary 
snares and 2A2 per cent or the 
preference; the Coal Bo.ird 


Big increase 
for Benjamin 
Priest 


battery operations. . ' 

Canadian ^ 
round-up 

AN UNEXPECTED uranium find 
has been made by Consolidated 
Durham Mines, reports Jobn 
Sogauich from Toronto 'in his 
latest round-up of - Canadian 
mining news. The widespread 
mineralisation occurs in -both, 
underground workings, ‘.'-.arid 
surface dumps at the company's 


FOOD PRICE MOVEMENTS S 

- October 57- Week ago Month ago ' v , ; ? 

■ t ■-• e ip. ' - s 

BACON v -•.-*• .-•••- . s' 

Danish AJ per ton — ; >141$ A 1415 V TJ15 "• * rl- 1'^ii 

British A.1 per ton — . 1.085 LOSS . ijdbs- ‘ ' - *, V- 

Irish Special per ton ...u 1,910 ' ' ’ LOltf r Mir'*'" .• 

Ulster A Jl per tanfl 1,050 1,050 1,050 ‘ [ ~;.v 

BUTTER S ..)V 

- NZ per 20 kg 12.fiim.74 12.59/12.72 12397121% 

English per cwtt 79:14/79.15 79.14 - ' 77.61/78H2 : :T 

Danish salted per cwtt-.. 80^8/83.72 -80-98/SL73 389878122; 

. GHEES Ef . • . . v i. * ■ ". * - • *j : 

^ NE per tonne \ U6L50 J4«L59 1,16150 “ L ^ ; 

English Cheddar trade 1>er - r _ • • • 

' tonne — 1,345 ' L345 ' " ‘ ^ 

•eggs* ' ' 

Home-produced: v -‘ . 

Size 4 2.60/2.80 2.60/2.90 - 2JO.-*SJOO •* V.« 

Size 2 3^0/3.40 * * 5.10/3.40 .. 3JM/3.60 " 

- : _ Octobers?.. . Week ago Month ago i :.T» 

BEEF **'.'*•*' --P'r:.y 7 : 

Scottish killed sides ex-’ ; V i : 

...KKp 54.0/58.0 54.0/5S.O. ; 53.0/57.fi «. ljQ.7 

Eire forequarters, 37.0,^39.0.. — - 35.9/3X0 


shares and 24.2 per cent of the 1 I IC31 antimony mine near Fredericton Scottish kilted *»d« «-• " : V-.f.’ : * 

preference; Coal Bo,ird Benjamin Priest, the industrial *° Nmv Brunswick. . KKCF ' • 540/58.0 S4 0/5S.O 'an/nviv f 

Pension Fund 17.8 per cen: and fasteners company which is bid- Ic . u _!^ at >1,^5 Eire forequarters 37"o/39.Q ;• — ' 35.Q/2&Q f ' ""- 

--.4 per cent respectively; ding for IVaroe Wrigbt and Row- vranlum values have been picked • . . 

Phoenix Assurance 10.9 per cent land has released hmh its interim up underground for a length :of - - -• ' v*--. . '-VjV • - ' 

and 12.6 per cent; and Unilever profit figures and its formal offer feet that the Canadian .. -pii* ■ - • ,5-.0/56B ■ -7 : -vVr^ 

Superannuation 10.1 per cent and for fame Governments Eldorado Nndear iJ * — * jt . t-56j»/88.0-v. .as.ff/37® 1 - - ■- 

11.7 per cent As for^hcdoMed in the last has been brought into the picture. '.-.PORK tall weights) 1 ....,.,..; 37.0/46.0 : 37-0/46LO 'S6.oy46.0 r ‘ : '' i- ' : 

SSffSSnMtaWS.'SS ■ * 

s u ™e jggsas,, bis “ d ou,er worH - 1- ^ t vi 

if f We7XMi: s -■■■-, — •' ' = f 

wf *?£*?•_ : . or R. and A. G. Croslani If this m territory^ on thejlamtoba- [ 7 .. ; . A . -v:w. 


*.r .. - hiiu rx, u. VIV^UMIU. 41 Cilia 

• of the rescue by the contribution is excluded, turnover 

institutions there is £1.4m or rose by 15.8 per cent and profits 
ordinary capital in issue and by 16.5 per cent 
E7.Sm of preference. Th . in , prim rn«-irf-nrf k— „ 


ET.Sm of preference. Th _ « fits for the year are now expected 

inJrnt J.ri r^Ta-in e b beeQ l *> "of the order of £l.3m 
HOGG RORfNSDN w -sed t0 p - ... (£14m>. “Even this. depends on 

Oifvc on the other hand, has settlement of the disputes. 

BUYS STAKE FN token the opportunity or the offer In recommending the t offer. Mr. 

AMERICAN BROKER d ° c , um r em l .°. v Y ar n that the fore- j. B. Cecil-WrigbL Chairman of 

t cast of maintained profits cannot Marne, says that a roenrer of the 

In a move to formalise its links now he met. tiio comwniei idll rmlt in , 

an™ hl^nL: An u riCa n Insur- Industrial disputes at custo- broader-based engineering group 

ance broker Hogg Robinsoo Group mers plants, one of which is in with better defensive strengths in 

£• U fnrV am m S5|?f '^u lU ci ? h ^ h " eek - are having ad- the difficult trading conditions 
in„ for $L.om (£l.^ru) in Markel verse effects on Marne, and pro- which currently prevail 


Wood Hall Trust well on 
target with £4.87m. 



COMPARED WITH the mid-jear 
forecast of around £4.75m, pre-tax 
profit/ Of Wood HaU Trust 
emerged at £4.S7m for the year' to 
June 30. 1978. compared with 
£6.™lm last time which was before 
deducting trading losses of £2 .29m 
from two discontinued operations 
of Wood Hall Lid. Australia. 

Turnover was down at £401. 52m 
(£460.03m including £6-25m from 
discontinued operations ) - and 
trading profits from conthtuing 
operations were £4,13m t£531m> 
before associates' contributions 
£0.L'5m lower at £0.75m. 

At halfway, when reporting 
slightly lower taxable profits of 
JEI.fiSm (£2.0Smi. the directors said 
that exlraordinarj credits, then at 
£1.35m. would be increased to 
over f 1.75m for the fun - ' year, 
mainly by realisations from Wood 
Hall Ltd. 

In the event, extraordinary 
profits emerged at £L37m 
t£1.5Hm), while the available 
surplus improved some £lm to 
£3.S5m. after a U.6Sm kiss last 
time from Wood Hall Ltd. 

The available result was also 
struck after tax of JQ.OTm 
t£2.7Sm j, and pre-acquhritlon 


profirs and minorities amounting 
to £0.i>9m (same). 

Stated earnings on continuing 
. operations were lower at 9. Ip 
Ul.Sp) per 25p share, although 
including discontinued operations, 
the comparative was reduced to 

op- 

The dividend is raised From 
4.841 p to the maximum permitted 
5.403 p net absorbing £L33m 
(£!.Jflm). and leaving retained 
profits of £2.48m i£1.59m). 

The auditors report upon the 
company’s accounts contains two 
qualifications. First, they say they 
arc unable to satisfy themselves 
as to whether or not any material 
provisions arc required aga>nst 
the debts owing by and value of 
investments in Stronghold 
{Nigeria) (40 , per cent-owned), 
totalling £2. 63m. 

This is necessitated in that 
there has been a substantial 
delay in the settlement of trade 
bills. Through unilateral action 
taken by the controlling (60 per 
cent! Nigerian shareholder at end 
June, 1978 the group ceased to 
have any significant influence 
over the policies or management 
of Stronghold, which thereby 
ceased to be an associate. 


Although the directors cannot 
be assured as to the time of 
settlement of the outstanding 
debt or the possibility of 
remittance of dividend, they do 
not consider that provision 
against the outstanding debt or 
investment would be .appropriate. 

Also, the auditors make a quali- 
fication. similar to the two 
previous years, and following that 
made in the reports upon the I 
accounts of Wood Hall Limited. 

They state that until the issues 
involved in the claims and cross- 
claims made by and against Wood 
HaO Limited under a major com- 
pleted pipeline contract have been 
resolved, by litigation (pending) 
or negotiation, it is not possible 
to assess whether the claims 
ultimately satisfied will be greater 
or Jess than the unre covered costs 
under that contract of. as at June 
3D. 1978. A$ 13.24m (£8.2ni), 

. On Wednesday, the group sold 
its confectionery subsidiary. 

Ben dicks (Mayfair) to Associated 
Biscuits Manufacturers for flm. 

Ordinary shareholders' funds at 
June 30 were £35.3m (£3428m) 
equivalent to 143^p U30.7pl per 
share. 


Sime Darby: Turquand speaks out 


--w-* \j£p 

1 A 


Bank, cplreiand. 


BY JAMES BARTHOLOMEW 

REMARKS MADE by Sime Darby 
Holdings last week were "highly 
derammatory." Turquand .Youngs 
and Co. said yesterday, but they 
will not sue Sime at least until 
attcr the group's AGM on 
November 17. 

"We are trying to reduce the 
temperature," said Mr. Dennis 
Garrett, senior partner of Tur- 
quand Barton Mayhew and Co., 
yesterday. He said that he 
wanted to bring back attention 
to the issue of whether Turquand 
will or will not be reappointed as 
auditors. 

Mr, Garrett would not Say 
whether his firm might issue a 
writ once the AGM was over. ‘‘If 
I said yes, then I might . be 
accused of threatening, and if I 
said no. I might be accused of 
running away.'* he said. 

In the course of an acrimonious 
row between Sim® add the 
auditors the hoard wants to sack, 
Sime asserted last M Wk it had a 
prlma facie ca>e against Turduand 
for negligence and bread* of 


stautory duty with regard to the 
audit of the 1972 and possibly 
earlier accounts. 

Mr- Garrett yesterday denied 
that Turquand had been negligent. 
He said he did not know on what 
the allegation was based. He re- 
jected Sime's assertion that 
Turquand had been slow to un- 
cover the misdemeanours or Mr. 
Dennis Pinder, a previous chair- 
man of Sime. 

Mr. Garrett said that the Singa- 
pore Society of Accountants was 
investigating certain aspects of 
Turquand's audit of a Singapore 
subsidiary. But this investigation 
was now limited to one partner 
of the firm, three .specific pay- 
ments and the question Df 
whether the accounts of that sub- 
sidiary should have been qualified 
In 1970. 1971 and 1972. 

Turquand said that the 
procedures of ihe Society are 
designed to avoid issues being 
pre-judsed, “yet the Slmo Darby 
chairman has suggested that this 
revelation should affect share- 
holders' confidence in TurquancL’* 


Turquand is now proposing that 
a committee of five shareholders 
of Sime should be appointed by 
the President of the Malaysian- 
Law Society to recommend which 
auditors should be appointed. In 
an open letter to the chairman 
Turquand says this would enable 
the main question “to be isolated 
■from the peripheral issues which 
have arisen between us.” . 

This proposal -would involve 
adjourning the AGM at the point 
where the auditor quesUon is due 
to be resolved. The committee 
would be allowed to examine 
Turquand's • files. “Turqaunds 
would expect the company to 
make its files on the same matters 
similarly- available.” 

Turquand also suggested that 
the Board should appoint an 
audit' committee erf nou-executh-e 
directors which would dial with 
the .auditors on matters of 
principle, an increasingly common 
practice. 

Sime Darby was yesterday 
considering Turquand’s letter. 






27 


'.;Sri3E^..T4b^baX^r ^0-.3L97S- 



Ths Application list for Ihe Ordinary Shares now offered for sala will open at 1 Q 8.n?« «n Watfnesdsy, 1 5ft ttsvsmoe- 1578, and will etas- atwch laiertTmecn the same 
ay as aJliday, Simpson & Co. may daiermins. A copy of this Offor for Safa, having attached tlwreio toe docamantsspocified bdo w, has been delivarad to the Registrar 
Com ^ 8nlea far regfairadon. Application has been made to the Council of The Stock Exchange for thewhotaof the fanri Ordinary Share capital of Kitchen Queen 

Stra* 3 Company*} to be admitted to the Official List This document contains pamcotejs given in compliance with the Regulations of the Council of The 

Exchange forth® purpose of giving information to the public with regard to the Company. The Directors of the Company collectively and individual fy accept full 
lesponsbBity for tits accuracy of the information given and confirm, having mads all reasonable enquiries that to the bestof their .knowledge 2 nd belief there are no other 

tacts the omission of which would mate any statement herein misleading. 



{Incorporated under the Companies Acts 1948 to 1576 No, 1379370 ) 


Offer for 



by Halliday, Simpson & Co, of 6,812,500 Ordinary Shares of lOp each at 29p per Share 

payable in full on application 


„ Share Capita! 

Authorised 

£3,000,000 in 30/000,000 Ordinary Shares of IQp each 


Issued end fully paid 

. £2,504,400 


The Ordinary Shares now offered will rank in full for all dividends hereafter declared on the Ordinary Share capital of the Company. 

Indebtedness 

■ ■ \ At the close of business on 16lh October, 1978 the Company and its subsidiaries ("The Croup") had outstanding Bank indebtedness of C1.P31.302 (secured byway of floating charges and 

fixed charges on freehold and long leasehold properties) and hire purchase commitments of E29S.33Z The Group had at that date cash balances of £543.378. Save as aforesaid and apart from inter- 
company transactions and guarantees of bank overdrafts of other companies in the Group, at that date the Group had no loan capital (including term loans) outstanding or created but unissued, and 
Had outstanding no mortgages, charges, or other borrowings or indebtedness in the nature of borrowings, including bank overdrafts and liabilities under acceptances (other than normal trade bills) 

or acceptance credits, hire purchase commitments, guarantees cr other materia! contingent liabilities. 


“ ' BOARD OP DIRECTORS 

Itorllle Banard Johnson 

- 23 Broughton Street, Manchester M8 8LZ. 

■'••• v ■ - (Chainnan and Chief ExecutiveJ 

■ ■ 1 Antonio Do Blasio (Italian) ... 

23 Broughton Street Manchester MS SLZ. 

- _ \ {Managing Director — Manufacturing Division) 

- ; ■:? -r ■ ArtolIoDe Blasio (Italian) 

; -23 BrouglRtm Street; Manchestef : M8 8LZ. 

Malcolm Roussak, B,Com.(Hons), AX. A. 

23 Broughton' Street Manchester M8 8LZ. 

.1 (Financial Director ) . . 

ErfcPowaU : «>. 

; 23 BrougfaonStreet, Manchester M3 812. 

NicolaDeBiasio (Italian) 

- 23 Broughton Street Manchester M88LZ. • 

*-•*•.' fianrey Ear! Wilson. 

‘ 23 Broughton Street IMaritihesMr MS 8E2,' . 

SECRETARY AND REGISTERED OFFICE 

Malcolm Roussak,- B.Cdm. (Honqi); A‘.C JL : 

' 1 23 Broughton Street, Manchester M8 8L2. 


The foBowing fe a- copy of a fetter to Halliday, Sfmpson & Co. from Mr. fit B. Johnson, 
Chainnan end CfuefExe«itivBofKitttoenQui^Gri^ Limited:-- ' . 

r-.Th^Parjriefe, ;■ . ■ : ■/ 8th November, 1978. 

HAOJDAX^M^ON &CD._ _ . • ';/■ 

QearSne, * - ■ 

In connection with the Offer for Salaof Ordinary Shares fn Kitchen Queen Group limited 

— ("iRa Viquq nlontma in nrnuiriinnunii vuithrhft fnllnwinn information 


• c . : v : - Introduction 

■ r- The’ Company- is engaged in-Gwo principal activities- — retailing and manufacturing. The 
retail business offers a -very wide selection of kitchen, bedroom and living-room furniture, and 
DIY producte^sold through three major retailing outlets where the customers ere able to make 
their choree from, 'probably the. most comprehensive range of fitted kitchens and bedrooms on 
display in the UJC The Conqreny sells most fines on a discount basis and aimslor immediate 

. availability from ^ck. This business is referred to ae "Kitchen Queen ". 

. r j'. Thejnaatrfacturmg activities of .the Company are the manufacture and^supply of self- 
• wssmbly fmtnttiins to iheXflY trade; this business being referred to as "Di Lusso". The expendi- 
ture of capftafon modem plant and the. flexibility in the manufacturing process together with 
- Italian 'JMr 'and design, all linked to ourretailingexpertisc, now enable Di Lusso to give, I believe, 

' t&ebestifelrofbrnio^lnthisfidd. ^ ' 

' ’ VHl^ory and Business of Kitchen Queen 

la 1965 J.slarted Kitchen. Queen ytoifet still working as a representative for a. plastic 
. laminate company. I rented a garage in North Manchester, bought several kitchen units and, 
.fc&epinp prices to a mjninuinv begsi advertising in the classified columns ofthe Manchester 
.BtefungNswi - '* ■ •• . . r . - 

? Choica aflherc&andisa was influenced by the problems f had experienced in fitting my 
own kitchen OngettinB married. There was simply no one specialising in Iqtchen fumttuia-and 

■ 1 felt this presented artopportunity of which! could take advantage. At th'istime.the only people 

who would supply me 'were the small non-bran ded jobbing manufacturers to whom I was 
supplying plastic 'shea ting»The business made e successful start and very short ly 1 was forced 
id look for larger premises. This move took mo to a shop in Saltord which, once again, the 
business quickly outgrew. My next move was to a larger shop in the centre of Manchester. The 
fifst major move, and probably toe-most significantrtook place in 1969 when l moved into 
1 5, 000 . ft. m» ' hi --storey premises in - Rochdale Road, Manchester. Until this time l had 
continued my job with die plastics company* whilst employing full-time staff in my own bus- 
irfe«L ; yWtii this move I decided to enter the business full time and Kitchen Queen Limited was 
fdrn»tfc;. '\ ."v ■ • ' . - 

■: 7- During this period it was virtually impossible to see displays of fully ftaeo kitchens and to ■■ 
compare toe products of different mariufacturerssideby side. With the setting up of the Roch- 
dale Road store we installed our first five kitchen displays. This in itself was no easy matter as at 
the tfmqttone of them a jo r manufacturers would supply us. Plumbers and builders merchants 
.had a virtual monopoly over-toe retail kitchen business and certainly there wre no kitchen 
■specialists on the scale’ we envisaged. W8 also believed that it was not enough m itself to offer 
dispfeVs. -We considered that customers should be offered a complete drajan, fanning and 
lrtsSlfeiionseivicerXUrtxonfinedto kitchen units, but extending to buift-in-erectn'cal appliances 

endoetsmicwaQoufffoortifes. .... . 

-^I'Tbe formula was^uccessftri and, shortly after this, fitted bedroom rangHswCTemtroduced, 
ag^in with a complete design* planning and installation service. The mqorlit^fumitura 
mwiufactureis, seeing the success of Kbchen Queen, then became interested m supplying the 

company. . 

\ : Early ml 972 wb made adecision which was to have a profound and significant effect on 
thaWureofthe business. Asacompany wefead always used extensive i 
yoSwa had- never used the metfium of television. We decided to mount an intensive wfevraron 
Aatftpaign presenting the displays and the services offered by ^ en „ 
waiSo successful toatbusiness escalated to a level even greater than webadermrag^. and as 
a r&ult vie were supplying fitted kitchens and bedrooms throughout the North-Watt, In the 
pa&ss we became one of the best known rshifecsin the Granada television area. . ■ . 

't : On planning this campaign wtreafaed that the Rochdale Road pieo^wouid not live 
upio the image ponrayect.on television, nor.be big enough for this exp ^jsmn. Accordingly, in 
November 1972, Kitchen Queen moved to hs present Manchester retail store in Stocks Street, a 
modern building, now having a selling area of 32.000 sq. ft. ■ 

? At this time deliveries from manufacturereregu^fy took up » 26 v^from date > of 
order. Within eighteen-months of too move to Stocks Street we 

rm mediate vicinity of the store which gave us a warehousipg area of 42, 000 a q.ft. VVe began to 
butd up ferae stoefeof famrtam, whichrenapted vs to offer our ® Ven 

jmSd&eSvery-on a wide fangs of mercBandise which our compeW^s wore offering on 

had exuded our displaysinto Self-assembly kittherg, Rvmg rocxiw, and 

4 1 . • MiAlllAl 


b ^rttppirting but toateacb of our mom to bigger and bitter premises had 

SC par cent ofmyh« 

(o Cmnleigh Group J TjTvZL 

SfSSrn whtah widuly met. ItwJleSttotufeimrolvement of a rpoBlwMt company 

SSaThScSofthecp^ 
wh^yfewip iritimatef totetiqn; 


FINANCIAL SUMMARY 

The following statistics are derived from the full text of me Offer for 
Sale and accordingly must be read in conjunction with that text. 

Issued Share Capital 

in Ordinary Shares of lOp each £2,504,400 

Trading record of the Group on a consolidated basis : 

Accounting Period ended on 31st August, 



1974 

1975 1976 1977 

1978 

(16 months) 

‘ £‘000 

£'000 . £‘000 £'000 

£*000 

Sales i • • . • , 

3.043 

5,211 10,572 14.829 

15,085 

Profit before taxation 
and extraordinary 
items 

368 

548 1,142 963 

1,464 

Profit after taxation 
and before extra- 
ordinary items . . 

329 

519 1.035 913 

1,339 

Shareholders' funds 

203 

675 1,793 2,469 

3,708 

Assets 

As at 31st August. 

1978 Group net 


tangible assets were 

: — 



— total . . 

• m mm 

. . £3.7 million 


• • — per share .. 

« ■ ■ • 

14.8p 



Offer for Sale statistics 

Offer for Sale price 

Total market capitalisation at the Offer for 

Sale price 

Forecast Group profit before taxation for 
the year ending 31st August, 1 979— not 
lessthan 

Estimated earnings per share for the year 
ending 31 st August, 1 979 
on the basis of corporation tax at the 
rate of 52 per cent. . . 
on the basis of the expected taxcharg e 
Price earnings multiple based on the Offer 
for Sale price, estimated earnings, and : 

full tax charge 

expected tax charge 

Forecast dividend per share (inclusive of 
related tax credit at 33 per cent.) for the 
year ending 31st August 1979 payable 
in part in July 1979 and the balance in 

February 1 980 

Equivalent dividends per share (inclusive 
of related tax credit at 33 per cent) for a 
full year . . . . / . r ' 

Yield at the Offer for Sale price on the basis 
of the net dividends per share for a full 
year (inclusive of related tax credit at 33 
percent.) 


23.0p 

£7.3 million 

£1.8 million 


3.4p 

6.3p 


8.4 times 
4.6 times 


2.0p 

2.5p 

8.6 percent. 


In early -1975, due to the collapse of the Stock Marker and adverse economic conditions, 
the Board of Cranleigh decided to close down their investment division and concentrate upon 
their manufacturing interests. With my confidence in the record and future of the company, I took 
this opportunity of re-acquiring these shares at the price of £350,000 sought by Cranleigh. 

In March1974 we opened a second store, when we acquired a large retail unit in Coventry 
city centre with a sales area of 18,900 sq. ft. which today trades as Upstairs and Downstairs. 
This was established on similar lines to Kitchen Queen in Manchester, following the same 
policies. 

lo May 1976 Industrial and Commercial Finance Corporation Limited (ICFC) and its ass- 
ociated company Estate Duties Investment Trust Limited i EDITH) together acquired 10.73 
per cent, of the share capital of Kitchen Queen Limited from my wife at a price of £300,000. 

Earlier this year we acquired a business called Tne Room Set Limited, trading from a 
33,000 sq. fL store next to Yorkshire Television Studios in Leeds. We changed the name to 
Kitchen Queen and introduced the proven Kitchen Queen retailing formula. The store was 
relaunched in September backed by heavy advertising, both in the press and on television. 

Each of the three main outlets in Manchester, Leeds and Coventry contains the ranges of 
most major U.K. and the top EEC kitchen furniture manufacturers, and our own Di Lusso 
kitchens. In our Manchester store, for example, we currently have on display 55 fitted and 28 
self-assembly kitchen settings, and over 25 displays of fitted and self-assembly bedroom 
furniture. Personal loan facilities are available for customers at all stares by arrangement with 
leading finance houses. 

The Manchester store also has an extensive DIY - department covering many of the needs 
of the home handyman. 

A further venture has been a move into small shop units in town centres, selling mainly 
Di Lusso products. The trading name is Kitchens Today and the first unit opened in Hanley in 
April of this year. The shop has about 20 Di Lusso kitchen displays, a Di Lusso bedroom display, 
a range of bedroom chests, and wall and sink units. Early trading results are encouraging and 
as a result of this we are now active in our search for additional sites. 


History and Business of Di Lusso 

I think it imponant to explain why it was decided to acquire a 50 per cent, interest in 
Scale and Da Blasio Limited in August 1 973.The management at Kitchen Queen were constantly 
studying the retail market both in this country and the U.SA, watching trends and develop- 
ments. It came to toe conclusion that the largest potential growth area in Great Britain was in 
DIY retailing. This was going to result in a very real need for merchandise which could be 
supplied in quantity, and in a wide range of qualities. Thus it seemed to us that self-assembly 
furniture was toe ideal vehicle' through which we could move into the DIY sector as a supplier. 

In September, 1 974 .a further25.1 per cent, of Scala and De Blasio Limited was acquired 
and m 1 975 tts name was changed to Di Lusso Kitchens Limited. In May 1 975 Di Lusso became 
a wholly-owned subsidiary of Kitchen Queen Limited. 

Following the acquisition of Di Lusso, we immediately moved tire business from small 
back-street premises into a 1 70,000 sq. fr. factory just ouiside Oldham. We purchased modem 
machinery and were thus able to cope with the increasing demand for Di Lusso self-assembly 
kitchens ’which subsequently took place. The growth in the market for self-assembly kitchens 
resulted in very lanje s&les through The DJY outlets. We were helped in this by our own experience 
in the retail business, and a very effective network of distributors which was quickly set up 
across the country and equipped to handle Di Lusso furniture. 


AUDITORS AND REPORTING ACCOUNTANTS 

Royce, Peeling, Green & Co. 

Chartered Accountants 

Hilton Chambers, 1 5 Hilton Street, Manchester Ml 1 JL 

SOLICITORS 

To the Company: To the Issue: 

Alexander, Tat ham & Co., Halliwell Landau. & Co., 

30 St. Ann Street, Barnett House, 

Manchester, 53 Fountain Street, 

M23DB. Manchester M2 2AN. 




BROKERS 

Halliday, Simpson & Co., 

98 King Street. Manchester M60 2HA. 

73 Cheapside, London EC2V.6ES, and The Stock Exchange. 

PRINCIPAL BANKERS 

Algemene Bank Nederland NV 

Pall Mall Court, 61 King Street, Manchester M2 4PD. 

RECEIVING BANKERS 

Lloyds Bank Limited, 

Registrar’s Department, Issue Section. 

1 11 Old Broad Street. London EC2N 1AU. 

REGISTRARS AND TRANSFER OFFICE 

Lloyds Bank Limited, 

Registrar’s Depanmem. Goring-by-Sea. Worthing. West Sussex BN12 6DA. 


The factor,' was soon in full production with our customer taking as many kitchen units 
a? we could produce. So great was the demand that for a period we were forced to have furniture 
made bv sub-contraciors to help us meet orders. Eventually, in July 1 976. we bought a second 
lector,' just outside Rochdale with a further 210.000 sq. ft. and substantially increased the 
production capacity. 

There has now been a slight change of emphasis as far as distribution is concerned. 
Whereas initially we were selling solely through distributors, Di Lusso is now also supplying a 
number of major retailers directly. 

To assist in delivery to such retailers, for whom delivery times are vital, we have now 
acquired a modem warehouse at Harwich (adjacent to the M61) of 170,000 sq. ft. This 
additional warehousing for finished goods will allow Oi Lusso to maintain even levels of 
production throughout the year and thus to expand its overall capacity by using these stocks to 
supplement supplies at peak periods of demand. 

The U.K. market for DIY products has been expanding rapidly for a number of. years. Wo 
are consequently manufacturing goods with the specific needs of DIY customers in mind. Di 
Lusso produces several ranges of self-assembly furniture which between them cover the whole 
spectrum of the market, from the basic self-assembly kitchens to the highesr quality furniture. 
The range is continually being increased, both by the addition of new lines and by the extension 
of existing lines. 

Di Lusso displays can now be seen in some eleven hundred outlets throughout the U.K. 
all planned and installed with the help of our strong technical planning and sales team. 

in the past twelve months we foive also exported goods to Scandinavia and the Middle 

cast. 

Di Lusso enjoys very good working relationships with its principal suppliers. It has 
sufficient warehouse cspacity to ’enable it to buy in quantity and stockpile raw materials, thus 
obtaining the advantages of bulk purchase and ensuring a continuity of supply. 

In ihe year ended 31st August, 1978 one leading manufacturer will have supplied 
appro xi marely 25 per cent, of Di Lusso's raw material purchases. Nevertheless, there are a large 
number of alternative sources of supply open toir. 

Di Lusso products are sold by Kitchen Queen in Its retail outlets and, in the year ended 
31st August, 1978, this accounted for approximately 9 per cent, of total sales of Di Lusso; 
Di Lusso in turn accounted for approximately 23 per cent, of Kitchen Queen’s sales. 

We advertise Di Lusso kitchens through the national dailies, home interest magazines and 
colour supplements. We also occasionally advertise on television. In addition, we make large 
advertising allocations to major customers to bs expended in joint advertising in which our 
products are prominently featured. 


The Present Organisation 

J set ou t below our main operating companies with their activi ties set a longside them, 


Kitchen Queen Group Limned 
Kitchen Queen Limited 


Bedroom Queen Limited 
Kitchen Queen (Midlands) Limited 
Kitchen Queen (Leeds) Limited 
Di Lusso Kitchens Limited 

Kitchens Today Limited 

Arglo-Italian Kitchens Limited 
(a 70 per cent, subsidiary) 


— the holding company 
— Manchester retail trade other than 
bedrooms 

— Manchester bedroom retail trade 
— the Coventry retail operation 
— the Leeds retail operation 
— manufacture of kitchen and bedroom 
furniture including all the DIY furniture 
—sale of Di Lusso products from smalt 

retail shops 

—manufacture of rigid (i.e. non self- 
assembly) kitchens. 


Management and Staff 

1 am the Chairman and Chief Executive or ihe Company and am 35 years old. My 
responsibility is determination of overall group strategy end the direction of retailing. 

A ntonio De Blasio is 37 and one of the founders of Di Lusso. He is managing director 
of the manufacturing division. Aniello Do Blasio is 35. another of the founders of Di Lusso 
end is now its purchasing and production director. 

Malcolm Roussak, a chartered accountant, is 33 and joined the Group 6 years ago. He 
is responsible for the overall financial control of the Group. Eric Powell is 5B and joined Kitchen 
Queen ten years ago as general manager of the retailing division. He is now responsible for 
co-ordination of the various activities of the Group. 

Nicola De Blasio is 42 and another of the rounders of Di Lusso. He is the works director of 
the manufacturing division. Harvey Wilson is 27 ana joined Kitchen Queen eleven years ago. He 
is sales directorof the retail division. 

On the retail side, there is a general manager, and a manager for each store. They are all 
trained in the Kitchen Queen methods and carry out the marketing and selling philosophies of 
the Board. 

At Di Lusso the Chief Accountant heads the accounting department, and a distribution 
manager has responsibility for transport and warehousing. There are two works managers in 
charge, respectively, of factory administration and production. The Sales Manager has overall 
responsibility for sales with individual managers below him for each of domestic sales, export 
sales, marketing, and technical services. 

The Group operates a very extensive staff training policy. Retail sales staff spend time 
with the various manufacturers and attend their training courses both in the U.K. and on the 
Continent. The Group has 551 employees and the labour relations record is extremely good, 
with all staff being highly motivated. Company policy is to recruit senior management from staff, 
who a re very much aware of this. There are pension schemes for the benefit of employees. 

(continued overleaf) 







28 

V. ■■ ■■ v. - .1 


group limited 



Properties 

Details of the premises occupied by the Group are given in the Schedule below. 


Profit Record 


The Group has grown substantially in the five years ended 31st August, 1973 in terms of 
sales and profitability. During this period, turnover of the Group has increased from a twelve 
month equivalent of £2.2 million (after adjusting the figures for the sixteen months ended 31st 
August. 1 974) to £15.1 million, and on the same basis, profit before taxation from £270,000 
to £1.46 million. 

The growth in profits was temporarily interrupted in the year to 31 st August, 1 977 when in 
common with the whole of the economy, and the furniture trade in particular, the Group 
experienced a sudden and substantial fall in demand. The effect of this downturn was. minimised 
by the operation of the two sides of The Group to their mutual advantage. Dr Lusso quickly 
introduced lines to suit the lower end of the market and sales of -these through Kitchen Queen 
were substantial. Thus, although overall profit margins were reduced, turnover of both Di Lusso 
and Kitchen Queen was actually increased in this period, placing both in a prominent market 
position. This enabled a rapid return to increased profitability with the revival of the economy, 
as shown by the results for the year ended 31st August, 1978 and the forecast-for the current 
year. We envisage that the Kitchens Today operation, selling predominantly Di Lusso products, 
will emphasise the reciprocal advantages of manufacturing and retailing. 


Current Year 

On the bases and assumptions set out in Statutory and General Information, thd Directors 
forecast that, in the absence of unforeseen circumstances, the turnover and profit of the Group, 
before taxation and extraordinary items, for the year ending 31st August, 1979 will be not less 
than £1 9.7 million and £1 .8 million respectively. 

Dividends and Yields 

On the basis of the above forecast of Group profit it would be the Directors' intention to 
recommend for payment in July, 1979 a net interim dividend of 0.536p per share and in 
February, 1980 a net final dividend of 0.804p per share (a total of 2p inclusive of related tax 
credit atlhe rate of 33 pe> cent.). 

For a fuli year throughout which the Company’s shares were listed and in which a simitar 
level of profit were to be earned, the Directors would expect to recommend dividends totalling 
1.675p net per share (2.5p with the related tax credit at the rate of 33 percent). Undercurrent 
legislation, the Company would not be subject to any governmental dividend restrictions in 
respect of the two years ending 31 st August. 1 980. 

The following table iiiusti a tes the appropriation of profits on this basis assuming 

(i) Corporation tax at the standard rate of 52 per cent, and (in the alternative) the 
expected rate of 1 2 per cent, {taking account of the availability of stock appreciation 
relief and accelerated capital allowances) ; 
total net dividends in a full year of 1 .67 5p per share ; and 
an issued share capital of 25,044,0 00 Ordinary Shares. 

£000 


Hi) 

(in) 


Profit before taxation 
Less: Taxation at: 


..(52%) 


1,800 

936 


( 12 %) 


£000 

1,800 

216 


Profit after taxation 
Less: Dividends 


864 

419- 


Retained profit 


445 


1,1 65 


Earnings per share 
Coverfor ordinary dividend 


3.4p 
2.1 times 


6.3p 

3.8times 


On the basis of the estimated tax charge oF12 percent, resulting in earnings per share of 
6.?p and at the offer price of 29p, the Ordinary Shares of the Company are being offered for sale 
on a price earnings multiple of 4.6. Applying a theoretical tax charge of 52 per cent., the 
earnings per share would be 3.4p and the . price earnings multiple 8.4. Based on the forecast 
dividend, the gross dividend yield in a full year would be 8.6 per cent 


Prospects 

We look forward to the future with confidence. On the retailing side, the implementation 
of the Kitchen Queen techniques at the new store in Leeds should ensure that this storte makes 
An increasing contribution to both turnover and profits of the Group. In view of the success 
of the Kitchens Today operation at Hanley, wehave severalfurtherunits planned andare looking at 
‘additional sites for this operation. In general, we will appraise opportunities for opening further 
large retail outlets as and when such opportunities arise. Overall, the above fields provide a base 
for substantial growth in the future. 

On the manufacturing side, Di Lusso has substantially increased manufacturing capacity 
enabling it to offer new and extended ranges of kitchen furniture, thus broadening its trading 
base. Additionally it is now both expanding its production of bedroom furniture and commenc- 
ing production of occasional furniture for home assembly, including furniture for audio equip- 
ment. A substantial increase in sales is anticipated from the production of own-brand name 
kitchens for large retailers whom Di Lusso are now supplying. Additionally, we see expansion 
in the export field, and to thi3 end have set up a separate export department. Its initial activity 
has been centred in Scandinavia and contacts are also being made in the Middle East. As with 
retailing,- we believe that the above will ensure a continued substantial grovyth in the turnover 
and profits of this division. 

In conclusion, we feel that our growth record shows our ability to anticipate arid provide 
for demand and to create new markets for our products. We feel confident that our flexibility will 
ensure that this growth will continue. 

. Yours faithfully, 

N.B. JOHNSON. 


SCHEDULE OF PROPERTY 


Property 

Tenure 

Rent (per annum) 

Sales 

Floor Area (sq.ft.) 

Office Warehouse Manuf. 

23 Brouqhron Street 
Manchester MS 8LZ 

Lca.iflhcld for 30 years 
from 25. 3.74 

£32.000 011 1980 with 

5 yearly reviews 

— 

4,330 

34.370 — 

40-50 Slocte Street, 
Manchester M8 3RL 

Freehold 

— 

32,218 

4.11S 

~ - 

9 Brad‘,ione Rnad, 
Manchester M8 SWA 

Leasehold for 25 years 
from 14.9.76 

£11,000 forfirs: 

5 years with 5 yearly 
reviews 

— 

1.700 

9.064 — 

1 0 Knowsley Street. 
Manchester MS oGF 

Leasehold till 7.4.84 

£3,400 

— 

— 

3,044 — 

49 Corporation Snect, 
Coventry CV1 1 i3F 

58/84 Corporation StreeL 
Coventry CV1 IGF 

Leasehold lilt 23.6.2067 

Leasehold lill4.10.89 

£20.500 untill 9 B2 1 

with 14 yearly-reviews 

£3.500 with review j 

in 1382 J 

18,902 

21240 

' — — 

Unit 2b. 

Comers Close. Canley. 
Coven I ry CV4 8 AW 

Leasehold for 25 years 
from 25.12.73 

£10.500 for first 5 years 
wnh 5 yearly reviews 

— 

— 

17,012 — 

£7 Burley’ Road, 

Leeds LS3 IJS 

Leasehold till 28.2.2002 

£23.000 until 1982 
wilh 5 yearly reviews 

1 8,7 1 3 


11,114 — 

26 Old Hall Street, 

Harilov- 

Sioi.e-on-TrentSTI 3AN 

Leasehold till 2S. 9.87 

£3,940 

1,364 

100 

291 — 

Until . 

Blaokrod Estate, 

Hornich, Bolton 

Agreement For Lease for 
20 years from 25.3.7 9 

£151 ,350 for first 

5yearsvYiih5yBariy 

reviews 

■— 

2,500 172,112 — 

Nile Mill. 

Fields New Road, 
Chadderton, 

Oldham 0L9 S NH 

Leasehold nil 9.12.2897 

£177.61 


2,825 

— 174.100 

Mona Mill, 

Chadderton. 

Oldham OL3 

Leasehold for7 years 
from 25 3 76 with option 
lor iur?her3)ears at 
same rent 

£3,000 

— — 

— 30,000 — 

Drama Mill. 

Whitworth, 

Rochdale 

Freehold 


x 

18^70 

14 650181.350 
(25.000 i3.000 
under under 
constr.) constr.) 

Dale Mill, 

Roche Street, 

Rqchdalo 

Leasehold fori year 
(ram 5.7.78 

£12.500 

•“* 

— 

41,000 — 

Mosio Mill. 

Water Street, 

Bury 

Lease hold for 3 yea rs 
horn 15-1.78 

£1.250: £3.000 and 
£3,400 for each 
succeeding year 

— 

100 

— 8,000 


Total in usb 


71.202 38,310 337.637 363.480 


Kate: All iho above properties are owned by Kitchen Queen limited and f other Mian Until. Blacfcrod Estate! used lor warehousing 
and wins, pvceoi the iwo oiopcrlss at Cheddeiion and the iito at Rochdale iwhkh are all owned and used by DI Lusso 
Kitchen? Limited for manufaciurirgi and the property at Bur, i which « owned and used by^ngto-lialwn Kitchens Limited 
for manufacturing). Unit 1. Black rod Estate, although eomiaued by Kitchen Queen Limited, ts in be used by Di Luiso 
kitchens Limited toi warehousing. 


ACCOUNTANTS' REPORT 

The following is a copy of a report which has been received from Royceu Peeling; Gteen & Co:, the auditors 
find reporting accountants:— 

HUton-Chsmbmt 

' 1 5 Hilton Street. 

Manchester Ml 1 JL. 

The Director-, . sth November, 1878 

Kitchen Queen Group Limited, 

23 Broughton Street, 

Manchester M8 8LZ. 


Til* Partners, 

Holliday. Simpson & Co., 
98 King StreeL 
Manchester M60 2HA. 


Dear Sirs, 

Kit:hen Queen Group Limited ("the Holding Company") was incorporated on ISth July, 1978 and did not 
iraoe prior to 7ln Not, ember, 137S, when it acquired die white of the issued share eapirelof Kitchen Queen Limited 
through an exchange of shares. 


We have examined the audited accounts of Kitchen Queen Limited end 1® subsidiary companies 1 , hereinafter 
collectively referred to as “ihe Group , from 33th April. 1 973 or subsequent date of incorporation to 3!st August, 


1 973. The Information set out in the following paragraphs of this report includes the results of the following subsidiary 
companies, which ware wholly owned (except as noted), lorihe periods stated >- 


Kitchen Queen Limited 

Di Lusso Kitchens LimHed 

Bedroom Queen limited 

Kitchen Queen (Midlands) Limited 

Extra Space limited 

Kitchens Today Limited 

Anglo Italian Kitchens Limited (70 par cent) 

kitchen Queen f Leeds) Limited 


Extra Space Limited has not traded since 3lst August, 1 977, 


30rh Aorll, 1973 to 31st August; 1 978 
?C;h April. 1 973 to 31 st August, 1 978 
oOih April, 1 973103131 August. 1 978 
1 Sth March, 1 974 to SIstAugust, 1 973 
1 si September, 1 976 to 31st August, 1 978 
Sih April, 1978 to 31 et August, 1978 
I6tft January, 1 978 to 31 st August, 1878 
1 st May, 1 978 to 31st August, 1 378 


. BtehanOuefin (Leeds) Umkfidtae«M8«*rid!Kyiampwyofth».SfBUB widreIhetftwn1s:Mav:19^ 
•fid the nButoof this Company ant 'mcludad front this data. A3 the acquisition of this subsidiary «aa aceornp^aa 
by a comofate Change in local management no results of this enmpanyare included prior to lat May, 1978. HoW8v<C 
we report that this company commenced trading on 1st September, 1 977 find in the period to 30th April 1 378 incurred 
a pre tax toss of £71,31 5 derived from a turnover of ±.'450491. 

• We have .acted n auditors of ad the above companies for all relevant years in the period under review. 

The summarised profit and loss accounts; balance sheets and statements of source and application of 
are based-on the audited accounts of the companies after making such adjustments oswo consider a ppropriran . Th ey 
have been prapared-,on the historical cost convention. In oar opinion then wmmaries Bjwi a true and fair view of in* 
profits and source anti application of hinds of the Group lor the periods stars*) and of the sots of affairs of the Group 
at the date stated. 


- - 1&-Tniteir\‘(il£g3.750 iEsiai.*lon c>n»ofit'.,Growp‘-6rnMholVSirop«rti^««n^ii«li*ikfifi 

ina^enb«f£6Ssa -:\V ’ . V : v i, S3 




. 11.- ^ The -quoted Investment hadarrterlWVBlua.of £ia6.93lon.31StAu^lp^^ : Ji^to'bM ? # 

d^spcasdoffbuconaittraiSoo of £194,718. "• V : / - /» jjf 


PROFIT AND LOSS ACCOUNTS 



18 months 
ended 31st 
August, 
1974 

Years ended 31st Avgust 

1875 . 737S 1977 19 78 

Sale •• .. .. 

Cost of Sales .. — -» -• ... 

• • 

Notes 

2 

3 

rooo 

3,043 

2LS75 

£‘000 

&211 

4,663 

£T00O 

10572 

9,430 

eooo 

14^23 

13,868 

£■000 

15,086 

13,631 

Profit before Taxation and extra ordinary items' „ 
Taxation .. •• •• — — 

mm 

mm 

4 

388 

39 

648 

29 

1*142 

56 

963 

50 

1,464 

125 

Profit after taxation and before extraordinary items 
Goodwill written off .. •• ,, 

mm 

5 

329 

.140 

. 519 

6 

1,086 
- 145 

913 

158 

1,339 

78. 



13.“, 

1378 batrirbsanaafoUavyS:— 


- --r :. j.-.sr 


Minority interests 
Extraordinary hams 
Dividends 


Retained profit .. 

Adjusted earnings per share .« 



73 82 

"676 1,238 

asp fi-3p 


Adthod&vf. . 

Shots Capital '• 


■'Atega y b / .N : - 1*- 

' • ■ffrerSs.t : nhgiitx . 


BALANCE SHEETS 


SOtft April. 

1973 1974 


31 sZ August . 

1975 1876 1977 


1978 


Fixed assets 
Freehold proparties 
Lang leasehold properties . 

Short leasehold properties’ ' 

Plant, equipment and motor vehicles 


Notas 

9 


£TOOO 


Hire purchase Kabllftiea 
Secured loan 


73 

~7si 


10 - - 


Current assets ■ 

Stock and workih progress 
Deb tore 

Quoted investment 
Sank and cash balances 


11 


Current lisbilitieB 
Creditors 
Taxation 

Bank overdrafts (secured) 
Proposed dividends 


Net current assets 


Deterred liabilities 
Taxation 
Unsecured loan 
- Minority interests 


12 


Net tangible assets 


Representing 
Share capital 
Share premium 
Reserves 


13 

14 


SOURCE AND APPLICATION OF FUNDS STATEMENT 


Source offunds 

Profit before taxation and extraordinary items 

Depreciation 


Taut generated From operations 
Funds from other sources 
.Issue of shares 
Loans 

Sale of fixed assets ' 


Application offunds 
Purchase of fixed assets 
loan repayments 
Dividends paid . - 

Purchase of goodwill 
Purchase of quoted investment 
Minority interests 
Extraordinaryiioms 
Taxation 


Netmflow/(otrrflow) offunds 


Increase VdecieaseJ in working capital; 1 . 
(Increase) in creditors .' 

(Incrsasej/decrease in bank overdrafts 
tlncreasel/dotrease in Jure purchase liabilities. 
(Increase) 'decrease in minority interests 
Increase,' l decrease | in debtors 
Increese in stock 

Increase/ (decrease) in liquid funds 


£■000 

£■000 

rooo 

£*000 

C00O 



*11 

656 

925 

106 

143 

160 

228 

261 

2 

2 

2 

2 

9 

224 

350 

682 

1,585 

1,666 

332 

495 

1,255 

2.48T 

Z851 

1 . (15) 

(43> 

(101) 

1221) 




(144) 

(119) 

(94) 

317 

452 

1.010 

2,071 

2,482' 

483 

1,057 

1,791 

2.759 

4,859 

310 

609 

592 

1.022 

1,343 


— 

— 


177. 

257 

291 

470 

148 

115 

1,050 

1,857 

2,853 

3,927 

6A7A 

704 

1,371 

1,931 

iS89 

3,088 

52 

17 

-28- 

22 

80 

255 

212 

— 

70 8 

1^80 

2 

1,012 

1~60O 

'1,953 

3,399 

5,150 

38 

357 

894 

528 

1,32* 

355 

809 

1^04 

2,599 

3,809 

21 

48 

70 

88 

38 

102 

41 

41 

41 


29 

45 

— 

: — 

■ — 

203 

675 

.1,793 

2469 

3,708 

=ss= 

~ 

: -z 

S=S=5 

asssss 

16 

17 

417 

417 

335 



— 

201 

201 


1S7 

858 

1.175 

1,851 

2.873 

203 

67S 

1,793 

2469 

.3,708- 

* - — - 




■ ■■ ■' r- a 

16 months 





ended 31st 





August. 

Yean ended 31st August 

. 197* 

1975 

1976 

1977 

TB78 

£’000 

rooo 

rooo 

£■000 

£*000 

368 

548 

1,1*2 

963 

1,46*' 

33 

75 

110 

314 

.450 

401 

623 

1,252 

1,277 

i;9l4 



258 


. _ 

102 

— 

150 

— . 

— 

IS 

-32 

•39 

64 

a* 

622 

655 

1,699 

1.341 

1,998' 

(305) 

(270) 

(909) 

(1.604) 

(904) 

— 

(51) 

(6) 

125) 

(66) 

— 


00) 

(79) 

(79) 

(140) 

(8) 

(145) 

(158) 

(18) 


— 

— 

W. 

(177) 

(26) 

(16) 

(71) 




(15) 

(25) 


— 


126) 

(2) 

(3*) 

(31.) ■ 

.(116) 

10 

275 

524 - 

f556) 

638 

(3341 

(632) 

(571) 

1652). 

(559) 

(256) 

44 

212 

(788| 

(1.192) 

10 

f28l 

(58) 

(190) 

16 

41 

116) 

45 



203 

299 

177) 

430 

321 

311 

574 

734 

908' 

2.080 

29 

34 

179 

1-324) 

(31) 

10 

275 

52* 

(556) 

638 


ACCOUNTING POLICIES 

7. The principal accounting policies of the Group which have applied throughout the period under review 


are as Follows: — 

, (a) Consolidation. The profit and loss accounts and balance sheets include the accounts of Kitchen Quean 
Limited and all subsidiaries made up to the end of each financial period. 

Stock and Work m Ptv or os s era valued at the lower ol cost or net realisable value. Work in Progress 
includes relevant overheads where appropriate. 

Depreciation. Depreciation is provided on cost, on all fixed aasais, except freehold and long leasehold 
land, on a straight line basis or reducing balance basis in order to writeoff the cost of the assets over 
their expected useful lives.The principal rates applied are : — 


(b) 

M 


. Freehold buildings 
Lang leasehold buildings 
Short leasehold properties 
PI ant and machinery 
Equipment 
Motor vehicles 


(d) 


(*> 

(0 


— 2 pe r cen L per annum straight line 

— 2 percent per annum straight line 

— equal a nnualinstalmems over the period of the lease 

— 25 per cent, per annum on the reducing bale ncs 

— 70 per cent, per annum on the reducing balance 

— 25 per cent, per annum on the reducing balance 
Hits purchase liabilities. Interest on Hire Purchase Agreements is charged to Profit and Loss Account 
evenly over the life of the Agreement The effect of this is that the outstanding liability at the financial 
year end is staled after excluding future interest payable. 

Regional development grants. Grants received have been credited to the relevant asset account. Depre- 
ciation has been provided on the net cdsl 

Deterred ta ' Provision for deferred taxation is made in so far as there is a reasonable probability that a 
liability lor payment will arise in the Foreseeable tutu re. 


NOTES ON PROFIT AND LOSS ACCOUNTS 

2. Sales represent the total value of net invoiced sales excluding value added tax and intercompany sales. 

3. Cost ol sales includes the following items : — 


7 6 months 
ended 31st 


Depreciation 

Interest on loans repayable within 5 years 
Interest payable on other loans . 


Less : Interest receivable 
Dividends receivable 


4. Taxation comprises the following items 


August. 1974 

1975 

1975 

1977 

1978 

£000 

rooo 

£'000 

£'000 

£'000 

33 

75 

110 

314 

450 

26 

49 

14 

65 

90 

10 

* 

6 

17 


69 

127 

130 

396 

540 

(41) 

(43) 

(66) 

(39): 

(27) 

— 

— 

— 

— 

(8) 

28 

84 

64 

357 

505 

= 

- - 



==s= 

= 

16 months 





ended 37 sr 

Years ended 3 1st A ugust. 


August. 7874 1975 

1876 

.1977 

1978 


Corporation tax 

Adt ance corporation taxon dividends paid 
Tax credneon dividends received .. 




£000 

£000 

rooo 

rooo 

■ ■ 


39 

28 

56 

m 

• • 


— 

— 

-7- 

28 

• • 


— 

— 

— 

— 



39 

23 

56 

50 


£000 

150 

(28) 

3 


125 


5. Goodwill written off represents the excess of the cost oF acquisition of oubetdia ry companies over the 
Vaiue oFnet assns acquired. 

6. E*t rsordlnary hems comprise the following:— 

IS months 

ended 3t at Years ended 3 1st August, 

August. 1974 1975 1976 1377 1978 


Severance payments to former directors 


£'000 

15 


£’000 

2B 


frooo rooo 


rooo 


7. Dividends have been paid on 90,000 *A' Convertible Cumulative Preferred Ordinary Shares of £1 each 
and 1OB.O0O ‘B* Convertible Cumulative Preferred Ordinary Shares of £1 each. Dividends have been, payable half 
yearly on 30th June and 31st December from ISth May, 1976 at a rate of 40p per she re per artnum.Tn addition a 
participating dividend of 1.24S98p per share has been proposed in respect of the year ended 31st August, 1978. 
Total dividends paid, orpraposed, are as follows:— 


: 30th April fS73 
J4tlilria£Uto / 

r i _ 2itdAwpKt-TB74 -'. ' - " .* 
•_ .22rafMaiU975.- 

vr:18tit Mat 4376 

lOTr I876($s» note) 


15.00$. 

; 6GO-Y SOL 

T.dOOV ■•.- ••.l.iOOQ ■ 

400,400- -343.000. 

■ S7AQ0 
417A0O •' . 417,40^ 


-- - 

. : -\d>oor.£, ;■ 

■ . V. 'SflD; 1 ji . 

... .7 
",' : rrtifvr. 


834^00- : . 834J5<» .. ,634^. 


IVefeu 'G7^C2idIpay3ha« o} Cfeac^were Tsuedon isifi May. 1876 

' 'teuedabiirecapttalofDiLtwiiOKitchensHnilwdnotihenheldbytheGioHptnd yetued »t i«flrn»«£l9B,3C0. : 

14^\"Mov«rivBatsln undistributed profits have been as foltovra:-^ — . • • >■ • - r, 1 -5 t ‘-.v 


7 6 months 
ended 0' 

31st August,. , 
1974 -7S7S 


- Yevrs m&tif i 


7976 


1976 


*A‘ Convertible Cumulative Preferred 0 rtfinaiYSfieree 
*E‘ Convertible Cumulative Preferred OrdinaiyShares 


rooo 

5 

5 


10 


Ketest (I) Prior Ma bonus on 10th AiM«l»t.197B.the above holdings were respeciivelv 4S.000 end 54.000 'A' and 'H* 
ConvaititK Cumulative Piolrned Ordinary Shans ol £1 each, and the dividend anbdemont was u a rate of 80p 
per share per annum. 

The above t *iar«« ware convened Into Ordinary Shares of El each on 7ft November, 1978, prior to their exchange 
for Qidlnary Shares of 1 0p each in the Holding Company. 


di) 


8. The calculation of adjusted earnings par sharp is based on profit after taxation and before extraordinary 

items and on 25,044,000 shares In issuo immedrflwiypnono the otter for sale. 


NOTES ON BALANCE SHEETS 
9. A summary of the fixed 


Freehold properties 
Long I easshrtd prop erthw 
Short leasehold properties - 
Plant equip man: and matof vehicle* 



r^r4~* 




Coar 

Deprvdetian 

Book Vefue 

£‘000 

rooo 

. rooo 

955 

30 

' 925 

271 

20 

251 

11 

1 

9 

Z5ZS 

S69 

1.666 

3.772 

921 

7,851 


Balance atWgfnnlng of period 
fUfalhod iret profit - 
-Bonus ie sue -of Ahnrea • 


£000 

v'rooQ’ 

£000 


- 40 

, 187 

...858 - 

T-1.17B.. 

148 

■■■' 472 

■8B0:'- 

■r .678*; 

iU 

, m 

- <343)- 

••• T-r 

187 

.868-. 

-1473 



r.ISL.- -TTmi grouirhad proposed cap'rtatexpmditBre i 
foKo^s^ .V.’VVv.-. 



y. Zm -'A 


Contracted for 

Authorised but not contracted for 


: £*Q00 1 

‘7? -^-1 


.‘ceL' 


— ‘U 


553 


- ' - Iff*-" itontsigaae Lfabtltifos. Kitchen Queen Limited has' guSrantaad'-B^ ri^^ 
commr tmw i te df ceaalruBtbskliiry companies which at 3 lit August, ISTSamoontad to £?.17 




ANAL'TOISOFSALESAND PROFITS 

‘1 7.Thesaf«s4hd profits of the Group before taxation and oxtrawdinaiy Herntrfwve-teiWiteB^ ’ “ • 

' follows - .' — •• 'V • ‘ \fr- • 


l&months 

endodSI'sc. 


Ynrs im£^l31idA&piC r ^. J'S;, - > r 
j . :i976.; - 


Sales. * -tv' 
Rettflinfl -'.S'.:.. 
Manufactarlnfl ' ’ 


Profit 
Retailing. 
Munula cturing- 


?.S?4.’ ; 

- 1973- 

... - 

-.1376. 


rooo 

- rooo 

- rOop " 

: --sow. 

2.62ft' 

• 2.7T2- 

4,28ft ” 


.14)17- 

; 2499 

■J ,6^86;:, 


3,0*3': - ' 

■■aatr: 

lOSfir- 

■14.823" 

285. 

320 

'>■ . SIT^-. 


•- 103. - 

- . -228 r 

>831--, 

; S9i - 

.r.368.-,. 

-S4&' 

. :.i,i4? ;. : 




ii orcETPEELnw; g REa^&cg,^-^ 




X j STATUTORY AND G EN E RAL1 H TOT^Vi A1TOJ* 

1. SHARE CAPITAL 

Tho ’Company was incorporated !n England as a privets company 6h-19th july^i 978 'Vrtdt jn' 


Share capital of -CT 00 of wbich 2 Ordinary Shares of £1 each ware Issued* 

. On 7tb November. 1978 
(i) ..tha -100 .Ordinary Shares of £1 each were subdivided into 1.00D OrdSnary Shares 
(3) - .theeuihbrised share capital of the Company was bcreaaerflfrora 


- . - -.'j. ;a a ■ - -ChttrtprmrfAt* y ^ ; * •. -- 

oh- 19th ‘ 

id*. • -i •_ .- - ■ ' 


-of acviritfitional 8,347,000 Ordinary 5ha'tes,of 10p aachj.ahd- 


(i^);^ri Company issued 8.347.980 Ordinary Shares aacoasideiration for the purchMoof ‘vi 

share capital of Kitchen Queen Limited. 

On 8th‘Wbverhber, 1978:— . . =•' - s • V 


(i) theabthorgsed sharecapita! < . . . 

qf-arteWitional 21,652.(M0 Ordinqry^harM dtTGp.eiich? -- _ •- 

(iij ■ thcOor^anycapIralised thelsum of £1^89^00 itaRdrngtdlthpPre4it 

Account (arialngon the revaluation of its investment In Kitchen Quean 'Untiled T bYWy ofdl^tefc* -- JlVii 
of 1 6.695.000 Ordinary Share* of lOp trach created asfpUypalti, ratmittfqr, i mru{ium det&'rf TT% 
the Ordinary Shares. ;and •' ■ • V 7 ' ■.;■]», V/WU 

fiii) the Company adopted he a’ Articies pf Association and became a publtccompinyi; 

No share or-loah captndroftho^inpa^^-vHTy'oflt^subfiidiariqBfslrndOToiri mt t^^ re^ .c qiw tfi^igy-y.^,,^^ 
or uncanditionaiiy to be put under pptton^Save as disclosed herein, no share or lqtio;cajwal "of tfufcCompnjreti; U. : 

any of its subsidiaries has within t— iMK-- 

to.be netted either lor cash > 
been granted within the said i 

-of any part of tbeir share capita L .. .. ... -. **.. . * j - y; ; -r-- 

Without the prior approVaT-bf the Company in -general reeeting.qOTneterlal issuo^sfwhw^iiwplJtah.'W, l-.'i 
Ordinary shareholders pro fata fotiwiaring holdings) will be tnaria-Vidtiri- one y eat Pf dllSr'ratar fiir 5Bte^rrd^P » :'~S ‘ 

issue of shares win ba made whicbwould effectively alter the comm otthbCompany 7 ariHogBiar»M1at^ma; {. ; 

On 10th August 1 973 Kitcteh Queen Limited capital i3edTtw ^um of"r417,4C0sMprfir«^itdi^fo'@S^y ^ c ^ 
of its Capital Resenre Account anr^ae topm.io the credit of thoPnrfh and LossACCDuPtigrww 

4b.000'A , and64.000'B , ConverbWeCtimul8tivePreferredOfdlnaryShar«aof£1«3BdJ'WKl'3i8,4tXM)nft!€i!yStB»s--,ii r 
of 11 each, credited as fully paid rateabfyamortget the holders, raspectively. of the 'A'amf'E* Gonvqrfflte CoiradattH^S^-y -' 
Preferred Ordinary Shares and thb CNRnary Shere-j in Kitchen Queen Limited. On 7tfi Ncnwroflet 1978i feiawrEafdU 171 : . 
pnorto the sale to the Company, ett the Convertible Cumulative Preferred Ordinary ShereS’hi'Kdohen ChieimlJniHad • T 
were converted into Ordinary Shares.- . V ' '• y. - 

2, ARTICLES OF ASSOCIATION f l 

The Articles of AssocfatidiV ol the Company contain provisions (inter aha) to thejft^toWiflg effect “ .- . 7' 

(i) Votes of members \ ''*/<'• ’’ ' "- r - 

' Subject to any spactol tlghis or rwtrictiorw as tovoting ^attaidiad to- i(ri\rjBFi ipo^-Zi^rAl; - 07 ' ‘ - ' • • 

with the Articles an : eshow bf hands every member who Cbfthg ariln#viclua)>.tS>gteseht%pBi«lp. J\ K ' ..... 
or l being a ccjrpburation) Tfi'prerieni by a duly authorised Teprasantativtn, etisb fuivfi t^vdps.'aoiton 




potT every memfiei\vho'ta prsseriilh person or i^r proxy ahfill have dne voteldr fiiilrysharefK^lbybt^..; ,-f> , a . 7 , : 

Directors 7'. v ; C*- T -• ' 

Sava as provideif ift the Articles, a Director shall not vote In rotpact ofjBnyxamrt^tdrmwKgain^dl * 


or any other proposal whatsoever in which he has any matarta) interest otherwida than .By indued S- 
his interests in shares or debentures or other securities if. w otherwise ip-or throtjjb;-^tw.CidB4«anyi.''. 7- 


A Director shall not be counted in the quorum -at a meeting, ip reletipji td apyiflunlniiftn wt'Vririr. ■ . , 

he is debarred from voting.: . . • - ’’ T “ ’ T* 

A Director shall. not- be required io retire by reason of having attained any. pahrcufarjge araf he'.i*. v r ^ V :; --- 
not required td-Bave a holding ot shares in the Company, ’ " .y -;X, v-‘: /-"* 

(iii) Borrowing powers . . . . ' ' - ‘ \ ••'7 ‘ l - V 


The Directors nwy exenrisa all the powers of the Company to borrow' ntbhev;; fiiitfto. harigeg* dr 
ch.irge 115 undertaking, property and uncalled capital, and to Issue debemorBs erid^ ^^irthe^iecuddeei-" ■ 
wheihei ou 1 right jsr,. a* coflaierei. sec urrty fqr any dobl. UabllitTof' oplispriit^.pf ft^ Corppany nt of .?* 
aru, third party ,"_The Direclorfi shall restrict The borrowings of tbe Con i ptmy . jameg-- * -• 
and other rights.otpOWe'raof control exsiosabta by the Company jftralariont&inpobflibiary ci xii iti tiW;- ^ 
so as to secure (sofa^asregards the subsidiaries, as bysuch exerciss they Btes^^^fheasSraBte'' ;1 : 
amount from tntia ta time puisra nding of all. borrowings by- the Group (as *itc|uaivir.-oE '• 
borrowings ow&wby on* member of the Group 10 another member, of iha'Gr^i ; Alalliior r ar4nf' 

Tima v/nhout U» ptwripus sanction of an ordinary resolution of the Compjiny«c«xl jni-em<Wiit 1 

to lour limes ihi* ! AaiUW»d Copttal and Reserves (as -defined). ^ ;7 , 


3. PURCHASE OF SHARE^siy;«ALtlDAY # .SfMPSQ« & CO. 
Under contract (4) fipjow Haiiktoy. Simpson & Co. (" 


uuuer tomrau iKuow r“ ,, ‘*"r « uo. 1 naiiiaoy brmpson -j nave agr*Ml,sabjncJtothe coumai- ■ 

of The Stock Exchange adutiropaThe issoed Ordmary Share cental of Iho-eoropony m atmSf qd S I 
than 22nd November. 1978 -BrpiHeh«« .9>8I3.SOO Ordinary Shares of IQp each, et * pfk» bFaapnteFafiarfcimir 

tollowV - — Ch Shd,BS to^sa, ®' ^l ^ S, * p “ 6Wc * V* i,w,es 10 bo P^hased by HeWidaf Sim^fen'^PSp^trf’fiP ; 
Vendor 


N . B . J ohnaorv'^ ..'3 • T- 
S.J.Johnsori 
Antonio De Blagp.:.; . 
Aniello De Blosa» T- i 
N. De Biasto \ 
M.Roustab ’ ;-v- *' 1 
E. Powell 
H. E. Wilson .-■ % 


: - " fllitrOber L; v .-.. 

Shart/a : v- j.'f • 


V ; \ /.■>" „ 

• * : z&a, T^CKf 7 ■ 

. ilr Li : * Wc'if-r 

-\y ; : y- v&m ?Jsdfk v tf :- .&V: : . ■" 


, -i . , 

V 1 - 


1977 

1978 

m 

rooo 

£’000 


"" 36 . 

. 37 


*3 

45 

(2) 

~79 

82 




entorad .... 
be material 


In April ISTS-tiftMeen larchen Queen Lhnited (t) end eeorg*» 

and P. G. jrqi^atT that KriChen Quedn -fjmteed'XCqoirtrrtth&tsrtaaJB of tite 

issued snare ^capflal dr The Room Set Limited for £50d'antf ah undBr toltiha 'trf- jnpay Fkib St&ttu* .. 
from The Room^fttJrrted io George .Strachan &vSoirc Uiititrfr v * 

Quaen Uirtiwd^^viftenitiy it w« agreed thai'Kitoheri Owen 

promhast known ; • B Iack--gd Estate, .HorYWctfufor- a lerm,at ZO-yft&rsJmn* 2to M*e{V‘T9?9^ 
at 0 com mencingaqBtgrrem ot El 5 L3S0 to be reviewed evetyfivnyeam, d ft n m t S ttBneod nrttialte- 
certain alt«titiorW,1ipHy w Premises in accordancrvnthiihe pfatts Mrd.^TwaitSlfl&etiechatL.ift til* . ■' 
Agreement' v.‘ .'■? • • "> 7 • j . V.7 /'- —p/'TT T 

dated 7th fToyembife'^S between M. B. . JoVihsori and-thfi * 





JjgERNATIONAL H\\\( IM \\l) rOMPWV M\\\ 


jj. 


-yn* - h -“■ 


NORTH AMERICAN NEWS 


Wrfi, ‘V ' • '• • 

.Sifl 


BY JOHN WYt£S.f; 

•N- „ THE . PROPOSED. SfiXni. mers?r 
'' "between two of .'jtbe-.- top'U.S. 

• ch emical f^mpanifri 'ceianese 
■ X "'“Cbrp'bratiori aijtf ■ OJifl, .was aban- 

dosed ibis' morning witlxout any- 

• ■ '-pu blic explanation, - ‘ 

The airaouiJceiiLcht . frpra the 
two companies .cotnpared , in- 
brevity with their declaration on 
-October 3 t!bar;tfaey "both raw' 
- ‘ ~ advantages in creating a ©oiK 

• paity with “arbroader. and more, 
diverse product-line.” in dollar 

...terms the merger would have 
been one of the largest- in a year- 
littered with actual or proposed 
...j combinations 7 exceeding $5Whn 

\ and would have created the . 

-r sixth largest* chemical company 
.' .Zla. Lha-.U-S.. - 

«_In the absence of explanation, 
^speculation was rife, on Wall 


Street this morning.: One 
. au-blyst Mr. Paul Christ opberson 
of -Kidder Peabody; said he 
believed several institutional 
holders . of Ceianese stock had 
complained vigorously, arguing 
that. a combination with Olin 
"would -dilute the impact of the. 
emerging recovery in the world 
fibres market on Ceianese earn- 
ings which, in the third quarter, 
rose 47 per cent to S2JH) a sha re. 

“'A niwfber of institutions had 
bought the stock in anticipation 
of . rising earnings and increased 
rdiyidends and they saw these 
threatened by the merger, 
declared- Mr. Christoph ersern, 
adding. “ if Ceianese holders had 
wanted to -diversify their hold- 
ings jibey could have sold 
Cetanese at $43 a share and 
bought .Olin at $15. They did 

not need Ceianese to .buy -it at 
*so> 


merger 

NEW YORK. Nov 9. 

When the merger was an- 
nounced. the Dow .Tones Indus- 
trial Average stood at SB7 and US 
subsequent* fall jo around S00 is 
held by other analysts to have 
reduced the attraction of the 
' merger for hoth parties. Ceianese 
had agreed in pay $30 a share for 
Up to 30 per cent of OHn’s out- 
standing stock and offer a com- 
bination of common and 
preferred stock for ; the rest. 
Since the announcement, how- 
ever. Ceianese stock has fallen 
from around $46 Id a shade over 
539 a share. 

Spokesmen for both Ceianese 
and 01 m said today that they 
knew of ao other possible bidder 
for Olin. This was in response to 
Wall Street rumours that ’ a 
foreign company was about to 
launch an offer. 


Allstate Insurance diversifies 


BY STEWART FLEMING 

ALLSTATE INStTRANCE. one of 
■ the top three U.S.- insurance com- 
- panics with premiums last year 
- T of $4.3bn. is undertaking a: major 
diversification by entering the 
large - and medium-sized risk 
commercial insurance market 
Although the company says that 
it will enter the market cauti- 
ously next year using 1 ndepen- 
dcni agents rather its own. sales 
•'*• force. Allstate’s move’ will bring 
,j. .major new competitor into this 
.sector of the market. Hitherto, 
the company has grown to its 
. current size largely through the 
. sale of personal casualty insur- 
s ance such as ear insurance and 
life, insurance through its own 
sales force of 9,800 people." - 


Ironically the company is en- 
tering the U.S. commercial in- 
surance market for large risks 
: at a time -when .it is expecting 
underwriting conditions in the 
U.S. to deteriorate sharply. Mr. 
Archie Boe. chairman and chief 
executive of Allstate, which is a 
subsidiary erf Sears. Roebuck, the 
largest U.S. retail chain store 
with sales of over S17bn last year, 
said today that in his view the 
insurance industry underwriting 
cycle had peaked. 

He predicted that next year, 
for the industry as a whole, the 
■ combined operating and under- 
writing ratios could go over 100. 
indicating that the industry as a 
whole would move into a period 


Thomson Newspaper advance 


BY OUR FINANCIAL STAFF 

'NET INCOME of Thomson News- 
papers of Canada for the first 
nine months of the current- 
financial year rose sharply from 
: C$31ra or 6L8 cents a share to 
£C39m or 78 cents. " Sales, 
revenues advanced from CS183Sm 
to CS21S.6m. 

The dividend for the third 
quarter has been raised from 


8.586 cents a share to 11.5 cents. 

• At the same time, the company 
revealed the purchase, for - an 
undisclosed amount of the Desert 
Dispatch, a daily newspaper in 
Barstow, California. This acqui- 
sition brings the number of news- 
papers taken over by Thomson 
this year -to five dailies and one 
weekly in the U.S.. and one daily 
in Canada. 


XEW YORK. NOV. 9. 

of underwriting losses. 

One of the factors behind this 
trend, which will be offset in part 
by buoyant investment income, is 
the rapid inflation of claims costs. 
Mr. Boe said that in an effort to 
offset the trend. Allstate would 
be pressing for increases in 
insurance premiums. • 

Mr. Boe said that the company 
anticipated, under the wage and 
price policy of the Carter Admini- 
stration, being free to increase 
premiums by around 9.6 per cent 
over the next 12 months. 

Mr. Boe's announcements 
came at a meeting of security 
analysts who follow the shares 
of Sears Roebuck in New York. 

At the heavily attended 
meeting. Mr. Edward R. Telling, 
who took over as chairman and 
chief executive in January, 
vigorously defended the com- 
pany 

He said that Sears, is imple- 
menting a new merchandising 
strategy with an emphasis on 
quality merchandise and care- 
fully thought-out promotional 
schemes. 

Partly as a result of steps 
already taken to improve profit 
margins, the company is fore- 
casting a “substantial increase 
in earnings" in the fourth 
quarier. 


THE MOTOR INDUSTRY 


Currency 
losses hit 
earnings 
at ITT 

By Our Financial Staff 

AFTER a loss on currency 
translation of 526.1m. uei in- 
come of International Tele- 
phone and Telegraph for the 
third quarter or the current 
financial year declined from 
Sl50.."lm or Sl.09 a chare to 
5130.39m or 93 cents a chare. 
Sales for Lhr quarter moved 
ahead from $3.09bn to Klutibn. 

In spite of this setback, ITT 
was still able to report record 
sales and earnings for the nine 
month* period. Net income for 
the first three quarters was 
S472.J9m or S3.45 a share com- 
pared with $4 46.73m nr $3.25 a 
share, on sales ahead 1 from 
59J29hn to $10J6hn. 

Mr. Lyman C. Hamilton Jnr., 
president and chief executive, 
expressed optimism about re- 
sults Tor the full year. “ Sub- 
ject only to extreme weaken- 
ing or the dollar during the 
remainder or the year, we 
should set new highs In sales, 
net income and earnings per 
share for the fourth quarter 
and full year," he said. 

Ohio approves 
Occidental bid 

By Our Own Correspondent 

NEW YORK, Nov. 9. 
ONE OF Mead Corporation’s 
lines of defence against the 
■SIhn takeoier bid for the com- 
pany from Occidental Petro- 
leum appeared to collapse to- 
day when Occidental announced 
that the Ohio Division of 
Securities had approved the 
offer. 

Later in the day. Mead eon- 
firmed the Ohio authorities' 
findings, but .said that it dis- 
agreed with the conclusion the 
Securities Division had reached 
and would -appeal. It claimed 
that the reeord on which the 
Division acted did not include 
many documents and informa- 
tion' which Mead feels are 
material. 

The Division had launched 
an inquiry into Ihe proposed 
takeover of Mead, an Ohio- 
based company, to see whether 
the Occidental offer complied 
with Ohio takeover laws. 


A sudden chill isi the air 


BY JOHN WYLES IN NEW YORK 


ON TUESDAY aa air of inno- 
cent bewilderment could be en- 
countered in General Motors a l 
the stock market's reaction to 
the news i'nar the largest U.S. 
corporation was cutting its divi- 
dend payment for 1978. While 
GM officials were claiming that 
they were merely exercising the 
prudent cam inn fop which they 
are famed, investors io particu- 
lar and ihe -Af-rld in genera! 
were behaving as though GM 
had suddenly brought the out- 
look into focus and ihe picture 
was nor a preity one. 

As by far the largest producer 
of consumer durables, ir has be- 
come a cliche io say that the. 
auto inthislfy i? America's eco- 
nomic barometer. While there 
may have been some over- 
reactiou Jo the stock market's 
14.81 plunge which followed 
GM : s announcement, it could be 
said that. if the GM announce- 
ment did not portent doomsday 
for the compan;. and the U.S. 
economy, then investors at least 
deserved a somewhat fuller ex- 
planation than they were given. 

! The" company did after all earn 
511.62 per share last year and 
pay our S6.8Q to shareholders, 
and there is no evidence th3t GM 
has made any effort to counter 
expectations that anticipated pro- 
fits of 512 a share this year would 
be accompanied rr- a similar pay- 
out. Instead the end year divi- 
dend was reduced from $3.25 to 
52.50. leaving the total payout 
for the year at For a com- 
pany with sales of S61on and 
cash assets of around 54.7bn. ibe 
saving of S22S.5m is somewhat 
modest. 

The question baffling "Wall 
Steer, therefore, is what, does 
GM's extremp parsimony tell us 
about the company and the out- 
look for the auto industry? In 
particular, if .GM feels there is 


EUROBONDS 


sufficient uncertainty ahead in 
justify such prudence, thee what 
may lie in -store for iis smaller 
and weaker brethren at Ford and 
Chrysler? The duo at the tup 
oF CM. Mr. Thomas Murphy, the 
chairman, and Mr. Elliott Estes, 
the president, attributed the 
reduced dividend to the need to 
maintain a strong capital petition 
to meet capital expenditures 


fitting of die«r*{ engines in cars. 

3— ^We have to negotiate a new 
three .'ear en.nract with ib<? 
United Auto Workers next year 
and notwithstanding the anti- 
inflation programme, we could 
be the target company for a 
strike. 

GM is now virtually alone in 
believing that nt*yt year’s car and 
Truck sale^ will climb from 


General Motors* decision to cut its dividend gave Wall Street 
a severe shock. The question now is to what extent the move 
reflects a change in this year's prospects, not only for G3I but 
also for some of its smaller competitors 


which win rise from S4.5bn this 
year to more than $5bn next 

year. Del ph really. they went on 

to stress that the “corporation's 
progress will be importantly in- 
fluenced by the degree to which 
conditions (including progress in 
the area of reducing inflation) a 
more rational regulatory environ- 
ment and a constructive resolu- 
tion of the upcoming labour nego- 
tiations in 1979 are achieved.'* 
In translation, this could mean: 

1 — With short term ‘interest 
rates rising and a Government 
anti-inflation programme whose 
chances of success are at best 
modest, we cannot be sure that 
there will be sufficient economic 
growth next year to fulfil our 
expectation that 1P79 model year 
sales will be even better than 
1973. 

2 — Government regulation in 
Lbe form of mandatory fuel 
standards is already responsible 
Tor the bulk of our enormous 
capital spending needs and the 
Government could yet add to the 
burden by imposing difficult 
standards for trucks and by out- 
lawing on pollution grounds the 


15.2m units thi* year to 15.5m 
□ext. The company says that 
recent interest rite developments 
have not changed its mind. But 
if its optimism is proved false 
then dearly j;$ balance sheet 
will come under considerable 
pressure. Most of nest, year's S5bn 
capital expenditure is scheduled 
to come out of internal funds and 
depreciation and tooling amorti- 
sation is expected to climb from 
S2.95bn this year to S3.55bn next. 
With ibis burden, profit margins 
at a lower point than at any time 
for 20 years. Government re- 
straint on full recovery of costs 
through price increases and with 
1979 earnings perhaps no higher 
than SS per share, then GM’s 
prudent pruning of its dividend 
may in 12 months' time, earn it 
some plaudits. 

But if GM is raking precau- 
tions against a possible chill, 
then how can Ford and Chrysler 
be saved from pneumonia? 

Since third-quarter earnings 
figures are alwaj - misleading be- 
cause of plant --hutdowns and 
model chan geo vers, then not too 
much should be made of weak- 
nesses at both companies which 


have recently been made public. 
However, at Ford there do 
appear to be al least two causes 
for concern. The S93m slump in 
Ford's profits from ils North 
American operations served to 
underline its extreme depen- 
dence on its overseas activities 
which accounted for $266m of 
third-quarter net income. 

Analysts are now agreed that 
Ford is losing money on its 
American car production, but 
operations are kept profitable by 
itis truck sales. Ford is currently 
losing passenger car market 
share lo General Motors, for 
reasons which appear lo defy 
explanation, and if this were to 
continue at The same time as the 
domestic U.S. market turned 
down, then its ability to finance 
capital expenditures of $3.5bn 
next year would be strained. 

A funher pressure on the com- 
pany's earnings looks likely to 
be Ford's struggle to meet the 
final economy requirement Df a 
fleet average of 19 mpg for the 
197R model year. The company 
is selling its controversial Pinto 
small car at a loss m order to 
meet the fleet average and may 
be losing some sales by its 
inability to provide VS engine? 
on request in some cars and 
pick-ups. Net income for the 
fourth quarier will be reduced 
by more than SIQm for each 
week that the strike at its British 
plants lasts. 

Finally. Chrysler'^ troubles are 
unlikely ro ease much next year, 
despite the arrival of Mr. Lee 
lacncca as president. The com- 
pany i$ betting on a new line of 
full-steed cars to boost its market 
snare of domestically produced 
cars from 12.6 per cent to 15 
per. cent next year, but losses 
this year will exceed $250m snd 
may approach SISOm next year. 


Dollar sector recovers after early setback 


BY FRANCIS GH1US 

ALTHOUGH THE dollar firmed 
yesterday and dollar interest 
rates eased slightly, prices in the 
dollar sector of the international 
bond market continued to move 
sharply in erne direction and 
another as dealers tried to find 
a new level at which client 
business could be attracted back. 

Prices fell at the start of trad- 
ing by as much as three quarters 
of 3 point across the board but 


later recovered only to ease at 
the close. Prices of many issues 
finished the day at the same 
levels as Wednesday night. “Lt 
is becoming a game of blind 
man’s buff." sighed one dealer 
who added that the .past ten 
days trading had been among 
the most difficult he had ever 
known. 

The DM sector also refleciwi 
the uncertainty prevailing in the 


dollar sector and prices ended 
the day on a soft note. Selling 
pressure from abroad, a 
prominent factor on Wednesday, 
eased yesterday but the fear of 
increased interest rates remains. 
Other factors worrying investors 
are 'the wide yield gap between 
dollar and DM denominated 
bonds especially if the dollar 
Shows signs of picking up 
further and the possible issue of 


up to SlObn worth of U.S. 
foreign currency bonds. 

in the sterling sector prices 
fell in the wake one of the 
highest rises in the bank rate in 
60 years. MLR now stands at 
12t per cent but the fall in 
prices in this sector is as much' 
a reflection of the thin second- 
ary market as of the rise in 
i merest rales. 


•rfitcfien 




group Limited 


_ SUBSIDIARY COMPANIES 

• . Nam * ' ■>.&£... , 

• — ,; n ■■ f - 'i-.- " 

_ •. . - ’• ; . 

. ; c. DlLusso XrasJwnSUtrmea :V . 

K miheh Jiwcn (Mtdla/idsJ Umhoc 


fisuod Shm^CspM 


Data of Incorporation 


834,800 

. 20.000 

, ■; Kuchentiuecn (Mkiland jj ilmllod ■ r". 100 26th November, li)73 

Kncbco Queen (Leeds) Limited . . i( .’ 500 1 st July. 1977 

"- ExJjy Space Limned . -100 1 3rti May. 1 976 

Badroajn'Qucen Limited- ' *— "- 1.000 IStfi Sep lembw. 1969 

- Kiicbefis Today Limned ,r‘ 100 . 17th August. 1976 

■ l .AogTo-haiian Kitchens Limited - t 100 . 28ih November. 1977 

■■ All subndwias aria private. Incorporated in England and are wholly owned by the Company or a subsidiary 
except lor Angto-tfaTtan Kitchana Limited, in which the Group has a 70 per com. holding. 


24th February. 1 9 69 
6<h February . 1970 
26th November, lS)73 
1st July. 1977 
13if> May. 1976 
1 8th September. 1 969 
. 17th August. 1976 
28ih November. 1 977 


7. tAxation 

-• TOe Directors haw been adwfead that immediately following this 0 Mot for Sale thn Company will not bp 
■ dose company as defined in the income and Corporation Taxes Act 1970. 

1 • ' - 'Shortfall and apportionment clearances (as appropriate) have been obtained for lbeeubsidiaiiTC of the 
Company in respeaoT lb® five years ended 31 M August. 1978. 

Under contract (5) above the shareholders other than Industrial raid Commercial Finance Corporation Limited 
end Estate Duties Investment trust Limited have given indemnities to the Company, its subsidiaries and Halliday 
Simpson in respect of estate duty, capital Transfer tax and other taxation. 

-8.' DIRECTORS' AND OTHER INTERESTS . 

Following the sale pursuant to contract (4) above, Directors' interests tho nwanlng of the Companies 

«s1B40 to 1976) in the Ordinary shares of the Company will be as lotovrai— .. . ... 

. . Number of Shms 

Dfractnr Saneltcial JVon-bemficM 


&240.000 


Director ' rsmerietai jvon-oemtrc tat 

.... . N.B. Johnson 7.330.010 ' 400,500 

AnwitioDeBbsio 

AruelloDaBtasio 1.037,340 

M. Rouse* WM> W40.000 

V.l E. Powell 

, . hi, De blasio 508-320 

' H.E.Wiboni".... 188,160 . 

^ ■: . In addition j— . ' 

ft) N. S, Johnson's femltyhwin benpfldal Interest in 5328570 shems tfndmteg d* 3240500 shares 
held by the trustees of the N. B. Johnson family settlement) representing 21 .28 per cent, oi the Issued 
share capital 

- (H) N. B. Johnson has granted to Antonio pa Blaao, AnleUo Da Blasio and Nicola De Btesio options to 
acquire a total of-1 ,252JU)Oah8res bom him. . 

Following ihe Offer for Sate Industrial end Co m mer cia l Finance Corporation i UntitedwiB hold 1.687.500 
.shares representing 6,74 per cent and Estate Duties Investment Trust Limited will hold 337.600 shares representing 
'1 J5 per cent, or the issued share capital respectively. The Trustees of the N. B. Johnson family sMtiernem wOl hold 
3.240.000 shares representing 12.93 per cent, of the issued share capital, as set out abov^save as discteed twem 
the Directors are not aware of any other shareholdings which will immediately after completion of this Offer for Sale 
represcnifive per cent or more of the Issued Ordinary share capital of the Company. 

The shareholdings oF the Directors in ihe Company arose from the allotment of shares to t hem as consideration 
for tire transfer of thareharesin Kitchen Queen Limited u the Company, and a subsequent bonus woe. 

Sava as disclosed herein, no Director has since 8th November. 1 976 had any inte rest, direc t or indirect, in any 
asset acquired or disposed ol by or tewad to fin Company ox its subsidiaries or which *s proposed ® ba so acquired, 
disposed of or leased. _ ; 

There is no contract or arrangement in which any Director is materially intweetsd and which is significant in 
rotation to the business of the Group taken as a wtate. 

Other than those set out in paragraph 5 above there are no service agxeamentsbotwraBianyof th» Directors 

and any company m tire Group snrf at present no such agreements are proposed. . 

The aggregate emoluments of tiie Directors during the yew ended 31 st ■ WBrE '£105,1 29. The 
. aggregate eroohimentf: -of the Directors during thcTyeat ending 31st August, 1979 under the arrangements in force 
a. the date of this Offer lor Sale wffi be £527,730. 

: 4!.' ASSDIWPtlOHSAlfDlFPrFRSOIITURNOVERANDPROFrrFORECASTS - 

X . fe) The turnover and pwflt forecasts of Ute Group forthe year ending 31sij ^^™™**™* ®** v * h ?£ 
' been based on the unaudited management accounts forth* months at September and October. 1978 and on Ihe 

following prindpal aaoumprions for tha remainder of the period: — 

(i) The curre«rtfandsofsai»andprat!T margins, are maintained. ' - 

(ii) The Group's profits will not be wgnifieantiy affected by any logistehon introduced during the courae of 
■ tire financial yBar. ... 

inflation will ba at 'an annual rate of TO oar cent, . . ’ 

fiv) The Group, its suppliers and to customers wIB not beafietted bv wnous mdustnni disputes. 

j anp/u mr hae hoon tafcnn nf turnover or wofitfbtiny-of additional proposed retail 


i- . HHton Chambers. 

1 5 Hfiton Street. 

•a -TV.' " Manchester Mil JL, 

. ' $thNovanbar,t978. 

ThaDtfBptotJ, , 

* lOachen Ouaeq Group limited 

ivHcti the Directors are sdely ?? Dtiwf wSato^e^l 2 500 Ordinary Shares of 10p each, indude 

. Sth November, JD78, issued in connec ^ l l*S 31K Ocrober^07a^ haverevS 

Mention, 

YourefsttMunV- 

;R0YC® PEEUNG. GREEN &C0. 

Chartered AccountarA • 


98 King Street, 
Manchester M60 2 HA. 

The Direct or y 6th November. 1978. 

Kiichan Queen Group tirmtod 
Dear Sirs. 

We heva discussed with yotf end with Royee, PoeUnp, Green & Co. the tomovaram) ptofif forecasts of Kitchen 
Queen Group Limited and it* subsidiaries tor the year ending 3lst Augu- t, 1979 set out in the Offer for Sale ti> be 
dated ^th November. 1978. In our opinion, ihe lorecsstsand the assumptions on which they are based, for which lbe 
Directors are solely responsibly, have been made alts due and careful enquiry. 

Yours fahWulty. 

HALUOAY, SIMPSON & CO, 

IQ.- GENERAL 

1 . The Directors of tfw Company are of the opinion that, having regard to the cash resources, and available 

bank facilities, the Group has sufficient working capital for its prpisnr requirements. 

2 A cfaim has been made against Dr Lusso Kitchens Limited for £243.7£0 and damages. The liquidated 
claim has been Mtbs'.antially denied and the claim lor damages has not been actively prosecuted. A reserve in respect 
oi thisdaim has been made in the accounts of Di Lusso Kitchens Limned and is considered lo beadequate. 

Save as aforesaid, neither thfe Comoanv nor any ol us subsidiaries is engaged in any material litigation or has, 
ao lar as The Directors are aware, any litigation or claims of materiel importance pending or threatened agains: it. 

3. Royce, Peeling. Green & Co. have giver and not withdrawn their written consent to ine issue of 
Ibis Offer lor Sale with the inclusion therein of their report ana their letter in the forms and contexts in which they are 
included. 

A, Halliday Simpson have given and not withdrawn iheir written consent to the issue of this Offer for Sale 
With the mclusion therein of their letter in the form andcontext in which n is included. 

5. Copies of the above mentioned consents, a statement of tha adjustments made bv Royce, Peeling, 
Green & Ca in arriving at the figures set out in Uiev report and the reasons therefore, and the contracts listed above 
were attached to the copies ol this Offer for Sale end the forms of application delivered Ipthe Registrar of Companies 
for registration. 

6. The following documents or copras thereof may be ins netted at the offices of Halliday, Simpson £i Co., 
98 King Street, Manchester M60 2HA and 73 Cheapside. London EC2V 6 ES- during usual business hours on any 
Weekday f Saturdays excepted) for a period of fourteen days from the date of publication of this Offer for 5afe : — 

fa) toeMemcKandumandArtidttofAssocwtionoflheCompany. 

lb) the audited consolidated accounts of Kitchen Queen Limned for the two financial years ended 3ist 
August 1978. 

(c) the material contra os referred to above. 

(d) the service agree ments of the Directors referred to a be 1 - - ?- 

(e) the report of Royce. Pealing. Green & Co* their statement of adjustments, their letter dated 8th Novem- 
ber. 1978 and their written consent. 

(f) the letter dated 3th November, 19 78 front Halliday. Simoson and their written consent. 

PROCEDURE FOR APPLICATION 

Except for employees' applications referred to below, applications (which must be for a minimum 
of 500 shares and in multiples of 500 shares up to 5,000 shares, and thereafter in multiples oi 1,000 
shares) must be" made oq the Application Forms provided and forwarded to Uoyds Bank Limited, 
Registrar's Department, Issue Section* 111 Old Broad Street, London EC2N 1AU to arrive not later 
than 10 a.m. on Wednesday. 15th November. 

Each Application Form must be accompanied by a separata cheque (which must be drawn on 
3 bank- in and be payable in England, Scotland or Wales) in respect of the full amount payable on 
application, made payable to “Uoyds Bank Limited" and crossed "Not Negotiable". No applications 
wilt be considered unless the above conditions are fulfilled. 

Halliday, Simpson & Co. reserve the right to present ?U cheques for payment on receipt, to retain 
Letters of Acceptance and surplus application moneys pending the clearance of all cheques, to accept 
in part only or to reject or scale down applications and, in particular, multiple or suspected multiple 
applications and applications for an undue number of shares. Due completion and delivery of a Form 
of Application accompanied by a cheque will constitute a representation that thecheque will be honoured 
on the first presentation; attention is drawn to the declaration in the Form of Application to that effect. 

Preferential consideration will be given in respect c-S a maximum of 681.250 Ordinary Shares 
to applications made by employees of the Company on ths special pink forms provided for this purpose. 
Such applications must be for a minimum of 200 shares and in multiples of 100 shares. 

Acceptance of applications will be conditional upon the Council of The Stock Exchange admitting 
the whole of the issued share capital of the Company to the Critical List of The Slock Exchange, not 
later than 22nd November, 1973-Moneys paid in respect of applications will he returned if such admis- 
sion to ihe Official List has not been granted by thai date and, m the meantime, will be retained by Lloyds 
Bank Limited in a separate account. 

If any application is not accepted, the amount paid on application will be returned in full and, 
if any application is accepted for fewer shares than applied for, the balance of the amount paid on 
application will to returned by cheque Through the post, in either ca&o without interest end at the 
applicant's risk. 

Lenars- of Acceptance will be renounceabie up to 5ih January, 1979. The shares now being 
offered for sale will be registered free of stamp duty and registration fees in the names of the purchasers 
or -persons in whose favour Letters of Acceptance have been renounced, provided that, in the case 
of renunciation, Letters of Acceptance duly completed tn accordance with the instructions contained 
therein are lodged for registration on or before 5th January, 1 979. 5hare certificates will be despatched 
on 2nd February, 1979. 

Copies of this Ofler tor Sals with ordinary Forms of Application may be obtained front:— • 


98 KingStreef. 
Manchester M60 2H4. 

3 Devonshire Square, 
Bexhili-on-Sea, 
Sussex TN401AJ. 

Pali Mall Court, 

61 King Street. 
Manchester M24PDj 


Halliday, Simpson & Co., 
73Cheapsrde. 

London EC 27 6 ES. 

1 4 Charing Cross, 

St. Halier, Jerrey, 

Channel Islands, 

Algernons Bank Nederland NV 


laWynnsiayRoed, 
Colwyn Bay, 

North Wales LL29 8NN. 

2 Water Street, 

Ramsey, 

Isle of Man. 

61 Thwadneedle Street, 
London, 

EC2P2HH. 


Lloyd* Bank Limited. 

Registrars Department issue Section, 

11 1 Old Broad Street, London 8C2N 1AU, 

and the following brandies of Uoyds Bank Limited: — 

Cox's & King's Branch, 6 Pall Mall. London SW1 Y 5NH 
P.0. Box 358, 53 King Streei, Manchester M6Q 2E5 
53 Corporation Street, Covensry CV1 1 GN 
P.0. Box 1 08, India Buildings, Water Suse:. Liverpool L69 2BT - 
P.0. Box 1 53, 55 Com Sheet. Bristol BS99 7 LE 
. P.D. Box 10. 1 9-21 High Street. Southairvoton S09 7AN 
— P.0. Box 96, 6-7 Park Row, Leeds LSI 1 NX 
P.0. Box 1 RH. 9-17 Collingwood Street, Newcastle upon Tyne NE99 1 RH 
P.0. Box 44. 125 Colmore Row, Birmingham B3 3AD 
131 George Street, Edinburgh EH2 4LQ -- 
P.0. Box Bl, 28 High Streei, Cardiff CFJ 2RT 

Dated 3th Ncvarr.ber, 1978 


THE APPLICATION LIST WILL OPEN AT 1 0 a.m. ON WEDN ES DAY, 15th NOVEMBER, 197* 
AND WILL CLOSE AT SUCH LATER TIME ON THE SAME DAY AS 
HALLIDAY, SIMPSON & CO. MAY DETERMINE. 

Thin Form should be filled in and forwarded to Lloyds Bank Limited, Registrar's Department, 
Issue Section, 111 Old Broad Street. London EC2N 1 AU with a cheque for the full amount 
payable on application, so as to arrive riot taterthan 10 a.m. on Wednesday, 1 5th November, 
1978. Cheques, which must be drawn on a bank in and be payable in England, Scotland or 
Wales, must be made payable tu "Lloyds Bank Limilod’* end be crossed "Not Negotiable" 
and are liable to be presented for payment oa receipt. A separate cheque must accompany 
each application. 

Applicants are advised to use first class post and to allow two days for delivery. 

Form of Application 

Halliday, Simpson & Co. 

Offer for Sale 

6,812,500 Ordinary Shares of lOp each at 
29p per share {payable in full on application) of 

KMienQueenGroup 

glOUp Limited 

To: HALLIDAY. SI M PSO N & CO. 

Gentlemen 

1 Numbe^^here^o^hict^ppUcetJor^^iad^^^ ’^’^^Amoun^^hequ^nc/osediH^^^^ 


I/We enclose a cheque payable io Lloyds Bant Lin’t:*c for ihe a oove- mentioned sum. being the amount 
payable m full on application for the staled number of ;he aeo/e Ordinarv Shares ol 1 0p each at 29p per 
share and l/we offer lo purchase lhai number of share?, anc I. we agree lo accept the same or any smeller 
number in respeci of which ihis applicai-on may be acc-Died upon the terms of your Offer for Sale daied 
9lh November. 1978 and subject io ihe MemorancV” Articles of Association ol the Company. f/We 
request lhai you send to me/us a fully paid renounreat 1-- Letter of Accepiance in respect ol such Ordinary 
Shares, together with a cheque for any amount overpaid, by post at my/ourrisktomy/our address fust given 
below. 

An applicant who Is unable to moJca the following Declaration should delete it and consult 
an Authorised Depositary* (or an Approved Agent in the Republic of Ireland^) through 
whom lodgement should be effected. 

l/VVe declare that I am/we are noi resident outside the Sthsduled Territories; and am/ are not acquiring the 
Ordinary Shares as ihe nominee(s; of any person (sj reaceni oulsid* those Territories. 

I/We understand that the completion and delivery of this Application Form accompanied by a 
cheque wilt constitute a representation that the cheque will be honoured on first presentation, 
1/1 No acknowledge that Letters of Acceptance and cheques for excess application moneys arc 
liable to be held pending clearance of applicants cheques. 


Sign;- Lure 


PLEASE 

USE 

BLOCK 

LETTERS 

FOR 

EACH 

ENTRY 


Forenamefs ) 

{in full}—. 

Address (in full). 



«•— Forenamefs) (in full) 

■*— Surname and designation 
(Mr.. Mrs.. Miss, Ms or libs) 

■*— Address (in full; 


Surname and designation 
. .AX ,Vfs., Miss. Ms or tide). 


Please 

pin 

top left 

comer 

of 

cheque 

here 


Forenamefs i 
(.n fun I 


Surra ~>r a>’L dtsicnal-.O'' 

■ .. f- l X . Ms or r-.-.'e i . 


Address imtoilt . 


H I 


Forename I si 

(in full ) 

Address (in full)—. 


? and desier.atip” 

Miss. Mscrntisj. 


ALLJOINT APPLICANTS MUST SIGN 

A Corporation should sign under the hand of a dui« uuihcnsed official who should state his representa- 
tive capacity. 

No receipt will be issued lor the payment on appHco:!on biff an aeknowleagemeniwill be forwarded iff 
due course through the post by fully paid renpunceaM? Letter of Acceptance and/or return oi application 
moneys or any excess thereat. 

EXCHANGE CONTROL ACT 1947 

■Authorised Dcpesiraries art ‘ir-red in thecurreni issai. df S-™ 1 ol Engfand's Notice E.C.1 ap.d include 
most banka and slockbrokew m. and solicitors practi> r v Whited Kingdom, the Channel Islands or ihe 
Isle of Man. 

?An Approved Agent m the Republic ol Ireland K d. lined i* the curren: issue of the Ban'r.of England's 
Notice E.C.1 0. 

• ;The Scheduled Territories at prvseni compri't.: the Mngdam, the Channel Islands the isle of 
Man, ihe Republic ol Ireland and Gibraltar. 

dr Applications muse be for a minimum- of 500 shares; applications for up to 5JJM shares 
must be in multiples of 500 shares and thereafter in multiples of 1,000 shares. 
tHt APWHU rt payable bo application 3.CO0 5h#nj» £1,016 10,000 Shares €2,900 

300 Shares 045 2.000 Shares CSXO a.000 Shares 0,100 20000 Shares £3,800 

1,000 Shaw £280 2,500 Shares £72S 4,500 Shares £1,305 50,000 Shins £14,500 

1,900 Shares £435 Shares <370 6,000 Shares £1.450 100,000 Shares £29,000 




30 




Financial; ilnies SJI88 


INTERNATIONAL FINANCIAL AND COMPANY NEWS 




Upturn in sight 
at Total group 


BY DAVID CURRY PARIS, Nor. 9. 

COX 5 OLIDAT ED FIRST half ings was up from FFr 230m to 
tbe Compagnie FFr 280m 


results from 

Frances des Petroles, Total, in- Depreciation and provisions 
dicate that it may be beginning were pushed UD fron » FFr l.lTbn 
to climb out of the worst of the 
recession. 


to FFr 1.35bn. due largely to 
higher contributions to the 
... amortisation of North Sea opera- 

The mam basis for this hope tions. Investments fell slightly 
is a relatively modest improve- s bort of cash flow, 
ment io cash flow From FFrl.49bn The refining sector though 
f 3391m). coupled over the worst, continues to be 
£*„t re “ n i f ? recasts liiat lt the black spot The fixed ex- 

SuOUld St3Tt tO gGfl6T2tG SC rpfinfirv DTI CSS ftPG tAn Iaw f t\r 

SEfFtriSiE* 1 ye “ r m ^So^SLTJSl £ 

order of FFi-Mbn refining subsidiary CFR expects 

In addition, the F Fra 88 m a poor second half 
capita! increase which took place Total, like other’ groups 

«£f„ 5 i u 5™ 1 1 r ; , b S f i Qg operating in France, is adjusting 
m the second half of the finan- to the new regime of partial 


Active year 
for Dutch 
investment 
fund 


M.A.N. OF WEST GERMANY 


By Charles Batchelor 


?JL£ 2 UP h* liberation of petrol prices and 


year-end balance be- semi-retreat by the eovem- 

T ? Pt ? ? r 0d de , ht - “'n. from the wholcsafo ®cS. 

The first half results more or sa tion of the * - 


■ _ — - — — - on ti'ju i#i uj% market for oil 

lew reproduce those achieved products. Having initially imple- 
Turaover . ^ rc,ra raented the maximum amount of 

t0 J3 r -8.34bn. re " rebate allowed at the petrol 
fleeting the increased tonnage puin p 0 f io-Y 2 centimes a litre. 

?F a rh^ te H d ’n S,QCe , the de P” c L atioa Total* has now cut its discoSt 
of the dollar was around o per half. 

ce « t ' , . . • SEV, Societe pour l’Equipment 

Production is still the de V^ticules. manufacturers of 
brightest spot, with Frigg. Eko- auto parts, reports consolidated 
fisk and Witte Waier beginning sales of FFrl.?2bn for the first 
to yield gas in the second half oine months of 1978. an increase 
or last year. of S.2 per ceot on the like year- 

Xet profit was FFr 309m ago period. The company expects 
against FFr 318m. but after to achieve sales of FFr2.4bn for 
deduction of minority interests, the whole of the year, a rise of 
tne group's own share in earn- a tenth over 1977. 


German cartel office 
rules against Levi 


BY LESLIE COUTT 


BERLIN. Nov. 9. 


THE West German Cartel Office interior and low prices.” 
has ruled against Levi Strauss Only last month the Cartel 
Germany's refusal to supply a Office fined the West Germany 
retail chain io West Germany representative of Wrangler, the 
with Levi clothing because of jeans and sports wear manufac- 
the customers discount price furer DM 49.000 for circumvent- 
policy. The refusal to deliver Is iug a ban on price maintenance 
said to violate a “ban on di-s- in West Germany, 
crimination ” appl.yin gespecially The representative sent notice 
to companies with a strong to customers that they would be 
market^ position. cut off from shipments if they 

The Cartel Office In West Berlin did not “ stop ruinous pricing 
argues that Levi jeans have such which is not based on commercial 
a “ high prestige value " in the calculation.” One of Wrangler's 
market place that jeans shops customers was said to have been 
must stock Levj jeans in order excluded from deliveries and the 
to remain competitive. Cartel Office fine was appealed 1 

West German v is Europe's bv Blue Bell Gmbh. Wrangler’s 
leading market for blue denim representative. 


wearing apparel which, although 
as high priced as most other 
clothing in Germany. i« being 
subjected to a flood of 
petitivelv priced imports. 

Leri Strauss Germany is said 
to have halted deliveries to a 
jean? supermarket which was 
different from other outlets 
mainly because of its “simple 


Alsthom Atlantique 

com- Alsthom Atlantique's net group I 
sales rose to FFr 7.12bn in nine 1 
months ended September 30. i 
compared with FFr ,6.83bn. an I 
increase of 4 per cent Parent) 
company sales were FFr 4.94bo! 
against FFr 4.S0bu. Reuter! 


AMSTERDAM. Nov. 9. 
ROLLNCO. the Dutch share 
investment fund, was “ very 
active” on the world's stock 
markets Iasi year but still 
maintained nearly 10 per cent 
of its assets as cash. 

The large cash element was 
kept because of the continuing 
offerings of the company's own 
shares and the ever-present 
danger of serious currency 
unrest, Rollnco states in its 
annual report for the year 
ended August 1978. 

The fund, which Is part of 
the Robeco group, was also 
forced to hedge almost Its 
entire American portfolio by 
the end of the year to insure 
against a further decline of the 
dollar. Against these defensive 
tactics, the company pursued 
an agresslve selling and buying 
policy. 

It made net sales of FI 53m 
•1826m) of U-S. stocks. Con- 
siderable purchases were made 
in the technological sector 
where attractive growth possi- 
bilities were seen while the 
same argument was applied to 
purchases of shares like 
Warner Communications and 
Pepsico. Holdings in Bank- 
America Corporation and City 
j. Investing were considerably 
extended while profits were 
taken on Bauscb-Lomb. Asarco, 
Safeway Stores. Signal Gorpora- 
. lion and General Electric, 
among others. 

In Europe, with the excep- 
tion of France, the emphasis 
was on disposals. In Holland 
sizeable holdings of Philips and 
Royal Dutch were reduced 
while Ennia was bought as part 
of an increased emphasis ou 
the financial sector.- German 
holdings were reduced, notably 
shares in the chemical and 
department store sectors. 

Rollnco increased Us pre- 
viously small Interest in 
French stocks on the basis of 
the Government's measures to 
strengthen trade and industry. 
Purchases were made of Carre- 
four, Peugeot-Citroen, Michelin 
and Club Medilerranee. In the 
UK Roiico sold 125.000 Bee- 
cham shares. 

It used strong price rises- in 
pharmaceutical and public 
works company stocks on the 
Tokyo Stoek Exchange to take 
profits. Net sales were F! 55m. 

As already reported, net 
assets rose to FI 2.5bn 


Taking the 



. 3 


BY KENNETH GOODING, RECENTLY tt* MUNICH 

WEST GERMAN heavy make the engines. -frames, front ing tracks in the U.S. but like “We feel it would be wiser to siw ^eUvorrt and 

truck builder Maaehiiy>ofabrik- axles and special bodies. • other European manufacturers. develop a truck £ot the U.S. 2;5W buses, an majeaSe of S4J0G 

AugsburgNoeraberg (M.A-N.) is The project is “ahead 0 f now attracted by the prospects market in the U.S. and hopewe vehicle*, 

to spend at least 
1872m) to establish 

hold in Use medium ...... — , - _ — . 

market both in Europe and the j* r Voisard revealed that expected that .around .'200, -OOff -that- capital-intensive- products 

UR. MAX. will spend DM 90m to class 6 tru«*s (9 topa to IL&lifce tbe new engine and rear 




Mr. Otto Voisard, the main DM 100m on the joint venture 
Board director who is chairman over the two . years to the end of 
of MAN.'s commercial vehicles 1979. About two-thirds will be 
division, gave the first details of spent on tbe hew diesel' engine 
the expenditure programme range, called the D 02 . 
when be outlined tbe various There will be a four-cylinder, 
options being considered by tbe 90 horse-power version of the 
group following its acquisition of D02; a six cylinder,' 136 hp ver- 


Like many- other European^ manufacturers. MAN finds the 
North American fruefc market attractive given the long-term 
trend in demand away frorn^ petrol to diesel driven vehicles.. 
By the early 1980s,- the. West:- German company expects to be', 
selling something likc^oa^ao trueks, a year In the U-S. 


turnover should- increase: mo^j. 
than inflation, which is -currently 
3 to 4 per cent in. the- truck sect^_ . 
in West Germany. " . , f *-• 
M.AJM.'s performance is Ijemfc . 
buoyed up by the recovery^of. 
West • Germany's •- «astractfpifc. 
business— -Where it-.has.-^r' strong:: 


supplier position— and ~a major ' 
DM ;X?m four-year (wntract'^or. 


■ supply . military trucks.” to. Cj|fe. 


a 12.6 per cent stake in White rion and a turbocharged version tons) a year will be sold in the-' axles could be competitive in the West German Army. 

Motor of the UB. ' of the six cylinder, developing U.S. “and we expect half of 4bem- States as long as tbe dollar " Mr. Voisard said "tiiar.'dfefliah. 

He also gave a progress report 170bp. to have diesel engines compared. retains a reasonable value of sions on another major ovenw^j-/ ' 

on the joint venture in Europe Introduction of the 170hp with 15 per cent today." • ; J - about DM2. venture, a. truck assemMy-pteit ' 

with Volkswagen. engine is to be speeded up. For White no longer makes itenwri However) “we would be will- in Algeria in partnership wijSf. 

M.A-N-, which is 75 per cent it will be used to power a engines and as a first step in the- ing to make the new truck the Algerian government -aiul : 

owned by Guteboffhungsbuette, medium sized — “ class 6 ” — truck relationship. JLAJV. hopes to sell entirely from U.S: components if other German groups; had slowed 

Europe's major engineering to be designed and produced some of its .successful >.2Sfihp--this: is required to make rit a The' original idea was.ttrest^)^ . 

group, reached agreement with jointly by MAX. and White for diesel engines in White tracks as success,” Mr. Voisard declared. lish a completely new indUAfy. ; 

Volkswagen a. year ago to launch in tbe U.S. early Io 19S0. soon as possible. White,'- l£fce.-. MAN.'s commercial vehicle to produce about 30,000 ' trucks ' 

develop a range of 6 too to 9 too It will probably take another MAN', concentrates ; on 'r the division turnover in the financial and buses, a: year and.. the taf ; 

tracks, an area of the market not two months to finalise the legal heavy end of the business* ahd year to June 30 was UP by around was estimated at DM 8 bn. Now .- - . 4 - r 

covered by either at preseat. details for MAN.’s S15.6m pur- currently offers nothing fender a --20 per cent at DM2.98bn (roughly the scheme is being re-evaluated r J t to 

VW will make tbe cabs, rear chase of new White shares and 15-tooner. - ■ - SI. 6 bn) and represented about to see if .it should . 1 ' 

axles and gearboxes for tbe new get the project under way. Discussing the futurd’ 'with half of M.AJM.'s total sales. ' In down and- Aether exirol® fficS- / 

track range while M.A.N- will So far MAN. bas cot been sell- "White. Mr. Voisard Commented: jhe^ ^calendatr year 1977. the divi- titles JuAlgeriA-canJ*-ilsje<E<*:-.; -: 


MEDIUM-TERM CREDITS 


Quebec to raise $300m 


BY OUR EUROMARKETS 5TAFF 


Foreign banks, 
apply to . J 
open in 


THE BANK of Nova Scotia is probably be composed mainly of 
arranging a $300m ten-year Euro- Japanese bulk, 
market financing for* tbe Pro- 


I ' MADRID. Nbv. 9- ' 
; FOURTEEN- FOREIGN banks 
so far applied to the 


. . -r . Tbe 8125m credit will be used : bave au lttl _ ucu ^ 

vince of Quebec. The credn is for general purposes, and is not 1 vinkino t™. 

being privately pUced among a tied to exports. But it is under- ! Spani “. jS 

small group of international stood that Japanese companies 1 permission to establish- 


Sharp rise in foreign 
orders for Hochtief 




;JsA 




BY ADRIAN DICKS 


BGNN,:N£»^?.r 


that Japanese companies. 

banks. may . play a future role In devel - 1 operative offices in Spain.. - - -. 

The spread arrangement is 2 oping the extensive Salto Grande,' According to informecL.-bank- 
per cent over interbank rates for hydroelectric scheme, a joint! ing sources here, six'- of 7 the 


the first two years, and 4 per cent veture between Argen tina and 
for the remaining eight. Uruguay. 

A 8500m loan package for the Hifroelectrica Espanola is 
province raised earlier this year arranging an 880m teD year loan 
through Royal Bank of Canada with four years grace on a spread 
and Orion Bank carried the of } per cent throughout via a ' 
same terms. More recently, the groups of banks led by Man Ufa c- 
province also raised a 8100m 15- turers Hanover and Banco 
year private placement at undis- Espanol de Credito. 
closed rate with a group of Meetings between the banks 




Japanese banks. 


managing tbe Sl.lfibn loan for 


Tbe latest $300m will be used Nigeria and the Nigerians in 
for general budgetary purposes. London earlier this week have 
Japan's Sanwa Bank has been cleared tbe remaining problems 
awarded a mandate to arrange of documentation, one of tbe loan 
a 8125m loan for the Argentin- managers said yesterday. The 
ian hydroelectric concern. Co mi- loan is expected to be signed 
sion Tecnica Mixta de Salto before the end of the month. Tbe 
Grande. 

> The loan carries a 12-year ma nagement group 
i maturity, and should be launched short of SlQOm. Nigeria s foreign 
j with the same spread as the reserves fell by a further S300m 
(recent 3250m credit raised for the tn September to S 1 . 66 bn. 

! Argentinian state oil agency, it is understood that the terms 
(Sl.24bn) from F1^2.4bn during jYpF — a spread of f. per cent for. of draw-down for the funds are 

the first sis years and ii per cent similar as to those on the last 
thereafter. Slbn loan. This means that draw 

1 Sanwa is now forming a man- downs are n ot tied to progress 
• agement group, which will pro- on any of the projects which the 

loan is to help finance; A spokes- 


banks. National Westminster 
and Barclays Bank, the sources 
said. 

The required documents for 
installation were sent last Mon- 
sell down to participants outside [ day to the Spanish Bonking 
tbe management group is still ! Council. 


WEST GERMANY’S biggest sharply. - : . w- .. 

building contractor, Hochtief Hochtief .describes aJs4om®tut : ^ 
appears so far to have felt little results as “disappointingly UdiiA- .- 
benefit from the domestic boom, while those on foiegn .projects _ - 
in the Industry. In , an interim Were satisfactory. ;• V - 

rpporr to shareholders^ it Hochtief has been among : t^sg^f 
revealed todav that overseas German, contractors , m*o~ .bs^s: 
business - the mainstay of the won several large prders..ia4ti%Ji' 
industry for several lean years Middte-.Ea^ : : amdng^4ijteni.^- ' 

— is still growing appreciably constriKiion bf Jeddah’s newp r) _ 
tester than that at home. port and the . building 

' In the first nine months, .German nuclear .power .station* 
Hochtief stated, domestic com- at Bushihr in Southern . Iran. 
pletions at DM 1.3bn ($7B0m) ■ Although the-companyisays.'tt 
were slightlv below last year's began to; feel some increase, in 
while for the full year: they domestic business^ ate * 
would be no more tiian equal to middle, of this year, orders 
1977. Construction completions in Wesr ^Germany rose 011 I 5 FJ 
abroad, however, were up no Jess per cent in the first nine mo&F 
. than 47 per cent to DM X 6 bn. - while those from-oversea^soai 
Commerzbank and two Britishl - While it does not reveal profit hy 54 per cent; thanks tn. part: 

' and loss figures, the .Interim re- major, con tracts wan in Vent™ - 
port also makes it clear that the and Guatemala. V 

enormous increase in' the domes- As a result, Hochtief s; 
tic construction sector this year books now show , J}5f ; 3^bn Jo 
has not necessarily been helpful, overseas work inJiand. or mr 
to companies’ results. Skilled than twice as - mnch_ _aS--5 
labour has been short and costs DM l.obn whteh. the grpflp hasSaj^E . 


banks are of. U.S.- origin.— 
Citibank. Morgan ; Guaranty. 
Chemical Bank, Manufacturers 
Hanover. Continental Illinois 
and Chase Manhattan. 

The list is completed by ihree 
French- banks. Banque Natiooale 
de Paris. Banque de Suez .et 
d’fndochine. and Banque . ~ de 
Paris et des Pays Bas. * three 
'West German banks. DresdherJ. 
Bank. Deutsche Bank- , and 


Reuter 


'are reported to have risen prospect in Germany.'. 


the year. Net profit fell FI 3m 
le FI 80m. while the value of 
Individual shares rose 18 per 
cent to FI 144. 


NtWISS'JE 


These cecurkks Laving bean sold, diis announcement appears as a matter of mco/don/y. 


November, 1378 


U.S. $75,000,000 

The Long-Term Credit Bank of Japan Finance N.V. 


Guaranteed Floating Hate Notes Due 1985 


Ur.conditiop.eliy guaranteed a; to Daymer.t of piinopa! and interest by 


The Long-Term Credit Bank of Japan, Limited 


(Kabushiki Kaisha Nippon ChokI Shinyo 
(A Japanese Corporation) 




Credit Suisse First Boston 

linked 

Banters Trust International- 

Limited 

Chase Manhattan 

Linked 


Credit Lyonnais 
Banque Bruxelles Lambert S. A. 


Commerzbank 

AktkageseQschafi; 


Union Bank of Switzerland (Securities) 

|.imllw| 


Manufacturers Hanover 

limited 

Westdeutsche Landesbank 
Girozentrale 


_ Nippon European Bank S. A. 

Abu Dhabi Investment Company . Alabli Bank ol Kuwait (ILS.C.) Algemenc Bank Ncderbttd N.V. 

Amaterdam-Rotierdanx Bank N.V. Andelsbankea A/S Danebank ,\ndrcsens Bank A-S. 

Banea Nazionale delLavoro Banco di Ronu 
Bank Gutzwillcr. Knrz, Bun^cncr (Oyerseas) Bank of Hehnnki Lid. 


A. C. Ames & Co. 
Banca del GoUardo 


American Express Bonk 
Banca Commercial* ludausa 
Bank or America Inter natbnai 

L i qJ 

Bank Leo International Lid. 


Banco Trquijo Hispano Americano 
Bank Julius Baer Liternarioiul 

Bank Leumi le-Israel Bank Alecs & Hope XV The Bank ol Tokyo (Holland) N.V. Banque Arahe el lutemafionale dTnve«i>*cmcnt (B AX3.) 

Banque Francaise du Commerce Extericor 


Banque Europcenne dc Tokyo Banque Francaise du Commerce Extericor Banque Generale du Luxembourg SA. 

Banque de Ilndochinc ct de Suez Banque Internationale a Luxembourg SA. Banque Nadonalc de Paris Banque de Pari*, et des Pays-Bas 

Basque dc Paris ct des Pays-Bas (Suisse) SJL Banque Populate Suisse SA. Luxembourg Banque Prince S.A. Banque RotbadnJd 

Basque dc F Union Europcenne Banque Worms Baring Brothers &. Co., Baycmclic Landesbank Giroicntrale Ba*cri.ichc VcreLnsbauk 


Bergen Bank Berliner liandcls- und Frankfurter Bank 
Centrale Rabobank Chemical Bank International 

‘imfteif 

Copenhagen Handcfahonk 


Blyth Eastman Dillon i Co. Burgau Bank SA.K. Caissc des Depot? el Consignations 

Ifenwhad tadu* m - 

Christiania Bank ogRredilkasse Citicorp International Group Clariden Bank 

County Bank Credit Agriculc (C-N.C.AJ Credit Commercial de France 


Continental Illinois 

lowri t a m rn 9 ■ 

Credit Industriel et Commercial Credit Industrie] d 'Alsace et de Lorraine Gedit da Xord CrediUnstalt-Baakiereiu Credito Italkao 


Dai -I chi Kangyo Bank Nederland N.V. 


Dai-Idu Securities Co., Ltd. 


Dai oa Europe N.V. 


Richard Dans & Co. Remitter s 

Den Danskc Bank af 1S71 Den nonfae Credhbmk Deutsche Cimacntrale- Deutsche Kommuoaibank — The Development Rank ot SirMtapme 

Development Finance Corporation of New Zealand DG Bank Deutsche Genossenschaftsbank 


Diflou, Read Overseas Corpora boa 

DresJncr Bank Dreard Bumbam Lambert Efiecteubank-Warburg EuromobQiare S.p.A. Contpagnia Europea loteanobilaue 

ihMBmaduM 

First Chicago Robert Fleming & Co. Fuji International Finance C.efina Inienuteul 

1 mad ^ lajfehod 

GcooS 9 eDScbiiUlrche Zcntral bjink A.G. Antony Gibbs Holdings Lid- Ganwenvralc und Rani dcr O^fcrrcicltiachen Sparkasaen 


Dominion Securities 

, Inwtfd i A 

European Banking Com pan 


Goldman Sachs lotemaiional Corp. Goiabankcn Greeashields Incorporated The Gulf Bank R.S.(!. Hnmbros Bank 


Handelsbank X.W, (Overseas) 
JardJne Fleming A Company 


Hessische Landesbank 

• ItsiWor - 

KauiallivOsake-Pankki 


HiQ Sannief A;. Co. 


IBJ International 

• _ I 

Klein wort. Benson 


Israel Discount Bank 
Kreiiicihanfc S-V. 


Krediethank S.A. Luxcmboursieui-jc 
Kuwait International investment Co. s.a.fc. 


Kidder. Peabody lnlemalinnal 
Kuhn 1 rwh Lehman Brodicrs Aoi* Kuwait 1 m reign T r^ilini; Conb-Mcting 4 ln^e*itmciii Lo. (S-A-K-) 


Kutvyit Investment Company (SA.K.) 


Laeard limtherhA Ca.. 


Laeard Frereset-Cie 


Ilgids Bank International 

L.wne.d 

Mitsuliishi flank (Europe) S.A. 
National Bank of Abu Dhabi 


l.TCB Asia Limited AlcLedd. Vouns. Weir Intemationai ‘ 

Xtettual 

Mitsoi Finance Europe Samuel Montagu & Co. . Morgan Grrnfcfl & Co- 

_ | ■ _ I.r.ni 

The National Bank of Kuwait SA JL The National Commercial Bank Nedcriandsche Middcctuiitbuk XV. 


Merrill Lj neb International 4 Co. 
Morgan Stanley International 


Osterr eichi seb c Ladder hank 

Udmcwntbah 

Rothschild Bank AG 


Nesbitt. Thomson The Nikkn (Luxemboatg) SA. The Nippon KaHgyo Kakumoru Securities Co., Ltd. 

Korddeulscite Landesbank Girwentrale SaL Oppenhehn je. & Cie. Orion Bank 

Pierson. Heldnng 4 Pictson N.V. P Kbariken Pastipankkj Pii wtba riag 

Sacha n Merchant Bankmg Corporation Salomon Brothers International 

Sanyo Securities Co., Ltd. Scandinavian Bank 3 . Henry Schroder Wagg & Co. Skandbuiiska EnskSdaBankeu 


. 9 . t m 

Socveta rmauiana AssicurabvA (R^S Group) 


Nomura Europe ?£V- 
Ottakaya Securities Co^Ijd- 
N. M. Rothschild SSeas 
Sanwa Bank (L'udcrwataxa) 
N.V. Slavenb mg’s Bank 


Societe Bancaire Baivlays (Suisse) SA Societe Generate 


Smith Barney. Harris Tpham & Co. 

Sodcte Gencrflle de Banque S.A. Societe Pnrie de Geatiou Financicrc et Fonciere Strauss, Turn hull & Co. Snmitomo Fitunee International 


Svcnska Handclsbankeu 
Trade Development Bank 


United Overseas Bank 


Swiss Bank Cotgmatjon lOrersus) Taij o Kobe Finance Hongkong Tohai Kyowa Morgan GrehWI 

l ha n-Arab Japanese Finance Ltd. Union Bank of Finland Ltd. Union de Bauqnes Arabes et Francoises- U JIAJP- 

Vcrcms- a ad We stbank J. VoatobeLi Co. . S. G. Warburg & Co. Ltd, TVanfley 

Williams, Glyn & Co- Wood Gundy Yamak-Iii Into nmHnamT (Kcdariaad) KV. 



raaa for toe management group 
would not comment on the possi 
bility that the German banks 
might have made separate 
arrangements direct with the 
Nigerians on how the DM 750m 
equivalent, originally to have 
been a separate project fintnetng 
should be handled after draw 
down. 

On present plans the loan will 
be signed in Frankfurt on 
November 30. about two months 
later than originally planned. 


West German 


insurance 
outlook , 

By Our F nan dal Staff 


A SLOWER rate of growth for 
premium income was forecast 
yesterday for insurance com- 
panies in West Germany in a 
guardedly gloomy report Trom 
the insurance Industry associa- 
tion. the GDV. 

Premium income of most com- 
panies is expected io rise 9 per 
cent this year to around DM 61 bn 
(532.5bo) after in Increase of 
10.3 per cent to DM 55.9bn in 
1977. Stating this at its annual 
meeting, toe association said poor 
business in damage and loss 
insurance coupled with cost prob 
lems would contrast with gains 
registered in motor. Ijfe. private 
health and general accident 
Insurance. 

The association represents 95 
per cent ofthe domestic insurance 
market in Germany and includes 
German subsidiaries of UK. Swiss 
and Austrian companies. 

Earnings from non -actuarial 
business this year would "have 
to cover actnarinl losses to a 
greater degree in 197S than in 
previous years." Profits of 
indemniry insurance firms in 
particular would arise chiefly 
from hi-;her capital asset earr- 
ings; This sector has been the 
most affected by Industry's reluc 
tance to invest, continued high 
unemployment, and from rising 
prices and costs. Capital assets 
held by German insurers would 
probably reach around DM 230bn 
bv toe end of 1&7S. compared 
with DM l '03 lhn a year earlier. 


! • -*:T "- V ! 


FT INTERNATIONAL BOND SERVICE 


kf-f;.:.: 


• I).-:-. 




Tbe list shows tbe 200 Jatest in teraatioaal bond Issues for which an adequate secondary 'inartet 
exists. For further details of these or other bonds see the complete list of Eurobond prices published. 


on the second Monday of each month. 'J : 


Closing prices tra November's t 


U-S. DOLLAR 
STRAIGHTS 


Cbugcan - 

but d BU Offer day week Yield 


Age m«S« 25 

Australia S3 175 

A oh rail a 9i B3 15 

Beatrice Foods 7J 83 1M 


CECA 5* S7 

CECA 9 K 

CECA 8; 88 . 

C.VT 8 83 

Canada 8 S3 

Canada S.l'O 83 

Canada 8; M 

Canada 8 S3 ... - 

■lansda H 9s 

Canada! r S* S3 ... 

Dominion Bnd£e Co. 9 35 

ElB S! 65 '. 

EIB »,'• 88 

ElB 31 38 


SB 

S 

25 

75 

250 

250 

258 

4« 

3SB 

70 


Elsatn Jutland 3 M .. 
EtaponfUttfis 9 S* .. 

Expon Develpamt. ss 83 VS 
Finland 8 i 53 388 


388 

325 

3M 

25 

58 


Finland 8 SS 
RosnilOl O-S 9 S3 .. 
1 *C Jndustrlos 9 S5 
Itel Finance 91 38 , 
Itcl Finance 93 90 .. 
ltO-Y48ado Bi 83 .... 

C. Pennej S) S3 . 
Mac BlihsU-1 St 91 ., 
XZ Dec. Fin. Si «! .. 
S3 Dc». Fin s; 85 . 
Xar West. 9 9« . 
Yr^doundland 91 °0 
Vord Inv. Bk. SJ SS 
■.'or Kcmra. *Ji 98 

%orv»-ar 7 i S3 

Vonrar si *« 

Vorwiy R U ... 
Ocddcplvl 3* S3 .... 
On! H?dK> Si 35 . 

Qufbrc Hydro 9^ 93 . 
Swdtn M 93 . . .. 

UK 84 SS 

UK 8 ! 93 


180 

25 

S5 

25 

20 

20 

350 

SB 

20 

20 

7S 

... .. 50 

.. 25 
.... 75 

250 

325 

.... 150 

75 
125 


125 

280 

358 


W 

831 
Hi 
8T4 
80S 
«a 
85 
942 
881 
99i 
838 
83J 
85; 
87 
873 
85! 
“6 
87 J 
8 fcJ 
8 «] 
85 
81 
"« 
8Ii 
8 TJ 
HI 
851 
822 
82) 
851 
8 SI 
8 « 
861 

8 s; 
87S 
883 ' 
««; 
862 
•m 
851 
Hi 


85* 

872 

881 

852 

84* 

81 

8 TJ 

85* 

8 t; 

85) 

841 

im 

180 

841 

933 

.Hi 

871 

881 

852 

861 


-Di 

+ 8 * 

-M 

-04 

- 8 * 

-01 

+ 0 * 

—w 

o. . 

0 

-04 

-Oi 

-o* 

-os 

0 

-04 

- 8 * 

—04 

-84 


+02 

a 

-» 

-81 

+« 

+88 

+« 

8 

— *' 

—81 • 
+84 
-8i 


8.8b 

8 .* 

IM 

828 

•9A2 

•9AI 

»ss 

8.66 

8J7 

9J5 

8 -« 

907 

848 


YElf STRAIGHTS 

. nS.aO'Dev. Bk 51 8? .... 

AiKij-alla 0.6 90 

' BFCE « A 98 

Euroflma 90 •-... ^ 

PinUuid 6.7 W... 

Norway J.7 S3.- 

0?ln. Clry of t g M 

SNCF 8 . 6 ' TO 

Sweden 6 J 00 


CbaMBO m ' 

Issued RM Offer <Uy ww* YhM 
15 88 * W..-05 ,r»- 5.45 J: 

—81 + 0 *'. fc* _■ '.i 

+*ff +M . b.». 

0 +84.A5I; , 

. C 7252, 

-01 ■ ;<L78 

8 - 8 * M 8 *. a 

B -+84 >87 '. 

0 . . 0 - M+ --- 


56 m» 182*' 
38 91 801 

10 411 444 

25 80* 88 * 

25 0034 184* 
H 981 88 

28 88 * 89* 

« 861 87 


97J -0* 
97 -at 
8 K -OS 
95i +W 
8X4 -85 
93* t84 
m -84 
88 * + 0 * 
•64 —8? 

963 0 

924 O'- . 

83 +0*- 

85 -l| 

Hi +04 

074 

971 -B* 
W -84 
953 -81 

971 + 8 * 

933 —83 
95S -15 
973 0 

081 -81 
Hi +82 

972 0 


-81 18-21 
-OX ID -a 
0 ' 9.73 
+0) 9.65 

+« • 9.7X 

+ 8 *, io no . 

+W 9.«. 
+01 9.«3 

+ 8 * 9JT 
8 ■ 9.76 
+01 18-3 
-01 18.84 
-01 10-B7 
~K 11.15 
+0) ' 9.95 
+« 9.45 

+ K 9.75 
+03 1020 
• 9.91 
9.00 
8.75 
8-21 
9^7 
9.74 

952 

9.64 

1853 
9.51 
9-89 
9.T1 

953 
945 


OTHER STRAIGHTS 
Ruok 0'S Hold. Hi AS 
Auto Core Basq. 7 B.i EUA 
Copcnhapcn 7 03 EUa ... 
FiDlaud tnd. Bit. 7 93 EUA 
Komoi. Inst. 7* TO EUA _ 
Fenanu 94 OS EUA ..! .. 

SDR France 7 99 EUA — 
Alwmww B» 6i SS FI ... 

Braid 74 S3 FI '. 

CFE Mexico '71 S3 FI 

BtB 7* 83 FI - 75 

Ned£r. Middenb. d4 93 FI 75 


CEuflo M ,. 

Issued Bid Offer day' week Yield .. ■ 
12 9U 96 0 -OS 1223 

16 861 87fl —04 +CJ 7JS- 

38 851 86| ' +« +04 IjO < 

15 9SS 87J - 0 +02 7^8 

15 97* 90* +04 +04. 7.70- • 

20 8<| ■ 85J 0 +21 «3 . 

2* . 871 8 K +M +« 7A8 • '• 

3 m 84* 0. -+«■ 7.88 -1 

75 . 94*. 951 +«'.+»:•• 1X7 

75 - 96J 8 JJ -+0* +1J- SJB ■>": 

84*- 85*. +0* +flD 022 

9« 864 + 8 i +0i 749 


+« 

+M 

+i 

+82 

; -01 

+ 8 * 

+11 

8 

+84 

+U 

-o* 

-sj 

+0* 


New Zealand n! Si FI ... 75 951 96* 0 + 8 ® 7 Jt 

yorwsy 84 S3 FI - JW 844 951 -li +Q* -755 

OKB84 8SF1 75 - 92J 93S- » +01 ' 7.80 

EIB-9? SB FFr . — .... ?B 8 977 98* 8 8 U.OS 

BAT 9 38 LuxFr 750 95*. -961 +B +04 US 

Barer Lin. 8 38 LuxFr ... 250 942 85£ —01 _. d ■ *A 

EIB 7! S8 LuxFr ... 258 — — * 

Finland I. Fd. 9 98 LuxFr 258 


Norway 72 83 LtaPr 

Renault 72 S3 LuxFr 

Su-edlsl) I. Bk. 8 S3 LuxFr 
Cmnorn a '5 Fuj. tO 93 £ 
RIB 91 S3 I t.-... 

Finance foT ind. 10 88 2 . 
Gewerner Hid. BV. II SS £ 
OranJeboom IBJ 00 i .... 
Whitbread lOj M-f .... . 


_ 258 


588 

at 

- 25 
12 
18 
15 
JS 


*54 

,.8i* . 
954 
89| 

m 

«a 

Ml 

824 


96T 

964 a 
.871 0 . 

8K +81 
1081 —8* 

WU +W. +tt 12.97 
SH _qj -LJ i3jq 
•82i —84 — 82 
*54. -BJ -84 13.86 ' 
*3 -0B — BJ 13.27 


-BB 

~Ot 

+04 

+01 

+ 0 B 


8.36 

LU 

*132 

in 


I«- JBi -u 13 A2 


DEUTSCHE MARK 
STRAIGHTS 


ii «fi 


Douwe Egberts buy 


Douwe Egbens. the Dutch 
packaged food concern, has 
acquired Throuqli its division 
Moecomal Iniernational BV, a 
controlling interest in Coina- 
matie- Laundry Equipment from 
Oshawa Group of Canada. AP-DJ 
reports from Amsterdam. 

Coinamatic has been tbe sole 
UK distributor for Moccomat 
Beverage Systems, an important 
Douwe Egberts product line. The 
acquisition will further facilitate 
market development for the 
Moccomat sales and service 
organisation in Britain. 


AtT-ntln* S! .. 

45ljn Drr-lon fsk. 
Australia b 58 . . 

^urn-to 5,’ TO 
Hnii*.. Em 'i ss 

FE »;i -S 

faoAda *: S! 

Thas - U.inhartan O S fl Jtt 
Oroni T.-nanl. Iu> VW 
nnnimorrbnnt Ini XIV 2: 
Cnimnl of Eurni>> Ht 

EIB iV flfl 

E't Anuiiatn^ Sj . 

IBJ a SI •■ . . 

Inilonifia 7 S* 

Son..* cuy nr a: 

Uahl SciA-irns de Eler. ... 
• Uoslm 9S ... 

« MUsuhishv P'.'tro. 3t So .. 
.VlpDrm Steel .I, S3 
Norses jtamm. « BO .. . . 

Xorway 45 S3 

NnrvedAn TikI BK 6 TO 
Perrol.'O Branl 7 S 8 . 
Ptnuomnes uj ss . — 
r *K Banken si ss ... . 

rtueber. Prorln»« of B 
n.jnlamtlV'S'l ''*j SJ Sj 

n«-oh 51 « 

^pntn t 9 . ... 

tiarnit b *0 
■’’rmidheim. Clrr of 3 ; 

• ’ PS Group ’‘l . 

Venezuela 'Tj 3D . .. 


Inued 

1S8 

m 

258 

150 

IM 

158 


Chaiujeao 

Bid Offer day yntek VWd 

9S1 955 -W -91 7 AS 

-04. t04 
-01 -81 , 


Usinor sales ahead 


Major French steel producer. 
Usinor, reports sales of FFr 8.34bn 
fSl^bo) oomparett with FFr 
7.23bn for the first oine months 
of I978L The company produced 
S.S5>m tons of steel during tbe 
part£> 4 , up from 6 ^ 7 m tons a 
year eariaer. 


UH 

m 

108 

IDO 

MO 

UN 

100 

in 

100 

150 

70S 

IM 


944 

m; 

95) 

984 

•64 

978 

1024 

m; 

87 


94? 

1011 


-6.78 

5X1 


9t; 

9S1 

97J 

97 

1014 

87J 

95.’ 

Wli 


96* 

-« 

-li 

6-25 

97 

-0; 

—.82 

7.TO 

97i 

-*l 

rios 

7-21 

TOi 

a 

-sl 

SJ8 

102'. 


-A*. 

5.75 

185 

-81 

-7tf 

2M 

*11 


-01 

5.91 

UWJ 

8 

•+•*: 

0.19 

97i 

-8. 

*\y 

.4-29 

941 

-Oi 

-« 

-6.lt 

971 


.-2 r 

5.TO 

975 

-8* 

-li 

736 


1024 

981 

861 

1*24 


- 0 i 
• ^84- 


5.46 

T.12 

6.76 


FLOATING RATE 
MOTES 

Aim-rimn Rapppss +? . . 
Arab inrj. Bank S3 . 
PjBl *0 Xac. Argent. MS S3 
Bank Bandlowy MS « . 
Bant oi -Tukjro. M3i TO .... 
Bancrnc Womrs M Si M .. 
Bn Ext. tr Ate. M«.a7.i 
Bque. L'n d'AImr. Sb 
B nu>- Indo ct Sucx Mi! 

Bu Im. Atr. Occ. Mb.j S3 

CCCE M5.25 OS 

CCF3I'«SJ ...... 

Cha« Man. n S MS) 85 
CiK|« Rlfa J!W ii 
-atiWlJf .National MM SS .. 

F.npniTcl 117 -sa 

SF’TE M9 S3 . 
TsWkawwIlmn M.i? 95. . .. 
Ij>ihiJxnsl.a in 75 S3 ... .. 
Midlonil Int!. M5 : 3. 1 } .. 
Nat W«I‘ M5* TO • . ” 
y.^nnon Cr+lit M3S X; ... 

OKR MS: S3 - . 

OUsbon- Mminq M . . . . 
Siai dard Chart Ml 5 M. 


Spread But OffM 7 C-data Citw CjrW 

Oi.. 984 98! 2074 IK 18.72. 

86 86« 31/1 . IS 8.78 

864 - 464 21/1 9J — 9J72- 

8W . 87, 2SW Mt.., 

8B 97 -»/4 Iflt ILK- 

878 «* 15/12 8 8J0 . ' 


Si 

li- 

8 i 

** 

94 

in 

c* 

81 

84 

Si 

04 ' 
1 * 

04 

81 

o; 

■4 


i3». 


TO 


m 

1015 

mi 

-t-o* 

V- 

5- 59 

180 

991 

1 M{ 

8 

-ta 

3.98 

254 

96 

962 


- 0 1 

in 

125 

«i 

99) 

- 8 * 

:-(» 

610 

um 

98! 

994 

- 0 * 

IrM 

7.14 

100 

951 

96 

ft 

.rOl 

T.U 

190 

93) 

941 

- 8 C 

+ 1 |- 

6 .63 

150 

9M 

9W 

— Oi 

— 1 .;_ 

630 

so 

91* 

947 

-02 

' 

6.62 

30 

too: 




539 

209 

»w 

HI 

-04 

-M-. 

+«8 

150 

H\ 

in 


0 * 

6 . 0 J 

55 

Hi 

965. 

- 01 . 

'+T ■ 

6 JB 

W 

Hi 

97 

-89 

-OJ 

6.58. 

159 

94 i 

954 

-Ol 


7.17' 


5 iMu.-insbnnfccn MS S3. '... Qi 

■ "d. Overseas Bk. MS S? -'04 


87 
961 
97* 
•tt 
96. 
994 . 
968 
994. 
961 
96i- 
881 
971 
864 " 
Hi 

Hi 
°3 - . 
•982 " 
■ 8 M 

VS 

•M 


97 

9*4-. 

97J 

961 

W! 

97i 


9/2 K 9M r, 

2 /Sl "12i' 133T9 = - 

25/1-98 93* S 

Ufl. *i im ?: 

5/2 Ml «05 Y • ; 
5/5 VA 1 233 . - 

27/1 «l 94J ••• 

18/4 1U9 1126' * 
11/1 8.18 9JtT * •' 
2J/3 10 -lfljff ^ . 

5/< 1848 us* 

27/9 Ui . 11A6 .: 

9M 18/1 1*1' UA2 ■■ 

874 38/1 8J4 8.72:* - 

«i n.12 9J1 

8« 15/3 - 91" 9AT- ' 
894 18/8' lOJfr 18,66 V 

875 18/1 844 3.W - : 

96* iin , a.94 9^7 
.86? . 4/4 X&M 10je:f, 

881 0/5 lin/UA* , . 


97* 
97 J 
904 
W 


*3 


.< * 

I 


I. 


4-79 

8778 


259. 

KU 

3.67 

a 

U5 


SWISS FRANC 
STRAIGHTS 


IM 

78 

58 

65 

88 

75 

IM 

so 

zoo 


\resa 31 SS 

\rlhon: Tnnnel 4 ft3 . ... 

*nea TO 

Cb.ise upnhanan 4 TO 

CVRJl 4: TO 

Council of Furooe 4* 

Banlcaiaerlca 31 93 

BWDE 3 S* ... 

Denmark 4*. TO 

Denmark Mortpatw Bank 

RIB 4* 93 

Ruratom 44 TO — .... 

F. L. Smfdth 44 90 - 25 

Finland 4* 93 TO 

fiZB 4* 93 188 

Klltf-Ueehensrntn 46 25 

rCI Fin. NV 46 TO 188 

Tmarran Volma 4 S3 88 

Manitoba 4 TO 186 

New Rnm^rlck EPC 31 .. 188 

New as 4 93 ; 78 

.%'nrero Romm. 4i M ISO 

OKB 4 93 88 

Oy Nokia 3 0ft 28 

Safe 43 TO 38 

Boas 4i 98 15 

Voest-Alolue 4* 93 108 

voralbera Kraft 4 US — 38 

Vienna 4 « .... 118 

World Bank 4* 88 29 


Chansrean^ /, • • 

Issued Bid Offer day -Wtefc- 'Yield 
48 IBS 185J- 


1081 101 
t99i 

103* 103t 

TO Wj 

182 102 ) 
10 U 182* 
100i 100S 

1821 U3 
102 uni 
UOt 101 
U 21 182 
1881 1 BK 
W | 102 

1822 im 


183 
Hi 
101 > 
TO 
180 
U 2 i 
180 
IBS 


-o; ;A-S7 

+« +«,.A.« 

+ 1*- -0*. ,3,69 

a« 

+U +8i^4^I 

+«.-dt:.A.-W 

-5 -U 

+ 1 - -0JV+99 

-os - 8 *: j* 

**’ s 


CONVERTIBLE " 

BONOS - 

A si<-5 .16 1C . 

Baker. Int Fin. ot TO 
Boots *i TO ;. 

Coca-Cnl .1 Bo>tffite Of 
Iruyokadn ss to .... 

Vnrn Iirlusrrt T BJ 
Tekan till. Atr .74 TO 

TTiom nw. Ftn. 7 TO um 

Trm Int. Ftn. pi NS .. 9/7* 

Tyco Jut Fin' 3 '84 sos 
- Asrhj /tjiflcai 3* DM . 12 Ot 
Casio Comp a* 95 DM. H/7B Mi 
lenmiaa' 3* 96 DM 10/38 -909 
.r«ft.-q 9‘ TO DM . i5o 

Nomstitroku .3/.. ss DM .. 1/79 •* 03 
M'intria! Fond 3i rM ' 2m lam 
M'trara Man. MS. to PM-;, urn -«M 
Aippqn Air. 3.VHS DM ...12*78 50 k 

NtPfifln Shinpan 3} CM . . *«» m 
n»« b „ mewl .v ^ ". ".rttn Zr? 
«'■'«!' * J* U77B . U7 

Sin^o ElenDc 3J DM...' 8/7* m 
Sanyo Rlecirle 3».n»T .lim 295 
Sr-fTU Stores 31 .K DM 9/7* pn 
Stanley Elec trie .if mr. 01 .Ta S» 
Trio-iveiurood-3i' *8 DM.. 01/71 m 


Ctrv, Cnv. .* [ta. 

.date price. Mr Offer- day. Pmwr-i- - 
• -!2» «■ .!« l*2*r -0k-. SJS-.f- . 

■ • iiS ■ ■■*»: v ,+ai X37>“ - 

^ *** ** • ■.9 -^95.}. ; : 

6/7*. 1*73 13»i 1391 • +A ■ 0i»r; 

-91t 922 +86 -83»4 

-Oi S 2 J. 1 U 1 : ... 

96i 97| +«>13T;.i. .1 




931" 

72 

’ B* 

.105* 

1046 


+U ^23.85’ 
+8*177.71 




94* 

72*. 

. =■ . ... 

186* -aSrv^st fc. 

1051 -OS M7 
*m irrVllUM { ; •..• 
941- 98* . —At .ILK ' . 
m?_ 106*,. +L ■ 13.88. i . _ ; 

923 933 -u 2j9 a 
V 96 8 • *56'. ".. 

124J- 12E -0* -320 ! 

971" 90S -03 3J+ ? ■ " 

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953 966 -Dt. jtST.L 

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StrelnM BMiffa: Th* yield fa, ,ne yfeu 


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107 

+M 

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uf 

7.W 

3*1 


ff to,bnifoia.^SS i 

P» 0 » *. edSfcr. - , .TTS" * ' -- r-. 

in doOnts unW optc*- c." 

, ~ *V' n r ?_ T ^ - ~r M ^^Mlntoma coupon, Cdate=lJ*fe next *■ '• ■ 

I’WMKOlnated M Mbcr^Jtib^ s 

• EI,^ n ^ T ?K 0n ,Wo * hares Cuv orfee^Tfonloft} amuBit ef. t . .• 
»on rate fixed at Inebe. rPnTm=parcew a ett p i' wn l Um of O, t- 


^-71.. of »M 9 trtq(t sKrti'-iJf.ai bnM*--; 1 
>hc most trewg .nrii^;qr o^r&Mre^-V : ; " . tr} ■ 


'S 7 ?* Tlpita LqL. 'iaw. r ^pwfa Ctfn B .-lg' takj >' 

or in . part tn anr form «K pernDtlH} ”***—» — - ■ 


eoania. , Date ■OBsUad' t»' lnte*S«BU«5rfcM. 


F-.-.'.-Ji 










Tiineg T gfMitg ^Novenatfer 10 1978 


VTIONAL FIN ANCIAL AND C OMPAN3fii|M8S' 



£5 BY*' JAMES FORTH 


:HE NATIONAL; Bank of 
kustralasia . has raised' its 
. <JivkieDd following an. Sorter. 
. • £!?tu ‘ gain . in. profit . for' J07S78. 
but .the ' smaller .• ;Babk . o£ 
Adelaide . suffered ; .Us:; third 
. decline in eamfcngsrih th&pasl 
four .years. ; - - • 

; 7. Both banks JblioatiSI-thCj trond 
v. to .disclose: previously:- hidden 
/ cfcserifes— the Nation aF. mealed 
inner reserves - :of^ ^ A S 96.2m 
. f U JJ.SllOm), while Bank' of 
: - Adelaide’s figure was _AS4.71m, 
The Australia - and New. Zealand 
- Banking Group, -which is due .to 
ids ounce its profit soon, -is the 
.only bank still .to di&rioSe its 
inner reserves. ■ •:- ■ 

■- pi The. Nationals profit -.rose 
firdoi - AS42.7m 'to: •" AS46^m 
I07s5.ft53.2rn). . The result, ex- 
-‘qJ tided -i h e provision - for 

• coiifingcncies. previously un- 
disclosed, of A$7.2$m ' which 


would have lifted earnings to 
A$53.5m. 

- - Earnings from the banking 
operations rose 2J.5 per cent, 
froth A522.25 to AS27.0ra, but. 
as - announced earlier this week, 
the finance • subsidiary ^ -Custom 
Credit* - : -Corporation ' achieved 
'oojy’a ^marginal Increase, of 0.4 
per. eent 'to. ASlSra, while, earn- 
ings -.from. -other. . non -banking 
operaziohs fell 41 per cent. 

-Off' the ASSfijn in Inner 
rcaetv^j ; 'AS47^m v -related 
to Trading' baalt. fiWHingency 
reserves, and ASlO-Sm to. savings 
bank opntiugemry reserves. The 
prbvisioh.fbr long service leave 
and Teunng ' allowances was 
?hbwn at- AS22.7m. - although the 
directors said .that A?17:6m of 
this amount had beeii previously 
disclosed. - 

As. with the other hanks, the 
national does not reveal its bad 


SYDNEY. NOV. 9. 

and doubtful debts, although the 
director# said that it was stan- 
dard practice to make adequate 
provision, based on experience. 

The National ha* increased its 
dividend. from 14.5 c**ms a share 
to 15 cents. 

Profit of the Bank of Adelaide 
L, f; !i e d -r- froni •‘V'ti-Sm to A$t>.S3m 
l t. , .b.S»,9ui » in tlie year In 
September, although earnings 
froin banking rose 20.2 per t-cnl 
to Aft- 1 H2in. The downturn again 
hiy in the wholly owned finance 
company. Finance Corporation of 
Australia. which suffered a drop 
V* P rofil from A«4^fim io 
AS4j,lm. The Banking sector 
tuninbuted 42.B percent of group 
earning*, compared with 35 J2 per 
f’ent in tlie previous vear. The 
dividend if held m i4.5 cents a 
hliare. and i* covered about l.i> 
time-.. 


rise: Setback^ 
tor another 

Japanese 

shipbuilder 


synthetic fibres 



Toray and Asahi recover strongly 



Hiiletts say$ siigar 
setback to continue 

DURBAN. 'Nov. 9. 

HULETTS CORPORATION still turnover of R158.5m <$183.3m) 
expects net earnings of the sugar against RM7,2ni, - 
-division to be lower i this year However, the Sugar Assoc ia- 
than in 1977-78,. despite some tion is negotiating the raising of 
• improvement' In export -realisa- medium-terra funds for injection 
tions since its last forecast into the price stabilisation fund. 
..-The company earlier reported which if successful, could mean 
pre-tax profit rose to - R14.6m - higher earnings- from the sugar 
from R12An for the division for, the 'year than now 
- half vear ended September 30 on assumed. . > . - 

Huletts - said it expects ihe 
paper and transport divisions 
would increase -earnings in 197S- 
1679 while'- those from other 
activities should be about the 
same as in the previous year. 

Pre-tax profit in the year ended 
March 31 was. R27.7m Y 53 1.8 m ) 
on turnover of-B30fi.2m (S344un. 
Reuter- .. . ' . 


at«- 


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Advance at 
Rand Minos 

By Our Financial Staff 

RAND MINES' PROPERTIES, of 
South Africa, the subsidiary of 
Barlow. Rand, raised' its after-tax 
profit "by 19.6 per cent in the 
year to. September 30, to R3.74m 
fS4.3m ), from R3.13m in 1976-77. 
The dividend is raised to 15 
cents a share, from 14 cents. 

The company’s- turnover fell, 
fiiovtever. by 4.8 • per oent to 
K20.0m ($33mi. from R2Tm. 

Before tax. there was a rise 
in profits to R4:t ira.-rirom 'K?.3m . 


Big gains by 
finance house 

By Dai Hayward 

WELLINGTON. Nov. 9. 
THE BANK of Neiv Zealand 
r in&nce Company, which tost 
year merged with NZ Inter- 
national. raised its prufiLs by 
almost ioo pp[- cent in the six 
months io September 30. in 
NZ.-ii4Il.0Ci0 i U.S.5437,000 1 after 

I3X. 

A pre-tax provision nr NZS90.000 
was made fur unidentified financ- 
ing li'isi.'ies. No simitar provision 
was made last year. The measure 
is described by the directors as 
prudent in ihe going run dir inn*. 
The merpi-r with NZ Ini-.-r- 
national, the directors said, had 
lived up in expectations. Then- 
had been expanded demand for 
I lie company’s services. f’ondi- 
m»n«s in ihe money market were 
buoyant. Measures had heen 
taken to hedge against interest 
rate changes which may occur 
The company recently 
announced a one-for-four share 
israe. bin the new shares do 
not qualify for the interim divi- 
dend of 6 cents. 


By Our Financial Staff 

HITACHI Shipbuilding and 
Engineering Iia„ added lo the 
string of Japanese shipbuilder* 
reporting sharply reduced 
prods fur Uu- ttrst bait, vilh 
a fall or til per ecut lo Yi.Ujbn 
(85.601) net. from Y2.!l0lin in 
the same period lust year. 

This fftliou.o a fall of 
per cell!, to Yl.tiZbii at 
Khikawajimu • Harfina Hea\y 
ImltiM tries, and of 38.4 per 
cent to Y2.R2hu at Kavia i >aki 
Heavy tndtislries. together 
with a swing Io a deficit of 

Y 2.92 bn at Mitsui Engineering 
and Shipbuilding, from a 
profil of VI. 95 bn. 

The Japanese shipbuilders 
are encased in ruttins back 
their production capacity, and 
redeploying workers in other 
sides of ihcir activities, on 
liie recommendation or Die 
Japanese Shipbuilding Nation- 
alisation L'nuncU. 

Hitachi Shipbuilding's .sales 
for the half-year declined 15.1 
per cent to Y 125. 19 bn 
($fi66ni). from Yj47J>3b». 


BT TOKO SHIBATA 

JAPAN'S t'.vn liujor v-nihciic 
fibre pianufaeinrers. Torav and 
Asahi Chein 1 made a strung 
• recovery in ih.,- half-year in 
■ September. 

j Tardy's '.urrent profits reai-hed 
‘ \T.54bn 1 84(11111. eoMpar»-d with 
;i deficit of \ l.'Jn'im n icar earlier. 
AfLer JtppKipnmjfig' vilm 
mternaV rewru* 




to 
prne 


1/1 fluctuations. Tor net pinfiis 
__ were Y3.15i»i|. up :;49.Z per ernl. 
'■* Sales, fiottvier. ;.i YJiK.-trijn 
- (St.Ibni, were dov.n ^lightlv. hy 
0.5 per cgm. 

Asahi Chcrim-.il- i-urreni 
‘profits iiicrea-ej •■•. irift per ent 
.to ^’S.fi-bn_ (.s45.**;r, i. and ne< 
profits by 35 per o-nt in Y:t.l7im. 
r«n sales nf Y_M ] .54 tm. dnv.-n H.'J 
per cent from ihi- tir-i mx mniiihs 
ur I977-7S. 

Helping lit’.’ ri'i-nvery was a 
marke-t rail;, in -> rsiln.-iic fibres, 
with the e\r-n-inn nf re. -ess ion 
cartels, and tin- m tli 1 ’ 

; import price or raw nu ten al- 


and fuels, with the appreciation 
of the _vt*n. 

Torav was caught in thp back- 
lash nf the rapid appreciation Of 
the yen. since its expurts 
a.-i-ijunted for a relnuvely high 
pvoofiriinn of L’ft per cent of total 
turnin’**!. The company's average 
yen-r|i>llar eVehange rale during 
the period appreciated hy 15 per 
cent. v.Tiit-h incurred an exchange 
lu-.^ of Y7.5hn. Three-tiuarters of 
c\i-han^c loss i-.-as nffs**! bv 
si mag raiionaiifaiiun measures, 
■inch :i< the eutbacl-' «f personnel, 
anri by nrici- increases. Toray'-’ 

synthetic fibre exports were «iill 

below cost, put recovered from 
a lar-jf deficit a jear earlier. The 
'■mil pan :■■■■< high addeii-value pro- 
duct*. Mich as symbolic leather, 
ecsnne or pn',yo*5er film v.-ere the 
main i-ontrihiMors to Ihe earning 
recover:-. 

A.suhi Chemical’s efforts to 
liolster its nnn-ioxiiio division 
and diversif\ irs business, were 
rewarded. The company's non- 


textilc division, which arrounis 
for 54 per cent »jf sales in the 
first-half — uffset deficits m the 
synthetu* fibre division. The yen 
appreciation incurred a Y4.4bn 
exchange lo-v* on its exports, 
which accounted for 16 per cent 
of the ratal iu mover. The com- 

pans otTsei this lose only as <o 
Yl^Jbn by raliunalisalion siep*. 

For the latter hair of the cur- 
ram fiscal year, ending in March. 
hijlh com pa aies expect Further 


TOKYO. Nov. w. 

impruuiuiH-ni front- rationalisa- 
tion and rei-essiun cartel effects. 

Today’s -ale- fnr tin* I'lirrent 
full year are t-slimaied at 
Y41obn mp 0.6 per eenti. cur- 
rent {uufiis ai Yl6-5bn (from a 
delieil of Y&'JSm in I977i. j»d 
net profit.s ai Y7 5hn tup 690 
per cenii. A-.ihi expO'ls ii> S 3 k*s 
la he Y4’_ , 5!*ii (down 40 per 
I’OTili. current profit- Y 1 7.51*n 
O-'P 137 par iriti i and net profits 
Vi».4J>n mi/ 3i per #v*ni *. 


Pharmaceutical earnings improve 


TWO OF Japan's leading pharma- 
ceutical*. manufacturers, have 
reported increased earnings Tor 
the six months m September. 

Takedu Chemical Industries, 
the leader, raised aTter-tax profits 
by 55.8 per Ceni to Y6.35hn 
($53.8m>, from Y4.0Sbn. with its 
sates rising by 11.3 per ceni in 
Y186.65bn (899:1m*. The interim 


dividend, however, in unchanged 
at Y::.75. 

Sank vo (jimjiany*- a Tier- tax 
profits were up "1.1 per cent tn 
Yl.Sahn from Yl.’JSbn. 

while >a!«-s gamed 78.9 per cam 
io Y8‘J.7"bn from 

YS’JTStin. Thp interim dividend 
is held at Y3.75. 
neuter 


Japanese bankruptcies increase; Ni ^ on Ex p ,ess 

* a nvjL’PC rtrnitrocc 


xvviwc VPIltlirci JAPANESE 'orpii- .lie hankrupi- 

\ C II 111 I L cies m Ocioiirr i . i.;:.s7. up 

ir» ¥-ffrvnrv fef rtrWT • l7 - 1 P ur cpnI Sept ember. 

Ill 11 On® ROng hill down l.*;! p.-r cell) from a 


HON fi KONU. Nnv. tl. 
STELL’X 5lanurae(iirlng com- 
pany and Khiiuchrs Elec- 
fruuiqitcs SA Marin of Suibcr- 
iaml have agreed on a joint 
veninri- in produce - ll*|iiitt 
crystal display mmlules in 
Hong Kong, the Swiss Watch 
informal ion Service announced. 

Under the agreement, 
Ebaiirties Eleclruniiiiies will 
supply parts amt leehnolng;c:il 
support fnr mass product inn of 
multi-function and helaHle 
nutdnlrs bv Sleiux’s module 
manufacturing Mibsidiary 

Mndiitek. 

Stelux said the modules will 
he used hy if and Ehauches 
Electro n iques companies in 
- I heir own watches, but the 
veulurc would probably sell io 
other manufacturer as well. 
Reuter 


year earlier. Tviknku K-:i-liin»ho. 
the prnaie ••oru'iratc eredii ;n- 
MUiry awn*-;- -said heit* !njay. 

Another '■■ij-j.ar.’ite in*tuiry 
, agency. rnk\>i Slud-’M rSwareh. 
i said ihai (he niuniu-r of bank- 
, rupt compon.'-s in Oci*i'h.t 
: totalled 1.3SS. ur* 17.3 per cent 


from ihe orevuiiis month, bill 
dowr. 13 1 per eeoi from the year 
before. 

Tokyo Slink** Research said 
that belli ltd Hie increase was ihe 
rise in ihe >**n in (he foreign 
exehanues. The number nf bank- 
ruplfies Conner led io the yen’s 
n.-e had rj^-n to 45 from 33 
case- in Sep' ember, mainly bi> 
vioii-e of fa'lmg export con- 
tracts 


TtH-Yf). Nov. 9. 

Liabilities lefi hy bankrupt 
companies in the month 
amounted in Y194.L'6hn iSlbnt 
or 12.9 per cent less than the 
year eariier. sjccordina in 
Teikuku Ko.-hin/lin. Debts nf 
YlH5.057bn yen. up 34 per ceni 
from Sepiemher. hut down 12.1 
per cent from 3 vear ago. accord- 
ing io Tokyo Shokri Research. 
AP-Jl-I 


makes progress 

By Our Financial Staff 
N'lPlMiN EXPRESS ihe major 
Japanese transport services eon- 
fern. increased its after-lax 
profit - by :SK j—r «.-m m ihe lir-t 
half of ihe financial year, (n 
Y2.2:!bn ( Sl Pm i r r*'in Y1 i54'*n 
in the same period last vear. Tim 
interim tllvniond. htii'ever. is tin- 
changed. ai Y2 a share. 

Sale-* f.ir 'I— -i- umnib, lo 
Yemeni tier 3u ro-t,- 7 per cent m 
Y294 27bn I j't «?hn I . 


Austlran recovery plan 


< ni4CVE.-r>nn am M««in«w«es><a<.,. . 




Torras Hostench, s.a. 

u.s. $ ii.paaooo 

. Floafiiig Rate'Torm Loan 


Bohca ’ /*os Sard<iS. A;. /.iriyerdcroi^^srisrr. z Z'r- >.i 

Vra*M«4 by 

Arrae^cbn'f-.\oftef'icjT* Sort!?. Tv;{ Bcr.cci Mas io: 66 , 3 A. 

^ Sank of America N T & $ A ' hli oerr^e! &. Zc. -irr®d 

: ' r _ ••.. . : ; Irving Tpjoi CarTvpcrr/ 

• Ayanr 

i - v * • ' • AiTSHardom-Po^rdcrr: Bar's 


NONE OF the creditors in 1 lie 
recovery plan announced for 
Austlran. the joiui venture 
between Iranian Owrnmem 
agencies, the National Bank of 
Australasia and Darling Goileti 
International, is lo be paid in 

full. 

The creditors in the recovery 
plan are National Rank of 
Australasia. Sea Containers 
Atlantic. Tb. Brovig. Wesfarmers. 
Gulftainer. Liner Services. TT 
Club, and Shell. ' 

Sea Containers Australia is to 
acquire a 27.5 per cent sharehold- 
ing and Th. Brovig a to per vent. 


from the National Bank nf 
AusiraUiMu. 

Sea Containers Atlantic is 
owed U.S. 83.5m and the National 
Bank approximately U.S. 82m. 

Austlran is n»-v owned: 4d per 
vein by Iranian Go' eminent 
auencie-: in per cent bv Indus- 
trial MiniPtt and Development 
Bank of Iran; 27.5 pci cent b> 
Sea Containers Australia: 10 per 
cent by Th. Brovig: and 12.5 per 
cent by Darling Collet i Inter- 
national. 

This lorrecLs *smne points in 
ihe report on the rescue plan 
published on Wedne-duv. 


TNT confident 
of outlook 

By Our Financial Staff 

THOMAS NATIONWIDE Trans- 
port. the Australian -based inU-r- 
[national iran-p<.ri gioup. can 
,now look more •unfidenily 
: towards Hu* future and a rr-ump- 
uon in 1979 of die rMnipany’- 
iraditiunal -jiniwiIi pattern. Sir 
Peter A!*el. s. the managing 
director, sayx in flic.- annual 
report. F«>r the first trim* ever 
last year there was nu gtwih in 
! profit, which «, AS unchanged at 
A$29.3m pr«>- ia\ on sales of 

Aft475m t.\- 4fi::iui 

Problems •m-mintcied l:.»i 
year hail been overcome. Sir 
, Peter report-. 1 , with rhe sab* «»l 
ihe loss-ma' ine American busi- 
n^vs. Aciim F.»-’i Freiahi. the 
1 ri-mrn of Trui* Freight Lines — 
. iiii hy the US. lung-borcman'.- 
strike. -r-JO full nperalionni 
•teiiviiy and the rcsiruetunnp "f 
i be \fri« ; am si-rvo-c 



Highlights from (he Annual Report 1977(7$ 


# Assets increased by FIs. 100 million 
to FIs. 2.540 million. Value per 
share up 1S% t36 rt u in Sterling 
terms). 

# Aggressive buying and selling 
policy maintained throughout the 
year, particularly in United States 
and Japan. 

# Emphasis on sales in Europe. 


except for France, where interests- 
were extended. 

■‘fi Decline of the dollar had no 
adverse effect, since American 
portfolio was covered by forward 
exchange transactions. 

jj: Tax free stock 
distribution i»i' 5 \, 
proposed. 



Copies of the Annual Rroort at 31st Auf/ust. 1978 and an C‘p!ana;nry hroi.lct 
aie available from the Company 

DEPT. 7041, P.0. BOX 973 ROTTERDAM HOLLAND 




BERTAiM CONSOLIDATED RUBBER 

EXCELLENT RESULT 

The following arc excerpts taken from ihe circulated State- 
ment of the Chairman and Managing Director Mr. 5. Hadyley- 
Chaplin. FCIS. fur the year iu 31st March 197S. 

Profit before taxation amounted to -onu* CSSfi.nOil i fr,5|.0iini. 
This excellent result has again enabb-d your Direcini-s lo 
recommend the same distribution as ihe previous year, i.c., 
3.5p per stock unit. 

The rubher crop fnr rhe fiiM Svp months ra the 31 ct Aueusi is 
about up on the previous period. The overate price to 
date is just as eoud. but. of course, wish a furlhni 306 acres 
being cut out for replanting ii does seem tikel.v that rubber 
crops will fall in the second half of the year. I think therefore 
I can do no better than almost repeat the words cT my pre- 
decessor and that ii that if the curreni '•xceUer.i price for 
rubher continues until next March, we should again haw a 
very successful year’s tradiny. Perhaps I should add that the 
tendency for the profits to full back will naturally occur for 
one .or two years until the first area replanted with oil palms 
comes into production. 

A new road in connect Kepafa Balas in Tasck Ulut-nr might he 
constructed along Bertatn's main estate road. In view of this 
and. the. continuing development of part of the esta e into Oil 
Palin s t he revaluation of Berlam has been posiponed until the 
position regarding the possible acquisitions has been clarified. 
The Directors are confident in stating that the curreni value of 
Berlam Estate is considerably in excess of the valuation put 
on it five years agn at some Malaysian $15 millim:. 


■ This announcement appears as a matter of record only. 



State of Minas Gerais 

U.S. $60,000,000 

Term Loan . 

Guaranteed by 

The Federative Republic of Brazil 


Provided by 

Bank of Montreal 

Chemical Batik 

The Sanwa Bank. Limited 


Agent 


Chemical 


The Bank of Nova Scotia 
International Limited 

Morgan Guaranty Trust 
. Company of New York 

Toronto Dominion Bank 


£-sp?r r.Kr. 1275 


Ati i.-.ase b?nci hd\«rg bsen sold, this &nr.cjncerr.«r.: appears zi a liv.Cs. c-i :e : ?:.l c-rfy-. 


i Ic'.V ISSUE 


o. I.i r 5 ! 



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200,000,000 French Francs 

9 '4 per cent. Bonds due 1983 


CREDIT COMMERCIAL DE FRANCE 


BANCA COMMERCIALE IT A LIANA 
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AMEX BANK AM3TERDAU-R0TTERDAM BANK MV, BACHE HALSEV STUART INC 

BANCO AMESOSIAHO BANK OF AMERICA INTERN *TICK»L BANK JULIUS BAER INTERNATIONAL 

BANK LSUi.1l LE ISRAEL BANKERS TRUST INTER NATIONAL BANQUE FRAN£AI5E DU COMMERCE ETTERIEUR 

•"> i f . r..r-c 

BANCUE GENERALE DU LUXEMBOURG SA. BANQUE INTERNATIONALE POUR L AFRlOUE OCCIDENTALE (B.I.A.O.) 


BiNQUE □E'PARIS ET DES PAVS-BAS 
BiNOUE WORMS ' ’ BARCLAYS KOL A CO N.V. BASING gSOTHESS A CO.. BAyERISCHE LANDESB ANK CISO-ENTRiLE 


BANQUE INTERNATIONALE A LUXEMBOURG S.A. BANQUE LOUIS-DREYFUS BANQUE DE NEUFLIZE. &OHLUUBERGER. MALLET BANQUE DE PARIS ET DES PAYS-SAS 

BANQUE ROTHSCHILD BANQUE DE LA SOClETE F1NANCIERE EUROPEENNE BANQUE DE L UNION EUROPEENNE 

BAYERI5CHE VEREINSBAHN 

BERGEN BANK BERLINER HANDELS- UND FRANKFURTER BANK BLYTH EASTMAN DILLON A CO. CAISSE CENTRALE DES BANCUES P0PULAIRE3 

rf - ■ i . i.-. . 

CENTRALE RABOBANK CHASE MANHATTAN CHEMICAL BANK INTERNATIONAL CIBC CITICORP INTERNATIONAL GROUP COMKERZBAIYA 

LA COMPACNlE FINANCIERE COHPAGNIE MONEGASQUE DE PANQUE CONTINENTAL ILLINOIS COUNTY BANK CREDIT AuRICOLE (C f'.C.A » 

CREDIT COMMERCIAL DE FRANCE ISUISSE) S A. CREDIT INDUSTRIEL D ALSACE ET DE LORRAINE CREDIT INDUSTRIAL ET COA’MERC.AL CREDIT LYONNAIS 

l . -•* . .<3 

CREDIT DU NORD CREDIT SUISSE FIRST BOSTON CREDITO IT ALIA NO DAJWA EUROPE M V. DEM OANSiwE BANK DEM NORSKE CREDITBAHf 

DEUTSCHE BANK DEUTSCHE GIROZENTRALE . DEUTSCHE KCUUUNAL&ANK- DC BANK DILLON, READ OVERSEAS CORPORATION 

ORESDNER BANK DREXEL BURNHAM LAMBERT EUROPEAN 9ANKING COMPANY FINACOC FIRST CHICAGO ROBERT FLEMING S CO 

GENOSSENSCHAFTUCHE ZENTRALBANK AG ANTONY GIBBS HOLDINGS LTD. GIROZENTRALE UNO BANK DER O&TERREICHlSCHEN SPARKAS5EN 

GOLDMAN SACHS INTERNATIONAL C0RP. GROUPtMENT DES BAUOU1ERS PRIVtS GENEVOIS HAMBROS bank HE5SI6CHE LANDESBANK GIROZENTRALE 

HILL SAMUEL A CO. £ F. HUTTON A CO, N V. INTERALPHA ASIA (HOMS KONG) INTERUNIQN^BAHQUE ISTlTUFO BANCARIO SAN PAOLO Dl TORINO 

• r - l - , 

BIDDER. PEABODY INTERNA I ION At, KLEJNWORT. EENSON NREDIcIBANK N.V. KUHN LOEB LEHMAN BFOiHE>'lS INTERNA TlONAl LAZARD FBERES ET CIE 

’ ■ f 1 i. ~ 

LLOYDS BANk INTERNATIONAL MANUFACTURERS HANOVER MERRILL LYNCH INTERNATIONAL A CO.. SAMUEL MONTAGU a CO. MORGAN GRENFELL & CO 

. THE NIXK0 SECURITIES CO . (EUROPE} LTD. NORDQEU75CHE L»WDESSANk GIROZENTRALE NORDIC BANK 

* PKBANKEN PRlVAl SANKtN N U ROTHSCHILD & SONS 

SALOMON BROTHERS INTERNATIONAL SCANDINAVIAN RANK J. HENRY SCHRODER WAC.i- L CO. SKAMDINAVISF A EMSMLDA O'NLEN 

SVITH BARNEY' HARRIS UF-HAK S CO. SOCIETA FINAKZIARIA ASSICUKATIVA SOClETE CENTRALE DE BAN SUE EOCitTC GENERALE ALSAClENNE DE BANQUE 
C.OCIETE GENERALE DE BANOUE S A. SOClETE LYONMAISE DE DEPOTS ET DE CREDIT INDUSTRIEL iPCIEIt SkOliAIMiSE (U BANQUE 

r-llMITOMO FINANCE INTERNATIONA!. SVENSKA HANDELSBANL EM SWISS BANK COPPOnHION lOVffiSC AS) VCr.Lu:S- UNO V.FSiRANY 


MORGAN STANLEY INTERNATIONAL 

Liii..i* i 

ORION BANK PE7ERBH0EGN VAN CAMPENHOUT KEMPEN S A. 


, 1 . ■ 0 IITOBEL 5 CO. 


WILLIAMS, GL>" A e.O. 


DEAN WITTER REYNOLDS INTCRIIATIONAL.INC. 


WOOD Ci UND i 

l n.- J 


YAP.TAICHl INTLRNAIICNAL jMEDERLAMD; II v 













I 


Spa contains remarkably little 


waters and they £ 

took away the name 

1603 was a ereat vear for a ^ Instant irrpcc 




1603 was a great year for a ^ Instant success. 
Belgian town called Spa and for two By 1732, Queen 
eminent English doctors named Caroline’s Purveyor oi 

Richard Andrews and William Paddy Waters, Henry Eyre, v 
Since Roman times people had personally importing 
flocked to Spa to ‘take the waters’ 10,000 bottles of Spa i 

That year the two masters of every year, 
medicine crossed the channel to see Health resorts ev< 

for themselves. ed on the bandwagon 

Compiling their analyses, they They couldn’t bea 


the palate and can work hard in the y§||. 
way nature intends water to work in 
the bodyThatis,bywashingharmful 
— ^ wastes out of the system. : ® 

i Spa is npt a medicinal water 

It is pure and pleasant- /; 
tasting drinking water 


* * * 




ROVALl 


CHELTENHAM SH\. 


■ ■' s -:;' -JT 

ou come . 
iarrogate, 


chanced to meet one Henn De Heer- coming back to Britain. Across the 
a doctor with an eye for a deaL world people drink over one 

Later in London, Paddy and million litres of Spa spring water 






Km 




\ ' 
» 


mm i 

MB 


10,000 bottles of Spa into Britain Malvern, Cheltenham, Buxton, E—S 

every year. Leamington, Scarborough, Shadwell ® 

Health resorts everywhere jump- or any other spa-sample a sip of ' f 
ed on the bandwagon. original Spa EE/Tpj 

They couldn’t beat SpaThey had ’fou’U agree .• yyy 

to join it And that’s exactly There is really only one Spa 

what they did They 





Andrews extolled Spa’s virtues while every day 


world people drink over one 
million litres of Spa spring water 


Monsieur le docteur gin gerly un- 
packed 200 bottles of precious Spa 
drinking water in their Kensington 
lodgings. 


And every litre still displays 
the unique qualities of clarity and 
purity that made Spa famous so 
long ago 









FORMO^INFORMATION WRITET0: SPA M0N0P0LE SA, 34 RUE AUGUSTE LAPORTE^SSO SPA, -BELGILWL - .■ - 










1 





Times Friday November 10 1978 


Currency, Money and Gold Markets 


THE POUND SPOT 



ideation. : : pr 

■r.;r • »«. k*.. 

_ . T 1 • ^IM]] I 1 ,.- 

T-taTttgtJar earne d arbaaflin the ;curfenty. which opened at -around u,-, ' 



l.i/no I.. Bug ii.3/20.|.Bii0 U.42-U.52 -|».t J X, 
lp-,y.BlD& 2.i2tO 'i.4IIii.e.S12. fl.fiO-O.&Br. S.bJ 


6 'i S-37'..- ».Oti-4.L2l 2 1 

6 'b7.7B7B.JB »BSS43.fe 20-tf.M*.. 

e ; io..7iu:b .10.56, mu?; 


i.tii-?.i3; j'.-2'.ri i 1 **' 

aS.B0 98.4fl : 4 j 141 .Mils 


6 4-67 * iiiio.iS; i-.-f.ri !-»■ 

18 Be8j-3flbj 8S.B0 98.4fl : 4 j I4J.m1i:> 

0 15a DJ 135.46 ifiB.QO 139. W flAISJ .-^i* 

*0 1 *.- l.iSB i.ibfl ».c*5 l.i<9 .2 9 ■!>- 

7 3.80 s.Bb -.8b;-. .&/; ; l.i'ilV|4n . *1 

3i B.4u«.(8 0.4b;.i 47i < fi-ti .-.,"n 


J2> per teal ilt Banfe.of-Bn^and rising. . rather tlian buying at an! 


3.80 3.Bb 
fl.iB-o.tg 
8~- I >-h.Bg/. 

•‘bS a/9 
EbU-a/ |> 
a 16 i..2 


Ij'ilV pm . -II- 
*••<{ . J -'0 11 10 -. 

4 2.ii1'|hii 4 91 (jfi, .hv|ii>' 

4. 10-s.BJy i-i.i, IS-/9 1 1 I I0.3-. y ,.. 
16 b urv | -in 4.4a 40- afl jni i-m 
Si-5!;-. (HI 12.17 il- lO- 


2b I I? I Os^.ini. 2.2; 
S.bJ i 9 -I 7b.: (-■>■- 4.20 
a 4a i 9 »■« (-Hi 8.4/ 

1- 9 >0 CD I-. [ iii 1 4.48 
-5 5# i:i. -2.<2 

10 07 10, ; ]-l |.n. 10.44 

- *1. 8 1/8 — lO.fiZ 

- 12 06 42*52j,..|-.k — Ii.b2 
.-.52 8II..JL- -2.4 

0 40 l, 4; -i. .Vi, - b.. I 


a.rS'^.^bi : 4 2 .in- ,un 
.70 a/2 ' j4.IO-5.BJv 
27.(45-4/. 10 16 b an- | -n 


I., :n. Ill* : K C-LRT -■■ 
'.Juiic'r Di'lS.tfll '_v:i| l -jj.-. :t . 
•tie Mail rs ol: 


'LSTl-.E 
f.oar Jr 




L 


iiuUir.'Ler^^^aft : ^?yW'. e 9 !al»lisl)ed Ion point. There was! _ .. . a. I 4 *'*- -. i-m . m >0; ----i"" 

rd-: rates evidence. of some selling ini : - 

or ivith thK'lar^e^mav.cment rtic market however, as a . bedae ; nJili r?Sn c m Jmii « uvc “ Uaae,fc 1 i K '"' 

ihe 02 -month per foi , which Jn-. j-aibit any; further larce com-! ™ ,c , - u,4,n,h < SUvjm on1 ' 


f-ySwr-..*;- 
r ■WWl 

k'.:— 


the 02-mondi period: '.wluch^ih-.iigalmit any: further larce com-: 

^sed to 4-cefits' ; ifiseount:lrom "merciol setting orders. On Wed- i — 

>3 cents. .The ,lbree?KiOjHh. nesday these were met by heavy 1 
oved out ■ . cent intervention from the U.S. Federal I t nfc, 

ora 1 cedt.discouid^;^'- - : y£ 'Jlesem*-. - — 

The . pound dpgx\qrf at SL977fl- y BRUSSELS — The Belg'j.n Howinucn 

TSe-.ahd^isuehed-a^hJgirjporoV Narkmnl "BanK supported the'— — 

. S1.BS0O. during, the -morning; dollar on a large scale throughout ! rju.ij* r D ” 
e auihpnti&s,.sia^;haye ^entered .the” .morning, as the U-S. unu ' pi. »» i. „ « r 
e marketio stead?, sterling* and - gained ground- on- Xhe comment- , dih.is>< :; r 
4 i before-'- the - MU? -announce- of- -The . vtcerchaimian . of the i [j-Man 

nt It *Klrf >.£l-H7ASa— jianK-LM -DitMrfadkqnK- Thfl HnlCi* I I.m 


Belgian 


51:0700-1 .9130 ;in the afternoon. ba a if buyinu : several million . t 1-1 < r 

fore ctbsi njz ' at- sr.9720-t^rJO.' a dollars. Wednesdflj-'-s nxiiw level ^ i l d1,11 Kr 


SSJB-8521 

24)185-2^778 

21. 22-24 

5.1525-5J405 

1-S&S5-24UB 

45^0-45.40 

70.30-70^5 

I2B.75-SM DO 

4-4715-5X040 

4.2175-4.30 

4J1S0-4 3340 






" 0* 25 PolBfci' on the. day.. . wa5 . r BFr 20^21- The ■ Belgi.i n ■ »;," lria N . h 
Ci;lihg4il4rade-Weiizbied< index; . franc -remained- firm within rho siil.-ii i.M4o-i.»7o 
calcuUtcdi.by-.ihy..Ban|(;-or. Eng- European currency snake, gamine i- > urns prr cmauian f 

id. rose to .02:3 from* 62 JJ, after ground agasnsi the -Drmark. tl 

nding^ CW at jiooo and 62.0 the lixieg the Gcmian eurrenej 

early.. iradl Pfi' . ; 1 ; J'. : ... ensed, -ttf.' -RFr .13.B727! from CURRENCY 

rhe^U-S^Federai Reserve vmer- BFr la.®20.. • ••;. . 

ned Id pu^t up. The duilar in ADLAN—' The', dnllar improved Si 

ly,' !Vev'. York trading, and this against the lira at yesterday - .- - Hovcmbct 4 or 

owed more -support Trora (he -li'roie. to 1-835,55 from 5 

idesbank ap'd ' Swiss Nalfonal X53t earlier in the morn ine. and m 


ss.nxsjfl 

7.6340 i«J7» 

24A-28X3 

sjms.»» 

1.B85-JJB80 

45.5345.48 

70.35-7040 

B45_S-S3*.M 

S.Q01B-5XC3S 

4.24-4.38 

4.33204.3330 

187.70-187.40 

13.7S:4J.75J 

LUO-LK7) 


.w i>:a> iif 

% y. k sSNi i ir.; l i : i r ti> 

Xu 

SAUNA i H \Yi!ARf (■_ r ;.| .;| TL y 
•’.o. WlTj u: i;t- 
JO V Alt UR- J LIMIT-. ■ 

\o. ItiiMOJ -y 

SANCT KHUlKTiS ’.r.lirFL- 

\o ftV.L*.: 

HO RX' Wish CO'ITKi 7 ■ :< LI1J1TEU 
Xu. '"Vr7-::. p:- 

IV. V KVA NS l.\ j.TLLi 

imi io :3«. u: i.'n'n9jr..c» 

\ct. IMS 

ttUTUJb* IS HLr-E!.-. I.-ILN ‘tis 

K.I:.iUW f«>r f* 4- -' -v-lvs-u^ : tj a ?u'.i- 

I -:l c..m{ij:i - . •!■-. :i i i. jj- 

LSMXtefpm SJ0 4.02-3.95PI 1.38 | n, r ^- "' !** ; v "- u? .h.r 

i5-l«0r dK -28.J0 130-SOet dis -27 87 I ^CTflVr^,. V- -V'l " J J 

Ml-ast fli^. -ll-.i* JjO-TMir Hu -11.44 trill I.M .HtlbSl • -r.I.S 11 


THE DOLLAR SPOT FORWARD AGAINST $ 


i One miirtb 


Tfcrcc monihs 


I 8.01-fl.Mc pm 0.14 BJ7-fl.22c pm 0X3 

. 0JM.42C pm 2.57 1.40-1. 80c pm 3.62 

• 5- 2c pm 0.83 29-lSc pm 2.17 

I L7D-2XOI. do —5.78 3.81-5 20c ills -4.73 


M-aScdis -U.il 25I-246C dis. -U.44 
: 2.75-4.2511 rcdls -3.54 8.7M.75iircdiS -3.61 
9 jfrfl.Mc dis - 2.65 l.UMXOr dK -4X0 

1.10-1. 20c pm Alb 3.1D-:X8c pm 2 U 

. 1JS-D Sir. pm 2X2 1.7S-1.&5C pm 1JQ 

I L 70-1. My pm 18 v3 4 4fl-4X0y pm 4.45 

I S-OW-ODor* pm 5 95 16X8-13 SOsropm 4.24 
I 1.42-1. 37c pm 10.13 1.71-l.6(c pm 11.40 


\Nl* ESCtSK - f ll-.m-. 


CURRENCY RATES CURRENCY MOVEMENTS 


Special European 
Orawrino Unu ol 


Bank of Morgan 
England Guarani* 
inde* chans^v ■» 


nh in : Europe: Tbe Bank oF ua.i.aJsn slightly -llniier- than rhe- J" *1. 1 , l l "" -,l , -11 . 

4ft knritrllf . trt' MAftni KnTnm ^ : a : ' ^ r I c*3 ~Z 4t I'll l.l I 


an- booghlj- up.-, to $290rn before previous fixing level of LS33.45. sm.-riT u iui . 
- EuroptjaD-:. 'centres bc-^an Vfarket volume UDS normni a; - d-.Uiau ir.mi- 


Sii-rliiu 
1 11.5. dollar 
) Gwriuii inilar 
. .iiKirian -cti'iliiu 
| Ktrini-ui Iran- 

j r>.4ru-Mi Ijvuk 

llnuiv.-fii Mari 
Ib'ini trail- 


-5 Cfl JMf Marl- L- 11 ' 1 '"7"- 

1 !■ ir-l soai ill- ‘Pi'S F '-''.o 
1 JQ. | -u li* ii.-urd Ocfar. 'j«. i 
■ kI‘»- Koj-Jj 7 '■ 

1 yuC"ll IffM 2k!.. !)•, -I 
£i.«s-ii!llcr l><i Mill j 
iun'r::iu.i>r> pi <> r -} -.*• .Ii 

l-.nrun? m -iipp-t- v: .i..v 
ju (inbrr jri .in-. ■>■ -i 
m.v appi-ar ji -.'i. : m 
ptrs.ii »r fiy :i • -.-..u 

i"Urp«'V: -1 1*3 j • 

•.■•Hi (n wrioh.a ‘it •: 
ru a:it ir--4;iw >■ ivr- 
y. lie ra. t f'tff'i- r... . 
i ini «n uj»h , i!i- v- 1 1 - r. 
.'or (hr wmr 

■ ; ^ Cl l.i • Nr. 

K:n«'t K..UI Si.-.i— 
*b-ll Ml-- I II- 
lAi.ia-’n feX !■• r-; : 
Su'Ii-Kit :p :U' P. .. 


.r: ::n 
rr 1 
n 

S -1M 


. r : i...- i.r 

: -. ;:ry»i:i— 


■<r ;njl 
P :-i--jh 
■ I- 


bs.t-v.i-. .-.< .1- 
■ r -;o ,u • 


inst the . O-Thark;. compared ^e Japanese yen. : ’ 241.753 

th DM tJfTrfi - previously,, and - , c _ 6 . 1*554 

tn Cii-Tr 1 KU 7 In 7 /irfns nf AiiISI tiRDAM-— ills dollar r-jse I P--s-l.i . _ 

Swiss fan* Sim SwFr Taiw f0 n 2 0350 «»*»** the- guilder ar v»,4kij 5.50921 

.vSiS S' ,hp fisin C- from FI 2.0230 on *■■»"** Hour 

te dollars trade-weighted de- \v ef ine*.dav 

elation, on . Morgan .Guaranty ." . 

Liros,.narr9ived to IQ.& per cent ...TOkTO-rThe dollar lost ground . _, 

tn ift.l per cent. m __neryous tra^in- ; c!DSing ai OTH£R MARKETS 


Irani 

kirn 

I V.-. 


Uil.M-d i'll IfjJv ill L: tiled chin— ^ ItPII- 
V.'aiJiin— lies a^-r- • m- r- 13- -v> ini".r. IS i 
■ Paul u! Knt:!anij Indev ~ li*P ■ 


f' r 1 0, ,- ? ' 


EH YORK — Heavy jntnrven- ™.67l wMrt : the 
• in hv thA FcdeVii Rwrrp ■ i loS.40 . on 

; Wednesday, . The U.s: currency \ 


.V'TK.-A'S.' P r%u'. o- 

i,>p.-jr un -'ii- *i -a.*-- . ■!■ .< i; 
-.ilO (MI"U-b r.m-- - — v ,j- 

•>; post :u. in -i i:-.i J 

rli|i« Ol h:» r- : ...> » ... 
•ior:-'t mas: »'a;r :.h. • .it » { j 

•»f ihi- o--mu. or i ^ i-ni ■ 

and .idan.-j--* ol -a - — •.». ,i-.- 

Cmfl.-fl by Jh- a rcj-i :.r irm 

•Nr SojK--cr , • . -j. ; 

writ. i. or if pis « 7 -r-j,- 

iio— in ■piflK".- n ■ I-- ■■ 

onii-d nor ii' f ih . • . 

sli.rnoon ol Or 1 -: ./ j 

l-'Ts. 


■J- .< i; vi 

”» •!-■ -- 3 

■"•I J ii’i 

- ••• d t-. 

-■!» t -1 

I " ni I-,:M ' 


D.-.tBOi* 


iLi-hed up the dollar in. early ^ v 

c-'idlng. The U.S. currency ruse vKrVnn inL^liv ! 

tvu 1 SKOn soalncl the T)-~mnfk point. Pfi-YlSfi.pO OH gelling l>> Waut'iu 1. <8 l.l 

™\lr£j5$£? Si ri ?wt Japsnes^ exporters. Th_e _Bank « . i.iOTO . . .. 


.i 22 ,a2l.i 7 s.23 70 .3i>!iMN. 
>030 -a. 48 a,,i eO 


i : < *k fixed at DM 1.S760 -against the the US. currency ' bad an easier ! 1,1 • :’f-f25'i - *Si2 i .'?o 7 ««' <-1 un i ,,,,r1,,v- 

S’*. i"V ; r--> .mark, compared with DM 1.S762 tone, there were signs of some • ^o c'fig 66 ^S9^jlwfl I*m?^'i.'im " 

’ ■’ --i. i.. *evious!y. The siatemenU or interest at the lower, levels on u?..,,, . 3*uX77i : d.Taio-a teao !< irwSJo" 

‘-pport for U.S. dollar policy b>- commercial tnteresT . and . ?hort ! at T .,7ii. bkh- 1.7066 j.-«2B \x* 652 0.8.84 ; vu-. 

. ? vice-chairman o+ the Bundex- covering.. Spot volume. totalJcd j — — — ■ ■ 


it /of- 
ty r 1 1- 

' 10 2 3 1L- 35 
e 4 -t! 6 
1 65 3 75 
lblw-lcau 
. 1 At ' 380 

5.95 4 1 5 
' » 8. 9 92 
I v -l Ji- 
, 1 14 Hi 145'i 
I o.tS-3 25 
. I 1 - l 1 -*tt 
I 4H-431- 


nk helped to support the US. SfiS&m. 


Ru*p nvm fur Nr,»nnnn i« >r«# pp rp 




- - EXCHANGE CROSS RATES 


N->' 9 1 Vi-uipI Slifi-ilDti U.S. Dullr llJwil*rti*Sli«rk| Ju|*lMt« Yen |t'«vfprli Fiph 


— t'niii linlcM t’liiiB— I !|i iinr.<n fw-iisp *Hp>-;iuif Fr*-ir 



• ■••t 1*1 m 
JlV S IHM 
Mb 

► - in- ‘iii li».. 
ii.- ml 1 . 1 . 

• \V»'... 


? Mailin' 

L*.**. Ur 41 

LAIIIl'iUU 

1 

1 Uuicn Uui net 

■b '»< t'rmi' 

1 Itenl ln-:iu« 
«lii- 

1 

: r:ti.i-.i r-in. 

"j *»n 1 11 

r 

1 >14*1 * 

JOl? 11 

S-'i 10 . . 

814-0U 

7'8 i 

I - *' 

Jfc 

! /i’-i 

87z 

_ 

1 s-iaij 

tie 10J* 

bifV'i 

: 7:»-ei e , 

• s 

1 Li 1 if 

* i'j 

j1 lli 

lul » 1 

. IZ '3 lei-.- 

10i« 1L 5g 

97J- 10 1 4 

' ‘i.jcli, 



7 7', 

>2 ;j 

101*. 103$ ■ 

. USio 135s 

iii* .2 

K .v. jO ? 

i 77 0 c l 4 

j 

C-'8 

Bi, * !> 

ia jS 

if; 1 --. 

14 1R1 2 

l» : a '81 b 

.-lUn-l.-i, 

; 7.i-« ^ 

. 

A'.- 4 . 

* '-f ■ 'i 

15 16 

llCll-, J 

I*7» 14 Jr 

1 Irv / Z A 

■ ICiB lLi„ 

1 -I 't 8 't* 



Ul 2 iO-'i 

I5i% 61. 

ll.'lir* ' 


i 1 * 

Jj l-jr 

l-i '1 
4'* •It 

8ia 4 r , 


In llv? HKJK UMflir | J.-JTICE 

CBalh-.-rr DIiiji-i-i I.P-.I,: J I I ..11 r- ] i . 

•in- Jln/ipr o> D s c -'.tk.-.i ImK- • 
LIMITED aiiii L. .!:- Th.- ! 

'.PliipaiilP* Ad. lllr 
NOTICE IS HEREBY GIVK.. ihi: a 
Pill nail *ar /hv V.Midma ui .ji a-jrji ! 
named Oimp.-i.j K . -h. ifi.-ii ri, 0 p- 0 i 
Ju*uce was 0.1 C:ia iij.i- «: ?.m-.:ntvr 
1373. pMtnu -1 :•» C. ji-i L.mr b' , 
Z PARK LX SUN -ION Du-;. UJlIVcD J 
J’tlDS' r4SJ<ter.-2 Itffiiv \ MIIJ3I ■ J-. : 

8 nush Raiinaj S.j-.ui pj,.. ur-.-n 1 
Road. South To vnh.im. L.skJoo. n 15 ' 
Roortnu Canirj-.-ii>r.-. ;\ j s.-j... j-n; tii- • 
yurclunio. a*l itia; r-ei-.iiui ! 

4 dlteL-ted 10 sy !!•>•: 1 . Mr. rV Lnur- • 
Ill-Jin a; Ihs R"'- «| CmiMj pi Jus.:-, e. ’ 
S-rund. Lnmlfiii Wi.ja .*LL. >> > ;n» J:h . 
lav uf December I9; ; jr.: .-^. 411.^1 • 

>r oNiinlMilory o' .'e s ^:3 Om<inni 
kerf I IN *015 to rfU|.p.-n ■»: -i.ir.r- 1 . 13 , nijMn. • 

if «n Ord-f o-. nt -j.j t-.-.ni.u. in„% | 
■mi- 4 r ji 1 he fin- m ij. i- --..i. I 

or 01 nn coil n S '-- 1 . i.-r -hj- unrp.'i- . I 
i/mi j foov m, mi , 11 -nil f., 

uriurfhi-d a> ;n- :■ -i,r>. jin a 0 .,n\ , 

r*- 4 '-or or i-nji-r *-ju-r-. m :n- <j 
'.UiiUi-iD: r»<iu-riiv -a- !■ . pi--, u i mm .c: . 
if tltv r»auij|ed 1 N.ir.-- /. t (111 J 

MilBTX •.•.M.Mii. 

t A Hind Li-cr. 

Srre. ■ I 

i_vui-.il. ti *\ =ns. 

Rvi h-rril. Tvl: -||. 3 >' Ki »2 J 

S-.i.-.fori -pr :h-.- Pcimunvr 1 

'•'•’te. — An;- t»sr:-j-i nh-* m>-id5 :p 
ipo-.jr i-i III- .lean .„ .i» rh.' «k< R. ;inm 
i«|f» Her- -i or ,-ni bj p-js: -he 

jbore-'biu..: r.uiKi- -n «-ru 1 -> or hi- 
l-meniuHi *0 ■> Jj Th ip-.si mu-.' -. an- 
-he -.Jt>i- a-.ij j.lirvss .if ih.- n-.-n.on pr 
•1 a Krm - 1 . name an-; ndunss of :h- 
arm ana v-ii-- be I'mu-J h;- :!ie y r— 1-1 
or arm .ir » » nr tfi».-Jr *onruof 'll ..u? • ; 
»nd nw: 1 1 - -r.td. pr .' ocr>vd :r.u.<' ‘ 
V >*n; u.- .-i»: in smTlcieii mi': ’-j 
> N-lli ih-- j'j--'. ~mmed am 1ji»r ;ii.in'l 
ioar oclO'V .11 'lie jnernoon 01 ih-. I 
l«; da;- o: U.-.TiRlxr i!i;s -I 


ThiS- fullovi-ioK nomraaJ raws Here auoral for London dollar ceru&caies nf drousi'.: uni: uianib ia.:n>-io.lit per cm-., tarot muuilis tl.34-ll.S4 3 *.-r cin:: man ins 

75 I 1‘0 per i-eni: am year 11 93 - tL 73 per cent. 

Lona-icrm Earadalbr OepustLS; Two years IBi-U'l per Mil. tliree run lui-H'» per cent: lour yeare 10«-!IH per is-nt: h\-- year- 10 i; 9 -iQJi. o-.v- ten- nominal .-jM 0 ina 
cs Sburi ti-rm rates a c.il llor sicrJinai'.'U.S. dollarb and Canaduii dollars, u o-day 'all fur uuildcrs and S'-:s? franc- Abian rat-s lor -.-losing rale- in Siu^jpoo. 


l-i '8)0541 ol 18;- 


- s - 


SITE RN ATI ONAL MONEY MARKET 


GOLD 


Further fall in Belgian rates 


In th*- HI-Jll COURT OF JLFTK.K 
' .naiKvr; O • -s>on Cooip imes Cuur: In 
m. Mirf r ol TO': 4K7NS LIMITED: 

and m :n. Ma’tcr at TJte Compar.ki • 
V-i 1?4: 

noth r. ij ;ii:i:el«y given j-v j 
Pel 111 - 'll lor -» -illijaio lip ul ill.* a''u«r- • 
nailed C'.-r.ipa li> llu- R!jb ibnir nil 

Jii>'m -be 6:h day u- Xa* -anbe.* . 

I97s. pr--*. .: -1 IO i.V said Con— l«v ! 
HIE UL E-SRT.fLNr Ol- HLMTil Uli | 
Social si* I'S ITV ot liat. riuu*-.-. I!:_-'| : 

KOlNuril L- ”1*IH. fC I. 0 ':d 'llJ' JI. ' 
said P-:r..i-. *n d r_.-i-a to hi. h- -irl ‘ 
tvfor. ••>.- i. jnri «— ..na «: »*ie fl.-n ul j 
n<mrii of *V. RirjnJ 1 nnd...j •.-.-C? - . 
II.L. i*;i :V dar of D'-onihei- II> 
slid o'U or con:r:buton pi :.N. ■ 

said Cnmi': -l.trous in Miapor or 
-N 0 PP*. ;h -n..t ne nr on urd-r on "h. 
:>iU mif sfTOesr ai »h- t mr 

-if h*.ar.ir_ ■” p- -son nr h; hir C.-u.ns ; 

( Hr ihj n-rpav: an-l 5 rgot ijf ih 

FVino-1 V ;■ h. 'urn sned &v i|i_ un-i. r . 
swm-d ,i. .'*} -T.-lir.ir nr cOTiTMII-rj 


Sharp 

fall 


^atps oil. shorl-rurm Belgian per cent against 9* -HI per cent cent previously and the one-month , 

^asury certificates were cut previously. Six-month deposits rate cased to 3.0-3- per cenl from 11 

5tcrda.s- bv 0-b dec cent One- fel1 slightly to RJ-0 per cenl com- S.3-3.4 per cent. Longer »erni . TO I I 

jicruaj oi w-a. per cent. psrert- with 81-9 per cenl. while rates were unchanged up tn 4.1-4^ X K JLJl 

d two-mopth paper rates- now i2. ra ontb rate was unchanged per cent' for 12 months. ‘ .. . . 

• . nd at 9.5 per cent against »./a at W-R tier cent. PAIUS— Day to day credit v.asl J . ,nr ,hJ pm b r QO > ih 

’ s ' l r cent previously. -and the. three- NEW YORK — Federal funds slightly easier at fij per cent from L.J™ ifSn?# fhp H'u * ‘h 

^ *: iru h mie is ft£b per cent com- were trading at per cent 7 per cent or. Wednesday. Lo f|^ r ! SrromthefinHh 2n \vtdi^y '•< ‘ - •--nwp'nv ^. ln n ; 

; .Uhl e — . ■ -m.- against ■ what many people term rates showed very HtUe j** L 1 ™"' In ® ^ ™ u ‘ :n c: 11,0 - cn«ra-- ■; 

.Tv’f presume to be a target rate of Hi change right through to one-year °i e n m a! s - S2,W "” 201 - for ^ SJ ’" 

<3 sT -Tnpyg- represents tne third ' r <*£3^. There was some at SJ-BL per com. !® n ^. k-h , steadily in nervous 

rjWs^*t«kr ; an,d; while there speculation as lo whether the Fed AMSTERDAM— Interbank money i ! ra «’ n 6- J* ,vas '‘ x ^ s i L_ 5 ?- 1,1 -*j w 

BBaBiunmiinS ^-w wflefal comment frnm (lie might enter tbe market to absorb market rates were firmer although m . ine morn,n ® ana m Ibe 

is was funds -by reverse repurchase call money was unchanged at S-Si 4: 'JJl'KJV , h „ .... b .. , . 

the reduc- orders and thus push up rates, per cent. Longer term mtes rose .*'",, a , i-iir Vp? t,. 1, 

^jS^^^n ‘ : wa3':;‘B -redeetion of offizul although;, they have refrained lo 8-Si per cent from 7 1-7 : per l,Jce “ dt ^ 1 r - u -^ uo ^ er 1,1 ^h fc 

pressure has fj-o nr doing so earlier in the week, cent for one-month and b-Si pur 

r. ^Sgg* M-i;-oh -Belgran franc in Treasury bilU were generally cent for (hreerinonth. compared . \.... .-• j n... , 

^^^Seixiv/eiifchangeTnntrkets. '.Some ] ovv - er with 13-Nveek bills ai 8.SS with 7J-S per cent previously ' 


•1 - ’i "s;i'>\n 

>-V- il-JI-.* 

H-:.i !i-Nl>irr.. 

I <-'7 v »2 I. 

S "I V ' -ir t»i i!j. F‘*j- far> 


rces- 'suggested.-- that mtcresl per cent compared with » per cent Six-month money was quoted at j r "v' H.'.iii-n .* mi. 
sire>**;bemfii reduced to' allow (Vf e Wedriesdav and 26 -week bills 7j-8per cenl from 7^7? per cent | , u ^' “ “ , 

^ciV government bond issue at j, 47 -. oer agalnsl II.4S uef HONti KONG — .After a fairly j, (J .^. s 

imilnA mnnth-< time !. : t.lsO light slHTt. Cfltditjons •- 1 'n 1 * ’■ - - - -•••* 


iiaroundcf mon til's time.. .. cent. I tn e-year bill? were 
deposit' . tstes; for the Belgian slightly easier at 9.37 per 
&flC fcorainereialj were generally -from 11.38 per cent. 
Siierheitii'. one-month deposits at FRANKFURT— Rales for 


<il around 1 1 ! per cent and over- 


■- 9 J per cent from 9 J -10 per cent money «we sharply down :■> nunt bi 
r: d tKe three -pionth rale at W- 1 . 6 - per cenl against 2 . 4 - 2..1 per cent. 


IK MONEY MARKET 


- 9rY* * ". .a 

XjiSSS? 



MLR jumps to 12t% 


Bank of England Minioium quoted for bids being on a reiy 

™ "■« «l — n r™i' X market day-'o-d.,- ^ *' £ = 
(since NoTember 9. T97S> credit was in adequate supply 
Sank of England minimum and ihe xuthoriiies did "‘'j 
iding rale was raised yesterday Intenene. Banks brought forvarj 
Ul per cent from 10 per cenl. balances sli^hily otcr and inm 
i increase had been anticipated was a decline in the noie ctrcii 
•. some rime although the size lion in addition to a modes! -urn 
vesterday's jump- look mast of Treasury bills maturing out? we 
jpJe by surprise, MLR is now official hands. On the olher hauu 
its highest level since January, there was a slight excess m 
77. Initial reactions io the revenue transfers to 
nouncement left the market Exchequer over Ooveinmcni 
me'fthat confused with rates disbursements. 



. .-< 

V -« £ 

Fiu.il It*.. iii-ii n lull 



•kilKY' .. . . 



• K ■•••► 

%;o? ?'0, 

>215-7 19. 

| i'i«*iriu . 

.*‘*.S<. .20, 

c i 1e^-- in, 

li. Mllll- 1. s'll- . 

5ZIB 6' 

>.21.75 


r it 3 641 

'Ll 12.449 


%ilS 70 

•3-8.U 


•l 11 2 -.05- 

*: 110.553 

| V«><>fl «•. . 

: imjr% 

1 1% iU%r> iBU*l . . . 

-i 16 16 

>!2fi-S2d 

• L'lOSv ’ o + 

1 114 .-IIS.. 

'y" >-»t-ifii:ii» 

>aU-c. 

>61,-66,- 


CMJ.-.-31, 


*.•1.1 >g" Hn;n*. . . 

LSOtJ 

*■61-63 


LSOi if. 

£61-32- 

*.■■.•10 Lolils 

| 1 liLerrjBt 1-iialK . 



1 Ik rllKS•;'»"' , 

.<216-: 16 

>225 '.-227*. 


L.M;-, iflj. 

KII4J.1152 

. \l-« >‘lt-IVlj.'U- .. 

«27-53 

-758-61 

• 

C2b-j0 

±JiU-3l 

' L'l.l !.ir*.|MJIIi, . 

»60-£2 

>61-66 

J 

i:*; ii.. 

LiWt 

ls_L' tAJ.f.. . .. 

■*rM 4.5 

“iS£:-:37 

1 : U' Jifyli? 

*1.2- 157 

jliLlDfl 

j % klnth-L 

m 8 Its 

>101-107 


\""TT- — >1io -ivuli 

4ULS.3r iji ill - ‘l.-'itu ui -In- sa.1 Pj-'T.rti 
inii*n si r-.. or fciiil b: i-uai :o *'i: 

al»jii-!.i:n.-l in vnnaa o' h-- 

i".-in-u:i -i. ■ '•> Th-- -iiii tv mi-.- •-■ 

'h-.- njir- * -i .i< 1 ’in.ss i>» ;h.- ■<. r 4 o>:i up 

• f j firm i •»-. ot-. j:.4 «<4Jr. w uf "h. 

limi a tuN Or * an -J hr :h- o- p-».- 

■:r ttru. i r ir ;iii ir «i:-u«ir *-f vn-* 
and mu*' *• *• f'-kd ur if p.i:-.-.| nvr- 
V s-.-m h- n"«- it Niitfl- i.-i.- iii«- 
'■•ji|i -h (• -.r.niK-.l if-- Ij'e-r ;tiai> 

miir -uV- ■ -I*.- jf— rri-i-iu n- -h. 

-■h flai I-- ?■ • • ni'.- r If-T- 


ihj-;V; .->1 i'i7i 


I ariernnon 
I compared 


III in- "ill*.. H UI'l/NT m ir*Tr».r ■ 
Laiik- n t' - - vi ' ulipji* ;. 4 r.'uur I.-i tn 
Main*.- ir- i'H:. I-'>UNDaTI-j\ l.r.llTUP 
is*d ;r -*i vi.iMcr nt Th.. ' .inu'ir.i*. 
A'- 131- 

N'lTI-J I- IISIIKHV i7J\ |.\ ill j- , 

P-.-lllifii f-f " ‘Viniiu-J up .ji *h-- jUii”.- r 
■MW 3 I Vi'li !l' hv :ll- 11 K ■ i.mlr- ii* | 
ln>:li.i - i- ■>' :hi 7:h dar Nui.uii.. r 
JKiN pr- -. J' ■ fv fbi M.iifl Culir' b\ | 

n ii pfi! -, r ;i K i ui Liirmin -.-i,... 
r»-.;a-.rfr.-i 'i'i* ' i= at M D V, jnru-r 
R*.' 3 il l.o " I--' '*! RV*. Pip- r Mr-ri-hPii'i 
and iha- i‘t '-*"J Hoi:i‘iii is dir-*>i>-'l 
■ft hi s- -.im '« III.- Cuiirt 4 ir:n; .-,i 

««VL« »un« i .| r„ ^ 

with Fcr 30.UUO I p.-ct-nht-r miub jn> i-miiim- nr on- 


Rales In the table below are p^. r ounce 1. 


nominal In some cases. 


compared 


; DAI 13.4U0 ($222,171 previously. 


3NDON MONEY RATES 


MONEY RATES 


:.lrjiliiu 
Onuiuiti 
■ 4 


l/W 

(nleiraiil- J \i:ili*«r!li 

'll*! » ■» 1 1 » 


;L<ua> A ii vb. j 

nev-xihblf 1 

• - " 1 


finni'.L 

H-.w 

lh«*n' 


Ui«*.iuni 

mwsel 


NEW TORK 


et'Melii. . . — 

‘■5-4U. *U». _ — 

»\4»4 I — 

uyi uoirw.-... — 

a'isamIIj,.. : 12-113* 
i> yiniilbb.... 12 lg- 12 
.tb- mviitha.; IS *£- 1 l-f-3 
utuiibn.... 12 Ir- 1 1 -c 
tiiunllti*.. 12 11-4 
•t.ta. . 12-21.; 

‘'V*lN 


; lOSi-lot^ , 
12.1134 ! 1HB-J2 j 
Jie-12 . 18-12 8 : 

llj-ll« 12:e-I2'4 ! 

H*lUt ] 1 

12 11-4 | U .'9-121 
12-21,; 11*6-12 


1012-11^ | llts-12 ; 

i 1158-12 ! 

113e- 1V<6 : Ufa- lg 

Ilk. 12 ' 12-12's 

! UVlEia 

IUb-12 121a 

I23B-I2i* > 


t |ii>i---ii% 

* 1 (! 1 >»!I 


H' vt> 

11 

: 7J 8 flia 

, ~ 

- 

11*3 

i 9-10 


- 

12'4 

luie 

'il7 5 -12^ 1218 - 12^1 

13 

123s 

.11 

ll-5-j2if'12rt-12^. 

13 

- 

11-4 

' 12 - 121 % 1218-133,* 

. 12 - 12 :, 

13 

13.* 


; Prune Hair 

ted funds 

1 Treasury BtUa >13-wecfc'. 

Treasury Bilfc '"w-wtek' 


GERMANY 


. Discount Kao 
Oi-eruHih: 

: one tnunitj 
1 TbreN- mutiUit 
* Sis tnouthrf ... 


3 

1.50 

l.l 

. . 3X5 

S.« 


FRANCE 


iindt'r-*i4>i-. .1 -i I"/ Ti'li'w ot i-uMntiu- 
1 dry h: th ».*:J CumpJttr riL-Qo;r;;i^ stk-li 

> Opj ull 5-''-. 1 . s'- *1 :!•*- ri^Uljle-4 .;hjr_i 

fur lft>r -J- ,: 

r.t v.iilRuFT nvAiAs i.*j.\.\u» 

1 Ci in'" -IT 
1.j- -1^ 1 VC1A I Si: 

I! l-i. UI.. T:l- 81. -c: 101! f\:. JM 
.-wi:.i : ts fur ih * P>--i(Lioiicr 
\ii1E.— \.i*’ PN-fson 'i-ho nipiKi. m 

uppear uii it..- U..pnna 01 :h^ s-jni Fvnt'6" 
must k-.-.-i.- •-•11 ur send bi- piisi in-- 
lhuvi-natn J 1ui:ee 'll tinttus pi h:c 
:ciL-iiiion su - j 'll. The nnil-v musi rf.-a;..- 
Ihi- up nu j-.J -J-idreas ol the pjrsya, ar : 
if a tinn. hk- nunt< aud address of - 
Hmt an-1 nius’ be stsiuni br ttu p.. r^nr, ■ 
or firm, or Hw ur [heir soltcitur »U tny • 1 
and must fr- +rr/£-d or. It posted, au-r 1 
bt i*cu: hj P“'‘ 10 sufflRi.ni tmic to 1 
reach the Lh.rttMiarj.il not la:-f rh,.u 
four iTi-'.-'i* ■" i* 1, att^ruoon of in. . 
■-th day nf D l- mh.-r 1!'7* 


i# : -vtu dura" nouct. o;ti> rs se«vn to - * 1 J 


, -■- ■■ ■ ■ nijvouiii K*i* 

. OVenilL'h' 

Mtneer-lerai local iuinomy tsn;^(: ‘ i.m^ rn.imh 


Thrv. niouitit 
ht* nib'll tb 


. 4X 

6X75 

7 

T.75 

75 


KM» 'fvr sauj'l ** ? VH- 3S kt m 

+ -.U*- saw h BlHi; As cress lendtf »»«. of diocauu. « r f n 

... 


JAPAN 

Discount Rsrr 
Call 1 L'nronmnoral 1 
Bills Discount Rat* 


3 3 
4X5 

... 4X28 


HERTFOBPSmBj^ C O U MTir COUNCIL 


iam iy.:-r 5 b -b 0 1 9 V® 1 e* T -l*|p 

9 Beam*' *9.9- at I 0 W|- ADpUcatlona 
toUllfd t*9"’- Vocal outstanding ECn. 


Chief Accountant 


tW .i ven* large company with a household name. Location 
London. 


• responsibility is to the finance director and rhe role is 
seen as providing an opportunirx- for interesting and creative 
■work in developing timber the erfertivenes^ol flic tunccion. 


- i i if 'scEP is for a Chartered Accountant \virh broadly 
bj>eJ experience, ideally including retailing. Knowledge ot 
coni pute rised systems is essemi.il. 


• ! ’referred age: 3U-35. Salary negotiable around i_.IJ.ucX* 
’.vith a cal'. 


Write in com pie re confidence 
to A. L ougland as advUer to the company. 


TYZACK & PARTNERS LTD 


mas K>;r \j f s 1 •.-'•■• sin rasis 


1 o n\m.ii sriiL-tr i onp"v w; ^nr 

1 : L H 4.K I I'lTTF si >i.| \p. F * ■' I |S|*.‘KI I ROH 1-112 4 DN 


mis' ■> 1 

scir h- i 


manciai uirecti 

(Designate) 

Croydon area • £12,500+ car 


This is a key ac pc-mi. nent in e well 
establishes mulli-£m business engaged in 
the food dislr-Dulicn industry wsSh special 
emphasis on marketing earned, frozen arc 
rresh meat and poultry products to 
wholesalers multiples and calerers. 

Tne CciTipany has a sound growth prom 
record and is currenUy Ckersitying its 
product range 

Reporting to the MD. the main task wli be 
to direct, control and co-ordinate all 
financial activities of the company including 

accountancy procedures. 

taxation matters, budgetary _ 
contro 1 . company law. 
compute: -Salieri as well IJlAi 

as gerera) administration. T T j 

Strict credit control is an l — JA/ 

essentia 1 element o! line X JwL 

business and therefore 


Bull 

Holmes 


direct experience in this area <s wiai. 

Ideally, we are seeking a versatile 
qualified accountant in the 35-45 age 
bracket with at least 5 years commercial 
e ■ perience at senior level in a smali to 
medium sized company where he.'she 
has been fully in-.-oived in developing 
the enterprise 

The remuneration package is iutlv 
riegotiabte and candidates earning more 
man imjicated abo.-e aie also invited to 
apply Agreed relocation costs will be 
•embused. 

Please write, m conridenc •: , 
with relev-ant career details, 
io M. 0. Johnson, at 
3ull. Holmes (Management • 
n/jC Limited. 45 Albemarle Slisei, 

HCji London. W1X3FE. 

____J quoting rer. 313. 


lU<$jXStL.\mSLK> 


Oustanding sales position available with 


COMPANY NOTICES 


BUSINESS WEEK 


unc or the publications of 
McGRAW HILL INCORPORATED 


Succer-sJ'ul applicant will be MaidenJiead or London 
based, working in ihe UK with possible extension of 
activity to other European countries. Work will 
involve introducing Management Reading Programme 
in corporations. Coni a els will be ai high directorial 
level. Remuneration by salary, commission and 
expenses Interview* in London or Maidenhead week 
besinninu 13th November. 


Teiephone Ralph Richfield 

Markvling .Manage r 
Business Week 
fin ims 2-J4’J 1 


Arts Council 


Ol- C.KEAT BRIT AIN 

Housing the Arts Officer 


j> H; |ll»7 JI'A 5'5,i!' i: 

Tn; CO""- " •» "' 3" 5.4-1' n-A.it .9Kf(i!vO :a :onii«'0' apjri^jnii «n 
njj trunm; ir. »n..u.ii ii.an.i.nj n'l-- .l-M-inj.L* uo.-riCnrf 31 r*--: 
niiiMtC #r«--nn n •• -» ’m. -v:.r - , f . 119/ '0.-41 qoir:n<iti-ii c*. : 

l.ivv 4*1 .1 I..VH. • -W w - '|<*I1C .1 m:..f-5: m fhp 

>•» !i--:| V* 1 - in :rc . 4 . 1 W £S ’.OO-U^JOO Dj nr: ..ngii -1 

..u.n -1 4 |i 9 .k . w r.:- 1 : ."v? INr Ccum .- od-'.*nim j non-.-o.ii'innior. 

> H". 


GRiATERMANS STORES LIMITtO 

1 ircof&oj aria in u.u Rtsuf": 01 
SouUt AiriCo* 

NOTICE TO SHAREHOLDERS 
DECLARATION OF PARTICIPATING 
PREFERENCE DIVIDEND NO. & 
NOTICE IS HEREBY GIVEN IhAl - 
cwtiUiiia Li fl. 4 i«nl; pur »n«rc .corn- 
pnoma 4 ProitTL-ntidi Divmcrntf 01 j 5 
cenii ana 4 P..rri£io4ting Di.'ia^na o' 
■-. 9 miK p-?i -.Hi'l- • .r iHl-.n: O' tno 
CumuIji'V? P.irtuio?iir.] PiolviCn.c 

StuiM 'or me .iiu'ilhL i nnmg 3Ht 
Cc(i. > nl)iir. 1978 n.i„ r.e< >' 4uL1..rcO 
nr I tic Coard ot D"N.-.\orl D^-.-an'r 
On lire iOrh Decomner 107S so 
P^rtiL'Of Ini'! Pru'crenoc Sn-"clK"fleri 
ii-SiNi-'i'.n m in.. rooi> o' i"c Cocr- 

P...*v she lion Ol -.Uj-nCNi on 

FriOJ. . JJin Norr-ml.L-. . 1973. 

The <jit.f«-n0 ii 0t;C'«-La ..1 SOk-th 
A'r.o. n current,, n.o d.-idi-ridi cj.- 
40-e li-Om IK- Lon.l'j ' Oni.C "'t' Ui 
Ci"0 in Oulctl iCin'joom '.gntner 
CA'tulJlcd Ihr. Nit o' t'(R4IIF- 

rtlin-T Between Rune 1 rfn£i Slc r "13 OH 

l'"- ’ 511' Di-tv m to 1978 

Dr.lCi no thi-Ou ii Drtojicnto r. Cl" 
C* Lonacin Omtc lo t-eiiOON r '.Nietn*. 

'-• Gi'wl GritAin or Norsr.ki-r. licijw 
*■ '» N NubiuCl 10 ji aeouction o' 

L’niteo K'nqoom Income Tj< ii‘. 
so Cc d: J'tor Hila»rn9 'O' 

f If jmr in rtiPtCt Of Soutlt 

a:.- -hii Ti»cn 

The Conipjnv win wn'ir ^i-i)i^- 
."i'f i-^n.i 'T Non-ftrtiOcn: Sfinre- 
nol'j;i4 1 4 - 01 IS-"., irpfti oi> lame: 
p«- *Cc 

Fill Sr-; f-j.rpH ■» i...-, .i.{ inr •■nc-' 
Qi-iOtna :fit P-irtit:p,iiipo F'L’icf'nct 
Sfl-'l F.'b'NICI will he r'o-j.a iiom 
!'.r 35m NciJufT-r.k- so in-. B:n Det- 
rr.iucr T97B COth OdrN irduSue 

D. 30- f «ci m a^rincn: win - : 

p?s: .a or. 3 T ojj: ;r-c ;o:n Dcccrntt. 

1978. 

6-. Older Ol Ihf Bc-jro 

1. E K1EHL 5eiiCSii. 
F..'j"-'.>(3 Ana Trjlnii;i C""Ce 
330 Corinniiiioner Stu-. : 

JORiiTt-uurq 
LOHLlon J rur'.l Ji On.i .- 
lii'JnCi Rt<ji:Si4liOr St-im-i 
ijuiini htj.r. 

?i Nou:r-»jri oncit. 

tones. " SEI 0.1 A 


PJW: 


ri.*" Min ■ul’ i»« r.- uliirrt i|«( 


S.wCi •C*C"Oa« 1? IM EV!,iTi6*int.in: Offi:^ 
105 P>c*.*: ii*'» Lii’an JVW sj *5 

^ J ■ JJf. omliff I 3"? F»ir“*:'"r 4 *i 



Conference? Seminar? 
Company Meeting? Reception? 
Rim Preview? 


Advertising Presentation? 


There's no need to hunt around the West 
End for a suitable venue or viewing theatre. 

The FT Cinema, here in the City, offers seating 
in comfort for 50+ people. Full 16mm film 
projection facilities. National Panasonic W colour 
video tape and Philips 1501M video cassette 
viewing. Electronic 3601 slide presentation 
system. And luxurious private dining rooms with 
extensive catering facilities. 


GRESHAM INDUSTRIES I'MIlcu 

■ I". c-rr.Qr.il in ,|,. J'lUun.. u' 

Suu-.n A i .-a ’ 

r-fDIICt to SH.-.RiHOLDtPS 
DECLORA' ION CjF PPEfERENCE 
DIVIDEND NO 5- 
NC MCE IS HEREBY CIVEN ;n.: - 

i't'l r*.i ;h.- r-t- >j( t 

A- i .n-um ; .. 6 -.. Cu.nu'/i. 

P-.-. ui-.: Shmin n ic-kt-;- :' ■->■• 

■i' monili: i-numg 3' .' C't-'A - m:-. i 

l?"B-->i)'.iMli , ir. -.0 n i'S'i' -.'ii :i i".r 
ndi- — ri.i ’. tn -.-ii n-.il.H^a |.| |i-i Euj'f 
Ol D.r, ..ro-i I)4..*rl- on rr.^ 30"* 
C-o .mac- 1978 lo Pi-,:if.-n, ■ vura- • 
nria:r: i-.uiil i.-n m ir*.- ol 

Cam.'.'n. 41 ihi .•ici-.i -;-i : -jOrf,- on 
Finn* TAih Nui.ni.r iq’5 

Tii- oi* irf..-i.d i-. n-kMikO m S-3u:-> 
an -u>r. niv ,'in tii. idtnr> r vi 
J'lc I'lii.i lli; Loni'on D 1 ''-'.-. n>H !*•* 
C4.a -i* un."--a ('....*110'*’ curi-.n.. 

.4l.'!iUl.-.1 »; : fl*' i^r-: o' -•»i. | ..irti|i- ri.'- 

ii.li t-.-i ;nn R-nJ 1 1. — SlirNori ijn "Ti«. 

1?if> D**i o ni t*t ■ t-*7^ 

D-u^nfl "fif-flui;" rtr'pii!. r ".0 I'O'.i 

i in.- Lt noon Oi"k»' n.' 1 -oi; ri-:-.inri*i 
■I* L*l .'.<1 &l.li*<> A. No.-.noto lrnl.,uri 
fill !-c --I'li.t- ! II ■* a-</ni.tiOn ol 

Um-.eT K.ncre.n Inriiinr* T.’- >' r-ln 

"O (-.- drr./*-rl ,*1 ,.l|r- ,.Ho» l<K| I-?| 

rclicl »|l h"- 1 HI rr-pc.-.t ol 5t>L-'.r. 
Alrl-.in I j»r*. 

T"' at- I i v.-hri. j[3lic4Mi-. 

roauk- tii- rion-R -Mn-nt SR^ictioin(.r-. 

T J- ol T£*‘„ 'ion. Juid^ndl E4"rr.1' 
Foi I" Plirf o- 0 Ol D4YI1U r»l< A H.dl • 
<?i--.i-i-nn in? P.-.:l..*ncv Sii.' fteni*'-. 
.>•11 -.<■ ;IojCP Ii cm TS* 25lh Noiim- 
DC'* 197 8 ID fir 9lli Dthrth'. 
i° 7 e :«in Din ia.iu.ivt- 

Divir"?iirf . I'rour;. m p.ivn-n; n.i| 

a*, vosikd ox o> dtiout thr jOm 
Dei:(hW> 197R 

B-- Ordn ol i*i- Ca.'rn 

I C. MEHL. Svir-ui. 
hviiist.i'. o .mo Ti-diviirr Oi"c*. 

J.’O COPin.isnofli^ Sh-cl:. 
.ICilunDk-SliurB. 


London Tiimlc Onitu 
C'ot'b. P.-(|l;iiriiion Scivn. .. 
Gr.inc> HSULC 
95. Sou:Mvf»ri Siroer. 

London SEI 0.I&. 


F1NANC1ALTIMES CINEMA 


I 


All enauiries foihe Press OflicEr 
financial Times Bracken House. 10 Cannon Sireer. 
London EC-P 4BY. Tel : 01-248 SQOO (ext. 7123). 




THE THOMSON ORGANISATION 
LIMITED 

NOTICE 15 HEREBY GIVEN !»■*.■. "*r 
RP9»'-IC« Ol "Ip CulTlL'UtlM: F">t 

Prclcitm; ShurCk. Cht 21 T'i. Cumul 6 - 
r.i-f Pr-l-rrin*. stia/**-, :hc j",. f,r:z 
Morlgugc DcDcmurc StoCl . the t i“ti Frrit 
Moi 154^1 D fl -until *e Slot I. ^.nd |hc 
- ur.kkiiiroD Loan Stocs- "i the Cornea '■•1 
w.li O'- :i3Si*c >or -.he aav oniv O'* F-ifa--. 
I^lti Noiemiir-. 19?8. iai ihc 
' 1 . on ol Diviaeno and Imrrdl' V/fur.:*. 
to ot* K.id on Tui-idJf. 2 ”^ J.'nuaf* 
197S with *h< i-.YCCPI.on O’ If 1 I Bier*:;! 
an in;- G Firs: MorviAB'* DfPenrur*- 
iiot- 1983 82 and Ihi 7,"„ Untctu""' 
Loan StOit 19BT-92 f*j 0 c PU'fl O" IrttiB*. 
;stn (J«em&cr 1978. 

Bv Order O' Ihr 

MARK 0 K WIGHT. 5-2:-»'*i Y. 

1 5'r»|lg*d Wj/c 
London WIA t YG 
2nd bo'tn'br . 1 
























Market 


IN BRIEF 


BY JOHN BRENNAN 


Q.\£ OF the largest, and least 
noticed beneficiaries of this 
year's house price explosion is 
the Bradford Properly Trust- 
BPT. which this week reported 
half year attributable profits 43 

■ — -■ PW cent ahead at £1.2ni. dis- 

Centre Point: let at last? 'IISII 

lie, despite the- group's name in 
London and the south east 
Rents. 


THIRTEEN \EARS after its 
completion, over half or Centre 
Point. Harry Hyu.ns* 32-storey 
office lower. is under offer. D. E. 
and -I. Levy, letting agent for 
I hi* 130,500 so ft of offices, con- 
firm that the bottom 17 floor.® cf 
the building have now been taken 
off the market. 

This is at least rhe 10th time 
in the past decade that targe 
areas of the building have been 
under offer or. "at an advanced 
stage of negotiations.’’ Bnt Lew's 
decision to take the lower floors 
off the market indicate® that 
letting talks, ai around £S.50 a 
square Tool are firvaliy within 
sight of completion. 

Only one of the 3u tollable 
floors in the building h.is ever 
had a Ann (ennnt For the ,p««t 
th rrt » « ea rs the Greek owned 
^GELEF shipping company has 
li^en in lone!’- occupation of 
Cemre Point's fifth ilonr. having 
agreed a rent of around £11 a 
sntiare foot for ir s 4.350 so (t 
offices. 

Since 1365. wh«*n Mr. Hv«ms' 
Oldham Estates (no** controlled 
■j- ihc Co-one'-ative Insurance 
Sncteivj completed the building, 
all efforts ro fill jt have failed. 
Tor. British Steel Corporation 
and EMI hnfh talked about. then 
turned down the. offices. And 
rumoured prospective tenants 
Iiavp ranged from Lonriio to 
\\Tii. 

\o«. as large office units in 
!h» West End hecome mcrea*-- 
}n?*y scarce, tenants are again 
looking seriously a? the building. 
n is known that EMI rook 
anoiner close look at the block 
recently. E U t once a2ain- the 
lower’s small individual floor 



went against the tide bv lakin- . 

plans to start work on i on non cream or the business 

k°£P* a ™ ~o- ho^’r £ zn 

„ V , - 7.900 house portfolio the law of 

Traf algors move to Binning- averages overcame security of 
liaiu. may look odd coming so tenancy legislation to the tune 
soon after JIEPC’s - decision to last year. Even allow- 

broadcast a cut in asking Tents in S for an exceptional second 
on *its 162,000 sq foot Broadway £Jm land sale at Martlesham 
htock mEdsbaston to just £2.25 a Iast ? ear which artificially 
sq Foot. No one' could justify a boosted dealing profits, half year 
new development nith rents rosults reporting dealing com- 

tliat tow, even taking account of P fl oy sales up From 1977’s £1 .9m ■■■■ 

Elliott Jones Martin's recent show just what effect Advertising agents J Walter 

warning in its survey of West “ e . house «551f e '"creases are Thompson created Quite a stir 

Midland offices that there could ha ^ n ° n T 3 ***" ^ K 

be a general shortage of modern Bll “ n Tetlci. elevated to the Italian architect a. 

sp r caT c f - y 19S0 -. , ir ,, j“ tt ir n usSi ^SzssiSiSSSSwSi 

.m-di Smfet-. Sfei^-Ununes IS"}, i ° r ' h «. J?«™“ “*“*"011 “ 



rate: charges, .labour/vsiippiy, Trusts 

■ 'housjiig atid general 7 am'eiitfl 2 es. .£5*,' 

•Dh Mr. Towhtbe's own Welfiat&gr retttnieff cejfrfdrihe yt 
'of these. factoT^ NSkelnwrafalft to Lak& secpnd _plaee3tts^ahi 
■Washington;' ■/ Irvine, Cumber- of 33$ per. treat returns frtfcn 4y 

- nsuld, and Glenrothes emerge as.tbe. £S3m-HUi Samaetr^ii 

■ the; • “best ;.&uys "Bor -.companies . tori i 
un the move. Corby. 'Norths mp- 

: ton, Basildon Jffltpn aw g2g*Sfe -Sggfyg&g 
;.and Bracknell mpke .up. toe pletes the-top ftve.4rtSfe 
. bottom Aye of his league ta We. re taro of 28B .per 'CEiffcv 4 
Tlie Townroe league, nbie is Even the.^ratioiri lhi&rc 
totally subjective, ^' -the the property- section 1 of ISfihai 
research work- done ny the —qjj did better 'than 
-Better Buys team brings other sectors. The £7.7m?Tn0 
.together, for the first bpte. a j an d Commercial 
mass or comparative mformatiop umt Trust and the £2 s£a' 
about the- New Towns, informs- &, urt Property i -Fnna^ih- 
turn UU j&oiiU be »»S “ • Sl“pS« 

. any property manager eo?sut^ rJtiha u st with ai-inniUiMr! 

- D^ a move. of i4:6 per-cent But 

: Mr. Townroe's league table pares witfr a median j^tarri 
appears in the Novemoer/Decem- ju£ t 4.6. per cent .<HLthe.2S5h}i 
;/ber issue of the magazine, which pooled pension funds su’rvgyed 
L costs £2a a year from 13, Golden- ... . ... ^ 

Square. Wl. InFonnatlon sheets-.. cyoSlW- rowav -- 
J bn individual New Towns W f or ■*££££; 

IS . from rt, e publishers, bud, « jggPl” "gT~ 

mr,m nunuriii fhrnrmatJon nack - ?T ai nave causea_ ; aiQfiii..-.i. 


more general information Pack"^ 3 

oh all the towns costs £15. fB6th-H* :*rtJP B S2™i?*S5 
,vm. be re^Jly upda«d- -SSL^JS? 

dream, annual 

'. PROPERTY'S APPEAL . ylo tioris. After. ; all tbe - 
'Britain's 60.000 or so pension company battles , with 
■funds is heavily underlined . in ants ■ last year :over_ ^ 

Harris . Gcabam and Pari hers' nuisance ' and. "iri^vaaijijr- 
latest quarterly survey of pooled 'annual .'v - valuations, V.liSb^ 
pension funds. Tlie survey shows bowed to the critics? 
that the 2S properly funds in Hie' and no. ' . . -J ~ 

market outperformed every'Othe.r • The fact is that : 'SIr/§ 
investment medium by a apee- hammered out u. deal-'^vfe 
• tabular margin last year valuers. Edward. 

' In the twelve months lb .-the 'allows the grodjy- to p*H>J 
.end of September the pi aperty annual update, i0.f,.ifa<$k 
..funds achiered a median -return values costing' no- '.mdj^:^ 

"of 19.7 per cent, that • compares triennial one-.^ ■. jShareho^ "■ 
with a 7.4 per cent return in the no . toore. the auditors ;i 
.FT AH Share Index (allowing for not puht 
re-invested gross income )--and a-^’ •; V^Jy it 

75 per cent return on .cash held properties .m Samuel's.,^ 
as one month local authority portfolio .will 'be after 
deposits. e ^ en so- in.. an age of" 

The continued sharp rise in. 5oe?maS - a^bit 
farmland values keeps three agri- thSs| : heated 

cultural specialists in the. top five 

performing property funds. ^The 1 vamation probted^|^ 
£7m Abhotstone Agricultural- '4 

Property Unit Trust ; comes top ‘ Property -J)eals : eppca^^ii 
of the performance tables for the Faffe 36. The quarterly' 
thi rd y ea r running, with a 37 jpCT.Pdll of Pronerfv- Mark^ ; 
cent return over the yearJ - Hah- tors appears on 




areas pul it off. It remains to 
he seen who is willing to brave 
the publicity and the floor design 
to become Centre Point's first 
major tenant. 



Trafalgar in 
Birmingham 


ret« e ce ntr^l’ V area ferns* miring ?iJ” at for “th^nast 3 "^ proper ' ar ^ itect ’ s “odeL But French 
over the £5 a sq foot mark! " LS ilodloSte I S hn 5 w iasu ^ r U - AJ - clearly believes 

riiS f3 fS- ar ' 6 S ^ lal , ivP ? ct3e ‘ ae ' corporate pStienc'e^or Us B S 111 the 24,700 “> ft scheme as 

wenSwlS 10 ” l3lC in 1980 ' ? ow ' tT ? de rent contf ol problems Profits hardly applies to ihe 

for cash. group if there L a steady inflow 

Timing has always been . These problems keep the buy. of new dealing properties and a 

mg prices low and provide BPT steady flow of vacant possession 
with its long-term dealing profit houses in portfolio. And us 
margins. It is possible to get an BPTs market tends to serve the 
idea of the size of these margins I° w Pr price, first lime buyer 
rioui the six - month results which ptar^ct, or tenant purchaser, it 
showed the £3.4in dealing com- tbc last to worry about the 

panv sales producing taxable e ffocts of a mortgage famine, 

prohts of £1.43ra. On a simple. O 


« — always 

Trafalgar's strength. It aban- 
doned developments in 1972. 
well ahead of the crash, and then 
turned to factory and warehouse 
estate schemes in time to casb-in 
on the institutional fashion for 
industrial investments. Now. 
Trafalgar's sights are set on 


GEOFFREY CARTER. Trafalgar 

l»u«lSg*ulfSS P Sfk ! ‘or a e prorii£ bSV' hj/ff a5d°-Je5 0t Vm? SKELMERSDALE and Washing- 

°S C V revival into action. Carter iSl-SUSip riZJ'l *%? New Town are better bets 

.-vlter blieffield — where Trafalgar 


Carter says. “ wherever there is 
a hole well look down it." 


“• ^?pal than Milton Keymes orBraeknell 
distaste of properly dealing according 10 an independent 


INDUSTRIAL AND BUSINESS 


U.A.P. have just completed a 
£3m sale and leasebaefcthrourfi 

JlVTs agents. ;\foaM£ : &uifi. 
Wo 0 tt on. i . 

Half of tlie space «o tire^ top 
four floors, are surplus’: to the 
ad vertislng men’s - neeife and 
Marcel Dassault, the. aviation 
group has. appropriately,;1iken 
the top two floors at FFf T.'g QQ a 
square metre— ah ■ imuressivf' 
£13.12 a sq ft. 

guide 10 New Town Vetocsrtibn 
published this. month;- • - : - = 

“ Belter Buys far Busifless>-a 
bi-monthly magazineon thelin es 
of a businessman’s ‘^Which?,-*’ 
roped-in Peter To wurde"- the 
University of East Anglia's plan- 
ning expert, to earry' opt a sur- 
vey of Britain's 23 New Towns 
Mr. Townroe has drawn, together 
information on 27 factors -likely 
to be of importancfi.'.to- prospec- 
tive New Town tenants' rahgm^ 
from the number of GoveiumSt 
incentives avaUable to' rent and 


* 


? \ 


Hat 



,«J3' 


\&\ 



City 


.7,000 sq.ft. 


THERE ARE ONLY SIX PROPERTIES 

CURRENTLY AVAILABLE IN CENTRAL I 

93,000 SQ. FT. OR OVER. 

WE CONSIDER THE BEST TO BE: 


... ; • 


Strand 6.000 sq.ft. 

St. James's 1,345 sq .ft. 

Holborn 925 sq.ft. 

Holborn 800 sq.ft 

Clients' requirements 

Freehold or Long Leasehold. 

Buildings in Central London. 

500-700 sq.ft Office West End 

1,500-2,000 sq.ft Office SW1 



- : jl 

. ,MSM 



?i. 




S,!Kf-?H!Lff?P er S e ? of over 93 -°°0 sq ft available we are confident that 
Souttode is ideally located and vastly superiorto anything of similar size 

Confident enough to freely advertise its five competitors. 


CENTRAL SCOTLAND 

GRANGEMOUTH 


5.000 - 

25.000 

square feet 


DEVONSHIRE 1 
HOUSE 


103WIGMORE 

MAYFAIR Wl 


STREET Wl 

c CITY OF WESTMINSTER v 


c CITY OF WESTMINSTER 
— — —J 


BOREH AM WOOD K 

Factory with Offices : " .. 

5759S sq. ft. 

Frontage ;o A 1 

to let • . .. 7 ; - ; : . 

CAMBERLEY : : ’ , 

1.0,000 sq. ft. Warehouse -- . 

■: :T .° LET — immediatf occupatjon 

CHELMSFORD ; ‘ v 

13^00 sq.ft, ■ . ' 

Warehouse/Factory * 

Tp LET @ £| JO per sq: ft. 

CITY BORDERS, JE.X 

• -First floor suitable printing '.'f c- 
22.41S sq.ft. 

; to let • j 

GILLINGHAM, KENT 

• Warehouse and Factory Units — - - 
/ F gT | i pqosq.. f t;," . 

AVAILABLE 1 EARLY SUMMER. 1979 

RUISLIP (A40) 

Modem Warehouse/ Offices 
20,796 sq. ft; 

..Excellent Loading:. . 

SOUTHAMPTON 

20000 Sq. ft. - . 

Warehouse 

TO LET ' .. 

WOLVERHAMPTON 

TO LET 


Chartered Surveyor? - 
1 Snow HilL .London; EC1 
01 - 23630 C 
Manchester, 


% tftice 

P-Uth 


Ffs 






CENTRE POINT 
WC2 


CAMDEN 


UNITED KINGDOM ' 
HOUSE 

OXFORD ST W l 

CITY OF WESTMINSTER 


174 MARYLEBONE 
ROAD, NW1 

CITY OF WESTMINSTER^ 


S 


MODERN FACTORIES 

FOR RENT 


Centi al Region's new estate at Wesf 
Mams. Grangemouth, adjacent to M9 
motorway, direct links to docks. Glasgow 
25 mis. Edinburgh 37 mis. 

Total of 82.500 sq.ft.of factories now building. 


Richard Ellis, Chartered Surveyors 
L-r~r ...„ s 6_1 9 Bru{ °n Street. London W1X8DU. Telephone 01-499 7151. 

O'lon r’.^w Hollanrt. Souih r.|„ (a . u ,J g 4 r|l „ iia , . 


he 


. . 




Richard Ellis 


ENTRY 1st MARGHT979 



Fur mote details conuiu 
Indus Inal DPvelup:n“nj U'ur 
Cenlrai Reqionji Council 
Vie'AlOtth Stir ling 


tHephune 

Stirling 

3111 


|N SWINDON ITS IRRESISTIBLE 

i0CUoi . ******* n ^ andd^Ed 

^ ^ ,)n Jnd Bunnah Oil are iusiy few ■ * • * '=dfeef.“ v 

Whicii lmve Ixtn qUuJc w realise 31- • V 


f - e ,T . 



EPSOM, SURREY 

Office Inve&cmenc at Present Producing 
Per £19.200 annum 

FREEHOLD FOR SALE 

Contact Ref: CEC/FWK 


Goddard 81 Smith 

22Rb*gStra«tSr-fcm>e*'K t-**KtooSWfY60Z 

- .'OT-930 732T'- - v - .. 



SHORT TERM OFFICES 
IN LONDON 

John Carpenter House. EC4 

"hj. bi- lied lu a lung lease when 3 mi can n-ni .< fully-serviced 
office or suite* in ihe heart of Lund on un ;i »lioi'i-ierin renewable 
basis? 

These inudernispd cent rally- healed nfhee® .ire fVir com- 
panies locking for temporary prestige } n London, 

facilities available include eua fere nee roum. multr-Iinguui 
.-ecrclariul. it*lc.\. messenger, pbotp-copyjn^ and -l-houi' 

answering service. For further details telephone 01*353 6791. 


POST WAR BLOCK OF 21 J?LATS 
. BAYSWATER. W.2. 

FOR SALE 

offered witli vacant possession of 13 Hats coinpnsinti- 
10 s: fi rooms, kitchen & bathroom ' 

3 x y rooms, kitchen & bathroom 
i:etiiaind'*r Ici on furnished & unfurnished basis wnipr^m- 
_4 x _ rooms, kitchen & bathroom ^ 

4x3 rooms, kitchen & bathroom 
Producing £13.I!13 pj. 

Lift— -Pa Liu Gardens— Entryphone — Lcu*e 75 years 
Ground Kent iSOO p.a. (fixed 1 . . 

n S l ,n f C iW Uf «5°.«»* arc invited for- the enure share 
uipflal of inp Company, whose pnacipal asset Is the above 
proper!} . .-.nil whose main activities an? ihose of Hou*J & 
Guest House operanons. 

DKIjl.E & liOJIPiVN'V (Kulr AseiiKl,- 
1 Heath Sired. Hiinipstcarl, X lVJ! 

01-133 9331 


T * le Adi-wer 

>hoa»“oown Buraiub 
'Gavrcdfiicn. Svnndon, 

.IcSqjJidne 07S3261 « 

• Tcft*4»V* 


,1TE MURRAY 


■ I :• 






zr£-' s & feij 






Co 


r -- -—.ri ^ Vcr- 











Financial r a imes ;F rlday • -November ' 10 1 978 



Excellent New Offices To Let 

Reacty for Immediate Occupation 

Fifth floor 5,082 sq ff 

Sole agents 

Walker Son & Packman 


■' Chartered Surveyors '.Established m ibi.~ 

Blossoms Inn 3-6 Trump SWeet London EC2V 8DD 
; ... . _Tei ptr606^m 

. - Branches in Bristol Exeter Truro Last Gnnstead Edinburgh Leedsand 


i* .i, ry 


'Lp.ii-: 


s?c?c 


&CRCE-5 L; 


*G»AV KEY 


* • . 

\Vfestminster Palace Gardens, 


A Freehold 

Office arid Shop lnvestment 
With a Residential Content 




Chartered Surveyors 




75 Grosvenor $tr eef, I^ndon WIN 0JB.9M 99 04tWTH ex 8812 560 
c . r * • - • v ‘ and in theCity of London ■ Kensington ■ Hyde Park • Little Venice • Chelsea 


ili. 


RETFORD 

NOTTINGHAMSHIRE 



; , x .jV &'r&t 


SUPERB 

CENTRALLY HEATED 
OFFICE PREMISES 

i»>lh rervi'p flj| "ii 1 ]"! *£-'J of 

providing 2.?50 vq !i ns t 
ofTii: »?»:<; -■th «4d<C3n.ii Strong 
R$crr. Ci' Pa r*. mg and Cijrjj; 
UtlllPrl. ti>C Ktflt JYZ'.llSi? To tl. 
Ml. Noiciiichi.'ii. Sit? fluid Lmialn i 
M<"warK. Id.-il Jar Imururian i* for 
dcicn trained otiiiCk. 

CoiMci- 
PRANK JNNE5. 

23 5». Street, Dtrbf. 

Tel: 3M9I 


LONDON, W.10 

C»'oic West wav A40!tMQ 

TRANSPORT DEPOT WITH 
WORKSHOPS, OFRCES, 
WAREHOUSE & YARD 
Approx. 15.660 *q. It. 

FOP. LEASE OR FREEHOLD 
AVAILABLE 

BRENDONS. 

1/3 Ashbourne Parade, 
Ealing, W.5. 

01-998 271 1 


OFFICES IN 
GUILDFORD 

I'nusu.vi •■f,|.urliinii 3 i-n lease 
fir.-l cIjb* offices. J.ntiti nr 
5.70ii .square fecL no iv>lnc- 
iion? — parkiny. 

CUGITT AND WEST 
Commercial Deoariment. 
u High Street. Gii'ldlord. 

Tel: OttVRCT 


awiB 






Wtfm’h 









Oflers a rare opportunity to acquire a lease 
of a self contained, fully fitted modern 
office building, located in the heart of 
London, providing 1 14.000 sq ft net of 
office accommodation, together with car 
parkins facilities for up to 100 cars. 


London NW1 


EDWARDS) 
BIG WO obi 
&BEWLAV 


APPLY 

PARKS1DE HOUSE ' 
51/53 BRICK ST 
LONDON W1Y 7DU 
01 499 9452 


MICHAEL 
RILEY & 
PARTNERS 




Celtic House 

15-19 Grove Vale, Dulwich, London SE22. 



Freehold for Sale.= 

A refurbished office building with a net area of 2645 sq ft.. on three 
floors, and with ancillary storage facilities of 1525 sq. ft. to the rear. 
Ideally situated for a good source of labour, with good access to 
public transport routes (directly opposite East Dulvich Railway 
Station) and major road communications tSouth Circular). 
Excellent amenities - 

Oil-fired Central Heating ■ Fluorescent lighting • Ample toilet 
facilities • Telephone lines installed ■ Good natural tight • Kitchen 
facilities • Ample car parking. 

Possession - immediate upon completion of legal formalities. 

Price upon application. 

Viewing by appointment with The Administration Otficer. Spring 
Grove Services Ltd. 

Spring Grove Services Lid., 

46 Bell Street. Henley-On-Thames. Qxon RGS 2BG. 

Telephone; Henley-On-Thames (04912) 3091 Ex. 203 


mmmj 


Rpr**** 


I I < I I 





v- 

flf- i ' 

■ ■ 8 

m J - | 




■p - 






•-T • i « r 7 ] i r • Ijf’l 

. ^ W. ' A L. I * I r-1 



RING John Case 
Chief Estates Surveyor 
0733 68931 

Peterborough Development 

Corporation 

POBox3 

Peterborough PEI 1UJ 


fv-j'i if... W ‘ . 



twix-erp™ 


% 


PUTNEY, S 


HEADQUARTERS OFFICE 
BUILDING 

16,250 sq. ft. 

TO LET £73,000 p.a.x. 


Cluttons 


I ’ - - r ; ; : i; K 1 :: 


King & Co 


■ • Chartered Svfvc yon - . 
m \ Sntyu HiH. Laodon.'EC! 

* -Telephone C1-23S 3000 TereV T 9 WH5 
- ■Manthawew 


vi' ili -. . 


TOLET 

NEW LONDON HOUSE 

DRURY LRNE* LONDON WC2 

from 5,500 to ■ Air conditioning 

20, 200 sq.ft. ■ Automatic lift to all floors 

Slier. vi corn c -r oilier ■ Pr estige marblfe lined 
uses subject to entrance/ reception area 

c ons^-nt 8 Basement car parking 


F.A.Shaw & Partum 

;;? & '20. BOW STRE^-1'ONu^^G-2£/AS. 

Tel:01-24a.2255^O^®^MOwKV 


FREEHOLD OFFICE 
INVESTMENT 

21 Red Lion Street 
London W C 1 

Producing £12,750 p.a. 

FOR SALE 
BY TENDER 

CLOSING DATE: 11th DECEMBER 1678 

For Particulars and Conditions of Sale 
Contact Martin C. Green BSc. Aft ICS 


DnjooMoiiie • • 

EST 1 ^3 Menchealec Severe 
1B22 1' London W1A2D0 
T*4 01 43ft-.: 02 - 



I 














9 Wood Street, Cheapside, London, EC2V 7AR 01-606 3055 


10 


Self-contained, modernised office building 
close to St. Paul's. Approximately 1 1,956 Sq. Ft. 
Good representative Ground Floor. 

Gas-fired central heating .■ Full v carpeted. 
Lift ■ Part air-conditioned. 


High Yielding Reversionary 

INDUSTRIAL 

INVESTMENT 

London NW 10 
£250.000 freehold 

PULLER. REISER 
01-353 6551 


ii i 


fJrcal I'urlhmd Sired \VI 
SEW LUXURY OFFICES 
FIRST LETTING 

i iuv iti n— j.vou i<i :■ 

\2pT BEMkAY l>'Tl>TMfc>TS LTD 
IT ,- i r » 3 1 I 7irr’. h erl.i:«4 Pint? Londna V.'l 

• n $iHii r>\ ) ^ 1 5 i 






















36 





City Offices 

40 Lime Street, EC3. 

1,970 sq. Ft. Modernised, 
Underwriting room, adjoining Lloyds. 

Broad Street Ho use, 

55 Old Broad Street, EC2. 

2,030 sq.ft. on the 4th floor. 
Air-conditioned and carpeted. 

City Gate House, 

39/45 Finsbury Square, EG. 

2,865 sq. ft. on the 5th floor. 
Refurbished office suite. 

3 Kings Arms Yard, EC2. 

3,593 sq. ft. Refurbished offices, 
close to the Bank of England. 


Bastion House, 

140 London WaI!,EC2. 

3,605 sq.ft. on the 3rd floor. 

Air-conditioned and carpeted. 

5/7 Northburgh Street, EG. 

4,365 sq.ft. Self-contained, 
modernised office building. 

1 Poultry, EC2. 

6,020 sq.ft. Modernised offices, 
dose to Bank of England. 

5 Giltspur Street, EG. 

6,420 sq.ft. on three floors. 

Modernised and fully fitted out. 

27 Throgmorton Street,EC2. 

7.000 sq. ft. Newly refurbished building, 
adjoining the Stock Exchange. 

Minster House, Art h u r Street, EC4. 

8.000 sq. ft. on one floor. 

Centrally heated and carpeted. 

55/61 Moorgate,EC2. 

8,000 sq.ft, on the 5th floor. 

Centrally heated and carpeted. 

33 Wilson Street, EC2. 

11,378 sq.ft. Self-contained building. 
Offices, storage, and showrooms. 


Gfy Office Department 

33 King Street, London EC2V 8 EE. 
Tel: 01-606 4060.Telex: 88555Z 


J LW Com pu ton — A Complete Answer 



JONES LANE 



Chartered Surveyors 


Freehold 
Investments 
For Sale 


Modern H/Q Building 

Close West End &City 

with Self Contained Offices 

Producing £45,000pa. 

excLon ER.&I. Lease Substantial Tenant 
5 YEAR RENT REVIEWS 

Office Building 
London E.G1. 

Producing £39^000 p. a. approx 

FR.&L LEASE 5 YEAR RENT REVIEWS 

• 

Immaculate Office 
Building London S.W.15. 

BlueChipTenant 

Producing £13^750 p.a. 

ER.& L LEASE 5 YEAR RENT REVIEWS 


Long Leasehold 


Close To London Airport 

Modern Warehouse/ Industrial Investment 

FJL&I. Leases 

Frequent Rent Reviews • Substantial Tenants 

Initial Profit Rent £40,000 approx 

For further detoih sdeagenf 


01-493 2222 ^ 

'Ir No.l vBerkeley:5'q0are;lbHciori ; V/. : 


Financial Times Friday November 10 19 rS - 




JTLW 

Auction 

Sale 

17 SUBSTANTIAL LOTS OF FREEHOLD 
& LEASEHOLD COMMERCIAL INVESTMENTS 

(RESERVE PRICE BRACKET £75.000— £550,000) 

ForSale by Auction 

30th November 1978 at 3.00 pm 

at 

Quaglino’s (The Ballroom) Bury Street, St. James’s SW1. 


Auctioneers: 


JONES UyffiMlW 

CharteredSurveyors, 

103 MountStreet, London W 1 Y 6AS.Telephone: 01-493 6Q4G.Telex: 23353. 




The industrial centre of Tayside 
To Lei 

Sites - ranging from V* an acre to 80 acres, fully 
serviced and ready for immediate entry. . 

Advance Factory Units - from 2,900 sq.ft, situated on 
Gourdie Industrial Estate. These units, fully 
serviced and ready for immediate occupation 
include office and toilet accommodation. 

Contact David Dye the member for industrial . 
development at Dundee (0382) 23141 Extension 428. 

You can depend on every assistance to encourage 
development. 


Dundee District Council, City Chambers, 
City Square, Dundee, Scotland. 


liAiuum 

Centrally Located Offices 

TO LET 

5,000 sq.ft. 


Excellent Natural Light 
Automatic PassengerLifts 
Open Plan Offices 
10 Car Parking Spaces 
Central Heating 
Completely Redecorated 


103 Mount Street, 
London W1Y6AS. 
Tel: 01 -493 6040. 
Telex: 23S56. 


JONES LANG 


EXECUTIVE OFFICE SUITES 
BOND STREET / REGENT 
STREET / HANOVER STREET 

offie: jirtu. inti/ t.-'jftjtf 

ind ltrfcd rar *»/ iac ts 

s» ::n Pin/'s rcavi.-CRUna. -a: . • 

i:: Boi-dr»m. V o:c?r.^, Tt i. 

phooci. T?le*. Sscrcurtai. 
,MAN*GEMEI1T S'JSlNiiS EE? *‘Zij 
C'.JCe i 6 r : iR?f T*. i 


ISfMQFSncnff 

iCLf COffKINEb 



BEDFORD 

Single Storey 

FACTORY / DEPOT 

8,670 sq. ft« 

Site area 1.25 acres 

EDWARDSYMMONS 

Li, i2 V. Soar Lovi" L> 


London EC4 

2,500/12,500 sq.ft .net. approx. 

Located adjacent Ludgate Circus. 

This building b presehtlv beint: 

completely redecora red. 

Tenants specific requirements 
can be incorporated at this stage. 

^Automatic List* 

Sff^Fulf Central Heating # Carpeting throughout 



HOUSE 

North Circular Road London NW10 

20,085 sq.ft at less than 
£1.40 per sq.ft. 

Ml and M4 Motorways^ 
within easy reach. 

3 Passenger Lute 
■'. ervral Healing 
F*ri Double Glaring 
Equipoed 
Compuier Roors 
2*1 Car Parking 
Spaces. 



Tel- 01-486 5?M> 


CORNWALL (Ontario, Canada) 

MODERN INDUSTRIAL COMPLEX 
LEASE OR FREEHOLD 
42,000 Sq. Ft. on 11 acres 

; T iATLC ON L* L*— E5NC5 ’ • 'E ; M, *;C a ' 

S’T£S>‘4NGs— ViNUTSv -O a^pOP' 

N0-IH4.1 Wmi(r • • —.11 cnfftpc? — 5JrT,.; t-r lander H-»* N~. 

10 5T iNDHEW'5 PLACE LONDON NWl - . T*L(i*M<3NC 


Kribco 
out 
Lesser Land 


new 
air* 

increase ils 



Letting pressure alunc cannot 
account for this sizeable rise 1° 
asking rents as the firm’s siir- 
fllWC nut veys have shown a fairly slack 

■Ullj JS> UUl iake-up rale during the summer 

months. The explanation lies i« 
the proportion of air conditioned 
refurbisbraenis coming on to the 

de al worto m excess o u, an a quarter of the total space 

Lesser Land has sold bU five oe ■» h i * *ui cn ft it now 
IIS European developments to available, at zu^wiyq rt it now 

the Dutch Investment group ^acc ^ f h 

Kribco. . ■ . 4j r . conditioning fashions 

Lesser, one of the quieter and war l0 haT( , come fu il circle 
more successful of the British j^"7 ecent vea rs from essential, 
developers to move to i the Lon- unwelcome, and now hack tn 
tinent in the early 1970s. has an integral part of tnrut 

sold office schemes in The Hague. new °\vest End schemes. The 
Rotterdam. Amsterdam. Brussels e as jdng rent nn the air 

and Tours. Rotterdam agents cond i|j 01I G < | units in DJ* s survey 
Makelaarskantoor Rijndella CV perhaps rather optimistic, 

arranged the sale -of a 1*.000 £I5 -in * square fooL 
sq ft office at 61/62 Komnapnne- £ia - su * aq _ 

gracht in The Hague let to the • . . . 

Dutch defence miinstry; 7.500 sq CASTLE DONNUiGTON. tn» 
ft at Keizergracht 604 in Amster- East Midland Airport in Derby- 
dam: 5,000 sq it at 3S Parklaan. shire, is expected to handlo 
Rotterdam: its 25.000 sq ft 640.000 passengers and b.3hO 
block in Brussels and 17,000 sq tonnes of cargo traffic this year, 
ft scheme in Tours. Plans for a £5m runway exten- 

Another f 0.4m has been raised ^n will gwe the ainjOTt 

from tiie sale through Ham pmn “SSSoti o f wide-bodied 
and Sons, of Lesser s 13.000 0 increasi 

LJlUS r “1? et Sr d Sr e K Seilht business Pen:y Bilton 

if/3" s s S“Ti5 

Alan Bodd Investments. g. «S?eh^usins on a 10 

T v e r 0T . erscas . s 5 ,es acre site belonging to the East 
cash for Lessens developments Midlands Airport Authorirr--. 

at home, and f ® r . a Bilton and the Authority are 

grnup still owned by its founder. j 0 j nL j.- financing the scheme and 

Cynl Lesser, the scale or the ^ ope \ n have two 1 1.097 sq ft 

business is surprising. Apart an ^ j our ™ jgg ^ j r units on the. 

rr0 JTr , aD r T * t f ,ned market, at around 11.40 a eq ft. 

portfolio of n by next summer. 

trial space and 120,000 sq ft of " 

offices, and excluding the Scottish 9 

Amicable funded £9m Oldham ,\ 60.000 sq ft air conditioned 

town centre development. Lesser section of Land Securities giant 

is actually building another Bowater House in Knightsbridge. 

120.000 sq ft of offices and SW1. will come onto the market 

500.000 sq ft of Industrial estates, early next year. Avon Overseas 

m Limited, one of the international 

w cosmetic group's subsidiaries, is 

THE INSTITUTE of Accounting leaving the remaining 22 years of 
Staff has paid just over £5 in for its lease on space in Bowater 
a 5,500 sq foot freehold head- House's west wing for the 
quarters office at 20/21 Jockey’s greater elbow room of Kodak's 
Fields. W.C. D.E. and J. Levy 80,000 sq ft Imperial House offices 
sold the air-conditioned block on on Imperial Way. ISayners 'Lane, 
behalf of private clients, which Harrow. Avon will be out of 
Chestertons acted for the lnsti- Knightsbridge by next autumn, 
tute. giving it time to modernise the 

m former Kodak building and its 

9 agent, D. E. and J. Levy, time 

NORWICH UNION and the Legal to work out asking rents for a 
and General Assurance Society prime West End unit of this sue. 
have put their plans for a £13m. Hiilier Parker acted for Kodak. 

230.000 sq foot Enfield Civic which passes a part-11 year, part- 
Centre nn public display in the short term lease to Avon un 
town. The scheme, due to start Imperial House. 

next summer and to he com- a 

pleted by the end of 1982. in- __ . r , 

volves four store units and 3S COURT Property Fund, on 

standard shops with a four «en»Pt wm trust from N. M. 
storey. <500 space car nark. Rolhschiid s stable, has taken on 
Healey and Baker. Graves Son funduiS of Tannic 

and Pilcher and Enfield agents Properties refurbishment at -12 

Nielson are appointed as the Ann s fiaL ?- SW J- A " ,hl? 

scheme's lettinc agents while var, o“ s permissions have now 

(Stora .ndsSSai «?«iil« f h ” n -S 5 f ivecl “ slart * ork on 

Enfield's consultants. the /. 000 


WEST END rents are on the rise 


sq ft Grade l listed 
building which stands ne\-t door 
to the Sr. Stephens Club. Tar- 
mac should have finished work 


the end of 1979 when letting 
^rrt?iwS!£ii^ “ JS agents Richard Ellis will he ask- 

g l f t< a—? in s a ™ nt » f £1L8 ° a s( i ft - At 
st. James s office market. Aver- roo^nn ■* war 'Vow rmiri 

age rents over the entire 395.000 advised bv Hiilier Parker "'lav 
"l « ° r »■«» »n th.-m.rtKt I 

2^1 at £10 - 3 ^ * square foot. j n },j a | 5^ per cent re turn on ils 
That wnpares with an averaee freehold investment, 
of IS.ip a square foot three T *, 

months ago. 


Administration Unit 


\\5nsford, Cheshire; 


80.000sq.ft. -A, : h JSS 5 
Floor Area y ; 



FORSALE 

• Only .5-25 miles from . •: - •••; i 
Junction 18 MSMotorway... 

• Air Conditioning Plant available. 

EXPANSION LAND 120 acres. 
OPTION LAND 10-75S acres. 

For i\ : r*. her derails 5cbr tenure arcr/ rc.- 


Heywood&Co. 

^Dxm lop Ojarte '- vd Survmpn 
• Hey wootl 90.Dt^nsgate v ivlancnester 


.0G1-S34 8384 Telex 667262 


PER I VALE. WEST LONDON 
41.700 SQUARE FEET 
PRESTIGE WAREHOUSE 

Ample Car Parkins 
High Office Content 
To Let at Realistic Rent 


BEnMABD THORPE 


s part me p 5 


1 Buckingham Palace Koud. London, SVVL 
Teh-01-834 B&90 Ref: NDK . 


Harold Will jams 

Bennett & Partners 


Lered 

Sjrvr^orr 


LIGHT INDUSTRIAL PREMISES 

TO BE LET 

10900/19800/30700 sq. ft. 

WILLOW LANE MITCHAM 


r— 1^1 % -fT rv rrjin-- 


01-6863141 










tSfc-: ■ &“ ! -v**. • 
“•S&KaijStl v ;]3i . 

' «i£fV. « . 

•w£f Kl 


■/v. - . .i( 

"•^1 
*, % 


3piSiS^3lfi 1378' 


nS-S- # f j . 


’• "■ ‘* 1 ."'" t .'*'»7 ,i r”. r. ■' ■ •• • 


■ v-' •"$ 




(V s j). ^ U 3 u> 


I ■ TWi 


E 3 aa®» 


fo-iSSS? 








S'i< ’■™’I!P ^? , * , > *&■ *»‘-yv* ' r i a.'4f * *1 . • ' ?"■ 

r •’■ ■■%•. "#■* % <* ■ .' : , '■ - ■ • *’ * ","•# 'iviVi^*^ ■■ 



Here’s where 

YOU FIT BSI FAST 

\buVe thinking about a new factory? 

TORFAEN -: the Eastern Valley of Gwent and the first South 
Wales Development Area nest to London - hi a proven track 
■record for settling new industry. Hmv last can we move? Well, 
the £20 million Fibregkes ia etnry w as sited in just six hr die 
weeks from scratch; but with frill public consultation. Wc po out of 
our way. whatever the project, ondtbeiv ah- bn M uses, Ino . . ’. vpcedy 

links with the \f 4 , M 50 and retain :rnihvnv 4 incs . . . -ood labour 
rehnirces ...a^rtcrhoosmssitijoiioij than mint for 

key workers! /. .and some drtlu.' best rcmatinn :unl Impure 
fadljties in' Britain. ' . 

GmUct: Alan PilV^OhirT Technical Orficcr, 

Borough of Ibrfaen, Council OfTh**-. H.mhury Rn.irf. 

Pont> pOwLGweot NP4 FYC-Tcl. Pont \ pool 1 171 c\i. U87.. 


7/r 


Borough - 
of Torfaen 


Ifsasitequicker! 



Maontficendy refcibisheda^^ 

. BO yards fromihe jjjdioni^ frlborgabev S-. 

: : ••. ! falET -WJOOsq ft ’ ■ : y 


OFFICES 


116, OLD BROAD STREET, 


jAfwniriesWlwte j?' 

' “ ■/. & Pfisiv'fti|ifi spb^ iif ; 

. . : SL's&endcd^iluigi 

. i :••?•&■' full' tar jSlmg. 

# Air cnnjfiiwtiing • _ ■ 
^TjaiBdiounH-rcytraiiuvinilii- 1 
• .’.• louvreq riwf^s irt rill a.ine.-; 


4,200 sq. ft. 
ON 

ONE FLOOR 

King & Co 



lk 


Berkeley Sq 
Mayfair W1 

Prime luxur.t fully 

. .furnished oflice suite to 
i ■ 

. let with all amenities 
including telephones, 
telex,, board room, 
photocopying eic. 

' --For jut thvr details 


C ha rles price & C o 

N° 1 B’erke ley" S q ua re , 
Lond on .W.i 
01 : 493 2222r(-2ihr/ 


FOR INVESTMENT 


APPOINTMENTS 


Board changes at 
RCF Holdings 


, Mr. T. Harris, a director of 
; RCF HOLDINGS, is tf« become 
| chief executive of the group from 
‘January 1. On that date Mr. John 
Godfrey and Mr. .Norman Styles 
; relinquish tiicir joint managing 
; directorship. Air. Godfrey will 
: continue as chairman and Mr. 
’Styles will remain on the Board. 
■From the begining of next month 

• Mr. M. D. Moore is to give up his 
. position as managing director of 

’ R a bone Chester man, jfte manu- 
facturing division, to devoir full 
attention to his post as group 
financial director. . 

* 

Mr. A. T. Maid men i and Mr. 
S. A. Goldsmith have joined the 
Board or BRI't A:\XIA ARROW 
HOLDINGS. formerly Slater 
1 Walker Securities. 

Mr. Geoffrey Rippnn. Conferva- 
, tive MP for Hexham, has become 
a non-executive chairman of 
'.Britannia Financial Services and 
; it* subsidiaries. Britannia Trust 
i Management and Britannia Fund 
Managers. Mr. Maidmem and Mr. 
Goldsmith haw been made 
: mananinE direi-lui and invest men i 
director, respovtiwly. nr those 
Ihrc-e concerns. Mr. It. E. Del low 
has also been appmnied to the 
Board or BFK 

Mr. Maidmem ha.- been with 
‘ the group since HniS. was made 
tinancial direr lor of BFfS in 1970 
and a member of the Unit Trust 
Association Executive Committee 
in 1975. Mr. Goldsmith joined the 
group in 197! and has been an 

• investment director of BTM since 
i 1975. 

• The resignations or Mr. Brian 
; Banks and tive other executives 
i from Britannia were reported 
1 yesterday. 

j ★ 

Mr. Brian Tetley, company 
: secretary, has been appointed to 
. the Board of the BRADFORD 
. PROPERTY' TRUST. 

! - 

Mr. John Sains bury, chairman 
' of J. Sainsburv. and Miss Mildred 
‘ Head, president of the National 
Chamber of Trade, are ro repre- 
sent British retailers on a new 
‘EUROPEAN COMMISSION CUM- 
I.MJTTEE. Meeiiu:: for the first 
(time on December 1. the com- 
1 miuee will look al retailing and 
; consumer protection. 

I * 

; Mr. David Mi-William has been 
’appointed an assistant general 
'manager tintemationaJj, MID- 
LAND BANK. He joins Midland 
: from The Thomas Cook Group. 
[Where he was managing director 
of Thomas Cook Bankers. 

I * 

! G ID DINGS AND LEWtS- 
FRASER has made changes in ns 
_ selling organisation. Gidding* and 
! Lewis Sales has been restructured 
with Mr. Y. Gailei, „ managing 
director of Giddings and Lewis- 
, Fraser appointed chairman and 

• Mr. A. Buick i formerly general 
i sales manager of (J and L-Frascri. 

! becoming managing director of 
j the sales company. Mr. It. Heale. 

formally sales director of Gid- 


dings and Lewis Sales is appointed 
vice-president — European sales 
with G and L Inc., with responsi- 
bility for the sales of all Giddings 
and Lewis products throughout 
Europe. 

-* 

Following Raybeck's offer for 
the ordinary shares of BOURNE 
AND HOLLINGSWORTH having 
become unconditional. Mr. Ben 
Raven has been appointed an 
executive director and Air. 
Lawrence KuiTel has been 
appointed joint managing director 

- * ic 

Air. J. E. L-'uihergilL, chairman 
of the BRITISH ALARKET 
RESEARCH BUREAU is to leave 
at the end of 197S to join 
Pritchard Brown and Taylor as 
director or development and new 

systems. 

* 

Ylr. Robin Brooks has 
been nppoinled director, general 
mahager or OY'EZ COPYING, pari 
of the Solicitors' Law Stationery 
Society aioup. 

Mr. Mil-hurl J. lirnwn has been 
appointed management services 
and manpower officer of the 
ELECTRICITY' Ctit/NCIL. 

*• 

Sir John Speiirer Wilk hns 
reiiunvd as a director of BET 
OMNIBUS SERVICES of which he 
had been a director since lti-VJ 
and chairman since lMfi. Mr. 
Rngh Dundas has been appointed 
:« director of the company, and 
elected chairman tn succeed Sir 
John. Mr. A. F. R. Carling has 
resigned as a director. Ho had 
been a member of the Board 
since 1957. 

The Secertary for Employment 
has appointed the following tn 
the HOTEL AND CATERING 
INDUSTRY' TRAINING BOARD: 
Mr. It. C. Joseph. Mr. ' P. I. 
Monnii-kendam. Mr. K. A. Bradley. 
Air. |i. C nalswnnh and Prof. 
J. R. S. Real is. 

* 

Air. JVut Gee has been 
appmmeri financial controller of 
lAUAl.U: BUILDING PRODLuTS 
DfY'ISlUN. He succeeds Mr. Roger 
Leach, who has become marketing 
and sales director of Pgrmanite. 
a d Is i.sinnal company. Mr. I>c was 
formerly whh Nnrwesi I-inUr. 

•k 

Air. J. R. Humber ha-- been 
appointed director of the HOUSE- 
BUILDERS FEDERATION and 
director of the National Federa- 
tion of Building Trades Employers 
housing directoraie from January 
1. He succeed.*- Mr. iun Dt-slandes. 
who has been made NFETE direc- 
lor of induslria! lelalions. 

+ 



“My secretary is blind. 
Iti be lost without her” 


Sandy takes down her boss's dictation 
accurately, then types it out from her braille 
Shorthand. Good speeds, good page layout 
Sandy says there's nothing special about 
that - and she’s righL The fact that she's blind 
makes very little difference to her efficiency. 

Sandy got her job on ability. And her 
ability won her promotion to personal secretary 
in an important Post Office department That's 
the point. The RNIB trained Sandy at its 
Commercial College, and any firm that 
employs a qualified blind person will benefit 
from the demanding and professional training 
that we at the RNIB provide. 

If you happen to be an employee think it 
over. We ll be pleased to hear from you. 

Over and above that, the RNIB needs 
your help, through legacies and donations, to 
enable us to train others like Sandy. 


FOR THE BLIND 

234 GREAT PORTLAND STREET LONDON WIN 6AA 

Under Ifie Finance Act 1975. bequesit ro chorines up to a total of 
£100.000 are exempt from Capital Trailer Tan. 
Registered in accoi dance will- the National A&u&iance Act 1948. 


Mr. Alan E. Lambert has been 
anpninit-fl managing director nf 
UWIN SPORTSWEAR He suc- 
ceeds Air. \Y. R. Ilcklcs, who has 
relinquished rhal post for per- 
sonal reasons, but remains a non- 
executive director uf the company 
and a director of Ihe parent con- 
cern. William Pickles and Co. 


For advertising details please ring 

01-248 8000 Extn. 7008 

LOCAL AUTHORITY BONDS 

Every Saturday the Financial Times publishes a 
table giving details of Local Authority Bonds on 
offer to the public. 



Chartered Surveyors 
1 Snow Hill. London. E Cl 
Telephone 01-236 3000 Telex 885485 
Manchester ■ Leeds - Brussels 


BROMLEY 

NEW AIR-CONDITIONED 
OFFICES 

SELF-CONTAINED 
GROUND FLOOR SUITE 
2,120 sq ft 
Parking and 
Central Heating 
Carpeted. Double Glazed 
TO BE LET 

Apply Commercial Department 
If Eur Street, Bromley 01-444 lilt 

BAXTER PAYNE & LEPPER 

(Esc. 1740. Ch artered Survey on) 


i 

■ BRIGHTON. BOND STREET — SrvopSJShow- 
j rooms; Sioraae Buildings. 12.500 sq. ft. 
[ V.P. Evcelienc Potential. Oflers In region 
ol £200.000 lor tree ho u Commercial 
Dent.. Geo. Wh.te & CO . 28,29 Shio 
Street. Brighton iTei 291 1&>. 


FACTORIES AND 
WAREHOUSES 


; M4D.M4 M3 LOCATION — Commercial 

I properrv in Thames Valiev area Com- 

prehensive Register maintained. Apply 
Craft and Co.. Windsor 51251 


and Finance Conference 


Os!© ? December 7 - 


The Nordic economies have recently been the subject of keen international attention 
with many industrial and trade developments making headline news. 

The Volvo agreement, the state or the shipping and paper industries, will undoubtedly 
have a long term effect on the Nordic countries, and it is these subjects, along with the 
banking and financial implications thereof, that will form part of the discussion at the 
forthcoming conference ' Nordic Banking and Finance". 

The conference wifi be held in Oslo on December 7 and 8 and is sponsored jointly by the 
Financial Times, the Norwegian Journal of Commerce and Shipping, Helsingin Sanomat 
and Berlingske Tidende. 

Other topics will be German-Nordic economic co-operation, the international financial 
market and North Sea Oil. 

It is a conference that will attract husiness executives throughout the world that have 
contacts in Norway, Denmark, Finland and Sweden, as well as those based in these 
countries. 


CAY SWA TER. W.11 — Frocholfl industrial 
-Dvuimini «>tti redt«siOPir>Mi; ooicn- 
t«al. tel lo flsod cotpnan:. £50 000 . 
full deads Fuller Piiser 0I-5S3 6851. 

YEOVIL, SOMERSET — Frcuftold Industrial 

in«es:ment lei :o flood PuUlic Comuanr. 
Modern single Storey building. Sabsun- 

ual rcvttrsioa m June igez. cso QUO. 

Full dcatlt Fuller Ptisor ?l-i53 6551. 


INTERNATIONAL 

PROPERTY 


U.S.A. 

OFFICE INVESTMENTS 
FOR S ALE 
CHICAGO 

MICHIGAN AYiiNl»E 

S4.6M 

renanit ntetadr: 1 

AMERICAN EXPRESS & 

AIR FRANCE 


NEW YORK 
FIFTH AVENUE 
£3.3 M 

Tmnnu iurhtdc: 

ANCHOR SAVINGS k 
SEfK0 TIME 


For details ol ificw* and cUilt unme 
nt ccs mum oppurfnmbn in Hie UrJud 
Stales ennUsrt ; 

J ames Andrew 
& Partners 

Comu1uh( &mTe\Ym 4 Ewarr .\anu 

M Lp-XDOx smv s ass 

TSLEPBO.VE 01-939 4*36 


AVAiLABu FOR enterprising firm, *n i 
enciusite hoiidar hdlug tor emplorogg. 
Small neautifuily situated Jarm house ,n 
Malt*. Terms negotiable. Long i«ue. 
Write Bo» T.1879 Finan-.ial Times. 
10. Cenmn Street, EC«P *»Y. 


Mr. Per Klcppe, Minister of Find nee, 
distinguished speakers are; 

The Rt Hon Lord Ba logh, 

L«.ononnc Adviser 

The BritishjSJational Oil Corporation 

Mr John Forsyth 
Chief Economist 
Morgan Grenfell &• Co. Limited 

Mr Leif Jtitii Jorgensen 
Direr lor. Finance and Economy 
DI’DS, Copenhagen 

Dr Raimo llaskivi 

Managing Director 
1 innidi Rankers' Association 


Nomay, will give the opening address and among the 


Mr Tor Mou rsund 

Chairman 

Norwegian Bankers Association 

Mr Otto Norland 
Executive Director 
Hambros Bank Limited 

Dr Eckart van Hooven 

Member of the Board or Management 
Deutsche Bank AC, Frankfurt 

Mr Bo Wergens 
Dm*! |r»r (Jenera! 

Swedish Pulp and Paper Association 


lo: The Financial T imes Ltd v Conference Organisation, .Bracken House, TO Cannon Street, London LC4P4BY 
Tel: 01-236 43B2 Telex: 27347 FTCONF C 

Please send me further details ol Nordic Banking and Finance ' 

Block Capitals Please 

Ndme — Title 

Company 

Address 













■35 


WORM); STOCK 


Financial Times Friday November 10 1978 



Wall St. rally fades after Carter conference 


• INVESTMENT HOLLAR 
PKENUUAI 

52.60 to £1 — 79; % f7T°b» 

Effective S6'.% (34]^) 

AFTER MODESTLY ex lending 
Wednesday laic l-.+rhnieal rally. 
Wall .Sircct partial h re.icied on 
disappointment will, CrcMdcui 
Carter's news conference anti 
also on nervousness ahead of ihe 
weekly money supply rtaure*. 

The Dow -loncs Industrial Aver- 
asc. after recover inn 7.. >4 on 
Wednesday and saining 3.23 more 
at mid-day yesterday, came back 
to S<>”.97 for a In-- of S.W on the 
day. The NYSE All Common Index 
was finally just S cents harder ol 
*32.32. afler a duj's high «r 
S52.79. while aains managed to 
retain a narrow lead over lo-ses 
ai the close of 8~>Q ro 3»|. Busi- 
ness remained moderate, with 
column totalling C3.:Um shares, 
against 23.3dm the previous day. 

Some investors apparently hart 
hoped President Carter would 
announce some stiffening of dollar 
support measures or a lighter 
budget deficit at bis news con- 
ference amt were disappointed, 
touching olT a brief flurry or 
selling. ' 

There may a Ho have been 
disappointment v. ith Carter's 
apposition to deferring a social 
security tax increase. Carler said 
his fiscal I '.ISO Bud 20 1 deficit will 
he below SoObn and aaain rejected 
«a:c and price control.-. 

After the close of New York 
Hock exchange trading. Ihe 
Federal Reserve announced ihe 

nation's basic money supply rose 


.S2.ibn jn the ia' lest reporting 
week. 

Ol In was a weak feature, fa 1 line 
<i. 1 to S but CeJai,e*e rose I. - 
to $41. The two companies have 
terminated merger dlucuwinns but 
save no reason why. 

Sitperscnpe dropped 21 to -S3 1 
on reportin'.: a loss for the Ihirrt 
quarter and sin tine that because 
of an error. Its second-quarter 
loss was worse I ban previously 
declared. 

Jiilins-Mnuvillo slipped ; to S23J. 
The company has obtained o.Pri 
- h.irv* of Olinbrafl in its bid for 
4H per cent of the equity ai Sli.'i 
a share. Olinkraft did nut trade 
but closed im Wednesday at SMI. 

iJoppcr -hiires were weak after 
Ihe Wu-je Prjtcy Council said clip- 
per prices will he suhjccl to ihe 
voluntary guidelines, hut suine 
Steel shares added fractions after 
the Treasury raised its trigger 
price. 

Middle South It in lies lopped 
the ooimik'S list but cased 1 to 
■SI 41. A li 10.000 share block wa.- 
trnded at Jl-tj. 

Active Pan-American Airways 
were unchanged nt SB;. Il> hotels 
-ubsidiary is to build anil operate 
un to six hotels in China valued 
at about S-TOOni. 

Americun Motors added 1 at S3; 
on a sharp rise m fiscal (nurlli- 
quarier profits. Rockwell Inter- 
national reported lover fiscal 
fourth-quarter earnin'. 1 * but raised 
the dividend and gained 1 i 10 

THE AMERICAN SE Market Value 
Indcv ended a net O.ns harder at 


142.07. afler touching 1-iUKfi at 
1 pm. Volume 2B5m shares 
1 2.77 m j. 

Volume leader RcMiriy Inter- 
natiiiBal "A" receded S"2 to $33- 

Canada 

Stocks finished easier for choice 
after moderate activity. The 
Toronto Composite Index shed 2.3 
to 1.2 19—. while Golds, strong of 
laic, retreated 3B.M to l.J.,7.4 on .1 
fall rn ihe Bullion price. Mela!- 
sind Minerals declined 10.3 in 
1.UB3.7 and Bank-- 0.311 |o 2S7.U7. 
but Papers gained m.jiji ai 131* i!4. 

Sigma added at CaS'J =_ un 
higher nine-months net earninus. 
while also on increased profit-. 
Maple Lear Mills rose 1 to C*l!« 
surf it 'rs tern Minc.s 5 cent- to 

CM.:;n. 

Hong Kong 

Mill undermined by Tuesday - * 
announcement of a 1- points 
increase in Best Lending Hate to 
BJ per cent and further depre**ed 
by spcculatiun of another interest 
rate rise before the week i- 
finished. Hnns Kong -locks fell 
afresh in what broker.- described 
as near- panic .-ellin,:. Trading wa- 
attain heavy, with total turnover 
vomitis to H K$23-i.32 111 
I HK$2G7.Mm 1. The Hang Sena 
index dropped 34.ii7 more- to 
303.41. ns lowest level -incc duly 
21 this year and the -et crest onc- 
day lus.-i since July 7. 1973. Over 
the pa.-t four day-, the index has 
fallen a tntal of »2 point *. 

Jardinc Mathestm retreated 


HKSl.:sn to HKBU.tn. Hum? Kune 
Land HU cents to HKSfl.TO. Hong- 
kong Bank 79 cents tu HKS17.Uu. 
Hutchison Whampoa 53 cent- to 
HKS3.n. Swire Pacific .W cents to 
IIKSlOH and Wheelnrh 22.5 cents 
in 1 IK $3 .OU. 

Tokyo 

The- market closed on an easier 
note for the first rune tn -is 
iradm-j day- a- late profit -taking 
eroded initial gains The Nikkei- 
n.»\- dunes Averuae finished 
riiiw n on balance at 5.1I4S 23. after 
I »r icily lunching a new record of 
5.9ii4.2» in early dealing-. Trading 
remained active »»nh volume 
amountin'; m 2l)iirn -hi.re- i44Umi. 

Food-. E'harmaceuliciil-. -matl- 
-r/ed Steels and Machine- ended 
lower on profil-lalcing after a l irm 
-tart. while Kiwi r it a i* und 
i'umui'a- generally declined on the 
fre-ii yen appreciation. 

Sony lost V:i*J to Y 1.440. Pioneer 
Y4U In 3' 1.510. MatMi-liho Gmi- 
niunicatinn YoU lu Yl.MBU and 
Cumin Y3 ro Y442. 

Kecen 1 Iv— elected Neal K-taies. 
Print incs and Fais and •Jiis also 
cave around. but Petroleum 
issue-, which would benefit Trom 
:he si ranger yen. were hie her. 

Share- with anticipated good 
earning - pro-pfet- n»-e. with 
Ttiyn Rayon gaining Y23 lo Y2S7 
on its return to profit- m the lirsL 
huff of the year 

Electric Plant Mjiiulavturcrs. 
Public Works Issue-. Textile* and 
-nine Motors al-u ,-howed nel 
iOT'i'm ement-. 

There were -iron a market 
rumours that Communist Clunc.-c 


NEW YORK 


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Control Data . .. 
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BASE LENDING RATES 


A.E.N. Bunk I 

Aiilt'd Iri.-h Eank- Lid. 
American Expros Bk Ii.",, 

\111r11 Bank : 2 - 'V. 

A P Bunk Ltd Il;'7, 

1 1 en ,■> Artniiachcr li -1 ',. 

Assiiciates Cap furp.... 1 1 ’f, 

Banco de Bi 1 L,a»j i I Vf. 

Back uf Credit & • Ij.ice ! J ; ,- .. 

Bank of Cyprii- 11 ‘V, 

Rank uf N.S W il 

Bacque Bviae Lid. ... 11. 'r 
Banque du Rhone . ..l'i 

Barclays Bani: I! ' 

Barnen Christie Ltd.. . 
Bremar Huidm.^s Lid 'K. 
Brit. Bank of Mid. East 

■ Brown Shtpiey 1 1 '7, 

Canada Pemi’t Tru-l .. il - *T. 

C - j;-zer Lid 31 ir „ 

Cedar Holdings .... 

■ L'baricrhyuse Japhei .. li; 1 : 

Choulariuns 31 ' 

C. E. Coates 11; - 7. 

Cua->ulidated Credits. . 30 ‘T. 
CtKtpc raLv c Bank . . 'i I . '7- 

Corinthian Securities II-.",. 
Credit Lyonnais .... 11 

Uuccan Lawne 11 -.‘7. 

The Cyprus Popular Bk. 11", 

Eagil Trust 1 1 . '7, 

En2fi*:h Tranicunr . . 11 
First Nat. Fin. Corp. ... "T. 

Firs! Nat. See.-. Ltd . i'J "V 

■ Anion;- 'iihbi i 1 *Y. 

Greyhound Guaraniy .. 1 1 ; "V 
GrlndlajS Bank ^Il-Ti 

■ Ciiinness Mahon . !i -, V. 


I ila'iihi ii-i Bank 

I 1 1 ' • ! SdlllU'.'l : 

1 . i ]■■ ■ I-.- L: 1 ■ 

■I mail S 1 1 < f|| 

Hun-.'kii'ij -v Shanghai 

lndiis.iri.il Bk uf Svul. 

:%- C GCn.ana 

I* O'l'-V .*!•■> ' .ri. Ltd...- 

I.!o;-d- F-ani 

i.'iiiijun Mirri.-jnliie 
Ed - .-. ard Mar, -on ii Co. 

'■lt-Jijn-J Bank 

I >a:itl'.'! '-I'ui'ii/u 

1 Mn.-.'ar ‘.Ir-.-n f./H 

’*■ a f ion;: l Wo-i n, insier 
N’urv. I'.'ii ‘...'n.-i al Trad 

r 1 S. R-.-f-i'in \ 1.V1 

flo-i^niin-if'r 

Hcijai Bk. Canada Trust 
SchleMfiuer Limited 

E. S. 

S'.'jurn: Ti'U'l i - u. Lid. 

She n ivy Tru-; 

S'andard i. - h:i,'\L-red ... 
Trade Dv Bank 
Trii?!**!* Savin^< Bank 
Tver.; ie: Si Centur;- Bk. 
Ln;;ed Bank uf Kuwdit 
\' ht:ea vay Laid! aw ... 
WMliaiiii A. I'iijn'.- • • 

Yfir’.'shire Bank . .. 

' ■'( ih • v . . affnc 

-i 

: I.. «j > '!n "1 j ii:.iriih 1 


11:^ 

1 1 . "n 
11"*;, 

I -i 1 ir 

u: - t! 

10 '7. 

II 'Vi 
1 

11 ’’V. 

I " 1 "*l 

11 ■ ■•!'! 

U 'V. 
iT'V, 
ii 1‘V. 
1 1 i'T. 

ni ,, 1 . 

It'ir 

1 1 . O 

I | I ir 

* * - ii 

I I i »Y. 

J-f ! IT 

ii'% 

n.'T, 

n i'V! 

i-«- ii- 

- - • 1, 

1 1 : "T. 

j ■> lr- 

I I I 

ii;*vi 


! ’ -f-.V- : " 

1 -•■■-. t -..'V •:«■■■ 

-'-i-n-T-- .i- » .1 *>t 


.■ :•> £!-'• f-'V t- ( 


investor); apparently are buying 
Japanese shares through Hoi.c 
Kong investors. One broker said 
that Bank of China officials and 

(op officials of a major Japanese 

.-ccuritics house and a major long- 
term credit hank also met recently 
i«, discus* whether -tbe Bank of 
rthina could raise funds in Tokyo 
through bonds. 

Germany 

Shares generally lost further 
around in listless trading. "i‘.h 
dealers tuirihutina the tack of 
interest lu uncertainty on foretai 
exchiuisc markets, 'i'he Com me r/.- 
Iiank Index came back S.5 further 
in S17.fl. 

Siemens, m ElectricaL-. reniaincl 
under heavy pressure, falling 
fill 2. Si) more to DJI 289.70. as 
ihe market continued lo react 
negatively 10 its disappointing 
richts offer terms. 

Thi= pressure also spilled over 
into Machine shares, with Dem at; 
deciininq DM S. GHH DM 2.30 and 
Kloeckner-Wcrkc DM I. 

Kaufkof led Stores lower with 
a L1M 6 decline, while in Banks. 
Bajenhypn shed DM 3.-30. 

Paris 

Stock- were mainly in firmer 
tcin following a me derate 
business. 

Brokers said tile buying \va- 
niainiy by mutual fund* recently 
-el up fallowing the Government's 
decision InM July to allow small 
investors to deduct up tu FFr 3.000 
of equity investments from their 
lax able income 

Sentiment was helped by the 
louering of the Call Money Rate 
to fl; Troin 7 per cent and state- 
ments by Prime .Minister Raymond 
Garre to the effect that the 
French economy is well on the 
road lo recovery. 

Apart from mixed Chemicals. 
?ainx predominated in ail 
-ectors. 

Companies which yesterday re- 
ported higher safes for the nine 
months ended September ISO 
moved higher, with Roussel Udaf 
saining S to FFr .TMO. Radio tech- 
uiciue 3 to FFr 450. Pot-lain 7.50 
to FFr 226. Carrefuur 79 to 
FFr 2.149 and CFP 3 to FFr 130. 

Elf- Aquitaine, on higher third- 
quarter sales were up 4 at 
FFr 341. 


cents par value shares of Malaysia 
Mining's Australian diamond 
exploration offshoot. Ashton 
Mining- . 

The shares opened m bydney 
and Melbourne at S3, cents. Brisk 
trading ensued, and in Melbourne, 
the share price rose lo 90 cents 
before coming back to dose at 
Sfi cents afler 1.9m share* chang- 
ing hands. In Sydney, 380.000 
shares were traded, with the stock 
finishing at S3 cents after 
touchins 91 cents. 

.Meanwhile, the markets con 
(muins disappointment with tbe 
lack of detail in last Monday's 
interim report on the Ashton 
venture was reflected in a further 
10 cents fall to AS3.17 by CRA. 

Elsewhere on . the Mining 
Boards. Metals Exploration, 30 
cents- and Audimco 35 cents, 
declined 3 cents apiece, while 
losses of 4 cents occurred ur 
Western Mitring, AS1.64. and 
Bougainville. ASL46. but Central 
Norseman Gold was a firm excep- 
tion. up 10 cents at AS13.50. 1 

Industrial leader RHP fell 
another 16 cents to A8S.00. while 
Woolworth* lo<t 5 cents to AS1.60 
and Rank NSW receded 16 cents 
more to AS6.74. 

Bush el Is. still negotiating with a 
potential take-over bidder, pro- 
vided a bright spot with a gain of 
15 cents to AS4.SU. 


Johannesburg 


Australia 


The weakening trend continued 
yesterday, although proceedings 
were enlivened by the start oF 
dealings in the newly-floated 30 


Colds declined across the board, 
reflecting the lower Bullion price 
and lack of fresh buying imeresL 

Mining Financials followed gold 
producers down. Diamond leader 
De Geers lost 10 ceots ro R7.32 
Platinums also retreated, with 
In, plats reacting 15 cents to R3.75 
and Lydcnburg 7 cents to R1.3S. 

The Industrial sector was mixed 
but with a tendency to soften 
towards the close. Among the 
leaders. Barlow Rand rose 10 cents 
10 R4.6S but SA Breweries shed 
12 cents to R1.32, both following 
results. . * 

Amsterdam 

Market look a turn for the 
better, aided by Wall Street over- 
night technical rally and the 
steadier dollar. 

Brussels 

Mixed after quiet trading. 

Steels, however, were mostly 
lower, with Cocke rill falling 14 to 
BFr 419 and Arbed 5 to BFr 5L200. 
but Uainaut-Sambre rose 26 to 
BFr 680. In Non-ferrous Metals, 
Asturleunc receded 14 to BFr 704. 


N0TE5: Urf-r^a* or!r<-« -rtMivm nnlnw 
■'vuinr ? Drrniitjm. Rrkpan rimdefiiis 

are u'«n tvithhnlmna tax. 

0 0.11 .iii -lennni. unf«ss .iiRfrviK varpii. 
vu-tri« riaser, on rvr 41irirtnniis olns 'at. 
W HIM a«0 nennm .ni|p<- -iilvn*':*.- slalnl. 
4> PKf llli' rtWHim iiiijhss niht-nvTM sIhImI. 
I" k-« Hr iWl rlHnam. :mrt Ri*ar^r «nar~s 
•inlM» nirvrw.sp siaipri ■. yv, -nrnnm. 

nihrmiw sla'HK. s Pricr at nme 
•il --iisiienkinu n Monns r» Vhlltlrras 
r , ",.i« n n.vlrlMur n»n^inv -i;-'. 


annw <u.-no ww. diare » Krano. 

o i.Jmss iiv. %. b \s3iimwl invuirnn atr^i 
Kcrio uwl'or ruthn isaiu> » Inn' 
lax«s 1 11 Vm «a» tree, tt-rann incl'Mini. 
L'nilar riiv. dNhiti. o Share saltt. « Dih 
« rirt VIpH exclitflr sunoisl uvmtiu MlVti 
ca'prt niv u Untifliriui irarmut » Mtonni, 
hniriPTS ont.v. v llrrcN pen'll rut. * imhi 
* Kid- *> Traded tSell-r. * Assnmm 
ti Ej Mania, tu Ps hvuipihi. *c E» 
scmd Issue. Ta Ex all « Iniertm «tniv 
inrmnwl 


Indices 

NEW YORK-^joses 


I < 1 I 1778 ^incaCoaipUsfn 

Nov.; Nov. ■ Nor. • Nov. • Nov. 1 N'ov. " "i "... i 1 - 

9 8 1 7 I 6 ; 4 2 - efigb | Low ; Uqth j Lcnr 


lodusuial^: MS-B?: B07,SV8MJ7j 8 l4J»j 8«. I f SIB ^ ffl7 ; 74 j 7«.U 

B'meB'nda*! BB.Mj 66.41 BB.M B6.44 BO»i 86.92, sO.96 j Ki* j — 

rrean-orv.! SlB.Bo! Zl 1-85 211.14' 215.M. 218.M 215.0*' I j 276^ 

J I (Oiol * Rffll j 

LHI.UW n.BO: 9841*' 97.97 98 JI 98.81; 98.48, 110.98 J 97.85: | 


19.25 
■6.7:42, 

10-68 

oi l. 1 151/10. |'30*<*'€» 1 28 rt/42> 

r 'SSly , rt 141 28.820; 25.6M 2a.5211 : 815ai 28,070 *14180 — . — J — I — 

I 1 I - - 1 < • 


—Ban, n Index chuged Irom Aufi. 2*. 


*.D8T - 4 bifib 81S.7G knr-798JB 


IM. £l 


ij-.t. 3j 


■ Yeer apo aptaov . 


1ml. dir; yield % 


3.77 


5-67 


6.67 


STANDARD AND POORS 

i 

. N'uv. •. Nov. • Nov. : N-jr. 

■ 9 ■ B ! T i fe 


■ ’ 13iS ■Sinoe CompfUm 

NnV. ' Nor. I . ■ - 

4 2 1 Blab I !*« 1 High Low 


t InduatruilHi 10*. 38 106.05! 104 JT 10b Al- 
• 94.47; 94.46 B3.B6- 1 96.19 

,Compo+iUe 1 1 

lOKte IQUS na.n 1 *>.&2 1 I3*.8* ! JM 
-. 1 12'9' re.-ff/ illiliTSi ,i50IB -32) 
96.17 9b. 61- 106.86 j 86J0 | R&Sa 4.40 
• tlftdi l f6.-3i 11.ll/lf6b) |fl|6fAei 


. Xuv. 8 

Nov. 1 ; 

; uvi. ta ; Year ago s>pprox.l 

led. d rv. yiehl % ■ 5.16 

9.13 . | 

9.09 • 4.89 

I ml. P h ItatV.' | 8.81 

9-04 J 

9.0S | 9J8 

Luiu (i"t. Upud .\nelil ^ 8.76 1 

1 8.68 1 

B.67 1 7AM 


W.Y.BJE. ALL COMMON 


Nov. i Nov. | Nov. 'Nov. 
a B 7 : 6 


(S7B 


Uu>u ' Ij>» 


Kbe» si"! Fall- 

• Nov. 9 J Not. S • Nor. 7 

I »nueii traded ' 1.850 I l.c52 '1,891 

Kim., • 860 I 683 ' 197 

Fan* 59 1 769 I 1.418 


. Fad 39 1 769 I L41B 

62.62 69v*»-62Ji2j 5341$ 90.88 j 48.47 Luchaugol- 409 I 401 I 376 

' 1 • i H<9* . New Hwli- a ' 1 1 a 

New Um-e ....' Sfl * 106 i 77 


MtlWT RKAf. 


Nov. I Nov. ! Nov. 


I 'Jit 



: 3 ! B (7 : 6 ! 

fli^b 

Ixnr ,jj 

lnilustmil 

(.umhlDol 

202.77' 263.63. 202.46 3W.12 
< 20630 209.86 209.37 2)1471 

afle.14 tlHU, 
225.61 02(101 

162.80 i!6/2i t 
.170.62 <30, 1) . 

TO SO WTO Co mi* mw? 

1210.2 1212.7 12 IIL5 . 12203- 

1332.7 Udqltt 

383-2 iaO-1. / 

JOHANWSSBOEG 

2S.9 240.6 .u>- ! 230.6' 

272J, ■ J*,Si 

1B3.0 (2U-* . 

Iniiiialnal 

ms. ; 27*^ 'Ul . 274.*‘ 

2U1J tl.ll* 

194.9 nm. 1 


a 


Pre- 

VI. H,, 


197B 

Hicb 


1978 

U* 


Australia’' 1 W1-7U 
Belgium ■ s , 9i.A> 
Denmark .•• 88.66 
Prance •«> 7E.1 

GermanT'TTi 8l7.oci 

r 

Holland '«< / 634. 

ff mo TCnng 1 &66.4 1 
t” > 

Italy 70.95 

japan t U i 4*0.92 
Singaporemi 371.S5 


3364:1 

97.93 

83.00 

i 

77J 
62b JO 
; 82.3 
600-58 
! 71. lb 

. MUi 

; 374^9 


ott.ia. *11.19 
i£ei\n >1-4. 
lul.Ih ■ *i.43 
, ib*i 1 ttoifi, 
9s ja 86.03 
■ fW«> til" 10) 
. fca_0 : fli.b 
' (4ilin i 'o' «P 
. 663^ : 7sSA 
i la - - ioi ; *17.-0) 
.93.1 76.0 

i .it a, • .4-/41 
i 107.70 i obS.a 
i t*.w • .13,41 
; t£L25 : 30.45 
• . iiU'l) 

.4*L*6 364 4)4 
! (8/11 1 I4. - I0i 
; 414.50 1 3*41 
toto ' i9;li 


Nin. . Pre- ; 

9 : vii-ui , H 1 

i n*TS 

I Low 

Spain Id, rt-'i : 93^7, llu.k 

Gr^>o 

1 • (9'bi 

,17 3. 

Sweden «• 5t&-03 • 367.04 • 

4&.'ri 


u. li 

Svitserld'/-- 277.6- 276.6 1 32a.'/ 

sbi.6 

'■ lo**-- 

,&>*• 


bens Dec. «W. 44 AiruRenmm nuoKrul 
19.0. Ham Sens Bans SIM/M. an rlanca 
Cocnmeroaie Iraliana 1412, - ilvoo 
New SB *rt/A n Straits nmn.lWl 
* Closw. <1 MaOCK, sk xonsm esrocs- 
Imln. dtfhstfiui i/V 3M. , Surtax Hank 

niraararwn n IlnavailsMe 

THURSDAY’S ACT/VE STOCKS 


UHiick Had our Oates .all nave vaiuee 
iM' eXL-etH NYSE All Common - an 
-iHiKiard, ana Wjon — 16 and I'oronto 
m— l imi. ute las, named naaed on iS/Si. 
Exclumna onods. * *0* InduwaH. 
;*iai innuMtnais. 4fl Util me*. 4t> Ktoance 
nim Se iTansnort. H Svanex Alt Ordinary. 

Kelmui SE '1/12'SS " Casenlufim 
,',/ri M PnrK Rnirv 1*41 ttOimiww- 


Chance 

Slocks Owing on 
traded price day 
Middle S. utilities.:. 724.000 14 -* 

Pan- Ain L-r. Airways tWO.KO 

M 

— 

Boelus 

.. 536-400 

«2, 

-i 

Ralston Pnrlas ... 

.. 329.400 

121 

— 

American Invest. 

.. 2*2,900 

w 

— 

Genera] Mot ore 

.. 2S0.100 

s» 

-i 

OUn 

.. 273.300 

16* 


Ramada Inns 

.. 238.600 

X 

— if 

Amor. Elec. Power 932,709 

21* 

-M 

Texaco 

.. 240.300 

22* 

- + ) 


GERMANY ♦ 


Fnce +ut Ui\ . Y'-i. 
* Urn. — % 


\U, 

\ l.H.IA-1 rr-k-H. 
.IM W 

I*' vr. ... 

(.Ixier-H, |i.-, . . . 

Uol-.T lil^t.l'l'k . 
ii«t I r.i 

-I...IH-I -tuilh... . 
•ill. U .....I, II . . 
UHi.inur-Uvii' . 



toi.ua 

t'-.l.lavnv UXUn... 

. Her HmiV 
l>.vl>, rli'.'D /.Mui. 

’.. . itt 1. > -rn.. tu.. . 

H»;aa LuoH 

I nr | flier 

1 1- V.-1.M 

: I- «=• 

ill 1 

IlHIl ■...■I -fll \ 

hvr-iM-ll ' 

Ka.ill-i.1 

h-.f'.iivi 1 »,IK-l. 

kiib 

All 1 1 'I 

1..III-I, .. .. _. ... 

I- •« L-.ii-nti. 1 

LuHirmi-H 

■IAN 

-IdUllCMlIXI.U . . 

. .. . ‘ 

>1 uuclielivr llu-.h. 



l - 'l'.1:ei U.U IVL'. 
Ill :••... " f-L hi«. 

• Ut t u K . 

-r.vii'rU- 

'U-lZnA.-i 

ill -w-u 1 .U. _ .. 
*rr.i 

I'Ll 

I «.T».-MI-A- W'e-| b, 

V.. L--. -a-u . 


AMSTERDAM 


81.2 -0.9 

480 

2*2.5 — u.3 
134.7 -0.4 

138.3 -rw.l 

306 - 3.5 

3*4 -2 

la5 -5 

226.5 -1.5 
86 . 6 — 1.6 

337 — U.o 
258 - 1 

173 ~B 

307 -0.3 

242.5 - 1.0 
175 -5 
2-32.5 -2.5 

98 *2 
lal 

132.5- 0.5 
49.8 +0.7 

153 -2.0 

138.5- 1.5 

3141.5- 2 
243 -6 

92.5 -1 

199.5 

106 

275 

.550 -39 

93 +0.5 
218 -3 
174.9-1.1 
236 -6 
650 - 16 

159.5- 1.5 

136 -1.1 

1 #7.5-1 
26U 

389.7-3.8 
3a2 -3 

119.3 — U.7 
185 —2 

136.5- 1 

293 -1 
2n 1 - 0.8 


31.2 3.2 
ZS.Uti 6.4 
18.#Y 7.0 
18u/t 8.7 
88.12 4.6 
18 2.6 

28.31: 5.9 

2bJ8 4.2 

17 3.3 
11 6.2 

2b. 12 4.6 
£8.l2i 5., 
8.3b: 2.7 
12 : 2.3 
14.0* 7.2 
•">.15 I LU 
10./6 7.1 

9^So‘ 3.0 
14.04 8.1 
43.M 3.7 
lb.7< 3.8 

18./B 4.7 

28 4.5 
da 8.1 
9.3b 8.0 
12 2.1 
la. I: 4.9 
lo . 2.1 

18 1.4 


25 7.1 
26.1-i 8.-, 
25 4.3 
dn.r* 8.4 
I/.lc 7.2 
l/.ls 4.6 
9.3c 3.7 
18 1 3.1 
2s 5.2 


TOKYO 1 


'or 9 


•Pri.n* . + .»> . Div.’YM. 

Yen — . % h 


,lr«tii ln&o 6o4 " 14 2m 

t«m„ «42 -3 12 I 1.3 

ia»iu — 8 8-8 25 1 4 

viitn-iu 380 — tS 20 2.6- 

Um Niii*j>u Print .608 —2 18 1.0 

lujiPh-U- 533 -6 la ,.a 

Hilaihi 034 —2 : 14 £ 6 

Uou.ta : 481 18 -LB 

Horn*; K-.-J. l . 1.14 J f 10 68 1.8 

V. Itfh .. 240 + 2 12 2.0 

Ib+Y-Lviou. 1.78 J +10 30 02: 

J«t* 780 —11 }3 , O.b 

I.A.U 2.9uu - : - 

K»u«ii Kiei-UPu. 1.X2J -3u 10 . 0.4 

KoiibiU.u i 373 .—5 ib i 2.4 

Huuna 296 la , 2.3 

Kvot^-Ceminiu -. 3.290 —lo • 3a ; 0.3 

UauusliUx III.,, . 1 88 i2 .20 1.3 

Utivui-ivt.i bant. 2bO 10 - 1.8 

.Uiuuji4i,bl 120 12 . 5.0 

UilMjia.Ui 440 +14 1 13 Lb 

lliuui a Ci.i— 295 —l '14:2.4 

1IiLMik.x>tu 614 -1 : 20 ' 1_6 

Nipprui ton „'l. 59 J .+ 10 . 18 ! 0.6 

'IW-.HI Niiuian.: a84 s i la - 0.7 

'iM*ny«1un.. — 661 -+1 i lb ! 1.2 

IViueer 1.61J —40 ' 48 I L6 

Sin.,u Etrtn.- 276 ,4 la 2.2 

^ekuiii Hrernt. ‘ 970 —1 : 5U , 1.8 

'iiiBeido 1.31U — 20 , 40 . 0 8 

■w - 1.440 -30 -HJ 

I'ai-tbcllariiie^..., 2o3 !— 5 1 11 
lukeila t. liennuB... 470 —10 - 15 

I Ok 2.U4J +10 60 

tv, jin 121 -1 : lu I 4.1 

lok.io Uamie.....: 519 .—5 11 | 1 a. 

IuLii, K't-.-LPcwc , i i Ll4j +10 o 

ifkyo3an\t-..__.- 646 - 1 12 

I'MV.. ‘ 158 '—3 10 3.2 

l.^ldiwc.yrp.... ..j 132 ' 10 3.a 

K-i-U Motor 855 -4 20 ‘ 1.2 


AUSTRALIA 


Nil -8 


.lOllL'tovvatv : 

ten** A usual la 

U1.V1ILM 

■Vropnf liTpiorai«im...... -...'t.. 

\mpui Peln.ieuiu 

l‘vv. Mineral - ■ • 

V-voc. Pulp I%pe» SI 

,\«voc. Can. In-lumne* 

lust. Kourutati.m Invest... 

V.N.I 

lurtliw.*. ' 

Itrrt. Oil ft lie-.,.. • 

U«intK*j Creek Gi^«l 

Blue Menu I ikI 

BKugaiiivtiie L'-wer.- — .. - 

Hmmbtaf ini tin Hex - 

HnAefl Bui PKvneouy....! 

BH Boutb 

Carlton Dmted Brew ety.,.. i 

hBK rs1.11 1 

C'oettKirn OmeoU-. I 

Lul« ili.J.j ^....| 

Cooh. GotdliekL* Au« 

Umutiner (SLv 

Cocaine ffiotinta...H i 

tkNtain AuitraJu 

Ounkai Rubber t$tl — i 

BBWK. 1 

bxier-araith ; 

Kwleavour Hcwuiew- ' 


+ «• 

Ann. S ! - 


— 0.02 


I 4 1 

j) - 2 j )tJL. Industrie* 

lib 

U.7 


Suun» Nikan Muinues. rmuro 


BRUSSELS/LUXEMBOURG 


Prii:e 

l-r-. 


OirT 

+ •»! , >IV. Vtd. 
' — ' Net 1 i 




Pn.-e 
t - 




ThT 

~o 




\ 11. -1. 1 >1"i. SJ • .. .. 
Ik. - 1--. A/ 1 .-. 

1 aniil'iik F-.i.v 
\MK' -l - .. lu... 

l<«ii,.<afih > -u 
»ti vul«'. n .... 
ik-ksWeMinl.li- 
Bi Iirm" l. , t!e»''lr' 
hi -tfi >er -li£b- ... 

Kiiu-rN.1 .ftirw 
r.urv./.n I -t.Pi..-. . 
i.i)ia'Br.'a-Jv- h ■ 
IkmeUen 

I|..f-.i.ii- ipr._v- 

Muni'/r li. l-'.l'-v 

K.L.,1. •*■!. llv*. 
int. Muller 1 li. 
NHl.Ne'i liir.K-.sv 
■»«.! .eilttk H.'.'i 
'e-i 'I i-i Hk! 1 1.~= 

• i-e -H.A- 

1 ’SCI' 

1 mi I >illl'.er*ll. 

i'*kii"i-i l_r.-. 

-J - 

it 11 > I’, -.r- t i.lvw 
F..£-J. . 

if .P..:v., 

l> - --iei>l-- H..Vi. 

I ■■<i-.-li- h ■_'c. 
-un un- -.ii-- 

• III ‘Ul -I..V . 
I-h.-.Ih -H.-I-.v 
-.I ll-Mi- 'I - 
■ it iu~ Ih-. -ii j; 

tt.-i l I’ II. |->-k 


110.3 

28.9 
367.0 

«6.7 

75.9 

94.5 

128.5 

71.7 
272 

140.5 
7U.6 

36.7 

96.2 

37.3 

21.9 

133 

44.5 
11U.7 

57.3 

202.6 
163. dal 

29.6 

130.5 

48.3 

25.4 

62.5 

103.3 

132.5 
1*3.2 
121.8 
anS.a 

97.0 

134 

1 1B.2 

37.8 
4D7.5 


-2.3 ,2b : 
- 1.6 - 
- 1.5 A2flS 
-0.2 50 

-0.3 .14*3 
. . 2b 


-1.5 
-0.2 1 
-2 
-1.3 ' 
+ 0.2 • 
+ 1.0 
-0.2 
-3.1 1 


02 J 

2b 

27£V 

aYi 

94.!,. 

ao 

14 


5.1 

7.8 i 
5.e; 
3.9' 
5.6, 
6.4. 
7.2i 

2.L.! 

5.3 

4.9 
5.5 


3.7 


la 

b 

IS 


-4 

- 1.3 
-0.9' 48 

21 

T-..-6 

-3.5 
— U.4 
-2.0 
-1.8 
-u8 
+ 0.5 

- 1.0 

- 1.0 
-0.2 I9.a 
-3.0 54. /n 
-0.3 20 
— u. 1 5*7. 

-rOJft 
+2.E 
■>U.£U 
63 


aa 

35 

23 

17 

\»l 


iiwi B.aoo —5 . _ ; - 

Herbert ''B' - 2.570 —a lib . 4.0 

c.B.U. Ceiuent 1.172 —4 .100 8.0 

CcH-'konl* 419 —14 — — 

KBE' 2.360 +1j ,17V • 7.5 

K-eelrr-cell _7.C50 + 50 ,430 • o.l 

raunuue Nat 3.00&m ^ 20 n /u j 8.7 

■.i.H. lauu-Hni a.+S/ —20 lsO . o.l 

Ui-raui. L318 —2 ' Bj • -.4 

...BLfbru* L'..._.'1.SI5 +a ! uo ) 5.9 

dm-vkcu — 2.703 — 6 tl 70 1 0.3 

I o lero. -n 1— '1.B80 >+15 ‘142 ) /. 7 

K re- lie, Lank 7.200 ;+ LO 290 ■ 4.0 

U llo,\nie Betqe.;6.uoO • 326 . 3.4 

Pan Hviiiirijib a.oAU J -S2JSr| 0.7 

PMiviiua '3.326 I BO 1 5.5 

.■vc. bcu. Baoque.3.165 I— 10 203 ! 6.5 
suv.UeuJJecouutt'a.i 10 '—10 jl40 ' 7.0 

’"ik“ - -3 300 ; ;al& I 6.3 

— a.560 1+30 ‘ 12. 10 e.3 

tract tun Bled— .2.690 1— 30 1170 1 b.3 

LlB <1.172 '-r 3 • - 

LnMiu. ' .«6 —6 1 80 - 6.7 


Lien. Property Tran.' ' 

Usmwftles 

Hit+OT — ...[ 

Id AuslnutB 

i'o ! ‘niee^Hiwcer I 

j JenmngB inriixeinw. ! 

' * Jones TUsvi.i| 

LMunarn Uli 

Metals Kaulinatiun , 

M IM Hu-Hiu; 

Uyere Kmpotlunj . [ 

Vrt, 

> Ecbutsa I tuernatioiuu ' 

\urtb Broken U'lllaev'bUei 1 

.Oskbrutijc 

O11 3esrvn._ '. 

Utter bxtriiiiatiun • 

Pk»eer I rrorete - 

Keck lit 1 Caiman — . , 

d. C. ’smart, - 

Mlnuiq 

-ipuxiM Kicptoralioii I 

lugtb (Si 1 

Wait urn ; -j 

Westem Mini ok itTJ ueniM.l 
Wumm.ellla 1 


W. 70 

tfl.bb 

, 0.10 

1L30 

,0.76 

tl.So 

,L7S 

tl.83 

il.u6 

>1.62 

t0.58 

iO.SQ 

, 0.20 

rl.21 

tl.46 

tl.56 

, 8.00 

tl.44 

tl-TO 

t3.14 

,1.33 

ts.ao 

13.60 
,2.70 
,3.17 
tl.72 
,1.52 
taa7 
,2.60 
tO. 20 

t3. 10 
tl.64 


OSLO 


9 


Price : -f or [ Dlv.jTe^ 
Kpjner I — I % 1 


Bergen Bank - 

Buniegaanl — ! 

CnwiiUiaiik...— . 

Kostnos 

krertKkai*«n 


9.0 


+ 8.01 
-0.02 1 


100.0+1.5' 9 
66.0 -L3. - 
US .f l ; n 
270 :V80 

'<M*k Hydro Kra‘184.W -3.0 f‘12 : , 6 2 
6Uwet»rand 94.B5~1.76 7(7.5 


8.7 

7.4 

9.3 


; ^! BRAZIL 


Siov. 9 


:-4.0 1, 

-0.M 1 .\ce»n« „.i 

-0.05 . Bknario Burnt.—; 
-0.16; Bancu lum PN_..| 
I j Betfso AUoelraOpj 
. .. . I L’ja* .Vmer. O.P.i 

MKmtira. PP. 

Pirelli OP 

■inura Crue OP._ 

hnip PE 

Vale Hi. i !>»■+ pp; 


Pnoe 

Cruz 


“F5T 

Lrazi 

Tisr 


iliv. 



-C.+4 


-0416 

+0X6 


0.90 

L88 

L48 

1.10 

3.8S 


2.21 i+OJIl 
1.46 |+0Jff 
2.40 —U.U 
5.86 1-70.06 

1J0 |+0.«l 


-fljmiawja 

4- AOllO. 168^ X 

Zj0^7|26.m 

+OJMOA»7^17 

|0^U,6.1B 

ai3(5^B 
0.1b I UU 
0JHS9.16 
A264i7 
Lib 16 JK 


+0.06 


:- 0.10 

■♦8.02 


Tnrquve, Cr.lOtCm. Volume an-"m . 
Source: Rio de Janeiro SE. 

JOHANNESBURG 

MIKES 


5.5 
6.0 • 

8.5 
4.3 

7.4' 

5.4 ; VieilieMoaLa^ne. 1.860 ,+ iOl — ^ 

4.3 ' “ 

7.8 j 


0.DG1 

l" I November, 9 

_ , I Anslo American Corpn. ... 

t2.16 ;-0a2 1 Chaner ConsoUdaied 

' ■*" East Onefonteln 

El&bunc 

Harmony 

Kinross . 

j Kloof 

I Rusienbarz Platinum 

Ja'i* Helena 

1 Soutbvaal 


Hand -+vr- 


,0.77 

t2.16 

10.27 

10.B7 

tl.ll 

tO.23 

,0.30 

,2.35 


-04)1 

t-OJK 


-OJt 


iLbZ -Oio'j i FWfls 3 A 


,2.60 
tJ.92 
rl.30 
,LS4 
hl.ll 
tJ.39 
tl. 16 
12.80 
tu.ew 
hJ.30 
aJ.aS 
tl.78 
rJ-73 
tl.64 
tl.bO 


-0.0* 

-OJM 

■- 0.01 

.-0.01 

-0.01 

;+fl.06 

iriiioi 

-0JJ2 
-0.01 | 

i-o!o* 

1: 




PARIS 


\or. 9 


Pi i«r 
ri-% 


uiv.;V 
rr> I : 


Keuio *4 

Ltriqne i.ka-M't’e, 

In (aowbie. 

Aquunliie. ■ 

dIC 

; 

UJ.N. lierval 

lWWut '2.149 

c.fr.b_— 1 395 


740.8 -3. a !. +is, j ■ 
3/8 < + 5 1 21. Ibi 616 

376- 1+4 Ibj 4.9 
841 1 + 4 4lt2b( 4.6 
612 ,+ 12 LAab! 2.7 
796 1 + 10 | 4v I 5.3 
5B4 : + 3 1 40A 7.0 
, + 79 78 I 3.6 
6 I alj: 8.0 


SWITZERLAND 


6.7 

7.8 


\-r. 9 


Price 

,i". 


+■ ur Die ..Y'iC 


+ 2.0 
-0.1 
-0.5 


3.B; 
8.9 - 
B.a, 
5.7 I 
O.b | 
7.3, 
1-6: 
3.U 


COPENHAGEN * 


Prn-v + ■+ ,- I5i» . f - 
Kmih — v : 


A.umimuiii ....... 1.075 +46 B . 3.7 

UBi. 1.580 -10 10 8.2 

C il* ti I-Uiv Fr.l-jC 1.005 +25 2ft 2.2 

11... Part CVrl.. 795 •-‘■35 ■ 22 Z.B 

Uu. Kcs - &U8 -7 ,22 3.6 

Credit •bul-j'e 2.168 —10 lb ■ 3.7 

biti-tr/nuL 1.163 :-rS 10 2.8 

KiH-net .tieurs*! 845 - 5 a 4.5 

Unmmui Pi L«n.. 64. t50 . + 2501101/- 1. V 


toni- !.«• Uauk .. . 
1 +,-l \ • ■j*t li.- 1. .. 

uiiU'i allti-n.. - 

Ur* kr. 

•• Pi.;.i. 

Hunger-' juik . . 

1 . ' 1 1 11 H. Hra-. 

-■•r-i Ka'--l 

*1— la -ik 

'lit M|l Milk 

‘P- HI- I MU - -. 

-t-i-.'Afn-ii+ii . 


VIENNA 


1*0 

Itot; 

1371; -2 
lal +>« 

330 

8u 

126>c 

2 b 0 -a 

178 -l; 

1 14 

1301,-1, 
136;, .. . . 
364 _ 4i| 

159 —2 li- 


lt . 

12 . 

12 
13 1 
12 i 

12 

12 

12 


7-9 | 
y 6 ! 
8.8 [ 
9.9 ■ 
iB; 

87; 
3 9 
8 7 1 


to." biiulli b.450 

luwtt'iui B 5.61.0 

Iviinuil 'Fr. IOJi . 1.345 
NlMie'Fr. 1 >a)i... 3.100 

Ou. II«! Z.Z40 

c.'eriikun BtK.jnji 2.570 
PlrelliBlP 'F.lOui; abb 
baivle* -Fr. ix>i..'3^50 
1 +a Part Ccm.| 400 

>_-iuo-Hcr C t- P.uC'j 25 5 

"MiiiWCt tFr.lOU" 310 
?*• iieai 1 Fr. a<K- ! 790 
bw na BnJiiFr.itO'j 346 
+u in— . He:' Krjwu 1.4.5 Za 

Liiwi Bunk ,^„3.uB5 

£uncb In* ‘10.576 


+ 80 
— 2b 


30 


•HO 
■ 21 
Hi 

-110.3 


+ 15 3.U 

+ 40 - 18 . 1 5 

• ■ 18 5.3 

+ 50 t to > 2.0 


+ 3 

do i 3.3 1 

+ 9 

12 

■•.7 

+ 1° 

14 

4.6 

-10 

lo 

4.4 

-a 

10 

2.9 

-26 

4« i a.2 

+ 5 

20 

3.2 

—85 

44 

2.1 


- I - 

— ■ 9.L- 

11 8 1 
12 5.3 

12 7.5 


MILAN 


1w. *1 


Prica 

Ure 


+ or 1 Du. Ym,. 
— I Ute- % 


Prim. + ■ 


: 1 N 1C 

1 LUbIui? 

I Flat- 

[ Liu. Hnv 

: 1- 1 tia Hi,-: 

I I IH lev t, will .. 


38- -+a 1 - 1 _ 

. 536 ♦ 3 ‘ • — - 

.2.638 !-7 1 laO 5.7 
l.ntoO —3 , 160 7.7 
160 I— 2.26, — : - 
13.830 + IS J MW. - 3.0 


utl.I.AM-aiei I 999 ,+4 [/BjiO 7.7 

Lie Bsucnne I -87.0 +0^; ns ’ 2.7 

Club Malliet I 510 + 11 ! 11.2bf 2^ 

CKdn.Luin.Fp.-o 132 ' 12) 9.1 

^ 65.1 +1^ 

700 + 8 ij./ij 4JB 

139 1 + 3 1 lu.7'10.1 
262.9 + OJ ; 1U.S' 4 u 
60.06— u. IB 5 f 9.3 
164.8-1.3 - ! - 

Lataruv Co74l + t.5 rlk.// 1 I* 

i.*Om> • 740 +12 ls.5/: <S.b 

Uynn<t.-; .-...-1.911 +11 l 3v:/=rl> 

jlamutM Pbeoms . 519 — 1 _ 5b. 

iIuHl-iiii "B" ....’1.+ 60 . + 5 
UietHeuncw,.; £82 +5 - IB. fa 

' 142.4 + 6J- 3 
301 +1 

88.9 +0.9 


reii'-d Loire 

Dume* :..[ 

Fr. Peiinie-._w...l 
Ueo. tor-jiienrule 1 

loMtal 1 

Jaw/no kVir+i .... j 


i. 7 
26 
8.2 
2.1 
l-.atj l.-.u 
7 s! 6.4 


iluu'luea I 

PkritBj j 

Pwlmiy 1 

Ptriw' Khan*.-. ' 

Peua*iia Cttnvn..; 

rtuiatu „...( 

Kailio Te+mlnuc.i 



lUione Huie,.' ...j 

-it Qol«iu ... • 

-tu Ulhmiuiiui....JL830 

rucr.. j Ub7 +3 

(e-cm«*aitfuv....| 767 : + 7 1 Ao.t 

1 Innnuiu Brandi. 249. 9' + 7.9 1 16. Ib| 
Liwr I 22f 1 ' — | 


317.4 *4.4,. 10 

498.0 + 7.5 l/.2t 

226.0 +7^ , - 

450 •+ 5 1 67 

569 + 2 30 

122.2 +0.17 9 

149.6. + 2.9 14.M 

i + 30' ; 09 


no.t 


L6 


6.0 

6.1 

7.5 

9.7 

2.0 

8J 

SJS 

6.1 


STOCKHOLM 


Nov 2 


Prwe • + ui 
! Kruno, *. — 


Ulv.-Y , 
1 hr, | V 


• l I h * 1 
Mmji 



__ k. 


lumiilir 

. «»2 




lle"vt«Ui.« 

,...141.150 

£42 

. . IU 

3.U ! 

\l«.0|l,rllr«n .. , 

lol.5 

271 

.... 9- 

s.i 

i.»:iieUi Pin .. 

..11.275 • 

615 

-3 SB 

7.8. 

P'l' l l'* A ,.■•.. . 

.. l.bbl 

b2 

. .1 - 

— 1 

I'trein "pa ... 

.J 945 

zco 

- 2 i 6 

: 4.0' 

rnii VlKi.-d. . 

.; 770 

255 

. J 10 

3.H| 




— _ ) Harare hi 


Asm ABlKi.*to...; 
Ada I*»va*«Kr^0ij 

AaBA iKrJV. j 

AUasL'opCtuKtto 

tittienid 

BoWn.- 1 

L'orritr ■--—I 

UeuuH** 1 

Kiaet'iu*' 8 - i KroO 
Lrawn' B’ ' KrrOi, 

b»-eie“B'' ■ 

Hdacffta-" 

unuiRO 1 r reei....' 

H+DdHstt'enkMi =.■ 


—50 1j«jd a.9 

- -J.8 — _ 

« 5 : — . - 

- I 1 13LK 7.U 
+ 3 ! 80 B.5 


llnUdl tort,'*,*../ 
•Mrtlilvtk 'H' lilt.; 

r.K.t. 'B' k». ...; 
4kan>i EinAlIita... 
liuKl»lti - irtKr?0;! 


194 ; _..| b.a 1 z.a 

142 •' ; 6i 3.5 

81.0.— 0.5 6 o.l 

111 —l 6 5.4 

49 A; 1 4 8.0 

112 1 u4 i 3.6 

181 ...... ;.. : 5. 73 1 5.* 

ai3 —1 1 IO . 4.4 

119 : , 6.5 : 5.3 

lul —2.5! 8.1 
286 -5 8 1 2.0 

11.0 =— a ; 4 : 4jj 

52.0- 0.3' - 

3r6 ^ ‘ 16 l 4.3 

Ida • B r o:« 

66 ; - • ; - 

a»6 -4 5.75 2.3 

60.0- 1.6)4.6 ! 7.5 
157 -I 

ba.o,— o.a 


Onion Corporation 

De Beers Deferred 

Blsvoarmrziciit 

East Band Pijr. . 

Free stale Gcduld 

PrtTMent Grand 

Prealdcnr Slern 

Sri ironic In 

Wellrom • 

wea, .Drlpfontetn 

Wwceni .RairiiRss 

Western Deep 

INDUSTRIES 

A EC, 

Inclo-Amor. Industrial ... 

Barlow Rand 

CWA InVesmiwits 

CitrTlp Finance 

ne Beers (ndustnal 

Ed uan Consolidated fnv. 

FMsan Trorps 

BverReady SA 

Federal* Volbihcle—Blnns... 

nrea'ennans- Stores 

H"l®na 

LTA 

MeMarrtiy Rodway 

X-rtlBank 

r»K Bazaars — 

Fremlor MilllriR 

Preiuria Orn-vn 

Prntea HoUlnss 

Bond Mln-a Pronertlcs ... 
o rrn brand' Group 

Iptm __ 

Hoidlnss _‘ 

SAPPI 

C C 7n»»rb Sugar 

SA Bi+u+rtes 

T'rr.r Oats and Nad. MIr. 

UnJsec 

Sernritifs Rajid TJ.SAfl. 6 S 
(Discount of 40 ^%) 


6.33 

—0.1! 

33 80 

-0.10 

15.00 

-0J5 

1.09 

-0.il 

S^O 

' —0.17 

3J0 

-0^0* 

10.00 

-0J» 

2.00 

—0.03 

13.23 

-**23 

9-23 

-(70S 

25.00 

—0.30 

5. SO . 

-0.10 

742 

-0.10 

0.07 

-008 

6.00 


TTJBOxa 

-ion 

IB.Soad 

—3.00 

IXOQxd 

-0J0 

3.73 

— J)2S 

4.70 

-02a 

43.30 

-IJO 

£2330x0 

-1 JM 

1-L75 

-0j5 

130 


11.00 


4.S8 

■+0JB 

S22S 

8*0' 

12.73 

3.15 


37.00 

-0.30 

32.20 

I^o 

-0.03 

300 

+0.10 

2.10 . 

. _ 

+2.15 

10 94 

+0J3 

2 JO 

-01B 

SS.24 

-D.IS 

' S3 
•n.-tn - 
15 
2.18 

-0.05 

■3R7 

0.33 

-4-0. EC 

♦, *5 


2.41, 

-0.07 

S.+S ■ 

■+O.IO 

1.S2 . 

-0.12 

12 W 

-0.2S 

l.ll 

-0.01 


SPAIN V 

November 8. 

Ah I * no - 

Snnvo Bilbao 

Banco Alia ul l«j fl.MOl 

Banco Central 

Banco Eilenor 

BMW General 

Banco Granada fl.ono, 

Banco Rnqoano 

Banco tod Cai. ri.BOQi 
B. I no. HednemiKa .. 

Banco Madrid 

Banco Popular 

Banco Santander rs»» 
Banco U rout Jo tlMOi 

Banco Vizcara 

Banco zaraoiBuo — .. 

Bankmuon 

Bamai Aorta tod a .._’™ 
Babcock Wilcox 

CIC ■ 

D rasa das 


inmotsanjf 

E. I. Aruranesas .Zl!. 

Espanoia Zinc 

Exol- Rio Ttmo 

Kecta n ow 

r«no» ti.mu, 

Gal- Precados 

tberouero 

Olarnt 

Paniens Bemtfaa "" 
Prtroliber 

Pemileos . . 

SbM-riq Patwlera ....! 

Sfilar* 

- - . SOKCWS# '.'.Z7.’.'.7“. 

r : 2'“!Tele,oBlca 

i ,i5i —1 Totss Hoatoncb 

I ■iilehvnru* _ ■■ — 87.5 ir~. - Tuba rev 

■Vi«nr> VKr.sOi,.. -I - 83 t +l 1-6 .7,5 ■ jjmgg Klfr."' " 


Percent. 

122 — 

m. - 2 

231 — 

300 _ 

2S6 

296 — 

Mb - 1 

235 - ft 

in - 1 

S3 + 1 

- a. 


338 
323 
248 
294 
143 
113 : 
» 
82- 
217 
W 
41 
IBI 


— 4 

- 4 


£*■ 2. 
- 1 


- ue 

+ BJS 


KLH- 
62 

a — i 
its Z 
n 
17 
84 

38" 

118 . 

IM 
n 
43 
127 
73 
72 

84 -SO 

B -US 


- oa 

- 3- 

- 2 


- 2 




















































39 


lor Chicago 



Our Commodi^' Ed&qr BY ^OHN ^WiRDS. COMMODITIES EDITOR , ! By Our Cotmnoditie, Suff 

mtt; * 3ilin desplte ^ decline by tie end of the year; A JLUOB breakdown at (he 

months r * Te “ 0clober for « of 600.000 tonnes to 1.7m tonne, ; g-lfc £23V* £2H 

5E open an office in. London neat H7 to *7«JS a tonne. The down- atu£ u «k — - -—■ ~ , But n was pointed out that the »■“: "H „ ,„ L '“ 

* spring, and to introdoce a Eun>- ward trend was iriggered off bv a also fw s ^f ks *5 If ,asr . bls new t ,roduc H° n for sev- *® * r “ r f c . maJf ' nre 0 .1 

dollar 1S?ureseon^S. if steejr decline in life New YSrk '* »™'"8 <* JffiSSL " d 0,1 

. annnnTiPPrt yesterday .• r copper iH3.rket ovornight ABd a ?inr-jYww« ^ ©ntlj upset bj stream in I9i9 and ibis should . __ 

' taDa^Sr, president K Ml 'oEmB ““re 8 £SjH* ■ »™ *» “! '*»"£ sl ™ d “™ tte » ««ta. *,« “ b 7“L!!’n, ^.",,0, £ 

Exchange; ; said no -oego- opened in the afternoon. News of a lb deanltp rhl *‘ uas P° l J^ ed ou t that the bcfore jh e bnakdnun M *>i»hn 

«a gss&a weass Tr® ? «“■>» 

SjSSJ 52KK «on <? *- !md ^ m0nthS I»««*tooai Jiirtel s Sndbitry io S ‘rise ""SS ' MtraeUon plant i s ' aireidy 
^ toS?^dm1ht^ V L^d values were hit by the™”, “ nwhj , f „ s “mpuo D . 

more. talks in the future. trend in copper, and the rise in Dpr _ ri ^ , ®if* forecast th * 1 c ?. p ' E 4 l the Tepori suggests pro-, cjriiar^ supplies ahunt h-»ir iii» 

.. .Meanwhile ; th* Exchange is i Interest, rates. Cash lead closed K ? up gr ^ u = l J y d , uci l on opacity will me only! SSSS and snvamS 


copper market 
arp plunge 


i Soyameal 

supply 

setback 

By Our Commodities Stiff 


EEC AGRICULTURE 


more, talks in the future. 


TwraanoDai n us mess from Latest ugures issuen oy me infiaiinn ,ZL \ZrZ ' 

Enjjpe to the Middle- East. • American &re*u «*totolr el* Va £i SSf. 


week, the Unimllls setback set 


tract ~~is 
prospect 


Cellar are to be introduced, and 
-. afeo one for the 500 index of 

stocks and equities. w-w 7 f » . — _ _ Brazil 

SHS World sugar pnees dechne is 

%%i?S£E3T* BY R, CHARD MOONEY K 

Trade s^Rl^an^d^ “f ™ 1 S{ 0 «g , TL f *" “ **»• -ncsnwhilc. il was Delhi , ha, the Ind.sn c™. ^IL 

stuck average futures contract ,ow * , announced that Mitsui and Co. men i has lateen action to enable 


From Bio dc Janeiro, mean- 
while Reuter reported that 
Brazil shipped 17X.700 tonnes 
of soyabean meal in the week 
to November 5 against 122.000 
tonnes the previous week and 
$3,200 tonnes in the week lo 
November 6 Iasi > ear. accord- 
ing la figures from SGS do 


Soviet cotton 

< 

...crop .estimate 
rreduced 

if'- WASHINGTON,^ Nov. -#•’ 


s _._ ; -*■-,• Influenced by a Commission 

, COTTON crop m H oase “sell” recommendation 

MtarfTt' ■'^H r wbile the emergence of Mean CD 
hated at 1-5“ bales C4S0 lb_net), yesterday as a seller of 50.000 
|pw'5 from lbe previous espm^e 0 y f pt deIiveT y -raws 

4 12.7m -which equalled .las l “ Wi.h- 


after-hours dealings on Tuesday L " e Jrran^emem. wmen ci-usning season to cane growers 

the London daily raw sngar price 10 sav f * r £‘$i' co5t5, by that dale, 

was fixed £4 lower at -£100 a Ul11 supply Pbilippmes Minister of State for Agricui-i 

tonne, and the March, .po&i lion to c , K ea ^. tern centres. tare B bao u p ralap Singh said j 

on the London futures market bou l. J' orea ; M u ‘“ l ! e the authority was not intended 

closed at £11 0.45 a tonne, down Rionda will ship l0 be used l0 0l , er Iu j]j s , n _ j 

£2.8 on the day-- ••• -enira! American sugar lo the discriminately but to put pres- 

■ Traders said Tuesday' high t*s u ^- * sure on them to begin crushing 

easier kerb (after-hours) level ® Reuter reports from New and pay off their arrears, 
against New; Yorfc was possibly 


The best of West 
German farming 


BY JOHN CHERRINGTON IN BONN 


Bigger U.S. 
maize crop 
forecast 

WASHINGTON. Nov. 9. 


IT IS commonplace that visiting 
journalists are only shown the 
best of any country. So the farms 
i visited this week around Bonn 
were undoubtedly first class of 
their kind. 

Nevertheless the rest of the 

country through which I was 
driven was well farmed and the 
■stock to be seen, mainly dairy 
cows, were up jo the standard 
of the very successful dairy 
farm visited. 

Thi- was in the- hilly area in 
lbe outskirts o; Cologne, and 
belonged :o u funner who had 
escaped from occupied Silesia 
with his family and crossed into 
Germany with nu more lhan he 
and his family could carry in a 
suitcase in 1954. 

Herr Ebcri had started with 
25 acres and six cows, on a farm 
which consisted largely of wood- 
land. with the help of a loan of 
DM5.000 from a benevolent 
Swedish priest, ana seme help 
from the Covemnipm in the 
resettlement of refugees. 

From thcD on he and his son 
have buill up a herd of 70 cows 
and iheir followers, and a total 
acreage of 100 acres of which 
nearly 20 are woodland- The 
land was all purchased or rented 
in small lots from farmers who 
were Homs out of business and 
be told us’lhat he was still look- 
ins! for more land. 

Grass is (he only possible crop 
in the lush uinfall i*r about 
50 inches a year, and the fields 
an- sc -mall and broken up hv 
woods and tht* remains of tnh:-r 
farmsteads whose owners now 
work in town, that grHTi.ig 
in. fty semen! must be d'fHcnli 

The aim 1 hi > year is to raise 
numbers u* 90 head in milk which, 
with the young stock, will bring 
the total herd up lo at least 150. 


To accommodate them be has 
bulk a new 90- cow cubicle uDit 
complete with rotary parlour at 
a cosi uf DM240.000 (£66.000 or 
£700 u headi. 

In view of the general level 
of German cast* ibis does not 
look excessive but Herr Ebert 
stated that much of the work was 
done by himself and a part-time 
employee. 

To augment supplies or bulk 
feed, he buys 25 acres of maize 
for silage from a farm 25 kiln- 
metres away which costs him 
about £250 an acre delivered. 
Compound feed costs him £236 
a year. His yields average about 
1.000 -gallons a cow. 

The milk price amounts to 
76p a gallon exclusive of pur- 
chase lax. The margin on milk 
has paid for the steady expansion 
of the holding so that there are 
now two bouses as well as an 
old and new set or buildings. 

Development 

Herr Ebert’s Farm is a good 
example of how the gradual 
exodus 0! farmers from milk 
production as their farms become 
too small to be viable, arc being 
replaced by larger units with 
increasing production. 

No land in the area seemed to 
he wasted, but there was 
obviously a great deal of subur- 
ban development among which 
iie was thriving. 

The other farm that I wsiled 
was at Euski rehen just outside 
Bonn on a good loam soil on 
lop 0/ gravel. Extending to just 
under 700 acres of arable land, 
it »s farmed »n a very orthodox 
rotation hased on sugar beet, 
wheat, winter barley, peas and 


beans. Yields were good with 
an average of 17 lonncs of sugar 
beet an acre without irrigation 
ami more than two tonnes of 
whf-ai and winter barley. 

Although the area has a low 
rainfall, just over 2D in. at 
harvest time it is often ouitc wet 
It i; well mechanised with three 
Jar-ie iraHnr* and two smaller 
ones besides a comhine and 
specialise, | machinery, including 
some hired Ihrnuch a eo- 

opennive. 

Tola l farminc cn-i^ pane in 
mure than f2il0 nn :hti‘. Upturns 
were hard rn esrabli-h hm ihc 
wh°:'f nr’i'e amonnicd i>'< f!'-’ 1 d 
mnm- -.A’ii v ‘ »«-,r|*y in- 1 ihis 

figure. Sip.-"- hi— I came to 
a hoi n l':7* 1 'onn- VV -v.-rM—nt 
stiear eoni.er-' for " V quota 
ppodnennn Pi-nT !•. l 'dO :-n :<cre 
nad lahnpr ro.st-. .ihom £5H. 

The land is in »hr*-r w»pnrr*ip 
hloeks n few t-i lonieiren, ann r t 
and is .ill rented from a syndi- 
cate. Th n re a regular rent 
revie-r over-.- thru* v^Tf and the 
farmer. Herr PijnAt. eA"ner*pd 

th:«1 he -A-niltrJ he able :r, na-s 
tenanrv on ro h:- -son. He si in g 
wts for i ense< of i?i ;n is ve-<rs 
hit; in in rtorm-iq- mn«1 

of ; he land v.-r>s owner-oecunied. 

A«ked ahnit; hi^r .e«iaa r r,e--l 
nim;, llrr riii^"« -aid shai rie 
enlv got the top pr'c- for ahom 
70 j, nr ,-e 01 of the ernti: *he "B" 
mini a sus-ir '-ii r i-eri .-.in al a'*C>u! 
20 ner ( ,r, ni !f he had a 

■'riorj hnne-' ih.- ^\ivm V3* 
cl.!--e,l “C" ;,nd or.lv 

r-:>-hcri jhom quarier of the 

“A”. 

Hl- di-J mil i-'impljin am.-ii; this, 
and thou ahi the quota syMCin 
v. rm hi unv day have » . apply in 
cereals and other Products in 
surplus to market demand. 


Potato futures market faces delay 


Fiji to sell state shares 


BY CHR15TOPHER PARKE5 


SUVA. Nov. 9. 


THE AGRICULTURE department j 
raised its forevasi of this year's! 
maize barves-l again saving the 
crop Is likely io total 6.S9bn 
t bushels. 


nrallpri 7 Sm tnniiA« hv OrtnhAr I WnrW- Sugar Journal forecasting Kamisese Mara, the Prime .Mint?- ’ lw I w,, V fc, “ . previous, wo ra 

5 "^compared ^with* by the tbat world sugar -supplies would ter. -:aid here. ..ie^ tenn- of me Usn* ‘-.omen- Thc hl ,^... ha.-,e>t e>»- 

ame date last season ~ be ''adequate ; for 1979.. even if The Migar industry, which is * 1U — mate is itlv;.- !<- increase pr?%- 

'-USD A -said there -continue to-* international sugar .agreement the mainstav of the economy. The Prime Minister s-:d the iUre 0 n PivmJ,-nt Carter to 
p rennrts that bnlU in snme.iqfiotas were kept at their mini- taken out of private bands SSm from the sale of shares jiuer more m.-ilc acre set 


nrallpH 7 Mm tnnnpc hv flptnhpi- 1 "Wia- nuyur jimraui lurccALanuy .h.h.- 

S^iorap^ed with &ii .by °ibe world ■stigav’-sup^ies would ter. said here 

be adequate for 1979 even if The sugar i 


male is iskc;.- 

ii* in 

iure on ?»V: 

:*Jcnt 

jrder inure :. 

I.'IL-.* 

a.-sde from ■••• 


to hold do - .*. :- 

:ii.*:%: 


■ctober slowed the ripening ' 

rofeess. 1 

cuter ' .. ' i 


been -a- -major steadying factor extended. 
■ in the market In recent weeks; in the 


ova ted and to sell the shares to growers, ar.d help l-- ! 

factory workers and the people , froro droppuu 
sea=on. the o; Fiji in general. Reuter 


farm prices ! 


BY OUR COMMODITIES EDITOR 

ANY DECISION about starting appointed chairman of the work- 

a potato futures market in Lon- party, said a special sub- 

dm lilreiv u, be delaved for committee had been asked to 

don i 5 nkelj to oe aeiaicu lor examjni? qu3li , v 3nd C ontracru;;l 

rv^era- month-?, and in specifications for the proposed 

cwnt trading will ainum ver- market. 

l»f n i v Rot begin until I9S0. It would be several months 

That w:k the view 'hot before this com mince ’ could be 

Hincr.'od ;ii j ni. tin, t -•> ■■ ih er e was a great deal of n- 

•■f -j .• iirkmz parry sei up lo vc-'Mcative work to be done 
iwtahM'h if i hi re i' a connii-r- |, V |v, rtf H flnal decision could be 
cis' need for a potato iuUi;'.’« n, r»n whether to go ahead, 
m.irkct «n thc 1. K. Pressure for the introduction 

Mr t*'Dv Becton. nf 'bo of a VK potato futures <'onlra< ; 
N Ji lun jI Federal ion of Pnut and has b:u!t op in anticipation of 
Pouin Trades, who has Nm Britain being forced to remove 


its present restrictions on im- 
ports. and special guaranteed 
prices for growers, in favour t»: 
free trading throughout the 
Common Market. A Dutch 
exporter, and the EEC. Commis- 
si on. already have -ubnuf^lors 
tu the Eurnpe.in Cmiri again »*. 
the I. K import i-on»ro!; 

It i' thoinhi tn:v th»- 
po-cd introdu'-tion CMnirnon 
riot ,,i.i pnlii-y v.-i»hm the FF.C 
.iou!d mean lower i-u.-r.- n. 
level for British grower- -::k 
the Poi a to Mark King B»iard m 
longer able o» -uppi.rt the 
market. 


COMMODITY MARKET REPORTS AND PRICES 

BASE METALS SET JTWBE.SSBt S %A ctKVt *F ~ 

COPPER — Shsrply town- cn Oie London umnes. • 45," 40. 26. . - — __ f->- 

ci#l. Exchange- forward. dwuI opened .. 'Y n ^^! na,ed .¥**** . Tradll ! a reported — — — — r jTT 

* oims ;q tho overnight decMne on ~LiS w^gbara_ayl Ml « UDcr - . — Ccr^i-a.; — Dec 1550 67.0 -SS.OZCiOO 1S86 

«a»= but rben cdjred np lo £778 on “f 7 ^- 5Ls^itoee momhs £TO. 73.5. 74. 11 * . ST" w-T.« 3 _27 75 H.2B5S , 

ode« TTlCTeafter^irnwreU monita £7«L3. nGrade v m.v .. ”Z “sS/a Still -«’.7SStB«A|.Sf V.T ’ 


Xo. . lY-wnuiy* Pn?'-"'us 1 


MEAT/VEGETABLES 


' , 7v w ■ ii - . MEAT COMMISSION— .V-crase l-ssiotk 

" prices a! rcprevsMMi*-? marvels on 

u ?. CB— CalUt S¥.g4p ;vr iys.s». 
- 0 UK— Sr.ii- C VJ? op 0-r 

?: :a-i:.40 m io-pazo ss io «.co -s.x jc-'-. ■ — o.i ■. ce— p>ss 6n.v p,r 


PRICE CHANGES 


Price :n :or.aes urJesa other-tse sutti. ■ 


i Not. 9 + 1 

I t m - r-r:. 


Gold and 


Si;-. T KfcS. Mi "B -rniW* sS oV^“^rt.‘"f^vcr-t?3 ^ ■»*»*•■ -\ am br emu* -n-n 510 10 5?.o 

.740 — H : 755 J -' ,SJ three monihs JC7M0. 7.390. 7.680. 53. 10. 10DOM R0BUSTA5 d.;c!med «i:t slurp’r in m-tian. ro «3. hcif, Ae 0 10 ?!.«. 

< Tnn 1S - Kerb: Srandard. three monUis XT.813. menus* iradics as ir-Je *liiaj 1 uistfred SO^ \BEAN ME4L S^osUs m-dium 3C.i* 10 MB. »«v> 4S.B 10 

~ .7 e ._ '- 30. Afternoon: Standard, three months 11.111. + v-m. ’+ -r off comm-.ssJcp house stop 'Ion Uqwo^on. M ’ nitrii. y 0; Inipo _; cd i ro - tn NZ YLs M.u :o 

■ ■ " I ■ ■ f ijxAij 1 OfB-ri*' C’anffk-m — Drcr^ chirpharr. Lamben rc-parb. In tht MARKET ow-r.ed £2-77 if) lone wtiire j. 


wbcb oenressca ;oni-aru rae.i. ;re=> f \ HIT 17 P 

MW si ihe oecnuwt 10 :he da>‘A Io-a- s: LUf l til 


Platinum trev os £143 . j. 150 :n sympaUiy w»li nrcc-.ous nuts:? -:s;m 

Free ilarkeu i1186.35 — 4.5 11161.35 in - susar also fini-h^I 'h- '.%■/ 011 a- 


. . 5 

'•n 


luppuri *f ui- do'.'ar. _ Cppn-ir 'to' 
sli-rpiy tow*- or, -rao.- «rb.iri«». % 
and Commission Houk siupior.c "l.ms 
:n sr-mpatiiy a-iUi prcc-.ous nu:*:* '.aL** 


i .. . ■ .. - - - 1 t 1 C *. , OYir iaarnfi ,m>R viuue 

G. index Limited 01-351 3466. Three month Lead 3£S$*3§3 Oa*m. 403.5-4 -2 sj- 400-2 -22 m ! o yer ' on c l0 «- Dii4l «n 

^Lament Road, London SWH) OHS. imonttw..! 395-.S -S=.5 S98.5-3 J -18.7 ? renewal of roaster iaMNn- 

. 1. Tax-free trad ing on comraodity futures. 404 — ae — r t— : 

- 2. ThecctmnOdily futures mark Pt for the smaller investor. — ' ■ - — — *- : — - — — coffee ’ +r, r ’ 

■ ~ — ' Mormng: Cash £402. 2.3, 4. 3. S, «: ’-'- rroCl T_ 

• ' • - three months £395. 94. 93. 9C.5. M. 95. taen-.iin* 

— gj f jjj gg. 95. BaJ. Karb: Cash £M3.i. 11 

UHLLCnlW - Gallery, 13. Station Road. Hentev-on- Thr^ monUiS 3S- 95. M.n. 9A !ta. 1^42 1*, 44 -08.J 

-~ Thaitves. Own. Tel.: 04912 8228. W-J- M. Kerb: Three months £39S. MJ. 1-43 ^45 -ue.5 

. MAAS GALLERY. -Exhibition of water- ^ ® l i“- ■ Msv 1290-U92 -14 !p 


fc«d - FRAGONARD DRAWINGS tori gjleol HcamPlanOKaiMft by Oeottrey 
Wa«to .Fartoso. Until- .15 Dec ember, f h®“ 1 ns ?2- Mbn.-Fri. ip-S. Sats. 10-1. 

<iQh.-rn^ BJ0-5.30.. Thors, untu T. Unrll 15 Nov. Adm. Irco. 

WIVSE ' sT DARBY. 19. Cork Sr.. W.*-. •*"- PAUL'S GALLERY. 5 A>e M*na Lane. 
XNTHONY fyfow: lEmrwSfcmm* E.C4 (Off Legate HIU3.. 01 -Z« 5359. 
irawings. ; • . Oil and Wa certo too r Pamtinss. Sculpture. 


-- . : SaJi-s. j 911 -Liis* lo:s ot 5 :onnes 

1 _• J n - . ■ , °-IT . ICO Indicator prices for Xov. il 

ZIXC ; Official • — Icffhr-m.. - no. ann-mi: Oninmhian 1 


^ ICO Indicator prices Tor Xov. iU.S. <SEI(tAR 151 !7j A ;w M. jamblt- part per pound n— 

K.r.15 per ponnd>: Colombian Mild yvv - Ov7-O.0s. Start: Crimson 2n Ih 1- 1.^3-2 00. 

— ~ Libxu II2.50 ‘trifltii: imu-Mtit-il LONDON DAILV PRICE Tav: sugar ■ .4 i.^o jumok- pj>.v appros -to lb IJO- Grains 

* .CrabicAS 155.59 isame.: Oder m:Jd R09.uo .irg.v-J* a rorne oif for Nor. -Dec. 1.5.1. jpanir. Smith Co lb 72 2.40. Si Bariev 


Sr-n:»: Nawlnm 3*W«A Saisumae- SimMahwio &6D8u ~ "fOS 

Tra?s 1.S0-13P Graoelrulu— D-mnnican: M"»yan kbuu,. 

I.'IIM 20' Cynnoi; •? 5O-4.O0: Israeli: Jaffa 
•1.2W.63- Cuban* v.uO: Texan: Red Bluj-h - ■ 

5.5*1. Apples— Frencn: Golden Dellc.nus 

•:o lb :: -. , .ru>-; 40. u 5..T0-MO 10 ib jib- *|2°' r x £& 3-* 

153 173 4 IM W. jumble part per pound 'i— S476ii- —9., ....5 

0 1)7-0.03. Surt: Crimson 2 ii lb i- 1.^9-2 00. 


•07.15' Jjn. m 35. Jfarch ri. 0? .'..'aj- r? 
Juc 79. .0. Si-pl. 71 .Oil. D-.i;. :z.1 i Jar. 
7 .’-m. March 71.-5, May 74.43 .liC:-* 7>.i" 
Sept 7iJf* r . Sal-.-S- ‘*.•14 

Canon— '■■<? _". Dec *»i Si. I" . 

.'ilJ.’.-h 71 75.71.55 -T'-Sii' 7,'s;- 7 ..+9. Ju.y* 

i::^. ici. c l .:o-ca.r. d-.i- 
.'.I *5J| U-.00 b;J. Saif-*-. 7.^:.- 
"Cold— ;.ov .’07 50 i.qr d.:* 


. jjj JSr ass y — ui Now Bond st sdhSn -Vrubicas ‘.49. 17 * 15u.«7 Robusias IC.\ shipnuini. vnn« susar dall> price was j'.o-i. lars.- boxes JOS 10:« 4.00-4 40 H<-me Fuiurei.... £82.6 -O.Z gs3.£5 77 Jan. 1M.10. I J: J.4-*. April 

•n. "ixwELL 0 ARM- M 0 ^. 3 moot 368.5-9 363.S4 -Hr. 1970 :39.00 CJJ.0O-: Roou«a* ICA IMS tod a: I!*4 j’ 9 .ITW-M*. iTonad*:.,!. MetahaA Reds SO lb 70 09-5 M«L*e. ,I U „< j.„ M rJA . .. 

\fA-V- • - SS 5 BB; -77 7 74== — C E=m=rrrT E T ■ 1 3S| * 5 •“ 5 m® ■ 151 o-l ■ Decl: xveruc 149 i? The mar*:*' opened around overmchi Pears— Haltan Per poiod Fr«n« Q 3 ,\m £102. S ... . i.!3l .-.'v.':..' D- :*-:• j i ; .'. ;••:•■ -.pr*- 

^ASmTcakvto G ALLiil V. ' 'h^ "sT. wlnS^r Tel nk » wrLDLiVT _ 77 *3-<^4 j .. . ,155*4.. levLld actf. .9 readtr PHGM wre cammed w:»ia!ii> niM.li. Passaerassane 0 10: Wtiemi 747 -40 June 2v :t Mi; fi\'. 

names. Ditto n. Surrey.: 01-398 7860. : EXHIBITION. Leading Artists Until Monrtnz: Three months »3€7 68. <=9 (f. «iib,n a . .^orn:» irapipg raoKt- larousa- dpi.ii: B^urre Hards Dvr pnuod nuv n,.. 1 kea senna £9 5 -25: — D 2= £^3.5£ j-j. 

-i?3535?. -by . 13 Npvember. •• * nS.5. I^KErb: Three mo oihs S6S. After- fiRiiNS rut :fcc da: r.pon* C. camukonr Graucs-lulian; Black R«i»i Au.2 BaM Winter £89.8*. -n « : 

now: Three months £367. 65. 04 . 64.3. U “5^ Spanish: Abnena 2 to-2.r0. Xcsr. o. :8-.» f . Bl4 .,„ u M,i, lna t E9i. te i.91 Vam Sj w“«. d . >. -.0 \rU-o ' ' 

84.0. Kerti: Three mociEs £363. 63.3. AS. LONDON FUTURES (CAFTAJ — 0 Id Pr*. V(i--*r*iar'» Fie. unit Business Bananas-Jamaii;aD: Prr pnund .t,,piaeou... £2.081 —ie.S c 1.S52 ' ‘ 

ALUMINIUM— Eider in subdued trad- rrop "heal entiled lOp hvJwr Ofi Cood ( i-mni. 1 '•*•* i. ku»v It-.-nr Avocados — Krai II illU. capsicum*— Future Mur ^2.026*2 -27 “5 il * .$2d UMaue — I 1 *-'.. 'i- 1 '' 1 ' 

ins with ibe market influenced by tic commercial buying, talues rncreased with ’ Puieh- Per J *.W. o n inn &— span mn: (-.^1^. Future -Ts:' 1 _- ,S1 


' CMm GALLERY. 1^" IV,m.we„’_ . -UM8 .. - ..150*4-. 

names. Ditto n. Surrey.: 01-398 7860.: EXHIBITION. Leading Arttsss Untill Ltomlns: Three mombs £367. 68. 09 t*. 

uw.-SatS. 10-5.30. Suns . 7 -SO- 5 30. ; 

^“SMITH-S HALL, foster Lane. E.C.2. j 
"TOUCHING > GOLD AND SILVER.’* 500, 
ears ef . Haibnart-s. 1 Until no*. 30th. j 


4*e. to Jo-5 oa dally. • not Sundays. 


>LD SILVER! 


COMPANY NOTICE 


RKITtSM-BORNEO PETROLEUM 
SYNDICATE. LIMITED 


84. 0. Kerb: Three months £263. 63.5. 65. LONDON FUTURES (CAFTAJ— Old p^r. 

ALUMINIUM— Easier *jj subdued irxd- trop '•heal cutned lOp higher un coed lmtip, 
u»* with the tuarfce! influenced by the commercial bow. lalues increased with i 

downrarn m other . m.rali Foru-ard mw-j demand for the apoi :o dtrse stead;.* 

marertal traded in a parrot,- range closirtu 30-45 higher. Barky opened unJiancva 
at £WS on iht late kerb. Turnover l.Wi and a;a;o <au- thin raoins values 

toaneg. ma-ikMd stisMly on commercial burins ue* - -. 

i ; ri i I and cload Wo hu-Ber with aelkrs JJ*‘- u 

Vnmin'ffi a.m. ,t+m v.h. lt-4-.-.r apparar.:. crocs were aiain •*'» r — 

I Offs -i*. ; - L’n. d.-ia' i — reveled Adi rcporc 


t pel MiUc 

lCi.55 87 00 i09 3U 9.65 110.00 OE.M 


: iSf-5 *0; Pm* -ft* I MJ-2.U0. Melons — ,j flQ 411 447 AC ■’ ; 7 e : 

Spa mUi. Velluw ri 14 J 10 -J- 1.0 L „ tl ,. I ,"‘V"l'niyi’.! 75l!l5 . -o':i ”i6.3 

1 iii1-4 -■>. Tom aloes— Jersey .*0. L ... i 9l , - ■, «. 

nn.no nfi.M n„i^. "uH^rkilrt. o2f. -l.pot.2y: 


IC:.=3 ut uu ills 3U 8.B5 110.00 06.M Spa .„ sh r. 06 7. 40: f.anarj" 3 00- Dumb- ^ 

10* -0 5 1 13.2 li.50 115.30 09.80 Jg'. To. Cucumbers- Cunarr: ^ '’-s ,'^Y "*' C *ii ! 

I.; 53 tiOD ns.ifl ib.s 115.00-1 1.W r..;,u'.. Oates-AUenan: P.*r slov.- hey "ag‘J ££= Lllc ' -:‘l * >■_*—. - 


ij.;3 Ib.»9 117.90- IB.OO IIS.UB-M.ao C^ufomlan. Tubs O.2<w*.;0. 


. Basic Metal Co Ltd 
' Vineyard Walk, London EC1 
01-278 6311 Telex: 271 59 


Tr. N oSS CE .JS» HE M RE ?4 ASJS 607^ Uin 

will be Closed from JStb Noyember to I 

IW Decamber. 1 978 . both days industVO. • CVmn nay nmmM , 


By Order oi the Board. 
RUSSELL LIMEBEER, -Secretaries. 
Registered Office: 

2, Broad Street Flaci, . 

London EC2M 7EP- 
Bth November. 1S7B. 


- Gems nay nnimn t£M n— .'o*„. 1 10.93 -u.is tw.lh ,.,0.20 sranularcs =aai» susar was anio — “■■_ "*■ . c , 

mrSiviSS MW* J‘ a ~ S0 - 5i oa.su 1-o.Sfl .si me. i lonce lor horn* trade rut a 3 J ”5 

w.?. Jte-. Sl-SS *s-s! 22 -T?. -S’* i.fo?T ’TSSSZSSTuT -* - 


M[ World Commodity 
S Report 


jsssjsrjsstai Mi Si H I 

~ Hr ' riL-r^;H^ ~r y « a - = "==r - bean pur:. Pncrt for Nov. S. Daib' 5 33 tray KVi new crop 3 60-3 SO. Mush- 

. ctT T7i - ri HGCA LdciDOn es-farm spor prices. , j average stt ra an-. rooms— Per pound 0.5M.5 j. Apples — Per 

SILVER Fred r bJUfei^N ^L&rtita^h- 8 Wh1tE SUGAR; Close I IQ order buyer. Pound F-nmlcy 0.O5-O.OP Lord Dert^ 

Saver was tod 4.4p aa Bt=ee lower w aScx MM LCmta 7T ' 4 °' d seller. bu*-ess. salts ). Feb. 1M.25. CMO.W One's Urense P'PP-" ?'^ 

Ra* spot delivery « Uk Undo= huilioa bw UK momiary coefficient for the «*“■ u: .’V.’*! 12-00, 20: April 112.90. U3.c0. Worcester Peannains 0.0*. Rweu_*.^ 
markei yesterday at 294.45 p. C.S. ceni -.,-eek b-stneiaj November 13 is expected 


INDICES 


for SPOT delivery in the LondO= tmiiioa Tie UK -none urn- coefficient for Pm »*®»- Il April H2.90. 113.;0. Worcester Peannujns OjOa tiusseu • «- 
marhei yesterda^ at 294A3p. C.S. cent -,-Av 113.00-U3.V... ic. JuV 117.0.118.95. ail nil: O W, Spartan 08-0 «. ****-?*, 


enuivalems or the films iwls W -a deert^ro * lel “ eipccIed Stp:. 131.0J 1S3JJ. ml nit: Nor. I26.0J. Conference O-W-fl ;H- J-JJ***- 

Spo; 351 Jc. dflnvn T.2c: arc«-2Scr.*Ji I MPORTE DL- Wheal ■ CIVRS \o 1 1U1 13d.no. r.-.!. id* 1-vh- 130.00. 154.00. ml. Tpmaioes-Pc-r 12 lb Eiwtlsh - »"■- 

5M.3C. down 8Sc: are-mSth £.2?. down per ™7 W.73^!« T.lbm* tl " : ■">'* : ^ ,;:S ° fl - a "- Saks. Cabb^^r.-rair Celcry- 

Bic: and u-momh B295 l. dons *£; Thr [•.< D s.n* Northern Cwma Ye « u aer ' AK ppr l "" 1 ' 1 ®®*:' !0 l Vauinpwers-P r D 

tottal 0pen;d a! aassrit: a=2 lP - : \"v. 95 00 Dec^ tt - » ' sa'ier 1 tnZ Lincoln 030:00 Ken. 1 .«• Beelroois- 

closed ai 2SS:.290i .570.372c &pme£ casi coJ..' UJ H?r'd * ivj” WOO l FCTEIRF C r ' ;r * !b * d " M - Ca - rr «*- p ' ?r . f * - b 


WOOL FUTURES 


— -5; per cent. D;e. S9.3j Quoted u-aaship- T vv 

.iii tu H.,,,... „ . , ., . . nun; caai caasi. E=.C unguoied. Maize: LONDON— Mul and kaiurci'.ss, r«-por 

tier + '" A +,,i *MBJI .Vov. lie. 50. Dt-1. sJI«7 Ez-.br 

irorr,' 1 rranitMpm.T,: cas: Cuasr. .S Airitan p-/ k,lol 

- — 1 — — vu'-o. - J jan F f% 5T ^-rt CK ijK S ' ^i£ji )in Aurt'taisan i -'■*r+y'' Bu-in-- 

Sliul JS24.450 -4.4 29 L2: -7.4 l :"Z'u f .2? r. K • . . _ “ '.'MM V.*, ... - Irnuu 


• y « t'» - 'F *1 1 I | vb.a.ic jjj.*. ru. rpi m y««. a. .\incnn \u4n , iK n 'i ^rT'tv • ■■ i^i 4 

it vour business interests demand -«*« *bl! S - 7.4 ^ <v -- '-■* - ' 

nn ontrnf tU* ^ ^ ^ ' 


“ reguiar information on any'ot the 
f world’s commodities, just clip your 
-"business card to this advertisement and 
r return it to the address below: we will 
f^endyou a sample copy* 


T?endto: 

: Subscriptions Dept (WCR), 

' Financial Times Ltd., Bracken House,^ 
- 10 Cannon Scr-eet, London EC4P 4B1 . 


i ’ an.iaiht. 510.1a -4J5 

12 month,- 325, lf> —5.0 - 


EEC DAILY IMPORT LEVIES. The 


moami-o.s.ip — s.u - tollowiai EEC Idles ini preraimiw art r , *.>g&oio 

— ! effurtve tor Movcmber ifl in order current , *&&*-*■ - . 

LME— Turnorar 4lfl rise, lots d ao» te *i p! “ DJi * J £°- * nd ?e ?- S-’eaiuaas. ri*™' 3i7.'o.4ajl * I 

»■ w. r -S^r: S S.^.» K.a. nJ) . C. -I- 

■ ^ ** “• safes taffA£3a-b«= 


Sak«. Cabbages— P<*r ,-raie nso-0.90 Celery— 
Ppy h-arf 0 07-nio. Caullll ewers— P r I? 
I.ipcpIp O 30 ! nu Ken: 1 ». Beelroeis— 
Per 2*- !b u.«it-«1 7fl. Carrot, — Per -.■* 'b 
n 4M.Tv Capsicums— Pvr pound ■> a 
cLO-i s CrforBrues— Per pound H..I0 Onions— 
r.T bas I ’0-2 no. PliMvrj. 2 ■ ,,l -2 
Swedes— P“r 2* II, ft.lft Turnips— P»-r 
■ lb i 7-)“J *4. Parsnips— Pi r 2. : Ih o.Sil 
» — Sprouts — P »t poui'.d 0 04-0.O7, Cobnuis— 

»»-■ Per pound Kent u.40. 


RfCE SURPLUS 

IN PHILIPPINES 

MANILA, Nov. S. 
The Philippines will still have 
an exportable 5ur pi us 0 f 


FINANCIAL TIMES 

S<«*. 9 i — Nnt-.B Month ay., u-: ’•■Z~ 

^60.6 2 f 64.34 ~ae4.gp .j.7.52 
■ Base- July i. 

REUTERS 

V,y» . Noy. J ii-.inii ip ‘vi-- 


*Lard— Ch:.*jao uio-r • i^rr.c 

prim-* jit. 2.1. v, isi-d . >. ro lr^d-.n 

PM Size— ri-».. 22U.21:, • I : *;.ir,*' 

-:*.«4i.. Mar .-nr-Ml. 
2«:i:-.*4*:. s^pl 24*i'.2ls. D-V. 2'2-2U 

4piaiinum— J j.i : 2n. .n .*,r. r ' 

: 2 i r*' • •:;» -in- luiy " • : :■ ♦. ,-l : 

.’57 14 a*:i*. d Jan .’1» i» asr - d. .\ur.' 
"ii <* j i-.r-.d July H7.?n oir-. J 
■Silver — "lev. -j.. ..'0 i'*4 ii . iVi. 

IjI!. ,72.70. ."mr. ft i-r.fij. *.; 
ji--...-. Ju-y . : .i‘i_mi. Sspi. ;>)■< !-.* ri. 
--J3 =•> Jan. c'2- ?C. .'!.i:ih Mu- 

W-..V-. July 65: 40. Se?:. w 4v Har.i;- 
i Harman tgj: bu«ion 56<i iii >X.-7i. 

' Soyabean, — Nov. ri37-4.ir <wj ; : •. Jar. 

1 ^mTO March ^.hJ-15 ".Ijy 

i ia::. tfi 1 !. A u^. S-1P*. 6c 7. 

• .Vov. 437. 

! Soyabean Meal— Dev. :*-'..5'V-:s5.e‘> 

. -:j:iOi. Jan. im.'w-ss.i.w ^tt.50’. Mares 
;-.;a-* ;-«.3o. -lui;- i«Im au*. 

1 •-!.•><. S*:M. I-2.4M«.:.<|0. 0-71. I74.03- 

I70.'rj. Dec. ITS.iO-lTS.rti'. 

Soyabean Oil — Di’c. 23 60-23 7? .24 73 
Jar. JJ .vi-24 75 fli".?’. ilar-rli '.i Jo-21.41 
5 !jv 21 -.-3-2i.l3. JUiy 24.35-2 4. '.0 Lu» 
,-4.<i 24 01-24 nil. ''d 2,?4-27?'. 

Jci 2 * '.it 

Sugar — \n 1! JjP 1 ’’V- ; 2’ !■ 

• 1;- n. pi '* lt* f i 1 4 -1 I.-.-.. 


American-one varieties. Sapper: v«s 
forthcnmjns :n African uw Tartesh 
Qialittes. 


■f- un viu.v -YM.i-.pjn.y, Muttra , . . „ , , 

J67.0. "7i .-j mi nu*. May -jtis.fl. or:, u. was lost from typhoon damage, grimsby fish-euo B i. 

■■3I.K7IA Tojai «fc* m. Bui Philippines' produciion is demart c BO rf. ^7r;T p ! 2r ? 


COCOA 


RUBBER ;:: ii B Fw''7ELAi!o ai CMslBREB 5 -T Bui philipnmes ' produciion is dcm a ^-''Vood."^rT y , ,,,3ttr : 

easier opening rn ;he London phji.c#; . r «!» forec f sl al h 4 ? »" =**■-:■ . :• 

-3irt:e:. L-*::-e bujrrej interest thr«uh- Dec. tv' v;.. J .u nil, nil: Msr.-ti *9' 9 - together WTth 1 hi lOItneb Of < 


■ 'w. e *|..llll, *gr I — ■ n. pi 4 II,.', *. • 4 .1 l.-.'.. 

1553JI 1 Si 7.0 i-6a-5 Tin — 7:57!72 ii noni 

> Base. " S.*p:onih; r i« — ; - - * "Wheat— !.*• ■ -5-: • -5’* 1 -h'i p 

i- . -::?7 . ■-.*■; . Mar .4v-..«n. Ju y 

DOW_ JONES 

LU.i, >' • M-.-n: . > - r v .p - =**., .i*» imni. • D- >. c'll.-Vi ilu2.7-' 

«K-r isriwi-. 2 Fl:. :Jf c,! > b:rt lui;. -.-A.4.’ nc:r. 

■•■Oats— L* ■*. • ? 4 n ■ - ’ii-:l: 7*-t 

i-^*: ... 5US.42 594.81 iBu.ic iP'—S .s-.d 7t*..’.» isv,^. *.i d y 77 45 ati«:-d 

h'.nure* jSl.S.-A^ajZ ael 7s i?? ?3 j v . y ;; C: d 

i A*, erase 1924- 25 '25 = t («i . ’ ji Barley— D. c. ',(■ ;•> b:a ■!< r-2* 

Mareb asfced ’>i.. :.iaj* : . 4*i b:£ 

MOODY'S .July ::.fri b:d. 

SSFUxseed— :;ov. : 71.54 t.i 573.:0 

• Aw. : >yr. y..-:. 'u-.: bid*. D-.i . Jur.iW-I-i" ii bd iI6!3-) b.d 

Mi»i.v'r I el S \ « K r, t^*i- ' J.7a.v 27!.'-ifl bid. July 2n.fW b:l. 

.. . . | . — "Wheal— SCY.'FS S3.S per ont m:r i 

spte Commit B8 1.7 '383.5 975.2 B2S-* , corren: i*.f S3 La*-rcarr- tes iisr*«.".7 
iPewnibcr SI. tWzrif.0 - : U ^I S 

, uUffer— ’.jiT-caiKO- !«s. t Chiva^i ! v 
• -s r->r l"ft jbs— Dcpr. nf A;. pr.>.-. r . 
_ pr:**:?ur das’. Prune si».-ani NV wTr 
*■ t*i*:7* -ars : Cims p-.r V.S bui.l* . ft- 

varrh.UK* jMiA-huih-.i 'v? ■ ••• ; r 

•my a un ■*.'•■ tor Vm? nr.Ji* «: **• 1 ?-r 

GRIMSBY FISH — Supply msiierate. *.-.* pur.ty -.ci * V. ' :*;••. '■ r 

mart good. r*r:res a - . : *2- ,;ui. x- • ,*r%!;n;;; " * ‘ ‘ 


Mnol.v’r 


iDerembcr a. tMierj,*,!}. 


fu.ufl. euJI :,.irix;.ii! 


Sttsr opcniBS sip h;c 
eaeefl due :o Vloicaanon 
at ths San !oir3 repor 


• "..,7.1. s r .Vi-ib i>n .ii* . 

V:.L: n.r G*i%ir ; 
I.*-.:. aisnSi-;. -. \jr 





40 

mm 

Fi’ 




;IO/ K>\( II \\(.K REPORT 




Tinaiaalv' 


- : v; : V • ■ f 


yT 



expectedly big rise in MLR triggers Gilts setback 

ies overshadowed and index closes 2.7 down at 471.7 


Account Dealing Dates 
Option 


cent were transacted in three one stage. John Brown reacted to demand in a restricted market A slow business left InT«ttaent PJ*®® 

stocks. Grand metropolitan settle at 4 l 2 p for a fall of 4 on helped Viscose Development Trusts narowly mixed. In Finan- "owever. was descrjoea 

-• - - — while cials. Massmutual Mortgage appointing. - ■ 

reflected currency influences with Among the other parpapants 
an improvement of 35 to 875 p. in the venture Northern Mining, 
Common Bros, finished un- which holds a per cent, put- on. 

changed at 16 tfp. after 162 : Pl 2 to &ip. while Conzmc Htotmta 

clearing banks. Prices moved 273 p. following interim "results 91 p despite the lower" preliminary following the Interim figures rte ma^r pamcip»a^rra oyw. 

— New umo doaiins* may take place narrov.iy in thin trading and below expectations. Jenks and profits and Barlow Rand pained which were substantially boosted a 2 per rent; were unCTangeoju 

from 1 .* am iwe days earlier. c , ose ,j et ^ er for choice, took of CatteU dipped 9 to 71 p on the 8 to 215 p on further consideration by ship sales. Other Shippings 250 p and 1 F J'°S 23 S£P f 2 

Yesterday - *- unexpectedly large Ireland rallied 8 to C 93 P and the ■ of the results. Adverse comment drifted gently lower. Furness Tanfcs sunnariy unenaugea « 

increase of 2[ points to 12 } per 10 per cent Convertible Lorn clipped 4 from Smith Industries Withy losing 3 to 23 Sp and British 160 p. . ■ 8 (lI 1 i' 

• — • - — - 9 | Wn ^-hii- Walton ««>< rnmmnnwp.-iiih ? to 2 San The three -day rally m south 



cent in Minimum Lending Rate 1901-96 improved 3 points to £130 
sharply reversed morning firm- from The lower levels which 
in ho th Gilt-edged aecuriries followed Tuesday’s disappointing 
3 nd leading «Tiuiiit-s. The farmer inf "rim results. Foreign banks 
w-'rp e-ronillnc Wednesday’s had a nntnhle casualty In Ilong- 
ti- 'urn— ;/n, nf 1 -pnjni were k.irs-j and Shanghai, which lost S 
n- :»n»oni* the longer -o op Far-Eastern advices, 

mat u ri: • n-n the 12 :■-*.» pm In Merchant banks. Humbros 
.n:i-'une«.-meni that i lie rate added A at IfiTp but Hill Samuel 


l;.-i 
i ’".'n 
r... . 


;l< 


full point more •.ofiencil a penny in S"p following 
-S'-r.i -av. uuotaiiuns comrneni on the interim sialc- 
■ o.'-rn:;!-,; list levels. mem. 

er-. not. ion dis- ,\-»rtns Breweries. Boddingtnns 
1 :i( i:r-i but a coniinua- finished a noniiv easier r.t a 197 S 
;, i*:- c-j-'ilt trend cax-ed j.-.i.- of p*i:i fallen, mg adverse Press 
.!> ”i ‘^•.lling pressure comment ami liigsuns 3 cheaper 
l'.- r.'.-'.-’ ei i* thought to be at ‘r.p on ihe reduced earnings. 
I s - br am! an effort hy dealers to Rijrei.-hcre. Distillers were actively 
res: ore srid" in the absence or irn.-fari un m Iflip before closing 
any d- clopments regarding the a penn y easier on balance at 190 p. 
r'Siioeri-.o t.->p .stock levels only 
aerravafad the decline Business 
laler came to » standstill amid 


l.- 

nr 



at 192p, while Wilson Aval ton and Commonwealth a to 28op „Jr e r-^i h 

sustained a similar fall to 33 p. in front of today’s expected Afcieaa* CWJd» J? 35.TO 

Early support ahead of the forth- statement on the merger talks, halt folio. the: saa rp i a J l - 1 n 


coining" " result ‘"“sa w ' Sotheby's Jo“hn HajggM'to‘uched”a'’new 1978 the mSjS 

improve to S 17 p before reacting high of ITSo,' before closing a net final. y flown at Per 

late to close a net 3 lower on 2 up at 175 p. while Dawson fell ounce. - . .- "V 

balance at 312 p. Dull domestic 5 tQ i 79 p. while the “A" the same Share prices tended to : drift 
influences continued 10 depress amount easier at 178 p. On the throughout the day on lack of 
Hone Stocks including Jardine sharply increased interim profits interest and the GoJd_Mmes -in*. 
Ilaihemn which Fell 14 fo 204 p. and encouraging statement. Ash dex eased 3.4 to I 3 a.<. Tne-es-- 
after 200 p. and Swire Pacific 7 Spinning rose 8 to 37 p. Revived premium index gave up- -L 2 to.- 

down at 117 p. after i 14 p. buying in a market none too well 98 . 3 . • •'!• i- 

Interest in Motors ya* chiefly supplied with stock helped Sirdar Thanks to the firmer' investment 
confined to secondary issues, to gain 5 to a 197 S peak of 98 p. dollar premium. South African ' 

Down to I 54 p immediate!' ahead Among South African Indus- Financials recovered most. of the 

of the first-half results Flight trials. S.A. Breweries slipped 4 to initial losses which had stemmed 
Refuelling recovered to lfi 2 p. a 63 p despite the good interim from the fall in the bullion price, 
rise of 4 on balance after the figures, but Great ermans returned De Beers were finally ' 2 : hfgher. 
announcement. In Components, to favour with an improvement at ? 34 p. after being 348 p. while 
Lucas ended only a penny at 299 p. of 10 to I 25 p. Anglo American ended- only - a 

after 303 p. while Dowty cased a penny cheaper at 296 p. after 293 p. 

Distri- Ashton Mi nin g uSullt Platinums fell sharply in. ; the . 
Harold Most of the attention in min- wake of the decline in both., the 


cellar’, V-mmenlx in "the debate ,0 ''?' V,n = 

on ike Oiii'^n’*’ sDi-oirh: news of v"Jp' r ^!i 
th? unc bended mmi^ary i.itget ’ a*™***’ 

cam-' *,M|i af,c-r 1 he close ’of 


Bu Idings failed to hold mode**t . . .- — a ------ 

gains, but were not seriou.riy sharp downturn in annual profits, couple of pence to 24 Sp. ystn- 

_ tes‘ed. Tarmac touched 147 d while Porter Chad burn, down 2 tutors tended lower. ciaroia ^ — — — r- — 

a i;er\-in amount of confusion b e f orP 3 h =a her cn balance at 95 p reflected the nrofits warn- Pen? lost of Wednesdays mg markets was focused on the bullion price and free market 

with ..peralon aw ailing the Chan- rolfawin-"'iww« n on the Ing. Ed bro remained > on offer and rist> - fallin S 3 to J« 3 p- and debut of Ashton Mining, which platinum price. Impala dropped 

cellar s comments in the debate ’ , 7 . inti-mak ns fall 6 more to ’Ua S Iosms Hartwells ran back from early has a 22 per cent stake in the 12 to 188 p. Ruslenburg 5 to.. 91 p 

rests Elsewhere ot around 1 were m^rked asai^S cains to record a loss of 2 « !«P Ashton diamond venture in the ami Lydenburg 4 to 63 p. ! 

Brawn and Jac£ ML ItoWtaa U0 d des P ite durable Press mention Kimberley region of Western Elsewhere. Westfield Minerals 

Brawn ana yack- u uoiaings. nop. >ptrax-sareo. fo , |owini . the .interim figures. Australia. jumped to 173 p owing to heavy 

m ^ .... „ ... ... .Vi ready unsettled by the pros- .After a 'good showing in over- “new-thne" buying prior to closing 


FINANCIAL TIMES: SETOCK INDiCE^ 

- - . 


[o^rernnnii 

Fixed Ituereet Z 

fodurtrt*!.- J 

©ehi Xion r - — 

Gold Mines 

-On*. Di». VwUL.--.-~ 
.£ftrnmga.irirf£<fuUL.. 
PfE Kuui met'. i*l ..... 

tmMnpK nmzVed 

[- Equity ramovier £m _. 
Equity barguns total J 


■ 6810 ^ 

69 . 80 , 

471.7 

136-7 

99.3 

5.76 
fA Tg 
8.05 
4.107 


' 48.63 

Tojaj 

474 
139 A 
" 103.6 
5.74 
18.06 
8.06 
4.093 
67.19 
— U 2 . 6 B 6 


g ." •! .togj- 


£1 ^ 


6 SJff. : 68 . 5 ^ 
7 (WI > 7031 ® 
469 - 6 ' *W .4 
135 J) ' 136.1 
99 .' 

.idi» 18 ; 77 i 
ftOXI . 8 . 37 } 

87 . 16 ! 8 L 9 B| 
IS. 664 : 12 ^ 968 ^ 



■ 76 ^ 

478 .^ -4724 
XSI^f - 134 iri' U&O' 
9 €;©~- ' 3 j 4 -lOTii 

.- 

■ ISA' 1&2& 16.48 
8 . 32 J , - 6 .S 2 - a 8 B 
4 . 683 } 5 . 106 } .’ 6 .lip=j 
60 . 74 L TajjatiTtij 
13 . 3 B 2 ' 164300 , 13,47 




/ IS am «itS. ; u ani 473 . 0 . -Noon *re:i. l am 47 i 5 . ; 

Par ASUS. 2 ym 47 LS. ••• -. 

mT ;~-. ^Latest lBtee~Rb 2 » flBZbu- ' ■ ' irr-i .- 4 

- Baaa-MBO- Gort. SCCr isnOTOr ' FtXed.Utt; M 2 S. 1 TK 1 . .OWL UJflK Si 
limes lira. Es -0 pm ttdaxjtanel Jane.-- 1875 . SE -Aeuvlw .JJ«»-pae..;iJ 




HIGHS AND LOWS 


5-E. AcnytT^s 


L . - f~- - v.uw . ... -1 

[■itace OomjntadMi j 


t HTafi"- j "Low 

Hifen 

1 ^ 1 


28 . Sfi 

. iirh ■ 

' 68 . 06 - 

•o/fir 

107.4 ! 
-( 9 / 1 / 56 ; . 

4938 

1 3 / 1 / 76 ; . 

- faed Ibu. 

6 L »7 

69.60 

{ 9 UI\ . 

150.4 

t&sjwm 

6033 . 
f 5 il// 75 ) i 

ind. Urd_„ 

^ 38 ^ 

<l 4 <ffl 

433.4 

&6l 

549.2 

. W/s/ 77 1 

. 49.4 
, 26 / 8 / 40 / 

jvohf Miser . 

206.6 

(M® 

130.3 , 
1 wU . 

! 44 B.B- 
i 22 ro/ 7 o) 

43.5 

i 26 /lO/Tl| 

QoUHUkd . 
pm.).. 

- 132.3 
(Miei 

90.3 

337.1 

(o /<|741 

64.3 

I 2 &/ 5 / 76 ) 




-Not. 
9 ■ 


. Xtn&Jt-'- 
- -=- g jufiir ' 


—Daily - ; 

GUi-Edsed-..! 

Iartinu^sW- 4 . 
jpea ito tiveJ . 
’Totsto. 7 .'.i 

• r 

...: i- 

O^layAvsiB^ 

Gfit-Bd«ed_ 4 . 

Inditethala ...; . 
»peeu(atirc_i 
Total *....-... 1 - 


■■SSt-Si 


.---3 

. 96 AL:^gg 




bu-ir.e**. 
: n:-l I 


son encountered further profit- 138 p. and Victor Products, 115 p. 

I**.-! i wti f. in.iv taking and er.sed 10 far a two-day Awaiting today’s interim results. Already unsettled by the pros- . — - - t _ _ . . _ . ■ 

fail of IS to 1124 o- WilUani Leech Wolseley-Haghes reacted 4 to pect of dearer money trends, the night domestic markets the 20 higher aj IS 2 jv Northpatc. an 


•. i 

- . i.' "w ii.-r' 

. y&m- i 
... : 


r t „ I , „,rn. fail or to i^ 4 p. William Leech woiseiey-Hagties reacted 4 to pect or aearer money trenos. ins- uuumuc ‘“r,.. ^ 

round of V nnint*- nn the tlav ^ P^nny to B 4 p in response 19 Sp- Among the occasional unexpectedly sharp rise in Mini- shares opened in London at 66 p . a«sodate of \\ esttgld, advanced 

rp-iiniv in ihi- Ringer-dated issue's’ ,,J “alisfactori- interim profits, bright spots, Richardsons West- mum Lending Rate prompted and improved throughout the day 3 a to 590 p. after 400 p, in 

v hilt ih" -,iiori>'susiainefl falls Royco and Milbury found ffarth, a poor market of late, renewed dullness in leading to close at 69 p. compared with the sympathy. . 

. a ,-pviuit ;hf* a httle support and improved to rallied 2 to 44 p. while scattered Properties. MEPC shc-d j m 132 n. 

uritifs rea<?»pd und 2 to 42 p respectively. buying interest lifted- Mining while Land Securities and Stock 


e'-*e r i | )p- in i. ; As 
FT Co -err men i 


OPTIONS 


1’" 


vi-rc 

n-'nr- 

d • '• 

. o-. 

cni* in 

Cil’v 

.';i 

• ;i- -,r *i\. 

ilrfsd.iv' 

v 1 . 1 1 - 

• : ’ 1 ■: 

■•■•1 i-'h.i:, » It;« 

' -fie -Ir 

i-.-r-rr- 

•iv.-y 

- 1 f '. 'o.vd vc idv.-d u 

d>"»fi 

. • r.’- 

••■‘■■iii i"i| p-f 

;. bad 

Ins* 

01 • ri- 

o':!,.i bi.-forp 

ihe 

?-n.r. 

cn .-i* 

:-rvl Ihe 

reafter 

ihF 


nr.- 


ACCOUNT DEALING DATES Lad broke Warrants. Spilfars, 

First Last Last For - Teseo. Bath and Portland, Hong 

Deal- Deal- Declara- Settle- Kong and Shanghai Banking, 
ings ings lion ment Lonrho. Barker and Dobson,. 

■ i,“ .-pncur:mce of a few li\— the good interim figures EK^- donl early progre.-^ <" 22 flp Nov. 7 Nov . 20 Feb. 8 Feb . 20 Nalwcst Warrants, ..Ultramar, 

'in Foods-, Associated Biscuit *» response to (he iniproved half- Nov. 21 


LONDON TRADED OPTIONS ; VU?? : 


ir.vr.fc nf .specul 
i 1 • i "i Dernurd Wardle 2 J J. 
it '.mi I «ir rhe year of 34 p nvo-day 


. Salnsbury hardened 2 for j profits advance, finished - Inwer 
j-day gain of 11 to 223 p folluw- b-'l.mce i.; 21 up. Ailnnil il.nn- 


Oec. 4 Fell. 22 Mar. 6 C. EL Industrial, - Frederick 


. : ;vts ro ik of 22 p. 
l-'-'M's i hat the trend towards 
r nj-ijiw cmiseu credit will stifle consumer 

*p nihng un'-’tLled the Stole 

iuaii.T.i hich closed easier 


edged forward :i penny to 74 u year returns, but closed 2 easier Dec. S Dec. IS Mar. 8 Mar. 2 ft Cooper. F. W. Woolvorth. Tate 
following news of the acquisition at 2 l 4 p. Similaily. sharplv higher For rate indications see end of and Lyle and Allied Breweries. 


f.ill hack. The 
•i red bv a 1 U am 


of Bendick* i Mayfair) from Wood annual profi's and the- proposed 
Hall Trust. J. Bihby rose 4 to 274 p. separation nf prop--v inve»!- 



Share Information Service A put was taken out in Con- 
Money was given for the call solidated Plantations, while 


but small selling in a restricted ments from_ housebuildinc lifted in Burton Warrants. Aron doubles were arranged In Mersey 

Rubber. English Property. Frank Docks Units. Bath and Portland 
Gates, Premier Consolidated Oil, and Ultramar. 


ACTIVE STOCKS 


Stock 
■SheH Transport ... 
SP 

BATs Defd. 


• ii’e c>n 'Wine ‘•da;;, erratic m.trket or late, moved up oppnrina movements in Ladbrukc. ih.in-e?: peeled ;i:_er:m pruiita. but 
sharnly from a 5 to 43 p. 3 better at lfi 2 p. and Grand Lraunrd adoed •> mure for a riie 

••tiretly dull cart, the investment Electrical leaders were quiet Metropolitan. 2 i easier at I 02 n 11 * i. u to -Jhp '-nee tne m.u-ierm 

currency pr-r'um recovered from an d little changed, but Philips’ J- Borel reflected currency I'relil* announceinent. 

73 / 1.1 Much .-;i» per cent as insli- Lamp gained 30 to S 50 p on over- influences with an improvement of Apart from Royal Dutch, which 
lu>:on,,i buyer-, returned to Ihe seas advices. Rises or r> u ere seen 5 to £ 248 - moved ahead j to £ 40 { in sym- 

m?r l -et .:nd cImmhI 2 J higher on in Elcctraromponcms, 27 Sp. rnd , 0 j pa thy with firmness in the dollar „ , a £ s ® an * 5 

the d.-y j* 7 m ; percent fallowing Geo. H. Scholcs. 3 ii 3 p. Having ItiiSC. ltfalierb lillicU premium, leading Oils rarely Rank Org. ; 

a - 11 * <d :.-.i,in-;si 1 c-icrday’s SE been a-:in ely traded up lo 90 p in Firm at first. miscelJaneous strayed far from the overnight ~^ xo 

com facti.r -.-.as 0.7321 sympMhy with Chubb's interim Industrial leaders turned lower closing levels. A shade easier at *Cl 

10 . 74 -:: 1 . per fa nuance. Atitomnleii Security in reaction to ihe bigser-than- Sfifip far most of the day. British Uoyds Bank . 

finishr-d 2 cheaper on the day ai expected increase in minimum Pelroieum firmed up following a Marks & Spencer 25 p 

S 4 n. In thin markets, small sell- lending rate and closed narrowly litile laic support to close 2 Beecham 25 p 

ing clipped 5 from Louis New- mixed. Beecham ended 2 off at harder on balance at S 72 o. Else- Bowater £1 


No. 

Dcnomina- of Closing 
tion marks price fp) 


-op 
£1 
25 p 
£1 
25 p 
50 p 
£1 
£1 


KK & Shanghai dull 



10 

9 

s 

8 

8 

7 

7 

7 

7 

6 

6 

6 

6 

6 

6 


•Wo 

S 72 

'*29 

345 

240 

535 

302 

255 

81 

633 

1 *3 

123 

307 

35 

170 


Change 
on day 


- 2 
+ 1 
- 1 
_ n 

- 2 

- 1 
- 3 




... 

fj?-. 

msm 


Where the green is greener. 


You’d never guess that you 
were only a few minutes from 
central Newport when you're 
playing at Rogerstone. Yes 
excellent communications and 
fine leisure facilities are just two of 
the many reasons why Newport is 
the natural choice for industrial 
expansion. 

With direct motorway links to 
London, Birmingham and the 
North, Newport commands a work 
force of well over a million within a 
20 mile radius. Adaptable and loyal 


people used to tranquil industrial 
relations. 

Add to these benefits the 
wide range of sites and a really 
helpful council and it is easy to 
understand why so many leading 
companies have re-located here. 

Don't handicap yourself— 
find out more about the part 
Newport could play in your 
company's future — contact the 
Chief Executive, Civic Centre, 
Newport, Gwent. 

Tel: 0633 65491. 



vhere business has room to boom. 



N£W HBGKS AND LOWS FOR 1978 


THe lollawiftg MCuntln Ouaied in the 
Share information ServKe *e<»*-nlav 
attained new Highs and Lows for > 978 . 


NEW HIGHS ( 4 ) 

BUILDINGS ( 1 i 
CHEMICALS ( 2 ) 


W.v/llc 

TRUS 1 S (II 


Bernard I 


Fed. Land 
Thurgar Bardcx 
Kellock 

NEW LOWS ( 72 ! 

BRITISH FUNDS 1301 
Treas. 1 >'-pc 1979 Tr-.ii 9 ,k 19 B 3 


ENGINEERING 1 7 ) 

Bra.thwa.ee R.C.F. Hiobs. 

vimpAIr Weir Group 

Manganese Bronze Woodhousc & Rixson 
Porter Chadburn 

FOODS ( 1 ) 

Barrow Milling 

„ INDUSTRIALS ( 7 > 

F'nias rtrvon 

Ge*. -finer A Petrocon 

tioaver A Tebbitt 

Lohon iFoMli 

INSURANCE 111 


Trea-L lO'.oc 1979 
Treas 9 pc 1989 
Tr«*i 9 --p< 1980 
Exehnr. 13 sc 1939 
Treas. 11 '-pc 1931 
Treas 9 -rof ’98 1 

Cechqr. g pr 1981 


E • ".her 10 oe 83 
Fu-itfinr* 6 -:PC e 5-87 
Tr.'as.. Sac 1586-89 
Tr.Ms. * .oc 1937 - 9 D 
Trea. lOrc 1992 
ETther 12 'jPF 1992 
Funoin-i bpr 1993 


Pool-.iIx 
gcn.th A 
■noeresk 
Hiaaas IJ.J 
Cal Incs. 


MOTORS 111 

PAPER (II 

TEXTILES 12 ) 
Sirdar 

TOBACCOS (1) 


Errhor. 12 '.or 1991 Tr?.n. la'tPC 1993 
Treas. 8 - oc 8?.82 Trczs. 15 i.de 1996 


Treas. idoc ’982 
Treas. 8 >-pc I 9 f 2 
Erchgr 9 -, pc ‘82 
E.chqr. S’, O'. ’«>e 3 
Treas 120 C 1983 


E.-chw. lfli'OC 1997 
Treas. 15 'rOC 1998 
Trcrc ig-pc 1999 
E>char. 12 »e 13-17 
War Loan 3 'roc 


, MINES « 2 > 

Rhodesian Corn. Western Areas 


CORPORATION LOANS O' 

B'harn g o' ' 79-81 lend C«ro. 9 ':PC 
Bristol 7 * 4 tlC 79 - XI 1 984-85 . 

G.L.C. 12 ’!PC 1982 Do. 6 *.nc 1988-90 
Giasg 9 '.r»r ' 80-82 N :»sti<? 9 ‘ pc ' 78-80 
L oool 9 t.DC 80-84 Warwick 12 ':OC '80 
LOANS if) 

F.F.I. 9 PC A ' 51-94 

BFCRS ID 

Boddlngtons 

BUILDINGS ( 2 ) 

Aberdeen Const. Hign, 4 Hill 

STORES ( 4 < 

D-benhams 1 incroR Kligour 

Grattan Wareheo-.-* M>r*m Newsagent 
ELECTRICALS ill 

Py* Hlngs. 


RISES AND FALLS 
YESTERDAY 


British Funds 

Corpns. Som. and 

Fvrcign Bands 

Industrials 

Financial and Prop. 

Oils 

Plantation 

Mines 

Recent issues 

Totals 


Up Down Same 
— 76 — 

— h a 

209 451 a .7 

U IE d 

« 1 & 17 

J 6 22 

li 47 SS 

5 4 17 


291 


Tta 13 J 2 


FT-ACTUARIES SHARE 


teEsiSI 

... ... ::;^gg -77 

These indices are the joint compilation of the Jlnancbd Times,- the Institute d Actuarika^£^:i~:' 

and the Faculty of Actuaries : . - f 


EQUITY GROUPS 

GROtTS & SUB-SECTONS 

l I 2 UHTS in panenUie:«& shi-w number or 
slock* jwr section 


RECENT ISSUES 


EQUITIES 


| 

■ 





V _ 




1 -/ 


■>(■»+ 

ti ' 

r- 

: 



| 

Hn.’r ! 
,«: 1 

" ‘ 1 His' . 

1 Mil | 

" '1 





1 !• 

■* J i 

Inn- ift« II ' 

; 44 1 




o. 7 | 7.1 

Aljfl.SO 

r.v. - 7.1 

■*» 1 

Ajhton Him lie tuV 

1 70 




I'J’L 1 

*■-»'. III .« 

yu- [fittwili 

27 lr MfllMar A "i I’H' W.hm .1 

362 

—2 

r-u 


1 \.« 

,*. 4 ( 9.6 

i 

F.F. ;i 4 in 

1 28 ip) 

'»i.I- 

1.4 

[ 11 . 4 ( 11.1 


K.l* . - 1 va 

l-> . (OlSI-l " ! 

112 1 

-1 


— | 

- 


FIXED INTEREST STOCKS 


c !- 


= ~'h...i.- U.w f- 


ftl.ck 


C 9 »> 4 ; r.t- 
"1 LIO 
gLIOO nil 
I K.K 


- . to lAup-reej Uiw.t Itao 

4 1 i .j,.. dii 4 HMH' Wnieni-urfc. T% Hi. Isko 

16.11 ..-.I ■ ■ — ■- u 

lie 


uw | 

1 1 pj;' 


un 

1 F.l'. 


q.m' !i«hLVali> U«.um« lUt.Cnuv. *li 7 -lW_ 

llOj. liXjf ‘.U* fo" 1 L'tim. 1 ‘rel 


C 97 K 1 LIO 
•n ; f.h. 
ta 9 ii' *U 50 
£ 97 1 «[ JJ 10 


— 41 * 11*111 lisuhlHuuRkoux Land tfj Lao 

i6- 1 C L<i ] u ' ( n<iA lAiiiirlnw Ciiv. Wrtft; 

2 S 1 • 912 H Htn..krn«ii-«onb S Uxbridge Water 1% Vb 

-- | li; ’- jrii JllljlhtwiMI lU^LV'Dr. Lw. IttO 

. 10.-1 : i-i A'l ootilbuTirk Lortu iai a % Itol. IBtf/ 

J 4 to;l | l>, Hlt|lV*it Krill lVilrr Fwf. I!U 3 


995 g 
10 | 
l|i«- 
108 |.| 
I 2 pfoi 

-iloD 1 

, »«*( 

..|123 : 
47 J 

91 s! 


+ (4 
+ ! 


« RIGHTS ” OFFERS 


ID 50,C30 BETTER TOMORROWS! 

50.000 people m Ihe U ruled Kingdom buffer from progressive ly pa ralysing MULTIPLE 
SCLEROSIS — ihe 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 commitment to find the cause 
and cure of MULTIPLE SCLEROSIS through MEDICAL RESEARCH. 


Please help — send a donation today to: 

Room F.l, The multiple Sclerosis Society of GJS. and N.I. 
4 Tach brook Street. London SH’l 1 SJ. 




IrfcUP! tZI 
Prl.-» : = - 
pi \<£ 


Lm^i 

l(Mlllll(. 

L’afu 
•O, a- 


1 B 7 p 


HirIi I U*» ! 


Sux-A 


'■Jwt 
-ill I— 


oOj. 

i 

67 

ic 

iOS 

88 

5 b 

155 

12 


F.P. ; /.U'iA.ll! 671 fii fiSlcjiilliarv -V ilmdelyy.. 
3 Uit ^4 11 - i' 68 ,dinA»»-.«.l Hi«fce-.., 
Jfain 


XU i — 1 — |9u pn j , Sl 8 pnijlippt<r-> 

l.l. lOl j lii I J I j Id klixiluv ' 


F.l'. I 3 1 C-I 7 ll 1 MC- , 

Ml 17: 11- B;13i mum 16f™ 

1 .K Lo It |t-* il| r.| J 

196 | 175 

1 - tel 13 


F.P.! c 11 ) 8 . 1 iJ 

t.l'.L7 1C 17 111 


W*n« 

LIh ."Ol v 

Fnthemill i Riner . 
HlW'« .W. I,. 


rinu? Vrtuluel*....^. 

V.irkjrreen — 




67 lc 

56 

6 pQJ 

la 

SU 7 

18 pm 

88 

175 

141 s 1 


+213 


+1 
— 1 
— 1 


Remind a 'inn djip moially lid 'll! •"r dealuui (n* of mam p_ du ty. D Kunra* 
<hb«<i on prn-ipQrrii, ei.Timaie. O 4 ssuin*d diiMNH and yield, u Korecaar riiinlmfl ■ 
niver based nn prvvinn*. cp.rft ohHllfts. a DITMteiHI *isl VirM based on omond'i-. 
nr niher nfflrial e„iimaTes for 1919 - oGroaa. r Figure* ari-niraed. I Cheer lll»w- 
fur cnoversiun ni share? nrrt now rankins for iUtWnui or TnUiw only rnr reAr 1 <ti-d 
rttvideoas * placmic orice to patuic- fit Pence onlfts altwrwfse mutated. S Iwwrt 
by lender, fl r.o«r «1 (n holder* ol ■•rrtinary diarea aa a ■ rt^fns." — inm-t 
by way ni capiiBiiriytinn S! Reinltodneert. II Issued in cnnneerinn with renrunl-a 
Mnn. rar-w nr iake-o»e> QH Introdocllf n. H issued to former are fore rK-r rinkfn-s 
B A I ho mem leiiers iot tuIly-paM). • Provisional or partly -paid allot mem ieaara 

i r with wdJTaOli. 


CAPITAL GOODS (1711 

Building Materialsc 27 » 

Contracting. Construction i 28 i 

Electricals (J 4 > 

Engineeri ng Contractore-il 4 i.. 
Mechanical Engineering( 73 >..., 
Metals and Metal Forming! Id) 
CONSUMER GOODS 

ID 11 UB 2 R^ 53 | 

l.L Electronics. Radio. TV i I 6 i . 

Household Goods ( 12 i- 

Motors and Distributors i 25 l 

CONSUMER GOODS 

(NONDURABLE) ( 172 ) 

Bretverics( 14 )_ 

Wines and Spirits ( 6 ) 

Entertainment. Catering i V 7 i 

Food Manufacturing 1 191 

Food Retailing 1 15 ) 

Newspapers. PubLishingfl 2 i__ 

Packaging and Paper 1 15 i 

Stores ( 40 ) 

Textiles 1 25 ) 

Tobaccos < 3 ) 

Toys and Games ( 6 ) 

OTHER GROUPS ( 99 ) 

Chemicals f IB) 

Pharmaceutical Products ( 7 ) 

Office Equipment t 6 )._ 

Shipping (lOi... 

Miscellaneous (ff 7 ) 


Thnrs., Not. 9 ? 1978 


Iiutex 

No. 


INDUSTRIAL GROUP | 495 ) . 


Oils ( 5 ) — 


500 SHARE INDEX 


FINANCIAL GROUPl 1001. 

Banksiff)... 

Discount Houses < 10 ) 

Hire Purchase <5) 

Insurance iLifei tlO) 

Insurance (Composite) i7l 

Insurance Brokers 1 10j 

Merchant Banks 1 14) 

Property t3L> 

Miscellaneous (7)., 


Investment Trusts (50) 

Mining Finance i4) 

Overseas Traders f 1 9 > 


ALL-SHARE INDEX! 673) 


Day's. 

Chance 

' -% ■ 


Eat. 
Earning 
Yield “4 


Gross 
TXv. , 
Yield %| 
(ACT 
133 %) 


226 T 5 

194.13 

359.67 

52 L«J 

35324 

177.02 

162.83 

19836 

243B9 

170.10 

118.79 

20LM 
220.95 
268 58 
250.49 
196-84 
2Ui5Z 
37L63 
131.48 
Z89;70 
17217; 
22031 
9419 
19144 
274.05 
244.94 
124.75 
40236 
205*9 


2113g 


492.25 


234.91 


158,63 

186.99 

19853 

140.17 

12MB 

11515, 


310.69 

7635 

245.68 

10436 

wms: 

M 0 A 7 

307.78 


21465; 


-Q3 
+03 
- 8.8 
Ml 2 
-83 
-0.7 
■-01 

. + 0.1 
.+03 

Hli 

- 0.6 

-03 

-0.4 

-0.9 

+ 0.1 

-01 

-0.4 

—03 

-Ll 

- 0.6 

-0.9 

- 0.8 

.-03 

+01 

r 0-4 

- 0 A 

-Ll. 

—0A 


-0.4 


+201 


-.-03 


r. 0.4 

-04 

- 0.1 

—03 

+ 0.1 
+«2 
-13 
— 0 j 6 


+ 0 X 

-13 

- 0.7 


-0.4 


1715 

1811 

20.62 

13.90 

18L2? 


18.88 

1639 

17.71 
14.90 
.17.90 
22.40 

1637 

1536 

1535 

1439 

19.73 

14.10 

21.26 

1939 

12.01 

18.94 

24.99 

2437 

1630 

16.72 
1134 
19.48 
15.45 
1836 


16.76 


24.20 


1637 


24.97 

17.38 

1537 

■3.54 

24.13 


18.71 

16.13 


Est. 

T.E 

Ratio 

(Net) 


537 

5.83 

430 
335 

. 6^9 
6.20 
a «2 

539 

431 
6.69 
7.09 

6.17 

6.45 

536 

7!02 

5.56 

4.77 

631 
737 
4.96 
8.49 
831 
6.86 

632 
6.90 
433 
601 
731 
6.83 


5.99 


4.08 


5.70 


6.15 

6:27 

8.86 

538 

7.45 

7.61 

533 

639 

3.07 

8.02 


5^8 

7.09 

732 


532 


7.95 
735 

6.96 
.9.94 

7.44 

700 

835 

737 

9.41 

739 

5.69 

8.13 

9.06 

.9.41 

10.00 

6.71 

988 

6:65 

t72 

11.99 

"685 

4.74 

436 

7.90 

7.78 

1035 

6.12 

806 

703 

7.98 


735 

7.93 


6.01 

739 

.937 

48.13 

536 


638 

708 


Wed. 

Kov. 

8 . 


Index 

No. 


226.90 

19322 

362.65 
52309 
35507 
17835 
162.40" 

19836 

243.06 

170.11 

119.08 

20233 

22172 

269.65 
25277 
196.74 
217.69 
37306 
13187 
19185 
173.46- 
22271 


TUcs., 

Nov. 


Index 

No. 


Moo, 

Nov. 

6 


Endex - ' 


- Na 4. .Vo. 


Frfv 
Nov 
; 3 


sn Fara 


index 


94.94 

193.06 

27336- 

24536 

12534 

40686 

206.92 


226.72 

19334 

362.19 

52105 

357JJ4 

178-06 

16L44 

198.11 

244.00 

170.04 

117189 

200.93 

21957 

26991 

25008 

196.35 

21631 

37182 

13186 

190.28 

17198 

22032 


212.48- 


49171 


235.70 


15932 

187.77 

19831 

14036 

226.48 

11508 

31034 

7632 

249.04 

ICS3I 


199JZ 

10195- 

309.96 


215-0 


9560 

19237 

27622 

24533 

126.64 

40638. 

206.87 


23158 


49335 


234.97 


15938 

18830 

198.90 

140.72 

12634 

135.7? 

3U39 

76.73 

24738 

10626 


20024 

10173' 

3HK16 


215.00 


22935 

195.66 

364.78 

52922 

35731 

18035 

16427 

20 im 

247.01 

37153 

32023 

.202.64 

22208 

26828 

25327. 

19828 

217J3 

373.97 

132.64 

19L75 

173.41 

22230 


2272T 

19U6 

365,92 

£3.40 

35432 

17462 

mo* 


2729 

19431 

273.73 

24739' 

12821 


,41033 

209.62 


133JB 

49322 


237.0S 


16138 


190.60 

20110 

34316 

127.81 

11782 

31154 

76.95- 

25020 

10627 

200.95 

102.45 

31276 


216.95 


19980 

24384 

17215 

U 20 . 6 X- 

2ffL96 

22195 

265.72 

25331 

199.01 

ZUM 

37566 

.13177 

-mot 

17182 

22085 


27236 

24522 

12721 

41036 


20828 


212J4 


48932 


23527 


159.74 

18827 

20110 

1044 

126-69 

116.Z3. 

306.79 

7717 

24892 

106.40 

2WJ5‘ 

10137 

308.70 


215 59. 






: 2 fl 6 : ■ 

'sm.i - 

Mmktc - ' 

i 5 ra^cf 5 ’" - - 

24027 ^?V- : * 

MWg 3 « ! - 

r!DW3tLA ' ' - 

- * 

Wmr 


2oo.nV.-tc *' - « 

isms * 

l ,BtS#Sr. *’ j 1 „ ; 
19423 ^ 5 ^.---' . 

2ism jsr; ’ •' ■ : 


HMgpp'/- 


206m+: 


49918-ci 


16723^?. 

1888 *^';.' V? 

■.B5AF&.' V 

ggSZ-y 

v --.. : 


FIXED INTEREST PRICE INDICES 


Br 

itish Government 

Thurs., 

Nw. 

9 

Haj a ■ 
change 

tJali 

T<xfay 

xdadi. 

1978 
' to data 

l 

Under 5 years 

10239 

— 0.49 


839 

* 

A 13 years... 


- 0.95 . 


837 . 

3 

Aw 15 years 

P 

—068 . 

•x-p.;: 5 : 

1259 

4 

Irredeemables.^ 


- 0.79 

y'.-ZAil 

3332 

5 

Ail slocks. 


-0 .74 ‘ 


V-i 9 ! 94 : 


FIX ED IN TEREST 
- ; YIELDS ‘ 

Be. Govt Av. Gross- Red. 


Lw 5 years.. 

Coupons . 15 years. - 

: ' 25 years.- 


Medium ' 5. years.., 
Coupons 15 years.- 
. -25 yr/m.. 


High . S hears-. 
Cotlpemsr I years... 
' ■ ■ -'25yeaT5.. 


Irredeemables ._:v.:-.r 1. .{- 


Tbors 
Nov. 
' 0 


981 

1146 

122 ? 


2266 

1268 

1268 


12 as 
1324 
1328’ 


Nov v 


12 . 45 ' 
1234 ; 
1254^ 




ijw^SrV^ v-’ " y ‘ - 

|i 1^-, * 


. »«- . . 

22J0 


’■is y. 


ue' 

■ ll'HI 
13.16 


1214 ] • 12.04 


aufcu u .. . 

- 3JT 5 T - y , ■ 

C'1021 - • 1 

llWv. 


•:4gr.^ " '*■ 





W «L ’ 

.Tueo.' 

■v'Sfur. . 
7 .' 

lloidty 

■ 6 \ 

.’tifibLo 
-.-..Voc' • 

• - .3 ■ 

Tmla. 
No. - 

t Yield. 

8 . 

15 

30 -yr..Red. Deb & Loans ( 15 ) 

.: 522 ft: 

iii * a 

56.06 

B 6.12 

36 . 13 - 

66 . 15 - 

ie 

Investment Trust PrefS. ( 15 ) 

silas 

id* 1 

51-88 

. 61.88 J 

61,86 

lsi. 70 - 

17 

Coml. and IndL Profs. < 20 ) ; 

; 7 t 78 

1*04 

71,79 

71.86 

7 L 90 

783)0 


rbnn. 
>wv.' ; 
2 . 


't,™!- i Toe*: 
sw. r on • 
1 I 31 - 


Tear*.- ' . - 

r*&r±l- ■■ 

IsppriaUu, \ 


61 . 88 fSE 6 S : 

nso j' ?i:so -tzM 



'. J; 


1 Redempllan yield. Highs and Isms rotnrd. base Bates and valors oad iumstnuent chaooes ara — in gtfidwi 







l 
































" ^pwaijfer,:i0.' 197? 



UNIT TRUSTS 


1 ■. m it* 

^ \j£o 


OFFSHORE AND 
OVERSEAS FUNDS 


Minster Fund Managers Ltd. 


sa^L— ^ JsssLs.tr - ^ 

rasK%cP:- »«J--a-^S 5 tS w ^ 3 # « Srr ** 5 **• «M--i it ras&s*.. .»& .sa-.-i ?■ 

4% M i.S JT“ L “ Pnrtl. Poptfnlio U„, 

L^ed:Hanbro Gwp? ufc).; -rg.jwM PrwdL Unit TrLJtlgn* 2^.“:: ** ‘ 3 « 1)1 oi -o T?i 

lan ta - fiffl c-* Hatton. Breutwoorf. gi»gs.' ^O. ft sbaw End Dorking. -; flMSSOM J^ORtanc L.T. MgltL* tat 

»» ZX, Bnutwod lUBZTt •SU4SB;— * -■ "f riHMte Prev. Pte-Wl a '»«wi-sire«,0las|!ott > cz2rH Ml SSlKttl Quitter Management Cn. Ltd.* 

^dnncT piriirtr ..7 - £- Up -J55J * W turorman . |T96 B4.fi -0 91 3 02 Toe ftk. Uxchanec. l..;2N JHr fl|-fn04l 

flie* J« — Ui 69*. -OIL 5.W - x .= ,« . . __ -Opaline C-ay Friday Oiunlnmi Urn Fd .fl03 2 1075«< .. . I 4j 


U&d Hambro Gwp? F*ip* fait ’KJWgrft* « 'll™ 

Button. Brentwood. &«*.- 'V'.ftshainF.iid. Dorkme. '.': flSOSSOM lirf**-' 


I'rorinriaJ Life I ttv_ Co. Ltd* Save & Prosper continued 
dues ia» 222. Bi^opicau. £-•:.■ dj W7GS33 Si-titbits Seruriiie.5 LuL* 

• I 5ft Prolific! tuu. 180 fc I SJ1 Sr.rfh.lt. i*2 •»« 7[ -n H 

... 1 5 38 HiKhlnciKiv . . . |ll4 4 122 6uJ-od 7 96 M-'WywId f«6 59 3 -0 1 

.SfidibflTCP. ■ ■ i-*' * 61 5! . 

Frufll. Porlfnlio Mngrs. Ltd.V lairhhel St-oL Ex Gih' - i+41 8 2JJ2d .. 1 

Hvlbom Oar.*, EON =NII iil-wSfl£» M ;SL&« 'J| Mol, , rl L”A xJ 

Tn.dcnl.al |123 5 1)1 0| -0 5} 4 87 **'«* ' ** ^ 


sorfh.it. i»* HZ! -"’I 4 i* 

.vowjwld lg 6 5} |-01 7 53 

Sruiharor- £* * Hi . ' a 70 

Seat. Ex Gih • - |*41J 2512^., 1 231 

M W. Ki vld - - .. jm 1 m il I 7 45 
■Prices ai No? 0 Ac\i .oh dav Nor 22. 

Schlwi offer Trusl Mngrs. Ltd. tarizi 

IJO. South Snvrt.t? ft rkin<. .limfiiwMJi 


Target Tst. Mgr*. (Scotland! tanbi Alexander Fund 
!1A ,\:hoJ CrrsccnL fc’dm 3. • rtifl-S288fi2l2 17 rue \..iri' 1 ■■■■>»• 

.415 Tanpi .\nicr.F.<isM23 g M71-01! g.0* \ I exaMlnr "<.■ ■! 

783 r*p}i-lTKitflt 394 0 1 ,|7* *.>( a*« - l 

4 70 t'MTfl Inoum-FcJ |595 fc 4 °! 1 H06 


7 « Trades U nion l nit Tst. .HanagersV 

“■ ini KiK>jiirra.i.. 2 UHB8001 

11*21 Tlir.w l - 149 J 525!.. I 5 41 


7^3-0 1 5» MeKOiHlisr^fl'l ' 51^84 ,J.lW. - it - 11845 

biri 7 li S ,r ' ••«'■• ;i >* •■■= • ' *1- f 13 80 1 

Allen Harvey & Hu>s Inv. Mgt. «.1.J *«-» *^12 20 

JlanagersV 1 , nNr | M .a ii.» »i 1 i«-i . .- r- ,»-v «'f ifii+Tffli Kin n & Siiavson Mtfrs 

■*•'1 ■• • * lrk.iil.nnl Ca»nnf I ...1 if' I 9 V \..lli > , I L ^ Vi | a fll>r I "tin 


Kevsrr I'llniann Lid. 

;.ii!i- -lie-- K* 

|n;»w in’] 

lr..ii-i~- it-. it-liBM ”Mi 

■ .-.i ]3 t.0 .37 

‘l«V -vl* ■■ l:i|Mtl in 2 20 .- ] 


line. — 33J». 

k In* Vev ns 
Capital S tji 


Pan^ro.lcft Pd^.JuM: .mW-S- 
(aeeBor Fnsda ; 

alfBTleMrd. . .IW.9 . - 

bt|n>nmi Fsa£ ■ • 

'ntnsathnal. .„ J251 - 2fcM- ..:: 

^slficFund ...Jess 
gacaO*Aoxrh;a.Ja8jr' 5Z21 >0,> 

JA/L Exeroptis - 414 ^OJ 

‘irulaHil Fndi 

iSuerCo aT , t} ..U43, 3afl _ . .! 

ndJBudr.MaFd... «U2 44.4 -tBJ 

tec«ven£4ia. 9LF 1014 -t<n 

let Kin. & Cdty. ._ 395- «Ja -03 

h«raMs Eimina 571 M 1 

txm. Smuv Co. 23iSi 24fiG| 


TUntSLU 


itf lS “TS’i 1 V OMUMM 

“■fl -l- U l.Cap. Inc_._. — D-l M2 3 50 Mutuiii Scr Plu* KA4 «a . n . ah 

pSl'srcir iks -tSs'V ; i™ SSSiSlnr,,- !] lilai IS 

n -SBSMBe «f ± IS gfflttsar* tS 

3 J; ! «'*Sas 3 SPrffi. 

^rrJ-.faL CT.'Fonr YifaFd. 

•Vataiitaiwi ■■■■■'■ asraJ-’T 11, -'K| il lll 

-0.»-ZM 3ifcnd«sfi BO, Brentwood Jffl77!22730li ' A ^cwn. l nil*; . |jjib 158 4) .' .{ 3 93 

40J 144 - &ftA -v — W.7 33 « ..... i «.W National Provident Inv. Mngre. Ltd.tp 

....■• Cartiwre Fijnd Managers » <*Hg) v ,J£? P3 “ h _ 

i*J is •i* 2 !Efi£ 4 e «. , f R — •PS? fetaiaLii*?- SI 1 M ■:. tS 


, _ . Am tarmpi- JJ* 

-v— V — («-». M«.-a3lvSa? = -“"I'ne D ay Fnday 0...u™ni Her. Fd .{103 2 107 5«* ... I 434 .Urv lifwin ■ - 

Fluid... ..Bj . - OT.B-O. 570 -vIU* TfaMfiOTB Lml?.-. -'lutual T.init Trosi ManaSeray (alfei Quadnini Inemm* !l30fl 134> | 75* Lxempi Hlshlld 2|B 

}6.KlMbiHvCteusEC2il7DD, OJ^BBiai » Cowh.ll a... JSSU ^gJfteTsi - Ef 

Income Din . - • ROi 


«« Zr i» i-STff Kmi 1 * 1 • «« STS ReIiance tDif Mfirs - S-sSsff 1 - g! 

: 87n 73 4 S Id 4 7” Hellafu-eH^.-runhndeuWelKKl rats 52271 “wsSgr* ' ‘ ^ 

fH u U . ,M ! S luen,l F^ ...pBJ ttffl+oi 487 Opportimrty Fd .[667 7I3[ j 579 i"mJ Vjowih .. WJ 

fK “utoal Hiah Ylrf! B53 S95I+0.3 ?14 SefcfonJcT.iAct- ■ U45 47U-0.5 573 ini TS. 1'iuis p§0 

1 » :::-i 1 1 1 and CMnmercl.1 iVUmJuT taf “ K 5 flS 4 ‘ 5 73 — ■ I i 

3 Sa tS T 1 ’* 1 Alwlrpu '»'iuM» EilinhurstiiBl-MCPiSi Ridgefield Management Lid. Pr+t *r.ili Trmi. 

' . -1157 2 Z63.M . . 5 80 3M0 Xennc0.vSi Manrhesier 0612348421 PropenrShares .*2 

& l f' Z n| 522 RiderfleldtiM IT mo 99« .. [ 2 87 ?K t, ? l |i t I? cllm gj7 

'tfmsaM'^Tioiu. Sir: it *+**“•—» J01 ^ -I *» liaMT“iS? 

33 94 .....l 4.90 National Provident Inv. Mngra. Ltd.^ Rothschild Asset Management fgi j. Henry Schroder 

. — ’M.iirarfchurthn widiuu fltjmjnw TJ.fl.i;*i;bnu*cnd rfil.+lmr’ 02063841 iin 


72 0uJ -01 3 87 

Z74fl 3 02 
17 U -fi 1 tu 
31M. 462 

« T, 0 ; 9 64 
• :wi|33l 

44 41 3 41 

78.4 -01 4 70 

297 447 

24 7o -01 — 

25 0-0 2 12.34 
28 4 2 23 

33 2c -0 1 ZZJ 
23 3c *0 1 6 13 
20.34 613 


3 67 Transatlantic and Gen. Secs. Co.* 

232 veil i.ondiM .id t_he]mMard 0245 5ISR1 


2S Burhican Sin fl . 

lAtuuni Unit*). ... 
2 S Hi, rii E*J4 Oci 35 
“ ■* BjiL-khm \‘ir.\ ji . 
_ "“ftcnsni fntisi , . 
j 3? CijImuNO'.s 

4 70 ■ Aocuru t-nlui . 

4 97 1 'u mb I Not fl. 
.iwiimlniii) 
fik-.n V.k 7 
iAcciuii. 

MarlbwoNor." .. 
2*2 l Aceum L'mi5> , 
8*-* Van ii’u7h. \oi T 


120 3 -1.4 
93« . 
82J -D.5 
1019 -0 6, 
l»J ... 


ArhulhnM Seeuritirs Limiird 

V.l Bn- 3M M. Htln-r l-.-f-.-iM-. itXW'TUIT: 

iJiibtj .(115 0 319 01 I 470 

Nr*l i1»rflll>{ li.ilf >.pi t-nil».T "]. 


j;; htt Trt 


V.CII dealt Ji/ Nl.il cnil'i-T 19 


TS4 'xS -5J'AiWriCWT6U. 
-+$-3 f-ffl UriBshTsUAetl 

OJb -03 5« -ConaMdi^Steiw.. 

4^ 5^ B»'«l“«8erat— 


2«14 — J 5aa — 

Vtndersoo Vnit Trust Hnugds Ltd. J 
hS&Feachtndt St, SCWflAAi .- «WBSI - jna ^._ . - . 

kndntwmtJT 1503 ■ 542} ■■ J 4.1a JWt KKemptfil 

u.*._*~.p«i-.rf 1 - — ■* rr~. (amiLTsLiAccj 

kushacher Call Mgazt Co. Ltd. -. r|hT|n ,;■ f - v 
« 5lomeSl— SCZV73A. -. 01JC3B37R 

W^omhlyFBDd.fiW ; ._Wl-„4* am 

SuhiitlnMt Securities Ltd. (aHc) . . -loiA^ciwiimZ: 


TS-on. ilsi i.-bnuv R4. AyU+l.ni?- KO 6 584 1 . i U oheBpsid*. £■•' — 

X f F^miv Fund .1*)* 17«Jnf-0s 3 45 t apiial No* • 7 . lj 

V 1 Fnjjy H<e T«i 99 5 1D5 .?>b .. .. 2.78 lAccuin.) - J- 

y-m ^ ' Innnmif F und 1442 153 4m -9 2 768 Income No*' 7 - U 

9 in Sl Ini]. Fd 'Jnej798 M.fll J 57 i \ueuDL I'oilf 1 - • 21 

% f Inll Fd. .Act i W 9 88M+01 157 ftracrat Not fl. . - V 

N L. hmllr Cir-S Td 1518 161 5| +0 « 4 69 i Aceum. Vntlsi 1 


J. Henry Schroder Wagg & Co. Ud.¥ 'Actum. I'niu.. 
»» VSraS^ ■. C ■•' .Too + . n. •” ^ vS^$5i fl 


oTj^kku. ® Ihbs I Antony} Unit Tst. Mgs. Ltd. !“«>» 

aHc) .iBiAjC.CiwnMT-Wa .-.J <■» • >fc; i* Trust Managers L 

■0138M2W 50 Coun - Dof torn:. Surre>-. 


030 MPIO'seas. frum hto-> rwiJ I jS V C Innumu Fund 144 2 153 4 oil -1 J 7 

350 krcun rnuu n 114? S 1401 "'"I 2.3S U Inll. Fd 'Jnp|798 M.ffl 1 

3 79 “Pn«» omm'Sm ii-vt \L an -’ r •"«* Fd. .Act iW 9 »«+01 1. 

800 -Pncw m, nSI'. f sworn HnSm.'*' L - imllr '■>« TdlSia 161 5| t0« 4 

9,2a National Westminstery ta) Roihsckild fc Lowndes Mg mi. ia) 

?•& l&Sl!**.*'**- B*3V I5EU 01-808 0080. SI Simhlnr lane, Ldn . FC4 ni^rec 

^ E?SiV„‘r Ac,:,lm -’ wg-g-fl 2*1 Nwi-i.K.empi .l£J290 137«M | 3 

S.W FmSnciai g] f}§ 061 lk s “‘ Nm - 15 

, . 8^9 -0-5 535 Rowan U nit Trust Mngt. LtA¥ rai 

*4- -J.---I34J 36J0 -H2 7 04 f- 1 1 ... 1.- m mjnvr 


SI Su-ilhtnv I jnc, Ldn . FC4 
New l “I. feliempi IU29 0 137 (W| 
Price* on Del 16. Next ilcnJmj 


3 45 l_jpilol Non . 7 . 1S2S 
2.76 lArcuiiLl...... - 

7 68 Income So* - ■ - 189 3 

1 57 , Aceum. 1‘nilfi.. . * • 
1-57 Gracrat Nov 8. . - 845 

4 69 lAceum-Unibi IMS 

Europe Nmr 2 — . 3 J ' 

I lAccuniVniJ^i - 


m«!6<3M; -PnattaWOehM. (176.6 lazoj "."I 433 1 «. Cnyofe Howl 

i 357 ■SpecEB.Mfl' |?S95 2583-J6i| 3 99 Incomi- Ni*v fl _ 

| S •Becortr?So*.‘. |l°* 3 703 4) „T 4.72 lAccum. L : nlUi . 

a "For IM exempt tundh only Uapiul N«e a _ 

ai Scottish Eqnitable Fnd. Mgrs. Ltd.¥ -j^cum. 
inM 2851. Andiws-Ss . Edinburgh 0314*568101 lAerum t'Sw '.. 
177 Ineome l/nil* KS 2 SIM ... I 540 Ini Kara Nor 8 

4 12 Accura. UdiU *93 .. | 5 40 i.toum. Lniui . 

7 45 DcaJlflC rt8' Uc.inesd*y Pref So»- 8 . 

IS Sebag t'nit Tst. Managers Ltd.V ia» 'Accum. lum 

42% Pi} Eijx 51 ]. Bcklbry Hue . fc'.t. 4. 01 2385000 M.CawleSL. Edli 

Schaa Capital Fd 133 2 34B+01| 4 09 

Srt»sln«*“«Fd 130 4 37.0| -O l] 854 B ' 


ilcfliing Nm, 15 


^Pw*nSllAmdcn£r«llBV-; .,01.2383281 ttvtet ' — 1 ° M vi,‘ ° Un - Dorklr, K- Surrej'. 

P^E^Yidd K39 ■ 47.4>8 -Z3I-1U7 V 1 - • . ' ” ^ ^ N»l55 P 'ui’ k 82“ “ffl J 

i*OcctuB. Dnhv'^wi ' '«33 -IS 1LB (uMt /UfaiAV ■'■ Nelnar High Inc. .fe 4 5flfl -J 


g Fd- UM9 
d 3 83 

Irani nl 

. 1A4- . 

md.., S92 
l..._-. 863 

F1jLiFrop.F« ^~^ S.6 
CMntoFuiid 36 2 


~Z. 9.73 ‘W.LmatoiiWaftSyrA 

!••-... a73 -Rhlr3ft)v:3-— ^-|W? 181. 

V... 4.73 Do. Accum Uplfc- .JlSJ 169 

J2.W • -.• Nett dfiffaettay tin. 


VT,, PonrDho'lnv'rd" fe95 77fl S« rily«3»iell«-Flinbur.S^.EC2 OMW ineli 28 5L Andre«S4 . Edinburgh 0314*568101, 

««V ^' n *‘W*alFd.idi' 514 55 2 « -071 20 American Nmr 8 1802 *3 Du] -3 177 Income Unit* (48 2 51 3id ... I 5 40 I 
9 AO NF _ _r' D M ^ , Securtiiex Not 7 170 0 180 « 4 12 Secure. L'niU 158 2, 59H .. 5 40 . 

6 80 -’EL Trust Managers Ltd. P tang) HmhVlri \<n- 3. 54 9 577L.. 745 DcaJme rta- u^-inesdai- i 

630 M^Knu.-mm.Oorlorw.Suw. ' SBU ’ m? S 1 1 IS Sebag I'nit Tst. Managers Ltd.P ia» ' 

nSh,,h S 5 “cf3- 01 i .Ss 101 4 .:::: 42I 01.^5000 = 


‘ oi-9883fl2n ^ ,orw i ch Union Insurance Group »bl Royal Trt. Can. Fd. Mgrs. 
B 2 69 F° Box 4. Norwich. NR13NC 060322200 54. Jerrnvri Sireei. S W 1. 


?-|Z lAccum Unit. < 45.1 * 

i*? Wick'rNei fl 59.9 i 

13? ■ Aceum. l-nitM . . 71 9 3 

iJi UickDn. Nin 3 - b*> 70 

j 77 £1 q Aci'lim . _. (77 4 I 

551 Tyndall Managers Ll<L¥ 
423 I* Canynfe Road. B ridel. 

3 99 Income Nij* 8 _ .146.0 If 

4.72 lAccum UniUi . - 181.2 If 

Capital Nov 8 _ - 124 2 12 

l<LV lAccum. U nils i 175 6 U 

E tempi Nov A 1070 11 

B, 91 lAccum. I’ nils i .... 154 B 14 

5 40 Ini Rara Nor 8 . ... 2392 2S 

5 40 i.toum. l niui Z7L4 21 

Pref So* 8 . 1058 n 

li, 'Accum. I'niisi 133 6 14 


634-0.4 5.21 
76.U-0.tj 521 


EarftsinllT-t'i l |10J 123} - ?! 3J5 ' 

5 25 Next ilv.ilm^ ■ l:ii ■ - .-menihor " 

Australian Select inn Fund NV Kl»-inwort Bi 

7(0 JL’.rbel . .. In-li VoU.iC * * 

7*0 ■ >utlmaile 124. Ki-nl --i Wi.|,km K'irinM-.i I y. 

510 U.SS1 SLure- . I SI si J9 |. ..| — •.iii.-f-iw. In- 

5 18' ■"ilui. <fciu0i-r V p,i V oiii' 

| Bank of America International S.A. Kbin'' '' 

366 VjiuIi.i . ini Rinvl. I.ii'i.'mlinur" il.li hh.i;i|«in Fm,.| 

3 66 wiiiiin.+i liMimie |H>11SF iiiisl i 7 3Z »: I* ' ' ,; .i: t 
?3i I'ntfs m N«r " Nv-i «ub »L*ip N*« ft - 

&90 „ .. . Iiilt'i nl I 1'^: I >1 

6.90 Banuue Enixcllcs Lambert 

521 j Hue lie li in ci-iii-i- K ii>u KriiF(?l( I.Ioyos Bk. it 

Jh B^nuFundLU HB91 J 9491 -»l 7 43 I'm It.- ■ 1ST- ■! | 

sen n ...i ■ ...v i, > i ,a LI.«-d-T..i n—., 


’ I' .;irin.i li. i -.| rii.fi4.-r Iit- -' i*'!- it 

niled V..II.V 11-4* s, 1 7-i cr Inn -iin." ''4il|' LNIW 
■ I — i— ■ Tliaeni- 'ir*« | ii*.||.-|,|.. | m XI |+7^:>>K< 
7 *t'v '.Ilil III'.JHITH-.. |B 87 BBOirf I 1215 

I 4J 0 i.,|: Ti-oil -| ■• ".I - ”09 5 2631 ‘J 11225 

i 1'00 k "'‘ 9 331-0 Ml 12 25 

i " lull. Ini' I viv '|s| 

; Fir<i..u I'.mu:- iciA .. i - 


Kli’inuort Renson l.imiD.ii 

Ii.ir-H mI . *-'■ T! 

If I'l 112? I 
• .111:1-1 In. |v5 7 bBOiC 

ih> H2 4 B7 6| 

n|:l..rFatl.| I ilhlJSa 


• Ji.'*uj4 i.r. - 

I »i;s4i 78 I 1 

il >'1?D4 : | 

I 51 srf B9 1 

li: mw | . . I 


Lloyds Bk. it'.i.i ITT Maw. 

I'm Ilii- IfC- -I l|.-||.r it-r-.-i OVli •.■T/JJi 
Ll.\ d-T- i ii mm. iba B vs n.# ; i ;i 


- I ** Barclays Unicorn Ini. tlh- is.) Ltd. v l *' 

I rhiifintf*.R>7. S Hclin Jrsi ft'ilM i.I#-! 

*4m«e im mw [46 7 49l| i 12 on Lloyds Rank International frpneva 

«T!32:41 I. n ,*,||nrTni,l Si Mid 1I2B«I .. I 1 B0 u , itK .. 

.. 87b LnibumlTmsI -.1*-™* utS \ 850 !.„ ‘ ,^ lnl r''«V "l 

465 . l.l*ij.l< l:u Incnm- NWit 21129! . I 51 

..". 4.65 Barciais L-mcorn Int. (I. O. Mam Lid. 

• *69 I ThonuiM . lvmicIi.-. I .. m. i«H Manageiwm Itilnrnadnnni Ltd. 

— IS foKomAoM-Evt 148 8 52 51-011 3 7D Him*- H h-rmuri.. Ki-.I-ii.,^. f., -rn.:*).. 


I - ". Km- -s'Ut 1211 -.nil*... 

I. li.. *1 . inf -.ri.-nb r'l^oo 
I .1 *jj > h l:i» liicunv: j-.imk 


+rl.-,n.|. 

; iw 
I 510 


ajn — d.i 

F1iLtProp.F4 ,... 166 J79 .... 3J0 (MUH—Bi OTJ .. . SJ3 Peer l UmiTK . 350 3?1-01 531 m.W M 

sssarwK.-« SSE&gzm M zli li SL a ul*i L " 1 K 

Smaller Co rFd.._ K2 27*s -Ll 4J3 i3rnchatr.Ncw.3__. 18 g.7 — 341 PdicrniUmu .....M3 6 89.9 b (- 0.2 5(0 fW. 1 " 1 - fi? 

'8Snwa5L-ia H5 3S ^nwhalCnil' I„U <» .. -Ei 

Fnrdgn Fd- - 80.4- - £6 l 5 ’ 1.60 iAcmia. L r njfs) pW.B 77 Jf 4.83 « Han St, Henley on Thames M8I288S8 [(mmnr Ipcmw Find 

W-NnKc&lritFiLiaSa - I7a-0j| TOO — ... PpMu^Cpnih.. «1 45a. -.4 403 Hleh-Vwld. -.15=0 

urn Tst Mg.. L(d.r .«« ’TSa’S SSlESLVSS’iiSLurf 

SKISS 0 ?B v ™ L «i"-i 3 ) « « 4 *m «* ifvv -—IS-! 

■ Paces « Hov-ft Next «*b. d w Nov. 1ft H^rterson etitj, 1dco L . ..^4 3061 +0.11 io 40 UK r™ .... m < 

Barclays Unknzn Ltd* laxctfei Pteudcr irr ^Adndn, 5 Rayleijt) Ro*d. HuUcm. Small Coe Fd... .. Bai 413) . . J 7 20 outran Funcbixi 


Do. Accum Uj5KvjiS5 16f3:...J 209 *> roup Tu. Fit . 1349 5 36791-111 5 4* 

' » Pewl Trust Managers Ltd tsMgXzl 

Grievt^wj^Management ^Ga. Lid Rich h oi bom. wcivteb oj-wshi 

69 Gresham 5LEC2P2DS- - OtOHMU K" K^i ,Frt - Sil " I S2£ 


i.'apiial Fd 
Income Fd 
Prire* ai t*cl 


oi4Z8s:>2 .Security Selection 


? H«.S,i 4. 01 3385000 34. CasilcSL. EdlahoMli. 

i»3 2 la M ill li a M .Scot. Inc. .Nov 8 . 164.4 

iS aaSR-sa.'-.Ri 


1 70 h:i!i*‘ i’l H'-rniud.i Ki-il-lii,^. hi -rri'.-d., 


SSZ SS-3 * •• I IU is-iaunealn slnn Fields. *1-2 01 4B» «Bfr0 c^SS GroliSi^ p97 

-M.* j M UnrlCibTstAce IZ3 J 24*.. I 2.J9 Do Accum — 83 J 

31. N«r deaJine Am. 15. r m |GUiTi.T Inc 1=0 3 21 H ..| 214 Ertra Inc. Ciwlh . 385 

Tab Swe * Prosper Group Stewart Unit T«l. Managers Lid tat nrla^aTprYiv 15 5 

5.06 4. Ureal Si Helen... London EC3P .1EP 4S. Tharifftc Sq Kdinhurch. 031-2263271 Do Accum... ..! 192 

25? 68-73 giiecn Si Kdinhurfh ER= 4NS rfii+wajt .Axorrirau Fund High Inc. Pnonb . *4* 

?Al Dcaliofix m- III -5M 8£09 or 031-226 7351 Standard L‘ nils - 54 2 57 71 -701 1*3 IniemalitmaJ . . 264 

» Tirfu 4 minx L'nils 56 9 *2»-?.l — .Special S:w [34 0 

er See Untie* LULT vriiMrawal l nut !«3« 44.2) -oj| — 


545 BrrneiOB^uLS^C. 

-33A lAccum. I'ajlsi 

ZhO Bint H¥e ;l orfl — 
2 AO > Acraun-T-’nRd*— — 
261 £ndoa»,Nov. 7— V, 
2.61 lAccum. Uuitsi._^ 
433 i3rnchttr.Ncw.3__. 
138 fAecum. 

137. La.* Bruit. Nov. 1 
160 lAcrum. L'luao 


J73 . ZUJ -IJ 

173.- -237.98 

i S 8 2483 

8 92.7 .„.. 

IZ . 962 

1.4 731 

10 77J 


Sure & Prosper Securities LtdV 

InlcmelUHial Fy mis 

CbdiibI .. 135 4 HOI -0 1! 

1TL' . 241 25.9m .... ) 

L'niv II row! h. ... 1*6 3 71 -0.51 


races ?■ 


Stewart Vnlt T«*i. Manager* Ltd ta) lli s 

4S. fharipricSq Kdinlnrch. 031-2263271 Do Accum 119 2 

rfU+wxn -AmrriPtt Fund High Inc. PnonD ■ 1*44 

Standard L‘ nils - (54 2 57 71 — ? 01 1*3 International. . 1264 

Amim. L'nils »" b2 7j - J.l _ Special S:w [34 0 

Withdrawal I o»» !*3* 4621 -OJl — _ 


S|-a ■ " I 1« l»D \uW. Min .30 5 3Z*J -D.7 180 r ^ -1 05 : 

tH-a — • ,i{-2 Hu i;nr rarifb HD 73 » . 

-Trfi a "' 1 „£ Divlnll liniiniL-. 301 41 lit'j B5DM&G Grnun 

•• •• ■ ,fcj , ofManTm 44 4 Cfl3 910 v,,,., . T , „ r 11.11 . , 

031 226 1 188 Lhj Manx MuLiaJ . 2*0 28oL... 1 «0 TiwUii^.. T,.^+rir,l| ] 1 .p fi,.o 

17281 I 943 . ’Ilrflilii N- ■ :i>.:b7 ;i« 

140.3 : .. [ 572 Bisnopsgale Commodity .Ser. Ltd. xu-n- ii>jh :;i 

170 *1 I 5 72 P.I., IVJT 42 Dnugla* I *1 M i«!4-£Wll I’-V/mI * mfl 54 ,J # ®1 

f 38X41 S tp-.'sHl! WU| I - . um U:m.. ’Kfl iuj'fi 

648 I'AMlHC-M i 11092 1158 . «■ up: .m.. WS 

448. corwr-nrt 2 r2.4*5 2H4 ! 201 <j, tnll ol Simula,-,, I ..In Vnic 

1031 ■inonnllv msu+d ..l •*!!. J ^ -£l IM. riHtnUCI HIOIIIALII Irfjn. A CIS. 


850 M & G Group 
jlo Tii me (MU.-*. T,.^, 
'llrfiilli Ni. 7 


.lil fh .’.. • 

- 1. ill> L 

«i> umUini" 


irifiiiO i)l.<tL'A4:A3 

m i - 

iD« 

3 J* b.t -•• "i '3J '* ■ 
176 6 -1 0;iU7* 


+0.1 1 021 uriuinnlly issued .,i *311, H mt — £1 WJ. 

jfl 1 ID 7] 

447 Bridge Management Ltd. 

—03 4 97 p o. Bo\ frffl Oninrt i.’iijm-.n i~.T.-i/uin 1». 

XtohtWI I VI 7 45« I. 1 
Si JH CfO Bui W. Hone K«.j 
+0.1 533 ‘.ipponl-il N*» € Pl.(51« B45[ I 0 


114 Mill Kn. 1*1 -.1 fl J fit 

\;n.|f..e il ■... K £l> no 1 - , I'll A DO - 

.larrf<--i ■‘.-i ..I ii»3i*76 hi: I b 7» 

117. Jr.-iil.*— 1 hv-.lJJ <«.'j 2 10 . 

HTJcPI”, Xm I ■l5_'4 c F2-4it( 0 72 

1171-:'. ■*!-. (C934 103*. [ - 

Murray. Jnhnsmne dm. Arfvivrt 

]K1. H-..|<"-l >.|.< _'.rl . '2 'NI-SVI . 'U • 

-ll.i|<-M 1.1 ;i •~Z7 w I ; 

•Mun-jj' l-'u n. I : xihiojj | | — 

'. l 


38 01-0 11 252 Mandard.. 


-Siewart BrHIlh fsplf^l fund 
Mandard |l36 6 1‘ 


25. 9d . 4 10 .Accum. tdiis. Jl58? 172 J . 4 20 Dci.rutf ( 

712^-0.:! 199 Dealing ^ 6 J=>. *^'ed lhl TSB Gc„^t"^44 B 

Sun Alliance Fund Mngt. Ltd. -m Do. Accum 566 

55 9uf 1 7.75 hun Alliance Hk . H ^r-ham. 1403 64141 Ik.’ x? ? 

Ejcp.EIq TSI rCgJ" 5 l£2W9 22b Jf . I 4 45 T^R Scotllsh " *""79 7 

70 T +011 8*3 rrhpTama? Fd 193 7 99 b! -01 3.86 ,Wta C “S. M 2 

«2| I 957 Target T*t- Mngn. Ltd? i a) |g) ,h Do Ace “ 1 ’ 

3l.i5nmbainSi.EC2 ivalimu U206«Hl I'lster BanfcV (■» 
455| . — .1 54* Target Coflimodny 3*7 39 5 -M J 79 Waring Si ml. Bellas' 

Target FIomci hi 5i ^ *21 -0 1 4 67 ib.L'laiw Crumb . [36 2 

9381-0? 331 Target Equity 37* «04+04 *1* ' 

H351-01 144 Target Ex Nw fl. 1974 2078 .... 727 Unit Trust Accoun 

4371-2. 1 171 4I>nAcclnHx |2 pB 1 !Rg . 727 v,„uiii.™ti iriRt 

M 51 - D.l 


. Barclays Unlearn- Ltd? (aKcKg) 

■iJnlwra Ha 252 Ro rafoi -d Rd ET. - 01-S34 3M4 
’.mcam Amenc*_®8 . 1 . 31.4| -40JJ- L48 
_ Jo AusLAeC— Aft .'. 76*1 —0.7 3.94- 

Nto Aim! luc.. .... S48 •-.'•60.51 -0 5 . X?* 

)o. tupSul . 641 70 il 1-ftJ . -4.65 

Ittfcmnprrsr-.--.. U&S-* -310.43 ^:. - *44 
to. ExtnlDronie ,. 28 X 5o45(-.... «« 

lo Financial UZ 6511 -0J 5.12 

3U.S0D 744 . .304 - *06 

)o. General 311 \ .a&M-'-OJ *26 

•fa Growth Arc :.' 48.7' . 443-0.1 *29 

>o. Income Td : 83 6 90.3 -0J 636 

DaPrf.A , iKT4t..fiMU- 153 J 4.95 
Prices nl QcL 31 Nnt sub. day Noe. 29 

lo. Roccrt-vry. 0.8 4L*T....1 5.92 

W Trnsefi Fund . 1129 ■ 1223-01 
>a VbfwideTa. — *74 5Ig +0J + ?7 

itsUoFiUnc 58.4 - 80.4ia -i 3 1 - fcSIlr 

k>. Accum. 167.6 7D.S -0.]i 550 


& 

„■! fJJ' Cap. Growth Inc. -.-141 
3? -.I'M Cap Growth 4rc_.lj 

■?- • is 3.ncomefcA»etA— U 

— - ' *u Rlgb Iuok Pakula 

WEBRidl 

j] *?9 Sedar Fonda J . . , 
636 Financinl*rnr~g 
Jl 4 « OilfcNbMtea.-rfa.-ft 
Nov. 79 latemtikmat 

i toy-rnhnt - W 

■G'i] 5-3 InlemaUanfil 

2 27 WJdT tilde Nor 3—/K 


I:;ll 

L2. 

L5.- . 5L1] -1 

,i a^^oil 


0277-317238 ',’apllal Fund.” 

InL F.mi * Aascu. 

1 6_17 Pnvaiepumt 

3 03 Accumlir Fund.. 


> High Incnmv Fand* 

ra IJd H igh i teium— ,..165 8 

EC2R6HD. ’ lnetm ‘ ! — H2-1 

I K. Fund* 

| +0TI 10 90 VKEqum .... |42 4 
• • 1 7 20 Onvacao Furxbixi 
+0J| 6 50 Eiimr-? .. .187 3 


3 03 Accunjlii Fund., ftl 7 66.9] -0.3! 

1% |j u i|_d 

American Fund.. B1J 23 0)-+0^ 

7 98 FracUcal invest. Co. Ltd¥ LvUcl 

linn Bloomsbutj So. WC1A2RA 01-823 
1ZJW Practical Nov 8_ .p*Sl 15431 . ..I 
Arrum-Lnlu [209 2 222 Si . _ 1 


+0J 6 50 Eurtip— .. .187 3 

— 0J 6 73 Japan jlD5 6 

*50 .s.E.AaiaGwrhFd .fa 7 

-0.3 7 0Q l-.S |M 7 

‘o'a Svcwr Funds 

+o5 Tununodih . .. 1741 

■+0JI 3 40 | H5 

lyitCl Finanrin! 9er' |672 

01-823 0803 Hush-Minimum Funds 

. •• I 4 53 5cWt Inicrnm 1239 5 

■ - i 453 Sele-'i income .. 151 7 


TSB Unit Trusts <yt 

*20 21 . Chantry Vay. Andover. Hants 0884 (BlBrtHi Bufh Si .*t Hr|ici.3cr-p>. ufl:H73IH 

Deal, pcs IO0284 GM2 3 Medina lumaminaird Kd*. 

S , TS??°' ner “ T ••'252 Si In s iJrouthlmeJ 35 9 18 8) . =00 

Accum 56 6 604 -*0.4 *.g i ntn i K.i 86 = 93 2... 1 00 

54 14 2 S 8 . 1 ™*"*-'- K-I - . SJ *S-2 ?-S J«TNCJ Kners? T^ 1178 1274 . . 150 

4 45 TOT UK In? iff I'nii-sl ST-I «( t=10 221 .. 100 

3 86 UZ *1?! +01 Ht H»Bh1niSl!?T«i to 9b 099 ... 1212 

3 » it>:Do Accum _ . 862 «T9 -J 2J6 rj J ||<||[ar 

lister BankV r«i \Au7^ ?S ! *oo 

"®f| J” waring Siravi-BcUaji vmuc N«. 1 N^l denim? M m 13 

til-S!! *\l 'b'Llsicr Growth . [3*2 38 9| -0 2| 547 Brown shjpIej . ^ ( o (Jet ^. y) Lld 

727 Unit Trust Accuunt & Mgmt. Ltd. [po.Bnx set. sl Hcher..icr.c‘ - nsa-i tittt 

•*7 v im. u c. mnoin ni jTOKKiki..i.... t-w iracu mi : in nn 


Britannia Tst. Mngrm. tCIi Ltd 
Vi Bulh SI . St HeJici .Jcr - pi . OnTH 


0 6S Target Gilt Fund QlbS 

Target Gro+wh J .27? 

3 ta Target Pacific Fd l2b j. 

1 n rtf MciW l nils l?4 2 


79*1 _0« 318 Target Pacuic rn 
*9 3l +o3 1 87 £«• 1 n,,!, 

. 72 2|-0J| 3 44 


752 71 -1 «| 
Mid +0 lj 


Tet Pr Sa » 

.. TeLtnr - 
219 Tgi Pref 
8 03 Tct Special Siis. . 


6? 1 -0] 
40 4 +0* 
=07 S . ... 
382 2 . 
1=14 -0 7 
294 . 
3B2 -02 
31 4. -02 


Un.34 7^114 ]«1. H-j|vf-i 

-1l.i|<-M f. 


?00 Murray run. i u ^lojj j 

100 '• # »* u-iicr *1 

150 

1 DG N'psit S A. 

1212 |Iik lu.ulr- .ltd 11+.^] j u- ..ni|v.'jr£ 
\V ..IS* NJ2 5b ; 


0=3235231 
3891 -011 547 


i Si King u ilhamSl BC4R JAR 
47* Fnara H«. Fund. .(738 9 
162 MiclurOrtli Fnd.. 1 30 I 
j Dn. Accum 136.2 

4K w i*ipr Growth Fund 
3.58 King Will, ..m S| KC4HBAR 
U 77 fncomp I nil< ... . [30.8 
■ 88 Accum. i 'mix .. .. |3* Z 


9 00 Nrgit Ltd 
1 H.ni .<f K.T.Kiirii flirt.- fl 

LLd. :: :.•• .s p.h sx 

2.00 Phoenix fnlpmaiionat 
l’i |v.. ;; *i ii tor l , .-ri ■ 
Inlci I Pillar I «-l 15=30 


i !.-« mil: i*-i PinKfa. - 


0 1 -823 495 1 j si erli on Hpud Fd 119 94 997| i 12.00 « nocnix iiiiernaitonai i 

3 z| 22 iButlcrfield Management Co. Lld • !^h.^.rVu‘V ' '"‘z^T I - f 

3B2J .: ..J 4.68^*’" A"’ IJti lli.rxi.li. -n Kormu'lu 

(Bunrcv. Equnj .(lLx?lk 2Z4|-Qra 175 QucM Fund Mnsmnt. LScrsfM Ltd 

.bulln-x- Im-.'IIK- ISIS1W 205) I 7 87 ... _ ‘ 

m Jtz:i4RfviS J*nr^ -*i '■ ,,| v Noi -oh '!**> il , 1 r * * 1 1 , r*-*.. bl, ‘ - 

i sew under Keyser \ ']<» 

38=1 ■•■■I 4 68 Unman Ltd. vuc-iinii **ii jir^rvi ijwfl i 700 

l— , , . - , .. , I'rii'** ni •...• h . 


5-3? Oiwwm Panda 
5 j 4 Australian 


lariftg Brothers ft Co. IMf (aKx>. fbt 

ft Lbadenhall SL.E.C.3. " 015S82830 N.Am+ — _ 

irstton Tst. [172.8 180.4- *24 

o. Accum ..Cl 7.0 226a -lta 4M 

. - Next auK* day Nov. S. i/SS&feol 


| -0JI . 1J7 
-O^H 3J3 
-04 2.83 


INSURANCE AND PROPERTY BONDS 


Abbey Life Assurance Co. Ltd Crown Life Assurance Co. Lld 9 IJovds Life Assu r*in:«* 


2 JO 1 -3 SL Paul's C7iun:hrartl EC4. 

Equity Fund _I35 7 37 , t 

382 Equity Acc. [30 8 32 ‘ 

Z4D PmrarrtyKd pSOJt 156 S 


-\%in SSSitfSaS • • ' Equity Fund _I35 7 

'rr«snn ! .aSlf* 4J * WSSifv- wtt.u ka -a*. 

l^hopsjtfHe Progressive y tn jtwW t*L Mgrs.t (a> SHeciAcnTart "" SI* 2 

■2SS2§KflfiK. 2 nigfWS ttsssss^-fet 

EuS«SSr:7“B7o Sol::::] 3s iwamiahTnitt 

aatclm.Uct.3l . Sc.1 iSd I 2« <8^ IntlTlual-^ . 

^cnnuOtz.31.... 177* . 189M ._ J 2A5 Ip Hollar Tru*U_ 

Next sab. day -Nov. 14. —Nov. 21. . 'pi Capital Tratt 


01-2480111 rrtiwn I.ifellae.Woltine.'Jt‘=l IXW W«2.'i«3;t -jj clllton M. fcr= ’ 


ridge Fund Managers Ta) ic)- ' nn income Trust. 

«te Hie. King WUJIomSL.ECft 

Verican fc Gen t.. 122.9 2321 -0JJ 163 ‘ l » H W*:*18WT*. 

SSTimt: : Si Ml' -- fl toteLrrtxg) 

?Actt- 403 0.5“+- 15, Christopher Stir+LE-GA . 01-3 

■aiiCT®. WA ::::;; 1% W 

y. Act y 18.9 . . wj 4.45. Styjoiid MinaEon Ltd (aXit) 

an* -Tiles. rWed. muuw J*rs3» Wm. IM. T,5i 


- VMmmnd " : 1 SI 

-02 5*7 OPmp Fd.Ser.4_. 1321 

ltd +01 ill *M»n. Fd.Ser. 4... J34 3 
74 B +0 2 ZB VEquitv Kd. Ser 4 . 134 4 
31. fl . ' = 4B Ui.oni Fd.Ser. 4... 1142 
S3~S-? 9 Money Fd. Ser. 4 1121 

278) +0-1 ■ 7.92 Prices at Ntr.. 7. VaJua 


+0li . 7.92 
-01 579 
,^+J &30 


— Manc'd Fund Act- .11026 

— Manc'd Fd.Inrm... 1006 

— Mane d Fd inn. 1D0 8 

— F.qaiij Fd lie .93* 

— Equity rd Igcid 913 

— Equip Fd tnit. .. 92 J 

— Properly I d. Ac* .. 95 8 

— Proper! v Fd.Inrm. 95 8 

— Propert’-Fd Inii 94 4 

— 2m\T-t Fd Acf ... 97 6 

— In* Tst.rd In-m. 951 

-- im T*l. Fd Init .. 96 2 


Albany Life Assurance Co. Ltd. 

31 r.dd BnrliiuponSL. W I. ijijj: 

•Equity Fd Arp 1191.0 20101 -4 0! 


. j 'i*' llumtn: ' corioi. fc-org. 23.ttilkSL.£C2VarE. 

ifauiB Trust Management (aHg) EeyKm;rain.Fd-.[«8 - . 
MiMian. LaudogW nJL^ 


tilllACC 

tom fc lad — 


3S 2a.::.. 

3M SeySpM]lCe'BP(t-plB 3XU] >03} *8 

. SMsmnA. Beam Ibut^HanagersV 

jSa 20.FeactrarehSLviIii3. .01-823 SK 

969 XB. Unll FcC Inc. _1E7.7 «5it J 52 


— .. v - . 1 i « !§*!»:!>. M -Ft 191.0 

9851 ! VFLvedlnl. Arc .. 14*9 

• •• • *i:td MMnwFd.V U64 

d (aHg) '*L ntJ Man.Fd Acm. 107 9 

HUnClOni •Prop K«l Acc . .1129 

IKS •Wpfelm A.r 1681 
Tailing 3nf Bqwm Pen Fd Acc. 227 4 
IS Fried L Pen Arc -1812 
S3 "•’•■ I tiid M*V> Pen -Acc.. 1330 
- • I Inil.Mn PnFdAcc.. 1148 


aluauon normally Tues. riscdlnt. Fd Arc . 1001 
Fsd In* Fd Incm . 90 9 
, , . Inter I Fd =»o 10*3 

urauce CO. Lld. Inter! Fd Incn 109 2 

.til. 0U37W82 F»l. A t -.- . 97 6 

in n mi m * » Mono I I Inctt-. . , 

SI fal: I- KihA-ntA-W 


ids m -o i 
105.8 -0 1 
1061 -01 
98J -0 1 
96b -0 1 
971 -0) 

100 8 . 
loo.a .. 

*93 . . 

1037 . . 

KOI 
101 2 
105 3 

104 I ii m 
134 9 -0 1 - 

114 9 -U I 5 71 
102 7 


Min CL Nor 6 I 1 36841 I 
7 57 iipV.VIT. .N"i = l-U* 15; (j 
■•pfi'VEqt N«y. = 1J4 1 141 : 

*ii*S A Ify N.'i- ~ 155 3 lb4 0 

695 tip-WAMan N« = |15?* Ibl5 
< ip.5'A'l3Cpl ‘■'ni= liy 5 150 0 


Roxal Insurance liroup 

New Mail place UterpouL 051 ^37 *4l 

n..*al .M.ield Id. 11*29 15121 [ — 

.Save & Prosper Group? 


U liman Lid 

Capital Interuaiinnal S.A. 

T? niv \i.4n* a Du]ie. I ii'/ ru^nurr. 

p .•F-H.il I«i| P'iind.. J S»-^J77Z i ! 

For Cent nil Asstls Mngt. Ltd see 
under Keyser Ullmain Ltd 
Chtmerhouse Japhei 

I . Paicrn osier Hiw. Ei ‘ i m -348 3*ro 

Xdinipn . . . . iriMJO Jfl 33 881-niDI *81 


|«7 7 *2 9( 

:>wi 

iii^rw 0W7] 

-"•..Iin; 


Xdnerh.i. 

Fnnriu!:. 

FVindii. 


i,p.5AWN..i2l;y5 130 P| " " | • - ^XfU’ 

975 London Inricmnitvfci’til. Ins. Co. I2d • : iH hh 
- M.jn.ner'.HH.r IT^rJuTm , I»i 

Money Mar. J cor 3=7 .-5 =1-0=1 — l/iJiin'eu- !•<) I1M 

MILhniMe 129= 30 4-01 - I+.V.P^- Fd ’ ®2 

Fixed loteren '1*3 36=1 -fill — i;*]i I'ci- id |94 ; 

U 39 The London & Manchester Ass. C.p.V Uci " 7i Pvos .'J d ’ * 1D1 


• M Helen r. Uidn . EC3F 3FP 0I-5S4 8®fjlEmperi*rl uml. 


Prop.Pcn.Acc 1129.5 

M pie lnr.P«LAcc_|207J 


20101 —4 lj — 
149 +0 5*1 - 

1225; +0! — 

113 h -2 3 — 
1187} . — 

176 -22 _ 

239J -e.« 
xw.g +0 b — 

340 W +0.3 — 

120 a -2.6! — 
m3 . j - 
218* -2.9^ - 


114 9 _U ]l 5 71 Pb»-» r. 

102 jj j . i'«|. limwlh rtl-'l 

1U! , 1PS5 OF Ip" e-.enirt.i rf 

106 51 -0 3| 9 14 4Evemr4 Pron. »'•! , 

— I . — fci;-:pi Lnr T.*: F.l, 

F lev mle Fund 

1. Ltd. Lo Trust Fuad. 


AMEV' Life Assurance Ltd¥ 


Crusader Insurance Cn. Ltd. t-n Trust Fuad . 

Vincula Hou-c Tuwrl 1 ! .Ei.’l. "l-«y.»0ai RffnELSiFn ‘ 

MO. Prop. Nov 7.. 173 4 33 8| .. . | - 2.2^2 J 

Eagle Star Insur/.V.idland Assur. tv* ; H i ! 

• TlitXMdncedlcSt. L'T; *H 6HI4I2 \neri--rfnFcLRd ■ ’*6 I 

Eo^e-Mld LT.ai. i5= 4 M3I -015 628 Fnrs. HemivU-__ |1=0 = 

Equity & Law rife Ass. Soc. Ltd* 'ilr° 

.'•mershamRoud. Iluh Wycutrti; 0404 K1S77 WHO** . '^65 - 

Eou!:* Fd. .. _ >1116 117 41-0 1! .- F.>mili 9I-8G— — .19*1 


lKICWfMCt 

Idfc Gener al . - 

» - -Y v * T-. ? -* Gro*tb 

I:. jNyilte^ 


4L-:pi Inv TF. l-rf, 1563 . . i — 

Flvsirle Fund , 114 4 I .. , 

I-n TrnstFuad. 136e 1 ... j — F:\edl-u * 

Jswsara : 

M fc G Group? r'r^Ct 

TliriroqBays.Tmrrrit-IIJXTnfiCW ni^W4MB KASihv-l htv 

AmerK-rfnFtLRd • [*6 I 485i — « * !•«* i np B 

Fort. Jteruxil*— |120= 1263 — Hsi’eiiAi-el 

Egiiiiv BwhI“.. . |i55 0 1419 -2 4 — ■l'»ml Pvn i.ai 

F.v VieMFdBd.-. KT 89tf Mu+d Fen A. * 

KmihWO". '.b5~ -OB — ' «« '>n n 

F.srnilvfll^O'* .19® 1 - '-25 -- F Ini Pan V 


Hjil l n v Fd ... 1=9.0 136 U 

PropenjFd.- .... 16B.a 169.B 

.MlLFrf . ..1231 129.61 

Pepou: I 'tfi .• 125 5 1323 

■ 1.-11. Pen; r d t - . 1=07 0 217.41 

ECi .in; rei. -.l-.l .. 1180 8 190 9) 

I+..|.r<"» ! .Fd’. . (232 8 2*5 7 

*;*|| PCI*- Id 94 7 997] 

Uci"» Pvoi I d > (101 8 107 =| 

*Pr». ■■* "ti Uclnher 34. 
f is eel l< Uc..liin:.‘ 

Schroder Life Croup* 
Knicrpri-** Hou.-e. Portan».<uili 
>hJ:*Fl .. i 2396 [ 


i OH9 » 
. r*M31 50 
.. bu»40 
13 20 

WSQV 


33BM-1 * 
51 a -OX 
3311 -03 
22 N -0 li 
330 
•535, 


Tends... 38* , 

-High Inc...™ „ 76* 

stssne. .. 39 8 

-iiiVtaeriean_, 269 

■feWonal Z 523.7 . 

'POtyShareB .. 143 


tus Change | 

iTjCnert? -4 


h 324>- OK. B* U w tFd. AOt+ 

[ 4.76 K-BFd.lDV.TiBU.. 

3.19 K.B.FdJn.THtAce 
3 98 KRSralrCo'fiFdlnc- 
JtX7 KELS m Ctu KtLAgf. 
i41 H^WAPd-lne;. 

«87 High Vld. Fid- AM... *23 AME\Hc«lW?n.Fd. illOi 

L £ C viut Trunt-Haaifimegt Lti9 Flexiirtan^ iTl *.{983* 

5 if n * Swe ^ Echance. EC2N IBP. OX-588 2000 .%mevAvm4Uikhmi 

JH LfcCInc.Fd. — 11413 . 1*5.71 .,....( BM American .. . .1721 

LftC Inti fcGenFd. [96.4 •' 1014—4 2-86 Income »33 

S?1 - - . . IM. Growth. .{848 

| JJ Lawson Seea, Ltd* CaKcX 

X** wt ihi*H'ici i ntirfm Ey-iD ins- ni +wiMi 17 > • *«•_ 


2*.g — i of amiss MMiiFra....i«wa 
-53jL_^J , 604 .WEV Fixed Ini . 910 
"«a ■AMKVPton.Td., 499 2 
567-^4 Ml .ftMEVMcdPeaFitimS 
■ . ■- „ AMES' Med IW.* 110 6 


115 Z, — « Si — 
95 9 -0 3* - 

IM-i ~ 

--1 = 

88;::: I z 

89.ll 1 — 


■ <■!> Tv.nd"- .. 1137 L 

Inl'-rnainl Bond** '9=7 
J-O-r. IM Rd V - =»> 9 
Mi.ni.vd B- i.**r _. .HD* 
I Pl■n•1•••1'• , .. [2J9 9 


General Ponfolio Life las. C. LtdV r-mpuiy hd- J m* 1 

AriBKHiotroncwri '.V.iitham Cross. W\ai<«7l Re v cr. Fd Rd.; 1672 
PcrtloJ.nKund . I 148 3 .... - -n *M» fl 


r*/naviin rana . • 

reninlii> Managed ]** 4 
Plclio. Fid. In:. — 


206 37. Uneen'SEL.lxwdan EC4R 2BV. 01-2385281 


'e British life Office Ltdf W 
lim^eHaeL.'TunljtldceWells.Ki. QB9222ZT1 
|2.M+0.4| 5M 

*PKce» Nov, ft Meat dealhig Nov. J5. 
ewn Shipley * Cow Ltd? 


(Raw. Matariah^a 
lw\ccnm.Uuittc~*.. 
"Growth Fund 


For Arrow Life Itsnrantr trt* 
|98| Prevideace Capitoi Lile Assurance 

1^4 1 Barclays Life Aasor. Co. Ltd 


ftr *fAcoim. U alttt^r . 

■S- 4Arae j^anFd.'J^ K 1 22.^ ™".J SS5 =S2Rom|q»d Rd.,E.7. 

u ilA«iunUnJiai.™E9 ZJ-6j_. ,| 030 Barclay booth.* [1244 

-SeaL JUlou. “Tacit ttWed. {Thun 8guay— . 

Legal * General Tyndall Fund? 

1 e. CaurnKc Road, Bristol. 0292822*1 

BiK-Oct.il U32 «fcfl | 4.68 


Gresham Life Ass. !>oe. Ltd. it-mp?-* 

2 Prince of Wales* Hu R'nmoih. OtSC 7F76B5 r<, ‘ 

•i.l*.r<i*h Fund . [986 103 81.. • — 

gsii mi- i - S?^ x .!*Vr«- 

.:Limi l vi"rf ..icH jS 3:”| = : ' on ’ 

i"*J. P|iy. Fond.. . ,100 2 10S3| ... i ~ 5“^.. 


— Merchant Jnvesior* Ashuraut-ey 

lrf?**n IL-. V.V. HiBhSi . Crouton. 01 *m 
Pn. peril ... 159 7 . ' 

V- .peri; re. i- .. 1694 ... 

,eBS EqriJo 58 0 . ! 

“ F-n'iilyto.-r.. .. 1670 


__ B'MVnUpB 1241 130J ... - 

„ PS Pen Ace B 1363 1433 - 

-2 4 ._ -.1.111.1 Pen >:ani H 2074 2184.... - 

Mi.rfd Fen A. * R 249 6 262 B . . - 

-*l« — I I'll Pen Hip. K 953 1D0.4 . — 

-* 5 .. F Ini Pun \«r B <»7 1 1023 .. — 

•.I*....-* l-c-n * s*n.H. 97 1 10=3 . . — 

„ Mi.m-r Pen \ec K 99 4 1842 .... - 

_ IT"|. IVn i‘.*p *t 107 0 1127 — 

"Mi ivn 1*' ll 1068 114.61.. I - 

Scottish Widows’ Group 
- Pi • 1 ’h.s mtl EdinbunbEHIflCHf (01-6559 
3. In* Fl; Sene-. I .10*3 10431. .. _ 

»..eu Pi:- w. 2 98 4 103* — 

v 1n < 1‘arhNm .1 . 99 8 105 J — 

01IW4171 Ktl'l V-cl-rt 31.. 138 2 144 it . — 

Ex a luc <3ci 31.. 1346 loo.a . _ 

; . . >1.u Pen \T..l . .2663 2663 — 


__ iiirouno . . BuaiiT nisi l 2 68 

J69.fi !. . — Clive Inverslmenls (Jersey i Ltd. 

(Sg. • — l*i> Bor.rju.rt Ih.livr. l..rw* »W.iiWl 

717 5! _ : IlicCiUFd id. 193 2 9 53.J • 11 Ifi 

190 9) -0 4 _ *.'h .C 1 lilt Kr» |J- y . 19 48 9 49»d 1 11 59* 

2^2 — Comhill Ins. iGnrrnscyl Ltd. 

107 Til’ l ,, i B«*< IT; m Petr-r Ivn ‘.nern-* , v 

Inlnl Mini h.l (1710 I860! ! ■-■ 

I ms UfuischP Go. I-'. WcrlpapiPrsp 
s-miH-hurcvei: 113 fr.nUiirt 
07061*77X1 liwc** IPM41M *3 lHt-0 40| — 

— Ilella Group 

t**> Hi" ;ou= *»b.vui. iiii^ni'.- 

... _ Ik-IIjIiii No* 1» flLMU 16U+0.iJ! — 

— Deutscher Investmenl-Trusl 

_ PnMi.irh 20B5 bK-invgiiw 0- I'.ini'i KmiirJint 

— . |t*'.l=9 50 21 8fl[ | - 

.. — Im llviiienl'-intl* ll^lMJO 7D54| • • - 

“ Dreyfus Inlcrrontinentai Inv. Kd. 

— P‘1 Bi*. N3712. ;.:«-s:iu Urfh.inu* 

— MV>. 7 JSl'*U ii IbW-J.V 1 

Z Kioson fc Dudley Tst. MgUrsy.l. id. 
.... — l**> BusTTI.Sl lleii’.-r lersej n.V.J.-.rfJ; 

- KOI* T [1212 1=92! 1 300 

The English Association 

4 I WPSIrwl TXi fll.70H7Mi| 

It-fflssmo F„y Vs* alerlir.c-:tJ0 5B 50 591 > . 


Ftii-limond Life \^x. f^ri. 

i .t« '•h»IVr.+i >!■!■ l'I.i 5 • • -l .«r»^-.'*j« 

ltd xee ■' Tin* *>l -rT-u*i mi m ni ; ni . 

-Vj lli.lin.Mn.lu. | ft.| 116 9 12J0[ ; - 

LlCL | in I'l.-ii.nnni H>l 161 7 1702 1 

Is* lur.niMii.IP.rf 9=4 10C1 I 

l*i> En. I iii.um»bd 165 9 174 M .1154 

f|.248M«W 

-ntw *81 BntliscKild \ss**l Nanacrrtrnl iC.1.1 

J5l f ?5 f • ■ flv . '■'! ""I .'nll-n-. > 'I .juorvi>ir i*»i:1 JICTT: I 
: S-Ja ... |qrr ...I :n 1514 | = Bfl 

-9 Iffl X-7 ,,, I,,.. i-.| , (223 7 IbS 5-c* . 716 

I JW , ‘.I Iml I *1 1 1+1 =3 170 135 

I H.-.4HJ. n.1.1 "I |iai5 14B?., *• .140 

l.td r.inuM-Hliii- 1444 15J6[ ; 4=0 

.i-.u •■7-ifit *i 1 Irfr i -im.il i i 15=5 54 IP 51. r, Xu 

, ’1.' -lYiii- >•». ii-1 •. .il.—c *-••• 11 

I *•*'■ 7 *.•: >. -i.Mlim- *•'*>• 71. 


Rnlhsciiild Asset Mnpt. iBrrmnriai 
I'll Krt- *+fl I - * Ilc.-mu.l'i KM r>D"44 
lii.-M-r..- '.••**•: t.lj''. I!” '.5.“=: 

I'nre .-r >..t .«[ -.. I • J - -. ■ 1 1 r. i. *.-.. 7. 

Royal Tnitt nil l-*S Vet. Lid. 


»•'. R<.- iw r 

RTInlll.1 

fil In I - I . . 
l-Ti-ir- :*i *1 


7-4 M -.- . r.- 

137 * 9 23 ■’E=< 

iSl 0 S7 0^ 

; *.r si if Pi-.i: 


Save fc l*rnsper (niernaiional 

l>. ..hr. r. 

'7h:..rf.l:*l ;i'.|..-r Ice- mV 


Fi.V Vs- olerlir.r* jtSO 58 50 591 > . 

Wflnkiiic '.ni F.|.-|l1L5B 32 05- I 

•Nf*ldl-jllli4 13 ••NeifdVdiirc *.-. U 

Eurobond Holdings N.V. 

Hiindrlxkadc =-» WillenjjiX. *'ui- 

Irfmtkm V(iTil*: Intel. IS nirlsloph'r *1 t*X 


fil.-dHTMl b , ; 

J ■ ' Iin" - 

. ;'A.y 1 


' T K:> wl >1 [toli.-r Ice- 'iVl 

' -. ii*.jlrftsilen..tfiin4i*sl l-.in.l* 

:-ir 1 -.1 ll.: ■■: wii 563- 

I ill* rn.-.i Ilr ■! ]7 79 B41 1 I 

i-.ir. 1 ’,. I ■' (53 71 58 0“' 

‘..■ni iipth i. 3 7J 4 **1- 

Nei.-..: ill 01 ’6 43| -(.5*,. 

."•irrlinp-deninnineierf I >m«l' 

* ;.|.n..:» ;=2«.l ?•=! - .. 

•‘n.i.iiii-l I- l.imi-* ll*5p. 154%; 

■ ■»nii* ■! •■■; I1J8-S ’U S. 

;iooi 101c 

V. : .‘c.f*! 1106 7 1 J= 8ni - r. » , 


“ ^»a r f-'fp Assurance Limited Tri - vt £Tv «?'. imro Nw'Ijv - =*• 

ID- 1= Ely Plate Loitdun EC.I NUTT Oi S422B03 ... , lrf . j. 

'-nlnr llhiui-ml X 1126.1 119 M -AVI _ r. fc t. Tngmt. Ltd. InV. Adi l-^rs 


Growth fc Sec. Life Ass. Soc. Lld* Mwi:*.*.-j 


, Ftmaden Cl, EC2 . 
tt Wov.7__ .12X5.B 
,)Nov.7^__fmj 

^.1. 


01-800 8830 
— .J .40 




01534 SM4 S« r f OT, ; ThJ ?^« erk ^‘ 0G2 f- 3J2W l M n-J^U. ' j 

. JTwjWeFlnaacc £1306 j - I — l".« 

Laadba=ic Socs. . I 5411 I . — Jmi. Vnnajr-H 

*1 E -. 

Sji “ Gua^ Royal Exchange m.kom rtST'^SIn,, s'. 

_ Royal Lxchsnjie.Ei. 3 nj.2®7l07 *,e|c(t> • IB4S 

1 •— Vrop*2t*- Lc-n-is. pB98 1977* | — Nrtex Eq ' .‘.ni Jll36 

] “ Hambro Life Assurance Limited * ' v c SI 

V: — T*.*ld Park Iaiml London. Wl 0l-4BSnnSI %cl»*.i7*h ii . ap_ 51 2 

...J — Fne'Ilnl Dvr- • i!275 1343) +0L .- Nde iaM--\-.c 531 

•I — Equ!*y. !l79 0 10BJK -D.4I — ?.tl Hv» K*« ■ * o. . k9 4 

10. Property. .. . 1170 4 179«+0 3 — .VIMmI w ‘.l .150 8 

VanaceriCao .‘142 3 149 8^0 5 _ '•** ■ .-u!- .-Un- ; 


urfi-orfrf+i 5^-— -- 

[ 4.68 

<■« SSSfe:.. 


122® —0.3! 
13*5 +0 «; 


90.01 +0.1 
13* Jf +0.2 


.vfimq Surrey 


s.p Leonine AdnrinlM ration Ltd • R^ J ^ri cni -' ct - 
H}'*). DuS« St. London W1M6IP. 01-485 5801 Money ftakAnT' 

t mm* in" maw. nil sag Do. Initial, 


Leo Dial 

Leo Ac cum. w _ 


:B Wi\ 


•Current unite value No-. . I0. 


Sia“r±I± tlh ' . SI r..;i Bk - Vmt Tst Mngrs. Ltd* (a) . _ _ Y . H M .i 

*xn»ance _^.., 95 6. 590 b 1 -Id.il *J7 Hefiwtrw'* Hepi, fieri ng-hy-Sea. . rtoaire Hfe Aimir. Co. UdV o> 

catrexr , — ■ ;-■ ' V * ■ ■ • 22B -6.12 Wcuthrzuf. West Sussex. 01-8231288 il- Lombard Si, EC3. 01-6=3 1783 GiltErfced 

- ^9*.Oct.to__iE2 : - M.« : . | 457 ' Balanced ,_._(49J * 53.0d -OJj 4 8* BIX. Horae Nov. L-| 132 D8 - 1 [ - 

Judft LifetCnKTsL Xngrs. Lld* W^dX-id^iiwtbl SlJ 55J ^03 225 r ajB .. F^^roe*' 

High St-PottaaBar, Hm*. P BwSJlffl X» fAecimiJ_ M.6 696-0 2 225 Gauate Life Assurance Co. 1"? 

vpeelM«>4rfl.UJS . M5J ^411 ■ AGS ' feMfgsjn f?f a In - 6^ 25J! l * h 91 1 PoU * T *’ ■**■* Hon * PBar 51L22 pS M?i . 

toLAcpun^SS. .4*11^1.463 S.» 8 -0 - 7W BepOttgrtoi-.l-l 4L1 I. ■ - P- .Mj,. 


Guardian Royal Exchange 

Royal Exchange. E i.'li Oi.2®7107 

Frop*rfTTi Lcwh:. pB98 1977! | — 

Hambro Life Assurance Limited w 

T »,.|d Park lain* London. Wl a I-4B8 nrci 


-olnr Manned S .. 126.1 13281-0.3 

— ■roUixPnipertjS. 114* 120 51 .. 

-- solhr Equity v. . 1626 17x3-0 = 

S./l:irFxd fm S 115.2 1213-0.5 

— S.l.n. - J*lill. . 1023 IM 71 . . 

— N11 tor lull S .060 91*1-04 

— Solar. Mans roiCP 125 6 132 -0 ) 

N.il..r PrutenyP 114.1 120.2] 

— SaI.it Equity P . 162 0 17aa|-0 2 

S. .[hr Fid InL V 114 7 120 fi -0.6 

Sxrf.ir 1 "nrfh P . 101 9 1083^ 

ran -*:• -I.ir I nil P. . . (859 91 JJ -0.4 


. jSSESsfe-jrfcu: . -^gg ..ms i 7* — — « ■ - 

PM <J»mes» Mngt lfcd* • i’S? 8 , ^ S?*' Ti Catai9a Assurance Ud* pEMsaS. - : 

-QU Broad SLECZM1BQ 01-5586010 pdW WWW BL AylegUiny , L CUynurfc W^Weniblei HAflPNB 01-50=8676 Tea HAF *.*ap 

dM.. : W 5| I 565 Olpuiy Accum. V.^.imi 167JJ I 4.01 Eqnilpllnll* . ,„rf JP.71B ■ - J-DOll — Pen P-Ur .Vr 

■ Wl M *■« CWHP* tyKcHai « J-OBl) " *««* or «■! 

V. r . _•• . Throo ljBflys, Towr Hfll. EC3R 6BIJ. 016W 4588 Prop BoodrExer - .. (£13.75 US . ; — !.>!* Ta'-L^focKT 

riloi UnUKd Kgrs-Lld.* tajfc) -. Sec also Stock Exchange Dcahtyfi.. toiuiw^rmi* xa<9 _ h— m 


Fivedlnt DVT- [127 5 13*3) +0L •- 

Equ;"-. (179 0 iaai-D.4 _ 

Property. .. .1170 4 179«!+0j — 

Vanaced Cap ...1*2 3 149BMJS — 

Managed A.-: . 1765 1855 -0.7 — 

Oierwas... ..1211 127 5 -0 4 — 

GiltErfced . . 1=6 0 1327 +0] _ 

Amcnvan .V-i_ . . 88 3 430 +D t — 

tvi y.i.riepcap.. i=9a i367f — 

Pea-F I Dep Arc . |l53 3 161 4j . .. — 

Fn-i Prop Cap.. _ i2115 222.7 — 

Pen Prop *.w [ 775 7 =90 3 .... 

Pen Man i>p . 211 6 =22.fi — 

P~-i .Man •.!•.* 275 7 =90J .. . — 

Pea.kjih Erie. Clip . 1=18 1283 . — 

Pen t:i:;Erf7.Aic 1=9 £ 1367 . . — 

Pen. B-n. Cap _ _ _ 126 9 1335 . . — 

Pen ES ACC. . >1463 153.B . _ 

Pea n.AF Cap 1C4 I .. J — 

Pen D.V.F .Vr ! 104 9 . .] — 

Hearts of Oak Benefit Society 



IB4 5 

88 9 . 

_ 

Ill 

113 6 

119 7 . 



;p 

618 

650 


V-.i 

66 8 

70 3 

_ _ 

op- 

51 2 

S3 8 . 



V-.C 

531 

55 fi 


■P-. 

[49 4 

51* .. 

. _ 

*.' 

■SO 8 

534 

— 


l z. Uureiue rinmuuiy Hill, Rl 41*. - ■( » 1 ,r 

ulrfEEi *> 

Cent Fd. Nor. l ! J> *5.5= i m-fciwlri 

Fidelity Mgmt. fc Res. (Bda.) Ltd .r. c 

Pit Ko< tmi Hanutum. Bermutl.. /*. ' „ 

hntclilyAin Vss. . 31S2246 I fflliiv” 

Fidelity | nl Fund 5L's2137 ] . 'r^n 

F'nleliii Pjir r rf SUS56.B6 : - r!V IVi .i^ 

t irfclilj Wrlrt K.I- 5LS13.95 ' -O-Vl iiuMluN 

Fidelity Mgmt. Research (Jeneyt Ltd. ; Mur.-cp'i 


Schiestns;er frUernatronal Mnas Lld. 
•ii I... vj.4i.---r m 1 .*•- iir.-i . ,x. ;t i-'- : : ~:.\o 

"Ml. !7= 7f> . [ 9 1= 

-0 85 r. 9C. - •> 0=i 5 01 

•■■ll =1 2=5 -C; 12 7= 

■ Hi i>! J./r n i9? 94l • .1 7! 

fiitnlF.il .mi.r; V TO FT 

■I ..rill. ■> i-*lni I 113= IDS! ; =73 

•*-C .1 -III. .In ■.li.fT. 1 "’- a 

Srhrodpr l.ife Group 

■..ili.rornc l|-.u c. |\ii+.ne>-jlh -T’-irTTna 

intrmatjoiol I unrf* 

fUqmii [I’M.: ::=r-, . 

srq-ttti MJ0 15JP. . _ 

■ ! i.<**lliitcri“i 1?76 *.4t,: - 

il'iii-l lut»T*«' l|05 6 11= x: , - 


“ NPi Tensions Management Lld rModlniiws f d t»o 
4S. . .r aro.-i.-r . r. EIMP3H H 01 *3 415.0 , nlomui . an> I M . 94 7 


.Run Alliance Fuud Mangml. Ltd ir<d W | M ;Ha».im«i..fir.fMier .'« + 

Sun M hence llcatQ Hnrshiim. U903&H-I1 0KU CTfiTii 

F.kpKdlnt Ncx.a ia*9 2 159 H . I - - Sene. A* Inlnl • ... [0.59 I 

1W-Bn.::m.7 1 02.08 I . i - SwvwE.Parifin ...jt95* 

Sun Alliance United Life Ins. Ltd ^ A ” ’ __ U435 _ 1 ., ‘ 

Sun Mhnt..- viiuuwx Hoixham momui f ,rsl vlkjnB Commodlly TruHy 
Eq.«:i" Fund. 1124.8 13141+0 31 -- *L51 V£g!Ty * ? a™ 


•Infnl • ... U3J 
.Hanfiri ...ft9i 
•AmAss . |U* 


Uaria^ol F*in-I 
I rii*' - 


|1553 1H.W . 

1 Next dealing Do. 


Isrpowr Fund 
Manaced Fund 


111.6 +04 
1223 . 

99 7 +05 
1031 +01 
114 7 +0 3 


— New Zealand Ins. Co. fl-.K.) Ltd.* Sun Life of Canada ll .K .1 Ltd 


fl M brarer'i M- LF-ug ln«. I o M 

iifl24 4«= lain- Agts. Tninhar fc i... I i'* 

M. Pall Hall. LundenSWITUllI ni .fr A 7n 
Pat. Vtk. i.'ni T*t 07 5 39 51 — .- •: : ■= 

Pift VltDhlOpTn. [640 67 0) I 45 

Fleming Japan Fund S.A. 
in nic Soirp- Dame, |/i«emiui.ir= 


.1 Henry Schroder Wasg fc r n ltd. 

=>• • iif.»7» irf.-. r. * - * t-'C-r.-i ■•! 

• UA.H.S-...1 *; ■ 51-1 1 JF , =55 

Tritt.il MflU vi IWNI37 08- 

■ -I..H f.i if i *\ it ^=jj =j =3i 

Tur'ind I <l S»n i ' ! 93 i 0=: 5 5U 

J-.J-JH F rf ;•(•* = Ili.iH ‘It 1 . f «= 


'luul..nrf T-l.-ii x+'UlhAadSBI SIS n7n=KS>ij a. l 4 >:•» VrpurSI flWli'.'BIl 


Klin 1>* lr. ria- 1158 5 
Knvrfl ■ »■ 3 .-‘.I 93 7 

*Tci-Iit... , a-;. l'.J 105 4 

r..rrnir.f t • 92 o 

EMriiiil- Til- - F«t. 95 0 
Aurenr.n ‘ 89 9 

y I d . . 1112 

GillE.Jrf.-rfl - M»4 

fun Dei -*'•.■ ‘ . |9B2 


163 *} . I — 
98.fi 
110^ . 

968) +0 3 - 
IM 0 +0 1 - 
94 6; +0 6 -• 

117 lj -2 0 -- 

nod +o.: - 

103 41 


•> I Ktl) ! >400 J Fleming Nu>. I 


'-topic I S <J rlh 199 4 1-1 9) . 

’Idi'/e I S. M.incd. . 133 6 ! | 

Maple USqlv. . 1279 

Perrnl. Pn l-.J. 204 1 J-=5j - 

Target IJfe Assurance Co. Ltd 
Tarcel House. Uatchoubr Rd V:-lc*bury 


-i9i - Free World Fnnd Ud 

" HuiteulicM Bldg . IlnmllioTi. Bctni.* 
-=5j - '"AVCrt 31 I St ; 519&05 ] 


:*jj Sentry Assurance l.-ili-malional Ltd 

4 50 |. l; v% -i+S ll.inirl:-.:, I;. :;niui. 

M.i»4 H +rf i-iinrf im -** j?s : r:-i; 

Sincer fc Friedtandcr idn. l^enis 

=rf ' ifinonM I'' t .rf 

r** 1 i-ionrf* |i*--ia6;- ;7 -j- -•*:+■: 

T-ynT-i .1.1 ...i |il. 4=*;= i ] 4* 


U.T. Management Ud 

Park Use 16 Finslnify * iri-us. L-. ii- i<ir. l.i 


■ %.m Honac, Hewcastlc-opon-Tyrie 21 M3 American „ igJ 

KMdM- - n£S[:rj lif SsMfer.r:S- 

Official invest. Fd* S5S5S22* He 

i*fc»W»U.EC2.f n>a, •_ 01-5881815 Dividend Uft3 

unwOct rr.l— -(137 J8 ' •— J .1 6.83 fAccumUniui — -226 2 

inn T7, |Z72*7 . ■ _ 1 .. ..J _ European 49.4 

. -HmS Oa* available Re«. Charities. lAccum. UnlUU^. 503 

4 ChwkjA«aae JapfaeC see James FhtUy "SSamSSKSill rnn 
. fcjfteta TmaManagers Ltd* faKg) ^SSSSSStotZ B? 

*pwftt-EC28l412*. '.01-283283= Fund of inv. TsU- 593 

— tefltta 20.fi +02] 1.9f lAccuntUmlsl 723 

- KmnraT mia — 25.3... J.S8 - G+ n e r m l 1662 

. jjBKne—'-^rf. *U 445rij+0J 9OT i Accurl xndui — ... 2537 
TBJoannl Tst... xlZfcO 24 B -0.1 236 JTiftb Income — 105.0 

•nt.JtgBW Ttt. 2Mr . 273-02 4.48 (Accum. Units).. — 176.T 

. .WSSrthTtt*. 22.9 24.7) -01] 739 Japan-- OTj6 

p.-ti- - Mccdsl Units _-rf. 1792 

ifc&rMIsm. Funds Met. Ltd* fa) Wnum — 204.3 


4fca +0-S 

47.4 +03J 

a ii 

SL.7 -Oil 


*3.7 -0.7j 

77.« -0-fl 


£28 
2-2B 
1.43 
1.93 
5.02 
502 
404 
342 

ft 37 
815 
815 
378 
378 
ft 76 

8.76 2nd fiat Penn 'Acc. 
2 78 ZnrfAmPMWL/Aec. 
2.78 LfcEJxLF—. 

SJ6 LfcESLF.3 


-- 14 ir . . . — 

1 iiioj . , - 

u*r ;-.J - 

98 j] ... ■■■ — 

113.9) .._ ( — 

104 6 -• .1 — 

1MJ ..... — 

953 — 

81.9 — 

101.9 — • — 


♦0.8? — 


i.V IT Tai LdtKlc Pl.vf wci H 0SM (H&n’.fnfi Norwich Cnion Insurance Group** 
HeanMif OtTi |37 7 399 | — P> 1 ho k 4. '.nr - ti+Ij N R } y.N'ij. (rfin:i£2= 



Currant; value Nov. 


5 30 OuthM. Money ... . 
4 40 ^hrihac Managed. 
4 40 CTulhse. Eqnuy 

Mn^aa Bid. See. __ 

. _ Magna aunaceiL— 


SeaKr.SU. 

•iH«b.Dui.__4S9 


Croydon CB02J A. 
West 


•Ift.Ranre T*tf2SA ' . 27JB— Oi) 4.48 (Accum. Units). . — 1767 1B82 -0 5 «“ t-omtton House; C* 

,tWS^hTtt*.K22-» ‘ 24.7] —01] 7J9 - Span ——. . OTj 6 M9J -I I trg S ey,m «S^ rd -i.-+ 

W*'vi -- - Mccnst.Uiilt5i-.-rf. 179LZ 190ft +1.1 *-» PacemakerlDcJFd. 

7kmaii<m Funds MgL, Ltd* fa) »4.3 - 219J -1.1 J* 

ES ? KE : 4fel ,. "fg a 1 -”?::, ml I® : 2 7.157 Charteriwuse J 

yniFttnd-- [41.9 •• ..46.2] - - -A U® . lAccum. DrutiJ. — - 302.S 3 27 5 -2.B JOT Hw 

ftnpoUt*a; Fund Mutters. . »2 95 s n 1 «m 

ootatreei. London SWIX «EJ. 01-235 852ft Second C^n.- + VL8 1».4 -0.6 5 30 Lhrtto* Energ. . .. 

■SSS^r*®- • *2$ :.:i i IM -1flS»4K=: Si K -i] jg 

1 (Acmm-Uniuirf.- 28ft7 22b 4] -0^1 *40 Ciuihjt 

rfgmount Unit Tefc Signs. Lld. ; Kp+clnUsrd Fnndi m SSS5S*^L.-- 

Poster Lane, ECZVflHiL . m^WCMSTtmlce IM3.5 ltUd -0 J) 6-g 

•itncDtne 1*5.8 '49.9. ..J. 9J0 fAewm I’eibu'. ._ 28L1 30U--0 2 *® , . 

* American— St. b 44.9 +0M - £? 3 25?^ N, 2' 7 -' HS F, l$y ^ Westmi 

«- -J .«• SSSSiairfr- iSl 1 1K3 

jsfeehi Lnlt Tot. Mgrs. Lld <a)(g) Peus.Ea.Nov.8-_. U76 14513 S * 3 

jftHnC res, Edinburgh 3. (G1 -228 4831 ManoUfe Msu^ wnwit Ltd 

(§6 I 200 StCoorW* Way.Swvwtnge., 4H3838101 

DUi. :: 0 9 «La.;d iS- Growth Units.__rf.iS33 563) ... . I 431 

alS^—te * m :d IS M»yflw«r Management Co. Ltd. 

•a— r«» r™> o-B-ir °‘T|i 

taafWrfSt.,EC2M7AL. 01-838 4*85'C«jj«ral No»vTrf;.._te3 23—] IS Pew.MonS'A?r 

«JO«.27___.ft7ft7 190 71 -.; 4 5.05 Intent 1 . JUw.9_._.R3 6 45.^ ...._) ■>» Pens. EquuyCfl-. 

RTAKlneheker Fond Mngt Ltd' MereurrHiuMl Managers Ltd TRa*SS«!Sftv 

imnylaCS ' Q1-OM2IB7 30.Croshwn.SL EC2P2EB- 01«0j»p PeriomUidis..... 

®*W 6 ». ,P -"■! if 

•sssijv^Si- . tmi oi ts *** ■- 1 

VnK Tntrt^SsmSS! Ltd.* ia) Coaswrclal .Vn 
is.- *" CaiitWDod House, Silver StrceL ^tRefen's-LUnaBi 


Hill Samuel Life Assur. Ltd* Mnnajjed I- 1-: d 
M.A Twr . AddiMomhe Rd., croi-. 01-8864353 
♦Pro per;- V'n , l+. jl«.J 17041 — FixSlini : -jn.l 

Proper^. Scnerf.* (1056 31 12/ — T>erw+.i| Fur ! 

>JwwJS«w . l&J wl - - Nn?Lfl,iV.c-. I 

YanacerfSenes A. !9*6 996|-0b — . 

Managed Senet '=..191 2 96 0] -fl u _ Phoenix A - *' 

2lo.ic;- l'nils- . 122 9 2294* . _- jj Kl _ - 

Money Kcriex.V_^9= 104 fi _ ££' J ” " ' 

Fixer In'.Scr V. .92.8 97 7^+01 _ Jfi'V'Y 

Equity Sene \ 90 1 94.« -1_2 _ ».[ ' ** 

Pv.Hanacerf Cap. 11411 148 fl ... _ _ Etor.PhEqi 

Pip-. M anaeed Ac* - 1J09 1580... _ Prau. Fmiiti 

Pns.Gieel.hjp 1372 1124... __ 

Pnx GTeed. Acc. _ 114 7 1=0 7| _ 1 19.'. rawf*ir.i -- 

P«ii. Equity Cap. iao X 105.41... H Silk Pmp Krf 

Pens. Equity A.*e .. 3019 107 3| — lm. Equity 6' i 

ParJ’xrflntCap. - 95 4 10051 — Flex Mo+.e? r 

Pns.Fxd.lnt.Vi.-c B71 70221... — 

Petw Prop. Cap.... '9b T lfllS .... _ Properly tin 

Pens Prop. Acc ...iSB* 1036] _ .. Leon Heurti. 


Is C^.^Aasuxance* RS ?S£!iS-;. 3 S W ““l = 

IS SSBaSPS^SST". I^rial Life Ass. Co. of Canada 

* 7? Pacemakerlnt Jd. .{ 202.96 ] 4 — Imper.aJ llwiye.Uuildford. 71 


Mana;«ll-i-: rf (214 2 225 4 -0 7 . 

Equil-Kiin' IJ43 7 3612 -10 

’ Pn^jcny I-' »i-l 1X34 fl 141 0 +01 — 

Fixnlin ;-jn.l 151 = 3591 -08 

Hepe.it F ur ! .107 9 123.5 . ' — 

Nor L nit V>c‘. 15 i 230 6 ) — 

Phoenix Asmi ranee Co. Ud 

4-3. Jwjprf Will .iin.yL. El.-fP-lHR OUC6m7i 

Weahh A.-.x 111 03 1164] . .1 -- 

Eh'r fb I 802 J . I -- 

Eb r.PhEq l 79 7 83 9|. J _ 

Prop. Equity fc Life .-\ss. Co.¥ 

1 19. '.'raxriVir-i Mtwl, W1 USAS. ill 48608c.' 

HSilkPmpKrf { 136 6 I+D7| -. 

lx». Equltj c-'i ] 722 -] 3| . . 

Flex Mo-ie? r .) 149 6 J | _ 

Property Growl b Assur. Co. Lid* 
Leon HeuaA. .'rvydon. CRB 11.U Ul-SfOOUtt 


’■*'■■* [ — Jlut-Li. 

' Man Fund ill-.-. .. 95.0 

Iroup* j;« n Fit wf ,4ft. . 1375 

, Lr „, _ Prop Fd in* U2.9 

ffifKI 22341 Pr,,, Frf. Arc ; 

0 7 - Prop r.l Inv 111 0 

■1 D Kix„1 i,. | Frf In • 100 2 

-0 1 -- tier* I'd Inr _ 97.0 

■08 •• • ftri Ht.in Xr FVn 69.5 

— Ret fliinCop Pen 575 

I — Mai* Pen. Fd. Ac-.. 1=3 5 

'■Ian Pen l-'dtap . 112-0 
•jin Hen Fd-Vci- . 1320 


A> le+lrn'o- i'/=0b'>94 1 1 7 V ' j )l ® 1 BUI TLX 36CIW 


Sironchnld Manaccmen: Li mi: or! 

l-.l K..- .14 M Hx-Ji. r Jer. Ti 
. ..Rinvali'y Tm-: |9J 40 100 41 


95.0 100 0 -10 

1375 123.7 -1.2 

112.9 118.1 . 

244 0 
1U0 

100 2 205 5 -05 

97.0 102.1 +a 2 

«W.5 75 5 -0 1 

575 62.4 -0 1 

1=3 5 130 0 -O fc 

11Z0 117.9 —0.7 

132.0 13ft 9 . .. 

1=3 0 329 5 

155* im . . . 

354 5 362.6 

96 7 1 0 1 8 . 

96.0 103-1 

96.5 301 6 

96.0 101 0 


1-nndon Xcenl* lt*r 


Anrhor i till Ei Ice . L938 9*3!-; X= 11 »T 

Anchor InL F«l SI ^5 00 SJfi-t-.Y : *5 

Anrhorln. Jxx.Txl 30 8 329 1 ‘ 7 9* 

rfenyPncFct 51*55708 ■ ICb. 0 t* 

Berry Pac SUI rf - .327 0 342lfi-rrr; fl 37 


■ Slri*-. KrftBAs ' 90=: 

iicFd I WWM ! 
U'prneFJ rtTSLOj UT' 


Mil Hen Kd-Va- .1310 1349... - I.vTl^'arFrt M tfcJS - 

OI -«M 0976 • ; i It Pen FrJ Cap. . - 123 o 129 5 — ' ' I J • ► rf tft 65. 9 0=. 

i Prop Pen «-rf.V-. 155 4 1636 .. . — 'j^PHeilirFd L J&J5 17 ” J - ' •" 

* *| PropIVn I'rltan.— 33* 5 362.6 — T. Philippine Fd lirHlA UP- 

J __ ijunrHcn H-3 v-i-. . 96 7 ioi 8 . — Gartmore Invest. Ltd Ldn. Asis. 

0.* fl A Pen Frf Ae. 96.5 301 6 — +.M. \*o. tendon. &3 -1 _£*. 

,11 4flsna.iT T* A Pei, K.f.Cap . 96.0 101 0 - « , »riinorr Fund Muxl. ft.l.l Ltd. la-to _ 

IM wiiwi * 41 Bronrf M. St Holier Jcrrfci -•- 

Transinternationai Lite Ins. Lo. Ud 'iiUKunib.ierseii llooa _ ; 

S HrcamF.Irftrf EUl!.". - 01 405fi 197 I'.ari marc- Fond IHnKL d ar fjxi. tjit .u.if 

VTuliplniCKI Fd . ]14= 7 ISflJI I — ■*" I , Ji lr, . n -'2'*. flarctiur. ':■! 'I •; 

VTntip M.incrf Frf 1131 11901. I — llh-li l T-t. UIIM1S 44»; 


; Tp Sirrinvrsl ijrrwyi Ltd. in 

11*7 W'i-.“.n • II -■ linn ITil .--I I1el|rr I -. 
•■n.-.-ii.in l-i.l T*( [t70= 7 17 

•* . -pi.-i-iri i [rii7n i=3s; 

0 13 111'.'-' T ( .till 87 ii iC' 

TS3 Uni! Tru*-t ^inaCcr* >f 

h.,rf .-...-lie P..I x|s.i-i..Li ioi- — 

5 =0 .'er i ur-1 j«7 7 50 2[ 

!tt i.ji-rivi'j 1'ini! (477 5(1 =; 

Pnix». .«■ !• .'•**•! -J- 


Imper.aJ llouje, Guildford. 713 

firi rd Noe Z [743 80JM _l — 

PCTS.fd..%cn.3 _ (67ft 73 7[ -j — 

Vpil l.inkerf Vonlolio 


7 gr Charferiwese Magna Gp.* tWoi£ “ ‘ “ 

i°d Contnr ' Bte,chtey ’ assnaw - |S5 ^ .:-•( = 

5 jil £{irll»* Energy B7J 3921.. .] — KecuroCtip Fd. .[97 7 102.8) _ I — 


97 31 ; 

4.0 36! 

4.9 36. ‘ 

1345 
151.0 


■ _ Secure (top Pd. . 97 7 102.fi _ 

! _ Equity Fund 197 3 30Z.fi. 

j “ Irish Life .Assurance Co. Ud 

j li FinsSury Square. Ef=. ft|- 

« — F1u*f-r.ipN-nt nai 7801-= 

B1 Cp.S. r UNov.8 B0* 95 a -2: 

... Uaraned Fund .1233 6 245.fi ~4 


, Prepenv Fur.i 
tTopeny H un-i ■ 
1255 Vcnrulli-ral Kun.l 

— Atfnc Fund - V 
_ Ahbei-N.it H.u.rf 

AXhCJ Nm Ft • *■ 

_ Imestmenl Fuml 

— Ini'cutincnl F.J *■ 

— Equny f'nnil 
_ EquiLy V und - \ 

Money Fund 
Money Klir«i 


ul^tnilHtfui *Miin B.in-1 '--I 1166 122 7i j — 

U,WOfi “ 3,.xn Pen FU i-:.p 119 8 1261 

Mm Hen Krl \.-i- 1279 134 fi - 

eMncrf In. K.I | nil 96 2 101fi 

— *M:icd In- Fd. Acc 97 0 102 0| . .[ - 

— Trident Life Assurance Co. LldV 

Kenxlinle House i.lolii-cxlcr fHS23tl 


(II 4058 497 r.arttDorr Fond MnRL 'tar ffltM. lrf 

1403 ilutrlnv>» Hw 10 llarcour. •: 

_ IIKtchir l T-L. BUM US 44U! 

_ Japan Frf |n.>ll*2 

N Amenc.inTfi 717310; :jr, 

_ toll Bond Fund .1SI.-S1075 

(ItfimofT Inrcximmt MneL LUL i» 

Pf.i Box 3= IVnidiV.InM. 

. . .. ■■art more inll In-- 120 9 22 2to 

I ld.V fiartirK-rvItiU. >-'rlh[6a4 7j g- 


0MB8R2A3 AcluarialFun-l 

SS:1U i w 


-0 7 -- 
-0 7 - 


H - 


^ Westminster Assur. Co. Ltd Maii^Vrf Ser.uf 9*3 


64fi -t-Orfj — 
076. fl ,. — 

127 Jj ... — 

133 5j .. I - 
soil . ._ I — 

nai:..;. - 

m o] - . I — 

tu neiv ieveriment. 
219-5 I - •• I - 


014B49 fiBt Prop Mod. Noi.l — |U9.9 
Prop Mod Gif. . . {2122 
;■ -\ — Pro Md-Crih Ser U (998 

j — King & Shaxson Lld 

■‘ I _ 53.i:«rnhiil.EtU 

+l| j - BiradFd.E.icitiri . .1181.95 


245.fi -4 7 — 
99J-1.9 _ 
llftfi ..._ — 

1992 .._. _ 

223-31 _ 

XQSjOj — 


(Tlt.aiifcil Frf • *.. 1739 -c S 

^Retire -Vni.L'H J 1BT9 . . 

«Lmiiierf \nn :i I 153 5 j | ■ 
Proa. Growl h ITp-riwiB fc Annuities Lid. 


_ Minoue.1. . 1X23 0 130 3 ... 

■ ;«d Med W 3 15fc Q — 

Propenx 1533 162 4 __ 

Equity Anwrn-an 79 3 84] — 

V K Equity Fuflii . J09& 116.1 -0 1 — 

Hied Yield. . 139 9 148= - 

_ i.illEdced 121 h 128 7 

_ Muncy 125 1 131 8 — 

Intermit tonal 981 103 9 -0 = — 

_ Fiscal. . 1271 1345 .. — 

Growth i.'ap . . 1=41 131.4 

_ Growth Art- .1291 1368 . . 

__ Pen.-. Mili-d Cap . )161 1=3 0 . 

_ Pen.-.. Mnpd. Aei- .122 4 129 6 . 

I'c/i'ilid DenCop 10*1 U0J .. 

_ Po.n.t.td Dep At-c. 109 7 116 2 . 

torn.. I-j*:- fto r . . 116.9 1238 . 

Pen.* Pl» Act 1=3 Z 1305 . 

Trill. Bond ... 364 38.4 . . 

•TrdLol Bond 968 

*<.\t»h -. al -ic fur EIW* premium. 

— Tyndall Assuraucc/PensionsV 


~ AH ft'tlier 

•"/ 9AI1 Weather 

[ ~ V,nv Frf l't» 

1 Pen»trm Frf 

i.'fHlv.P»Ti< ! '* 

01«334B gSi PeniVv 


(.lx|132J 
-|. 123.1 


saf&ESSdSPh 1 - gE'«r« 

rn Life Assurance Tn. I. Ml PropPcn- i+p si-- 


Langham Life Assurance Co. Ltd S3S£ , & SSS’.'wJ I i»! ” 

LinctarnHs. Ilolmbrnok Dr.NW4. 01-3035=1 L Blrffl! Soc.i.fl.1- fl I 123 1 |. .| — 

r-nnehare *- Plan .1670 7051 ... I — n -j t it- a - . 

uprep. Bunrf . . . ji45 2 isz Si \ ~ Providence t s{nU)t Life Ass. Co. LuL 

ttirp iSP. Man fo|770 81 fi . | _ 30 L xbmJrfu li.xid Wi+ 8FU 01-7480111. 

? TnIt AssorJ Ltd - sSSSiPdiw IS« o mol :. i = 

5*^2™, 2jnsswood. Tftdw.jnh. PemlmEquit- 


1R i.'anj ni;i- Rou.1. Hrietol 


L-W.fi fiartmorvlm]. i.'rth[6a 4 72 g- : ~~ 

04.VJ3H54I Hambro Pacific Fund Kfgmi. Ltd. 

" ill" > iKiiuuishl Centre. Hone 
_ H.xrEflMNui « RK1Z591 lip- 

.1 fliuli i'ur.rf. . [il'-lB J4 jo 67 

-oi — Hamhros Bank iGuernseyi Ltd..' 

~ Hambros Fd. Mgrs. iC.I.i L:d. 

— I* ■> Bu+HO.i.urniscy , .fi . 

■0 2 — ' I Funil .. 140 8 150 1.- .'• ’0 

. — Imr.i Bonn SI/S1O0 44 111 79 1 K 

— Im Equit;. SLK1103 1137. ' =10 

— Im Stp- V HS105 IBS' 

— Im ms> - M St > 1 13 1 ]6| 

— I "rires en N.n It " lin i lienln.rf " •• 

Z Henderson Baring Fund Mcr*. Lid. 

— OH. '.tonuihjn lluu-r, Hun, Knn. 

~ Japan Frl Nm 8 IR'-Jcin i 

— Hanlii- Frf* Oil 25 if.'SlO 07\ : 

— tomil Fd *\'i>i fi SL'SIO 645 ' 

im - *£jtcluhiip »f an> prelim .i.xr,".- 

t HiU-Samuel fc Co. iGuernscn I. id. 


Tokyo Pari fie Holdings \ 

! . a :;iin %iii|iau0-nx:ni » *« '■ ’.'..r ■ 

-..,i i-.t -• l.i.-.- •*... «; i'rf'sjn 

-7-, Tokyo Pacific Hides, i Seaboard i N.V. 

110 Im.nv Mitiidcr llh-li: ’ ' '"iii:. -•-. 

I-- ."■ i V li-.- -ll.-.Te ’-I- rt ;l .-4>".IJ. 

:k Tyndall 1 1 roup 

052 1" *1 l!«.i l=r« llamillen *.. Herm-nM =.=7fih 
".« *,... n -i IB ! =; -■• ■ 

J .. . v ir- 1 "ni:- "I '12* IP] -fl . 

-W..I i-1 I« •••( CTi :~V 
'.53 - liv ~J . -I Heller Jerx-t I’-.-. I .n'rfl.l 


~ BC'-r-fi:- 

lrf rfj: _i. I- . 

ll :!?. 

Oi ^ i •’ 


»•« -( •', i::i 

■ a ,-un: sn:.r.-«. !l3*i4 14= i>- . f- 

V n Ion ffriu-H- liniielii*. I* Jr nl 'Jan "lrf* =41 ! f. 
v..rw,i-l«*.i ll" ,13*5 141 J, 

Inilifc \ssurani"»* ifherwasi Ud 

■•«• ..ii.-. :'rf;i iirfimii-.-. '. r.-Ti-.i.' i 

->-.cr;.l -.li.rf.l I •: IS! -165 • . - 

l nion-lnic.xliiM*nl-f'.i»se[lxi-haft mb!!. 

-ti.. -*i .fTPrr ! i..-*. :u-- :i : 

*:*ii-.i:i fun>l- 11= 30 l?00i == 10 

yt-rr. r .; l <.,nrf. ( =7 75 n =fl! =7 79 

T’uiton'l- |19» =-J4cl-i... !7>» 

i nMii HI 70 <3 0C| j; 71 

fill— r. dll |fc0 15 LJ L0; —j . ‘ bO ia 


city of Westminster Awur. ioc. Ltd S3Tfl5?5 !<n; '* Ma PniiiwF.rfjr.i 

52 Tftepflj-tt. 014*84 viS u - :BS.S iS|- = Ssgsi&’c? 

440 PropwwUituo.' ‘'ISt 2 “S5i !- ?5 u l : L , .r^ :3 ‘ -iJSS H?S-22l — ftqEiij Frf K -„. 


« i - 


m.fi+0, 

122.7] +0.: 


Vnlt-Tniftt JHfinagers Ltd.* (a) 
Coaitwbod House. Silver Street Read, 


law Ui. Tr. M.V (aKbKcKD 

*hm>Hfc,HlghWjcCBdbe. 048433377 Do Arcuitt. - .— - rf[7».7 
■ft ft Law 1 Ml S7.4t -0.1| 4il 

HS’Pialay Unit Trust Mngt Ltd . 

■J?«M St lo strew. Glaigw. 0*r20413=l incfmv> 1518 

slaylmonjatl.UI 0 22 — JJJ po-Aecirm.- ,WJ 

ha Cofts i»5 26 3 *S U«*nwd8Mi..-.-, »M.6 

nUvlnrenv [34? 366 895 Do Arrum.. — — }«« 

E9roFin_^i 282 .—4 4S RigbVtdd _rf — ^-pl2 

■immZ. iiOJ 32 8 2 52 Du. Accum. — .-=(669 

Ftf.lD.Ttt .SO 30.1 - - ■ JJ9 tolly 

mL Units 132.4 34.8 6)9 Do A«eum*..- -+-.JW0 

ibkes New. ft Feat deabng aw- I s - . ,pricei «t M«. jjf.. hu 


-mr 0 .:! 


45S-fli| 


Commercial .Union Group 

^ ■— .—1 ^Rriai's.l.Untferthjrft.ECa. 01-337500 

Tel-07«iW^- \ r. A*, At Not 4 I ttaa . 1 _ 

| Do. Annuity Urn J j j _ 


S|9 Do, Annuity Uls—.j 12.g> I 

3.45 

I S C^fctofftlwu Life Insurance Co. 
4 0g 30 Chaneeiy Lane. WC3LA IHE. 012fiiC 
6.87 WftJ 177 Sf ... I - 

t*® 7 SgS«**»SFu!itt-. UhJ. . 195.3 ,} .- 

339 GO J 4— - 

tllSSSEiiSseSi S|:r. - 

il:::: r 

577 EVflyPWi.4on_*. 253 8 2568 I - 


1>e Accum _ ,|99.o lfl*5 

Equuy Initial .121 8 U7,fi ,0 

Du Accum ... . J|24g 131.fi an 

Fii+xl lniiiaJ . -_.J116JS . . 122.7] +0 
Du A.-ruci.. .. .1120 2 1=6 fi +0' 

Inti Initial |89* 9*fl-I 

i». Aceum {90.8 95 fi -L 

Muiased IniCal . 11170 ins 
fin Ai cum . ...{120 7 127 1] +0 

Property Imliul..,..flfl0.1 lflSfi . . 
lx. AlcuIJi. .,. 2932 10ft7{ 

Le$al fc Cewral ilnlt Pig&giflei.i ud. 


1=5 fi +0.4 

9*3 -u 


"^«5aau. 5S.i 

CORAL INDEX: Close. 461-4T2 SSHnST 1 ** ^ 11 


ill -U" 9 CIS* 1-1^ ..WSJ 

01.fc.C288 Do. 6rrum -. ICO 9, 

...I — Exempt Ecu. In:i. 134 0 in.ii ....[ — prov UanorcJ ’■d..;120 7 1272 | . *anorugn re»SIOTis umiiefl 

rl - m Z SpSES 5 >HS? I In J - ^^Mflddoxm.toWUtftfcA OM»4«3 

r = iS M “I = iSpa-’- g -u = fS 9 r«ocrR* fill 32 r 

LI - ExemfinW (ntr W ffiS L ' j Z ** ' M iw * " . 7 lli ’ 1 - “ PWW -IW-* 305 ff .. _ 

....J — Do. Accum ._ . .(1009 106? | — Prudential Pensions Li tniled4i Uuaranttxd see ’Ins. Base KMcv iobl». 

Legal fc General Prop. FA Mgrs. Ud uoHarnK+n w-«05db 22 Welfare Insurance Co. Ltd* 

1 !. Quern Vienna 6A.ECfc\4TP iJl-=4B987a r^rf'rni'r^r’lfl^' uS ?94fi""! ~ Win-lade Part. Ewier 03Q2-£2IS.-. 

LftOPrixFdNm*7-.i8ft7 1MJ| | - I^Fd.^. ^ "^ a»l ^ j ~ 105 7 J .1-2) 

Next sub. day Dtirf i. . . • -4 For oLfier funds. pli:n‘+- rolur toTh* London U 

Life Assur. Ca of Pnmsyirania R^wnce Mutual * ibaMr ..™. P 

nbeNwvoadSLwnSft tSum IT^TZ " wo . T 1 “- rT1 yr ' aAl * r ult Assur ‘ Cn - Ud - 

I_AO!(P!.-i:la !f7 4 10=31.. j _ »ei Pnjp R'l z ' r ’* ■ I “ Ro-fll AJbort Hrf ShCOlftt..Wiqdror ARM* 

TlmuxRk rni»-T«i -u i*j Rothschild Asset Management iiwim viw 722 74.0 • 

iVSSSi.’S; ^ .'.'v -; 5 r K i.. «r» rssaagec 88 . 1 r 

??% ■ : - 1 - ■ | : 


rv=- 

■■ Ltd. 

3 : :J = 


Depo*.u Fd li-' 
Equity Frf '.'.ii- 
Eq-JIU M V- 
Fid frl Cuu 
' Vxd. bit. .V.v. . 
Inlrl I'jj. 

Inlnl Ai-.- 
Man anet 1 1 '.I . Vi 
Mapugerf Kd .v 1 
Proper.y Frf > .-.p 

I'ni^ioMy I d *. '■ 


125 0 
r.; |U73 

(47 4 
[47 * 

444 

.444 
W7 3 
47 J 
45.3 
*5 I 
>P 45 7 
, 1. *57 
rrf* . 47 6 

.{47.6 


. KM. KM1. a. W ..yNo» » . . 

01-7400111. Eqillp NW 6.. IUJ -IB — 1*;»I , I .. , . •Ii'--..'i-: --. •Kir*-' -■— - 

_ Boiuikih.m . . 1661 -1.5] - H»U baxnuel invest. Mgnu. IninJ ^ llt --*. *« - - 3 - 

— JV-rony X.r. H 1091 *0 1 — P"IX«63 JwpC! irffl 

— i’SP^'L^'vJ 1 in HS-i +D1 ~ [l^fliannvIK i- '110= 126 6 = 39 I. aited Stales Tst. Inll. Idv. f.o. 

:: if z J; ' -- — 

JSi.Frw-CM =. ... 90 0 ...].. — ,Tt Frf t^rr -|jls793 805 -*••'• S. G. Warburg fc Cn. Ltd. 

Vanbrugh Life Amurance {."'"S ?!* ^ \ ,, 

4| -UMuddoxst.. Ldn. Wtnsi.V nirfW4RtS .iflif.|:n Equity TM..I3A2 33 3«' - 1 i-il *.«'■• a ( 71 ■lov'l I-'-..: 

.Vftniix'ed Fd — 147 5 155 3 +01 — I I? T . r - . . •' fti ‘«J < -- 1 ■ 51*7 19 

Equity ku _ _ . 232 6 344 9 - 0* _ Managers t Jersey i Lul- **.. r,- F,i-i n ‘sr-a» uit.-?: 1 ;; 

Inlnl Fund -359 1010 +0n — HO B«i\ 98 1 htinnel [tmixx-. l er xp„ Mxr. Mr * « 1=30 05 10 1?, . 

Fixed intend FA... 1665 175 S +06 — Jerwi-Exirnl Trf ilTlo lain- 

aawPr-fflj m«i = "^r- " k : J r. 

vunb^b Pen ';i one L.uri.ed ^1^*^.. . ... ; ' W ' OVS ' ' 

4M.*M.ii1di» SL.Ldn W1J18J.'\ OI-tP(i4K!3 Jsrdmr E.rfn T<( .. ( 1IK3378 S6 1^9 '-ii*:.. 1 - T*i ■ '« : 13 -j)299 13 2?' 


•Cii: 3^241 ]B LcK+hirr St, I'mpr fort 


- 3*1 l Id. lulr.l. Mnamnl. t* - t .i i.td. 


-I 1 ll lr*— :■ 

■;mk 


Provincial Life Assurance Co. Lld. 

£2=.Bl»nup'-=.ii>' E-f- 01-2478533 

Pnjv Ugnnrcl '•rf-;}2fl 7 1272 . I — 

Pns- Cmb F.I [136 7 1J2.4 . . — 

Hill Fund 31 114 7 120 8 -fl 3 — 

Pmponvrer.-1 |1013 1067 . 

Equity Fund |99.3 10*6 -LD — 

— y sd. Int. Fund - ,96 7 101.91. _ 


Manned- ... 990 104 3| — 

Rquiij 182$ 108 S -0 4 ~ 

Hixed Interest. 966 103.fi +0 a — 

IT...fwrj- . 999 105 2| .. _ 

Guaranteed gee in*. Base Haim table. 


INSURANCE BASE RATES 

. ^f p raperry Growth - — ' — — — - — 

“ J t l V'-«n brughGuarah teed 

' - tAddre** shown under Insurance and Property Bend Table 


forhfcUl Insurance Co, Ltd. 

01*8335413 

C|». F*b.OeLlA._ 1130 0 - « ^ J _ 

Oct 55 <54S - I j _ 

Mnihb.Fd.Oet 20. ]179i U»flj _ 


Cr«fll fc CmnmerpB l Durance 
f=* St. leaden RTR5FE. OirfaoTffi! 

c*CMqgftF4_,. 1 ]ut0 i32 9i - 


Vanbrugh Life Assurance 

*f -VlMuddrixirf.. Lrfn . winsi.v 
.Manured Fd . .. 147 5 155: 

Equiiy FU . _ _ . 232 6 344 f 

Inlnl Fund _ 95 9 101 C 

Fixed Intend Fd... 166 5 ITS 3 

Property Fd 149 # 157 1 

Can Fund . ... 1212 327.6 


-. G. Warburg fc Co. Lld. 

• .ri-lirftn .m r<+-! i-.'. = 
t>i hq. *.,--.. I* 5 '5 

, ... !-■: *.«p.- a | ^1 * In C.9 


ii'.j 
**•■ f>-F.l-i '■ 


) /I -14 c.9 
■ ',\ -7 J9 

':r-:s:i :;:t. 

1130 05 10 13, 


Warburg Inirxi. Mn^t. Jrxy. l ld. 


I ((inline J tu Frf ■ 
Bardin.- S.F.x .. . 

! lardmc Fti.-m.rr! 
HU Par Set-L-lnc i. 

Uu. (Actum. 

NAV Oil 31 
■NCri 


1JK54J2 81 
51 X2089 
UWL2 42 
UK315 80 
ilKSIS 46 
6qui-.-alt.-ni J' 

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World Wide l.-rowih Manasemeni^ 

/>T>i i,ii i n^o i:: 

litR h i! 


NOTES 


P p, yes do nn n- Side ' cremuir. r 
■ndieaied Yield: ’■ .r^own m is-; - 
mrlude all cvp4*r**'. * T«.-da- jr 
open inc price fi D'-'riburion «r+, ■■ 
prem.qr.i iii:ur<n-.i- x •ili»rr**( 

•• p. I pr i.i-l. • -;i ,.. ., . 

9 N« <A :a» • n reaii-c! . -i- . 

* V'.cl.i ... 



S U RVEVOfl F. •. t 'j£3S *ND 

OF e ^*L E5TA T E 


Ir-lealey & Baker 

Fs MMSAetf 1830 m London 
29 St. Georg* Street, Kenover Square, 
London W1 A 3BG 01*6299292 

' • I r OF : ".]? .'i; 0 

""‘M.iirjrr \ "a? r-f.. :|. SJ 


FT SHARE INFORMATION 


Financial Times. Friday Member W-1STO 
FOOD, GROCERIES— Coot 


Sc RAILS— Cont. 


E\.-h 5P,pr 
E\rh. W*pc 



81 

•IP 

87 

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13.02 
1343 

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3 I 200 
867 
9 S3 
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378 


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BANKS & HP-Continued CHEMICALS, PLASTICS-Cont. 

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: 87 Du without Warrant* 92 10 11 ] 

Financial 

, llJOi* FFJISpf 198! _ lOOi. .... 12.97 1 
1011* fa WpcTS . . . 102U . ... 13 94 1 

; 1021; to Hpe B3 . 107» 4 . • 13.74 1 

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72 Ihito-VHI* 72 -1 127B 1 

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FOREIGN BONDS & RAILS 


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- . 'r.\i i-is ? - '<• \2\ J m , dU \Jf^ 

- . -.i --■■ V- V ■^‘^■^'•r~i-:r-'?'‘j^.-'J fa*** . ‘•yi 


FAG 

keep things rolling 



Fridav November 10 1978 


FAG Bearing Co Ltd. 
Wolverhampton. Tel: 09077 4114 


DEBATE ON RHODESIA SANCTIONS BUSTING 


Wilson challenged on 


oil meeting document 


BY PHILIP RAWSTORNE 


LORD THOMSON. former Com- lively at the highest level, cies in her front bench team However, Mr. Churchill took 

monwealth Secretary, has cha!- he declared. after the rebellion, is to consider his dismissal with equanimity. 

Ienged Sir Harold Wilson's ver- Lord Thomson said that, in his this ~weekend whether to take “Politics is full of ups and 
sion of the Labour Government's view .the Government as a whole the opportunity for a wider downs." he said, adding that hie 
handling of Rhodesian sanctions had acted in the best interests reshuffle of her front bench had not abstained because he 
busting in 1969. of the British economy and the spokesmen. considered there was no argu- 

In a robust speech in the Lords continued pursuit of a peaceful Only strong persuasion from ment in favour of sitting on the 

last night during a debate on the settlement in Rhodesia. Air; Humphrey Atkins. Tory fence. 

renewal of the sanctions order. Lord George Brown, former Chief Whip, prevented four or For. the first time we were 
Lord Thomson angrily rejected Foreign Secretary, also told peers ® ve other . Tory front benchers being asked to impose sanctions 
the suggestion that 'he (Lord that until March 1968 at least no ^ roai joining Mr. John Biggs- against a multi-racial Govern- 
Thomson; had been unaware of member of the Cabinet could Davison, Ulster spokesman, and ment, in Rhodesia, committed to 
the implications of the ‘‘swop claim ignorance of the Govern- Winston Churchill, Defence majority rule “and that is 
arrangements^ 1 revealed at a mt?nr Rhodesian oolicv spokesman, in the rebellion. wholly new situation.” 

SSSsa 

He»id i, had beer, “deep,, ln materia, reeaeet after S8JE%£ fSUxSSSj Sfg 

'I voted in accordance with my 


,. . . , T - in any material respect 

disturbing- to hear Sir Harold that.” he said. The Rhodesian h^enT^d ‘The 

state that he had never seen the poIicy had been *- verv much a ***** W™ 35 he entered the 

H nPDl n n I IrriPO air vain moot- i__ in . . " - 


Foreteo Office Nmaber^^pectacular" throush- fiff? “ d 


ing that had nm llH saiu . , . . 

"The record of this particular Tore peers were stronnly ^n U ”iiSJ nl Sf 1 jSSSnSS Another of the rebels, and a 

meeting had to be regarded as a ur-ed' bv Lord Carrington Torv ™mhi?no in P ^«,niJ? n u n tho close adriser to Mrs. Thatcher, 
most important paper. The record in ,,°e . S vote £ ^ "Setl, 10 »bs Mr. George Gardner. MP f o ; 

itself, published in Bingham, suppot . r of sancl ions at the end The Shadow Cabinet had taken ^etgate, who said Tory MPs had 
por™« - “ b ° U ' of „ ,he d< - bale ' „ s T sLo3 ad ,oena b br t „ ha ?o t3 de e a'l ab0 “‘ 

........ Party leaders were also effectively with the sanctions “ it was an i«iw. 

He ID; »* s ted that Whi-n it was making strenuous efforts last issue when it entered Govern- hw?wEftSl fc , h y!i ld 
h!fin 0V Hta!ri^i ? ri r^ h , 01 - n, S hl 10 restore a semblance of ment she told rebels. All mem- Srtoritv 

being diverted mlo Rhodesia, the order and unity among Tory bers of her team were ejected p 5i “ ast “ e 10 demonstrate 

fact was reported to the MPs after the rebellfon on to " ibser?l ii couS ^posi- “ SJhJ" £* *1 U ^ lted iu 

Cabinet s Overseas and Defence Wednesday night against the biiity. our resolve to put Margaret 

Committee of which Sir Harold Shadow Cabinet's advice to Last night Mr. Julian Amerv. 1,1 Downing 

was chairman. abstain in the Commons vote. Tory MP for Brighton, was still oireeL . 

The main lines of British Mrs. Margaret Thatcher, Con- considering whether to resign the Parliament' Page "10. Politics 


policy had been directed collec- servatlve leader, with two vacan- Tory Whip in protest 


Today Page 23 


Talks on 
letting 
17 floors 
at Centre 
Point 


U.S. raises steel import 
trigger prices by 7% 


BY DAVID BUCHAN 


WASHINGTON', Nov. 9. 


Uneasy 
truce 
on EEC 
fibres 


BY GILES MERRITT 


BRUSSELS, Nov. 9. 


THE EEC Commission will not 
proceed against Europe's dozen 
leading man-made fibre pro- 
ducers for operating an illegal 
cartel. The producers have, how- 
ever, been refused permission 
to take the market-sharing steps 
they .claim be needed to avoid a 
damaging price war. 

In an uneasy compromise that 
has postponed but not defused 
the conflict over the synthetic 
fibre producers' “crisis cartel,” 
the 13-member Commission 
decided that the pact signed by 
the producers last June could 
not be permitted. The Commis- 
sion said it should be amended. 

The changes required by the 
Commission are likely to be the 
subject of further strong oppo- 
sition . from the producers and 
some : of their Governments. 
Executives in Brussels are 
relieved-' that the Commission 
has accepted, the principle of a 
cartel and thus headed off an 
open clash between itself and 
the industry. 

Before this week's examina- 
tion of tbe cartel by the Com- 
mission, the synthetic fibres pro- 
ducers had threatened, to defy 
the Commission if it failed to 
find a formula permitting their 
three-year internal market agree- 
ment. 

In the coming week, the Com- 
mission starts fresh talks with 
the producers on a modified 
cartel. . 

Tbe industry still suggests that 
it may ignore the Commission's 
authority if the hard-pressed 
Italian industry' is prevented 
from having a greater share of 
a redistributed market. 



LEX COLUMN 



• ~ .\ u 


S, 


yet be any sign, of a chirifc af- j 

Uithf .am Inlimini ■ 3 



iTHE li.S. TREASURY announced 


Controversial 


- ..... Under the system, importers oE foreign steel-producers lu main-' Tho MprpJ hsi(; i rnn 

,a . per cent rise to-day in trig- steel selling in the U.S. below tain their present American I ismie if X EEC 

■3*r prices tor major steel im- trigger prices are liable to a market share. . iSSdJ 

Bjr John degree of * ** J*- gi'T? SK' «P .to cooffiet 

J ' - . U.S. protection for the steel in- J assuage the import worries of i between the Commission’s twin 

Property Correspondent dustrv front Imports which must Tn 83 er Prices. introduced in domestic steel companies, was roles ^ guardian of the Com 

CENTRE POINT London's ; '>e sold ai. or above the trigger ful1 last Ma >* based on the at pains today to. claim that the munity’s reeulations and ar.'iiii- 
bwl-known emptv ' office b£ iprireTto costs of the most system was working- ' tect of an EEC industrial policy, 

may soon have 17 floors ; dumping investigations by the f? yi , en i *[ a P ane *e steel mills. In Imports as a percentage of! The cartel was originally 


occupied. Talks are well 
advanced to lei just over half 
of the 32-slorcy office tower 
in the West End at a rent 
about £8.50 a sq foot. 

At (he moment Hie only 
rental income from the build- 
ing Is- the £40,000 a year 
received from AGELEF, a 
Greek shipping group which 
has been tbe lonely occupant 
of the building's firth floor for 
the past three years. 

The building, a hollow monu- 
ment lu the properly boom 
siuce its completion by Mr. 
Harry Hyams' Oldham Estates 
in 1965, has been the subject 
of countless letting rumours. 

But this time letting agents 
D. E. and J. Levy confirm that 
the 17 lower floors have been 
taken off the market and that 
“letting negotiations with a 
prospective tenant are well 
advanced.” 

Oldham Estates is now con- 
trolled by the Co-operative 
Insurance Society, and a 
letting would provide cuver for 
an annual empty building rate 
charge of just under £900,000 
on Centre Point. 

Centre Point has become 
1 almost synonymous with the 
flamboyant decade or property 
developments. Since Us com- 
pletion the bnilding, at the 
comer of Tottenham Court 
Road and Oxford Street, lias 
been the target of countless 
political attacks. 

It has been used in argu- 
ments for the introduction of 
legislation against empty com- 
mercial bnlldkngs; it has been 
threatened with compulsory 
purchase with nationalisation, 
with conversion into flats, and 
demolition. 

Il has also heen invaded by 
squatters, and alternatively 
slated and praised by archi- 
tectural critics. Now, perhaps, 
the London landmark will 
finally have some peace. 

Property News, Page 34 


.Treasury. ~ ’ the last three months the fall of total consumption had declined 

Mr. Anthony Solomon, the the do l la [ against the yen has in- to 16.7 per cent in the May- 

Treasury Under-Secretary for creased these costs by 10 per cent Ceptember period this year. 

; Monetary Affairs, announcing 10 dollar terms. down from 19.1 per cent in the 

1 the Increase for the first quarter , same period last year. 

! ne!£ t year said that some steel 1 urDTOUnd DOpeS He said that imports from the 

j ^7^d h lrdrSvX r Tew But to* Treasury, Mr. Solomon European Community, very high 
price guidelines in' President said< had r ais<id toe trigger prices in the summer, had fallen by 27 
I Carter's anti-inflation programme. for nexl y ear *>y only 7 per cent per cent from September to 

; These two announcements sug- because of the very recent turn October. 

gest that the U.S. Administration roufld of the dollar on the foreign p or ^ose imports produced by [ , „ _ . 

I has used the trigger-price to- exchanges, which he hoped would electric steel furnaces, trigger! to* Rfjra ® Treaty, an agreement 

crease, made necessary by the continue. prices in the first quarter 0 fj that conformed with the looser 

rise in the yen against the dollar. The latest increase, which 1970 will be increased by 9.8 per' requiremens of Article hi is to 

to encourage the domestic steel follows smaller rises in the third cent because they have a larger} 
industry to comply with the new and fourth quarters this year, proportion of yen-denominated " 
pay guidelines. will make it more difficult for costs. 


signed with the encouragement 
■of Viscount Etienne Davignon, 
the EEC Industry Commissioner, 
but was challenged shortly after- 
wards by M. Raymond Vouel the 
Competition Commissioner. 

The split in the Commission 
provoked by iL Vouel's inter- 
vention is far from healed. A 
terse statement here today made 
clear that while the original 


Two years ago; Miniamm . s . . ........ * 

Lending Rate was 15 per cent; Ml 17 tn 471 T^SUt -on the labour-; fronf er ^ 

this time last yehr jt was 5 tier ■ ■ ■ - M x whether company profits: 'emst-. 

cent: now the pendulum -ias tie sacrificed for the saketiF^h^.- 

swung viciously back with the Gov'ertunent’s lop-siderf V^aQ. -r 

authorities deciding to leapfnm The decision, taken presum- inflation policy- The 
the money market, yesterday ably in the light of the bakers trickling back ta wm^^ : ^> 
and raise MLR to 12* per cent Treasury’s updated economic yesterday allowed .a M'.Sp;': 

It was a move which, quickly forecasts, reflects once again on of hope, V 

reversed an early rise in* the inappropriateness of the _ • , . 

equities and left gilt-edged dose' government’s fiscal stance at Siptf • Parhy- ' . - -r ^' jl 
to a point down at the long ebd. this stage of the economic cycle. 

with the FT Government &cim- Once more the private sector is Toe S»me Daxtiy/TteqBaiBfei! 
ties index reaching anewiQTS being crowded out, and the Barton. Blayhew ^affalr.^^ttstv ; 
low. Yet the technical- strength reasons for the equity market’s shows, how m^sy thinga cair^et; >Jw • 

of the long end was shown'bs^: recent weakness are underlined, when auditors, resort to JflaeUri 

the fact that persistent buying -The authorities are adopting the rights to- mak* jqpresmtikma r 
was takin g place at. the lower usual policy at such moments under the- 1976 Gtonp^^ Atf,.-.-.-- 
levels. . . : . , _.i -~ , of pushing short, rates to a. level But at least in tips case.' stlgkg^ . . ■ 

The aood news limf 'riirwi 'Which the market will see as a holders 

the Central Government Borrow^ ^ P** 1, cen ^ -ft*. JunqL_ ' 

So RennirementwStToStSS" dearly the Government is. also rounding the-BoartiV^htfl:/ 

^ j^SS52£3S2?S'«™ii anxious about sterling replace. Turquandk. ] 
tte n27S?®Sl! and U.S.. interest rates, and the Sime .Board w* Tui , ^ 

S^3f^tt53«iS£'23'-*rw. -«• «« »- « *****_ ■ *• 

Sentemh<»r toe markets (and ;._tbe_ damagins- 

mpnpf hurt unions?) that its threats ThrqughoLtUT?i^,sag^j^^a^ 
have been ^oin^ react t0 excessive wagejjsbs beep ev ide ntr 
Se t0 be taken seriously^,,- 

Su to com? £a.'^^3ffS' ::? ’ Bul It-'ltf-not yet apparent' about 
tovelsof toSre^ra?Jltvi?SS'' whether toe -authorities will; betheSunemiditon^ts-repiitS 
tocrease to play the Duke of tor^iri: the **r 

SS rnlf sucEessfuliy in selling ,in ,feUK r top. 

delayed until weirsrSmHdS^ :iIebL This morning "wflT be^in- been th.af.tlje 
houre ^ erestin ® in tb ? being less ttiMr.opeq.’>ta saj 

thit ' th* market, Yesterday, the. jobbers it wanted. Price: JWaterhfl. 

decided to leaveltoe were building a -large -bear -pn si- becau-t?..of its size. v '&fc-e^ 

target d mSft 11011 in .. the long, tap, supplying, ment .was borne mat fe- 

Sed algnificant- amounts at arounl week’s, iengtby atatemeut . 

the next 12 months^ ^ Presu ma bly re^-kon ing that theBoard,' with 

• 0 “!?‘7 • ' • they will now _ be able to gti to ; Titrquands and ; - ■ ■ 

In selecting the-" new’ target the Government ': Bipkei and' that^the' compal^]fe^:rE^^^TrV 
rhe autirorities bid -to hear iti. square their books^ '’at a-’lower-hpEice ^atilt -h£ts ^ 

mind that with" grnw®; in- ffie level. If the Government case agaiiik . -- : 

first half apparently ^slipping Broker decides that the right negligence and ~ 

below the bottom, end of the level to ' drop the tap price Jo tpry duty. - ■ ’■ 

target range, some tightening is in order to stimulate big den^and bfeveVtheless. - 

implied over the year' ta -next. is much less than £94 the is fullyrwithjn - 

April. They also wHUhaverbeen' jobbers will rqake fat profl ts ing the sharehuMef^; v 
aware that to reduce the targets and there will be some-very un- ehangem ^ditofs^- Uoubt^^L ^ 
without appropriate^; -fiscal- happy brokers. ./ .,retoiun about the'f^dl'teaSL-F 1 ' 

adjustments could have been Over on the equity pilches for doing so., and -titer •/} 
counterproductive as proved, the clearing bank shares, did not of the riismi ssalr t ; ■ 
case after the April, budget respond to the^irospect of -yet . clumsy. . There": is: iw 1 
when the gilt-edged market took higher base . rotes, with ihLer- believe, hovTOv^. iai^tvtfie ^p;.'^- 
fright What is slightly dis- bank rates rising (o over -12 per Darby Board wiH: gei^tnes^"'^' 
appointing, however, is : that cent. This' prospect, natural iy, run' from Price 
with an unchanged target itf«s took its toll of property, shares, and. there is Tin-fr jiniii ^ 

still been thought necessary to toil in general the equity market issue here- ovtir.Si.-bict ^^J^' ^r r' 
jack up short-term < interest moved quite narrowly. The holders 'n^d'fd_;cbaiie* is: * aSi5 “ '- 
retes. question is whether there will Board's decision. - 


•^srssejsd 


Need to step up North Sea oil 
search accepted by Minister 


BY KEVIN DONE, ENERGY CORRESPONDENT 


I THE GOVERNMENT has petroleum revenue tax next year, achieved only if there were con- 

I accepted that the rate of ex- He challenged oil companies siderable changes in government 

j ploration in tbe North Sea must to approach the Government for North Sea oil policy, particularly 
I be stepped up after the dramatic tax relief to develop marginal to taxation, licensing and deple- 

t fall in activity this year. fields. tion controls, to encourage the 

j Dr. Dickson Mahon, Minister There were already provisions development of marginal fields 
for Energy, said yesterday that in existing legislation for the from 50m-150m barrels,-' 
the reasons for the drop to Government to relax royalty pay- _Tf the Government Wanted the 
exploration were under investi- meats from marginal fields. But oil more than it wanted the taxes, 
gation with the oil companies, he -promised that the matter it would be ready to give lax re- 
and would he discussed at a would be reviewed again before lief to the oil companies for mar- 
meeting of the Energy Commis- the next Finance Bill. ginal fields. Dr. Mahon said to 

sion on December 1. “We Dr. Mabon was answering an interview on BBC radio, 
recognise there has got to be a questions on a major report pro- ‘But that has never happened, 
step-up in the drilling of wells.” duced by the oil companies No one has ever gone below the 
He dismissed as “ nonsense ” operating in the North Sea, which "9® sufficiently for us to say we 
any claims from the oil industry claims that exploration must be JJ’iu £ive back some money. We 
that— irrespective of any tax stepped up’ dramatically if “ave never done that, but it is 
increases — rales of return from Britain is to remain self-sufficient quit® possible. I would like to 
I North Sea developments were in crude oil through tbe 1990s. have a company come to me 
falling, and he accused some oil The report by the UK Offshore 10 test our bona fides on lax 
companies of trying to frighten Operators Association was pub- relief. 

Parliament into voting against lished yesterday. It said that this Feature Page 22 

the proposed increases In production target would be Energy Review, Page S 


tiations between tbe Commission 
and the producers which should 
be completed next month. 

In effect, the Commission de- 
cision means that the cuts 
production capacity in the June 
cartel agreement already started 
by a number of producers, will 
be permitted. 

But the delivery quota redis- 
tribution of market shares that 
the producers insist is the most 
important element of their plan 
would not be acceptable under 
the terms of Article 87. 

European fibres industry. 
Page 6 


Weather 


Continued from Page 1 

Tachograph j Lending rate 
hearing 


with the 


next month 

By Lynton McLain 


(suffering would eventually have for. funds associated 
■ been- more serious if the Govern- economic upturn. 

I ment hud not taken action. This has yet to show up fully 

[ The size of the increase in j! slati « tic -f b . e< f“ SB of 
' XTLR is surprising because. d if t0 ^ tu l® < ?5 e , ct so-called 

I although part of the rise merely corset controls on the banks 
•represents a catching-up with 0 P®” U ®" S - 
ViTn i money-market developments, the rne rise in MLR was the snar* , - 

lh rest does mn. pest since July 1973, and the first | coroorate customers to 124 per 


THE EEC legal action against 
Britain for not introducing lh< 

tachograph to log lorry drivers’' *”* * w —' J""". change in MLR since the initial 

hours and -mileage will be heard | The action is not. -for once, in credit-squeeze package of early 
in Luxembourg early next month. I response to obvious external or j une> 

Th p EEC Commission decided | jlI te vnaL crisis pressures, even Christian Tyler writes: Yester- 
to take the British Government ! though 'sales of gilt-edged stock day's moves may sour the rneet- 
tn the European Court of Justice : are \° bav * slackened m j ng 0 f Ministers and TUC leaders 

after Britain said this vear that w ?. e ^ £ nd , st , er f lin ^ has today, when attempts will be 

it was unable to introduce this b ^§e e^anatton foJ the move mad ®*° a .S reement 00 

EEC-backed legislation, at least) ca ^^ r obSM? he iaLdtotoe pnces '- pay 30 d 

for the time being. .authorities’ desire to forestall John Elltait writes- The Con- 

The oral hearing beFor e the j lively wnti^_pnMra over fe d?StiM of British tod us try 


Continued from Page 

Home 

loans 


UK TODAY 
DRY in S. and E. Some rain 
elsewhere. Rather warm. 
England (exeept S.W.), Channel 
Is, L of Man 
Dry. Cloudy, but with bright 
intervals- .Max. 15C f59F). 

S.W. England, Wales 
Cloudy, occasional rain. Max. 
14C (57F). 

Scotland, N. Ireland 
Cloudy, rain at times. Max 
12C (54F>. 

Outlook: Showers spreading 
to E. 


BUSINESS CENTRES 


Anistrdm. 

Athens 

Bahrain 

Barcelona 

Belfast 

BeJ erode 

Bari In 

Elrmahm. 

Bristol 

Brussels 

Budapest 
K Aims 
C airo 

CarUifT 

Chicago 
Coloanc 
CopnhagjTL 
Dublin 


V'doy 
mliMar 

•C “Fl 
C 10 SdlMadrld 
S la 5S| ManchslT. 


Y’daf 
midday 
-C -F 
C 13 55 
F 10 50 


S 2a MIMelbounic C. 14 51 


C 17 63jMertco C. 
C- U SSjUilau. 

C 4 39. Montreal 
S 3 37 : Moscow 
S 12 MlMiurtch 
S 13 33 Newcastle 
S IS S3] New York 
C 4 .IBJOfilo 
C 2U 6S|Pans 

73; Perth ' 


S 23 IT 
FB 4 
S 10 M 
tl 2 .14 
C 1 34 
F 12 M 
S 13 59 
C' M 34 
Y 5 41 

c is as 


fjlasscui 
Helsinki 
H. Knntt 
Jo 'btxrg 
Lisbon 
London 
Uuembrc Kb 


court will take place on Decem- 
ber 6. with judgment likely by 
early in the new' year. 


the next few months. 


was alarmed last night uy the 


in particular, the borrowing re- potential impact of higher to- 
quirement mav be higher from terest rates on company profit- 


• Mr. Richard Burke, EEC. now onwards than earlier in the ability, and on investment and 
Transport Commissioner, said in | financial year, following, for ex- job prospects. 


ample, the implementation next * Sir John Ale thven. the director- 

week of back-dated income lax general, said that the confedera- 

cats ntul the upraling of social tion was in favour. Df “sound 

security . benefits. monetary policies," but found the 

. _ Moreover, private-sector de- size of the increase, in iuterest 

or tunnel, and other ways of im- mand fur hank loans may be rales “most unwelcome at a 

proving transport between mem- stronger than in recent months time when profitability Is so 

ber stales, j because of ihe cun tinned demand badly depressed." 


London yesterday that the Euro- 
pean Parliament would consider 
this month proposals to give fin- 
ancial support to studies of a 
cross-channel link, either bridge 



of last week, lifting the base 
rate for lending by l| per cent 
to 111 per cent. This put up toe 
cost of overdrafts for blue-chip !f“™£UEi 

cent, with other borrowers 
paying up to around lfT per cent. 

At the same time, the banks 
raised their deposit rates, one 
of the most important sources 
of competition for the building 
societies, by 2 per . cent to 
levels vary tog between SI and j 
9 per cent. 

Yesterday's official- decision 
was immediately reflected in tbe 
money markets. The cost of 
three-month interbank funds, 
one of the most relevant figures 
For the banks, jumped to nearly 
121 per cenL against about 
lli per cent un the previous 
day. 

If rates persist at .this level, 
the banks will. Increase their 
overdraft rates, and may a 1 * 0 
consider rises to other areas 
such as personal loans ar.d 
credit cards. 



« 

4ii|Pra£ue 

C 

i 

31 

s 

12 

S4 , Roy kjavtk 

C 

-1 

■M 

Y 

4 

33. Rio de J'o 

* 

27 

SI 

V 

12 

54. Rome 

S 

17 

03 

% 

IS 

5j| .Vlnsapor; 

s 

3