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TRACTOR-TRAILER 
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SERVtNG 
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1ELLX85S457 



No. 27,713 


Monday November 13 197 S 




-■3/ 


i9?S 



CONTINBmt SELLING PRICES; AUSTHIA Sch 1?. BELGIUM Fr 25; DENMARK Kr 3.5: FRANCE Fr 3.0: GERMANY DM 2.0: ITALY t 50ft: NETHERLANDS Fl 2.0 : NORWAY Kr JJ: PORTUGAL Esc 20: SPAIN Pa 4ft: SWEDEN Kr 3.25s SWITZERLAND Fr 2.0; EIRE 15p 


NEWS Sl M V]y\KV 


GENERAL 


BUSINESS 



workers 
agree 
pay deal 


• - VAUXHAJLL engineering; 
Tanzania said last-night that it workers at Ellesmere Pan have 

had launched -a major offensive 

» ~ j t T irjLmtni # rim ii- offer made lo ine company s 

against Ugandan troop* which 26,000 manual workers. How- 
hare invaded its territory- The cvt , r> a sn^e by 900 skilwi 
move came after the Tanzanians workers over differentials U due 
failed to cross the Kagera river, lo begin today, with a riirtln.-i- 
when, according to the 3,500 men at Luton and Dun- 
Ugandans, their boats' were * -stable deciding whether to join 
destroyed. .... 

o.iiejTillas attacked a house eight ham _ who have caused 20.000 

c if-hi -? U VL R h t workers to be laid off, ore expw< 

Sal'i»bur>. tbe first raid, within. t rhw wppk Ford h-m 

the city's boundaries An elderly 23 plaRts idJe wlU] g ' 700tJ men 
woman was seriously wound-.il. j ai( j ofl f ^tit no talks planned as 
” a * e “ the strike enters its seventh 

Gaullist move week. Png, 3« 

The Gaullist RPR Party, largest ® HEATING and ventilation 
member of the ruling French engineers have won a “special 
coalition, has called on the EEC case-" wage increase .of 30 per 
he ids of government to make cent of which 16 per cent is 

dear that a directly-elected payable now and the rest in 

European Parliament will not be August. Page 38 
given additional powers. Back 

Pase • BRISTOL registered dockers 

. Sir Henry Plumb, president of have -submitted a pay claim of 
the National Farmers’ Unton. is o^r 15 pg r cen t, in Hne with 
expected 10 announce on Thurs- a oc k Workers at Hull and South- 
day that he in giving up the post arapton. The .Bristol dockers' 
to seek a Tory nomination for package includes a demand for 
the European Parliament. . a 3s.bour week. Page 38. 

Cenotaph march . 

The Queen and members of the EXCH^UISC 
Royal Family laid wreaths at the - . • 

Cenotaph in Whitehall in tribute AAhfrAl rhviow 
in the dead of two World Wars. L’Uu Ll Ul IvVICtt 
L ater. the National From _ -p MT , IM .c „ ov 

marched ihrouqh Westminster • ®*WA JJff -v™ aming ex- 
u» hold a Cenotaph service. Anti- w. 

Nazi League supporters tried to ™!L»h 

force their wav through a ■•star: 5£u?? w f.f n ih> 

d..tp cordon of about 2,000 police: 
men. -Though 
helmet*, itece 

i rouble. . ber's changes have led ; to u.n 

CMD rhiof n uite - .x-sticuiod £24Qm : outflow on 
‘' , »ci i|uiw : . capital -acctnmt this-: year: Back 
Mr. William Wolfe. Scottish- Pag .... 

National Party*.- chairman, is to • ■ " • • 

resign after 11 years, but will ® NEW monthly exchange rate 
accept nomination as party' presi- analysis, the Exchange Rate 
dent. He said bis decision had Outlook, has warned that thp 
nothing to do With the party's present sterling exchange rate 
vote against the Government on is . vulnerable on grounds of 
the Queen's Speech, against the competitiveness. Page 4 
Wishes hf its executive. 

Indira arrives . Textile 

Demonstrators ami supporters ’ / 

of Indira Gandhi, the former rfpjpafohnn 
Indian Prime Minister, failed to atFll 

catch a glimpse of her at Heath- q DELEGATION representing 
row. arrived for an eight-day 13 j 0 ca! authorities in the North 
visit. Her car. under heavy police of England and Yorkshire 
escort, was driven through a is lQ mifet E ec trade officials this 
cargo UumeZ: Asked w be tin? r week l0 nre5S for stricter enforce 


ash - coRsSbtes - lost Treasury- and EECyCommissiur 
offictols - • arc ! 

oere-wa^ n^wrio/is ^ 0Iisiiiftrc . l r,kel.‘>. r i=asi Set :-;. , 



scheme unworka 


BY SAMUEL BRITTAN and PETER RIDDELL 



IATA 

chief’s 
warning 
to U.S. 


By Michael Donne. 
Aerospace Correspondent 


-GENEVA, Nov. 12. 


Iran oilfields 

strike may 
end short ly 


BY ANDREW WHITLEY 


TEHRAN. Nov. 12. 


The Government will justify its almost certain decision not to join the 'pursues its present “uncoin- 
proposed European Monetary' Svstem on the grounds that the scheme is atip romi .? in ". . fr .* e f lr . ade eo ° vi £ 
present in an incomplete and unworkable state. on foreign countries. 

though a! present it amounts lira might have 10 be devalued This warning is given by Mr. 
Ui an enlarged Snake. This while if the UK participated Fnul Hammarskjold. direcior- 
rcliects a recognition i.r there niighr he a more general "*■** eral of the Inleroational Air 
Franco-German determination realignineol. I Transport Association, in his 

1 1.1 press ahead in early 1979. Indeed the Italian Socialists! annual report on the slate or 
TU,.. ,, in(c K r. n, have said liiai Italy should nnt!«he world air transport industry. 

1 — Tin, studies storied after the * Ch fhS Priu ^r^imsie? ioin wilhout ih- UK. while thr - 1 to he presented lo the annual 

Bremen s„„n,„ in J.1,- hnve ^ 1&.E ih" 


The Prime Minister is expected 
io bitfe his slatement to other 
EEC Heads of Government at 
(heir summit meeting io Brussels 
in three* weeks’ time on the 
following points: 


no i yei succeeded in resolving 
alt ihe technical and economic 


Chancellor, during ihe cm rent 
«erie : : nf intei-rive talks wish 



ce of resource optional 4.5 per cent band for “whan^f' “ontrola^^iretend 
the Community currencies outride ihe present did notso 

reeu. SnanP. in addition to the _.2a %*- p rt iiov mM 


problems. 

Thu scheme likely 
aurivil too similar 
present European joint 
the Snake, to hr durable 
view of the economic 
ences in the EEC. 

The system will be in a com- j n particular, ihere has been 
plete and workable stale only &onie j rr | fal i Mn 0 n the Continent 
when a concerted strategy foe about the apparent Riinsh hos- 
econoraic convergence and a tililv to proposals for an 
better balance of 
transfers in 

agreed. Mtaii?. in uaumnn 10 me -.so «_ p 0 jip V rnM Mr Meialoo inci 

2— The studies on the proposals per cen t central band. ;L ; ireHmi v.wh nJrfi 

should continue next year, and This idea was proposed by P l fill fit ^ 

when they have reached a Italy and accented in a modified J? fj- 

successful conclusion the UK form by France and Germany. “r,?. mt" irnm he 

will be ready to join. The The Italian Government's atti- *"* 1 gg?J ra SLZ L^L ,ng ' 
timing will also depend on tude has been moving against f j.?- heei»i S '^« a, 'w«rI 
when the UK’s economic per- parricipatinr. in recent dav S in 

formance. especially its infh- spite of the previmu strong !L„>; 1 ik 'fSh.:!?. 

tion rate, shows tigns of a support in principle r.f Sig. ^ Slhflt 

sustained convergence with thv Andivotii the Premier. s u a ^I ~ hler 


THE STRIKE in Iran’s oilfields export terminal of Kharu 1-t'and. 
_ ! wh s ch has seriauriv hsinnerp'i Ai it*. wor<i the 'Yiur-week-nld 

A BIG confrontation is likely I production Tor the past 12 strike red u red c' inn io .illy 
between the world's airlines and ! days appears to be crumbling, one sixth of normal levels. 

I the U.S. Government if Ihe U.S. [ according Lo reports reaching Another important sign of .i 

here today. return u, normality v js ihe end 

The reports will give heart in ing today nf ,-j ln-rfay si op pa ee 
the new military " Govemniem liv the Suie airline, ■vhieh 
which has been trying to restore grounded all ii> d«mesiie and 
normality to Iran after a month international lirghis. Tehran 
or rioting and strikes. Diplomats Airport otiieiaU say ii will Kl- 
in Tehran hare confirmed prediv- a<>me days hefnre nperatii'uis are 
tions by the Slate-run National fomplelel> l«ack tv norma! but 
Iranian Oil Company that key on ihe first day hack tho-e were 
oil production workers would over 2fi domestic Hunts, 
start returning to work today. Large areas of Tehran, how. 

None the less, there have also ^ Vor - were jod.i;. -d.ii ki-d *iut 
iicun reports of violent «.lashc-s ■‘•mporarily by -.Irikinj clnviii 
between militant strikers and ‘ II - / M0l t , 7’ S- ;iL-,i,, -‘ >p respon.*:' 
troops which suggests that there ,IJ :i , ri ,he r,inin poliiicai 


meeliog of the association in 
Geneva tomorrow. 

Mr. Hammarskjolds 


finely balanced after last week's) have been given added point by 


The Irish decision still appeal's I Mr. Hammarskjold s views 


assurances from Bonn about an) Delta's decision stemmed front 
increased transfer of resources ’its belief that IATA now has a 
to the Republic. _ [“reduced effectiveness" in view 

But Otpre would he consider- of changing world market eon- 


ie>: i.f the EEC. 


There have Wn srmvin? te<-h- 


Cnntinu'-d on Back Page 


U — Britain will not seek to hold picul reservations, and concern Irrto°d ar, d ^‘e "snpersnake 
up the start of the system, even that if the UK does nor ioin Ihe Page J - 


ditions. especially where fixing 
fares is concerned. 

Mr. Hammarskjold tells tbe 
108 member-airlines that the 
■'sweeping wind of change” in 
the U.S has already resulted in 
greater competition and cheaper 
Fares on domestic routes there. 

The U.S. was now trying to 
extend this policy into the inter- 
national market-place, even 
where conditions were not ripe 
for it. with the result that ihere 


early today, despile the military !' "Vl^i 1,1 ^ 

Government's 7 a.in. deadline for cj-fii'i.i a ' , ,h n,S v. ,/j 1- iSr- 
endifip th<» ciriL-p Sjiijjbi, mU j AjIiniijI ■ rnnf % 


Cn Tbe S Na h tfoDai r ‘franiaD Oil Com- Jf uder - Dr Sanjshl wa« arrested 

pany set the back-ro-work dead- 5 thnSti al 

lino three davs a a o wamine Tehran, ^hortij a 

strikers ' that thev° f«cS di£ Press conference to give details 
missals andaVri^TheVompany- 

speaking for the new military F \™ t *r %, u bh 

Government, also said that [0^° ni in p.'n, A>,,tUlljh 
strikers living in company bouses 1 iJ \L l Dnl M,-h n 

S5fl l .1- I,e tVMti Wi,h Xbe ' r h.« h b«n a, d%"!i™ml -U Xau?. 


families. 

There were 


Dr - Sanjabi --tatefj caie^oricallv 
. , _ , nfJ imn } c dirfte that Hie nppnritino movement 
EKE? * or r *yj' l,on V n tt'OHW ^t nanirl-Mie in ;.n- 

rnirlho r ^ CS p‘ r,? form of gov vmi.w-oi under the 

Of the .ouihcrn Oilfields. Hut .. j)le , ;i| m , in . irrh; 


could be “confusion and con-. des P lle trickle or returning j p p jr j S tf K . v -. : 1 l-noo 

fronlaiion” with the airlines. 

resulting in long-term damage to 
the air transport system. 



workers, a report by tbe oihcial tfi«l:r. liv.i al l.-a-i 12 

news agency PARS that :.l (Ml ,, Sr-iurdaV- 

staff and labourers in Ahwa/ had „ ri |.,.. i:i .. 

returned seemed premature. 1h .-, f-s-.m ih-.i .-mhi 
Production dnos appear tr. !.o Wf . rr> kli |,. aI p ;i . ir .,; 1fl ,.. r * s i 
on the increase again, however. A]v . ,, 7 ;i:Ki . (T 

with yesterday -s output saici to b» .. . r , . 

The objectives of the new; 2.3m barrels and three -uper- Military chiefs face deadlock. 

tankers loading at. the main Fuse 2 


Idealism 





^ she planned. a political comeback. jj ien fs p f ESC agreements cover- 
Mrs>. -Ciandhi - replied: ’’ Come- j,jn textile imports Employment 
back? I have* never gone.” in the I^ancashire textile industry 

hais rallen By 10 pereent in the 
Benefits up past year. Back Page 

Old age and widows’ pensions. 

/a sickness and unemployment © JAPANESE Government is to 
n benefits, and all other sucial shelve for three years repay- 
security benefits so up from meet on A3_2s>bn worth or 
today when ihe annual revalua- loans 19 Ichunura Sangyo. the 
tion of benefit levels comes into ailing ^textile irading house, 
opera i ion. Page 4 35 

Ward wins prize • COMPUTING techniques 
- _ - • introduced into industry are 

Mr. George Ward, managing jjfc e iv-to raise unemployment to 
director of Grumrick,. the film- 2 5 ni' to 3.5m, according to .a 
. processing company which was report commissioned by the 
1 ^ the scene of a two-year dispute. Department of Industry. The 
has -won a f300 Ross McWhirtcr repor t, which is critical of the 
award, given for “the «erctse Government’s failure to draw up 
of personal initiative and leader- an 3 d e q Ua te policy for tbe com- 
ship.” putrng. telecommunications and 

electronics ifldustries, warns that 
if tbe UK were overtaken by 


Missing out .. _ 

1 m Bliss Tunisia may be dropped countries with better '““^ated 

4 g from Thursday's Miss .World Policies, even worse unemploy- 
£ ^ contest after she failed to appear ment could result Back Page 

IN ZrZS*!? • CB, C.AMPAIGN to reenut 

t Jb HoteL Malak Nemlagthi said accounting farms fS con f edera- 
she was told: “Take off y 0U r tion members is meeting with 
^ €l- yashmak or you are finished." strong resistance from some lead- 

2 s\.;. ■* in? auditors. Baek Page 

| Briefly ... 0 united technologists 

*' W-:\ This veer’s Beaujoiais. available of the U.S. has announced Ihe 
~ from ' Wednesday, is excellent, formal start of its ?lbn takeover 
k according to French Premier hid for Carrier Corporation, the 
"» Raymond Ba-rrc. Stocks ere world’s largest air conditioning 
expected -to be plentiful. manufacturer. Page 3 o 

..Mothers and Babies were rescued ^ MITSUBISHI Heavy Industries 
'when fire broke out^ near the an ^ M ] tsu bishi Electric have won 
maternity wing of St. Peter s a gjgQ m or der foF thermal power 
• Hospital, Ctaertsey,. Surrey- plant from C bina. Page 3 

i Police are investigating a barn . .„. K 3nd 

& fire which -caused .£l,20Q-worth 9 SeANDLVAA *AN pu'P 
£ of damage at Galcombe Park paper industry is confident or a 
| Farm, Princess Anne's estate recoveiy next : year • y° 

% near Stroud, Glos. years of hearvy lo^es. Pa B e i 



m 


CONTENTS OF TODAY’S ISSUE 


iSi 

Overseas, news 


Arts page 

.. 11 
.. 13 

m 

Home news— general 

r— labour 

Executive world 

Technical page 

4 

38 

9 

7 

UK companies : 

Internationa] companies . 

Foreign exchanges 

Mining notebook 

.. 34 
.. 35 
.. 33 
.. 36 


FEATURES 


Ireland and the EMS ...... 12 

The Portuguese political 

crisis _ 33 

A tri-national steel works 
in Brazil 3 


10 


Justinian 

Expansion plans 

Newman Industries 

FT SURVEY 
Turkey 13 ‘ JZ 


34 



Apwilntuimts 

Build in 3 Maces .. •• 
BusinesnuB's Otary 

CroMMnl i.— 
EnicrtalRiaem Guide 
^Inwcial Diary .. .. 
tssaracs 

I auil. cap Its I mitts. 
Letter* 


£ LcX - 

8 Lamban) 

«, Men and Mauers .. 
*0 . Shane IrtformaUon .. 

U Spnrt - — 

38 F«l W's Events .... 
% TV Ond Radio ... 

3T Unit Trnsts 

3i Weather 


« 

IB 

12 

42,43 

U 

33 

10 

40 

44 


Base Lendin9Ra«s 3p 
ANNUAL STATEMENTS 
Chambers and 

Farsus Q 

Sponccr Gears 

INTTEFMM STATEMEHf 
British Borneo „ 


Petroleum 


For latest Share Index. 'phone 01-246 S026 


BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


American negotiating policy— 
/■which appear as a biend or 
[liberal idealism and commercial 
: •usrkeNfbare policv"— had heen 
[formally set out during 197S. 

They involved international 
i de-regulation in air transport. 

! increased . com net i tion. more, 
^.cope for charter fiighls. no: 


Chan- economy into balance b> taking in? the 2 1 points rise in .Mini- ^at^' "offered ' and ""minhnum I 

'fhL Ch P( .SnS5); Zl? L ' ndins RalC 10 i2i per , Government^ mwtSSneS "n SSj 
fiscai hid injected into the economy cent. f a _ P c I 

ndud- i h rough wage increases, out of Apart from the recent increase !„ addition H was Dossihlc that 

•“« v> [ PB ‘■’ U5 ""'' reases !" i , X2 , v 0 , WH iri1h ' ui us? « 5 Sw Ui wKEU i?J ! 

bnth, i* in Tj.\di.on. i^i ^inpncG, in the IjM mo run : an f; f^.ci nn tho wnr\d m * nnvi 

■use ex- The Chancellor’? words or in o. that the banks have been = I - ,*,®? 

effectively amount in a warning, lending a bit more money to! SlSTi^Sl ^ r 


tlR. D 

cel! or, saiii yesterday that . „ . . 

would have to be further fiscal hud injected into the economy cent, 
and monetary measures, indud- through wage increases, out of Apart from the recent increase 
ing a rise in taxes or a 
public expenditure, or 
there was a runaway wage 

plosion. _ 

However Mr Hcalev said he however, and go significantly people in the country than 
However, air. ueaic. saiu _ne flll . lhpr lh;in hi , ]nvv . k|lv soeec i, with L-PPnin^ 


Dunlop Speke plani 
jobs in jeopardy 


BY OUR INDUSTRIAL' STAFF 


DUNLOP is understood '-e in the European r re in Ju-'r 
to close its plant at Speke and cheap Ej^< Eus , .-ii>-.v:i 
membership of lATA's fares- on Merseyside, where 2.400 are inipons. ■■ priucrl at !■>’. >;■! - uhvh 



the money they had then. 

He made 
extent we control 
money supply, 
increases would 
not jost to 
higher unemploy 

as fiscal, and monetary measures, chances nf achieving a 7 per cent to 111 per cent early this month . 1 

He refused to be drawn as to r j se . ; n carn:ns» in ihe current Th Government's eennomic 
when mb action might ho «-»«.. round. ^ S 

. . “Don t forget thti the emn- b , S! „ Genffrey H owe, tbe 

Price rises pames hie h rippeai to be likely sjjado'v Chancellor. He accused 

. . . . . * n break the nuidlmes this year jj r jjealey or running tbe 

In an interview with the arc precisely Ihe ones which did econoiny w;th “the competence 

London Weekend Television pri> last year. th:.ls to say _Ford ; ;in , ,. nnsisfpnRV nf 

a msnic 


Editorial comment. Page 12 


profits in ihe ha!f-yr..r 

Dunlnp blamed ov».r-eir- 


Scotland. \V: : -htn:n.n 
N^rih-En^t. and Sne', 



arithmetic.’* “But then again we’ve bad a |r , bfl „ ow tno mU( , h and 

Mr. Healey said excessive wage lot fewer settlements, and a lot [ - " e , monetary and pi 

increases would generate price of people are waiting to see what p Q “cv“ ihoHy ina 

rises which would be damaging happens tent with this 

to the whoie country. Mr. Healey also went further tenl ''J 3 ‘ ol *; 

“I would have to bring the than last Thursday in explain- La honr News, Page 38 


Dell’s successor likely to take 
harder line on worker directors 


BY ELINOR GOODMAN, LOBBY STAFF 


THE REPLACEMENT of Mr. 
Edmund Dell by Mr. John Smith 
as Trade Secretary may mean 
that industry receives a some- 
what less sympathetic hearing in 
Whitehall when sr^uine acainst 
Lhe " Government’s proposed 
legislation on industrial demo- 
cracy. 

.Both men occupy roughly the 
same position at ihe centre of 
thp . Labour Parly. 

Mr. Smith, however, is far 
more political than Mr. Dell, 
who is lo rejoin the Guinness 
Peat Group where he will eventu- 
ally succeed Lord Kissin as 

chairman. 

Sir. Smith may be more likely 
to see the political dangers of 
being too closely identified with 
the Confederation of British 
Industry than Mr. Deli, whose 
disenchantment with political in- 
fighting has been obvious almost 
since he became an MP in 19fi4. 



Mr. Edmund Dell: a loner 


extra Undersecretary at the 
Northern Ireland Office, would 
also seem to suggest that there 
will not be another Cabinet re- 
shuffle before the election. 

J-asi night, some Labour Left 
wingers were predictably criticis- 
ing Mr. Dell for his lack of Party 
luyaity. Mr. Dell, who .worked 
in I Cl and banking before being 
promoted lo Secretary of Trade 
by Mr. Callaghan in 1976. has 
never worked to build up a base 
of support for himself within the 
party! Although widely acknow- 
ledged as being able, be was 
always seen as being essentially 

a loner. 

Whiie some of his Cabinet col- 
leagues thought he had the 
intellectual ability to become 
Chancellor, there was a feeling 
that Sir. Dell lacked the political 
antennae needed for tbe job. 
For ibis reason, bis decision to 
resign did not surprise bis close 

colleagues. 

Mr. Dell was approached about 


At a private - meeting last week 
between Mr. Albert Booth, the have to be solved shortly. 

Employment Secretary, and Mr. As the Minister responsible tbe Guinness Peat job last month. 
Deli, the central question of for guiding the Government’s In his letter of resignation, he 
whether or not worker directors devolution legislation through said that be would have been 
should be restricted to union the- House, Mr. Smith already prepared to stay an as Trade 
representatives was left open, has considerable experience of Secretary until the next election 
Legislation on industrial dealing with contentious legisla- provided that he had been able 
democracy was promised in tbe tion. His success with the devolu- to make his future plans public. 
Queen’s Speech. While, even tion Bill has no doubt contri- He- accepted the Prime 
Within the Labour Party, there huted lo his swift rise to Cabinet Minister's view, however, that it 
is some scepticism about whether rank. was better that he should resign 

the Prime Minister really At 40, he becomes the youngest as v. Minister while staying on 
expects to ger such legislation mentoer of the Cabinet,’ and his as MP f or the safe seat of 
on the statute book before an appointment cements his reputa- Birkenhead until the election, 
election, a Bill is expected uon- as one of the party's Editorial comment and Men and 
before Easter. This means that brightest >oung MPs. Matters Pa** v» 

the question of who is eligible His appointment, alor.p with ' ’ *“ 

for election to the Board will that of Mr. Tom Per.drv, as an News Analysis, Page 6 


Howto 


get over 120 for 
trucks throu 
your letter bd 




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lift trucks, it’s not the end of our relationship with you. It’s 
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You see, we’re more than a little concerned that you and 
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To that end, we have a nationv. ide neiu ork of depots. 
.MI offering you highly flexible sen icing schemes tailored to 
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If you’d like to know more, just fill In the cou pon. 


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Name 



1 >/.-a/ji:o 




■'Wj* ^ ffi , . ",%{■ 




Financial: Tunes Monday Noraaber 13 T978 




Kenyan 
President 
in Paris 


WHITE FARMERS IN ZAMBIA 


to stop crop 


BY MICHAEL HOLMAN 


NGWERERE, Nov. 12 . 


Ugandans 

‘repulse 

Tanzanian 

assault’ 


U.S. 






PARIS, Nov. 12. 


Tanzanian artillery ifieHed I 


WSanus Muaiuuun ids--. . w*ciiivrT’niM- J Vr«i -1-) • 

Kasera River yesterday after BY DA Y1D BUCHAN WASHINGTON, 12. 

Tanzanian uni ts m pontoon-ioats ■ ".* ■ 

failed w make the river .crossing in a move that will raise grain been calling for Govenjmerit pay- 


ANGRV WHITE farmers ‘ today accompanied by rumours that in Rhodesia. Angry men com- to burn his farm "to the ground” ~j jJ H ' • . . . . \ 

• Bv David whit* threatened to stop crop planting Rhodesian ’’agenu” are now plained bitterly about •Terrorists’* before eralgating unless some- OCCO|]lf .• " 

: By David White unl«* . Zimbabwe African operating in disguise in and and ‘Thugs" and demanded thing was done. Citing cases m aOOt|Ull . SilllK III I djlftk'V.- 

PARK \nv io Penple> Union (ZAPU) around Lusaka, has led to con- increased protection from the which Zambians had been Tanzanian artillery shelled 

, e j guerrillas were removed from adenble tension. In the wake of police and armyT “S*ft •«» ehanitm pointed * - . . V : St' ' _ . 

• PRESIDENT Uanie iarap Moi of Zambia s commercial fanning the raids more guerrillas are ^ farmers puUed no punches. Sera hlL^Vs 1 the LffiaM at Kasera River yesterday after ' BY -OAYIO BUCHAN. WASHINGTON. No?. : U 

. Kenya tomorrow begins three) areas. carrying arms in public, as well » if tSSJ/yA ptii like over weM” 1 ** rt ® ^ ‘■amoians as Tanzanian units m. pontoon-boats - 

davj, Of mil?* with French; sixty farmers and Ihcir wives as setting up unauthorised road Zimba K^ G o d help r„‘ a seoarate develooment it fal,e J > m'a*te the river crossing, in a move that will raise grain been calling for. Gweigsn^t.pv. / ‘ . 

Government and business. met at The Ngwerere Club, near blocks m fanning- areas around be ”^ fij are 5 was claimed ^Sday ftat -neSllas ? n ^ ^prndl-- -reports prices. President -Carter ha « ments to Jet up. 

- leaders. Th e visit (President Lusaka, to protest at yesterday's Lusaka and on the road south. blinch of bl(Wdv thu , 5 /: one caught ip the Rhodesian strike ^ " decided on a modest inemse in parable 

' Mo is firvi trip abroad since' abduction and bean n«— a Uegedly Today s gathering at the club, declared. "Who' is going » mint' Mr. Joshua Nkomo’s -Pfeadent Arams BnBsb-boni the amount of land feat .the U-S. the-l^a ^ ^rogram^e, gratp, tm . 

- taking office early last month) 'by ZAFU guerrilla*— of one of which provides bowls squash be the next President of this training camp last month a*™- Nafrobi Stttf&iZST 5 awenun f nt fmd finSout £' 

"is beizr -iven .onsiderable i ilieir fellows. It was the latest of tennis and. cricket for local country— (ZAPU leader) Nkomo believe they were “set up" for 25 ?«? S £ ^ nners for 1 f f “ rlS X^nrtfnn - 5 ■ ' ' ' ’ 

: iMDDrivn^ h - Frpnrh ,nw i. U number of incidents in which farmers, bore a bizarre resem- or President Kaunda? 1 ' asked the attack by Mr. Nkomo him- JJfjJ JL ?* production next year. • - Food production. . . - 

importance h.. French officials..- *o whites including sis blance to a meeting uf farmers another, while a third threatened self. SS!L« mrinVrn Food prices have set the pace - Mr. Carter- has vetoed; a- meat 

«P«l talks to focus on;^^. ha vo £„ S r omer. wnue a third A nationaIiit informer, SSSSfi AS. ^*528? <■ *■ US - in « ation «BJft *«port-.biH. which would, have -I - V ‘ 

■the problems of ihe Horn uflL* 1 ?^ by guerrillas or Lusaka recenUy returned from Zambia, Th^ tr-oops were tryiD"^^'^ year - yet hav e -been specifically . limited ejk -pqrts in aPY^.e year . .. 

Africa. President Valery Gbcard street mobs. In one case a lead- •H m £i 1* i was quoted by the Rhodesian land seized by ligand a n two weeks tempted from be !° e ,.?'° n j. t f 0 fhp t0 1 C bn • 

; Sl'XnTin'r zz Siuiid™ Guerrillas hit Salisbury k*^*s& 5&28 -« i. ^ ; ■ : 

■ s? hs-Bra* ih^s," mne tta BY TONY HAWK,NS sw -“- Nw - 12 - =■ s a- 

her rornier c^i.iro Of Djibouti, ntys industrial arqa BLACK NATIONALIST guer* 13th anniversary of UDI on foUowers Of the murdered the River Kajwra— I F Nyerere President's decision on the. 1979 keep prices: do wrt > - - : 

tv- ^ _ . npnrASPntshv^ nf thp Farmers j ^ „ . . . ~ , , rr: fn ; nna j- t t j' nrnorammp — . . _• . 


Food, production. 


: ..K . Z ° , i farmer?, have been molested or 

the problems of ihe H °rn u * • harassed by guerrillas or Lusaka 
Africa. President Valery Giscard slre et mobs. In one case a lead- 
!■: d'Estaing's proposal for a seven- |n-j fjrmer was allegedly 
. nation conference on ihe region assaulted by members of the 
and on France's military role in Zatiihian Army when visiting the 
her former colony of Djibouti. city’s industrial area. 

The visit is the ftr»t one to Representatives of the farmers 


- . ■ soiaiers iryiux lo ichcil uie xiver 

bank were eaten by crocodiles. 


Guerrillas hit Salisbury 


BY TONY HAWKIN5 


SALISBURY. Nov. 12. 


_ to Representatives of the farmers riUas today made their first Saturday, he aaid he believed former Zipra military . com- pledsea never to invade j Uganda .“net - aside” progi^me— Another Cougressioi^V hill 
France by a Kenyan Head of hope to meet President Kaunda a tt ac jj within Salisbury's city elections would have to be mander, Nikita Man gena. a^m and withdraws support from announced yesterrlay t ba + the- President'.. haif -now 

Stale and President Moi will for a second time hi a i week to boundaries. They attacked a delayed for “only a few months." Meanwhile. In a further move Uganda exiles in Tamante.. ^ his vetoes of the three .Lon- moved to veto is one that'Would 

meet Prosidenr Giscard un Tues- pass on the threat and request house with rockets and small But Nationalist sources within towards increased economic co- « . - - ’ ' Sr® 85 * 0 * 1 " Bills as lnuautmary baYe prevented, the :,AdJBnflstra- •' 

day. Tomorrow he will have talks increased protection. arms fire, seriously wounding an the UANC. have claimed that any operation in the region, Presi- dlina orOUgnt —will raise fee “ *P m tion frdm offerihg . ^py tanff --j; 

with M. Louis de Guirinsaud. the Few observers believe either elderly woman, military head- attempt to postpone the election dent Kaunda, President Neto of china said vesterdavit lud-hfahm no more than -5 per cent over dut ^-_ D& .textiles in .-the '-curreot---' - 

Foreian Minister, and M. Yvon that the S-10.000 ZAPU guerrillas quarters announced. The house, date win jeopardise the entire Angola, and President Mobutu of ihiT muuSvs worst iffonehMn* “L"^. ,' ye . round oF the multi latesl.-.GATT •■ = 

Bourges. Defence Minister. w m be moved, or that the in the well-to-do suburb of agreement. Zaire, yfill meet in Lusaka next century and brought in d Bum w ^ « trade ^ '-talks to -Geneva.. A.^ weto of 

Events in southern Africa and farmers will carry out their Umwinsidale. some eight miles In hig m0 st stroncly-worded week-end to discuss economic harvest than last year. . TieJtew . ' EFQSSXS Wauae this biUi Which had- joshed 

peace prospects in ihe Middle threat. F-ut the disruption i to farm f™m the city centre, was ^ atemeDt to da ^ on the issue ,t,h w otn S?/"® Iff f»^h^ m ^r TJ^ Cora through - V 


Meanwhile. InTfKtiter move Uganda exUes in Tanzmtla., ^ his vetoes the ttu-ee^Con; 
hin towards increased economic co- . j i- :- ■ gressional Bills as have prevented, the r^WjBiiflstra- ' 

iny operation in the region, Presi- China- drOUgnt —will raise feed gram tion froin.^ offeririg ; ^ ^='smy^ "tariff. --- 

ion dent Kaunda. President Neto of Chj - vasterdav ir had^t«, 5P, ° 7 cuts- ou textiles in ,** Vmrreot--: r 


peace prospects in the Middle ihroaL F-ut the disruption to farm from the city centre, 
East arc also likely lo figure in I life t-auicd by assaults and seriously damaged, 
the talks, as arc ways of mcreas- j threats and the possibility of Meanwhile. Bishop 


SH 1 SS SeiSd-K rKSig-v r b “f tt ,^ d Ne ;j '* v* !ISJiS«S^w 7 ^ 5 a 5 

Sh"° P 5SSS! a iS* u ™Kna held ta!ks_ in Angola last month more than 40m hectares = (WOm and increased world , stodks of beca use. the . Adinmis-. 


through Congress by. tier- textile 


niki.~„ are'w.-v,“.f"SSiW; : u;i M u'7ii aV, mnibiiltrlf MMinrhlh.. Bishop Abel S=!" 0 a rT« an ‘ng *«« talks in Angola lest month more than 40m hectara,- <MOm mt increases worm sniciw or ^ected because.' ihe. Aainfij^ ... 

ss 5 sr“ SKnaf %s , d ^ ^ «£*«*,* ss: - 
h ‘ l,l^h, - is » s sSeSr^M" tS f .sib-, rz 1 

“crisis week" over the timing „ - ‘i fae . Angolan port of Lobi to. The line tK f” a Jj y b°5heLs last year. ■ U.S- ip retallaEkHL ae^^so. sabo-’ - / 

of one-man one- vote elections. issue of elections is on whu . b unt ji ,ts closure in 1975 nn^ n ; President C®J? er ^ as keen . ^ ^ jhp wbo j ft negQtiatK)n& j ; -i.j 

Universal suffr-«°o elections ^* e agenda for final decision hj scrvP j Zambia’s popper mines co ^ on * bearing crops, sugar under some political pressure .to y -- ^ 

the four-man bi-racial Executive JJv- can ? . and -sugar beet, tobacco, and eXT>and the set-aside programme.-, in-killing : Uie. the 


countries. Kenya has recently j a ff err agricultural output in 
-bought French radio equipment ; Zambi 3 . 
and ground-to-ground anti-tank | There are 300 commercial 

mi'SlIeS. I f.irmPK ( m.unlv u-hitel in the 


African 


National 


farmery (mainly whitei in the of one . raajl onc . votP Sections. 


France’s proposal for a Horn country. Despite a fail in their 
of Africa conference, which number from 1.300 at indepen- 


wnuld include Kenya. has dem.-o in 19W. il»ey account for nevt month "in time 'for a hand- Council at. its routine meeting on 
rfSnf ^Lh 111 to the Presi-e 0 per cent of marketed agricul- nver lo majority rule „□ Tuesday. 

dents of honulia and Ethiopia, j lura | production, including a December 31. Political sources here expect 


Universal suffrage elections 
are scheduled tu be held early 


e tour-man oi-raciai ripened last week.- teethe aeencvsaid. 

luneii at.its routine meeting on Dip | 0mats here say that Presi- ^ lhe w • 

iesday - dent Kaunda has taken a quiet Dp*™!, ruch 

Political sources here expect but significant part in improving 1 cllul lusu 


President Moi is du«* to con- third of the country’s maize Two weeks. ago Prime Minister the trunsitronal Government to the relationship between Angola i French motorists rhshed.-.to .fill 
tinuc his trip in Brussels, for crop, which provides the staple j an Smith warned that for agree at the meeting on a new and Zaire, which reached its ; petrol tanks on Sunday .in pre- 


Kwand culture ueparnnem. “ olher countries,, notably tfie ’ > 

nulUons corn crop this year of EliropRan Commiraityv tfi -Pefuse- All 1 S 

r « J bushe s. compared to .. 6 - 37 b n ot fie r tariff wh cession^: to the ...,! 
harvest bushels last year. • • . • rr c : iw TetaliaEfbo.-aHtffso sabo-?'- 

t gram, president Carter has been . whole negotiations;-'' -i.", . -** 

■’. sugar ander some political pressure to “-f “^. WD “ e 

:co, and e xparui the set-aside programme.- • in -killing .the. textile -dmL. the ' .. . .. 

- ; ‘ which supports or raises prices President said the success-of the AS; • 

- ' ’ bv rest ricting supply, f roin the : GATT trade negntutfetf. was .8' ~ ‘ \ 

• •• : \ ' vociferous farm lobby that .has "vital ' la relieving . 


The strikes trave been pramied in 
protest at Government /measures 
allowing filling stations to cut 
pump prices by up to l2-.ee ntiraes 
per litre f about ■ 12. : cents' per 
gallon). - : .* ’: 


Mulder succession i 

BY QUENTIN PEEL . . JOI^NNESB.Lritp, r 


BY QUENTIN PEEL 


•TEHRAN. 


Italian shootine ' following the resignation of Hendrik S^oeaian^tte^S^^ttr-.^ 

" ■ '••• - n_ n , Vio rnwnor nf- ApnMIlhltt*.- mLVW.'-T mfll" -."t-tC- 


tinuc nis trip in Rrussels, for crop, which provides the staple | 3n Smith warned that for agree at the meeting '»« a new and Zaire, which reached its i petrol tanks on Sunday .ini pre- ' ‘ -m - ", ’i’: - ^ " 

talks with EEC loaders -in ; diet f'jr lhe o.fini Zambians. “purely mechanical reasons” it timetable for majority rule which lowest ebb during the invasion paration' for a week ..of strikes by TB AT__1 oil A AACCl An - s' 5 ’' - •" 

Thursday, and to London at the j Recent Rhodesian bombing would " he impossible tu meet will push- back the dale by at of capper-rich Shaba province by garage owners. Reuter' reports: lVBUEUwI \.l w •; 
end of the week. I raid-; on ZAPU installations, this timetable. Speaking on the least three months. Angola-based rebels in May. The strikes bave been planned in .■*■“*■ . " ij - - . -... 

g* /""r! — : — — — : — ir&“«ssrss& ,! rs >,.««»»' mhan : 

Iranian military chiefs face deadlock ^ 

euerriilas of the Lib>an-assiste.l ■ v r»r Pnnnie Mulder, the former of Agricul tn re». ■ ; f . hate': * both ~. -.'k . I’. 

National Liberation Front BY ANTHONY McDERMOTT TEHRAN, Nov. 1.. a man shot and .. 8 eriptl*ly Minister of Information; from announc^ tbat lhey‘;areiavailf;^r: 

iFrolinat). the IRANIAN military Govern- hard for the military Govern- evening, just half an hour before determined not .to .step down and J?™ P owerful posi^on pf leader ablq and ant 

sis, io "»« K j;rr"Z«Z u Tl - “ wswzs,™ wrs xss ^ e parly ” th *- Tr “ r* 

LriieAhis'Yea?. 'rr k ««‘ fhe^nw^ml Trike deeply ^pp^inu-d with the This statement was carefully the two years until Crown Prince thf ‘decrion^? 6 ^^ Jtamy of '* J 

heavy reinforcements of para- south west of the country. results nf the talks in Vans jjjd . so ^f R «a reaches majority, would be Ceriani SebregondVJfc vrt^hit (scheduled for November 2.fit is .?<»!«•» KA 1 1 1 1 C ^ 

troopers, legionnaires and fighter wa , oeneraUy ejected that b6tweeD Dr ' Karim SaD ^ bi - fhp ^h?h tantamo ™ t t0 PP®" 11 ** tbe wa ^ in the body yeSerday wlyle likely to centre on the -division - *0 attracr.Qj, n/IU |V * 

aircraft to back up its team of V v w ™fffd ,?ow tvhethlr Iran ,eader of the °PP npition National outnaht rental of the ShaK , 0 comp iete military rule and t0 escape police who stopped hrni between the Verligte fen- and most consetvaffve., sup- -j 
military advisers, bringing the y C ucc e ?sfullv retire Front, and the exiled religious But Gen Axhari. apparently be- thereafter to chrome instability, south or Rome, while at the wheel lightened) and Verkrampte (re P°rtere. The dark^horse-js pr. . . ... 3 „ s: ; 

total French force in the country nff „ider thl mHiaee leader, Ayotallah Rohoilah heved tint it wpnld be '"ter- as successive juntas fought for of a stolen car. ictionarvl wings of the’ party. Andries Trqiimchr;tbtf leading ’-•'i I 

to about 1.500 men. J if Khomeini. Preted in the present mood of power . . • -. - . fn ' nRp of T widespread desire geologist of the NP Right-wing, -i- ... 

President Mailoum’s talks with dnd. in tin? short term, ie The Shab had hoped that Dr. ^olS^cS to ^“shah’S Meanwhile with the National Insh growth renew!. to close ranks in the wake or ^>t ■ 

M Giscard d’Estaing on Friday Government appears to have been Sanjabi would have manoeuvred ‘ n ; e °' e h r ® b ' e 0311 Ior “ e 5,030 s Front excluded from a transv flr * . nre ^ pt ^ t i^ the scandal over - the secret -the . 

took place against a background reasonably successful in difFus- himself sufficiently away from 0 n n ’ tional Government, other opposi- S? cwo^vear ^Irish economSftmSm operaMo™ of the fonnar Depart-, g to bp gm _ 

of tension between the Chad ing tension. the Ayotallah’s implacable oppo-. It is believed that the Shah tion politicians of comparable inavbereminv ment of Information. • •=. . ■ - 

leader and M. Hissene Habre, Nevertheless there is a grow- sitinn to open up the possibility bas been examining carefully all standing have become themselves contained In the quarterly -review Tbe ,ales1 election in the -yj -. 

. J C ■: .1 k«: n „ « n i,,.!kU m..., n r Tl,. wiiioiiiqu 111 me Muuiiriijr.iwiBW Pnrto i>nmp« nnlv twf» aUOWea QIS name" tO vDC PUI IOC-; ,.-3 • : 


•ijr'JsJlIPPING 


In «Il?e of T%SkSd dKire iSoIogim of lie NP ,0 .... 

Io *& rank, in tto woSf or but ; 

the scandal over - the secret GorernmenL rj ffis ^ctoi^s .. . . 


er and M. Hissene Habre, Nevertheless there is a grow- sitinn to open up the possibility has been examining carefully all standing have become themselves contained in the quarteriv -review Tbe ,alest election in ine ^ m . . 

rormer guerrilla recently in S feeling within the Govern- of his beina invited to join a possible ways of bridging the gap unacceptable. The only possible 0 f the economy by the manage- National Party comes only two '>> - * • 

>inted Prime Minister in an ment that the 1 country is on lhe transitional. Government. Instead, between miliary- -rule and the exreption is the Right-wing Pan- m ent consultants, Codpera^fc months after the contest to !* ara _*?*■ r ?•' 


appointed Prime Minister in an ment that the country is on lhe transitional. Government. /Instead, helween military 
attempt to reach a conciliation brink of a political impasse he issued a statement which free election Sfcli 
with the mainir Arab rebels. which will make At increasingly resulted in' his arrest yesterday the end of ne** 3i 


emtoed* Iren^^lTo^tjon^lk. Sbrend.’ "SS* Pre^^ Vorster 35 i 


.•Bat he is away faction in ParBament. 'growth rate could fall.-^o be*I^w,fRrira'e Minister. 






[4 per cent next year— 4ess than 
the OECD average, our Dublin 
| correspondent writes. / For two 
years the Republic has ..led the 
EEC growth rate tahJe and this 
year growth rate -is estimated at 
between 6.5 and 7 tfer cent. But 


Four candidate^ are in the figure in the Governmeni, 


Israel rejects Cairo plan 








WM 

•V ? < 





“Sabena has some of 
the fastest connections 
with the Middle and Far East? 


some of the i jste-c con nect ions to 
the Middle jnd Far East, and you 
can begin to understand iust how 
Sabena can answer business 
travel Icrs’.nceds. 

Take Brussels Airport <r 


.airport make« ii one of die mosc 
civilised in Humpe, with even' 
fuciiity for the business tnlvdier 
close at hand. 

Such as the Subena Business 
Club, with its office, con feKnce and 


example. It is just a tiity-live minute luunee. Such as the i st class lounge. 




Hieht from Heathrow, yet despite 
the proximity, the contru.se could 
hardly be more marked. The sheer 
calm, comfort and efficiency of the 
compact single-terminal Brussels 


Such as one of liu rope's tioest 
duty-Ihx* shopping precincts. 

The coin alienee d< lent |t just 
strip at the airport. 1-or Brussels- 
bound travellers there's thf Sabena 



itfii *« iST™.- . "j Uon ot. nvc leaning miniKterj.,. siuerea-.wiai. rjr wti i CT-2 

21 a " d 1 including fee Premier, ; today new demand? put ■•’■dSffete;: on • ^ it Hi SiK 

strateS fo^Veducm| rt lreLnd\ rejected the new Egyptian pro, the already agreed-tipD^^ad jtTspu*? 
Sgh^rrowto reaffireinen? posa is brought back yto Washing- towards a. peac* 

ujfcn Dorrowuig requirement f on fr0lri . Cair0 by tb e Egy ptian Ihasaa Hijnzi writes frti«%eirat: b ;• L C; ., 

Shin qfrsinrlprl delegation. A diagolgUe has J>egun;.rin. .r\ L::r 

cj up . atidiiueu Th „ Cabinet nassed -a resolu- Lebanon - between ' Lebanese . -j ?r. : 


Malaysian police yesterday! tion tp tbis^ 'effect after- hearing Christian leaders and -feeir=uiain , r'i t 
prevented a United Nations! a report- oil- the latest develop- adversaries^ the . 'PalestitBanB.. ;J s ; 

official from taking food and • meats from tbe Deputy Premier, Meetings held on Friday between j fej-j... 

medical supplies to 2,500 Viet- Mr. Yigael Yadin; The Cabinet .fee . -two. Palestinian prafegsort , t ’ . ' ;* 

namese stranded abroad a tinv Secretary said, after fee session who have dose connections .with- ■ “ i 

freighter off the West Malaysian —which tbpk place some hours the Palestinian ’ Uhergtipa-;*^ brs^,... A ‘ 
coast, Reuter reports. Malaysian before fee scheduled meeting Organisation and fee (wo- .right , ’•'* ?T - r - 


S^/vmi’ifirst-dau mam it highly rataL 


Polish parade 


the demands violated fee Camp crisis. 


.-: . ^ *^4c!t i- - 

• iv **6 C. 


" ' ULWimjiP V;v 

. . ... " ' y*«k 

• • .»**’■: r ’-. - ’■> 

■ ft . . . * r?. sc. •. 

■ *<?•?* ?■* : 


“The compact smgle^errmnal 
Brussels Airport I 
is one ofthe most civilised 
in Europe ? 5 j 


train, which whu>ks you from the 
station beneath the a ir port to the 
very centre of Brussels (to Brussels 
Central Station to be precise) in just 
ib quiet and comfortablcminutcs. 

.So you see iusr how Sabeoa is 
tackling the problem of business 
travellers seriously, to make 
business travel less of a business. 


‘Sabena is uniquely placed 
to give a better service 
to tbe business traveller?* 


Frcnn the uesr:cf :he airport w thihttir; .•/ Brian!; ui /oil :6 mounts. 


With the .iihvnt of w Lk-S'ilkd 
jct-« and l*'-.vcr airf.iru--, fly ins h.-.s 
become more an J inure ac-.e-sibie 
to more .mu more people. Airports 
JcMstncJ in liic i.tuc.-. . mj liiries 
arc les> jble to c* *pe .nil'. «iably 
with the -hcer numbers of 
pjs-eneerN in the wvemiev. 

AnJ. oi’cour>c. it i,;he regular 
lull- larc pat ing bn i ine^v iravellcr 
who \urter- mip-i .>f.ill. \'et whac 
can He done to help him ? 

’ITiii is w here Nihou comes in. 
Sah rxi.i i- uniquely placed to give a 


better service for the business 
traveller, because it is neither a 
large impersonal airline, nor an 
overstretched small one trying to 
cope with a high proportion of 
tourists. 

Sabcna, being Belgium's 
Internationa] Airline serving the 
EEC capital, carries a higher 
proportion of business travellers 
rhun any other airline. 

Couple this expcrienci: with a 
network giving an almost unrivalled 
cownfee of Cuii t ml Africa, and 



The decani ambiaact pj the Satma 
Bnsoituduh. 


Around 15,000 people attended a 
service in Warsaw’s St. John’s 
Cathedral at the weekend, held 
to mark fee 60fe anniversary of 
Polish independence in 1918, 
Christopher Bobinski reports. 
Afler the service, over 2.000 
people look part tn an unprece- 
dented march, unhindered by 
poijee down one of Warsaw’s 
main street* to fee tomb of the 
unkown soldier where wreaths 
wore laid and fee national anthem 
sunq. 


COMPANY NOTICES 


rrrrrrrr^.:,!^ 


LONDON JMNCK COM PANT LIMITED 


Rolincoj 



Basque bombs 


ANNUAL GEPtERAL MEETING 
. .. OF ' SHAREHOLDERS '.. 

to Dp hrtd at the Hilton Hotel. Weciu. 


I . n 57 1 ce is heresy given iml— ■ •; 

i ». The Tremrter Books- and Reobicr M 
p-c l cr en cc Stoc» VilH M CtOMd- MV SKD “ 

!_ DeremDer. 1 970. -- 

,2. Ttra Transfer Broke ol the T4*t Con- ’ 
- wflrtjOte- Unsecured Loarr- Stock: wti| Mili'.-r 
i eiowrtj on sth December. I07fi tor •- 
1 orewrat.on at the Inienur Warraflis 
oavahto on ISlh Jmuh>. 1979.. ' ■■ 

| By Order ol Ute Board- 

- . - , • H. »D. Hb«p. Secretary. •_. 


. JwlMWi:' ‘ j,. 

;The Gcivrnl.AocKw- A Tnut - LUnitOU 


Rotterdam it 2 JO pan. an ThtirMjy,. i rGrjoby Houje. . - 



The Basque separatist guerrila 
group ETA has clainn-d responsi- 
bility for a rash or weekend 
bomb explosions in Spain’s 
northern roqion. The claim was 
made in a telephone call io a 
Bilbao newspaper, according to 
Reuter. Six bombs exploded in 
San Sebastian on Friday night 
outside Government ministries 
only hours after hundreds of 
thousands of Spaniards had 
demonstrated against guerrilla 
violence. 


50 lh Hovcffltwr 1078. 

- . ■ - • AGENDA 

T. OoehlDB.. * 

2. To rMMte and idoat the Report 
o* the Maneglno Directors, tor SSe 
ftiunciai rear 1977.1978. 

3. To 1 . ictrr-e and atsoo* the annual 
accounts for roe rear ended Slot 
August. 197a. 

4. Aodrooriaiioo or me profit 


95 Southward SfrOOl. 
London, 5EV OJA. - 


7 ™‘NAT r IOIV A L BANK QF ' 

. AUSTCalAUA LIMITE-1 
'Incornorated n 
aMtc of Vtctoria. Australia*-. 


August. 1978. ^SfSnSL 11 .WtREBY GIVEN thit tr* 

4. AoJrow*«ioii Of me profit 'of ?S?^r?L!l^ bcr5 I „ a,, 5. T|1 £?I e , r .*5 0 ? k *’ 

5. nr adopt a proposal to appoint Dr. ’ ?■* t ^ceSta? <D |ff^" l tor * W o n S t, J S a ™ rjw 
H, J.-Winmen SmervAorr Director.. . fw-tfie pumaic M- bwm:n? of ttw iiul 

S.Aoy outer business. I 00 • 18th December- ---T979- 

• Coptas- o» i IV? fun agenda and of f t * nr ~ 

the-^Btniai Report loFl 977 1978 D^hr. IW|. 

UL-M-kia From Nat^nal Weatmlnstur- . . . - "-r ?*»*, . 



Sabena to 

South-East 


ftjsia. 

Bangkok 


Japan-Hungary talks 

The Japnnese Foreign Minister, 
Mr. Sunao Sonoda held talks with 
his Hungarian counterpart, Mr. 
Frigyes Puja, on bilateral rela- 
Uons and economic co-operation, 
according to fee Hungarian News 
Agency MT1, Reuter reports from 
Budapest Japan is expanding its 
economic relations with Eastern 
Europe this year. A Japanese 
trade delegation visited Hungary 
and Czechoslovakia last March, 
and Mr. Sonoda is due to leave 
tomorrow for an official visit to 
Prague. 


G. Any otnrr business. l£“'V£? ld 00 ■ ISlh D*ccmbef^--^T979. ' 

• Cwtas. pt I IV? full agenda «rid of i WZnjV* Jg. J_gg9g*.eat. t* ' *» a ' 
the ■ Annual Report lo? 1 977 -1978 J * 0» 1»7*. . vr - . 

UArbp-tuid Ndi NiWnii Westminster. . . . * . ;-J h -A^.S-A.. AJT3 .S. 

Bank- .-Luo 1WL Stock CMMc Services. 1 ■ ' - seeretar*. 

Sfb •- Floor. 12 Drapers Gardens, i — • . T . 

Titragmsrtan Avenue. London. EC. 2. j. •- . . _________ .- 

. *MtJc la l ownen of Sham Wamnts LEtlAL NOTICES' - r ” 

to Bwrer Bcsirous .■ attending or 1 ^ " v * 

bemg, reprosenna at the Meatiin must l f ■ ■ — — ee 

ootanr a certificate or deposit signed | Vo Dirust nr ion 

bv a Bank or other AuUssttscd Doposi- I 7 n » 1 ^ ■■m/finr' 

larr thar. Mich Aufeomni Oonosttary ; ph nnr ..?^ ^2^^. OF.- 

h' hoWinfl the snare Warrants. Tbi? h. nari fv rT Div<s1 o r rompanits : Conrr. 7n . 

ccrtrttaftr-mwt Je> lodoed agaiiKi j ; ajltrr:or POOFCASTt£ ..UaitTEO 

receipt' : mrtWi nte^Naflonn Westmuiswi' ■ ana. Jn me MitUef of The romnamr* 

Bank Llm ted «oci o*ee Services, i Acr. IWP -. . - <n -. . f 

Sth' Floor. Drapers Gardens,, :• Vnjifp.' i e .tnrnpn,, ■ ; - j .' : ' ' 

Throu mortem Aoemip. London. E.CJ. ' Iy.,,iln i i.fvt-**; 4 

not later. naan Tsorsdsv 73rd 'Novom- “ /'tiniwi 17 • " Ull " il » up uf flii aboi’ir^ 


ber. 197k. the receipt Jpr tm? certi. I named Cnmpflcv ljy fhu -IliuB Coori of 
fKAtc-.ol tMoosit ?u<il eo-tstiuite evKteoce ■ los'ifv was do lie ?e»h- itA-ef Ocictaer 
of--* -..sAarghdloer s entitlement to - I9W orest- ni-Hf -o rtn 
* trend *«d vote, at Tbe Meeting- and. ; HE.VLY™ I FaAV 

should oe presontea n tb: door of RrawniLV m , LIMITED vfcOSf _ 

the Meeting H*if. ff a hotdnr. dosirev- ■ S; IS -t™ . IT .nlftuie if K-Wr* 


cne wcviina i r a no-uiD. ksomtcis- I' u All ._ ^ ai a 

lo a ppoiw a . arc >7 -mo need- net II Eusrnn Road; Landufi; 

ag. iLnember or the Company. I» attwM 4 i.« w .I. LfaSOnc. aL_ Mofor."-. Veil Sdttfc.- and 


an.w e wsbBr or tn* Company, to attend 
and' *o to tp bis isead.- a form at prmv . 
mav be oWareep from me Nztlonsi 
wectminszer Int LlmKed as above 
and tbb form: -uf -prsw mas ne pre-. 


Cnrirr silffap at 
^ JHMief. Sfnwif 


atntfrf it-w>t-.dQBff oi -.me mobciiioi! nw r .swritt 1 ;.«r: 


Tito remembers 


Hxit.-tonttar Him _u» receipt fer.tbv 
ccrtiscatr or aerfosii. . . - - -- 
' BemaciBI ownen at Sutwsbare Cem- 
tuui. raobterad in the name at- 


iiir. erfdedr or. 
dzpoan it JaSPOliH 
r. ipaMPat. of .un - 
ion mwr 


iiaia Lumpur 
Singapore 


Manila 


\la Brussels to South-East Asia. Ask your travel agent 
to check the Sabena schedules; you'll' be surprised to 
find ho\v<midd*TOull get there. . . and back! 


President Tito returned to the 
southwestern Yugoslav town of 
Jablanlca on Sunday where 35 
years ago he led his partisan army 
in a historic bniUe which entered 
military textbooks as an example 
of his strategic skill. Dressed in 
his pale blue Marshal’s uniform, 
fee SB-year-old President unveiled 
an impressive monument on Aft 
Makljen. overlooking the Neretva 
river, where in 1943 his 30.000 
troops, protecting 4,000 wounded, 
were encircled by 90,000 men, 
Reuter reports. 


Nstlonti : ‘ ProWBCl*l Bank tNamlRaal tat the .iimr ot *■ -^- 1 — ,- . 

Lhnftdtf tftskotl* Of ■HMdira or oetng 1 }^ Cmjnw .1 f n - 
rtprwwted tt tf« Mtttinr fngsr oburn - PKWrt' na* a 

a urtfest* ot deposit to the $vnr wa y « ffic . ac_ terUsM 

as hojdwvoi Shart Warrants to Bearer. W !w- moinKisiied: «r jjiv oriiiMF- w 

rtwaaraB.. r- Tan,roo ' 01 ***** 

mtnt -obtain -a farm- -si pron tlpiiesr . {] 


by NHianal Pro vi neat Bank iNmnlneas] 
Limited. wMch lortn must be presented 
at . the -dPPr of the .Meeting Hill 
loflrtbw.wiHf the reeelpf tor Mir certu 
nciie-af town;. 

«e*eket>f wwm - oi ■ ' ^ ub-jharea 
reofttcred In -any na-rre olher - Wrap 
tbit, w - M*tionar.-.^rb.,iici*l . BifM 
?Nomln«-U _Limlrcd ,»nd holders of 
Rcpistereit Full Sr>ir« i**w_*ish to 
attend- and at- dm Mooting p r 
la appoint l- prow to -attend ana veto 
tn their, atrad. -rnmt ?Morm the Com- 
pany. -J" ■•"■ifov hv_-Ttmred4». 2 Jm 

November. .1978- cn -.trlr intMifiom; 

By Order of tor Board 
. of Mamgtni Oireereip. 

’ "• * £. A, "BROUWER . 
^ - A ,\ A--S. BliNKtR- -- 

Dated- tht* Uih >»* . . . . 

of Npvemser. ,?97S. 

B.O. Bon 373 ,. ■■-■V . . — ' • • 

ftmterdam.- : - ---- ■' • 


K \\ . 








Plnanfcial ''Times Monday November 13 197S 


world i kadi: mays 



Scandinavians 
on pulp profits 



year 


BY MAX WILKINSON 

AFTER TWO years of heavy 
losses, the Scandinavian pulp and 
paper industry is looking ahead 
towards a recovery next year, 

Mr.. Bo Wergens. managing 
director of the Swedish Pulp and 
Paper Industry Association said 
in London that many mills would 
show losses for the year ending 
1978. but he expected them to 
achieve break-even or slight 
profits next year. 

His optimism is based on the 
increase in the price of market 
pulp from the low level of S323 
in the first half of the year to a 
current level of 8380 penonne of 
bleached sulphate pulp. Mr. 
Wergens thought prices would 
Further increase next year 
towards the 8415 peak achieved 
in 1973-74. 

Mr. Wergens said: “ 1 am not 
saying that prices will go quite 
that high, but I think they will 
be going towards that 

Swedish pulp mills hav^ now 
shifted all of their surplus 
siocks. and have now stepped up 
production to between 80 per 
rent and 85 per cent of capacity 
compared with the very low 
levels of 70 per cent or even 


less two wears ago. 

As u result of the general im- 
provement of demand. Mr. 
Wergens said the Swedish in- 
dustry bad won back the mar- 
ket share which it lost to Ameri- 
can and Canadian producers in 
1976. 

He estimates that Sweden's 
share of the European pulp mar- 
ket is now 39 per cent of the total 
of North American and Scandin- 
avian- deliveries which he des- 
cribes as the “normal’’ levei. 

The improvement in the pulp 
market has to be offset to some 
extent . for the Scandinavians 
by the fall in the value of the 
dollar. Since prices are quoted 
in dollars, tieir revenues have 
been correspondingly reduced. 

However, Mr. Wergens believes 
that the Scandinavian. mills' mar- 
gins will improve for three rea- 
sons. 

First he believes the dollar is 
now undervalued and will tend 
to rise against the Swedish 
krona. 

Second, he says. Swedish wood 
costs have been reduced by 20 
per cent over the last two years 
in eluding a 5 per cent reduction 


Japan and 
China in 
$190m deal 

By Yoko Shibata 

TOKYu, Nov. 12. 


TUBARAQ STEELWORKS 



EFTA and 


tri-national gamble i Spain agree 


BY DIANA SMITH IN RIO PE JANEIRO 


GENEVA. Nov. 12. 


ry. He j^IITSbBISHI Heavy indusines: capacity, lubarao util produce inevitably, at a time of steel Japanese partners 
year to • [ and Musubishi Electric; 3m tonnes a year of semi- crisis in Western Europe and their quotas. At 
5 year, nave received a M90m order for . finished steel product*. Japan, the foreign partners in Brazilian steel sour 

• ..... n J . 1 ?* r‘’P Tttnrtnrtl rtiiu’Or r.l jnt Fr«r . - w E r .. ■ . i . . . 


thiji year. Labour costs also show ■[ 
signs of relative stability, 
expects wood costs next 

be about the same as this .. 

Thirdly, he believes that wood i large 
costs in the Southern States of I * be 
the U.S. wjJJ tend lo increase as 
a result of rising land and labour 
costs and pressure for more 
environmentalist measures. 

ll has 
Southern 
8100 lower 
than those 

Sweden the costs of replanting 1 „, Th *, p JL 03eet , Ca ^ S for construc- 
and other Government decreed 15011 of therraal P»«er units with 
e nv i ro nmcntal' nieasures % \ K" 1 K? r , “f" 11 ?..*/ ,™M5! 
a tonne to the cost of pulp. 


i CONTRACTS for the about 50,4 per cent— depending, the foreign partners' quotas was 

|S2.Sbn lubarao steel works in Dr. Rossi says on the type, set at 20 per cent each but. in 
[Brazils Espirito Santo state, quality and delivery dales of March this year, pleading high SPAIN AND the seven-nation 
‘have now been signed. At full equipment. " domestic idle capacity, the j European Free Trade .Association 

renegotiated I (EFTA) have reached virtually 
the lime; complete agreement on gradu- 
sources indicated ; ally reducing mutual trade bar- 


"VJPf* p c^ 0 u-r.rJ 1t in ! The project is * tri-national Timarao have not disguised that Siderbras hhd agreed to i ners to the same levels existing 



Although the differential 
between wood costs depends on 
the exact valuation oF the dollar, 
the Swedes expect that it will 
slowly be reduced. They do not. 
however, expect the differential 
lo disappear altogether. 

He said: “The scenario is thus 
ser Tor a balanced international 
pulp market, where the main 
pari of the supplies from new 


kvr. Part of the fuel for the 
thermal plants are to he supplied 
by waste gas from furnaces at 
the Paoshan steelworks. 

Mitsubishi Heavy - Industries 
has the largest market share for 
thermal plants using a mix 
waste gas and coal fuels. 

The first plant will be com 
pleted by June 19S1. and the 
other by the end of 1981. In 
April this year. China invited 
three Japanese » electric 


sake of equality Finsider's quota ‘ and fish, which parallel accords 
reduced. being worked out between Spain 

,, n I and EFTA members on agrleui- 
agreement. Dr.i „,“*i 


lural trade. 

Finsider and Kawasaki 24.5 per Japanese banks led by the Bank flexibility clause. This: not only j 

f-pnl Mt-n. rv_ _ r TT-., , m r> 1 - : 


contains a commercial \ The ob j ect of ^ acci>rd is t ,, 


trade 


liberalisation 


cent eaeh. According to Dr. of' Tokyo, Long Term Credit allows the foreign partners .t° I between the EFTA aod Spain in 


Claudio Marcello Rossi, Director Bank of Japan and Dai-Ichi increase their quotas after the 

in Brazil of the Finsider Kanyo Bank. This is a straight first three and a half years to 

operation. Tubarao 1S the first financial loan, not tied to equip- 20 per cent, should the inter- 

tri-natjonaj joint venture of its ment supplies, negotiated on national steel situation warrant 

type- behalf of Siderbras by Kawasaki it but also, permits Italy or Japan 

K 55ned ° n Steel earUcr year ’ to . cov * r to whatever portion of their , a „ II(rm ueiweKD „ 

_ the last day of October cover part of Siderbras 1 share in the quota they choose wherever ; ^ e E |y- concluded after Britain 

ofjb3Sic purchase orders of equip- total Tubarao investment. The they choose should their steel} nd i>enntark left EFTA to join 

j ment for Tubarao. preliminary loan will be supplied in three problems persist. Communitv. 

purchase ana sale of output tranches: the first, this month 
(SLAB) and 
ment 


the intermediate period before 
Spain formally joins the EEC. 
After that, trade between Spain 
and EFTA will be covered en- 
tirely by the existing free trade 
arrangement between EFTA and. 


Container ships over capacity 


pulp capacities successively • machineiv manufacturing groups, ) purchase order is ?i.4ibn com- rear 
coming on stream during 1979 , Hitachi-Macbinerv, Hitachi Bab-J prising S708.*>ui in equipment sup- ^, v er 
will be absorbed by the J cock t'for boilers). 

; Electrlc-MHI ffor 

: generators) and SfHI-Mttsubishi iequipnieui supemsion and train- Japanese banking consortium 
Electric- (for turbines, generators | in*, from Italy. wa g reluctant to guarantee more 


increasing demand.” 


BY LYNTON McLAIN 

THE WORLD fleet of deep-sea 
container ships is expected to 
increase by a third by the end 
of 19S0. producing overcapacity 
on all established routes, London 
shipping consultants H. P. 
Drewry said in a report pub- 
lished today. 

Deliveries of new vessels and 
the depressed world trade would 
combine lo produce the over- 
capacity. There were over 100 
fully cellular container ships, 
each with a capacity of 400 
twenty foot long equivalent con- 
tainer units, on order last month 


• and the Toshiba-MHI group 
! seemed more likely to win the 
! contract. 


compared with S3 on order ui the 
end of September, last year. 

The expansion in the container 
ship fleet compared with a fore- 
cast rise of 10 per cent in the 
world fleets of bulk carriers. 7 
per cent in the oil tanker fleet 
and 6 per cent in the fleets of 
combined carriers. 

The factors behind the forecast 
of overcapacity included the lack 
of suitable investment opportuni- 
ties elsewhere in shipping, the 
current bargain prices for new 
ships, fears that inflation may 
lift prices and plans in the 


developing world to build their -Taiwan .17 ^ fallrc 
own container fleet*. ! *a*Wan-U.3. taiKS 

The total order book for con-! on TV imports fail 

tainer ships is equivalent to a! 2 

world fleet annual growth rate 
of 11.5 per cent between mid-1975 
and the end of 1980. based on 
the assumption that there is no 
further ordering /or delivery 
during this period. 


WASHINGTON, Nov. 12. 

The U.S. and Taiwan have 
failed to reach an agreement to 
restrict the Asian nation's ex- 
ports of colour television receiv- 
ers into the *U.S. between now 


Only the start of an unexpected \ and raid-1980, 
boom in world trade may prevent / .. After three days of pegot ia- 
tho deep sea container ship I** 0 ? 8 here. U.S. trade-policy ofi- 
sector from sliding into increas- cial * sa i d tbe Uo c ° untr ' e s were 
inq overcapacity and diminish- ■ una ^! e t0 a 5 ree on 7 a,wa £,5 


ing profits, the report said. 


SHIPPING REPORT 


Politics disturb freight market 


: growing volume of colour TV 
i set exports to the U.S. should 
I be restricted under a bilateral 
I “ orderly-marketing " agreement. 

! Further negotiations are 
• planned. 

: AP-DJ 


British week 
in Warsaw 

By Christopher Bobinski 

WARSAW, Nov. 22. 
FORTY EIGHT British com- 
panies. including Taylor 
Woodrow. Cementation. Fisons 


i the Community. 

, „ finance ag roe- of S250,n. the second. S250m ,™' L*™i1 1, p«ducr ^ 

beiween Siderbras. tranche in 1979 a nd the third. Sffr ot™ after Srinc the?*, 

Finsidt-r and Kawasaki Steel. 8200m tranche in 1980. Sarmer- advancf notice but 

_ Th £j 0lj] , va,u > 1 the basic Each tranche will have a 12 ihelr consent : 

r tfl.41bn com- rear term of grace, with spreads Rossi maintain* that efforts 
. . equipment sup- over LIBOR of 1J25 per cent for {JJ'jJj made avoid undue 

■si. Toshiba Phes. supervision and training the first and U for the other enmnetitio^^ betwem Tubarao •' 

turbines and j from Japan and $7GB.0StSm for two tranches. Initially, the SSers on foreicn niarkiu : 

HI-Mitsubishi ; equipment, supervision and train- Japanese banking consortium " '■ 

.... ss. generators IQS- from Italy. was reluctant lo guarantee more The general Tubarao agree-' 

and boilers i . Japans .-:nare includes the t h an sigom but atier negotia- nient, drawn tip in 1974. allows 

Up io this summer. Hitachi j ulast furnace, to be supplied by liftns ear ]j er ^js v ^ar when f °r doubling capacity to 6m; 

.1 >«,.T Marubeni, anri the power and siderbras and thp’ Brazilian tonnes per annum. From a ICch- ; ' 

Italimpiani. another offshoot of K b 4 S5.25 t n SSJSf2.iS“ during the IS years covered by 1 opwto ,n Ylim 

slabbing miff 1 and' %Sdng' ''pit m suaranteed from the start, Ihree^s'hSIdowns li oV* the’ “blast! The week is being organised 

units; H agreement was reached m July. for rellnlna Also a ! Jointly by the London Chamber 

The Japanese and Italian tn S ^ eh P 0 ^% C ^ Pi bi P n CC ^^ blast fSrSa'ce ' would |of Commerce and the Polish 

equipment will be financed by 11 ensure maximum technical and» Tethnjcal -^ssociauon and -s 

supplier-credits: in the Italian S500m-S550m— S»0m from Sider- econom j c use af operation, 
case, with a 12-vear term at 8 bras - and each from 

per cent fixed interest by the Finsider and Kawasaki. The All will depend on the world 

Banca di Credito Italia no to remainder of the S2.8bn invest- situation. In Dr. Rossi's view, ( 

Italimpianti. with ‘ '*' “ ‘ 

Government guarantees. 


the third of its kind in Warsaw, 
it will include films, lectures, 
and an exhibition. 

1MM , ^ The themes of tbe week are 

Italian ®ent, will be financed by Brazi- Tubarao’s scheduled start-up late i the food industry, construction, 

iian institutions including the in 1982, will coincide with the j ihe cheinicai industry and trans- 

Origi nally. Brazilian manufac- National Economic Development beginning of the end of the : port, subjects which it is though; 

hirers' share of equipment was Bank. world steel crisis, with general j ar e likely to be of most interest 

set at 33 per cent but, after The preliminary sale and capacity moving closer to poten-] to Polish importers 
heated disputes in recent months, purchase agreement of tia^ consumption; what^be terms Despite Poland's import cut- 
accompanied by protests by Tubarao's output is geared to a happy coincidence. [ hacks in trade with the West this 

Brazilian capital goods manufac- an 18-year period. In the first Dr. Rossi says that it is vir- j year British Department of Trade 

Hirers that they' had been by- three and a half years. Finsider tually certain that a molten mill) figures show a rise in expons to 
. passed in areas where they were and Kawasaki have agreed to will be built adjacent to Tubarao j Poland of 26 per cent over the 

not 'capable of participating. Sider- absorb ten per cent each of with a 2m-tonne capacity which! first nine months of this year 

i bras. Finsider and Kawasaki actual output (below 3m tonnes would be entirely Siderbras'? I compared to the same period in 


j * ■ » « J * H »_ I Uiiu ajoiu dLiuui i «iuj luuiiva nuuiu 

, agreed to raise this share to per annum initially). Originally, responsibility. 


197 


BY OUR SHIPPING CORRESPONDENT 


MIL TANKER rates stabilised 
last week as the How -of crude 
from Iran became more certain, 
but the effects of tbe volatile 
political situation there continue 
to have slightly unsettling effects 
on most areas of the freifihL 
market. 

VLCC rates in . the Gulf 
improved slightly last week, with 
a 260.000 tooner taking \VS37i 
and a 384,000 tenner the surpris- 
lugiy high figure of WS34J. 

inquiry for period charters is 


HOW TO SUBSCRIBE 
to 

THE WALL STREET 
JOURNAL 

Rate for U.X, & Continental 
Europe 

$1W> 1 year 

$100 6 months 

SSO 3 months 

Payable in dollars or equivalent 
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Delivery by Jet Air Freight 
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( Other area rates on request.) 
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THE WALL STREET JOURNAL 
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London, EC4, England 
Attn.: Mr. R. Sharp 
Also available at major news 
stands throughout Europe. 
ASK FOR IT 


said to be oh the increase, with 
charterers . and owners 
manoeuvring for positions in u 
volatile market which is expected 
to weaken by the end of the year 
with art OPEC price increase. 

In New York, Texaco ha* 
taken several ships in the 70.00A 
to 80.0(MMon range for periods 
of 12 to 24 months at rates whu-h 
equate lo a spot rate level of 
WS76. 

Brokers report some hesitancy 
in dry cargo markets as a result 
of the Iranian troubles, but the 
only actual fall in rales was rn 
the U.S. Gulf, where 810 was the 
going rate for Gnlf-Continent for 
a 55,000-dwt ship last week 


These rates are still high, how- 
ever. by the standards o / t'ne| 
Ia c i two years. 

Timecharter rates for Panamas 
vessels have improved slightly 
in the rar East, but in the 
Atlantic rates have weakened; 

A busy week in ihe .-a*e and 
purchase market saw -.-o 11 -year- 
old Panamax hulk carrier sold 
by P & O for S4.Sm— a pood i 
pnee in present times. A smaller | 
bulker of 27.000 ton? built m 
1970 went for $4.1Tni. 

. Manchester Liners sold two! 
ten-year-old container ships to] 
the C. Y. Tung group for $3.25m 
eaeh. 


UNEMPLOYMENT 




Oct. 78 

Sept. 78 

Aug. 78 

Oct. 77 

U.K.* 

000s 

1,360.0 

1,378.1 

1,392.0 

1,433.4 


0/ 

/o 

S.7 

5^ 

5.8 

6.1 

Holland* 

000s 

210_2f 

21T.6 

210J 

206.2 


% 

S3 

S3 

5.2 

5J 

UJ.* 

000s 

5,900.0 

6,000.0 

6,002.0 

6JI72J7 


% 

5.8 

6.0 

6.0 

7.0 

W. Germany 

000s 

907^ 

864.3 

923.9 

954.4 

O.' 

.•o 

3.9 

3^ 

AJ0 

4.2 



Sept. 78 

Aug. 78 

July 78 

Sept. 77 

Belgium . 

000s 

268^ 

270.5 

272.7 

260 JS 

C' 

Id 

6.7 

6^ 

6.8 

6^ 

France 

000s 

1084 J> 

1,157.0 

1,094.0 

U15.9 


% 

5 S 

5.0 

5.0 

S3 



June 78 

May 78 

April 78 

June 77 

Japan . 

000s 

7,260.0 

1030.0 

1030.0 

1.110.0 

o/ 

/o 

23 

22 

23 

2.1 



July 78 

April 78 

Jan. 78 

July 77 

Italy 

000s 

1.6S8J) 

1,450.0 

1,520.0 

1,692.0 

• 

/o 

7 S 

72 

8.0 

7.9 



1 his announcement appears as a matter of record only. 




SOCIETE NATIONALE 
DES M ATERIAUX DE CONSTRUCTION 

US $ 25,000,000 

LOAN FACIL1 1'Y 
Guaranteed hy 

BANQUE EXTERIEURE D’ALGERIE 

Managed b> 

AL-UBAF GROUP 
ALLIED ARAB BANK LIMITED 
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Bcrlud 

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4 


Financial Times Monday: NOyerdber-Iia 1978 


T„’ *!,•-< 




een to 



small companies 


BY JOHN ELUCTT, INDUSTRIAL EDITOR 


A CAMPAIGN now being con- 
ducted by Uie Government to 
encourage large, companies to 

help .smell concerns wilt re- 
ceive a significant boost in 
about a month when Shell UK 
launches a special initiative 
scheme. 

Shell has been working on 
this for some time and i* 
already associated with various 


projects' including a Newcastle-- 
based voluntary organisation . 
called Enterprise North, and ' 
a New Enterprise Development 
Project at Durham University. 

It Is al*o one oF the major 
companies working with the 
London Chamber of Commerce 
and the Industrial and Com- 
mercial Finance Corporation to 
set up a London Enterprise 
Agency with .funds of . up to 


Elm to help small companies in 
inner London.. . 

Shell has carried oat re- 
search into the problems of 
small companies, especially in 
loner cities, and Is considering 
other ways of providing help. 
One often quoted - possibility, . 
not only for Shell but for other' 
oil companies such ps BP. which-, 
is also -involved. in .the London 
Agency, is that spare- petroP 


station, sites might be handed 
over to small concerns. 

But while Shell and other 
such companies are preparing 
special policies, they are 
anxious not to give the impres- 
sion that they are prepared to 
trade with small businesses on 
specially preferential terms- 
. - This is despite the fact, that 

many ' small businessmen have 

told the Government, recently, 


that more relaxed credit terms 
would be one of the most use- 
ful Initiatives from large com- 
panies. 

The Government's Interest In 
encouraging large companies to 
help small businesses is likely 
to be spelled out in speeches 
daring coming weeks by 
various Ministers including Mr. 
Harold Lever. Chancellor of the 
Duchy of Lancaster; 


By Michael Donne. 
Aerospace Correspondent 



show progress of upturn 

BY PETER RIDDELL, ECONOMIC5 CORRESPONDENT 

An airline, called Air Kent. Is! AN ALL-ROUND picture of the ments has been ' - extremely consumer spending in the third 
being sei up by a group of Kent , progress of the economic upturn difficult to forecast this year quarter (on Thursday), and the 
businessmen, It will be based at should be provided this week because of the sharp month-tOv preliminary estimate of Gross 
Mansion Airport, and application ' by the publication of most of month fluctuations. Most City Domestic Product in. the third 
has been made to the Civil Avia- ' :h,» main indicators of demand analysts, though, are expecting quarter (on Friday), 
lion Authority for mutes to; and miTput. an improvement in the October fl| The present sterling exchange 

Brussels and Rotterdam. j n r, ar i... u j ar indices for in- balance — due to be announced rate Is uncompetitive. -according 

If the licences are awarded, the induction j n September tomorrow— afer the £119m deficit t 0 the first issue of a regular 

new airline plans to start flying- an d re'ail sales in October— buth the Previous month, which was new exchange rate analysis pub- 
nn May 2 next year, offering five ' due ftU| lodav — wili j, e studied inflated by abnormally high, oil lished this morning, 
return flight* daily between , j sue ‘ how far L h c min j. imports and the delayed effects The review, entitled Exchange 

Man ton and Brussels, and two i,' (l01I , fun ditto ns r>f the summer of the Southampton dock stnkel Rate Outlook, will- be published 

H&JZ, d ‘“ 1} ' l " “<* t,nm ■ h.v« beer, mjinuincd during Ih. Si.tl.tic, for boll, pay and “Sf.'i 

SS-^SSFS 

Go'wer Presg.’and Charles Fulton 
and Co., currency and money 

Air Kent is the operation name 10 thc I1,onth ^ mi id-October happening in the current Pay br ™t rS ' DU hlicatlfm brinas to- 
rn.- 7 Company ffltod Thl?«; h in P re ™ us cuu ‘ 3le of ™ UT,d ’. *? fe " bl e settlements ? e ™? r £?ev?nt to 

European Air Services, formed i months have >et heen agreed. The prices the assessment of excha nee rates, 

by a group 0 f travel agents j D ! However, as Mr Denis Healey, index, however, is expected to Q sterling, for example, it 

East Kent. j Chancellor _of the Exchequer contann that the 12-month rate points nul that- - UK prices. 


British Aeroypate Heron six to , jr * average earnings index for 

1 0-sea i cxeoiiive-l'.pc oropeller ^ ,!F5 * U \ lh " br0jdly dL * fin * d September is unlikely to provide 
aircraft. j money supply, grew more rapidly much of a clue to what has been 



At present those living near 
Thanet have to journey between 
SO and 100 miles to the west, to 
either Gatwick or Heathrow in 
order to fly 140 miles East to 
Belgium and Holland. 


than its 


! should he closer to 7 per cent September. jq per cent wrse 

than S per cent and at (he bottom Among the other statistics due historical trend, 
end of tlie 8 to 12 per cent to be published this week are “Exchange Rate Outlook”: 
target range. cyclical indicators for the UK Gower Press. 2. ■ Westmead. 

The pattern of the current economy (on Wednesday), the F arnborough, Hampshire GV14 
account of the balance of pay- second preliminary estimate of 7RU. 



Chemists 
ask public 
for advice 

By Colleen Toomey 

THE RISING cost of pre- 
scription drugs ' in forcing 
chemists's shops to close at the 
rate of 2 per cent a year. In the 
past 13 years more than 4,500 
chemists in England and Wales 
have shut. 

The Pharmaceutical Services 
Negotiating Committee, which 
acts for prescription chemists, is 
trying to improve the inadequate 
services these closures have 
caused. 

This week it is launching a 
nationwide campaign through the 
9.500 chemists In England and 
Wales to discover what services 
the public wants. 

It expects to have compiled 
a detailed memorandum by early 
next year, incorporating the 
suggestions of. .groups including 
the Association of Community 
Health Councils. Help the Aged, 
and 'the National Council cf 
Social Services. 

Action wilt be taken on 
immediate inadequacies in ser- 
vices, but . other problems wilL 
take more time, “or may even 
need negotiation with the Secre- 
tary of State: to implement," 
according to Mr. Alan Smith, 
chief executive of the Committee. 

Among the recommendations 
the committee hopes to imple- 
ment next year is a reduction in 
tbe^prantity of drugs given for 
each prescription. “This would 
avoid, wastage and could - cut 
flOOhf from prescription costs a 
year". Mr. Smith said. 

Last year. 325m prescriptions 
worth more than ffiflOm were 
issued ■ by chemists. Drug costs 
rose by 18 per cent, while profit 
over sales remained at 3 per 
cent. 

This disparity has been one of 
the prime reasons for chemists' 
shop closures. 


Social security 



BY ERIC SHORT 


OLD AGE .and widow's- pensions, the 12 months from November 
sickness and unemployment bene- 1877 . No indication has been 
fits, and all other ^ial-aecurfty- given by the Government as to 
benefits increase - from ■. today,- what action it will take, if any, 
when the annual revaluation bf -should the forecasts fall short 
benefits comes into qperiatibiL . ^ ^f the changes in the National 
The weekly pension for a single -.Earnings Index and the Retail 

person becomes flSJOj-cbmpare'd -^1*® Inde ?- ws n n 

with £17.50, while for couples < ^ review of contribution 
it is £31.20. compared wittrSE' *»*“. and conmbuuon salary 
Sickness and uaemploymeiu For the national insura 

benefits, previously U4.70 rfdS-^ nd . ove f th f /d To 

single person and £23.80 for a starting ,n *P ri ■ L 5 -f.nnHi it is 
couple, became U5.75 uidmso; & “*• ™°"wbirton 


single person and £23.80 for a starting in April, is expected to 

l be annotmcec 

respectively. . ' - -i. . ^Anticipated that 

Other benefits Increase rnt-r^: 
spondingly. Tlie child benefits: 
pavmeut goes up to £3 from 
£2.30. The earnings limit . for. 
retirement pensions — the amburrt - ' 
they can earn before ‘ having 


Labour News 
is on page 38 


£300,000 re-location cost 


If you've growth plans for your company, whatever 
its size, you can save over 60% of your re-location 
costs by moving to Newcastle. 

At Newcastle we're waiting to help you. Grants, 
long loans at low rates, tax allowance, rent relief, 
interest subsidies . . . plus extra special grants 
exclusive to this region. Sites, skilled labour, 
housing, excellent amenities —you name it and the 
chances are we have it And don’tfoiget— Offices and 
Service industries (with the exception of retail 
shops or similar services) also can qualify for 
substantial grants. 

Tell us your requirements and well tailor a 
package specially for you, including sites, buildings, 
people, plus all live cost-saving and funding schemes 
for your project. You’ll have it on your desk fast 
marked 'Confidential.’ 


Look at this example, which you can scale up or (town 
according to the size of your project: j 


PROJECT COST 

Factoiy 

buildings £200.000 
New plant and 
machinery £500,000 

Total ■ — 

Project Cost £500.000 

Net Cost of 

Project £178,000 

(£500.000 less 
£522.000) 


SAVINGS 

Building grant £4[*,000 

Plant and machinery { 

grant £66,000 

Corporation tax \ 

allowance on buildings -J 

plus annual writing : 

down allowance ” 156,000 

Tax allowance on plant j 
and machinery j 

(100% in 1st year) £156,000 


Total Savings £3221,000 

Additional assistance also is available to reduce \ 
the net cost even further. \ 

The best business move you ye ever made could be Big savings like this and even better are available 1 
when, you ask for more information about Newcastle, to you now— and there are no strings. It’s government 
Write, 'phone or use the coupon today. money, which means your money— use it to grow! T 

Mike Foley, Civic Centre, Newcastle upon Tyne, NE1 8PP. Telephone: 0632 251S0 or 61 0652 i 


n 

i 
i 
L 


Please send mz information on the benefits of 

re- locating in Newcastle. 

To: Mike Foley. Civic Centre. Newcastle upon Tyne, NEI 8PP 
NAME POSITION 

COMPANY 

ADDRESS 


TEL- 


FT.P009 



Robin Day joins 
BBC radio’s 
World at One 

INTERVIEWER Robin Day is 
joining The World at One later 
this month, when Radio 4 moves 
to 1500 metres on the long wave 
He will join the current pre- 
senter, Brian Widlake. to presen 
an extended version of the pro 
firamme running from l pm to 
1.40 pm. 

Robin Day's first edition will 
be on Tuesday, November 28. 
Thereafter, he will handle the 
programme on Tuesdays. Wed 
nesdays, and Thursdays. Brian 
Widlake will present Mondays 
and Fridays. 

Mr. Julian Holland, editor of 
The World at One. said: “Robin's 
interviewing of the main political 
figures of our time has been the 
most compelling and respected 
political journalism for many 
years. Now he broadens his field 
to take in the whole sweep of 
daily radio journalism." 

Civil engineers 
expect no great 
work increase 

Financial Times Reporter 
THE WORKLOAD in civil 
engineering shows little prospect 
of increasing, says the quarterly 
review by the Federation of 
Civil Engineering Contractors. 

Business has remained slable 
in the quarter, but at a low level. 
Yorkshire, the North-East, Scot- 
land and Wales reported a con- 
tinuously deteriorating situation. 

This is at a time when the 
maximum amount of work should 
have been under way. given the 
favourable weather. 

Though most categories of com- 
pany report less idle plant than 
12 months ago. the amount of 
work available means that com- 
panies cannol use plant to the 
extent expected for the time of 
year. 

Most companies expect business 
to continue at its present level. 
There may be some job recruit- 
ment. but this is likely only to 
fill existing vacancies rather than 
create extra jobs. 

Teenage topics 
studied again 


their pensions reduced— goes ap. • ' 

to £45 a week from £40. ' : : . . . . - 

The pension increases', were ^s both for con £“ t ff' 1 ^ 1I a jr 
announced by Mr. Denis Healey: 1 contracted-out employees will rt^ 
the Chancellor, on Budget flay main unchanged. But the upper 

and the other increases by Mr: -weekly earnings limit to wtocn 

David Ennals. the Social Services tha* rates »PPlY I s ° 

Secretary, the following day^ fifted to about £135 from i £1«). 
They represent fulfilment of- the ® Tbe Institute of Charte 
Government's obligation. -as fcaid Accountants has piinnsnea two 
down in the Sr.cial Security Act^ Miimple guides to 
1975. to review benefit levels at benefits, under its senes or 
lease once a year so that their booklets givjps 
real value is maintained:.:- ".briefs for practitioners. It points 
Under the Act. pension* -and ;but that almost every person m 
other long-term benefits are"- re- the. country, at some time or 
valued in line with rises in. earn- another, will receive some form 
Ings or prices, whichever. Is; the oF- State -benefit. 
greater. Short-term .benefits, -1 -Fomily RtMJted Benejite^Some 
such as sickness and unenip toy-' -Aspects of Social Security 
meat, are revalued only 'writb : Benefits, and kr/iploy-ment. un- 
price movements. - - • employment, and piaaDUtty: 

Pensions are being improved Aspects of Socvai security 

by about 11* per cent .white Benefits. £1.30 each, are ! available 
sickness and unemployment bene*- f|Qm the Institute of Chartered 
fits are rising by only 7 per cent Accountants in England and 
The increases are based on. .60^ Wales. P.O. Box 433, Chartered 
eminent forecasts on the mbvfc- Accountants’ Hall. Moorgate 
ment of earnings and pr|ce*4)f6r .Place, London EC2P 2BJ. 

New cliemica! boost 
for cereal crops 

BY MAURICE SAMUELSON - 


Insurance 



N. America 
men start 
rival firm 

By John Moore 

THREE TOP underwriters of the 
London office of the Insurance 
Company of North America 
(INA), the oldest general insur- 
ance company in the tf.S^ are 
leaving the group and are plan- 
ning to start their own under- 
writing syndicate at Lloyd’s. 

They are Mr.. Colin Mander, 
39. who has been a marine under- 
writer with the tNA for 17 years, 
and hfs two deputies "Mr." Stephen 
Thomas and Mr. John Cooper, 
who have worked for INA 
for 13 years and 10 years 

respectively. 

“It does represent -a fair 
amount of our marine underwrit- 
ing strength In London.” com- 
mented an INA executive, on the 
departures yesterday. - 
The underwriters are bang 
introduced to Lloyd’s by; Mr. 
Richard Outhwaite, chairman 
and underwriter of R.H.M. 
Outhwaite (Underwriting Agen- 
cies). which is providing the 
necessary financial backing, as 
well as a supply of underwriting 
members. 

The new marine syndicate — to., 
he called Mander. Thomas' and 
Conner— is expected to be able 
In'. the early stages to underwrite 
business which produce ' peer ' 
mimns of £5m. The -proposal is 
srill receiving the attention of 
the Lloyd's ruling committee. 

■W recently formed a UK 
holding company, to handle its - 
marines aviation and non-marine 
business previously handled by. 
the branch operation of the 
Americas head office. 


Freewheels* 


e. 

■ir. 




Freewheeled tsmsarO .P^^cts. 
of Pereborev velncb mhkes.^iot 
kites and skptehOard^-'^ -th-pro- 
diice a. Buzby 'stim\ we^eatur- 
ing the Post-dfi&e^s.chatsaer. .: 

Free w bee ler, : . ^" •corapariy run ' 
by Mr. Bryaa Bcctes^n -ea^acing: 
driver, makes! -MOiOOti stunt kites 
; a year and“^ifey^ Bnaihy still " 
add as manyL/aga^s ^0 the com- 
pany's orde^ booka. : ; ' 

The •’ • •eompanyiR : - other 
speciality : Is - skatebeard manu- 
facture. At a time when most 
makers are ; winding up prpduc- . 
tion .caused - hy rite dramatic 
eollapseof the past Anne in 


A CHEMICAL desiened to give weed costs farmers £100m a year 
a big boost to cereal production' in crop losses, apart from the 
in many developing countries £5Qra to £fi0m spent on other 
has been announced by Shell wild oat herbicides. 

Internationa! Chemical Company. In Greece, cereal crops are 
It is a new generation of. the so badly hit that the weed.coh- 
" Suffix "herbicide which -'-'Rills -Tributes to the drift of young 
off wild oats, the dominant ^eed people away from the villages 
in wheat and barley fields.. -Da- In Algeria, Morocco and-Tsyaisia. 
like earlier versions, the where the fiovemmeitte^fHSorl 

herbicide can be sprayed on both tne new herbicide p^prilmnea. . _ . . ._ _ 

wheat and barley and far smaller up. to 24m acres awfi^ught Jq. f ri tom,. Fre wheeler- is.m^nng a 
amounts are needed. ^ ■ be infested by. wild oats^. . • A. D ff . wt Europe. . 

Introduced ih Western, •'Europe tn Syria and iraq‘ th'e- .We^d^j Since September, Uto company 
earlier this year. Shell' intends affects 3ti fter cent of the-lflin fhas marketed £230,000 of skate- 
in market Suffix BW itf a broad acres on which cereals- are-grown, 
belt of countries from Spain and Since .the first brand of Suffix 
North Africa, through the Middle was l.iuncTicd . six years ago, it 
East as far as India and has been jfold- in- more than 30 
Pakistan. Because of local countries 'The latest customer is 
regulations, it is/ sold under . Iraq, which- has- just placed, a 
different trade marks — Suffix 425 Si .4m. order, yvith.. Shell Neder- 
•n France. Supep* Suffix TC in -land Chetoic. -BV. brlngin^ this 
Spain and Baruon Plus in year’s "sales to Arab countries 
Scandinavia. . - to S2J2m. v 

Wild oats have become parti- Another order is about, to be 
cuiarly harmful because they signed With Algeria, and now 
take water and light from, the Shell , says it is trying; to sell 
shorter breeds of wheat now in Suffix to the Soviet Union; one 
common ' use. Shell claims that of the-- worI3,'s leading -wheat 
in Western Europe alone, thc producers.’ * t 


Call to 

Third World goods 

BY COLLEEN TOOMEY 

A CALL for indu.tmMy ference on Trade and Develop 
developed natinns to Iuw«.-r tnrd ft ment; and by the Bnti-h-Norrb 
barricre acamsl ihe raw American Committee. Thc com- 
malerials and manufactured mittee is lnad** up of business, 
products of the Third World labour, agriculture and 'prb- 
wa-i made yesterday hj Prof fessjbnat leaders in the UK. 

Alasdair MacBean. of Lancaster Canada and the TJ.S. 

University. ' ... 

Developing countries could Though raw materials still 
increase their trade by lowering up the larger portion of 

their own tariff barriers and developed countries export . uaran[CT , „ y sia , 

Sgf™ ,,'r the society fe.t 


boards in six European countries. 

It Is already ahead of its initial 
turnover target of £Lm a-'-year. 

The company's success is 
explained by Mr, Eccles as dtie 
to the particularly high' quality 
of the skateboards producycL 

" The fact that there were'-tqo - 
many cowboys in the ' business - 
selling inferior skateboard! con- 
tributed to the "demise , of the 
indnstry in the - ' United . 
Kingdom,” he said. . 

In spite of fierce competition 
from other manufacturers. Free 1 
wheeler boards are being 
handled by Otto-Simon« of 
Holland, one of Europe's largest 
toy and sports goods distributors. 


Co-op branded 
food to carry 
guarantee 

Financial Times Reporter 

THE Co-operative Wholesale 
Society is to introduced a written 
guarantee on the packaging of its 
own food brands which will offer, 
replacement or refund If a 
customer has any reasonable 
complaint 

The Co-op said yesterday that 
the consumer had the rights In . 
the guarantee by statute, but by 


ins a bigger share, somewhere in ft " «■ i! u u Ly - 
the region nf 41 per cent com- , h ^ P J" g keep shoppers 


Policies advocated by lh^re in '- ’'i v * r co ™' [ aware of ihpm° 

mnk. Pared with 45 per cent for agri-! 


countries such as buffer stork*. , ...... , - 

commodity agreements, export cultural •• product* and 14 per 
taxes and the Generalised ccnt n.nn-fuel minerals. 

System nf Preferences wure .1 Positive Approach to the 
“double stratagems" for iraprov- International Economic Order 
inE their trade situation. p nrt i; Trade and Structural 

Prof. MacBcan's points were .4rija.s£ment. , Masdair MacBean. 
wniren m a study nf ret-i-nr pro- .1 railuble . from British-.Vorth 
posaU bv developing countries American Committee. 1. Gough 
at thc United Nations Con- Square, EC4. £1.75 


PARENTS are lotd by Dr. 
Curdoo Prince in a guide to 
adolescence published today by 
MIND fthe National Association 
for Menial Health) not to 


Performances in furniture 
trade ‘alarmingly uneven’ 


The society holds almost a 
fifth of the packaged grocery 
market and more than a third 
of total sales in this category are 
of the Co-op- brand. The guaran- 
tee will he introduced as labels 
are reprinted. 


by James McDonald 


THE PERFORMANCES of over and: 78.5 per cent expanded 

furniture manufacturers and their profits, while in Midlands 

wholesale diiirihurors an- ami North, barely 50 per rent 

"alarmingly uneven." according expanded *; either, turnover or 

to Ihe latest llnane-ijl survey profits. . ' • 

published by Inter Company Furniture- nTimufticturers and 

try to understand everything, j Comparisons. Whatemle -pislribuirrnr Inter 

Teenagers need privacy and "a I A general opinion that a lot Companu City 


chance to work things out fori of money is made in the busine* 
themselves by trial and error. Ms not substantiated by thi 


Rond. London, ECI £49.80. 


he writes. 

He warns parents not to leave 
home for the weekend when 
their son or daughter gives a 
party, “even if they suggest you 
should.'' 

Nor should they encourage 
sexual relationships just because 
of children’s early physical 
maturing. On the contrary, 
parents should exercise firmer 
control because "modem young 
people are more vulnerable.” 

It was also healthy for 
teenagers to challenge parental 
authority and to want to make 
their own judgment. It wa.% 
better for them to have the 
chance to learn to make sound 
judgments than to he protected 
from ever making a mistake. 


results given in the survey. 

At total of 647 companies are 
analysed in iCC's report, whicu 
details two years' turnover, tofui 
assets, current liabilities, profits 
before tax aod payments tu 
directors. 

Quoted companies analysed 
number 39. Of the tiOS unquoted 
companies, 3S9 are grouped as 
London and South and 219 as 
Midlands and North. • 

To illustrate the unevenness 
of performance. ICC > points out 
that 82 [«?r cent of the quoted 
companies increased turnover 
over the lust two years, but only 
59 per ceni increased profits. 

tn thc unquoted sectors. 63.20 
per rent of London and South 
companies eulurged Iheir turn-, 


MP wants State 
mortgage body ; 

Hr. John Hyman Labour MP 
for Blyth, has called on the Gov- 
ernment to set up a state cor-- 
porn tion to compete in the mort- 
gage market. 

He made the request in a" let- 
ter to Mr. Peter Shore, the En- 
vironment Secretary, .as.tbe-irpw. 
continued^ over the 2 per cent 
rise in mortgage rates, announ- 
ced nn Friday- .. 

Mr. Ry man" wrote that tbe-."disk 
graceful 1 ' increase m mortgage 
re*® 5 “ is parficlly. caused by 

the Govemmenfs perristeht .re- 
fusal to reorganise the building 
societies’ industry,’’ 



The British Council for Aid to Refugees has accepted 
reaponsitiibty'fromthe Government tor organisingtfte ' ; . 

reception and settlement of the346 Vietnames&recfentt/ 
rescued from the South China Seas. ThisisOneexampleofifie 
• work ofThe British Council for Aid to RefugeeswhictiiplDTy^'-.": 
■involved refugees from some 40 different countries. ■ ? * v :':^ 

Clin^'srVltroAntfunanrln^fn.Uo...-.- .r.-: - ■ 1. ~ • 


and many vital services nol covered by basic Goverpment- 
support. Donationsplease to:-. - ; ~ \ • . • • 

Philip Barter. CSE. The British Council tor.AldtoRefugOis, L . ' • 

- . SSCraal Peter Strsef.tondnh.-S.W.i;:': = . - 

















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The world grows at the rate of 
175,000 extra mouths to feed, every day 
To keep them fed can't depend on mirades, 
but on skills and technology. 

BP Chemicals make a significant 
contribution to this - helping to increase 
food production and to make better use of 
existing resources. Our acetic and propionic 
adds are vital constituents of herbiddes that 
eliminate the weeds that choke fields of corn, 
redudng their yield. 

We are always striving to develop 



further uses for our acids in the service of the 
community. For example, with our formic 
acid, fishing fleets can now preserve fish 
offal by a technique new to the UK, and so 
make it available for animal feedstuffs. 

BP Chemicals manufacture these adds 
in the largest complex of its kind in Europe. 
These products are important, not only for 
helping to feed the world, but also for . 
pharmaceuticals needed to fight disease 
and improve health standards, and for 


better quality clothing. 

BP Chemicals are one of the founders 
of the European petrochemicals industry 
Our direct access to the raw materials from 
within the BP Group provides security of 
supply. ■ 

This, together with our continuing 
investment in resources, service and product 
range, ensures that we continue to meet 
the needs of industry today and the demands 
of the world tomorrow. 


textiles needed to produce more and gp cheSTSBCaSs -making If all hopp 


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asmanwoTiocanfooV . 



UGHT-SERVICOS DH EUETRICIDADE SJL 


U.S. S 150,000,000 

Medium Term Loan 


unconditionally guaranteed by 

THE FEDERATIVE REPUBLIC OF BRAZIL 


managed! t fy 

WESTDEUTSCHE LANDESBANK 
GfROZENTRALE 


ALGEMENE BANK NEDERLAND NY 
CREDIT LYONNAIS 
MITSUBISHI BANK (EUROPE) SJL 


CANADIAN IMPERIAL BANK OF COMMERCE 
DG BANK DEUTSCHE GENOSSENSCHAFTSBANK 
NATIONAL WESTMINSTER BANK GROUP 


THE ROYAL BANK OF CANADA 


BADISCHE KOMMUNAI^E LANDESBANK 
INTERNATIONAL SJL 


THE DAIWA BANK UMITfiD 

THE HOKKAIDO TAKUSHOKU BANK UMUED 


PROVINCIAL BANK OF CANADA 
(INTERNATIONAL) LIMITED 


cMBoragsa&y 

THE BANK OFYOKOHAMA LIMITED 
GULF INTERNATIONAL BANK &$& 
ORION BANKUMITED -i 

THETOKAI BANK, LIMITED . 

THE YASUDA TRUST AND .* 
BANKING COMPANY, UMITED 


provided by 


ALAHU BANK OF KUWWT (KS.C.) 
ALGEMENE BANK NEDERUNQ NV 
ANDRESENS BANKAS. 


BADISCHE KOMMUNALE LANDESBANK 
INTERNATIONALS A 


BANCO NACiONALSA (BRAZIL) 
BANK DER BONDSSPAARSANKEN NV 
BANKERS TRUST COMPANY 
BANK MEES4 HOPE NV 
BANK OF BRITISH COLUMBIA 


GIRARD BANK 

GULF INTERNATIONAL BANKB.S.C. 

THE HOKKAIDO TAKUSHOKU BANKUMITED 
INTERNATIONAL WESTMINSTER BANKUMITED 
KUWAIT PACIFIC FINANCE COMPANY LIMITED 
LANDESBANK SAAR GIROZENTRALE 


UNCOLN RRST INTERNATIONAL 

OFFICE OF NATIONAL BANK OF WESTCHESTSI 


MANUFACTURERS HANOVER TRUST COMPANY 
MITSUBISHI BANK (EUROPE) S A 


BANK OF MONTREAL 
INTERNATIONAL UMITED 


THE MITSUBISHI TRUST AND 
BANKING CORPORATION 


THE BANK OF YOKOHAMA UMITED 

BANQUE COMMERCIALS POUR 
L'EUROPE DU NORD (EUROBANK) 

CANADIAN IMPERIAL BANK OF-GOMMERGE 
CREDIT LYONNAIS 

D AH CHI KANGYO BANK (SCHWEIZ) AG 

THE DAJWA BANK UMITED 

DG BANK INTERNATIONAL 
SOCIETE ANONYME • 

RRST NATIONAL BANK OF OREGON 

THE FUJI BANK UMITED 

FUJI BANK (SCHWEIZ) AG 


ORION BANKUMITED 


PROVINCIAL BAN K OF CANADA 
(INTERNATIONAL) UMITED 


THE ROYAL BANK OF CANADA 
SORS UMITED ; 

THE SUMITOMO BANK UMITED 
THE TOKAI BANK UMITED 
UBAF BANK LIMITS? 

WESTLB INTERNATIONALS. A. 
THE YASUDA TRUST AND 
BANKING COMPANY, LIMITED 


Agent 

WESTLB INTERNATIONAL S.A. 


This onmuMei-.m; appears as t matter p, record paly. 


: 22* September, 197& 


Banco Central 
deReserva deEl Salvador 


U.S. $ 25,000,000 
Guaranteed .Floating Hate Notes 1983 
Unconditionally Guaranteed by 

The Republic of £1 Salvador 


Basque Nationals dc Paris 

Baali oF Amerieq. Imematioual Limited Banqnc Bruxelles Lambert S.A. 

Banque de Paris et des PajvBas Baycrischc Vcrciosbaak International S.A. 

Dama Europe NA - First Chicago Panama, S.A. 

International Mexican Bask Limited Merrill Lynch International & Co. 


- INTERMIX - 


Alahli Bank of Kuwait (K.5.C.) Arab Malaysian Drrdopmeni Bank Bediad The Arab and Morgan GreafeBFinance Company * ' 

Banca Commerciale Indiana Ran ca Nazionak del La*oro Banc* del Gottardo 

Banco de b Nacion Argentina Banco di Roma Banco Urqoijo Hispono Americano Limited 

Bank GnrzwiHcr. Kura. Bungener iChencas) Limited Bank Mccs & Hope N.V. Bank of Helsinki Limited 

The Bank of Tok»o (Holland) N.V. Banqnc Arabe et Internationale d'lmestivsemeot (B-A.I.L) - 

Banque Franyaise do Commerce Extericor Banque de rifldocbine ct dc Suez Banquc Internationale a Loxembonrg, S.A. - i 

Banque ] menu donate poor TAfrique Ocmdinlate (B.I.A.CM Banque de Neufiizc. Scblumbeiger, Mallet Banque Rothschild 
Banque dc la Socicle Fiuandere Enropeenne. S.F.E. Group Banque Worms Baring Brothers & Co.. Limited 

Bajeriscfac Hy potheken-und IVecbseLBauk Bergen Bank Blyth Eastman Dillon & Co. International Limited 

Burgan Bank S.A.K. Cakse Ccnfrale de* Banques Fopulairas Centralc Rabobank Citicorp international Croup 

Copenhagen Handcbbauk County Bank Untiled Credit Commerml de France Credit Lyonnais 

Credit du Nord Creditaastall-Bar i crcin Credilo Italiano . Ddlec Trading Company » : -nitiiil 

Den Dancke Bank Den norvte Creditbank Billon, Bead 0 «kmk Corporation 1-! ttro-Latin American Bank Limited 

GwaftCBchaftlirte ZeqbaUnak AG Antony Gibbs Holdings Ltd. E.F. Hu non International N.V. IBJ International Limited 

VIENNA 

rnlerunion Banque ^kmnort, Benson Limited Kahn Loeb Lehman Brothers International ’ 

Kuwait Foreign Trading Contracting & Investment Co. IS^.K.) Kuwait International Investment Company 

Lloyds Batik Internatkmal Limited Loeb Rhoades. HomWower Internationa] Limited ■ Manufactured Hanover ^ ’ 

Mibubbhi Bank (Europe) S.A. Samuel Montego & Co., Limited New -Japan Securities Europe Limited 

The Nfltko (Ijsmboutf) S-\. Nomura Europe N.V. Orion Bank Limited (Esternridiiscbc Landerbank AG 

Pan Asian Finance Limited N.M. Rotfochfld & Sons Limited Santander Finance S.,\. 

J. Henry Schroder Wggg & Co. Lrantsd Smith Barney, Harris Upbam A 1 Co. Incorporated Soetetg Geaetale 

Soriete Scqaanaise de Banque Strauss, 1 untbuH & Co. Sumitomo Finance International Svcnslut Hamtcbbaakco 

Tokal Kjona Morgan GreafcB Limited J. Voatobel & Co. Wood Gundy Limited Yamatchi Interna tionaJ (Nederland) N.V. 


- Financial Times- Moii^; N6yem&x^^K ^ 





£ NEWS ANALYSIS-GUINNESS PEAT 

Dell’s signing is major coup 








BY RICHARD LAMBERT, FINANCIAL EDITOR 


FQR A -CROUP which is by no 
means a gianr in the City of 
London, Guinness Feat has been 
associated with a remarkable 
number of distinguished public 
figures. 

They include Sir ' Charles 
Villiere, who was executive 
deputy chairman before taking 
up his cross at British Steel; 
Sir Derek Mitchen. who moved 
over from the Treasury to join 
the banking side last year; the 
ubiquitous Lord Goodman, who 
bustles around actively in his 
role as consultant to the bank; 
and Sir Fred Warner, a former 

Ambassador to Japan. 

But signing Mr. Edmund Dell, 
Secretary of State for Trade, 
counts as its biggest coup to 
date. Guinness Peat has net 
assets of £-J5m. By comparison, 
former Chancellor. Lord Barber, 
left Westminster for ihe City 
>o take the chair of Standard 
I Chartered, which has net assets 
I of £381m. 

The key to the appointment 
lies in the personality of Lord 
Kfssin. Guinness Peat's chairman 
architect. Lord Kissin. who is 
66. was created a life peer under 
the -Wilson administration in 
1974. and knows bis way around 
Whitehall almost as well as he 
does the City. 

For the past few years, be has. 

I m his own words, “tended to 
{concentrate on strengthening 
the top management of the 


group so a s to ensure that' when under £Sm after tax and minority 
the time for change arises, the .'interests. Of the rest, commodity- 
company has at its disposal broking and dealing represents 
people whose performance and. about a fifth, aod other fonns 
entrepreneurial skills will ensure, of broking and dealing accounts 
the momentum of the group's for about a sixth, 
progress. . • . -- Much the fastest growing area 

The most vtsible changes have' of activity comes -under the 
come in the banking .side, category of international projects 
Guinness Mahon, . which Lord :* nd commodity processing, which 
Kissm merged into his'own busi-. contributed nearly a quarter of. 
ness, Lewis and Peat, m 1373. ^ year * s nbn-banking profits. 
One of the smaller accepting - , K; enuro 

houses, Guinness Mahon- -was, ® arller . Sjdfffor 

until not so many years ^ nrocess- 

little more than a private-fanrily f- lar 5? mtegiated meat P 
investment bank with. not touch.-.?” 8 pi ant j □ the _^ u £f5'j~ we i fK v 
interest in anything so vulgar as f 138 ambitious P 1 * 0 * f ® d . t 
customers- • ■ . . • -rag in an area where it can 

Only a handful of its Tire£ent- combine its expertise in commo- 
senior executives have, been with' dities, banking, insurance a 
the bank since its pre-mtirger '°^ er financial services, 
days, and after a slow . start-.- Here again. Mr. Dell can oe 
within the enlarged organisation, expected to play an important 
it is expanding quite rapidly.-. role. As Trade Secretary, he has 
Its two biggest constraints are -gone out of his way to be un- 
its size — with net disclosed -volved in a multitude of trade 
assets of around £2Cm; it is only hnd commercial negotiations 
roughly half as big. as Scbroders ' around the world. He is good at 
—and its late start in the quest, handling the nitty gritty of inter- 
for domestic corporate' finance national trade talks — and he 
and investment business. Well tactually . seems to enjoy them. . 
over half its activities are -oVer- Perhaps the one -area which 
seas orientated. • does not fit comfortably into this 

The contracts and status which- picture of an inter-related flnan- 
a man like Mr. Dell will bring -chil services group is its signifl- 
to a bank at this stage bfvits cant investment in Linfood 
development .could prove bo- Holdings, which Is involved in 
valuable. wholesale and retail food distri- 

However, Guinness Mahon only butien. This interest developed 
accounts for about a. fifth of- the out of Lewis and Peat's trading 
group's disclosed- profits .or ji»r activities, but it is now of con-: 


•siderable size. Over .the long 
term the holding may weU be 
reduced to one way- 1 or another. 

' Once Mr. Deli- is established 
at Guinness Peat, Lord Kissin 
will. presumably lake up the new- 
office of presiddpt: -which, share- 
holders thoughtfully '.approved at. 
-an -extraordinary, meeting, only 
last month. His role thereafter 
will be a lively source of specula- 
tion. for Lord -• Kissiik V. is a 
dominant personality, wiffim his 
company. 

At the. time. of the Guinness 
Mahon merger,- it was -.widely 
assumed that Sir Charles :yuiiers 
would- take the leading rple In 


A 


the -enlarged organist tfon, ' add 
umber, of 


on a number. ‘of other ocraslons, 
various appointments have In- 
correctly been ascribed -to . Lord 
Kisdn’s desire to'.step'dUt'bf the 
front- line. " .-'•5--- 

Today, little .'of consequence 
happens in the group 'witiftmt-ffis.' 
knowing about It- Lending'tieci- 
sions aver ’ a certain .size' tfice 
passed up. to him as well as to a 
formal credit committee; and he 
is active to. every area of.bvHd- 
ness development. . „ , 

Doubtless Lord Kissia and Ur. . 
Dell , have already talked about 
wha is going to do .whaL. Lord 
Kissin may no longer be deeply 
involved in the minute to minute 
activities of a group Which Jw» is 
largely responsible for .ewattog, ' 
bnt it .is a:safe.het.thatihe ; nrill- 
still be active od a dajlv ifeasIS': ?. 


APPOINTMENTS 


New London chief for 





.'Si;,---.- 


M. OIMer Mfchnn has been 
appointed executive vice president 
in London of BANQUE DE PARIS 
ET-DES PAYS-BAS on ihe return 
to the Bank's international depart- 
ment in Paris of M. Philippe 
Drfllet. 


Mr. R. L. White has resigned 
(from the board of CORNELL 
1 DRESSES. 

* 


Mr,. R.. J. .. Cole has been 
appointed deputy managing 
director oE SELIN'COURT with 
effect from January 2. 1979. He 
is chairman of -Furrebrook Knit- 
ting Co„ a Counaulds subsidiary. 
■k 


THE BRITISH FOOTWEAR 
MANUFACTURERS FEDERATION 
announce the appointment of Mr. 
Peter Cowling as marketing 
directors with overall respon- 
sibility for marketing at homo and 
abroad. He has been export 
development manager with the 
federation for the past two years. 
* 

The marketing department of 
the hydraulic hose division of 
DUNLOP INDUSTRIAL gSROUP. 
has appointc-d manager Mr. Derek 
Grov .is mark-tmg director. Mr. 
Frank Monashun as marketing 
manager, hydra ulie assemblies. 


and Mr. K. Guild is . appointed Japanese subsidiary,. Max .Factor, 
marketing manager, hydraulic, K. K. Max Factor is an operating 
hose. unit of Norton Simon Ipc. 

• * " v - + - . - 

PRIVATE PATIENTS PLAN Mr. P. E. Hammond, a general 
announce the appointment of two manager of The Hongkong and 
directors. They are Mr. P. H. Shanghai Banking Corporation. 
Lord, nominated by the -.Royal has been appointed as a director 
Royal College of Surgeons of Eng- of the SAUDI BRITISH BANK, 
land, and Mr. T. L. , T. Lewis. Mr. Keith Hlndle has been 
nominated by the Royhl College appointed manager, mediant 
of Obstetricians and Gynaecolo- banking division, the Saudi British, 
gists: • . ... - Bank'. 

BPMMA — the ' packaging Mr. Fred Lloyd . has bwj 
machinery division In the Process appointed chairma n of the ROAD 
Plant Association, has made Mr. TRANSPORT INDUSTRY TRAIN- 
Roy Barker, sales - director 'of .ING BOARD for three years. He 
Driver Southall, its new' chairman.. succeeds Mr. K .C Tnmer, who 
Vice-chairman will be Mr. Terry rOtrred in September. Five new 
Parry, managing director ; of members have also been 
Norpak Machines. appointed to the Roard. They are 

* .... Mr. H. G. Taylor. Mr. P.G. Crook, 

Mr. P. Ghccrbrant, an advances' -Mr. H. Jackson. Mr. V. Greenwood 

manager in London of National and Mr. D. A. GohL 
Westminster Bank's inter national * • i - 

banking division, has "been Mr. P. J. S. Fordham lias been 
appointed depulv managing appointed to ' the Board - of 
director of ROYAVEST BANKING HAWKER SIDDELEY WATER 
CORPORATION, an associate of ENGLNEERLKG, as chairmazL- He 
Nat West, based in., Nassau, is managing director of Hawker 
Bahamas. He is the author of aKSldddey Power Engineering and 
textbook entitled "Cases in Baijk-;.a director, of. Hawker Slddeley' 
Jng Law." -jiElectric. .. , - 

* * ’’ •- - *■ -i..-. 1 : - .. • ." 

NORTON SIMON TNCv. - ha>" -..-.Mr.- R^ IV. . Sluden hasr been 
appointed Mr. Solomon Master as appointed director of the 
president of Max .Factor's SOCIETT “OF BRITISH GAS 


. - . . ■ • . . - 1 ’ /: • cf’. 2y""- 

INDUSTRIES ' in -succe&di^.'tt^ 

Mr. T, Counter, .-who has retnfed 
because of ill-health'. Mr.-'S/xtden-> 
continues as - secretary: -t --^4-:. 


Mr. C. J. B. Rowe. preYloijay 
rnanager : of ' the; prrvate '-^hrBfie 
department has been 1 appointed 
a director--:, of, . FINDLA353t- 
MACKEE TODD, AND, CQ- ^Mr.. -.- 
P. G. C Smith. has left the hots--, 
pan? to become cellar manafier of - 
the Cafe RoyaJrLondon. andl&'. P. - 
Weikoif-bas -teen appointed ceDar . 
manager at Fln dialer’s offices -In 
Merton. v; i 

■ -J 

As ' a • . result . of the 
merger between vMANCHES5«3l 
GARAGES and; OLIVER filX: the ^ 
following Board - appototmedtsv 
have been' mader>- Mr. .lt‘ A. . 
Stood ley, chairman antTmsttasine 
; director. Qf MBnor Nafionaf Group : 
Motors. Manchester' Garages, dnd 
Oliver Rix. - MT. R AV^Bevaa, Mr. - 
M. E. Acknd. - Mr.- A-. K' L ' 
Stephenson. Mr. A. . M. Strothers . 
and Mr. D. E. Rogers have become 
director 5 -of- Manor''- National 
Group Jtfotm*; - '• • -».?• - 

•-• ' r-Sr * '• • 

\ Mr- .Jan- : Fraser hair’ /bebn 
■appomted managing itikector obf 
HOMEWORTHY . .FURNm^E r -;‘ a : - 
member of. the Lonrho. Grottp.-Re.' 
was previously marketing: director 
of the Harris Lebus, Group^Vj ' 




ft- 




■s". 1 ' ; 


rji 


V= -| t 

■-hr: 






LONG-TERM CREDIT BANK 

-tjriAPA^ 

Head Office: Ote-acti., Tecyo. Japan 7c .7M-51 1 1 Toley: J2130S NewYftrk Branch: 1 : -/ 

Tel:7L v Airn T-^v J:="22 London Branch: 3 Lombard S;r Cet . Lbndd'n EC3V:9AH,U‘.k. Tel: 625^1 j - 
Los Angelos Agency: “ 0 “ '^(i>rnr- 6-ulfv.,rd f Cdifamid'90017; U^A. Teti . 4S3- T766 * /;. > 

. Amsterdam, Sydney, Sio PkjIo, Singapore, Frankfurt, P*4s,Hon9 Kung,BniKBfs J -W/&J ;• 




X 




.1 











Stij'anbiai: Tijnes; Monday November: 13 1978 




EDITED BY ARTHtffrBElWIETT AKffTED StWQEFERS 


9 COMMUNICATION 9 RESEARCH 


m 


Gives two Transporting the disabled 


; OFFICE EQUIPMENT 


for most users 


IN A BID further:'.!® consolidate 
its hold on the w.orld screen-based 
word-processor market, "of wbipb 
it already Iws over ,40; per cent,' 
Wang has started' to market a 
unit which, it indicates, is the 
lowest-priced screen and floppy 
disc machine available.; 

Its System. 5, at a' starting price, 
of £6,345. .will . outperform 
equipment costing 30 per-cent 
more; the . company, asserts. 

Meanwhile, at .tha ’other epd of- 
the scale. it has new equipment 
which caji.dri.v.e .tip-to.32 units. 

’ which .'can include workstations, 
printers, 'photocompositors. tele- 
communications links and optical 
'character recognition equipment. 

This unit,. which, comes in three 
models like .the' Sysrem 5, has 
been designated OIS 140 and costs 
between £14,750. and £18.250. In- 
cluded in the .equipment it' can- 
drive is a -new -wide carriage' 
printer with ability to produce 
425 lines per minute. 


.-•The company has provided for 
compatibility and convertibility 
between existing equipment and 
hsnewjaunches. prompted by its 
experience in the small business 
systems- marker where it bas now- 
some $0J30Q- installations in the 
field— a > share, as Wang's UK 
general 'manager Raymond Red- 
path pats, it: “second only to 
that of IBM by a . mere 3 per 
cent," . 

•• 'Hie word 'processing market in 
Britain is highly fragmented with 
something like eight well-known 
names- competing for what is a 
retativeljr small sector of the 
potential- office automation 
market: ; Wang is* in a strong 
position,^ and- is also looking very 
rhard at total office coramunica- 
:fidns of which word processing is 
■only, a. sub-set. 

•' Wang (UK). Chichester House, 
278 High Holboro, London WC1 
ZEE. 01-242 '8554. 


3 f j Files harder to lose 


way direct 
speech 

AN intercommunication system 
h'hich can accommodate between 
two and 56 stations connected in 
a nog by a three pair telephone 
cable and, in effect, provide 
duplex speech is available from 
Earkway Electronics, Royslon. 

Logic in each of (be stations 
i-s able to recognise its calling 
signal and s*Mze the audio pair. 
Then, voice switching is used to 
allow two-way conversation. A 
third parly can be brought into 
the conversation if desired. Iden- 
tity coding is hard-wired into 
each station and is altered by- 
changing wire links. However, 
a station can be unphigged and 
used elsewhere without changing 
its coding. 

In Doisy factory environments 
where voice switching becomes 
a problem, reversion to simplex 
i> possible by key depression. In 
addition, any station ran make, 
a paging call to all others by the 
use of a “page** key. Optional 
handsets can be supplied with the 
press-button units. 

Bark wav is at Royslon, Hert- 
fordshire '(0763S4 666). 

9 PROCESSES 

For safer 


BECAUSE OF rhe basic diffi- 
culties encountered by elderly 
and disabled passengers when 
using buses. teytond Vehicles 
(the truck, bus and tractor com- 
pany within BL) bas spent five 
years researching into these 
problems. 

Its human factors research 
tlilCTaiiy the study of the inter- 
action between people, 
machinery and the environment) 
was carried nut under 3 contract 
from the Transport and Road 
Research Laboratory. The work 
bas now been completed with the 
result that the inclusion of a 
number of advanced design 
features in Leyland's latest 
double-decker. the Titan, 
promises a brighter outlook for 
old and infirm travellers. 


The bus offers comfort within, 
plus space, excelled heating and 
ventilation. Integral construction 
brings the entrance step down 
to 12-32 inches. 

There are. loo. well placed grab 
rails, and ihe gangways are com- 
fortably wide, particularly near 
the exit where congestion is most 
likely- 

The production of a bus in- 
corporating these features fol- 
lowed the company's 1973 first 
report on the subject of trans- 
porting aged and physically In- 
capacitated people. Their capabi- 
lities with regard to step climb- 
ing. the length of reach and 
strength, etc., were assessed in a 
series of practical, medically 
supervised testy on a mock-up bus 
interior using over 200 subjects 


from bospital outpatient depart- 
ments and old peoples’ homes 
and hospitals. 

A section of the new report 
just published analyses some 
other alternatives to the Titan's 
fixed, low steps which could be 
introduced on the buses of the 
future. Included in these is a 
retractable step which would 
operate automatically as the bus 
comes to a balL 

The whole research programme 
was filmed and part of this 
material, together with original 
film shot in a London studio 
are included in a film which is 
available, free on loan, from Pub- 
lic Affairs Department, Leyland 
Vehicles. Lancaster House, Ley- 
land. Preston, Lancashire. (07744 
21400). 


m NAVIGATION 

Helps avoid 
collision 

ALTHOUGH computerdriven 
marine collision avoidance 
systems working in conjunction 
with radar already exist — some 
can track as many as 40 targets 
— they can be expensive and so 
not readily availably to smaller 
vessels. 

At prices which start in the 
£500 region. Brown and Perrin.; 

(Instrumentation), of London, is 
importing devices which ran he 
connected to any existing marine 
radar display unit and which will 
lay down a range and sector 
guard zone, initiating an alarm if 
another vessel enters the chosen 
area. 

The equipment, made by 
Radar Devices in the U.S. will 
only trigger when an echo has 
been identified for three con- 



BESTOBELL 

MOBREY 



Restates— an International Group 


soctive scans, minimising ihe 
possibility of false alarms from 
clutter. 

The more advanced versions 
of the equipment will highlight 
targets entering specified zones 
and give a digital presentation 
of the range and bearing of the 
most threatening. 

If the alarm is overlooked by 
the officer on watch, a secondary 
alarm in the master's quarters 
tor wherever desired) will 
sound. 

7. St. Botolph Street. London 
EC3A 7DT (01 626 6065). 


* HANDLING 


Sucks in waste 


DESIGNED f or.'its:. Acm e AeIxo- 
malic mechanised unit— but 
applicable to ‘other ' system s— 
KromaKode colour-coded IfliBg 
from Jetieys (Great - Britain) 
converts numerals and/or. letters 
to specific colours- which are 
printed on wrap-round -labels 
attached to tbe visible edges of 
folders. These organise records 
into, distinctive ~ sequences' of 
numbers and letters '.by. colours, 
creating blocks, of colour in' the 
file. ' r 

Continuity of colour bands is 
interrupted if a. folder is. .re- 

: filed out of proper seqaeuce. 
This automatic signal , of a mis- 
file, provided as soon ~as it hap- 
pens. eliminates tedious (and 
'costly) manual searches. . 

Numeric- systems, are- available 
:for records to. be filed in straight, 
double or triple digit sequence. 

. Numbers and colours never vary; 
so that green, always represents 
■zero, pink is always one. black 
3s two. yellow is three . and so bn 
■up to nine.' 

All the digits of. b file num- 
ber are colour-coded -and show, 
on both sides of the tab. The last 
two digits show on the bottom 
■ band *nd are; . coded, to. , the 
second digit from the- last This 
forme a block- of. colour W hav- ' 
ing ten consecutive numbers In 
the same colour. " 


The -samb combinations oE col* c 
-.ours will not appear at any other Til TH Q 
place in "the file- Therefore, the lillvvJ 

only place a misfile can occur is 
within the’ block of ten, consecu- 
tive nuratiere. This is true even 
where there are lm or mare 
numbers -in the file. 

- Jetieys, - 3 Astoria Mansions. 

Streath'am High Road, London 
.SWi6 IPS. OT-677 3823. 


THE OFTEN hazardous process 
of heat treating metals in 
furnaces can be made safer by 
using a nitrogen purging tech- 
nique offered by BOC. 


TBe French 
word for it 

AN ENGLISHrFrehch ' general 
technical dictionary by J. Ger- 
rard BeHeTsle will be published 
on November 16' by Routledge 
and Kegan. Paul at ,£9-95. 

:There itre over "49,000 English 
tennis pertaining io\ some thirty 
different industrial and commer- 
cial.' techniques in common use. 
with in ore'. than 126,000 French 
equivalents,' including the differ- 
ent meanings 'relative to the 
English .terms. .. 

- -The author, whtrtiashad a long 
career as '.a civil,. engineer in 
Canada/ produced the first edi- 
tion of the present .work in 1965 
which, the publisher says, was 
Immediately- established as* the 
standard work in Its field- y . 


Explosive hazards can arise 
with the mixture of carbon 
monoxide and hydrogen used in 
such processes as case hardening 
particularly if the temperature 
drops below 750 dec C, which 
might happen for example in the 
event of an electricity supply 
failure. 

The BOC system, called 
Furnace Guard, makes use of a 
massive flush of inert nitrogen to 
purge flammable gases from the 
furnace after a hazardous condi- 
tion has beeh detected. Hardware 
includes u sensing system able to 
detect low temperature or pres- 
sure or a failure of the mains. 

Liquid nitrogen is kept in an 
external tank at minus 196 deg C 
and is vaporised and introduced 
into the furnace at about 20 ins 
w.s., sufficient to flush the 
system through. Audible and 
visible warnings are given that 
purging has been triggered. A 
manually activated system can 
also be supplied. 

BOC is at Hammersmith House. 
London W$ 9DN (01-7S4 2020). 


WHERE IT is necessary speedily 
to remove varying kinds .of 
either solid or liquid waste (par- 
ticularly in laboratories, hos- 
pitals, workshops and similar 
environments) ihe use of the 
American JelVac heavy-duty 
cleaning system is suggested by 
its U.K. agent Bestridge. 1-2 
Royal Parade. Dawes Road, 
London SW6 THE (01-385 7767). 

Designed for industrial use. it 
ran be operated indoors or out- 
doors. and has six main func- 
tions: as a normal, but extra 
powerful, domestic cleaner; for 
heavy duty (industrial vacuum 
cleaning j: for rapid removal of 
liquids and spillage; to clean 
workshops, garages, etc.; remov- 
ing waste materials, such as 
leaves, etc., from outside areas, 
and unblocking sinks and drains. 

It bas a five gallon capacity 
Tank to accommodate solids or 
liquids, and can be easily 
emptied in seconds. When 
liquids are heing picked up, a 
special by-pass motor and epoxy- 


lined rustproof tank ensure safe 
working, while an automatic 
cut-off operates when the con- 
tainer Is full. 

Selects 
goods from 
high shelves 

DESIGNED TO help companies 
requiring a fork lift truck to 
operate as an order picker to 
select items between the 
1600mm level and top levels of 
shelves, is the EKG1000 unit, now 
available from A.CJS. Lift Truck, 
Chalmers Way. North Feltham 
Trading Estate. Middlesex TW14 
OUJ (01-751 0222). 

The truck has a load capacity 
of 1000 kg and is intended as an 
order selector for goods situated 
at heights of 2590mm, 3090mm 
and 4070mm. 


Quiet paper 
baler 

THE SOUND level produced by 
an automatic paper/cardboard 
baler offered by Portable Balers 
of Birmingham has been reduced 
to 7S dBA by attention to design 
and use of insulation. 

Fitted with a 15 hp geared 
motor the SB 2000L is fully auto- 
matic and produces a 40 kg bale, 
handling in tbe region of two 
toDnes per hour. Sectional 
dimensions of the bale are 500 
x 400 mm and the length can be 
varied up to 12000 mm; eacb is 
tied automatically with two 
strands of wire, the press giving 
continuous operation. 

Tbe equipment should help 
solve disposal problems in large 
shops and stores, printing works, 
factories and warehouses, making 
the waste paper more saleable, 
improving hygiene, reducing 
storage space and cutting fire 
risk. 

Summit Works. Smith Street. 
Hockley, Birmingham B19 3EW 
(021 554 7241). 


• DATA PROCESSING 

Fast print-out machine 


6 ELECTRONICS 


Planning to diversify 


THE THREE directors of 
Electronic Associates. Burgess 
Hill hybrid computer company, 
are now majority shareholders. 
The company has previously 
been a wholly owned subsidiary 
of Electronic Associates Inc. of 
New Jersey. 

The amount paid is not dis- 
closed. Reasons behind the 
move however are a desire by 
the U.K. company to follow 
a diversification programme 
coupled with a contraction of 
the U.S. corporation's Eumoein 
operations following a period of 
difficulty in the home market 

The UK company will continue 
to make available the U.S. 


corporation's products and 
sendee the installed base in the 
UK only. 

Two companies already in the 
EAL fold as a result of the new 
approach ary Cambridge Elec- 
tronic Workshop, making the.-urc 
sound equipment, and Rnhei 
Electronics, which manufactures 
large screen oscilloscopes. 

Company chairman Dr. 
Bernard Mu-nhy, who has pre- 
viously =ervod with Electronic- 
Associate? Inc. and has also held 
corporate appointments with ITT 
and Schindler Lifts, says that V 
intends to expand the company 
on the basis of mkinu a majority 


interest in young, small com- 
panies with viahle Technological 
ideas which are not able to win 
support from the more usual 
sources. 

He contends that nowadays in 
the U.K. it is almost impossible 
for siart-up funds to be raised 
by tcchnoloev.h.n-ed companies 
that need less than £100.000— 
thr merchant hanks. NRDC. the 
NEB and similar organisation* 
are not mteresied in that lev- 1 
of investment he claims, and 
the high street banks “simply 
cmnot comprehend sin h proposi- 
tions in the firs; place." 

Murphy says that EAL intends 
lo aeouire such cumpank-s at the- 
ta to t - T perhaps two a year for 
the next few years. 

EAL is at Virioria Road. 
Burgess Hill. W>«» Sussex. RH13 
0.JB (04446 5101). 


DOCUMATION is offering in 
Britain its DOC 2000 model — a 
2.000 lines per minute impact 
printer for users of Burroughs 
computers, and also most types 
of minicomputer. 

Documation 2000 is also. being 
made available as part 'of a new 
off-line printing system. This 
is set up by interfacing the 
DOC 2000 model with a print 
station comprising magnetic 
tape unit and associated control 
unit, housed in a cabinet which 
provides an operator panel for 
data entry and aipha-numeric 
display. 

Off-line printouts can be pro- 
duced using 9-track t inch 
magnetic tape of SWI or 1600 bpi 
density on which data is 
recorded from tbe computer. 

With a 6-cnpy capability, each 
2000 printer can effectively 
yield up to 12,000 lines per 
minute. While this performance 
is exceeded by many laser 
printers, the cost of running 
banks of the 2000 model could 
be as low as one third that of 
retying on laser machines. The 
2000's impact printing method 
is also more efficient, the com- 
pany asserts, when printing 
forms with irregular data lay- 

a WELDING 


out, such as purchase orders, 
invoices • and statements, 
because of its ability io skip at 
very high speeds. 

Documation. Mill" Mead, 
Staines, HUddx TWTS 4UG 
St3inf>s ( 0VS4 ) 61124. 


THE LONDON Brick Company, 
which has recently decided to 
shift from NCR to Univac com- 
puters. also turns out to be the 
recipient of the l.OOQth Univac 
OS/3 based machine in the UK. 

The Bedford - based brick 
maker, largest in the world, will 
be using the machine for sales 
and distribution, stock control 
and sales orders. Protects under 
consideration for the future 
include distribution using on-line 
terminals, and on-line stock con- 
trol of spares. 

Machine to be used at LBC has 
a 90/30 processor with 196k of 
memory, with four disc units 
holding 58 megabytes, and a pair 
of tape drives. Including VDU 
terminals, the value of the instal- 
lation is about fiiu. 


agrees! 


THE INDUSTRIAL fastening and 
supplies operations, of B1F 
Briti.-h Indu-irial Fastening; 
have been « irlencd following the 
compan’-’s condition of a . s nb- 
d^lri billion fram-hi.-H for the UK 
with the Peruia Company r-f 
Swnzerland 

The biter — ’'used near Geneva 
— supplies a eoninrchensive 
range of multi-on -!>'»•<' hbh 
miality a 1 Inyo and en-tinment to 
thn mainTencnm rinr 1 •••nlfl. 


tag inarkei. and the British com- 
pany will market the Pei ma pro- 
d-ici via its special I'-t 

endue-. - -•de-men selling direct 
lu indict r;- and tbe mainienani-e 
we id ing market. 

Kacilitio.^ hate been created at 
PH"* Tidt'-hmis? Flood. Aylesbury, 
h -a (iq uarters. in provide 
guidance, instruction and special 
training for :t= customers' main- 
tenance welding needs. 

H«vv» f-rvm RiF iY?on 



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Five and a half inches by 
two and a half inches by 
nine-tenths of an inch is a tiny ; 
cassette recorder 
But itb a fat wallet 
Which is just as well, for 
the Olympus Pearlcorder SD 
Microcassette Recorder 
(phew!) costs one hundred I 
and fifty-nine pounds ninety- ! 
five pence (PHEW!!). 

Note the term "Nlicro- 
cassette!' \ 

The cassette itself is ! 
less than half the sine of your / 
credit card j 

Micro it may be, but it . j 
gives a full one hourfe l 
recording and playback 
time. 

Enough for 6,000 words, 
or Beethoven^ Violin 
Concerto. 

If you think that sounds j 
amazing, you're right 

The Pearlcorder SD has j 
a built-in electret condenser] 
microphone, a ferrite ’ 
recording head and a 50mm | 
dynamic speaker \ 

On the outside, it has all j 
the usual controls for record- j 
ing, playback, volume, fast 
forward rewind and eject 
Plus the unusual ones for 
review, cue and pause. 

It also has automatic tape' 
shut-off 

And automatic record- 
ing level control. 

Obviously this is n 
plaything for the idle 
rich (unless, of course 


V 


you happen to be idle 
and rich). 

No, the Pearlcorder SD 
is designed for rather more 
businesslike activities. 

Convenientlypositioned 
at the top of the machine 
are two tiny jack sockets. 

These wall accept 
such accessories as a 
tie-clip microphone, 
earphone, an external 
speaker/amplifier and a \ 
telephone pick-up. 

You can even attach a 
cunning little device called 
a voice activator, which 
starts recording auto- 
I matically when any sound is 
| picked up. 

And (secretaries, please 
! note) we also make a 
special microcassette 
! transcriber. 

But listen to this. 

The Pearlcorder SD is 
! the only microcassette 
recorder that can tell you 
the news. 

Because it has the 
unique facility of plug-in AM 
i and FM tuner modules. 

And that has to be good 
[news. 

Unlike the inescapable 
fact that all these little extras 
cost a little extra 


Indeed if you were to 

buy the entire Microcassette 

system, you wouldn’t ■ - 

get much change 

out of five 

hundred 

pounds .Jllr 

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ft* 


yVgj 

\ : iPp ^ 

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The sort of money 
you could pay for one of 
those big, gleaming open- 
reel tape recorders. 

It'd look fantastic in your 
office. 

But ridiculous in your 
inside pocket 

Pearlcorder] 

j The Olympus Microcassette System j 

( T.; C. C-c:. Ml Ci | 

j L^'.sw.SClVilj'lTilcpaciie 01 - - \ 3*772 
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GROUNDWATER Development about 10(1 wells in four areas of struction and Development. It 
Consultants (International) a central Burma and the develop- will be divided into three phases, 

joint venture of Sir M. Mac- ment of up to 8S of- these as The first two will be exploratory 

Donald and Partners, consulting production W£ll$. The consul- involving groundwater investfga- 
engineers of Cambridge, and tanLs will assist in organising tion 2 nd the construction of 
Hunting Technical Services of the administration of the new pilot wells. The objective of the 
Borebain Wood. Herts, have been department, in procuring drilling third phase is the exploitation 
appointed to assist, the Govern- equipment, the training of local of groundwater for irrigation 
meat of Burma In setting up a drilling crews and supervision rf through the dry season, and for 
new groundwater, department the drilling. additional irrigation during the 

within its Department ' of The work which will be monsoon so that a system of 

Irrigation. financed by a grant frqiu the highly productive multiple crop- 

FirsL stu?e of the work, which United Nations Development ping may be undertaken, 
is just starting and is scheduled Programme, will be eommis- This is the first appointment 
for completion in two years, sioned by contract with the in Burma for Sir. M. MacDonald 
includes exploratory drilling of International Bank for Recon- and Partners. 


£100m to 
Jeddah 



mi m i 


CONSTRliCTION GROUP 


■ i iroa \nm m t 

CZ7 * ;T7T .r — ” 

SHEIKH HAMDAM Bin Rashid, A further-fSPiOOO. con tract ;has:' , .?fartha n ts for £99,000- . ■ 

Ruler of Dubai, has signed -.a been awarded by ' Stanton. - aibd : -Otfier jobs for Mitchell include 
contract with the Pakistani con- Staveley for thfl : deslgn andcoo-^a ttew bowling, centre and auto 
struction company McDonald structiou of foundatkms and. hobby shop extension at RAF 
Leyton for a .surgical complex associated works for a hew pro-- Benwaters, near Ipswich. Suffolk, 
at the Quald-I-Asani teaching cess plant to produce arge'-'tbi^ ijg being built under ‘a 

Worcestershire . 

Tdi Bkltord-OTi-Avott' 

~.j \ STD [07S 988) 3721 





Park Hotel. 


SEVEN' NEW contracts, totalling ro the Gosforth 
ahout £5m. have been awarded to Newcastle. 

Sir Robert McAlpine and Sons. Wales is the scene of a wharf 
Tne company will build on extension project at Pembroke. 
Oncology Unit at the King and in Scotland work is about to 
Edward VII Hospital in Mid- start on the St. Enoch Station, 
hurst. Sussex, an extension to Glasgow’, element of the new 
the National Arm; Museum in Cly derail integrated transport 
London, a shopping development system, and on shopping deve- the 


Will help 
hold the 
water back 


When -completed, the work Staveley works to matdx^tbciwe -Khtjefty Services Agency on be-" 
will make the hospital. one of production at Stanton: r ;.haif o£ the United States Air ■— 
Pakistan’s major teaching The North "West Water Force, 

hospitals where 200 students, will Authority's Pennine Division has -Vn TiJrpeter : -the company is 
be admitted each year, for train- awarded a £350,000, contract worth of siteworfc 

ing: . • the constructing of_ a .reinforced i0T - Gi en field Hospital 

Tfle hospital contains 550 beds concrete reservoir, ■plus ancillary rj Tnton : it has started on a 
and the current expansion- pro- works, at Totthigham. near. Bury,' eheineering con- * 

gramme is likely ro increase Lancashire, while for UonjfclWe Lea Valley Water * 

this capacity to 1,200.' Work.is Quarries, under a £180,000 award,- 
due to start in December. F. C. Construction is excavating . 

A CONSORTIUM of Saudi-Tar- Finance for the projecr'hasbeen in rock and constructing .efccese*.-' 1 
mac of Jeddah and the Swiss provided by Sheikh Rashid. . cuttings and a reinforced «u*-‘ .« 

Company Navqlink, -Sapeco, has John - R. Hams and Partners, crete underpMs^th wrafcwaUsl^yYfinfl llOllS 

won a a00m contract to build of Dubavare the architects with beneath the B5056. : X' UUU UaUU 

R. J. Crocker and Partners .as - 


wins 


■ / ! , 




group 


in 


in Sunderland, and an extension lopment at Greenock. 

£4 


a ship repair yard in Jeddah. stnictnral engineers. WidneU 
Dr. Fayis Badr, president and and Trollope, quantity surveyors 
chairman of the Ports Authority and Upton Associates as aeiwices 
of the Kingdom of Saudi Arabia, consultants. 
signed the contract which covers -g-p * » • • 

the construction and management Iri QHT ]QDS[ : 
of the yard. Completion is due J ... 

WORKERS AT Caldon Low. near in 19S1T WOfth £13lH 



THE • LARGEST--, of-, contracts? 
totaUing £6.46m awarded to- John - 
Laing Construction, .far- wk|- in 
this . country - is ene^for = x24m - . 
by the Northampton JDcvslpp^. 
ment Corporation-, for : S®I; : hew; 
homes to be.built as.ipaxl ttfUte 
housing- programme, at Bcteto 
im- Brook. A total of 194 terraced 


' raCDMMEND ATIONS for bungalows and' houses ate ; W-iSe 
- Prorements in wedfic ^ in :tha luiayform : tim» 

of current prac «ct on.thp 15-aerR 


Staffordshire - Derbyshire Saudi -Tarmac was comm is- 


work, 

THREE supermarket .coqtractrlouSaUon *S5? aSd"construc- 
have been awarded to. Mkobeff-iioa for low-rise buildings are at ureat Minor 
(Tarmac ;GrW|p).- made in a new Building Research amptern- 


horder, are blasting big blocks of sioned by. the Ports Authority in 


limestone which will be used in September 1977 'to wry out a CONTRACTS TOTALLING, over The new Tesco superstore ^s--tiqps for low-nse minoinis — . 

formine the barrier on the river feasibility study into the con- _,^ ave been awarded to being built in Market Square/ was discussed last month by the store rnthe ;Wood- Green 

SES Great Yarmouth and is 3 e^ Institution of Snftct^.Engro- 

ifwVertake this The largest, worth £750,000 has over £lm. It is scheduled far eers, and is available, frep of London. The store jwiHhavp -two 
was -5®®° .award** 1 b? Stanton end opening before Christmas next Charge, from the Distribution floors and yield a gross MprSrea 
iertfwd -TiZZ Roadstone (Santhon). has so far forSodTn ^rcaaon^rth Naw *“ AMM* "ftSS °? *«» PrepariUbor/ JJhit _BRE. Gaisfon. Watford -* ™ - -v- - 

Lb v the local supplied more that, two thirds of link. Merchant baSter Morsan I'gg'VL? s ! at S5 “ -“E ™ d >* rwD2 7JR - 

This comprises the 30.000 tonnes scheduled this Grenfell assisted the consortium Im * Sfit, Plper 

Gets best 


Construction „ umwc < u « — ■ _ . . . 

Among them is its first' j6b for' Establishment Current Paper. The House^of .Fr^er^hasi, 
Tesco. : The paper— CP61/78 “Founda- awarded a contracr fQrJtarahipr.. 

The new Tesco superstore lis-tittis for low-rise buildings”— the fitting out. of 

■ »_ !14 i- JL M • • .■ *• a a .1 • ^ - -4. nniU klf f HA aAaha ‘ ‘ ffHfl ‘■'WflM _ (Tl OATV * dfinn - 


THREE COMPANIES in the been awarded to Robert Marriott T T"* “ ^ The largest. w'Ortb mO.OOO has ^ h 

French Kier Group have re- for 106 dwellings at The Brades 
ceived contracts totalling over C Phase III). Hertford - 

£4 .7m. the largest being rine for Slevenage. Herts. 

£2.7m from the Greater London borough council. 1 
Council for. river flood defences the erection of 6S units of two- year, 
on the Thames. storey and three-storey flats and 

This contract has gone to 3S two-storey houses, external * JiJZ-weichinc^bet men ^ construction and management of pipes 1.6 metres dfameter"' by tori' ' Keynes "at a ^ cost oT" £934^000 

lcll . blocks— weighing between two thp nroippt whirh ,„ vnWpc nrn . g mptrPe lftn , and weighin ^ and bu i, ding - , he shell f or -TS 

Kwik Save store at . Rush den, 


anchorage 


In Stotlamt - the compat^i fiaS 
won a £ 1 . 6 m contract to btdW'Snv. 
.extension for one_of the-^l^est, 
education centres there, '-wEfajS; 
comprises a new ,Jthre&sfi>Bey ’ 
library, ■ resources centre —and. 

administration; -• building --tor- 
Glasgow: -College . of Technology: . 
Cowcaddens Road, in 


with the qtudv larg f diameter spun iron pipe Black Partnership. 

™ y * J . preduetion Ime at Stanton works. Mitchell is also fitting out V 

From the quarrv face the The contract covers the design. The plant will produce cast iron new .store for Waltrose at, 

— - block*— wpiphinp h’ptuwn two construction and management of pipes 1.6 me to - - 

Kicr and will take 22 months to stores, external works and aned- oiocivs— weigning Detween two the project which involves pro- 8 metres long 

complete. It includes sheet steel ,ar J‘ works. and six tonnes each are taken viding two floating docks of 6 tonnes, 

piling, bored or driven load The North British Housing by dump trucks to wagons in the 45.000 deadweight tonnes and - • 

bearing piling, ground anchors. Association has awarded a ron" quarry’s rail sidings and then by 16,000 deadweight tonnes, com- 
post tensioned concrete work, tract valued at £845.135 to British Rail to a stockpiling area plate repair yard facilities and 

brickwork, structural steelwork. W. &'C. French (Construction) near the Thames Barrier .site.. housing for the 700 staff and 4 au\au ou VUfelll ttJ WilAVllL- - .y h» rM^txnrp to 

timbering and embankments for the building of 57 bouses ai The flood barrier project is the w w k ftnxe to operate the yard. - “ ....• anchor gbouio_ ^ ; ^ w industrial .buildings -in Sheffield 

contract worth £l.lm has Prospect Road. Redbridge, Essex, second big order for such stone. Sapeco is to be responsible pEVELOPMENT work has been 

Some years ago about 100,000 for the training of the staff and taWn S Place that effectively that 

tonnes were supplied for harbour labour and organisation and by 10 ™ 111 *® ™ e Imitations -of inadequate flexural 

works at the British Steel Cor- mananeraent of the oroiect S. 8 ?® ^““orced cement (GRC>. which means that ptuuarjr 

it at Port Talbot in Navelink are part of the Portu- “atcnaL on which Building structural applications- by — ^ sector 


-in 

i 1 A - A\ A 1 ONE OF the most important centre or ther city. 

AuuS Strength to ce m ent 1 '^ "■-* q ^ ities .° f J - , p ^- p -The company will erecL two 


A 


Rush and Tompkins busy 


gal-based Lisnkve Group, Saudi- “3 g e *«“ d e n gin eers' are nded out^ ‘gJSg hk’ 7DlT& 442 £l “' 

Tarmap win rASrumethi* r ^^StOn Brothers research However. — k 


But it suffers from the detect (S?rt £f fSc- for ,'GrDSvenoi- Estate Com- 

at. after a yw. tt. whleR to •* 

:ons1 

. . . . amV 4 » sep). 

ye™- land Road- Hemel Hempstead, 


poration's plant 

AN AMENITIES block for Win- is under way on three super- south Wales. 

throp Laboratories is to be built markets for Waitrose. Caidnn Low whirh ha« a Tarmac _ wii i” bi 'Wioo nsi b I p" "/ or PUklngtOn Brothers research However, in every other respect- - . 

at Newcastle upon Tyne by Rush At Havant. Hants, foundation && started work in 1967, has it is an ideal building niatoriS- ^FoDowing its research 


it rroDiictt *!«•«. mercial Developments -.under .a 

capadS CTonstructiun f h + e “ ic ^' £660,000 contract,- which brihgs 

mSSS 8 o£ the' total value of work nn t§& 

jjnmarp sec{Qr of Foseco Mins_e_p>, Cleve- ParkwDod . Estate: ^to 


and Tompkins. 


The contract is worth £l.Sm ess for the construction of a 
and calls for a 69 metres by 31 30,000 sq ft store and car park, 
metres two-storey .building which while alterations and extensions 
will be steel-framed with rein- are being completed at stores at 
forced concrete floors and roof. Bracknell and Newmarket both 
Precast panels and brickwork of which were originally built by 
cladding will be used. Design is Rush and Tompkins, 
by the Ronald Clipchase Partner- 


work has cogence d. in readin- quat T J ' & r about 2 «> years the civil engineCTing accommo- 


employs 70. 


dation and shore-based work. 


now been licensed 
advanced ~ countries. 


Housing in the north 


ship. 

Other work in the north-east, 
worth over £400.000. includes 
factory nursery units for the 
Borouqh of Hartlepool, a depot 
for Service Engines at Carlisle, 
workshop and offices at Durham 
for Bridge End Motors, altera- 
tions and refurbishing work ar 


Protective 
— coatings 


and 

in most lending itself to ~ : geometries di s c us sions with specialist 
hitherto impossible to achieve.-. ' contractors, .-tbe company has 

This hmitotion was Mderstood Anchor system which 

at the outset of the C8m toest- double ^^ortoSon 

ment programmes by- NRDCj £-££L ifln 

Wlklngton and their ^ licensees. P f2j?faough the materials — PVC. 

It is only recently that BRE .has d ..i sheathinn. resin and con- 
been able- to .forecast- long-term uJSqus ^ uK-have been used 

rates of loss in bendmg. tensile jndmdualiy in conjunction with . . 

—id impact . strengths. . — duty ground anchoring for THREE contracts together worft 
Research undertaken. . since -several vears. ^ays the company, over £3m have been awarded' to 
L *“ - flrst time that -they A. Monk and Co, the. largest 


worth to 
A. Monk 


THE SECOND 
International 


edition of 
Directory 


its 


PRIVATES residential develop- Another development 

toe" Cleveland Wmam ^'edto_ start next is at N eaRLY 300.000 litres of anti- and -impact , strengths. 

Lwch f^ulldors^the Tynesidfr Throston. Hartlepool, where corrosion coating material is 

based building ®roup The croup new hon,cs r angin g in price being supplied by Sigma Coat- 1975 by Mr. M.‘ Cleary, .who is al-thi 5 ^ the — — 

recentlv so^nt about £lm on the f r°ra about £14.509. to about mgs, part of the Petrofina Group, civil engineer, with the blessing have been made available in a being a £L388m job for the 

purchase of land in the Cleve- £31,500 will be constructed on of the two organisations involyed; convenient package. repair and^recladdmg 

land area for three main pro- 17.5 acres of former agricultural and pipelines in the Middle East, m GRC, indicates toat theoncor.- - The sy StettI j S made up in a Hul1 ^ragoo- Station, . Kmgstop 


oSu^-K-SttiZ ?• •»«•*«» >* « 8 ^ third deTelopatm U , .t SSSSJ 3 r , «fc' n 

* RlBA *.._ u “ ns where a development of more Yarm and provides.rfor about ^rtaken by the Tarmac^hahin tensile properties to - suefcrttt 


land. 


Some is being used on steel poration of Du Pout's Kelyttr...«J±J* ' Y„„ a genec 0 f standard “P° n , Hu ll for British Railways 

IU^ .j nmmiW rnvinrrc in nnwmqY enMii. saw** . « no pH 


'Developinept 


further civil ensjineerins work at »”»*cd by the RIBAs i.iienis wnere a oeveiopment ot more rarm ana proviaes .ior «uuui undertaken b ythe Tarmac-Shahin tensue properties to - siicn^ an r“rhu'ci«»,->Smnv!^ an-'Gnniantldii' -&*-«laee^a«dhtnet 
Redcar for the British Steel Thl ? l3ts tUan 60 detachcd executive-type 300 units on 30 acres: or land at 3 ^ venture and some in the extent that the new composite S °ST;, iilSf? S tS£ toSnrcSif 

Corporation. 1-000 RIBA archuectui^l pr.u- homes is to be carried out on La.vfield Farm. Work is. expected Gulf ^ where it is i beSns used hv will . be suitable for saij .“ n 2?JS e ! .' ^SSSsiS!' 

The £300.000 fittins-out of a tices > n The UK and overseas. more than 8.5 acres of former to begin as soon asylbo plans t f, c Wimpey/McDerumtt -joint’ structural exponents, toouWed ;- v 

store for Cater’s — Debenham H is available at £40 Cincl. grassland. The houses are have been approved, by the- venture on new water desalina- has a tensile 

supermarket chain, has started at P and pj from RIBA at t> 6 . expected to range in price from appropriate authorities. Friges of tion plant at Dubai. -that of mild steel: 

Kingston-on-Thames. Surrey and Portland Place. London WIN £18.500 to around the £30.000 dwellings will range from £14500 


further work valued at £250.000 4 AD 


mark. 


to about- £31.500. 


MOTOR CARS 


CONTRACTS AND TENDERS 



FRONT 


1—K.D. 1976 Mercedes 4MSE. 
Primrwr vcHewr. tin cloth . upPiel- 
GlCCtHc sunroof, r.. stereo 

19 000 miles STU50 

LH.O. 1976 Mercedes S50SE 
Nary blue, blue velour uBholsterv, 
electric sunroof, radio. Slereo 
26.000 miles . . . UUU 
L.H.O. 1976 BMW S20 Manual. 
Rub* red. met, ore* doth uphol- 
ster*. tinted windows, sunroo' 
radio. 30.000 miles . £3.450 

1977 Morcndcs JSOSEL 6.9 
icon sojd. black leather uphol- 
ncry. a,r con.I cleciric sunrac-. 
wBJhwinc. radio stereo 70.000 
miles ... £22.350 

1973 BMW 730 Auto. Pdla-.S 
iii^er. bi'ie cio: 1 ! upnotflerr. 
tinted wradaws. central inet ion 
R . Slcreo. 12 000 miles. £11.950 
1977 BMW 653 CSIA. BUd 
blatk cloth upholster* tmteo 
wiedews B.. stereo, usual s*rra: 
25 009 miles £12.750 




RICHARDSONS 

FOR TRUCKS 
OLDBURY BIRMINGHAM 



Skip lorry specialists. 021-552 2803. 
TX 336193. Immediate delivery on 
Bedford and leyland chassis. 
Self-drive hire— 

Veen rates for short- or long-term 


COMPANY NOTICE 


CNGL15H ■ AND DUTCH 
INVESTMENT TRUST 
tN.V. Engeiscfc-Hoilandsche 
BHevgimn Trust. 
Established m Amtterdai*. 


LEASING EXPERTS 
LOWEST DEPOSITS 
1-4 YEARS TERMS 
1979 MODELS 


Immediate or Early Delivery 


FULL SERVICE 
MAINTENANCE 
SPARE PARTS FACILITIES 


KENSINGTON CAR CENTRE, 

181 WARWICK ROAD. 
LONDON. WI4. 

01-370 3152/3/4 


NOTICE IS MEREST GIVEN chat a 
MEETING Of the HOLDERS OF THE 
' PARTICIPATION CERTIFICATES Usuca 
' pursuant to the Agreement ol th<? 4th 
.April 1929 and supplemental Agreement | 
'Of the 141ft April 1951 of which Roval i 
i Exchange Assurance is the present Trustee. . 
will be held at the cihees ol Hill Samuel 
i A Co. Limited. -IS Bceth Street. London 1 
EC2P 2LX on Tuesday the 21st da* ol I 
; November 1978. a: tsar a'cla-.u in the | 
afternoon lor the puroosc of considering < 
:and it thoeotlt M giving directions as to I 
; the manner in which Roval Exchange ’ 
i Assurance 'as Trusieei n to exercise thef 
1 voting rights attached to tnc Orelna-v ' 
; Snares of English and Outcn Investment) 
1 Trust 'herein called "The Comoanv "1 | 
, at a Meeting of the Holders or Ordinary I 
(Shares o! tnc Comaan, which has been' 
convened by the Company lor the 4th', 

1 Decern oer 1978. for the our pose of: 
• considering: 

The nomlnalfon or Mr. j. P. Gueoin j 

and Mr. F. J Van der Melt lor 

i consideration lor tne vacancy In the ( 

Directorship. . 

'Dated tltil I MB oi* of NavemOer 1973., 
ROYAL EXCHANGE ASSURANCE 
Roval Exchange. London. E.C.3 ■ 

! Owners ol Participation Certificates wMh- 
ing to attend and rote at the Meeting 
i must reouest the Airrherlsed Derosltarles 
holding their Certificates to obtain from 
'Hill. Samuel & Co. Limited. 45 Beech 
street. London EC2P 2 LX. at least three 
davs before the satd Meeting Voting 
Certificates which will enable them to do 
so. To obtain Voting Certificates the 
Authorised Depositary hotdIM the Pamel- I 
nation Certificates must deposit Them 
with Hill. Samuel & Co. Limited to be 
held In deposit until after the Meeting 
or any adjournment thereof. Forms tor 
this ournose may be obtained from the 
offices of Hill. SJmacl J, Co. Limited on 
reouest. 


YEMEN ARAB REPUBLIC 
YEMEN GENERAL ELECTRICITY CORPORATION 
RAS KATENIB HOUSING “ 

COLONY— CONTRACT YEM020 r '^| 

It is th<> intention of the Yemen General Electricity 
Corporation to invite tenders for arousing colony comprising 
200 dwellings, shops, recreational facilities, mosque etc.. 


dwellings, shops, recreational facilities, mosque 
associated with a new thermal power station to be cooftfucled 
at Ras Katenib. near Hodeidah on the Red Sea coast. 


The scope of work will include site clearance leveling, 
roadways, drainage, ail services and buildings of prefabricated 
and othpr form* of construction. 

Tenders will be called for on a turnkey basis. - • 

it is envisaged thar a limited number of dwelling's- will 
he required to be complete, furnished and ready for occupa- 
tion by September 1&79. Contract completion by April 19S1 
is required. 

Tenderers will be inviied to put forward proposals for 
fencing the project. 

Firms with adequate experience of comparable projects, 
preferably in the Middle East, who wish to lender} are 
required to register by the 30lh November 197S. Application 
must be made in writing to the Chairman. Yemen General 
Electricity Corporation. P.O. Box ITS. Sana'a. Yen ten. Arab 
Republic (Telc-x 2275 YGEC YE) -Aith a copy of their applica- 
tion tn the Consulting Engineers. Kennedy and Donkin. 
Premier House. Woking. Surrey. United Kingdom (fTelex 
S59123). / 

Finns whose registration has been accepted will he adSnseti 
when tender documents are available for collection front the 
Woking office of Kennedy and Donkin. A non-returnable fee 
of 2000 Yemeni Rials or £230 sterling vili be charged for each 
set of documents at the time of issue. 


IN BRIEF 


Thus, various 


• .T*- — £ , -moulded pvu. ■ - - vcaretmiy wkow-ibbw 

to eiSS" to <»nt ratified Withln thitf. t* jL'fteel 'lano carriagew^g:' 
strength close to --y,eath *wltfr' r -tftc; o^Lwc^mpr^n> : >TOd f stage 2. 

e ' - aiiiStalusH. . Blled -. under- pressure-: J th£ ebmp^'^Vt fa 

uritTt o nhlvafifor rPtfin -PTrt i t4 ~ .'?v i non 


under way 


^ tT) a pdlydjster resin '7^ Looo nim- diwWter'irbn ;pi^elice 

to experiment with Because polyester ' resin S from Keldgato to Beverley Road. 

*k!Ia« inA.fc niVFir T»n ni rl nnri . _ • ‘ : tv.'n jj. 


Ten building contracts in the a L K u^d. harming Is very .rapid and. nea,- Kingston upon 

mi Country, valued together at J***™ 1 ^ ni ® e W* «»;Sours of grouting the a £555,325 contact t 


luuiiu j. iiiiuru wgcuici at r„ ' „ j *• — *>• a cumuli j 

£1.6m. have been awarded ..v^ p n lH S anchor shbuld. be ready for Water Authority.'^- 

lest Ireland Construction of iSSSLiSS i ^i2S2P?-J il s^essihg. * . i — — ■ 

fnart nf John Mowiem i : ' v ". drf at Chifiwck and ui a ranee of six heavy dun- 1 > v* . 


West 
about 
to Ernest 

Bath (part of John Mowlenn. A ““B* «?**** h ® av y 

They include building a new fac- '‘ejhtv. eight domed /oofs for pre- j-esin anchors* designed for use 
tory- a chemical plant, extensions Iaus " / in high' load .applications,, is 

to existing industrial premises. New technique^ make it pos- offered by Hilti (Great Britain), 
stores, an institutional building slble to maintain the hydration Hilti House, Chester -Road, 
and a university library. process within the cement Manchester MI6- 0GW-. (061-S72 

• A member of Taylor Wood- indefinitely, conferring high 5010)., -- 

row. Myton, has won a £1.5ra impermeability; while impregoa- The system comprises a rinc 
contract from J. Sainsbury for t, . on .with sulphur provides very electro-plated . steel rod fcitb a 
the provision of a 3.800 sq metre b *fib resistance to acid. cold rolled metric thread, a nut 

supermarket* five shop units, and Following the initial work by and washer, and * se^ed i capsule 
car parking at George Lane, Mr. Cleary; units produced by containing a cold -hardening, two- 
Souih Woodford. London, ElS. licensees- are. being, tested at component,: polynster-based resin. 

• The largest of contracts Birmingham. University's civil Tb e capsule breaks as the 

totalling over £lm just won by engineering department, while anchor ia Set in the hole and the 
Mears Construction is for the Thames Polytechnic, school of resin * : mixed thoroughly and 
British Airports Authority. It civil engineering, is specifically evenly distributed. - • 

involves development work to tho concerned with vibration-testing It is said that the setting time 
northern apron at Gaiwick and is of such units. for tho resin is much less than 

valued at £530.000. Other jobs M. Cleary. 1 Lamberhurst for casl-in fixings and can be as 
are at Portsmouth Naval Base. Road, Maidstone, Kent ME16 short as ten minutes, depending 
for the Thames Water Authority. O'VS. 0622 52801. on the' ambient temperature. 


Hull, unddr 


fbr-JYorkfihiw 



: J Any^uiig 


built, 


in 
contact 

Gilbert 

Ash ; o? 


r Pegasus House,. 
^VWest George Street, 
Glasgow - 

041-248 2511 


LEGAL NOT3CES 


Vo. <W153j of 197S • No. 003427 of 197S 

in thf HIGH COURT Of JUSTICE | In til! HIGH COURT OK JUSTICE 
Ctisn. orj- Division Companies Court In i Oianrm OUlrtion Companies Court. In 
ih-. SI«Mr or ROYLAN TOYS * LEISURE ; n** of WOOD FIELD MOTORS 

PRODUCTS LIMITED an-1 ill ti'? Mailer , LIMITED and In ;ftr Mailer of Tho 
nf Tb.' ‘■ ( ijn D jnii*s A-r:. 1945 I Companies. Acl IMS. 

-.•fiTICE IS HEREBY filVEN. Ihar a NOTICE IS HEREBY GIVEN. Ihaf 4 
F-nugn lor :!ic windlns up ai ibe above- | Piiii.on fur Ihe vv,ndi:u up of Lbc abovt- 
njm-d Conipanr b.- th’ nich Cotrrr of named Company by the Hish conn of 
-fusnic teas on ihe 3rd day of Xovombor i Jusrlu* iras on ih>.- Jdth dnr of Ociobe-r 
197S. prr?*nii-il 10 rtK mid Cou rt b y I I8i~r . prcsiOivd lo the >a:d Court by 
tO\DO\ STEEL TUBE MTLLS LIMITED I R-4DIAL LIMITED whoso n?al«er«J 
u-haso r. 7istiT*:d office 'is Note! Road. ! office i j slioai>.* ai. Hillwaj. iiishjaio, 
Eiwy Trailing Esiat-r. Ansel Road. Edmon- ; SS CQE. Motor Compoo *jii Dtsmbwors. 
ion. London, iV.W. a cTcdmor. and i and that thy said -Pctiiion.is directed to 
that lb? said Pennon is direcied 10 1 bf .Var«J before Uie Coun sunns ai 


CHILE, SOUTH AMERICA 

FOR SALE 

12.610 acres of forest land planted with Insignifi 
(Monterrey) pine (Pinus Radiata). " 

Industrial sawmill installations 20,000 CBM 
capacity, one shift. 310 acres yearly yieltt 
rendering approx. 45,000 CBM sawn iumbeii - 
Very fast recycling — 25 years. 

Tenders to be submitted by 14th December 197S 

in Santiago, Chile. 

Full tender documentation nenilahlc from- 

Nitrate Corporation of Chile. 

20 Ropemaker Street, London EC2Y SAP. 
(Telephone: 01606 7744.) 


b? beard oi'rtre tie Coun slttiiu: ai 
the Royal Courts of JusUce. Strand. 
London WOA 2LL. on ihe 4lb day of 
December ISIS, and any creditor or 
cofttrtbuiorr of lie said Company desirous 
to support or. mawsi lie naklu of an 
Order oo the said Petition may appear 
at Sc Unto of bearing, in person or by 
Jus Counsel, for fiat purpose: and a 
copy of the Petiuon wfil be furnished 
by the undersigned to aun creditor or 
coouibutorr of the said Company ni-qnlnna 
sodL copy oo payment of the regulat-.-d 
ebarse for th<* Min--. 

J. E. BARING & CO.. 

” r4. Chancery Lane. 

. Loudon V.'C’A IAA. 

Ref: JAH. 

Rnii.-nora for I he jvimiwr 
MOTE.— Any person who ln«cr.ds ro 
jCTH-sr on the hear)r» o! th- sa;d Peilliw ! 


Ror-il Couns of Justice. Strand. 
London WCfA ILL. oa th K 27:b day of 
?»osemner lbrS. and any crodiior or 
coot nbo iory of the said Company desirous 
to support or oppo&o the matins of an 
Order on the said Petition may smear 
at the tine of bearing, in person or by 
his Cooral. for that purpose; and a 
copy of the Peti tion wui bo furnished 
by the naderstjmed to any creditor or 
contrlbmory of the said Company rcomrtnu 
such copy op payment of the insulated 
charts for tie same. 

BRABY A WALLER. 

3 '5 Hind coon. 

Fleet Strw, 

London ECU :ins 

Ref; F-TTH. Tet; IHJ^S KOI 

Solicitors for 'he PedUoners. 

NOTE— Aay person who Inienda io 
appear an the beartns of the said Petition 


must serve on nr s;nd by non to the;m«S» S.-' r Te on nrj , ;r.d by pojf to I|lc 
■Sore-named, notk >n wntma ol his ; above-named. n°«cejn wrniw Of hie 
intention *o to do. Tbi- notice nmsi stale 


ttie name and addn-ss of ihe pi-rsun. or. 
if a . flrni. :iv r.,mie ^nd addrvrs of tho 
Arm. and must bo sijtiud hr ilw person 
or Arm. ov hi? or their solicitor «ll any* 
and must he served or. if i>os;w! must 
Ut suit by posi in suffiewai tftne to 
reach the nbovc-nauv.d noi later than 
four o'clock ip. ihv afternoon of the 
3 St day of J362^Sh^r I&fiS. 


lOienuon so '0 do. The no;i C i must stale 
the name and address of the person, or. 
If a linn, tbit name and addr.-*; af Un- 
arm. and must be sisnud by in... persoo 
or firm, or hi* o f ’heir .ioiic*:or nf any 
and must be served nr *f noii .tl. must 
bo- sem by pmi in eiifflcvni tim>* ro 
roach the above-named nti j J!c , r ;!]an 
four o'clock in ’ tne j-'ir-ntoau of iho 
24th day -of- Kovenibar lfli*. 


ART GALLERIES 


MALL GALLERIES. The Mall. S.W 1. The 


Gate of Hosvcn. LandseapOi bv Geoffrey 
Rotrtnswi. MOft.-Frl. 10-5. Sits. ID-I. 
Unpl 19 Nov. Adm. free. 


ST. PAUL S GALLERY. S Aw Marti LBBB. 


E-CA fofl Ludgato Hllh. 01.248 -5339 
OH an fl Witareotour PMithno, toilrtw*- 
Framed and. Unlramcd Rue Art R*ro- 


M ALL GALLERIES. The MjlL SW1. NCMrj 
ENGLISH ART CLUB. 1 3<A£ E " 


ductkxn Incfudm^s^wi UmtiJid. SlWSoo 


Print*. Open 9.1 


Rue Art 
Hted _ 
n.-Fri, 


Fn, 10-S. Sats- 
Adm. 2 Op. 


tit Em 
Until 


■fatal. Men.' 
23 Nov 


MAAS GALLERY. Exhibition of waiter. 
colours, cfrmrfngi and oris by. JOHN 
WARD. R.A.. it 161. Clifford Street. 
New Bond Straat. w.j. Mon^Frf. 10-5. 
Until November 2*ui. 


SUSAN SWALE’S SALOME, 


-llleries. 63. 
586 3600. 


Queen 'a Grew. 


anwt- 


GOLDSM ITH’S HALL. Fester Lane. E C2- 
- TOUCHING GOLD AND SILVER." 500 
years of Hallmarks. Until Ndv. 30th. 
Free. 10.5Q-5.00 dally, not Sundays. 


BROWSE * DARBY. 19. Cert Sth. W.l. 
ANTHONY EYTON. Recant Paimftss <nd 
Draw mgs. : 


CLUBS 


EVE. 1*0, Regret Street. 734 0532. A,li 
Lll-in Menu, 


- , Carte or Alfan Menu. Three Seecwnihr 

AGNEW GALLfRiCS. 4J. DW_Bond St-, Floor Sho*** 13 45. an g 1 X3 and 

music of Jonnny Hawbesworth A Pnffnu*. 


FLEMISH PICTURE5 FROM SCOTTISH!. 
collections. . A. Lean Exhibition 


aid ol the National Trust lor Scotland, j G A RGqTLE. 69. Pea n 5tre eL_Ldn dOW. 
Until B December. Entra»we lee BOp NEW STR PTEASE FLOORSHOW 


, W.l. 


Until 8 December. Entrance fee BOp „ .. ™, 

And FRAGONARD DRAWINGS fo I *' *5 .YOU LIKE IT 

Orlando FurtKC. Until ij December. 

Mon.-Fri. 9.10-5 50. Thurs. until 7 . 


1 


11-3.30 am. Show at Midnight «njf 1 4m. 
Mon.-Fri. Closed Saturdays 01-*37 6*55. 


Lea division, and the construc- 
tion of a breakwater at Clovelly 
in Devon. 

• Rough-terrain and hydraulic 
truck cranes built by the Petti 
bone Corporation of Chicago are 
to be distributed in the -UK by 
A. Long and Co. 

• Lesser Construction has been 
awarded a £455,000 contract to 
design and build a 48 bedroom 
and conference room extension at 
the Swindon Crest Motel. Stratton 
St. Margaret. Swindon. Wilts, its 
tenth contract for Crest Hotels 
Europe. 

• A further £1.25m has been 
added to contracts valued at over 
E4m currently under construction 
by Styles and Wood of Oldham, 
Greater Manchester. New work 
Is a mixed bag with industrial 
and commercial building strongly 
represented. Major jobs include 
a two-storey office block and two 
retail supermarkets, plus a 
knitting factory and a shot blast- 
ing factory. 

fit Ash & Lacy Steel Products 
and Prince Cladding BV of 
ZOeterwonde. Holland, have won 
between them a £170.000 
“Fioclad" (coated contoured 
steel cladding system) contract 
for the exterior of a new animal 
hospital lo be built on 139 acres 
of - reclaimed land at Lciyslad. 
The system has already been 
used under a £32.000 contract for 
Rotterdam's new city centre ire 
stadium, Europe's largest 
covered ice rink. 

• An association of partitioning 
contractors and companies 
directly linked to the industry 
has been recently formed, with 
membership open to all com 
panies operating . within the 

industry, whether contracting or 

supplying components. Regis- 
tered office is at Canberra House, 
315 Regent Street, London W1R 
TIB. 

• Work bas started on an 
advance factory of 2.100- square 
metres In the Merseyside special 
development area, under a con- 
tract worth about £335.700 
awarded to Wm. Moss and Soni 
of Liverpool. 

Tbe London Borough of 
Lewisham has awarded two con- 
tracts. valued at over £250,000, 
to Corral Construction (a Powell 
Duffryn company), for. the 
rehabilitation and conversion of 
six houses in Kinver and-Mayow 
Road. Sydenham. London SE26. 
into 30 modern ilais and 
maisonettes. 


CRENDON 



Buildings which are soon- 
est up are soonest earn- 
ing. A Crendon precast 
concrete structure is the 
fast way -to build factories 
and warehouses. Cheap 
as well as fast because 
Crendon structures reduce 
costly site work. Cheaper 
in the long term, too, be- 
cause a Crendon building 
is going to cost less to 
maintain as well as pro- 
viding high levels of fire 
resistance. Get a better 
idea of Crendon achieve- 
ments and Crendon cap- 
ability by sending for the 
technical details today, 








■ : ■2V r ;!::. 

.- . ~.Y 



. ‘.N. ■■•Bl*- ^ 

: v 


CRENDON CONCRETC C& LTD. : - 

Thame Rd., Long Crendon,; Aylesbury, Bucks: vHPf 
Tel; Long Crendon 208481Tetex £324S 

Cn-ndon Conocio iNoitbcrft) Lid. fbwdlfle'Rd. CmIcI M.Humfaerud« Tefi-dobiqf 20T.t:T^^ffl2Mi -V - . - ‘ 

Cicftdon Crnicte IScoiluud; lw. §fwtp, bmwketffe; full sbp. , 






b 













9 





- u i 

'•i i'i ' 

. r * \ 


&T. 


• - 5 ?ies Mpaday Nqrramber 13 1978 


The Executive’s and Office World 





EDITED BY 'CHRISTOPH ER LORENZ 



How two entrepreneurs 
shaped up to the challenge 
of launching a new game 







• ; BY NICHOLAS LESLIE 

EVERY entrepreneur . raist challenge. And it was Taylor's Then, out of the blue Eliot 
dream of being .given enough ability .to SPAT* off ideas and and Taylor s patent a-ent inld 

moneys— as a gift, and with no EHoPs ability lo harness them them that an \meriean was in- 

strings attached— to put -his with commercial possibilities terested in their ™arae and 
company on its feet But; to which .led to the game being would they like £30°000* Hits 

expect the dream to become launched. . . seemed too good to be true, but 

reality? Preposterous, surely: - The two. first met more than it turned out to be a genuine 

Well, it was not so for Mark IS jnonths^ago . when -they were offer. Thev met the .-American 

Efiot and Brian Taylor. Just near neighbours m the wilds of and rea^h^d a broad asreem^nl 
when they thought they would the Welsh countryside. But it whereby Tie 
hare to give up. their plans, to was not until; some- months ressful. the .tmeriran would get 
launch what they are convinced later, when both had moved to rovaitiPe an d if it «,-,««•♦ h* 

is the best board game since different homes that their plan would |u ar iHm iam** 1 

Scrabble or Monopoly, they' was hatched. - As'Eliot describes _ . 

found, they were saved quite it, the' idea was to take two tSul before the agreement was 
literally, ‘by a donation of' separated but very old concepts a ® necJ the American dis- 
£16,000. —a. board game and a game a PP*«»d. The paient agent was 

As a result, 4hey now seemto involving shapes — and combine i^arrassed and Eliot and 
be on the threshold of scoring a. them. . . Taylor were, to say the least, 

major success with their -game, disappointed. However. Eliot was 

which is called Skirrid. They' ■. ‘ A linmAnfr convinced the American was 

reckon that by the end of the. AlgulIltUlO genuine and contacted various 

year, when the peak Christmas 1 worked nn this far ,iv fT 0p, , e wh °se names had been >-s 

season is over, they will have rh ^ Ifl , t vpar throwing 0Ii \ Py^oned «« conversation with 3 
sold 100,000 sets— and this in “muWmde SaTSd ”ett^ him ‘ «*®r. persistence was re- £ 
only the first full year of ,e in £ , S^ri^f 'l' arded wheo he traced the $ 

operations. - - - . - e “ bfolle l “ * 1kh “ 1 * JT” “ American to a hotel in Los 

because of their good fortune ZZ^tc' re- An8ri «- 

in getting such a sizeable cash Jo i' f Jn The American (whose name 

gift Eliot and Taylor provide an ^ chi ^_ t&efr f w ^c and -eep closely 10 

extremely tmtypicaT example of ^ hat 5 themselves) said he still' had 

what it is like to “ do your own generally ^on -• faith in the same, but was hav- 


li h 1; 



EXECUTIVE HEALTH 

The secret ^ 
fears 

that can ; 


BY DR. DAVID CARRICK 




mm* 
wm ; 


m 


H* t 





The American (whose name 


But aside from 


own s Hiot -and Tavlor * n l ^ e same. but was hav- determined that, rather Uian however. 

^ Si tft inmiwri a hnnH ,n 3 tq sort out some business give blanket exposure ihroush more tbs 


Ul ‘"6- "“I aoiuc U.„_ rtifint, inruh-PH a hnnrrf ~ ' ' UL uuwnes* give DianKC 

they are ideal examples of to ™?"®JJ TO “ ed a problems. But as an act of advertising. 


.. Mi-w . I 

Brian Taylor (left) and Mark Eliot, co-inventors of Skirrid. a new 
board game. They arc currently sponsoring, in conjunction with 
Trinity House, a Skirrid competition 3mong Britain's lighthouse 
keepers. 

termined that, rather Uian however. Lhai ST i mil needed 
ve blanket exposure ihroush more than I'oOJkk) if n was to 
ver Using. sales should achieve it? potential. Therefore. 


. . nHmhpT-pri and hlank uui a* ati act in auvcrusiag. sales miuuiu jiwc mni-uuc, 

entrepreneurs because they ™ AT«-h nlavmr harin* g0fjcl faith he gave them £5.000 develop more by word of mouth they agreed u, uuaraniec a 

demonstrate clearly the kind of J*""**- *\! T J n * SSJi mediately— this was in recommendation. He wanted to facility fur Skirrid ui up to 

tenacity that is' needed to * Jf™ “ . November. 1977— and promised sell it as a family game firstly £100.000. 

develop a product to the point JJJ ' pl ^ e JJJl sImv as fn that if he didn ‘ 1 si - n an agree- to A and B category families The Thumas'x hdicve that 

where it cannot be improved, to x “ _ qu *; n „ m hers as men ’ an£l come up with the where he felt a very strong their risk is Imiiied. If the 

keep on lobbying for .financial ct ™ . as many uumuera « balaricc of £2 5 000 by December commitment to the game could game doe? badiy they will at 

support, to market- a product in 22 he would give them another he achieved, before switching tu least have stocks which can 

the face of both resistance and Jj £i0 - 000 as a gift. a broader marketing strategy-, probably be sn|d over a period, 

apathy and to risk all one’s:dwn the better the hr^lte^ eventual Meanwhile the ~anie had H e tried the traditional thus eliminating any sizeable 

capital. ■■■■,.■ •- s f ore r J h *Z nnl Sone into production udth sub source? of finance around the loss. If it does well, then so do 

A notable feature of Eliot ^«asnow eun^aewrs. St and Tario>rn of 1977-78. and it was at they, 

and Tayloris success to date- is markefed can be extremely test- this time that this page first Taylor, meanwhile, has a 

that it has been achieved >y mg. ’nitial nrd^r nf t non h„t oT,r fame into contact with Uteni royalty agreement, bur little to 

two such distinctly opporite The a . h k ° h ‘^ 0 bl J. t * 1 S j nce Tavlor telephoned for do with the company other than 

types of character. Eliot, 38. £eth!«r member ofthe£ team. J ^od k jher * a! ft r on- 3dvi , e on Vh« ,ort^ of financing helping to promote it. Having 

is a rather quiet self-confident Evelyne^bewlston, Imrnd them- % 0Ut u «• ~ nrP organisations existed. helped to invent it he now wants 

director and producer of doett- selves having to survive on .11 p ' outh r . epr ‘ rhntf ynnr,.ar.hr.rt to get back i<» his uaiming and 


hchevr 


director and producer of docu- 
mentary films. Taylor. 41. is a 


™ •wtSTofSJ “PP"; u V * “2 


coiptinued ; ilev.lopn.ent Mk .hop, and depart- 

Iter both proved to.be perfec- after ter saviogs ran out. W P«»ioie 

tionists when it came to creat- Then, Y>iien.it was dear they -deis 4 inr ju>t oOO. 


unsuccessfully, were the Council } s happy i.- leave Eliot to run 
for Snnll Tnriu«trif's in Rural it 8S a b'JSillCSS. 


Areas (Cosira). Hambros Bank Whether it develops into a 
and Industrial and Commercial manufayiunr.c operarion has 


PUCHTUNTURI: 

FOR THE MAN WHO CARRIES 
- . ALLTHE WEIGHT 

AROUND HERE 




Success can goto more 
places than your head. 

. Your rfuddlefor instance. 

But nou? there's a simple 
way for you and your family 
to stay in shape. 

It’s called the PticbTunturi Home Exerciser. / 

Just ten minutes every day . — ^ 

ualtbtnld up fitness, bring — 

down weight And you / nr jj 

cart even exercise r. I j 

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I started 3n extended tour of the because lie and Tavlor cnuld dwlr marketing— his partners 
. ten stores, persuading the ao t put up any capital them- know all about manufacturing. 

: managers that they should be selves— their own savings and HeanwhlE. what doe? Skirrid 
; allowed to demonstrate the the £16,U00 having been either mean * At t.w moment, nothing 
| game and to challenge members spent or committed— none could The najne * after mucii heart- 
of- the public to play against help. Eliot, unlike some entre- searching anti argument, was 
] there. preneurs who are extremely cri- i 8r : en :rom 4 ™ountain called 

-The upshot of this was that lical of finance institutions, *^ ,d n ® ar Abergavenny, in 
by.Chrisimas Eve they had sold believes their reticence in hi? ;V nf.[ e E l!OW * lv f s 
all 5.000 sets. At the same time, case is entirely understandable. Ilf:*,, ? r r „ J n Z* T’'m' V . •! 

cn "December 22 and with no Their problem was solved by nnthinl \ h *1 'Ji 

asreenient signed with the wo brottere-Des and Onoood ™dvama"e“tecaL 5 Qiot aid 


i American, another draft from Thomas— who own a company K'rinr a!m wmab hmS 
i him f rvr ci i non c...,u Ta>loi aim to make it mean 


Ihim for £11.000 appeared in in South Wales making h j n o 

j Eliot’s account. specialist products for the steel i 

This gave them a consider- industry. In seven years they 
jable boost. But why, it can be have built up a turnover of 
reasonably asked, would anyone around £1.5m. They came into 
just give away £16,000? There contact with Skirrid by way of 
seems to be no dear explana- their accountant, who knows 
tion - other than that the Eliot and Taylor's solicitor. 

American appears to have a After doing a • . complete 
habit.’ of depositing cash with appraisal of Skirrid they were 
a variety of entrepreneurs, convinced of its . possibilities, 
presumably making money with The Skirrid Company was there- 
some and losing it with others, fore formed, owned 50 per cent 
* Eliot realised that even more Eliot and 50 per cent by the 
money — probably £50.000 — was Thomas's company. called 
| needed if the game was to be Gorfcon Metallurgical Services, 
marketed as he saw fiL He was The .Thomas's believed. 


their game. 


cause 
so much 
distress 


WHEN I wa s j medical student, 
and therefore knew everything. 
■j friend presented me with ;■ 
problem uf magnitude- 

I bad not «ee him fur two 
years during his National Ser- 
vice stint, and I was shocked by 
the change in him. physically 
•and menially. He had been a 
good boxer and a fearless 
rugger player who was fright- 
ened of nobody: now he was a 
timorous ?hadow uf himseli and 
at least iwo stone lighter. Once 
f had envied Ins academic 
prowess: now he wa.% apathetic 
and had decided against resum- 
ing ins interrupted studies, 
irrevocably turning channels 
mediocre and mundane. 

Questioning him was useless 
, and even threatened a long 

■ friendship. All I could d'i was 
'to wait for him in till m? in 
'on Ins u ii pro tiy picture. The 
! moment came one night in a 

pub when, after 1 had plied him 
'with drink? I could ill afford, 
;he suddenly sighed and mut- 
tered: “Old sins cast long 
shadows, don't they V” 

l 

Lugubrious 

I -uppnsod so. and a«Ked him 
which ones lie had in mind. Hi* 
story, even told in a lugubrious 
fashion, would have l»een amus- 
ing had his stale not been so 
abject. Apparently. when 
5 stationed in the Middle East, 
some of his faintly coarse 
.soldier chums had dubbed 
together to buy hint a novel 

■ birthday presen'— a local lady 
of distinctly dubious repine. 
The party was very fluid and 
my poor friend remembered 
norhinj until he awoke next 

'morning with a hangover and 
the alarming lady- 

Although his evidently help- 


Mia 'JjjKJ^‘7 . i'*A<UAe * 


rT^j, 

h- /- A 








t'^> — .y 


... a physician unable to heal himself. . . . 


less stale must havu precluded 
any activity save drunken 
slumber, he had somehow con- 
vinced himself that he had con- 
tracted what Victorian 
advertisers delicately called “a 
secret disease.” Everything was 
again.- 1 it. Dates were wrong: 
symptoms and signs were wrong: 
but nothing I said could con- 
vince Win. Reluctantly he 
showed me some tender, en- 
larged lymph-nodes in one groin 
which, in fact, were due to in- 
fected mosquito bites on his leg. 

But nothing would shift his 
black belief. With great diffi- 
culty 1 persuaded him to visit 
my teaching hospital for 
conclusive tests and l only 
succeeded because I was now 
his physical superior. During the 
three days awaiting the results. 
[ had to watch him very closely 
as his agitation and depression 
were dangerous. 

Naturally all it-sts were 
negative, and tile change in the 
man was incredible. His 
appetite ^as voracious and he 
regained his weight in a 
fortnight. His psychological 
health also recovered but. alas, 
his old moral strength made him 
pursue Die patit> he had 
selected, abandoning intellectual 
pursuits. He is .-till in the same- 
mundane job. and the fact that 
he earns three limes more than 
I do D neither here nor there. 
Bui ho still has moments of 
resret that ju?i mie s-umid 
practical juke bent hi- life 
irretrievably. 

Hi- was a ca:-e of chroni*' 
stress reaction and quite under- 
standable. Many executives and 
others nurture secret fears 
about illnesses (usually moic 
decorous and more c^ngerous) 
which ferment like yi-r.M within 
them and become potent sties- 
factors contributing i" anxiety 
reactions. By and I a rue. 
however, the averagn .••:>'>-uriM- 
can withstand one or 1--^ iv.n 
stress factors, but man:- ?i‘e 
way be tore three or moiv. 

Commonly one see- a iv.an «-ir 


woman displaying recognisable 
sxntptoms — leaden fatigue, 
anxiety, headaches, irritability, 
insomnia etc — and frequently 
two factors can be found with 
case. It may he that the indivi- 
dual is unhappy at work, but can 
c-scape to domestic hliss. This 
stress he withstands. Sometimes 
there is a reversal so that he 
escapes to work Jrom a home 
where bittemc.-s reigns. Even 
thii stress he may withstand. If 
both work and homelife have 
gone sour, danger signs appear. 
But usually there is a third 
factor. 

This may bu frar of illness 
it increasing debts nr other 
mailer-. Tuu niton, however, 
both patient and doctor may 
lorgei a sirc.-s lacior as pui -- 
.-am a- u i- malignam. T? i- 
merlooked because it i- acuie- 
iin-chmnic and i- as difficult ;o 
find as one needle among manv. 


Demands 


I refer tn demands from the 
Inland Revenue persons: de- 
mands frequently couched in 
libellous terms and with barely- 
hidden threats. They are nm 
4cnt t>» the mediocre: only in 
those who. through sonic extra 
talent or enterprise, are able m 
earn a little more through arl. 
writing, nr individual entr rpri-e. 
(j.iisiant blights nn their initia- 
tive. they even drive -nine to 
lax-haven-. 

The doi-pif can help with 
many mailers. He can advise: 
he -an intercede: he can use 
medication and remove many 
*rre*se-\ Bui when it comes i<» 
entering tlv :i lisu against the 
modern " publicans." the inso- 
lence of their brown enveloped 
dart-, dipped by the pusillani- 
mous in the poison of privileged 
calumny, linl* can be done by a 
phyMclan unable to heal himself 
from ihi.s modern “secret 
disease." which wound- and 
scars more certainly than ev<*n 
that which was once called the 
Creat Pox. 





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THE RENAULT 20TS 









LOMBARD 


THE WEEK IN THE C0URT5 


' ^ 'Financial Times Monday • 13^ I97S , ; . . 

RUGBY 8YPETERRQSEINS- - '• v *H' '• * ' ; ; ' ; -V ' 


A fairer deal 
for pensioners 


Inflation casts a shadow 
over damages awards 


All Blacks 


c»y ppif' <?HORT JUSilNlAN 

IT IS SAID that New Zealanders New - Zealand were in serious Which hiS' hceO tempered, As 

THIS WEEK old age pensions Conservatives specified only that “INFLATION is an economic 53 with a wife and twu children- approach to tMs aspen of law bJack ^ a 0 f sym- trouble.. 

rise by ill per cent in this year s pensions would be kept in line and financial condition of His wife was then 4 ". Before of compensation for personal pa yjy apd respect for their. Wales cleverly varied .toearoaB. G. williams, was JinnBe&s 
annual revaluation of pensions, with prices. Mrs. Barbara Gastle. general application in uur he became short of '.breath in injuries- it may be wiled proper mourn ]nz opposition. Wales- wlB .HhMUL where Martin. QuinneU itself. -. 

Nest month, pensioners receive that fiery champion of pen- society." Those words, when 1 974 , he had been “a very fit compensation for the lost mourn fQrever the l 2-^-13 defeat - audSoui re eclipsed Haden and New Zealand, wno_founa.^em- 
another tax-free Christmas bonus sioners. "'as emphatic that written by Lord Scarman. were man who was a non-smoKcr- a years. and the country's : grief:waa made Oliver. Both brides abbreviated selves nine.points_ppwn arjer a 

Of * 10 . So it is Annnrtiinp f.o nnndnnt>rs should thnro ?r> th«» nnl in ignited to 'ho » nrundila. cvelist of ereut npiwminhshQlfnl. The Underlying reasons lOf the mn . a nni»nAfli bv th& .hut' Wales. "had a tJUSUTteT" Of the gmxie, nan . -only 


another tax-free Christmas bonus sioners. 
or £ 10 . So it is opportune to pension 
ask whether we treat our senior prosper 
citizens fairly. having 

The Government is confident le- 
thal pensioners get a good deal. Bui 
Mr. David Ennals. the Social i m p 1 cm, 
Services Secretary. when enacted 
announcing the Christmas bonus. V erv 1 
pointed out that, after the pen- secret a i 
Sion increase, which is well , n ]j ne 
. above the rate of price inflation. 0 tber ra 
pensioners will be 20 per cent attempt 
-better off in real terms than vear to 
^when the Government look office ;> a5ll a i 
pearly in 1974 . ^ failed. 

V’- Mr. Stanley Or me. the Pen- Th* i 


The underlying reasons for 


■irir.osr won the Davies's radon* was not eratays 
SaXrJvetl and accurate, add Ostarnelaunfibed 
J were' unrelentiiSy a brilliant counter in the. first 
k They half w Hir Wilson '. coming -Inside 

“ufeSsSve^^on 1i t£. W> 

« o “& high ball - and 


r^ions Minister. Is 
^emphatic on this 


The current rise, which was 


even more announced in April, was based 


forecast of eaminss 


. . VI M1HCUIU7S. auu tiiicioai liir dumiiusuuiriX 01 OJ5 Bww. --0- . =_ r , r It-w-lrlnv inrf nhUntetiom; fnr mrirf've-i«; -,n 

»"»„&* on the damages fnr pain and The Court of Appeal increased made after the date when ex -1 W^le^and o^rii^ fqs ^ a 
er. 19 . i. suffenna. ih* fnr hypothec he will be dead strikes [taste. Oliver Dieraisnea ms image Diners. 


•^tronsiy asserts that the Govern- ^*5 between .WemteG 1977 . suffering 6 " IhetomS fa??K JESSS hypothec he will be de 

i^er ouTi-e nSlns reC ° rd a " d Novemher ' - , 9 1 * T* 1 ® /££- From 1949 io 1974 .Mr. Pickett and loss of amtoitiifrom £ 7,000 me as a hopeless task. ’ 

■ ? 5 . * P ens ions. vious upratmgs in 19,6 and 19 . * h3d worked For British Rail to £ 10 . 000 . but refused to award 

* et toe response from the pen- were based on forecasts of price Engineering in the construction any interest on that sum. Like 


tackles and obstrUrtioire^E gr^t comfort to the trirf « ^ 

taste. Oliver blemished Ms Image Ptbers. .. 

several times and was fortunate//-' . ... . 

to stay on the field. “ &^at cMl attack came The AIT Blacks' did Wrthelr 

Any game between these ,tya-; -But chances to attach yam® _ - - d bettan s ighlffeaitfiy 'as 
countries is a great occafi D n,U twain ly -fro*;.- Daviess tartotf swm^oegan signify » 


from thousands of pensioners accurate. But what happens if. 7974 ' h c became short of breath. Pickett actually survived 

who rallied a few weeks ago in this year, the Forecast turns out He underwent medical treatment Mrs. Pickett appealed' 10 the 

Trafalgar Square under the TLl. to be too low . This has not and investigations. An operation House of Lords. She claimed 


Wage earner ^ 

p^sr Sf ss- suar-bS? 

-!h?™n.cnt i0 na. sun," .. ..be «**■**&. , ^ of gSSd^jSSJS^rSSg- 


banner to demand an immediate happened before. in j anuao - 1975 revealed a that a larger sum tha”n Cl. 50 S.iS of life should be regarded as wioasnr ana f>u»ncc -m ■ xne-w»- which 1 ' ne« pea ^ 5 ™^, 

substantial nse in pensions. Mr. Ornie has reaffirmed that malignant tumour which covered should be awarded in respect of covering all the elements of Ugh t. New Zealand _ hav e visibly Wales's main deficiencies. Ha vtng |°g.ni 

_ the Government will stand by its the whole of his right lung- This her husband's loss of earnings —e.g. joys and sorrows, work and improved ^ beur ^ ■Wf 1 ! ; wii' 

Rptfpr nff promise of revaluing in line with tumour resulted from asbestos and that ihieresr should be leisure, earnings and spendme since thejr c,,t r,g S.u /1 t0 ^ in- W S»S? 2 

DtrllCl .UU earnings. But be is not going dust which Mr. Pickett breathed awarded 00 the damages of or saving money, marriage I Ireland but i«U^ 

Well i,hn .« P ,ni,f Thu ,0 admit that the forecast mav during the years when he was £ 10 . 000 . parenthood and providing for wield them to inalte life dorornit, wnS ibjj ehafig^d his own une and when 

answer" nararinvi.-aiK* is that have been wrong until the working in the workshups of British Rail Engineering also denendants — and should be w and prevented Lovendge _-fri?ip of numlng. leaving penalty 

hoth art- pSHionm^™ hJitfr o ™”* 1 fi£ l ure for u,e Period is British Rail Engineering. The appealed to the House of 'Lords garded as excluding any add.- getting -the ball pass with no objective Thl^ was badly \v 


Better off 


interest should 


. -This was absolutely ■ esseuti a I. 
rnd when Davies klcked &tS third 


off in real terms compared with published. This will not be until tumour could not be removed against the a 

s^r-yfXM S" s °n,.. „ .is 


pension level was abysmally low. 
A 20 per cent improvement on 


iiiuuKio ib implement an »u- un i/uij 11 . ivitj. u c a^ucu prizes 10 cne appellants an tn r nui* r iin»«,ii *- — . • iuch- me 1 nm ., yj um-wuh ■m—n— , - I T»'Me unu«:-.(m».iBi«r 

crease, the only practical course proceedings by issuing a writ round: one to British Ra*i Sixteeen years later, in 197 S. tackling by, QuinnelL Squire 'aptf-irively^ ^uncomfortable again?L ms 3 ^ d. bitter shdt '-.‘gj-'i.. 

would be lo add any shorilall to against bis employer claiming Engineering, and two to Mrs. in Mrs. Pickett's appeal. Lord Wheel was such that at no= time namesake. B.G. ' The All Blacks bad ^had ,the*t ‘ - 

next year's up rating. damages for negligence and/or Pickett. The Court of Appeal's Wilberforce said that “In the could the All Blacks mount those - Rees had a further great beat period in the first , span of 

breach of statutory duty. The damages of £ 10.000 were case or an adult wage earner awesome forward surges;- -The chance to score but completely half^' when liheir 

i«isue which was in di-puie was removed, and the trial judge's with or without dependants who Welsh simply staunched '.that -missed Fenwick's pass. Such- improved." scran? . was ' 

I ftn CPVPrP Jhe amount of damages he should award of £ 7.000 was restored. sues for damages during bis life- area, and piled , into the rucks- errors ore human but costly and con = D i ( .u 0U s " Johnstone. -\-ihd ' 

A UU 50 CiC be awarded. The Court of Appeals refusal urae. 1 ara convinced tiial a rule with - such terrifying intensity it really is difficult .to see bow B . j.. wcl j Pri'^ and ' 

..... lo award interest on the' damages which enables ‘ihc lo^t year- that they won the .better; Elgin Rees of Neath can be left p au it cner fi0 weli^butOiiverjtnd - 

But pensioners have Uie feel- was reversed: and the trial to be taken account of comes possession exept in the first 20 ml 1 ' HtSwere lwseridLr tiiS'S ' 

ing that, as long as the _ increase Am AnnPfl judge's award of interest was cln«er to th«» ordtoarv man * minutes of the second half... ... p. r. williams had hoped Haden were less eviaepiim^^st.- 

exceeds the rate of price infla- “r reinstated. pectations than one which limits it was that sort of commitment for a more fluid game , from wrwiri* "who aeain niarad^-sn^- 

tion. nothing further will be i-n- i<r< ktc ini»Mct tn hie chnnpni>ri sD.'.n ..... ui.ia. o Waiac hut an i»*rvlnratorv MOUXie, .wno again, .piayeu- sp. 


On July 14 . 1975 . he started prizes 


-very little is still quite small. npv , V p ars UDr afin" 

. What the Government has over- nem >e * rs upralln - 


looked is that pensioners' expec- 4 ue wbich wa“ in di.ouVe wa" 

- Too severe L h e e r^ e n r fdan,1?eiheshould 

they are making their grievances 

known more forcibly. But pensioners have the fecl- 

The demands of pensioner s thai. as long as the increase An A.nnP$)I 

have been fuelled by the intro- «ceeds the rate of price infla- ■ r » 11 
•• duftion of the new State pension * ion - nothing further will be q q Octobec 12 . 1976 , Mr. 
scheme. This, when it reaches done. The impression comma justice Stephen Brown awarded 
maturity in 20 years, will provide *- ron ?'/ r . r0ni the Treasury is damages under various heads. 


But pensioners have the feci- 


An Appeal 


Octobec 


maturin 


reinstated. pectations than one which limits it was that sort of commitment for a more fluid game from ■ . . , n 

But the most signiilcanl aspect his interest to his shortened span which gave Wales a ntorvellous Wales but. after an exjdoratory ■ "“SJ i 

of the appeal to the House of of life. The interest which such s tart, and Davies had kicked two sortie early on. he lay deep in 

Lords vk thp rfoficinn hv a a. man has in the earnings he nenalHes within 10 minutes from , defence and strangely fumbled pnde- in me wuii out viu raaijee. . 


a reasonable pension to all who 
■retire after that time. But. for 


4 . . . - ; _ . -.1 uaiiiu^p uuusi laui/ua i^uiuo ULiir utruiatuu uj a “ j ucuaiucg nuuiu uiuinuo mvui vuw - .. . « - _ . _i 1 - ..-u -. 4 . - • v= 

rlitloiivinn nAnilric These incJuded £ 7.000 by way majority of four Law Lords to might hope to make over a errors Induced by collective pre^; several kicks. Only ome will t/ril how- lucky \ 

Itrein!! 1 / oF general damages for pain, one to allow compensation to be normal liffc. if not saleable in a sure. When Fenwick kicked a whether his old daring te ^tlH avray wvto ^ ^to^ wWclr 


existing pensioners, it provides J 1 ®'®'! « * n 5 fr: suffering and los* of amenities; awarded for loss of earoines in market, has a value which canjthird penalty after 23 minutes, there with. the. foolhardiness, belonged to waiefi, 

..nothing extra. Naturally, they *“ 1 * 221 ?* Ei £ 787.50 as interest on the £ 7.000 respect OF the years of life of be assessed. A man who receives* - 


. arc asking why the next genera- at 9 per cent from the service wtaidThe' had’ been" deprived as that assessed value would surely 

.. tion of pensioners should be n,Vhi?«- ^rfrf of toe writ and £ 1 . 508^8 as a a result of his tragic death. consider himelf aod be con- 

i rD-.taH holier i H-.r. n vacant puijut expenditure under con- in HncnAot ftf Incc nf Cm. 5 a *1 j. ikA cirlurarf /•nmnoncdtOf) « a man 1 


TENNIS BY JOHN BARRETT 


organisations 


: treated belter than the present {V 0 j e *P en<mur e unaer con- „ et sum in respec , 0 f j oss 0 f jr or many years ft was the sidered compensated — a man 

• generation. u ‘“ - * earnings. The £ 1 . 50 S. 8 S was general understanding among defied it would • not." 

The pensioner organisations If this is the view, then a calculated from a finding of fact lawyers that in' circumstances And so. “the hopeless task” 
are also not happy with the definite statement of policy based on medical reports that such as Mr. Pickett's- any award of JBfi 2 has become “the 

• amount of this week's increase, needs to be made. There is a Mr.. Pickett's life expectancy bad of damages for loss of" future ordinary man's expectations" of 

. Although it is well -above the strong rase for formalising pen- been reduced lo one year from earnings should be restricted tn 1878 . 

•rate of price inflation, there are s/pn increases, as _ there is with -he date of trial, and the loss the sum which the injured The actual assessment of Mr. 

-doubts whether it will match the ~! vl ' p erv,c e oengions. based on 0 r earnings was confined Id that person would have earned but Picketts compensation for loss 

increase in earnings over the 12 historic movements of earniaas period, which was the period of for his accident during what re- nf earnings during “the lost 
- months from last November. l,r P r,ces - Pensions ought not hj 5 likely survival. mained of his shortened llto. years “ has vet to be made, in the 

When the t -,hnnr Pnrtv “i w. « part f n addition Mr. Justjn? This notion of the law had pre- Queen's Bench Division, in 

of P ubll , c expenditure. But this Stephen Brown awarded Mr. vailed because of a derision to accordance with an order of the 


The two faces 


>T:i seer's We.is 


in 





t Indicates programme In 
black and white 


BBC 1 


9 . 3 ? am For Schools. Colleges. The Koy.il \arii 

10.45 You and Me. 11.00 For „ "J 00 -, 

- Schools. Colleges. 12 A 5 pm News. 11 -20 The Lord Mayo 
. 1.00 Pebble Mill. M 3 The Flumps. ' r0cn toe Guild 

2.01 For Schools. Colleges. 3.13 presence of 

Songs of Praise. 3-53 Regional Hunter. 

News for England i except ri .30 Weather.- Regior 
London i 3.35 Play School tas. .411 Regions as BBC 
’BBC 2 11.00 ami. 4.20 The Mole the following times:— 

'■as a Chemist. L 23 -Jackaiiory. Wales— 1 A 5 - 2.00 pm Pili Pala. 
‘." 4.40 C. B. Bear?. 3 .U 0 John 2 . 1 S- 2 . 38 . For Schools. M 0 - 5.00 
•Craven's Ncwsround. 5.05 Blue Siangdifang. 545-620 Wales Today. 


"JO The Royal Variety Perform- Northern Ireland— 3 ^ 3 - 3.35 pm 
ance In the presence of The Northern Ireland News. 5 . 55 - 6 2 U 
Queen Mother, part 1 . Scene Around Six. tl .30 News, 
9.40 News. and Weather for Northern Ireland. 

,0 -° 3 R ®S >, ,aricly Perfftrm * England — 5 . 55-620 pm Look East 

r; ■ f Norwich i : Look North (Leeds. 


Pickert £a 00 for loss of esoecta- thii effect by the-. Court of House of Lords. THE £1000 Slazenger Timrwfc s »-?fan 4 ih. having beaten Lloyd- In - The sponsors Rt WeaftiTey- thin- ' 

tion oMife.* The overall award Appeal as long ago as 1962 in Tn extending the vanee of Dient al ^ palace Hotel* Tor^ihe semi-final*, eame-;. back trom week jrili disaiwbUai«t#;tSat 
of damages amounted to Ol^erv. Ashman. ' t compensation beyond the period qua y last week— ^ wltji 10 gvehte^ftefite bne s»' ' neither the Ihql.djr^ WQtft: Boi^ \ 

£ 14 . 947 . 64 . Not until Mrs. Pickett v appeal of survival to “the lost years .' 1 involving some 200 com petf tors. : down in : The llnal.AOvbekl^the .-of- Swedmiriidr “the\T 976 :wiBner. 

At the date of the trial. Mr to rheh House of Lords was the the House of Lords has moved —brought to a close the British 1976 nattonal unttBrfl cltoiiipion Jimniy- Connote of AmeTfca,'wilJ 
Pickett was a _ married man of opportunity seined for a frexh one step forward. domestic season. Toraofrow at John White ford of Sttssix^r— 6 ^^ competing— not least because 

——I -I. — i ii . mu Wembley begins the /T 88.000 7 — 6 , 6 — 3 ^ ' .! keir. advertisements; for'.. the. 

■ . 1 / Benson arid Hedges Champion- ^iss. Mlleworth-.a -former f v enL carefuUy.Wo^ted hut mis- 

ship, part of the Colgate Grand Wlghtnwn %up player r-herself leading, sugges^d fltht these two 
Pri.v. where 32 just payers will who. at 29 'iis desperately, keen be . immif tha; tgrLffa . 

■?* compete. 7 to climb: bacX from lllh pDsilion *®P p “JJ“v ■n»t£S-?SL 2 ? 5 iS. 2 E 

The contrast cou^i hardly be to near the top of the British 13 ^ ^ ' 

Vnrt hpm p a ... n,*div S r„n ih «, nrt ■■ Th„ greater. _ but both/ tournaments rankings .Was .also to . trouble'. In 


a.v - ■ . 


starring Paul Newman. 
Dominique Sanda and 
James Mason. 


10.00 News. 

KUO World in AcUon. 

11.00 _The Lave Goddesses. 


11 JO lSii' L S SlBhiiftPtK Ncwe a ^ i I«dS «« ?? Close: Derrick' Gilbert S^^tiSSV 

Trom the Guildhall in the Today f Birmingham): Points West , a P° era by -Robert htv Wcm-As trrv Gentrai 

presence of the Prime .Bristol)- South Todiv (South- Herrick. ex«pi ; iJB-ija pm nepon Wc 

Minister . .. Jmmon#: ?potli 2 ltt^ SoutSSSl’ *2 lBA Re ^ ons as .London »«.*• 

11.50 Weather Regional News. (Plymouth). P ^ 1 es c*pt at the following times:— SCOTTISH 

AR Regions as BBC 1 except at • ' -\IVG! I A xaja phi Farmhouse Kiu-tien. l 

he following times: — RUf 7 i,™ __ thV KiZ-m turan-. «th JDtf Report- 2 JS RKions 

u:«i 0C n « Dili Doir. Dhv — . ir . , Tn fc.i 5 -.ui 1 _ Theatre sno-f. >« -land,.. "U'har 1 


n ‘* i* 3 rvnru/ w as niv ueueraJ fl v ■. — - t/ui/.iuwo uiuiwouiu? »-£icraiC 7 L. . A Weivet 

^^ c » p, 'nid M Al 5 ^ » ft!. experience m the crisis:^ the *?*&&&* T'lhXFl 


Peter. 5.35 Ivor the Engine. 
5.40 News. 

5.55 Nationwide (London 
.South-East only i. 

S .20 Nationwide. 

7.00 Tycoon. 


SCOTTISH 

12J0 Bin Fjnnhouso Kliviien. L25 News 
itf Rna4 Report. <LZS Rtsions Report. 


6 . 40 - 7.00 Heddrw . 11.50 News and 
Weather. for Wales. 

Scotland— 10 . 00 - 1 03 JO am For 
Schools (Around Scotland). 3 . 33 - 
6.20 pin Reporting Scotland. . 1 1-50 
News and Weather for Scotland. 


10.05 am The Role of the Nurse. 
10-30 Too Big tu Bargain With? 
11.00 Play School. 

2.15 pm Let's Go. 

2.30 Roads lo Conflict. 

. 3.00 Knitting Fashion 
3 JIU Making Toys. 

4.110 Parents and School. 


to jne singles w inuer i was nuni- baseline jaUies; Interspersed with W hwS-'S ; 

mal but important enough to c i ever droo shots ■J-lfi 7— s “ iaj |f* er atjte|any ; wu* 

encourage the participaUon of orop snots, doubtless be anxious -tei^.hjs 

some of the best national young- B M who was oiweo TneB ^ aWa ^ t 5 jS r, fii . c 5 : ' 

sters. These players were tsut Miss aionuL wro was given wee ^ gg he dlS with sueh success 


km! sters : 


Relive non. 

ATV 

13.M pm George Hjmrlron IV. L2» ATV 
X«»-Mfkk i.25 Tnr 2li:;rjf Idol-- 
■■.tnasiajia" Miu-nr^ lujria H-rgnun and 
Vui Bminer. 5.15 In S-;ar*-!i ,ffl . 


5 .W Croisroads. koo s.oiland T.nJar equally eniousiasuc auuui uie i-! lir _j »*__ »A n p S Hid onmtoh T’Zlli- ~~ • • 

*-o Vail TUI Vunr Friday nieht cabaret performed the falih^hS ‘ jV* 

t:.;urr ««-i 4 Hour Ii-W Law Cau. rue traditionaUv bv tlte players and J° s . u ** esl fP al i lie J a,t “ of P" The signs _are that, a jarong . 

Tfce Dctecm^-.\jeCimri. [he Press local council, who -have opehed body of support will accompany 

SOUTHERN This mixture of inventive im- a fund foe her, wlU -be rewarded, .the Wat*- to Paint ,SpriiigB. next.' 

x 2 . J *2M S «S 53 pwllitio? and . unscripted g» e and one- pa^ -Blbeftte... 

:.r»rti" C : •■Bui Slop" warrios Manlyn clangers is. always tremendous Tan.^f^i^S^Avnn "V(ii K hc ^ - 

Monro.:, sja Tiic L'niterw^i .vdT»-ntiirc« f lin Thr* ««hr nf Ann Tones’* January -.in the^ Avon Futures cir- clnb.. This- will be one of the, last 

DjrWSlrfTBi jfitSStCnVnS! KS'bind Pip di«wd V cffll thanks wtb.s support offleiar laakajo bo ■una.fflMn; 


equally enthusiastic about the * ,B }° 'J’' 5 ?/ 1 . 1 “» b'f™ iho . semi-final against ^ 


3-33 News on 2 Headlines with ATV ^ The 

>ub-rll los. nnnnrn 


F.T. CROSSWORD PUZZLE No. 3,821 


*3.10 pm . Laurel and Hardy 
Showcase: ” Bel-iw Zero “ 
6.00 The h'i-hing Race. 

6—5 The Devil's Music 
6^0 And Now the G>vod New 
7.15 .Mid evening News. 

7 J 0 Chronicle. 

K.I0 The Light P'anta>Hck. 

9.00 Monty Python'-: Flying 

Circus. 

9-ut) The Body m (jucsliun 
tMil) Word lor Word. 

10.30 Exploring Pholographv 
11.13 Lattr News. 

I I-3M ('Jnseifoun ( reading i. 


BORDER 


: <r: ~ 


«•! Captain N'cinu. 5,20 Crossroads. LQ0 
Day fcj Day. UU0 Souihi-ra Xears Erj-a, 


10 .J 5 l atL iu t a« ilk world >n .\^u«n I Evert being pursued by King 


Ui pm "*r- s ^ a s& JSrSZ Uble tennii ThMeT r ^iJ>ay~havr^sk^ ' -c7nued^!wt^a^ --p^i^rftl^^ ! 

Iff J5w?ra 1LM P , wr s. ifsKSSS 

,, M pm 1M i,,ncn rnri‘nSp n Mn| t eiJorlh ^Brlvham and - » n iheevidenceof Torquay, age of’«n i^understondabte.'for 

ym?. 5;r. &JSS where .-Iqcar boy Pntnek Hughes- the strain* of JjeJpiricto ron the 


v nine n by the, secretery-gencrnU .Major 

Richard LourageOOS . .. vid_ M ills,'., wholast/ ^ek . 

, - j - announced-. tb?tbe_wiU be_ retl.r-j ... 

The" decision of another well j n ' g from the post following. next 
known name From yesteryear to year's champiohships.' 
attempts comeback at the age of During' $1 .years' association - 
25 , after two years of coaching with the. club .David Amis'- has 
in America, fs a courageaus one:, contributed ‘much to the coii- 

Thrwo urtln .. Ms<' h9VB nCMil j- u •»' 


' .•*»* 

-1 ' 


■ “i " 

— y " ■ 


I.ONDOjN 


i :iii. p,'|j- Oini.vPj.- S.eo News 

•-!■ Gut -tiiiii? .sirji rr'iqii. res 1 J 8 

M-nr 10.23 «.hjr::i. ] i.alc X-.’v, 
10. J2 Pr.-s^ni rh.ill.iw. 11.30 mil in ihc 
■fiK 12.25 am Cijlir,." i>c'7olli>a>-d 
■-j fill «•. uth-r i-i | r, 


ULSTER 

12.30 pm Mai.'- If Gaum. 
N.ii - 2.00 Viiu Monday 


1.20 i.itnch 
2.25 llt-u'on- 


9 . 3 W am .Sehnnla Programmes 

l’i. 0 <) Paper play. 12 . 1 U pm Rainbuu . 


I-- 3 H What Abnut the Worker*? -r 


OKAMPI 4 .N 

1.25 am i r.: T!i n_ 12.30 pm Jlalv 
C I.UI11II 1.JD <i>vn|nip %.• . . P.>jit!:r'"i 
2^5 TV.- K'j.un. K-.u-r: -2.55 Muuddi 


V i" 

i >>..,•■ 
- “ ' 

- V.ff • 




I.IMI plus FT Index. I-'V D ‘ aj! *•*? Vn '‘ 

Thames Nu-v > l.:m About Britain. ‘"um , ir h 

2.00 Ariel No»n v2j!3 Mondav i:m 

Malinci'. " T!ic Third Wan.'' Mar- '*.>"' 11 . -an-.-i 
ring Joseph Colton. t.Jr,on Welh-s OR AN A[ 

and Trevor Howard 43i0 Clapper- U.30 pm tarmtioii-. \ ;1 . 

r<l. 4.45 Tht- Tonxirmw People. *2-25 ilo-iilay Mu::rv.— i 
3.15 Mr. and Mrs. Kuhh.ry.' 5JQ '.vtj: . < 

3.45 Wus v M,u '‘ *- OT 

I! HO Th l- . t e fMMV M ir 11.00 

1 name- at 6 . ujs c..w*> Hsn.iv. iv 

Hi Hc!p * rT « - 

fiJI-i Crossroads rl I \ 

7 .fl« Coronation h>rcct **;" ■" tt* 1 ". *L -vsa 

7^)0 Robin's NiiM. . }rl"*V 

MU ■' The Alackimo-sh Man.' k“wr t 1"\: L rt ?; 


n 


ITT 


' '.io. - v.. ■;•* s:arr.r.a 
Vn’v . r - ••• iSsilvin:'' 

? h 05 i.jwni" aisl 
' -»T; 11 05 <)■<""> 

12.00 ' .r sr.ipiJd I..Ov 


„ ORANADA i:, 

12.30 am tarmhoii-.- i si.Sk:, 1 3B Do-lo. 7 
•2.25 tl-.najj- Mu::rv.-— I rani PHuaf m 
KubO.ry.' SAD Whs; - <• *.\ 54I Oaw 7- 

.-W.| 2 % *JW 'Jranafla K- ;,■»«*. I.M |. 

ta.rar.1.- M.ia 11.00 Dan.: r Famliv 

UAS Ham 1-nil IV 


“hu“ WESTWARD 

- awl 12.27 am tin, lltnvvbua*-. UinhUayi.. 
iirm > I? JO t.-imihouv- Fn. torn. 1-20 V.' »:n-iM 
I-.ilv ll-.jrt in... 2J5 7H. Maniav 

■i-':„li: ul »h. Dor. ’ starring 

I'.'il 5.15 Univr -:t> tlnalK n^f 

b.OO IV. %cuarJ Diary juit Sp«r."s n.;-k 
Dlfln. 7 . jo K.<uni. Man 10.21 W..*»u-.«r4 J-il. 
«r <" x-i. 10-30 Pr,-uii: ctuib’iw' U.30 
-*?«■ V- 1-1 III Pic Tah 12.25 am J-'auh lor 


noJunuge. was n healthy is now'. older- and wiser.. But four , years, . has the necessary 
, reminder that national standards whether he has "ihe character youth and 1 experience- to make a - 
arc rising. remains lo. be, Stffen-. - .- • - j success of tr 


RACING by 


DOMINIC WIGAN' - 


12-30 pm Mab, 


YORKSHIRE 

12.30 pm I- rrrniiiiB 'JnilnoK 1.20 L Jicn*lar 
■'•■A-. 22B I'.irn.l) . 3.20 IK-urt 10 H.-.m 

L2S Tlifi'ir: 1.50 .VM'. 5.3LS Cnirvrsny 'Aalk-ii^i 


I'-i-ii HtiJlini'. 1.25 hVoun W aitfs.Hiafi- 010 i:u!v-ii'Jar 'Cniley .Moor und B’Jninni 
■ 2.00 Hiiti'n.::j-> ?js Tb<- Rea«w«- iilrtiuirt- 11.00 Barnabt Jonk-i 11.35, 


Z.5S T-i. Mann a J ',1 al :U«- 


M'rf-ar if [sun pivm.nii. 


Champion Carson ends season 
with another hat-trick 


^ Ha|, 

; Mes?,' 


ACROSS 

r I A teacher uf the highest grade 
' finds it an advantage 1 6 1 
4 in the forest Ron crows 
powerful ( 6 ) 

8 Dotty artists go to work t 7 j 
“9 Dick" turns up in Spain ( 7 ) 

11 Just a scrap, it costs nolhina 
... 1 4 , 3 , 3 ) 

12 One within a point of game 
can be terrible ( 4 ) 

-13 The doctor's back m be ready 

for the sweep ( 5 ) 

M Drug to dull sorrow (Si 
-16 Disciplinarian puts a spike in 
the market (S) 

'18 U proves the Olympians were 
.. anaemic ( 5 ) 

20 Italian citj with a street in 
f - excellcpt surroundings ( 4 ) 
Jackson's nn creator of a 
- . prison according to the puei 
to. 5 * 

23 Runner emerges from a 
■J’ broken eburiot (“< 
ill A useful an taken from the 
cnin e! c. ( 7 ) 

■ 2 .i ’• Beauiy lives Vhouch — die " 
t flecker) (6) 


gll Lom like a >alvcr t B ) 


DOWN 

1 Father to Caesar to) 

2 Musically connected with the 
underworld t?) 

3 Where woman is banned'.’ 
t 4 . 2 . 3 ) 

5 it will shortly appear as 
fabric (ot 

6 Eggs break into piece® to 
applause (7 1 

7 Sponsor bin not uf commer- 
cials (91 . 


RADIO I 

tS) Stereophonic broadcast 
(fa) Binaural broadtail 
tHodiam Wave 

S.00 am '.Vs Rad:o 7.00 Duvf L«- 
Travis. IM S::non Calts. ll l) Paul 
liuro'-::. 2.G0 pm Tin.* - Blacl-tmrn. C31 
Kill JcDSL-n. T.M ?unn' Jllii... 7 JO AS 
IliiliO 1 10.00 yvu'rln-a:. lD.OS 'Ohi. 

Flh'I iSi 12 .0B- 12.02 am A* J.'jrlio 


10 Flower people after transport 
ffl) 


13 Dance fur iiic V.l.P.'s? Uncle 
wants a couple more ( 5 . 4 l 
Ip Exceedingly valuable, but ! 
absurd ( 9 ) 


17 Four or mx in the test— it's 
unimportant ( 7 i 


IM He. has a chan vc of heart 
about the g*rl (7j 


21 Add ruel 31 the foot or Ihe 
Pennlnes i5> 


RADIO 2 1-iUttm and VHF 

5.09 »m Nch> Kanjaurt 5.02 Tony 
f-rjDdoo »’t!i s.13 Pauw (nr 

rtuu^hu 7J2 Ti-rry Wus^ui 'S - . jacJodma 

*.Ti K3uini! BuCtfLin and pause for 
TniiBslir. 104)2 Jitdri} 1 Vounj *5». 12.15 pm 
W'3tf6nij<*rs' Walk. 1230 P.tc Murray's 
I'lpi-D Rnosc ■ iSl InJaJir.y l.4j Spans 
D.'sL 230 Dav:it HafiultOQ tS\ Inriudma 
2.4u and :i.45 Sports D<‘sn. 430 
Wagirootrs' WaS. 4.4S Sparr- Di-st . 
*.•7 John Drain iS) ineludras J.tt Sports 
Di'jii. 5.« Sports Dcst. 732 BR'J 
N'orUjtrn Radio OrcfioSlfa f S*. 7 JO Alas 
DrD: Tbr Dana- Eand Days. 9.02 
Tin; Bla Hand Round fSi. 4.02 niiniphr'-y 
Lriirimn with The Hc'tn of J.-isr .in 
r^k-urds *'N 9.55 sp<?ri n vi. ll.p; p.,p 

Score 1030 STar Sound 1L82 Brian 
MaiMi-*- ratroduew B«»r.a M:ds;abf- .■»• 
Chi4)w II 'M Nc'.vi 2-00-2.02 am 'X-jits 
Snmmary. 


l.ao pm V-i s. 1.05 Mu. I.iin. m.mc Cun- 
• ••n -s ias Mu .1 Iui vrnju -Sc 
MjUUuu MujIcii.- 3.50 ». pw Bo.urd* 

iS - -. 5.15 Baals; ■•■a .s. 5.1s ;i ome « jrd 

n.'OuJ -S-. fa-30 v.„ ■ faj5 oonn 

Mn«n tor Crabs ji,.j i.uu.ir (Si. T.M 
Kalrburii fc..i!.:..r l‘, %:-u. f»7,. OtlfaUV-il 
iwbiT purr 1 .5;,. 8.JS tTv Vww 

season}. . tin Sj./-.ur^ hj>»cr .Kasmal 
l?r- par; _• *«i. *us y Uuim !0 Crcn 
® inuuir? ;a»u ifa.. r<-iw:a;:oo 61 Dylan 
Tai)inx<. 10.15 TJi. Enal.sh Barouui' 
h.asui.hi.* iS. 1030 Thv nuv* EPiirn 111 

'inri!<.:isa}iaii dcoi.'iiiia •. 11 k Jaaa 

in Britain. Boh [towno-t-i Alicrtiisivi- 
M^daiih- iS‘ 1L45 \(u N U 30-11- 55 
TnaUhi's s-.-liubrn Soup. 


n.iul. 7j» 7.0S Th- Sn.ti.fT>. 7.20 

1 ruin uur .■•tn CurnjjipuiuJeiil. 7.45 Thr 
ui- Hluj -Si. 4.15 Tht Lord M iv...- 
Eanoo.i 1 rein -u- «Ju1I.1bal.‘. Luodoa. 

■.v.idih. r 19.00 Tbr World Toa.s.i 
18 38 Til-- faa.Tii ii.uu- ..s mud hi. 1LS0 
A Booh ai FLittim... 11.1s Tho i-inum'ial 
WmiM Tvnwtit. 1130 Today V* Parlu- 
w-ni. 12.00 Nv«« 


Lon duu Broadcasting 


■22 The people nuke .1 <003 abnut 
it ( 5 1 


,,lhc solution of tost Salurday's priw* niurle ivflj be 
published with names of winners ne»t Saturday. 


RADIO 3 464m. .Stereo & VHF 

faJS am WfSM.r 7.00 T.85 0»<r- 

;ur^ iS. 8.00 ? »'.-v 8.05 ‘Urnlns Coh- 

«7t iS* . 9JW V««J 9.05 This. Wgfak'G 
t.imp'ioi'.r- Hiirrrjiol -<-. 10 . 0(1 l.ilMlli 
shout Jhi«;c <S 90.30 Violin JttTdl vS' L 
1L2D BSC Simslww Oreduin ‘Si. 


RADIO 4 

434m, 330 in, and VHF 

fa- 08 am BnoiL-K; fa. 10 EaratifaB 

W«Mk. fa-38 Today. MacayiDc. raeludinK 
11 rrayvr tor ibc Day. r.nd acri S.D0 
Today' fa Svm*. 7JM and *«i Movs Bead* 
Uses. 7.43 Ttiiiucli! fur (ti.- I).-,;. 135 T&< 
W-rt.lt no l ; o.ir 8.15 i u im Ebdon and 10'* 
PPU Soun-i iMiu'i 9.00 XetW. 'J® 
inr Uw With arb icvhirc EaK-.T 10.80 

10.85 WiMtil-.. 10-18 Duilf Sorim 1 
10.15 Miraiiw STiirj. ILOO Ni->s. U35 
Frank Euchmao <.o--n.; 01 ;hy WurM 

MU '‘SaTuinaliori nl :li, t.i.irM Kir-irtnaBh-Ol 
snowniuii tlJO A , i-:yu'nvrn n!'i.. JZM 
ns. Ii02 pm You Jim Yjtin. 12^ 
To-j or tli>- form 1235 Wtiibcr: pro 
tiraninn nt n->. LOS Th.- ward »: C 1 '*'- 
1J0 Tile Arthcrv. 1.45 Wu.-ran'n Hour 
infiludina 3.00.3.0? 2.«S Ll»WI» 

M'l'h'ff 1.00 a>j - 3.85 awwsb 

Th*»[r« .f . 1 55 •.■jrv t.t» 5.80 f.M 

S*wj .Masatifi? 5J5 w su'hif orosr*mmp 

Bovs. LM Sew 8 ijo Dr. FinlaT'a Case* 


261m and 07J VHF 
5.00 am .\i Radio J. (30 Rush flour. 
%M Lon. Ion Li\ 12.03 pm Call In. 2M 
W Shourcaac. Ilnmr Run fa-19 Louis. 
5-on t.lsirn. T.J0 Blavk l.andoiMrj, B30 
r.r.jakiiironsb. ■la.flj Late Jftgft London. 
12.03 As Radio 2. 12.15 pm Ou«nnn 
Trne Iren Uu. Ilotmc of Commons. LB— 
Clo«c: ,is Radio 3. • . 


BBC Radio London 

206 m uni] 94.9 VHF 
5.03 am Morn.nu Mumc. 530 A.M.; 
uou-sioD ovus. Iniormatioa. Imcl yporr. 
HUM Brian Hay. 1 Show. LM pm LBC 
nvpons. loo r.>AK» Gale'’- ■> o\i.i.-v 
Call. 4.03 I.nc X-rpoUfa '.onUuih'fai. t.M 
Ai:-;r R«hi 9.00 MssliCinr LM am 
S:.;hi FTtra. 


Capital Radio 


t 94 m and SIS VHK 

4.00 am lira bain Dcnc'i Isroa|r|a>i Slhiw 
• 930 Tony Myall 15. 12 j» Dave! 

1 . jnIi *5 3JM pm Ros-r j*rou -S-. T.00 
London T.JO Rryan 

Ooh.; Lmrt if- 9.03 V:.;kj- H-lrn/- - Yoar 
m women ■ tip* i* .y. n,oo m** 

1 *>• f!iy,v •?. 1 £.00 am ^ 
You v's N'ubt Find): >5>. 


THE 1 B 7 S FLAT racing s»-as(»n. 
by and large a remarkably tin- 
memorable affair in terms uf 
top-flight performers, ended on 
a predictably hich note Tor the 
new champion Willie Carnon at 
Doncaster on Saturday. 

The 37 -year-old Scotsman, 
whose seesawing tussle with Pat 
Eddery for the chant pin nship 
turned jmn' something approach- 
ing a walk liver once the cham- 
pion’s ISO-strong Seven Barrows 
I earn succumbed to the virus in 
tnid-RUtnmcr. wound up the 
season with another hat-trick. 
This followed an 807 -i treble on 
the previous day at Doncaster. 

However, an ironical feature 
of Carson's final day in the 
saddle was that the nerveless 
I calm oort audacity with which 
'he bad landed so many prizes 
beyond other jockeys In the pro- 
ceeding nine months proved his 
rlo'.riifall in ihu tog one. the 
William Hill ' November 

Handicap. 

Taking th* chance that his 
nviunr Falls nf Lora would some* 
how ^er ri run qtong the Far 
rails m the 21 -runner, .field. 
Carson found that bus gamble 


^FONTWELL abandon a Few seasons back with. 

1 .00— Service Charge- the remarkable 1 tally- of* ,182- 

1.80— ftettwAj City - . winners, the highest. T«at ati^ • 

2 . 00 — Cambttrj'* _ P»8gott bad notched up^ a 'tow 

2 J)P— Dornfe - - more, to -1968. * ?t j f- ”• ,7 : - 

34torrC*»toael Mu9teftl“’» This s fterrKKin .ii^Fohtwell^ 

- SJli^Now 0ear Tbis«»* r f dpa of the fifties) ber eh ja sraalf - 
' ! :. ... tricky cat: is.Tpby\B^l^gg:'a- 

was Faiitog-a-furtong from hnm"e”^ r,Min S - hurdler 'ffoyi- fiear^Tys 

as Majestic -: Mahmj abruptls ! - thft riihnew . . 1S6e 

stopped io front of him. fyfijB Mviixf HUrffe. ?it ttbW « 

Forced «>.' sit' and ..wait tols -Weyhai threedpear-.: 
Aruodei- fifty with nowhere to 0l(J ■ complgteJy . .ptxSclasgati.'^O 
gu. Carson' had .the exasperating °PP° nen ' ls [ . a r ^ ocesteF . ID 7 days - 
experience of seeing. the trJo -ah . a ^.'hi.P?SJ'Pt ?? 'SighMfliflte'. 
his ' outside. : - Mura Soring; • 

Deep River- and Sl ErlsviaJs*: JSendet^^s- 

figbtinsLWt.The finish to a race .: $*£•-. V.toe_'-T~red • 

wbfeh cuuld weft have beeq his, - , tote r-tt a 1 nedAil. A » peP 
giveh .'a . little." more luck in Ijffi 

running; ' . ThU .shwld have.few pwhtatoS:' 

Bui tor thaf imforruiiate 

which cbdid also, fisve been for- Watr-an 5 ^ 7 t , 03 rffe^.-J. : 

felted If he had wasted Valuable .tektoji-, a- Cojoitol’ 

ground an ^energy in ’ cvitrikiog. 

round rivals: 'to the outeifle ^orster^', “ien.-yeat-fl!r.;pretrahly 
«arl toil'll jVft the oresi- mal flWMT ■ tWe?' 'r'tiW' toOes .“j 80 d? six 
s!ip-pp which the. law. of average*) .toftohgs 

demands-. -Hrith.. ' the human' f'njc tnit, aa^-l. Agiji^o^e^otitiisfv.', 
element. Carefld unquestionably- the>«;uri^ ijTSAaites-jp . today. <.\ 
bad an "nutstahdlng season:- .. rare. , whirhir hjt. : Tnerdefltoily ^ 
Hr regains the champion^hip 'lMd^d^'yMr-a^/T^ ^-hito^ 
which Leslex Pigfi'pCt decided _to 4 inproy«L- 1 “?;'. 7 : . i 


-- 9 .. 




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% 


. 1978 


at Eastbourne 


by MAX LOPPERT 


AdelphE 


;V^i. 


Beyond the Rainbow 


bv B. A. YOUNG 


% f tent 

IM 1 lull; 


>nfl 

i % '* 


* ^ 


i b-c « Australian Flf5t 3 Jewish musical, then Johnny Dorelli. an kalian pop 

baritone was first making grtholic musical - Beyond the singer who-made a i hit with a 
mark on the British operatic j.ffOHtbotc comes from Italy, and s ® n 3 called \olare. ^ He i*> a 
scene; but it has surely Jos is full of Catholic jokes, sly digs pL^rnmf^^e kmMftheck 

^^IneVmurt’ntt'r^a’ert-- ^ ” r armless blas » tel "" :s - Sfe lra&« h5vp 

increi™ £?. e ™ w r**' J ' ,nt Ordinals. Thera aflriicled me with a less likeable 
sSlcndid roc“j Resources Few ® a Vl,,a 8 * girl in love with the performance in the part. Roy 

s r « , xs«!3r bcre as "" as --ESSrES?i 

Ca^Sb^hiss^s! r ^ ]i - 3,1 ,o ° 

riust-cnvpri»rt ef'ppnu-ir- v»-iih thef na * ve ’ ‘ jn l Patting my own pre- E uff - There is j sub-piot tor 
?SiMd wristcoa t is "Sm to fe™nce heft. re that of the array Toto a boy believed to be in- 
memorable and tmifviM rages of u maca Semems who have P° ( ,ei }t until the arrival of Con- 
of d«5lr MeVlD rower® a tiny clubbed togetoer to put it on. It eolation. a girl tnat win t say 
Gi Ida 5 with a Sf-like sweetness is meanr 10 bv n»*ve. The story. 2?; ,,B J? fFre - v Bumdge hardly 
ofmanner dstc£ to aH toedown- •*■*«* from an English novel, « * and Janer Mahonev 


m 


mm* . m 


MM 


I 


charming and vocally secure as 1 fleodoextKr'day. h c must build that sends you out humming ’he T &•$] :f?. J VJ-V 

t hr* ..nniniM.. i. trie, nf • ao arK and arrange io have all tunes from Oklahoma/ and tyro < ... : i 7 - ^ 1 '.W*. . 


The best of Kent Opera pro- ISiSS&apfiV • *■■ .. ■■■ -- iotr t ,. hfin the vium* Australian i Flf5t 3 JeVvish wnstaUL then Johnny Dorelli. an kalian pop ’ ” E 

Auctions have'a dominant quality s\ ' : ■ . tnc^oun^n . _ :a Cathal It' mildftoT Baw«>a tlmsm uinnar uihn- mails 3 hit with 3 WsSmBSSW ? *f 7 Tw *■-■• - He 

in common: a directness of style 
based equally on tausfcatand off 
dramatic scrupulousness.- Two 7w 
such productions, Rigoletto and 
• The Return of Ulysses (noth 
given iir English)-.. .form. the 
major part of tb«- repertory 
(completed by The Seraglio > 
being taken.- around the south 
of England nn the company's 
autumn tour. (This began last 
week at the, Congress Theatre, 

Eastbourne; . . its ' subsequent 'i-\ 
stopovers include Paignton, -V' 

Southsea. Bath,- Reading and 
Canterbury.) . ' ; ' - 
ffjflbletto; . produced ./’by 
Jonathan Hiller, and revived for 
the first time since 1975, is a not- 
able example .of the -Kent Opera 
style at its - most admirable. The: 
producer has updated the. time' 
or the opera from the Ifith vei> 

tury to 1851 — the year in which \ 

it was first performed. The- dis- prfocinais whose pVa\ ins-togcther | vfllasers ready to sail. by Leslie Bricus>e which are ' ^ I 

advantage* attendant upon uine-. : ! - ; ’ could hsrdlv be matched for 1 neeJ hardly go furiher. abysmal. Gino Landis choreo- (XYI ■ 

shifts of this kind have be.en well . ■•jWreWw B HHMg |WWp9pW. / , , UHSp puintfuln^Y aod unshowv pro- escept to ;ay that everythin- ftfapby has more movement than : V; ' • ^ y fr? > 1 - 

aired, and often instanced; yet ~ IS t J i ct<ton lends bappilj: though not so -race, but is lively enough. The ' J&miiJ tv |1S *' 

because of the shining itrteUi* g: ? : f , ffglHWp Watcnin-' aod beano- the Kent ' happily as it took.- at one time «ar of the evening is Giulio ’ t y -^ fan , dWailTi T" HI IHHBi A - 
gcnce and tact* with w*ich f | » IlMMILii Opera Hitornn d Ulistc after the as Jf tt mtghi. when God (u-huae ColteMacci. whose >e»s of on- - 

the transformation has been 1 | k Ponneilc-Haroocourt ilontcrverdi . voice wo are allowed to be*r> >'a'ned whuewood glide around 

achieved the obvious gaps jn 1 ■ f f 31 ^ carnival at the Edinbur-h Festi-' M J‘ S 'ndi?oantly that Uu* on 3 double concentric revolve. . •- -.j ; lW M' ••• 

logic are few while the dramatic . f ; ! I t Bfcf sga.: valthis % ear is like being scraped i doctrine c.f clerical eelibaev U to come to rest as a church or a •; Si 

pressures in Piave s libretto have ifgi Iffiff; P : - ; f c l„ an * \ ot everything is right J directs contrary to his teach- rectory or even an ark. I 

by *** f . W&m There are weak* voices in 'the : »»S; ^ 'f the Father wants to The director is Pietro Gannei. 

P, p?Jra V fl5 n nT»an!lw‘ - ■■■-—■“ ^ t- - cwi i notably among the Cods : i JMke lo'c t 0 lirile Ueraenlina. who with Sandro Giovannini and 

From toe- opening. » -gotm . **•' ». Juno is a screecber;. There are: be should do so at once. writer laia Fiastri are the 

oecomes (dear that the essentials ■ ! l ft . MBB quirks in Norman Platt's pro- j Father Sylvestro is plajed hv creators of toe show. Lesley Duff and Johnny Dorelli 

of v erdis- 6pcra bare been .•:* | A .M duction. and a profusion of taste- 1 

-J 1 »■•■ less colours in Dig by Howard's. 

foundation of the production. ;; ..' \ St’ costumes (it yas a panicularly _ .. 

nnf nf 3 tor vnirJr 6 ritbrrTh^n " ■' ‘ St. unhappy idea to dress Xeptune Criterion WigmoreHall 

out of toe. music, rather .than ... - «QMK eg&mt . i up as a marine Carmen Miranda). ° 

remodelled against .the grain _of .-■ : v V "'i - If?- Yet the strength of characterisa- 

??>««%; uSnace e in° the . • • ^ '=■ fe . wa?m|°y V Suntted - portrayals' — HH lOH BSftOk St fj II S O U 3 Ft Ct 

opening scene, its courtiers in . 3 .V..' - ’■ . , 3 m... notably Anne Pash ley's bright- VJ IVJVJ J UU utJlu O X UUI 

evening dress gathered into • ' ", ‘ T*"* .■ . ' eyed Minerva. Wynford Evans' 

sinister groups against Bernard ' <f.-V • • . ••' ■ gentle Enroaeus. Enid Hanle as t \i t r 1 li n I AC i’ c \! v n \! 

Culstaaws spare scenery: a chill , . ••••/' '. H .• a dignified Nurse — shows that i... \ \ i r U A n i rAVCMrv 0>' NICHULAo Iv t 1 \ ) V IN 

firsf^ppeTra nce^nF ^Spa raf uci l*e. Mjil# Sd SJ? ri'hfvhaV iJSS ' MICHAEL C O V E N E \ , 

atSS'a . •rnmm and Meryl Drower in ■ Rigol'tr. ' V™ •mM . »*' «»<■«■*■ ab »“' Michael 1Ia#l( „ a , ver} . funny ^ ^ tHwlm .,„Tp«bU:h^.^Xr SSKSlSS- 

are only two of the gains of the . Roger Xorrineton draws, from j comedy, first seen at Hampstead, are. arguably, aliens of a sort— but it might have been from one ! . n .^ rE u , 

production mom^ of truth « not onjs -apt to the drama artn-ulation and balance, of his .small ensemble of -authentic" is now happiiv ensconced at Radinski has Polish Jewish aoces- j of his most mature work-, so S"' ' I'll' 

and dramatic Sharpness usually as It ts here played; it Js a internal details that usually j nstrumem5l a superbly Ih#1 Cnterio ‘ ' n , Mp tors and his senior Raymond ! rorceflI llv was h nroiected bv the „ . 

hard to win in the usual picture- triumphant .demonstration of escape toe ear or else are passionate and pure si vie of tne Gntenon. Oscar James is haj | s from {he )gle of d 0 ^ s • „ . , l / ' 1 pro i.. ea ,y . , ,iasSd ? H; ‘ 

book - settings. But, it is the that tightness of musi co-dram at : c smoothed over by less ruetieu- plaving: oppraticallv full-blooded much im Proved ns Meadowlark Meadowlark accidently procures ■ 3 r,ok yuanel on f ' n “ a - v nl S ,fl - Relween the fimv o-n-^nir.:- 
dramatic nerve-centre of the thinking in the_ score which Ions batons— toe absence of a f a nd the conductor occasionally Warner, the black resident or the sen-ices of a progressive j Ever - v nolt* perfectly „ on ljf p. ee ionv«-n and Barink. 

onera, its trio of central relation- Julian Budden has called a pit. allied to toe unwinn-ng lends his own singing voice to Brixton who suddenly finds him- rabbi for the marriage ceremony i tuned, phrased with identical ih*.; Enyli>h lyrici.-m uf Van chan 

ships, to at most concerns the “ density .. of invention »o acoustics of the Congress ihe proceedings), yet always — as self unloved bv a pair oF ,n (be Gatwick immigration purpose and sense of direction; William^' «.m U'enfocfc ttlnr 

producer, and he has laid it organised as to cheat the clock. Theatre, no doubt heightened it should be — dictated by the i mm io ra iion officers The nlav lounge, but inspiratiooallv'passes toe sound wa» -^uch as in make ^‘Oaicd a ym-nrnsly endle-. 
bare wkh an almost- painful As conductor. Mr . komngtor .orchestral detail. At its best, movement of the vocal lines. ^ ^ him si If off a Sa member of the on" 'd wonderhownn' incdiiatinn 

simplicity. . . was inclined to rush parts ..if for most of Act 3 and all of And. to crown the riches of an ,s , P r °P^ ,,r - d b >. Meadowlarks Templc of ximrod and the Holv 1 P d , , . h ^ Huii«niau ronoriedlv di-l k.-d ih^ 

Roger Norrington's return to Friday s performance, and be Act 4. my. Norrington's conduct- evening filled with heautv. colour. w ‘ l and intentiveness as hc Black Redeemer The officers are 11 was ^in® 6 3 real str,n S quanei ripiimi-m w jih which i:Y\V tran- 

the score as Verdi wrote it is did" not often bring to the in» evoked a dramatic intensity and gentle human warmth, there wriggles free from one tight sworn in as witnesses, the wnnllv. i had been heard in the Wig more formed his unrld-v-i-arv v.-rsts. 


m '*U 


■*Va "5 


. - 1 

Lesley Duff and Johnny Oorctli 


Wigmore Hall 


Gloo Joo 


MICHAEL COVENEY 


Bartok String Quartet 

bv NICHOLAS KENYON 


The firs-i bar of Beethoven's and resonant account of the wnrk 


t. , Michael Hastings' very funny mructmn. The officers themselves ■ fi«i published siring quartet— wnich sacrificed nothing in U?hi- 

Norrineton draws, from j comedy, first seen at Hampstead, are. arguably, aliens of a sort— but it might have been from one IvIIr^^vr- ! . n ,n« Th , 

ensemble of “authentic" | is now happiiv ensconced at Radinski has Polish Jewish ances-j of his most mature work.-, so Ln'iiu. wnrtl ,,,'1,1 ’'.'i, 

nrc ciinorhlv- . Inrt ncrt his coniftr Pn-ninnrl 1 . . .. . . . w 11 « 1,1 * ' i-HMi. 


good at pointing up ironies of ! 


quartets r 1 


Sadler’s Wells 


v by RONALD CRICHTON 


. . Handel' # Semele, With .words 
By Congreve, '.is a glorious, piece ' 
— witty, dynamic. • full-blooded. ' 
Since toe rediscovery- for today’s 
public of these musical and 
dramatic riches was largely due 
io earlier revivals by Handel 
Opera, one should 1 suppose, be 
i-baritablc about toe present 
effort the second production 
(seen on Friday) of the' current 
season at Sadler's Wells. In 
spite of continual financial 
stringency toe Society . manages 
to cast a net fairly wide into 
operatic waters to catch pro- 
ducers. designers and singers. 
One must forgive an occasional 
stumble. All the same, the 
offence of this one. in which' a 
masterpiece is botched hot by 
toft radical or original an 
approach but an inept super- * 
ficial and insensitive one, must § 
not be smoothed over. 

This Semele in fact is a l 
revival of a production by Leif d 
Sfidershrom first seen fthough j 
not by me)' a Jew seasons ago. 
Good things first. Teresa Cahill 
sings the title-roie. Her Semele 
is- warmreyed, dimpled and 
caramel -voiced — a girl for whom 
the whole, of existence (carried 
into eternity if possible) is a 
box -of chocolates' and a downy 
bed. Sometimes. Miss Cahill 
smudges Handel's fine but by and 
large her .-singing charmingly 



Tobias) will do for a wedding Dare Hill and Antony Brown Neither was the playing merely prof'-m-d. 

partner Tor as long as the threat are the officers. Mr. Brown's is gritty, though. One can hear Tlu* Barink gujrtci vil! remrn 

of deportation hovers and until a gem of a performance. Bartuk's Fifih Quartet played to ibo U'lgmor.- Hall b-r B-i-:- 

his real fiancee. Edna (Akosua stumbling into unsolicited hand- with tolerable accuracy in :« iioron Op H5 and Banok No. :: 

«“>'*>■ '» -»- «■< tarwocntlc % SJ, P « !2 

; There is much to enjoy in the areas with unlucky and <to him) quartets, but this croup delivered Koiih Marjoram ;n S h:.:.,r - 
| mechanics of Mr. Hastings' con- painful regularity. 'the real thing — a powerfully rich "Trimi ' Go 


;n S hii:.r.r'- 


-l Y'-ENTERTAINM^NT-PBiSKi^^ 


CZ — T !»■»»• mcarre-. acc»oi certain c-edt THEATRES 

M r ai 3 , teienrion- or ar ts-. Bo. Ofhce. DUCMES5 . 6S6 S 243. Men *o Tn uf ,. PAvACt. 

: E-enings 9.00 Fr. . S« fcti an 0 * OJ Men -Tn 

OPERA & BALLET 1 oh : Calcutta r j 

1 "The nueuv ■sianmnq ' Dai'r Mi.: &v Tim 

COLISEUM. Creoit earas 01-240 S2SB. 9th Sensational Tear _ pallad! 

englISh I 0 ^t.ona 3 l 6 m «•« s°Vo B i 6 nd 5 ^' N ‘ i * C,T " 1 

Wctf. A Sat. 7JS0 Madam Butterflv. • E '®‘ SJJT- Ftl - Jn0 ^fIliciTV •*' ,h ' 

Tnur. T.30 The Talcs ol Hoflmann tnnai rniiBifNiY KENOA L Sdk 

oerl.V ■- Enormously -eSeetlVD. ■ Ev. Sto. ! COURUNAY kenhal k£| 

Frl. 7 .DO. The Thieving MaSPi'. ID4 | ■■ is cuss “ ooserver 1 M ® n - 7 

lMlCOnv S ? 4 0?0 0 a S f [ | l '«^ r o , a, ieS erti ' ' f0m I •' M-cnic. ‘fray's Snmesi pay.' ; 


THEATRES 


THEATRES 


'A FACE. C«- M-JI" BS7* 

Men -Tn irS 8 00 F- )'•; M' n -r 3 e.4 
JtSUS CHRIST bUP£B4rAK 
|>V Tim R.te and Anc>(' LPO-WcHe 


PALLADIUM. CC. 01-437 7373 
NCrfcmbcr 20tr> lor Cin Wet- Onl/ 
CLEO LAINE 

with «n- JOHN DANKWORTH Ortn 
Special Quests- JACK PARNELL. 
nENNV BAKED, don lushep 
i Mon. 7.30 Tue5. & Thar. S OD. Wed 
8.45- i oerts. Fri. Sat 5 B.4S 


)M!‘ 6974 VAUDEVILLE. CC 01-B36 r i5aa 
ar.» Si- 6 ,rj e.40 De: a & s at B.ao open:, dec t> ~ oo 
SUPERSIAK PATRICK COPLANDS 

c.t* L.S'o-welioc. Adaptation o' THCMsi HABDT S 

in'i-rjwt UNDER THE 

01-437 /373 GREENWOOD TREE 


COVENT GARDEN. CC. 240 1066 

IGardcncharpc Credit Cards 836 6903.7 
THE ROYAL OPERA 
Ton L 7.30 L’Afrlcaiiie. Gala oerterm- 
ancc m the presence ol HRH The Prince 


FORTUNE. 836 223 B. Evs. B Tn U rs. 3 J PMgUHUM. Voo! 


Siturdavs S.00 and S.OO. 
Mortel Par'ow as Ml Si MARPlE in 

MURDER AT THE VICARAGE 
FOURTH GREAT YEAR. 


Fri. as B.45. Sa: 6 IS and 8 4S 

MARY O'HARA 

SWINGLE II A CHARLIE SMITMtRS 


oMVaies. Would patrons kindly Be sealed . GARRICK. CC. 836 4601. Evgs. S 00 i PALLA f ?JH. l ^-„ C 5n I.-, f,^5? SS 

B» T.1S. Tun. 4 Fri. 7.30 Co:i l-n| (snare -Wed. i.od. Sars. 5.30. 9 JO. I OPOiMPO Oer. 20 *e< a Seat!". T.m«. 

tlitte VNP 1, SJ«r 7 A? 0 R , k. A . , y? ,ne ' DtNIS QUILLEY l« IRA LEVIN'S « ■ Merfy- Wld:. TM.UW ==£==:. 


THE ROYAL BALLET 

Wcfl. 7.30 Mayertlng. Sat. 2.00 A 7 30 
Tht Sleeping Beauty. 65 Ampnr seals 
avail, lor all perts. fe»e. lon't.) Irom 
10 am on day ot pert. 


DEATHTRAP 

a New TnrHIer directed oy 
MICHAEL BLAKEMORE . 

THREE CHEERS FOh^TWO HOURS, OF 
MARVHU-OUS ENTERTAINMENT.' 

Sunday Teleorapfi. 


Leonard Burl 


Teresa Cahill 


SADLER'S WELLS THEATRE. Rosebery — — ~ 

Ave.. E.C.1. B37 1672. EvBS. 7J0. | GLOBE THEATRE. CC. „ 01-A37 1392 

HANDCL OPERA ! E^fls. B.1S. Wed. 3-00 .Sat. 6.00. 8.40. 

Lai! ■'leeP. Tomor.. Thur. A Sat.: PAUL EDDINGTON. JULIA McKENZIE. 
SEMELE. Wed. tr Fri.: R1NALDO. Nov. BENJAMIN WHITROW 

21 :o Dec. 16: London Contemporarv : alan AYCKBOURN'S New corned* 

Dance. TEN TIMES TABLE 


»'• ' Merry" Wld;/« TnaaLev ft 

ALLA DIN 

ALFRED MARKS as AEa-iAZAR 
D'lVS WATLING. Br.jn MARSHALL 
and WAYNE SLEEP 
Preview Dec e mber 1? <e. 7 JO 

PHOENIX THEATRE. CC 01-936 2lSf. 
Evgs. 8.00. Wed. 3.00. Si: 5.0 & 8.30. 
Diana rigg, John thaw •» 
NIGHT AND DAY 
A Ncvr Play bv TOM STOPPARD 
Directed b« PETEP WOOD 


VICTORIA PALACE. CC. ZZi A73 : .-. 
n:-< in?. 

jo Ma:.- wee sw S'" z 45 

STPATF&PD JOHNS 

SHtILA HANCGCK 

ANNIE 

' BLOCKBUSTING— 

SMASH HIT MUSICAL - D Mai. 

WAREHOUSE. Donni.r Tncatre. CO*r.— 
Garden Eo« Oirce 830 6S08. Po.' 1 

Shatespijarc Co Sea::- ava.iatlc iar- 
8.00 1 sr Slesm-n Pel>i;"S: SHOUT 

ACROSS THE RIVER. " Oi.:5:and>nf 1 r 
Times. "Compulsive." Oos. AC' P> '. 

Aldv ivCh 

WESTMINSTER. CCT* 01-834 025.. 
LAST WEEK 

TuiiS.-Frl. 7 45. Wr-s A Sa' 3 rt"> 

A MUSICAL ENTERTAINMENT 
LOVE ALL 

THE BUNN V AUSTIN STCRi - 

WESTMINSTER THEATRE. 53 i'o':S7 

Tl-n RlCV and Ara-ear LI m WC3ber . 
"JOSEPH AND THE AMAZING TECH- 
NICOLOR DREAMCOAT. " :»r- ra PAUL 
JONES. Tw.te Dl.!v Peeu-.y.-: Pr :e P; -' 
vier>v. From Nov. 27 Opens .VJv, 7 


1 " Tins must he the happiest laupnirr- PICCADILLY- From B 30 am. 4 37 4506. , TitVcts- L2 £1 Lc r*:«. L’m:i:t 

maker In London.” D. Tcj. "AH Irresislioly. Credit! urg 836 ' 1071 £.«. 6 00. Fr,. rjn.__ 

; emoyawe evenmg." Sunday Times. ; -OnmliM r u «n inO WHITEHALL. CC. 01-930 6692 7763 


They ; need it. with buruau titters. .Ml the racine*? goes The chorus was happiest in the 


THEATRES 


{GREENWICH THEATRE- «>'-SS8 7755. . humour, the BROADWAY STAR." D. Exp 


expresses toe sensual side of statues of Jove and ' Juno Michael RipponV Somous. not big finales to Acts 2 and 3, two __ , 

huma? C Tiatiire which Handel wobbling on their plinths and helped by surrounding figures places where one is reminded ADEL a c t C 7.3o ■. ' 

linderttnnri cn wail tto? chorus garbed school-play bobbing up and down under that -Semele was not originally MKi - j^BS™i£°N-i*»K2S- v Ji 4 ' 00 ' i ,in 


Evemnos 8.00. M jflnift _5a turji a» 2.30 . 

AN AUDIENCE CALLED EDOUARD 

d> David Pownall. _ 1 


Com mating wMh'«.n*enmd w:o r „ Whitehall. w.-w 

rmour. the BROADWAY STAR." D. Exp OPENS MON 1 1 DEC. Man-r r, 15 - • 
civ via mm ec ml. i> am Ano a.i ^ P n * 

■' Towering swf»” «. ‘ Daily M„.|. WIZARD OF OZ 

VIEUX CARRE 


A Theatrical coup." Time*. " Surprise I "Worics luce magic " 


Understood. so well. tne uhorus garoeu aC= piay uoDoins up ana oo«n unuer inai araieie not ungmauj - - Ao E^ntiwNe^Mo^ 

Jupiter is Anthonv Rolfe. classical. Things are worse out sheets, swallows his words and given in dramatic form — toe mvono 

Johnson who deserved the Thebes and up in the spoils toe comic due: with Juno, choruses were additions to - h epe is a fiappy family show.- 

cheers he drew for "Where’er Heavens. He . re . , 1Slh .<*»&>£■' “Obey my will. Of toe dances. Congreves libretto. What can - bound to"' run'for eve r.-- 
you walk." and also deserves to pastoral is pnnked out in .pinks the less said toe better. be done to rescue a jewel oF a sum&T'fRJSKf,- A«n 

have been given more effective and blues. There are smirking Charles Farncombe conducts, work- Olyndebouroe. where spectacular ■ 

entrances and eonsuraing climax/ cupids .with boudoir bows, one to The Overture^fa fine onei pro- there arc British producers who c . sfl . t cwWSWlSfWMB rsi . 
Sally Presant, doubling Semele's dance and one to sin*, both raised well. The Handel Opera would understand the style, is alber -y:‘ SS 6 St F /cc. tw. i»6 i a yi3 


and flelioM " D- Tel. “ Flsdnstma . ■ • 
extra fdortirury eyen^^1g f ■• E.n. 

HAYMARKET. 01-930 9332. Evas. B OO. 
Mali, wed J JO. San. 4 30 and 8.00 . 1 
GERALDINE McEWAN i 

CLIVE FRANCIS i 

NIGEL STOCK 

PETER PAUL 

BOWLES HAD WICK 

and FENELLA FIELDING in 
LOOK AFTER LULU 
Cry No"! Coward 
w-tn GARY RAYMOND 


hafi hardly Been a mefe sai'i'-'iS c-on. 
iko in ihe Wnr Ena. " THE BEST 
COMIC WRITING IN LONDON." Oov_ 
’• flex running like an eimris lurrtm. 

I F. Times. La;; W cc*. 

I PICCADILLY- 437 8503 836 3962. 

! Credit card bookirrr; H36 1071 
Richard Goolacn. I?n TalSOt ■" 
TOAD OF TOAD HALL 
Chrlitmai mail nets D«. Ifl-Jan 1- 


7.~iei. -Tne'C WINDMILL THEATRE. CC. 01-43- $Z’Z. 


PRINCE EDWARD. CC. 01-437 6877. BFp* 636 1071 *ft>m Z.ZO am Mi< 
Evenings 8 00. Mat!- Thun 5a:. 3 00. Tnur-,. 9 00 Fr . and S3?. 5.13 and KZ 


Tw.Ce N gntl< e 03 ir.a 10.30 
Sun 6.00 ana 5 03 
PAUL RAYMOND preirn-. 

RIP OFF 

THE. EROTIC EXPERIENCE OF 7HF 
MODERN ERA 

" Tave> is L-rorecedenred li-n,:- v.nj' 
o;rmisilb'r on L-.ane E. Ilf 

THIPP GR EAT YEA R 

WYNDHAM'S. 01*326 202! ( 

Blrps 626 1071 liorr, ;.’0 am Mi 


heto* to^Vtoe^Theban scenes -so feebly°delivered that when heroine.' Miss Cahill’s rhythm must be fijmfy and comfortably I Gillian sTTrns^ma^gajbet burton ; •■‘exudes 
...Caik.iu-, ihau lira aiirtihlp lhev draw not tiain? Hpr slrnnapfll Tioint. nlararl in Iha reoertnrv 1 E«ra ChrWtmas Mata. B^ok nw. i s 


some credibility. 


Wfgmore Hail 


they are audible they draw not being her strongest point, placed in toe repertory 


Festival Hall 


5 THE SWEET SMELL OF 
SUCCESS." Guardian. 


Ov Tim Ricy and^A-WK* L:svs-Y/CBBrr 

Direc ted by Harold prin;r„ 

PRINCE OF WALES, Ol“930 8631. Crodit 
card bookings 930 0646 • 1 "eo'i o n| v 

belore New York. Mor. :0 Thur. 8.P0. 
Fri. and Sat. 6.00 and a. 45 ALAN 
AYCKBDUKN'S WM5h-h,l comedv 
BEDROOM FARCE , _ , 

II v5u dn nor lauon. sue me. D. Exd 
A National Tlitalre nroouciion. 


ALDWYCH- 836 64 0* . Into. 836 5332. | KING'S ROAD THEATRE. 01-382 74BR ! SOIilfi ET e di t r J n : □ I -7 3 4 " iTfiT 

:.** .. 35 a? di^'rsjsL.i'Tii 1 °°-t pre.m ir-s£i it. . gsssb g>sffliS*S&.,Y^ ,,SSl 


Messiaen celebration j, CBSO/Downes 


CHANGELING CTomor.. W^d”' m e LYRIC THEATRE - CC 01-437 2636.. .. OAzSIm^^.I^ ^^^ENIC- 

Tliuri- AS YOU LIKE IT (Fri.. Sat. m E%s. 6.00 Thur*. 3.00. Sal 5 DO. 3.30.. . p AZ2LING. E .. Stan. MO^ SCENIC 
& cL RSC also at THE WAREHOUSE JOAN FRANK , 5P£ CTACLlLAR SHOW N TOWN 


bv RONALD CRICHTON 


bv ARTHUR JACOBS 


<Mt under W>. 

AMBASSADORS. CC. OT-B26 7171. 
E«S2- 3.0. Tuck 2A5. Sat. 5 00 and 3.00 
JAMES BOLAN 
A suserb pertormanci-.*’ FT. 
GERALD FLOOD 
‘n J NEW TRILLER 
"Tyno KILLED 
AGATHA CHRISTIE * * 


PLOWRIGHT FINLAY 

F1LUMENA 
By Eduardo dc FHumo 


1 Punch. "THEATRE at ITS MOST 

. MA GICAL." Times LC. Sur. 

; RAYMOND REVUEBARfCC. 01-734 1595 


ENORMOUSLY RICH 
VERY FUNNY " Etenlm N~*' 
Mary O Malln-’s ‘irai'-n,? r mm rr, 

ONCE A CATHOLIC 
" Supreme com»dy on <»> ar.a -mg.-.- 
Daiiv Teiecrirh. 

•• MAKES YOU SHAKE WITH 

LAUGHTER." G--artf.»r 

YOUNG vie. 926 63C2. TpVrTwra. F. 
7 30. Tomor 2.00 HAMLET. Tomor 
Tnur . Sai 7.20 RICHARD HI par- - 
Shakespeare loieg* ACTION MAN 


ABC 1 A 2. Shalteibirr-i A-C 636 88S< 
Sep. Ptrfs. ALL SEATS BKBLE 
Is DEATH ON THE NILE fAi Ar- 


-®T l J?rA? D T»?i V iMp2* N i 0 NAsSf^-AN ' A£ 7 pm 9 » m - 11 »"■ 05CR Sun. and Sun 2.20. S.20. B 2D 


*S£Pi& 2-2S- • we\° s ^ na b v^Z1 

, , . . .. e. ..rinin^l intAmreter. M*P- ! PAUt MORRIS unhbl N MIlS V mS& •! T8I MiSk%SrSns«rM«tK4l CLASSIC 1. 2. 3. 4. Oatord Street JOpp 

Jp d f t ys ,hrfth e w?th^ r pp£ celfe BunleL was? Wagnerian' London does not yet have a an insufficiently varied delivery cSrmSl moharry may fair thLetre. b ~ i - ~ 4 asTo ' ji ' w o ya lc &u rt. 730 iris. ;r C r mnL hai?-s»c?. J ' ' 

bration/for toe TO?h bShday of ?£ SF? Valentine (in Lesj Uahier symphony a d a v. but can. even on lower notes. £? LA M° ^^ 0 . 2 ^^ 4 . 00 ! ■ 

Olivier Messiaen. Fot once, in a Hu^enotJiL one of the ongm^.MJch congestion tie far off. ) Qi L , cri 1n ^ A ‘p bt~?r c- *-^ v '^ r>v - SSL ^ignai^S." nqw v i national theatre. 928 2252 . . royalty, ^ccT^ 5n-ibs aco* A 3E e odH C 2°o^ 1 ™ ’ P,:1D ' 

modest but not * | W ?2[ remafTi^bri^iit^n^l'reto at < thCj?- ehV c en ** P" foimanc ; * °£ a sufficient span. phrases arts theatre, ^^oj-bsb 213 =. , ft"™, ^TthV^ub^^leS WSS TO* 

ESI Sm ^ ~ ^ 

wider LorJrT Maazel. M™ ^ SSfetTfflSSg S fjf% ' 

Messiaen’s major works, the song- semi-spoken incantatorj words Birmingham Symphony Orchestra of twte .thich, probably, this Fri BEST a Mi»fcAL , oF 6 fHE a YaAR’ 45 ' *uitabie for childrens “ 405 not whose 5 life iVi't anyway' i (Sn3! i? 11 ..““'i'SJt' /!}iP 4 = £ .§ 3 {RC ’ 
“SI? need toarner consonants— under Edward Downes, stepped orchestra could not give. After musical^of the year. m™ excellent cheap seats an 3 tBeatrK By Brian ciark. - a momentous play. ■ Sunday, 4 . 05 . &.io an 3 ;..4q^_ 

Pa^*!5"JS?SSnirT£ Me^iaen's Piano writing takes in neatly on Friday with .Vo. 6 London orchestras its strings ^oV 

artist* were toeiano Noelle some piercing. . ^ JHSL » JS2? S® ‘SUSTT&VJS 7 5T55S5: . gc : _ »«■ SAS% % 1?°^ 


"TOTAL TRIUMPH." Et. News. " A*l | PAUL RAYMOND preihns 

ELEN7 TO TREASURE." O. Mir. "MAY . THE FESTIVAL OF EROTICA 

IT FILL ,T_HE__LYRIC FOR _A HUNDRED. FW^STr* 'droned. 

VEARS Sunday TIlWS. ___ ;ggeEN?: CC oTTps? 9862-3. 

MAY FAIR. 629 3036. Eves. 8,00. Sat. i Mon.-Sat 8 MaK. Fr.. * Sat. S. 
S.30 and 8.30. Wed. Mat. 3.00. OP ENS TONIGHT AT 7 

WELSH NATIONAL THEATRE CO- LITTLE WILLIE JR f 

DYLAN THOMAS'S .1 __ , RESURRECTION 

UNDER MILK WOOD • The Firs* Scul G ot Ml Mewl 

MAY FAIR THEATRE. 01-493 2031. . ROYAL COURT. 730 7^4S. Rrc . Ton t- 

From Dee. 18. Dry. 10.30. 2.30 4 4.00.' PRAYER FoS^mv DAUGHTER 

SOOTY'S CHRISTMAS SNOW fkatbk FOR MY DAUumtia 


PRAYER FOR MY DAUGHTER 

bv Thoma; Bas» 


928 2252. . ROYALTY, 


Ql-aCs 8004 


2: DEATH ON THE NILE <A . W. 
and Sun. 2.00. 5.00. 6.0 0. 

CAMDEN PLAZA i30Q Camoon T;/t 
T ube". 4 85 244S. The HOB DYL A»i 

FILM RENALDO and CLARA f AAl. WI" 
BOB DYLAN AND JOAN BAEZ lr 4 
TRACK STEREO Prog t. 2 30. 7 20 tia i . . 

CLASSIC 1. 2. 3. a. Oalord Snee: farr 
Tottenham Court Ro UK',. 636 031 i 
U and A Proa* Chif'rcn hali-srKC. 

1: Richard Adan.-, WATERSHIP DOWN 
fUl Now with tlcreophomi sound. Pioo, 
1.45. 4 00. 6 15 6.35. 

2: THE GREEK TYCOON (AAi P'?a. 


Al.xte 171-. i OLIVIER (open staaci: Toniaht Ar Manaav-Thursdiy ~en-s:- !-03. Friday 1 20 3.40. 6.00 a. 20 

wwflgfe ! srassus? 0 WE DOUB “ OEAL “i s - 30 . jna an0 s - 00 - ^ 

7t» E ?ur.d-v Tinu-s. ! V^LTON f pn^nium Maoel: TpmoM] BUBBLING BROWN SUGAR Jf*?”* ' A " P ' ? ’' 


NOW LAUGH at H£PS 


rat Credit cards 734 4772. ^ Coni' .n j (e p *f ?, » N M° N AFFAIR roojjAA- 
WHOSE LIFE IS IT ANYWAY I (£n3 “ < ih n J2? *1 f 

tree bv Brian Clark -a uauhjTOUI PLAY. ! Sunday i. 4.D5. b.20 ani 5.»0. 


EVENING STANDARD AWARD 


•imm tne two nianos The Messiaens piano writing takes in neatly on Friday with .Vo. 6 London orchestras, its strings E ^[ MC STANDA . 

irtis^” were KS lJl” SSwciPg , A mtaor. Mr. Downe, betas = d a Unio rough But t |e 


l,rSr* R X,t Shlflaw jotoon A performance of ^|SEid3taSSS there SSta were weU eha^d. toe 

™ Uarauri^isa coorert ta itself. To mun.be speculfrion ou whether impulse well co^rdtajS toe 

ousht lo^re heoi fuller, hut have the Visions as well was at- a native son will shonly succeed aiergj- unflagging to the end — 
toe audience Included a most too much, vet special to toe musical directorship when the solemn ouartet of 
si^iid cant number of composers, occasions of thta quality are in- j ndden iy vacated by Louis “ade a notable con- 

Miss Barker and Mr. Sher- frequent enough to srt Fremaux. irtoution. 

la-*- Johnson know Harowi back and be grateful. Tbomas .Mr. Maazel apparenilr con* As always m tiiis symphony, an 
!horou«hiv One conld think of Rajna and Mr. Sberlaw Johnson siders that one of Mahler’s longer added visual effect was given by 
inS more powerful, of poured out lashings of generous, symphou« suffices for a con- toe wielding of a huge hammer 
-nore crystalline, who well-differentiated piano tone. cert. Mr. Downes and tee Bir- (Mahler stipulates a heavy but 
,iani_iA .uuic l j _r rt„_ .>u ; „ r. «hot Amproed from min eh am manaePmAnt havp rnn-mFlglKn eA«mrl% ui oUm.vor 


liprpfno 4u jl minor, air. J^owues oeine awi**™ * muc luucn. xnm me 'k;;« "ej - •- j ** 6 6056. *JP2*,*p ) „„ shaftesbury. ce o: -536 6395-7.1 **«■. 4 .^u. >.ju. sun jg». uu. »™- 

«ood ° performance of himself Birmingham-born, there melodies were well shaped, the «,HL T 8 WL 4S ■s 0 -] 01 ' kckttt directs bcckItt 6 ‘ oSSw ’ iS? 7 jS n ^o? F M“!.Fn r . a nc 

i°Ts concert in itself. To must be specullrion on whether impulse well coordinate.’ toe *^^njSto"«aSSSf At l rJ!TaTU?«! Iff HP™. J2 \ S3fc,.^ * Li “ 

Ha Vhrinnj! as well was al* a native son will shortly succeed energy unflagging to the end — “.oo-es.so . i no perfs. tomor,. wra. »>«. AN iJJ!f E — 7s=s-,'T=rM?ii 


Se« prke& £2.00-£S.50 i NO PERFS. TOMOR.. WeD. A Tburs. 

Di-mer anil no^rit* uit £9.50 Incl. RI"B Box OfEcf tor- detjifj 

FOU RTH GREAT YEAR ! Extemled Bv public tfetnand 

TRANSFas^OWgTBjALL i5F ^ i: 

COMEP Y . - CC. 01-930 2 578. E W . 8.00. "Ggr&VMW 

5* ls - 5.30 Mjjjjfi. TTiore. 3.00. : „ TH8 LADY'S NOT FOR BURNING 

BILLIE WHITELAW • p*r*k JPCobl “ Eaiv ana virile authority." 

”T“i- mm tmuMehii t F ctsederfi Clin/,. ■■ 


PROSPECT AT THE OLD VIC 

... Todav. TueL. Wed. 7.30 


BOOK NOW — AM SEATS £2.53. ODEON. Hayr.arte: f?30 2753 2777* 

cHAFTeenuev TT- '-ts ' ss'ge"-' : MIDNIGHT EXPRESS fXi. Sen. pro-. 

■SSTSK**,^ Dc;.' ti-f j 6 4 5 - 96 ii:. SJ&.a-s®. 5 - 30 - «•» 

JANE ASHER NIGEL PATRICK in ■ , - - -. - 


•■T7P m«l aawertui female aefinn seen I E. Standard. Eileen Atlcins " Rivet mu 9- m- 77. ODEON, Marble Ar;h. W2 723 20"*-: 

■n LMn I* s «ar." Obsener J dinjlcal fluidltY." Hnantlal Ttm«. " A | STRAND, 01-S36 266C. E«eni-as 8.00. CLOSE ENCOUNTERS OF THE THIRD 

T. MeKENNA in I of a periOrmance Irom Robert- Mai. Thurs. 3.00. S« 4 .. 5 20 ana S.20. KIND fA > Sen. MOV. a&tip oey 


T. P. MeKENNA in 
_ MOLLY 

ay Simon Gray 

intensely maul fig ■■ £. Ne*L 


l Eadlson . . . Michael Denison. John I 
i Savldent and Brenm Brucr acooo ua rite I 
laughs." Guardian. > 

' Ttiurs.. Fri 7 30 j 


NO SEX PLEASE— 

lONOoJF'HNSI'sV'r.UO— 

OVER 3.000 pepfchM* NCES 


C -TG E ?Q71 1 *E« 0 M^ 1B Yv CrM i l e a . ri, x S e Si ' c , TWELFTH NIGHT , — "■ 00a - --- — - 

'a r ! ? ,lren ^ tl L lns " a super* , Viola. ■ TV* ST. MARTIN'S. CC. C ; -”o 

i |/J. 4 f A» D '*»cId! HJLARIOUS ; Times. Robert Eddrson - brtlliant Fcsie.” E»c4 8.00. Mar..iee-. T.:« ’-5 Sii- 
PLA1 FOR YEARS. Financial Times Guardian. s.q 0 'VV . 

GLOO lOA 1 g.r 7 -en •» tn . XX : 


Hi YEARS." Financial Times 
GLOO JOO 
by Michael Hasiinos 


„ Sat. 2.30 and f 30 
Derek Jacobi In IVANOV 


AGATHA CHRli T 'i > 


\vito an extended range, as unshakeable faith. 


i difficulty on high notes and gave dentjy not the man. 


ttunner," S. Tune*.- 3rd GREAT YEAR I cents, bf Kinp Lear Dee.' 1B-23'*t 7. so 


RAZZLE DAZZLE 

II. 00 mat: 


KIND f A i Sen. prons aoors op:* 
Mon.-Fn. 2.00. 7 30 VI 1 03. 4 .r 
7 45 Sun 3.00. 7 30. fiH >CiO r • r.v 

piMNCE CH ARlTs. " Lcs SnT 417 l'*' 

Wile, ' an ' THE EE AST 

Y i scd Perts 12 40 Z. ' Z. E ZZ- - 
< Sun. 110 l 23 ?.1S. L^-.; S-.s« »- 
and SiLjl *■ S Seal _E; s: - _ L : F - ' 
STUDIO 1 jnd 2. On lord C^tJ*- 42* 7:27 
. 1. J ll ClHVb'ltfl", AUr. Ba:ci r - ? . 
Msgt.fi'-tf V AN UNMARRIED V/af-inFi 
,y, PrC<J- 1C* 2 25 S 33 2 > i !■ • * 
So*.". F--, ana bn:. !5.3i . .... 

St Ad.—.a Cn-i>»,e •. DEATH ON THE 
NILE -a fl".-- P"»'-. C\ 2 : : • 

r i - . L^: - ?h:^ Tv... .r £-• ” 

<.-»• -irn 


• i ' 



HNANCIALTIMES 


BRACKEN HOUSE. CANNON STREET. LONDON EC4P 4BT 
Telegrams: Flnanttmo, London PS4. Telex: SS6341/2, 883897 




y the 


Financial Times 


e 



Telephone: fl 1-248 S000 


Mondav November 13 1978 






BY STEWART DALBY, IN DUBLIN 


f 

5P ite 


WHEN' IN DUBLIN, it is easy 
to appreciate the outward - 
appeal that the proposed Euro- 
pean monetary system (EMS) 
holds for Ireland. Irish 
OVER the past year there has to promote their competition chauvinism towards Britain 
been a spectacular move from policies through bilateral nego- J** Jack n ^ a ru " . 

regulation to competition in tiations with other countries. as ,, ep . a * ■ 1 . 0Tt " • - 

the U.S. airline industry. For moving away from what Mr. w • 

the first time in their history Hamraarskjold describes as the For many years. Irish 
airlines are being encouraged long-established concept of nationalists have been looking 
to decide- for themselves which multi-lateral negotiation of fares for 3 wa ? of breaking the mone- 
routes they want to fly and 3nd rates by carriers for sub- I* 1 ? union that links the Irish 
what ' prices they want to sequent government approval. pound and sterling, and the crea- 
charge. This new situation. t^'ow it is Quite clear that a tion of the EMS would appear 
stemming largely from the reeulatorv framework appro- to P resent an ideal opportunity 
efforts of Mr. Alfred Kahn. priate fnr -the . U.S. market. -Particularly if Ireland joins 
former chairman of the Civil based nn free competition and ; ,he 7 V . K * oe J not . * ut 
Aeronautics Board brings profit between private - enterprise ? es P ,le ™tn& s ^ruination. 


ECONOMIC INDICATORS 


G N P 


• \ . Trade 

Balance •• i 

v -f mp — 


-V 2X XiT m. ■. - 

scuta 

\ Inflation 


mWr 




opportunities, but also severe ,., n L aw i|to • go ■ ahead, regardless of 

carriers, cannot suddenly and „ 


Unemployment , 

i !• i { I ■f-'lv.- 


competitive pressures: the com- ' .. . I Britain's decision, the Dublin 

panics are forced to examine unilateral^ b imposed on the Government is still hoping that 
every possible means (including rest nf the world: many foreign countries will join 

mergers) of making themselves airlines are owned by govern- together. 

more efficient. nients and regarded more I In elri/>tlc Amnnmir .tfnnc 


WO ’71 ’72 *73 ’T* T5 *78 ‘77 


1970 ’71 ’72 '73 '74 '75 '75 '77 


1970 *71 *72 *73 *74 *75 ' 7& *7? -. 


imi 1 '72 ’73 *74 ’75 *75 ’77 T8 


In strictly economic -terms. 


future he admits that- this will 

mean eqrrbs on some sods! and |']l t 7 

welfarespendjag hud h^^rewtlr.'.- .Jr * 

ia other areas of .public- efajto; j j * 

ditnreii But to ‘the;iMg TOR-W ft r [ | 

sees bostOTing afe«y- beipg "cut ' ' 

as the result -nf iiigher *hwik . ■ r u 
meat-. .revenues ire® IruantTs • = . , f 

expanding jpdustrjel base And ; . mini 

from a wide«j_ng,-of the p^r^onai; - . . ■ 

taxation net:';’ , '• ‘-SiVj....- 1 - -\c 

The-’- -model .possesses. Seine: - ' 

plausibility^ but apart -fronLihe- - \i: -... 

problems posed by IreI$&d'sV 
bal&rrce of: payments situation'. . 
there, is also the ennskterfftotj 
' that .with.:, 

slashed. Jt urisht- be - 

ensure that labciut costs^ddArat::: - ■- r - 

get out of hand ' . '. 

gai ns cnathme. On - the - broad'?. * r r . 

definition of output per nwaa- ‘ ; 
this has bben rising ip TreSttii’ -v- 'i T- : . . 

years -by 6 per. cent per year.- ‘/.'v " - 

There-have-heen-a - f - - 


Uncertainty 


The wind of change from the 
U.S. is already affecting the 
international airline business. 
Even without Mr. Kahn's influ- 
ence. the pressure for lower 
fares has l^d io a number nf 


instruments of government (hc Irj$h Government is fully Sets for its agricultural goods cent in some areas of east per cent 30 years ago, -Other EMS. But should this not be su «*ssftj> natibn«I w&ge 
policy than as profit-makms aware 0 f (he dangers if the two anc1 >n opportunities for trade. Ireland last year. ‘ Common Market countries take enough and the pound sag, mak- ,jjeqts envering some TO-^ot* 

businesses. A Kahn-hke regime currenc j es ’ exchange rates arc B «t for such - an open Even ' before 'Ireland joined the lion's : share of . . the;. ipg defiation necessarj-. what cenf bf the workf orce. . Thefast r 
in \vestern turope. lor ex- flowed to diverge. Ireland still economy as .Ireland’s, joining EEC in' 1973. however, the remainder. . .. -.- price then its ambitious growtb one , pnjyjded an overall pac^*'- - 

ample, would requn-e changes does nearly 30 per cent nf its the EMS has its dangers. Ire- process of encouraging export- But « ^eland is currently rpjans? . of 10‘ per 

in the strut rure ana nena^iour ivm ritr nn lands balance of navmpnns is kom.n srowioe ramdlv. the bis tmes- i 


fl. 'J ■ 


of the European airline in 
which some governments 


,rad(? ,he *- TK - and nn lands balance of payments is i e d industrialisation had begun. Stowing rapidly, the big ques- So.. h r the rationale behind slightly, below' the 

»™ment?wSdd Thursda - V nisht ln L°" dnn - Mr - The EMS Ireland's Industrial Develop- tion is how to keep the JpmhJSmmiat policy has been, not of . inflation. 

In, f»eorge Colley, the Finance *^J_ d , more rigorous tnent Agency is empowered . to S? in £- . JTTie. ^answer ti* e .‘.juftt keeping -the growth rate, agreement is -in' tftsV 


important changes, particularly Jj e ™ st f t 0 .. acce l 1t - Minister, told Mr. Denis Healey, control of individual economies. offer of up t0 gQ per cent Fianna Fail Government has 


agreement 


on the North Atlantic route, g™ * I.™ the Chancellor of the Exchequer and should Irelands exports of the capital cost of projects been to boost spending under* perceived- to be Ire-Al though the negdtfgtiow-Sfc®'-^ -. ■ 

Extensive reforms have been JPf Jh rci oria r en ies-> lhat he W nuld prefer the rates faller or, more likely, its im- in west of the country (45 P lan *rawn up by Dr.; Msriln iand’s number one problem: the taMng ' place- agafpst a / - 

proposed in the rules of the =*' ", ' b m to remain fixed. Both countries ports get out of hand, it could per cent in the east), plus train- OTjonoghue, the Minister-;.gf leveI of iinemplovinent. ground of nuAeroils 

International Air Transporr v*. lh J , fnwe realise that exchange controls *>e difficult to maintain the , ng grants and loans. In harness Economic Planning and /Derer ‘Officially, unemployment stands Governmgnf iihtfplng^ 5’^i-'-* ’ 

As'snriatinn 'Rnr thprp is still * e * * n * ne inng run me tnrees -....ij to ha i ntmH n nari Chosen parity Of its currency and . .k. ....k.. lonment. j i. n _c - .. 


Association. Bur there is still in me 

disagreement and uncertainty o{ competition seem certain to 
among airlines and governments ground. The recent o.S 
as to how far and how fast the a ^J* em P nt with Germany, pre- 
process of de-regulation should vld,n S vonsiderable liberal- 
go. This is the central issue for Ration on. pricing, capacity and 
discussion at the I AT A annual charter flights, rules out any 
meeting which opens in Geneva possibility of a. common Euro- 
t0 ^ ay ' pean stand against the Amerl- 

In his annual report the direc- cans - • The decisions by Delta 


instrumental in securing faster 


figure excludes school-leavers, a 5 per cept- pay 'increase uri^ v . a- v; 


tnr f lenprai D »f' Mr one^of airlines 8 The general opinion fn an influx of large foreign com- defic ^ t ' r .setting ' out his pnl ides. Dr. prosperous. . 'Large cbuitlM^^ • - 

H.mm.XSd . w™"or K 3S t« withdraw from LATA W |f^admft he^harei tSis ™ “if 

danger of confrontation, as the «»«* that the reforms due to at donble ^at of the forecast EEC *»* **“ ***** «YaiIabiUty 

Americans seek to impose their t 3 *'' 6 Pl a, 'P >n the association , . , |v , BnT]re( Hatp anainsf average and more than twice ^aapness 

free trade convictions and even nex 'f. >' ear ma >' not be enough ,, that projected in Dublin for Irelands labour force. In 


iree uaae comicuons ana even — -- - — — - if t.-i.-j . 

their anti-trust laws on the rest to hold the membership to- Purling if ire and J 


ineir anu-irusi laws on uie rest - c«toir» anH Ttrifain 

^ ^ Americans. *t f- *«> important of a l ^rish are S?ereed 


he points out. are calling for '* a strong consumer J™ a " l., j ^ear is expected by the Ministry are now drawing leve, with the » - t >„ ‘ w Aiid one can doublethis figure f 6 ” 176 has jitzra-^oufees, 

increased competition, multiple demand which governments £*!™ ful ( bp!rt oSrist and their of Economic PUnnlng and UK- but Ireland's record on stop- Dr ODonogbue said recently WH * n acconnt ** takeD of ^ S W 

designation of carriers, liberal- **"0™. for lower fares. “JJ J 01 IJSJJL “w? the VK Development to rise by between P a S es a " d man days lost is r ' pS?’?SS . vnming out of the decUning 

isation of charter operations, no f Su Ire- W «« H P« cent; minrest. historically better and has only SSSftSd? MtuSlv like textiles. If ^ ch™ , I»^: fflog. : 

capacity constraints and “mar- Co-ordination • - - . gb • mnnin" ment in manufacturing indus- recently shown some signs of , consistent with inflation '' m * rried womeT1 and school ® arI 5® <i txr ..^ e " coohfty., Tile . 

pr.d,,-w<«..n..,K .The Intere,., of con S „ me r, HJZ.* «=> Z ^.“22 2Sf“ 


ket-place pricing’ with mini- The interests of consumers £259m ahead of Irish exports to try by 20 per ce ' nt ‘ Md real 

mum government involvement. ‘will not be served if govern- Britain incomes by at least 3 per cent. 

One of the by-products might ments try to protect inefficient ' - Total exports, in value terms. 

b e the final elimination of the national airlines from the tide . But whatever the nature of should increase by at least 20 
"much blurred distinction” be- of competition. Equally, how- lrish sentiment towards cutting per cen (, 

tween scheduled and charter ever, a crude U.S. attempt to y-ejand s pound free from - While tourism remains an 

services. export its anti-trust laws is Bri tain*s- Irish member- important industry. Ireland’s 


number of 4iew bangatew?.' 


... 

... ... i-r ■. . .. 


Earlier this year the CAB unlikely • to -be helpful. The ship of the system would not new-found prosp^ty.i.cart. ..in ,^ ne advanta ^- ^ 4t 5“ thTcutrelbank l mSnth’ aeo 
issiifrt a tentative nrdpr irhfph: A*hr-otH-p ~n* a *tn r mcan that Dublin would at last i 9ra » ha tn itc been able to offer to overseas toe. central bant a. month. ago 


Advantages to ^ : ° r 

invpctnrc sonaJ ,oans bad increased by 46-^ .® 8l J of th ? se shp uld not be new houses: . 

investors .. per cent so f„ S -the current^g 0 ^ 1 ??® - • 


One advantage- that it has y® ar “-a trend which prompted ortt ieasra'Ffitr^Tdybti^Itf ;;;. t 

dti mhin tn ntfar- tn nnarcnixr the central bank a.month flfio-I^-wo^ew-SoDs uiTndnatTy and ■ ~ -* 


issued a tentative order which; American objective of greater "lean that Dublin would at last large measure be ^ to to rfftS co^erei^ha^^^ 

if made final, would remove the competition is certainly right. S a »“ # ««««„ ^ membership of the Common investors, however-the absence J d ™ „ D] vh^the brJres couple of year” jSmSISS *£* ***«.- . V - |! 

anti-trust exemption now en- but in the international market monetanr policy. Rather, it Market. Over 80 per cent of »*.«»»* «P«t* from Ireland jobs ye^ or perh^Tslightiy ! , 

joyed by the LATA traffic confer- some inter-governmental and w °u!d be switching from one IreIand - s awtalJtu „| output- “'f actually prejudiced by h less are due to be p^idS bj atfendan i problems: ja H d aU<I : . :4 | 

cnees. Once the anti-trust laws even inter-company e<n>rdina- system winch Ireland feels has u - hich irseif accounts for nearly J^ land s membership of the tirrlenn expansion of services like the pri ^ S ^ 3h of Tjplrtv . 

are brought into play. Mr. Ham- tion is unavoidable. What is ^«»ved its usefulness to one h3lf of tota] export^mprises ^EC Ireland has undertaken ^ "roblem of Ireland? vST Sice and fMm htSr domestic t t' p V 1 ' *** J eaw ' *** 

marskjold suggests, they could needed, despite philosophical in "M* the opportunities for and dairy products, for » “Pccts tax holiday “iS. JJl *Savmen^ creatfon schemes. ^ agriculture! land now : *-^j 

be deemed unilaterally by U.S. differences and commercial growth are perceived as being which prices under the Common by 1990 m deference to the _ itliat j on and w h#>thpr i/muirf But the cost is high. Ireland “P j‘ > a J! acre— more. than ..^.V 

courts to extend to any co-oper- rivalries, is for the US- and belter. Agricultural Policy, with its Brussels view that it runs coun- ma i nta j n the c v, osen Dar it v of this year has a public sector S 016 If'*' H °W*. P rf c«s «1«W . '. s ' ' 

ativc actions of airlines, even if other governments, st least in In other words. Ireland wants reliable outlets, are good. Farm ter to the spirit of the Treaty of :» currenrv within thp FM<5 borrowing requirement ' of 32 - the e, f t ? rn ^ ^ hdve_ it? ; y\ \ 

not directly affecting traffic to the industrial countries, tn to hitch its wagon to what it incomes have grown handsomely ? n ° ie - Bul Dublin Ministers The country alwavs runs a trade per cent of GNP cbmoared ® r “ sed "esrly^SO per cent. ' j 1 
and from the U.S. In the mean- agree now Dn what form the considers to be the strongest —.last yeer jw 34 per cent. This f eel fbey can compensate for its deficir W h} C h to date has usuallv with less than half that in du J^ ng the }iast ^ months. " •*[ 
time the Americans are seeking co-ordination should lake. engine — the economies of main- year. ^Duhlln's A ericul turn I ,os s by other means, one possi- h „_ kk.-.jt.i in a n ,. r !f the eawC^of. f« r ' 0 T^mi 0 af I6ast forth* raonrebt. r .- •••i 


Mr. Dell will 
be missed 


„ „ J . bas been ploughed back into the u ^- . • capital inflows, and reserves are « 3 level which many Finance iHamZJhin ^Sr 

EMS to Ireland is that it would land: in the form of greater Overall, exports have in- now up to nearly £l.lbn. But Ministers hi Europe would re-. • ' ■ ’ . ' 7l' 

be a further srep along the mechanisation and increased creased nearly tenfold since a similar situation cannot be Sard as extremely profligate W : : di 

path towards iniegration wth use of fertilisers. MrtaMnd W Over tair are now guarameed for the future. Dr. OTOnDoh,,. h.. & rr ££&sP!*-l 

Europe — a path which has productiviri’ on the broad manufactiircd goods and 47 The government has asked for to brini» it down tn ^ for_ centurfs, a fair, degree - < 

already brought Ireland great definition of output per ; man per cent of total exoorts now an ffiSdm in axtra ai4 tmm n,« n.« ..j «> ___ ■ **f'-'P7«Spenty, and; at ' legst?. 1 * .; ; - 1 


already brought Ireland great definition of output per : man per cent of total exports now gn £650m in extra aid from the next vear und Si mr 'i+ntthl ‘W^PW»SPenty;, ' aild:“-at 'le^sr^;?:-T;; r :' 
rewards in the higher pr,ces i, increased by as much as B per l. .he UK. enmpared with 65 EEC as its 5nre f»r Jo ™g She Jea” SS^In “? T*?** 1 ' pm5pert « y Vfa ! J 

MEN AND MATTERS ~ — : - gfaj^yfSi l 


FT TS A wholly excellent prac- in the Labour movement, in the H ffl Cr Hy *1 |1 ills fft J | ^ . 

lice— more honoured in other Parliamentary party- or in the itfg g” Bo Bm MB 1 a R|ln 1 fl a Bl»l 

countries than in Britain — that Cabinet which naturally looked * ■■ ■ • ■■ ■ * * 

people should move rrom in- to him as it* spokesman. He faTed BiIJ and saw j ts successors a daughter of Pharaoh as one who are being driven back to 

dustry and commerce into poll- thus rose as lar as he did Trading TOF 3 through endless all-night sit- of his 1.000 wives. Hnwev-r. land more by boredom than bv 

tics, and vice-versa. In *J iat en V ^"rmwnmMr 3 fiifuro tings probably owed as milch to the Israeli Deputy Prin-e the unsocial hours of life at sea. 

sense, the resignation uf Mr a Labour Goiernmen tjeeded TUtUr© his linking ihu issue wilSi bis Minister. Yigael Yadin. has One of Windrose's directors 

Edmund Dell as .Secretary of someone of his particular ahtii- Th ul(1 b ardlv be a own political future a- to his recently assured a conference comments: “Put a man straight 

state for Trade in order tn rake tl« The fact a - Y» seem* to lh# dnrofion tr , ennsritutiona, of Biblical .schofars: -'There is on a big tanker and he is 80 

up a senior po-.t 3i Guinness haie oecn so liltl^ dppreciat.d Secretariec of c bance. In fact he had been no secret provision in the Comp feet above the water and livin" 

P,at,s not entirely to he regret- refiects had^ on tne party. and ^ gSTS Set f?”" 1 *"® himself » the David accords winch calls fn" in air<n„ditfoned^ 

fd Mr. Dell should have a also on *J”Z*J*™™*J** k^Dshlni^lfio himself ?nda Cabine ‘ as Secretary for parallel action by the Prime tion. doesn't even know the 

good deal to Hirer to a group 3 PP^ a ^ s lQ have tried ^e^J P - „ Energy, but the Prime Minister Minister.’ smell of the sea." 

that has fair pros peels of expan- hard fn persuade him to stay Undo g" wl1 ® 1 H *“^ was noi wUling tn confront But sadly even such prccu- It is such points which make 

sion and there !s no reason o an. historv don at^ Oxford before An,hon - v Wedgwnod-Benn.- lions by the signatories nf 3.W0 Willoughby confident he will 

think that he will necessarily Non c nl this is to cast doubts don at oxt ord tefore Dcl ,- S pro?ress lo Cabine ( a years ago make it an 'uninspir eventually find a backer for 

go out of puhhc life ■ altogether, on the competence of Mr. John " sll _ bt , v Voly.noiv and d ^ l ’ ade ea riior had been rather ins precedent for Begirt and his steel-hulled, synthetic-sailed 

It is also true that lie i> <!■’- Smith, who now takes the Trade c rn t««h advreare’ h-> mt, re sedate. He firsi made his Sadat. No further records exist dream. Apparently 26 countries 

monstrating that the movement pit! ., u was clear from his con- ? * * d nrD ." l> hat> name dn the backbenches as one of the Pharaoh's daughter, now have large sailing vessels 

", kf a tuo-uai process. Mr. ( ( uct 0 f the Devolution BUN - s v’ r,f a trio comprising' . Joel indicating that she was never because these better leach the 

Dell has been a Member of Pjr- ^,3- ^i r smith was Cabinet ' ''.p- -r lh p Barnen and Rnheri Sheldon, an important wife. Nor is there haMc arts of seamanship, 

hament only since 1964: ncfoiv m . lter ial. and his promotion joungesl member of the bo , h „ IlW aI !he Trea51ITT . any record of contact or com- Seafaring Britain is nol 


i>, ’ • ■ — 7 , 7_ movin'! to IPI His successor i< . . a *'««« n an uninspir- wcniuauy nnn 9 paCKer lor 

tether. on the competence of Mr. John . .. " .. b| . Volv-nolv and d ^ l ’ ade ea rlior had been rather ing precedent for Begirt and his £.Teel -hulled. s>-nthetic-salled 

i> Smith, who now takes rhe Trade c rn t«Bh frivnnate who h a - mor,? s^edai®- He firsi made his Sadat. No further records exist dream. Apparently 26 countries 

rement Vlu>1 u was clear from his con- * • JXJ 1 ’" name dn the backbenches as one of the Pharaoh's daughter, now have large sailing vessels 


hament only since 1364: hefmv 
that he worked for 1CI. It i-> a nut 
inconsiderable achievement to 
have ri<cn towards the top of 
the Cabinet within such a short 


reinforces the impression that, a 
new generation uf moderates is 
emerging at the top of the Party. 
No Cabinet that contain* Dr. 


period, and rt.ll to !■•■ able m ^ J 0wen . Mr. Roy Hatierelev! in Dunoon down the Clyde but. tess suited > u \Y 

look forward m a major career wiiham R..d«erw Mr< anchored ,n ,h « main- io Whitehall. invaded 

clKwheiv. Shir} eV Williams and now Mr! ^ream oF Labour politics. U far After the Labour defeat nf 

li is r.h r except iunal nature smith can be dismissed as being removed from the Red Ciyde 19.U Dell wa* somewhat sur ' i_ iL a Hnldnume 
the case, however, that raises j rresounsiblv doctrinaire or ^ I9-0a. He is arabihou- pn.-ed that no company *n tn© QOlOrUrnS 


,r iro.r ivhTi. it ,na- . 1 '..““ oui oespiip t>i? siring of jobs inerce be I ween the two among these and Willoughby 

thJi >r « 1 l ’v 11 h* m ,u po-itics never seemed in grasp countries before the 21st hopes that Industry Secretary 

r te> on . umoer ■ him as it did others from the Dynasty cultap^ed and it* Eric Varley might choose tn 

/ie nas at a grammar >ehool class of '64. To many he seemed sucec.-Mirs first fomcntirtl unrest ignore his committee's advice, 

in Dunoon down the Clyde but. Jess -suited iu West mi ns ter -than in Solomon's empire and then If mu then the former master rf 





a 490-ton square rigger says 
that there is interest abroad, 
not least from that erstwhile 
“suvunir” of British shipbuild- 
inq. Poland. 


ment than u i.- In the Conserea- Interchange 
live Parly. It scent- unlikely ^ , 

therefore ihar Mr. Dell's loss , 11 remains, .i 


res recently background that business mops ™ ™ 

.bour Party up among Tory politicians. £*‘‘ s 10 . pc ‘ s obtaining backine. From Hoovers FBI’ by Wil- 

Cumness Peat came in the f° r a Dim plan tu build a proto- liam J. Turner: "The Director 

Glasgow he rescue before rhe 1374 h! rations. ,v » ,c Jiavp JU ' 1 hee " guttled by (Edgar 4. Hoover) is fond of 


nr the case, however, that raise- j rre«pun«tbiv doctrinaire or 01 tne *j , 7, ' ,. e ,s a . motl . ,t ? u . < P r,!iert , filaf no company m Hie UQIUriifTId saviour " of British shipbuild- 

anxiety. The niovcmrm ihc entirely without abiltry. They ™ h p JI hm1, Ur had - aft, * r Capiam Michael Willoughby is hiq - **»*■"<*■ 

other way rounil-f rum imliisiiy rL . presen[ makings uf a th ' f ILL"! OT i? r anae ^ n,en ! .^7'; still lacking a fair wind fur his 

i»r commerce mm polities — is rpneiin ..hiv «irmv> icam fm- iIip ! hat e ' en Tor,es north of the ence at ICf and ministerial , f Rrinm t.i lead i new M 

not -real and ii \< even mure iea - Lrldbl * ■ - ejm f l!,e border concede lhal he w one experience— just the sort of plan " _ f ,r Br a " . ,, J " e Post dictum 

"n!,s7«l In ,h.‘ Lahm.r" More" r “*» re - . of the more able fifturea recently baek.ermtnd that bus, nr,? 'mop, *™ . 

iripnt than u i- In the Onserva- interrhan-e produced by the Labour Party up among Tory politician*. J 4 ** h ®? Cfc u . f °^ la,nin B backin.. front Hoover s FBI hy Wil- 

nre Fariv. it icm* unlikelv inte ' chan Z e in Scotland. CumrwM Pear canto in the for a Xbm plan t.. build a proin- liam J. Turner: 'The Director 

therefore ihar Mr. Dell's loss Jl remains, however, that At university in Glasgow he rescue before rhe 1374 elections. l >P e haie ju-r been scuttled b> (Edgar 4. Hoover) is fond of 

will he inniDensaleri bv sonic- ,llori ’ ,-i 110 uni? directly to won the Observer's mace, in that Now ihe man who was oiice f . !ie De P artnienl of .Industry's jntttn? pungent notations on the 

one movin'* into politics f runt replace Mr. Dell, anti until there paper's- student debating com- Boys’ - Chess Champion" of Ship and Marine Technology borders- of- memorandums . . . 

ihe oulsirie for th.» firsi time K Skater inu-rchange between petition— as did Donald Dewar London has decided to cheek Requirements Board. He had Dnc e hr was irked hy a memo 

Thprp niavbr a two-wav direct mdiwlry and politic, this kind who held Garscadden for his political career completely, designed a five-nulled. «iiiare- Inal lert little room for his 

but the traffic iVion- uneven ' of e a P " ll1 remain. There is Labour this April. rigged barque will, the same s crawlings. “Watch the bor- 

no reason to believe that he Westminster attracted Smith The t OQOfh uiife car Su capacity as the popular d «?«- nv wrote in his character- 
F ■ * resigned for financial reasons young. He fought East Fife 1 - U-OOO deadweight ton SD 14 ,S “C green ink. Uncertain of 

Experience or jJijjj fie had become more twice without success, was lucky Egypt and branl haves t* motor ship. Bui Ihc cumintitee W *? B * meant and afraid to 

Mr. Dell also occupied a than usually disillusioned with not to be nominated at Hamd- - c ^ems. already concluded one lukJ .Wtndruse Ships. Fur whom 3> R- officials earned out the dlc- 

special position in ihe Labour the political system. Yet for ion in 1967 when Winnie Ewing peace agreement But if there Willoughby designed the ship. tlim . 10 ^ le * etler - F° r over a 


toBarnardo’s 
Her time. 


will he rnmpen>alrri by snnu-- 
on<-- moving into politics from 
ihc iHilsirie for tin* first time. 


-,-- Mrs Finch is a widow with a little 
tune on her hands. A warm, friendly 


hut the traffic i.-, very uneven. 


Experience 


Part}'. and in the Cabinet. It was those who may be conremplai- swept the Scot Nats on io the ^' ere no Nobel Prizes al the that it would nut be com- H . ee ^ 4L.* e ]l lS '?, ere out 

not just that he is an iniel- ing a move to Westminster these front pages, and reached West- ^ me P act was reached in raerciatly viable. along tne Canadian and Mexican 

■ i . r . i i • < ' m i- _ x -• . < - . . ^ —0 .. ft— rt nr- . - 1 .,..a. .. . . __ . ' norn PT*S lirKlirp wha^ fhap u-di-a 


^Y^Btoiardos fay to l ^^p arenfes as 

together is one of the mestwOTth#hite ond 


lectual and a moderate— labour could still be formidable deter- minster via North Lanark in 970 BC there were also some Willoughby himself is certain u . n ^ u .. re w ^ at tbe y wrere 

i« not especially weak in cither renti. MPs and Ministers are 1970. He was quickly picked nut results of the agreement which that the ship makes sense. He w rrn n " lor ’ * 

nf those suits. It was rather too badly paid to make the move by Wilson. His ability rn master are unlikely to bo seen tnday. . says that on the UK-Mel bourne 

that he had experience of buri- attractive, even allowinq for the a subject impressed civil ser- The agreement was betWen run it» voyage costs would be M>ioSr«sl rlrlo 

ness and the City, as well a* fact that there probably should rants at the Department of King Solomon and the Egyptian up io 25 per cent lower than HKMSICol rJu© 


like Mrs Finch are esseoiaal to oiir wi^k. 

^'WenecaJ funds toe&iMeustog$dp 
helpmg families in need- Wiil you •* « 


qualities are. needed m any their own party, if ji r _ Dell the devolution Bills. some ot tne Jana conquered t»y arrive out argues that it would rhe Albert Hall the driver said- 

Cabinet, and 1 hoy will not he was depressed hy some of the Foot had little stomach for Solomon's father. David. stir the hearts of all concerned “ How would you like it’ Larao 

easilv replaced. Yet what he wilder antics of the Labour Left his minutiae of rhe. Bills' pro- In a move which conjures up with glorious 23-knot sprinis. It or molto allegro* " -• • 

rvjd.’ntly thought he lacked was wins, who can blame him for gress. The tenacity with which ail sorts of intriguing potential -would also, he *ays. put an end 

anv ha«iy of crass ropts support- fpeli ng that he might be more Smith. hi« deputy, picked up modern parallels. Solomon to the alarming growth in the / "hhopyiyyi* 

there was*‘fmi a ..ingle group effective elsewhere? the shambles of Lhe first ill- sealed the agreement by taking turnover of seamen and ffieere • . • . UVi 


SanAj«ircheque/PO. madepayable to Dr.Bara^a^^'^:- 
taB^nardp's, FTF :V^;v;.v 

Fie^iok. Ilford, KssexiGeiBR.-' " - v 5 ¥~4-'-'v' T: 


•fft-'n-;.--. - ... : ' .-] 


- : ' ‘ ••^7 ?T.V. ; ^ ^ 

./U . •; • O, 

V -v- * * ■*> >: ■. • •7' ^ 






i 





13 


FlhkkihT Times Mooi&y November 13 - 1#75 


FINANCIAL TIMES 



Monday November 13 1978 




many 





By David Tonge 

SOCIAL PEACE, a change of 
order, and a country rejected 
in the community .of Datrons— 
these were the elements of the 
“ bright. liberal future “ held out 
last year by Mr.-Eulent Ecevit 
in the etecticrn campaign." But 
since he. cause to power at the' 
New Tear .much of this vision 
has receded over ■ the. horizon.- 
The death toll', in- political 
violence has doubled: over 600 
people have tieear killed since 
January. The "cbaatge of order" 
-^loosely-defined social reforms 
— has had . to be ' deferred as 
the Western -financial- com: 
raunity has .obliged the country 
to take a series of bitter 
measures. •- I- . 

Abroad; it is still .perhaps 
early for the Governments in- 
itiatives to have yielded but 
limited returns. A sense of. 
movement has at last been re- 
imparted to Turkish foreign 
policy but with the important 
exception of some improvement 
in military relations with the 
U.S.. few of the birds have yet 
come home to roost 

As the snows sweep "in over 
the vast Anatolian lancLmass the 
prospect. is- thus .a bleak one. 
Unemployment is more than 20 
per cent. Prices are rising at an 
average of five per centreach 
month. Factories can only work 
at half ca parity. There are 
shortages of fuels, raw materials 
and. of course. foreign 
exchange. It has reached the 
point where Turkey is even out 
of Turkish. coffee. But despite 
all this, in the midst of their 
woes, the Turks retain a striking 
faith in their future. Growth, 
they are all convinced; . .-will 
resume and, what . is . .more, 
under a still democratic regime. 

The country . is now coming 
out of, the trough, they suggest. 
I>pbr restructuring is proceed- 
ing. Business confidence . is 
heginningi ta pick up. at- home - 


Despite a continuing economic crisis and a surge in political violence, most 
Turks retain a strong faith in the republic's future. A stable Turkey, 
as the eastern arm of NATO, is also an essential factor in world affairs. 


and abroad. And they trust that 
1979 will be far better. 

“Turkey is a beehive of 
activity. The soil is alive. A 
.movement which. -bone can stop 
iRfo;mbtipn.”Ws the.op position 
leader. Tfc.' SuIeytnaii” Demirel. 
t-lftp- m her Turks he stresses the 
retent 7 per cent annual growth 
of. the country and its huge 
resources -— its .agricultural 
potential, '.-its mineral and fuel 
deposits and its population's 
tradition of hard work. 

Coupled 1 .-with ' such claims 
come the Observations that the 
Turkish Republic is a mere 55 
years old; that its inheritance 
from the Ottoman Empire was 
poverty and ignorance, and that 
its post-war development is 
being achieved under parlia- 
mentary rule. 


Stimulus 


There have been two slight 
spills -on the way. with the 
.military .feeling. obliged to step 
iu both in 1960 and, more dis- 
creetly, in ,1971. None the less, 
in a way-rare among developing 
countries, it is through economic 
stimulus rather than- political 
coercion that Turkey has started 
.on, the painful! course of its 
industrial revolution. 

The changes involved are 
:huge. .Since 1950 the population 
of the cities has swelled from 
3jRm fiflSm. This massive in- 
ternal .migration, -has over- 
strained the .cities- ! The shacks 
around,, them now; house over 
half their populations. 

Just as there 'is a huge gap 
between the" eity_ ; centres ami 
the ; slums, so there remains a 
divide between the^devetopirtg 
-wesf of'fh'e country and'-the de- 


prived east* The average urban 
income is four tunes the average 
rural income — and the east lags 
far behind this average. 

The continuing rise is popu- 
lation is an integral cause of ilie 
strain. The growth has averaged 
2-4 per cent io recent years, 
meaning that around the turn 
of the century Turkey could 
have the largest population in 
rhe Western European commu- 
nity which it aspires to join. 
Bur family planning services 
fag far behind the call for them 
and the health services are 
starved of funds and personnel 
— even if more attention is now 
paid io this sector. 

Thu persistent failure to 
implement such measures as the 
long-promised land reform 
means that the lot of the village 
dweller remains a sorry one. 
There are a few projeers which 
aim to improve matters. But 
change in the traditions of 
centuries and in particular the 
filtering in of outside values 
has only strved to speed the 
flight from the land. Emigration 
is no longer the safety valve, 
however unsatisfactory, that it 
was. Instead the migration to 
the cities has provided part of 
the social base for the political 
violence 

Ten years ago the dpalhs nf 
two students in an anti-U.S. 
demonsi ration shocked the 
nation. Today the death loll 
averages two each day — and the 
shock is to the visitor who finds 
that many Turks live expecting 
they nr their friends could he 
the next victim. 

U is a massive problem and 
r»n** whose solution is little 
helped by the political parties' 
failure tn agree on the causes. 


While head of the Government. 
Mr. Demirel had as his coalition 
partner thr Nationalist Action 
Party of retired Colonel Alpars- 
lan Turkcs. Today despite the 
irrefutable evidence of NAP 
members' widespread involve- 
ment in murders, Mr. Demirel 
refuses to blame the anarchy 
on anybody except the “ com- 
munists.'' 

With the NAP having infil- 
trated itself in the stale machi- 
nery and the ultra-left group- 
ings long meeting violence with 
violence, the' task For Mr. Ecevit 
has been a huge one. Ever 
since taking office he has argued 
that the mounting death ml] 
reflected desperation and frus- 
tration by the militants. But 
he has made some progress in 
bringing the security services 
under control. The British and 
West German advisers to whom 
he has turned have reportedly 
been “ amazed " at the state in 
the Turkish police. 

If this sector has been dis- 
piriting for Mr. Ecevit so too 
has the economic situation. In 
this case as well his legacy was 
a bilter one. Just as Mr. 
Demirel had failed to stave off 
the economic crisis of the fate 
1960s so he again allowed Tur- 
key io spend itself into virtual 
bankruptcy in the years 1975-77. 
The cartoonists have depicted 
him 3S a reckless spend thrift 
but arguably it was weakness 
which underfay his policies, nr 
rather the lack of them: his 
factious cabinet could never 
reach agreement sn Jirtle was 
ever done. By the time Mr. 
Ecevit took over the only way 
left involved reaching an agree- 
ment with the International 
Monetary Fund. 

Thu measures demanded by 


the IMF have been classical- 
insistence »n belt-tightening, 
austerity and balancing the 
books. But they have led to 
biLter rcsenmicnt. holh From 
the Turkish people, which has 
seen the price? nf it.? basic 
necessities doubled nr even 
trebled, and From the Govern- 
ment. 

Mr. Ecevii's followers say 
that he fears the IMF’s insist- 
ing on the fulfilment of all its 
demands will lead io his having 
the same fare as Portugal's 
Mario Soares. Their leader has 
called on the Fund to give 
more consideration to the poli- 
tical and social conditions or 
countries without having ul- 
terior political considerations 
itself. 


Blockade 


The belier ihat Turkey is 
being subjected to some form 
of economic blockade is in fact 
widespread. Just as the DIF is 
felt tn be dragging its feel so 
are the Western banks, the 
EEC, and the OECD Aid-to- 
Turkey consortium. Less fre- 
quently heard are the harsher 
arguments. If Turkey bad last 
year accepted the IMF's de- 
mands The situation might now 
have been brought under con- 
irol. some hankers say. Others 
add that, however high the rales 
to be h3d from lending to Tur- 
key. they do not want to do this 
merely to be faced with a fresh 
crisis in the early 1980s. 

This feeling uf persecution 
by the West arouses historic 
memories, nf the capitulations 
imposed on the Ottomans, of the 
Allied occupation of Istanbul 
after the Fn -t World War, and 
of the way that the young re- 


public had to lahnur for 31 
years to pay off the Ottoman 
debt. For all the present in- 
terest in attracting foreign 
investment, foreign capital has 
always been treated with reser- 
vations. 

Such disillusion coincides 
wiib the promotion of a new 
generation to head the civil ser- 
vice and armed forces — a 
generation which did not live 
through Stalin's territorial de- 
mands on Turkey, but which 
does recall the U.S. opposing 
Turkish military aid to the 
beleaguered Turkish Cypriots 
in 1964. With memories of the 

three-year Congressional arms 
embargo still fresh there is ihus 
a strong tide of scepticism 
about the relationship Turkey 
has had with the West. 

AH this comes at a lime when 
Turkey is developing its 
relations with Moscow. 

But there is a tendency in 
ihe West to over-react to these 
developments. "Do we complain 
when Mr. Vance eops to Mos- 
cow?" Mr. Ecevit once replied 
when asked about his own plans. 
Neutralism is less on the cards 
than seeking to adjust to detente 
and to put some balance into 
relations with the West. 

Philosophically. Mr. Event is 
far more influenced by West 
than East His followers dislike 
the term social democrat, feel- 
ing this has overtones of 
Marxism and call themselves 
"democratic leftists" instead. 
Mr Ecevit’s parly has now 
joined the Socialisl Inter- 
national and he sets as one ai*i 
the strengthening of the 
economy so as in enable it to 
enter The EEC. He has allowed 
the reopening of U.S. bases in 
Turkey and is to negotiate a 


new defence agreement with 
the U.S. Such is hardly the stuff 
of neutralism — even if Mr. 
Ecevit is attempting to have his 
cake and eat it by seeking 
acceptance by the non-aligned 
world too. But this, arguabb*. 
is also out or the desire to win 
more international acceptance 
for Turkey’s ?iand on Cyprus. 

As the Prime Minister who 
dispatched Turkey's "Peace- 
keeping Force" to Cyprus, Mr. 
Ecevit — or so the West hoped 
— would he the man best able 
to withdraw it. In The event h<: 
was quick to ensure the tabling 
of the Turkish side’s long- 
overdue proposals lor a .settle- 
ment But the prnpn-als were a 
harsh shock to thnre who had 
hoped they would mark a 
significant stop towards posi- 
tions acceptable to the Greek 
Cypriots. Equally. in the 
potentially explosive Agean 
he rapidly arranged a meeting 
with his Greek counterpart and 
has since encouraged a dialogue 
between the two countries. But 
he is also demanding that 
NATO should redefine the areas 
of military command responsi- 
bility in the Aegean. Turkey 
estimates that around 40 per 
cent of the area was put under 
Greek command in a mid-1960s 
adjustment. Now. or so the 
Turks say. Greece should only 
be allowed back into the 
integrated command of the 
Alliance once this problem has 
been solved. 

His style is thus very different 
from that of his predecessors. 
Turkey's positions may be tough 
bur they are clear. 

It is a measure of the hopes 
that Mr. Ecevit had raised that 
so many Turks shmtid be dis- 
appointed now. Mr. Ecevit 


himself can hardly be described 
as cheerful, though he believes 
that the groundwork done this 
year must eventually lead to 
results. 

In this he appears to have the 
support of the armed forces 
who. having burnt their hands 
in the 1971-73 martial law 
period, are reluctant ;o be 
dragged on stage again. But he 
is attracting the inevitable 
criticism of the opposition. 

On his left, the Turkish 
Workers Party. TIP. is disturbed 
at his recent arguments that 
even the slightest relationship 
with the left will reduce the 
chances of his Republican 
People's Party, wooing over 
the centre voter. The left be- 
lieves that Mr. Ecevit has failed 
to make use of the support 
which he had from the numer- 
ous professional bodies and 
associations and which cam- 
paigned on his behalf believing 
him the only alternative to the 
fascist threat they perceived. 

On the right, the fading forces 
of the strongly Islamic National 
SaJvaiinn Party are far Jess hos- 
tile tu him than is his predeces- 
sor in office. Mr. Demirel. The 
latter is still smarting at the 
way Mr. Ecevit attracted a dozen 
of his deputies away last winter, 
giving them all ministerial p'»ri- 
fnljus. Now reconfirmed ai ih^ 
head nf his parly, Mr. Demirel 
is continuing his riuht-ward 
course. He has won a mandate 
from his pariy to leave parlia- 
ment if necessary. 

He also retains his readiness 
to co-operate with rhe National- 
ist Action Party — despite ihe 
failure of previous coalitions, 
despite, the NAP’s demands for 
martial law and its members' 
frequent violence and despite 
the lack of faith among the 
larger businessmen that such a 
coalition can manage the 
country's bureaucracy and 
economy. 

The. present coalition com- 
mands 229 seats in the lower 
house against the opposition's 
217. The alternative “grand coali- 
tion." that of Mr. Ecevit and 
Mr. Demirel, is desired in some 
business circles and has been 
canvassed by some Western 
countries in the past It is hard 
tn see what this curious alliance 
could arhieve and its chances 
seem remote. But manors 
could change, with one potential 
influence heing if the Shah's 
position were to alter and poli- 
tical shock waves spread over 
the border. 





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ARAB TURKISH BANK 

ISTANBUL -TURKEY 


™' The roots bf the crisis lie i n ■ ■ Ca}igesti(m. of trefficinthe overcrowded streets of ision bitfc isUie'aiU^ 

the past and principally centre loiig queues in places such, as Taksim Square Bus Station 

around two elements:, high • - v . v'; _ 

growth and rapid indnstriaiisa- The impact of these measures *But it-j* probably only; by one. That -he. feeis-rthi^'M^? 

tion, relying on tariff, protection cannot . be expected 'to • Jn demonstrating. convincingly that deeply 

and public 'deficit spending and immediate, and it lsiondy over^a all poj^ible efforts are being He is ph-.'recDEtJ 

failure to adjust' to the inter-periodoftlme that their firmts mede to overcome the payments he haa w inienfiqn.^ ’pyhMtgr s 

national inflation- and recession can be collected. * - , .-crisis and reduce -inflation taatTurktsfi.' demctCJiacy Tnt^.* !r <^lf| 


... 


mi -- 


’S.v 


mm 


7 $- 




Congestion, of t^xffiajn the overcrowded stredts of himbuXisUie 

tariff queues in places such as Taksim Square - ' ^ 

-. . ^ - ----- r&zrS&s 


4dKV 


which follnwed -the - ail revolu- . • Tins ; fact reriiajiui,.' , however, it is realistic to expect an in- bed ijy getting;- the 

tion of' 1973. If is - possible to that at the end. of. the; fltsfrj#. crease in such credits.*" .7. .■ - of -ope. 7 jfe woiUd.-o^Si 




ADDRESS: 


‘ CABLE: 
TELEX: 
SWRKD: 


CUMHURtYET CADDES1, 8/3 fP.O. Box 198; OSMANBEY) 
ELMADAG, ISTANBUL, TURKEY 

ARTUBANK-ISTANBLTL 
2214& ARTU TR-2343S ATUB TR 
46 12 97/46 12 9S 


■cmcieHcy.- onreauLrauc mao- -me. vaxgei:.u. *3- Dro b a biy-toward&-the end of this nas ..QGjer 

£****«! *?*** t ? conomic f ver ? i“POrt» n t.ttlda ; --.?ijiU.-i oi) th i these comridgraHoi* are 

management. ■■■ ■ Hop . has - continued at a high !:^r, ecte d ■ td . do'niiiiate - .the .- Understandably; 

V\ . . ? te a °i even , ?. ccel f E f t S d . Wlt 5 - agenda. . has to raamtaip; an 

Uuestion ‘ Sirl T ? There is already .speculation between econohuY.amS & ^;;| 

Rut antmrtinninf hiam» and S? m quartet, of . .M77; t j, at the IMF may not release consideratiqns.^d m^y.bet,pon-.J 

mSfiJ the third tranche unless Ankara sidered 


S3”* JSffELEE contributed to a growth ]»• undertakes to tighten belts . fnwtratiqmL W-ltfcW :*&&1 

fruitless. The principle question employment, which stands at -.20 furt h er . The continuation of in - . th£ : “ foreseeable -' -#ut 

nnur ic urtiAthor TiirlCAv r~art nrtx. nay i- hinkart nwm ... • : - -rrl 


Shareholders: Libyan Arab Foreign Bank 40% 

Kuwait Investment Company 20% 

Tiirkiye t? Bankasi A.§. About 20% 

Anadolu Bankaffi A.$. About 20% 

Emek Turistik Tesisleri l$letmesi Limited 5tL 


. x . _ . ... . further. The continuation of in . thfr' ^.foreseeable'-' -4uture-ri 

™ SIS E! °ECD-the fund's “green light" is vital 

vent Itself from slumping into Fresh trade credits hay& been j n general because., the. entire impOMilile^ :bqw ; he^t£j 


aT, AfS^ T ’^ii T t Ce fr°nA«,«r Mr ver y^ inad equat e and 1.%. foreign international comjnuni^s .eyes. n3ainta , tn^i^,.^uihbrii^ ^^ 
pAjtor coming to i power Mr. exchange bottleneck cog* not are on it> . and m particular WhethCT^indwd^it^ Is ■- 

Ecev t adopted an economic be broken despite the Tact that- ^u^ the fafe of a $50 oin loan ibrium w&ich 6an be L'"-: 

stabilisation programme and the current account deficit evodiration hv in^rr^H^nai • _ “ ^ 

signed a stand-by arrangement reduced by about $Ibn ^, n J« hanes on^it rob^ 14 ^ There v.i^ j.Jiw^ ^ ^ . r ymay^.:; r.t'-: . 

with the IMT -in April prwid- The foreign exchange fanUWe- - U ’ *■-..< & * : " 

ing-For'a total- qf $430m over a may have started a vicious cffcfe tlfrfaiilf ' - ! ' : - '■- * " : 

period of two years. eff«t. Shortage of impoS ?U«aUUv.--fri-,.:.- "i - 

Simultaneously, work com- raw materials and spare uarb " ^ ^ a * r -" '* ' 




New export item from Turkey: 


Simultaneously, work com- raw materials and spare 'parts' * nnder the tormi nmnMMi hv _Iw ^ - • 

r K industry, the Ul Torkish -JSSTSS-'m ■Jt^^'^SSSSSSF^ 

short-term debt .burden, which, duction. which in turn is *hu.iw;w AU ,< M « j 1^’- 



short-tenn debt .burden, which, duction. which > turn is 5i s: iS5wUt£ .YnTeVent which “.SftW 'TF'- 

tral^b'^S^haa’famnd iteelf^nl - decreasing exports inereos- .^uspemb limits the 1 KepqBHc rudely, 
tra! banks has found itself m- mg unemployment^ while ilie of TutMy % s. ability tn .utilise the. Tiufto to 

L’ffJiiV f "2SL .1 £ f^e^Uou vof manufac- .,*««« of tie IMF, tadddlig i *E : ! 


middle 5f 1978'there wa* $T.2bn SSKTaKd* » pe7 ^ S«i?e J S'SS •'• 

dishuned short-term debt. In the second hell of OUT. This ,3*13' Fuller -g».lSB!fc l < * < t ,‘-4W ±jUy. 

Sd.3bo disbursed medium- abd rute hu derrejsed further in ?He™Mabiri«^“ ihe^ ^Snd :■ 

longterm debt MWM un- 1978 due to depleUou of storks h^of ' S-jL&J 1 „ ou tfS - - . 


strfaistsi^ . apt J. ..'. " ; . V ' , ‘ 

inA^tc* -nra'ital .fWBrrf- >,e - : - " ,h 


From being completely settled, about 7 per "cent per annum facility " ' luiuae- ..“ tPWsWKv^^T'' "' 

2K.*L!* . *&»? undertakings pit Mr. Srm1i» =s : - - 


tion 'programme, as Explained by crisis, wis Sue of the WghM 

the Ministry of Finance were-: in the world: ' The GNP rate of bS 'the bullet ?nd contSme Xo ™ er& £. >S; »g " " 

^To- restore -batance paymbnts increase hi 1977 was 4 per cent tighten ~ the belt (which the believp ..fb»F- *f. • ‘ ' 


employment. 


The measures taken were the mus t take additional stabHisa 
classical ones : a devaluation of (jon measures and press on witt 


clear that Mr. Ecevit hi tKe^ ^ Third: World. Mr. E?etit - 


‘he Turkish lira by 23 per cent crisis management. This 1 
against the U.S. dollar and sub- already been suggested by i 
sequent readjusting of the cross IMF, the OECD and Turkish 
exchange rate differential!, a dustrialists and businessmen 
tight budget policy, limiting the "An increase in foreign trc 


compatible 


- — - uuoumiiou .iuoiiiimuisu. uewuos Ut b|iu>, lit IU<U ; • :«. . . 

tight budget policy, limiting the "An increase in foreign trade IMF 'prescriptions go hand tnan -foreign exchange; •••.•c 

net assets nf the central bank, credits is badly needed." states hand ewith military dictatorships paUeI1C v : 'r : .-_ ^ I?* 

reducing imports and the like, a confidential OECD reports or the:.dangers .of. coming under . •. v IVie% M urtff i 


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. 1 / 


- T—- uf- - .- 


THE ISTANBUL popular daily, 
Gunaydin. recenily published 
some photographs of members 
of the Nationalist Action Party 
posing with revolvers in from of 
photographs of their leader, 
retired Colonel Alparslan 
Turkes. 







The NAP’s explanation of 
these photographs was that- its 
members were “rehearsing a 
play." But there is litlie theatre 
m the political death toll this 
year — now an appalling 600. 
And there is little" play-acting in 
the ranks of the NAP. Of the 
1.800 people under arrest 
because of terrorist activities 
over half are rightists, nearly 
all of thesj- belonging to the 

NAP. according to- the Prime 
Minister. Mr. Buiwit ErevtL 


of Turkey. Then the police 
seemed to give its militant fol- 
lowers. the Commandos, a 
flickering green light and the. 
intelligence authorities appeared 
to sympathise with it. But now. 
as Mr. Ecevit puts ii : “The 
rightist terrorists who had prac- 
tically got hold of the- state 
mechanism but have lost it after 
we took over have become very 
frustrated.’* • 


•> .: <v. 

<a =i-.^ 


Terror 


The charges against some of 
Hie leaders ->r riie .youth 
organisation*! nf the N*AP range 
from handing out the cuns used 
for murders tn actually commit- 
tinp 'nuirdpr. Phntnjrraphs nf one 
nf their several training- camps 
have recently appeared in' the 
Press. The prosecutor i* investi- 
gating the party; 

■Ml this 15 a major change 
from the days before the new 
year when the NAP fits symbol 
the w’nifi was in power and it« 
leader the deputy prime minikicr 


. Frustration -for such militants 
means terror for many. ■ NAP 
sympathisers have dragged rnem- 
hers o£ the non-violent .Marxist 
party. TIP. the Turkish 
Workers' Party, from their beds 
pod shut them. Tt is they, who 
appear fo have gunned down 
prosecutors and academics i n . 
vestigating their activities. They 
have lobbed bombs mlu student 
safheringfr.and shot down profes- 
sors who had never been in- 
volved in -active politics. 

The Tear nf .assassination 
keeps many,. a i home in what is 
80 undeclared- curfew where 
«*n leclurers can expect to he 
given police bodyguards. 

In- 1977, Amnesty Inter- 
natipnal concluded that the bulk 
oT politiral violence. was 
initiated by the.pfeht. This long 


continued ta be the pattern but ' triggered off- day s. af- riow&i? \ ?*■ **•« : 

now; fiS the police have begun not least^ because the'ma^oiW^- v'^V 
to adopt- a slightly more .even- one of.Turkey’s 5-6m-K'ahfe^- f •: .A'v -~- 
handed approach, the gouehistie This'. .hew. and . potent cdl^s^K -' -V'> v ; 5 ' *c- 

left'-iw' increasingly -Settling old ! plosive' fofm of- tetisnhr rpfraS:^' r , 

scores,. In .t hi s,, the tnajor organ- the change' in tb© 1 vfWH^. "-'■■■ ^y-' - : ' 

Lsatidw? LCD ftlic pro-Moscow strategy,-- ljig>ally, : :jtlcqhcgh’ -v- .'. 

Progi^site ■: Youth of. Turkey) ;imetr ^nWhe-vih Iverslfe f W •- 

■and Devgenc (the large student sought to estaBHsb foothelde S 1 ' - ' 

.body,. Reyolutiqnary. Youth, foi- the deVel«p<aL ; . west- .! 
lowing a, maty. aggressive polltyr country, ; •;«?: -.'V.-' l V^V--' • 

than 1GD). are not attacking the Bat _ ' va notS ; ' sitid ^ f 1 - 

mstltutipps of State. Instead stressed hpw/H has since 1 ; 
their. . target are the extreme paigned lor ^rgport T 

yigbi ; whom they see as ^rraS. qf Central ah'd'-Ea^sti;'- . : » ' ■ 

ihreatetdrtg.to bring fascism to Anatolia :wtierg’ .capitaUstn.^ha^s ; ' «u 

Turkey/ Bpf^sdnae. of the sman/nql yet- fc^ejic'ippti^wh^jw ite -, ™ qT ■>. 

groiiphtss on the extreme left approachTs st^as thresteBHig. * - t 1 I Uj* 
a re closer to the- Red Brigades the pat tews “Of veenturi^-'^od "> “fe. 

in tfieir /approach; in part icular. ..where trs^i go element^ 


the Acilciiar and the MarxisT sociefy weicmpe;an " i 

Lenkli^T Propaganda . Union:; ; to the p^ernsiif: 4 eyeftipnient : "_ 1 ' fV , 
SoriniK- entitieh as thirf aikn-i. •.'so Gar- seen- • • '■ r -.. • - • - . **3 


»fT Ur 

,0s <tli 


Serious- enough as this situa- so far- seen- ; 

tion fe -fliepfif'are even- mdrfe i-Mr. Turkeys :jfart.v lies ■£&*& 
worrying- aspects to. the problem.-.WPldiy . in . thpse . a teas. ^ 

In Siva's* in September, nine . growth is urit^-^OBe^^ho^.. 


‘ S'Owi, 


members . Of 'the -focal Shiite^; 'Says'TdB^tffe'-TS 




Mnce- ApriK-when a. parcel bomb 

killed the mayor of-Malaura and. . y’i: 




-.v . .r=««Ri r .^. - ■ . « 

• ; ’> r -' 

. _ " C ■■■ 1- . . -.■■■■■ - • -.'-x..~v; j-t .iW-‘ 3 % 3 iii£E£y. ZJjiCEd 

• : . •.. ■ - j 

.. ■ v rf — . — U »Jaco«IS; .■ 


% 

VllB.T 

















ON NOVEMBER 16 two ships 
from the Soviet Navy are to 
irrive in Istanbul Tor a fly e-day 

^ofndal visit • .r*. ' ' ’7.' 

■ - 4 ‘ /;) Istanbul, which. astride- 
wo cqatinentB; is irot unknown 
•>■%, ’ 0 Sovwt seamen who frequendy > 
"*f v « iaVigate the - Bosphorus r back: 

3ESU •’kind forth between the Black. 

Iasi sjnrt tHo M^HitomaAnn. • 


f 

BU8SA;* 


f AMASYA 


TRABZON 



* T ANKARAw 


•KONYA 


5 KAYSERI 


nWLATYA 


•DIYARBAKJR 


MEflSINJ 


ADANA£GA2IANTEP . 


1SKENDERUN 







SY8U 


■ ; -;^ea and the Mediterranean. ; . / . eSOSEHB^^'^IANICARA^ ERZVRUM^^tJ\ 

7 Last j?w over 200 Soviet Nexcy . • N* v. ^, v ‘ ^ / y N 

y-^lhip^^adadfpg the . aircraft; K Hik ^-lZMlR — -^p^AFYON t jiT \ •• . — , _ — -gp* \ 

?]» farrier V Kiev — -aSdalarge -Jr." 0 * ; >K, , KfiYSFRi v 

' t&Htohber-- Tof merchant ‘ "naty,; jsIggajVMlW i 8 — i ~K 0 irva }*' ^^AAIATYA" / IRAK 

. M^sJ:>>WWed.-,#«1>gh % •“ KYA V •DIYARBAWB k 

OBoepfaqras; . But it- will be the' ■ \ . v?. , v ..— ■* ^''.anAMA^ ca7iaktep __ - j 

feme sinceTin-key entered gpg|p§Bp£-j&.'..- ie; . ‘ 

I JfATO--. that ^Soviet- 'ships -VH1- MEflSlH jg s^/ ^ ,./ i 

M Jp ^°^ ln 0l fcS , - y^^ ^JSKPXD ERUH f (R ^ \. 

%- lj testroyers^ will ea& -to the Black ; S Y 8 l I 

tegumingvi Deceraber io repay' ' rjj=c 

‘ Turkish -Sovier relations hare ■.•:• . i.. 

W lie. om * a long way- ^hce 1 ' the' end '■. " ' ■■■-■. ' • 

f . ^ f World War’Two when Stalin • •..:■•-• 

i i, :■'■ enounced the, 1325 Turkish- badly. AboutSo per cent of the aidering a radicalcbange in its Turkeys foreisn policy. Mr. 

oviet Treaty of Nentrality;and Turkish areenai. is American- posture either now or in the Ecevit appears" to believe that 

on-aggression - and / 'niade supplied. -'The. embargo was foreseeable future. “ the West owes it to Turkey to 

territorial demands^ on Turkey, partiojlarlypainful because it The fear of Russian aggres- extract it from its dire straits, 
thkara rejected these. demands, coincided with a period of crisis sion. which for so long Turkey can no longer tolerate 
rtiich Stalin’s successors later in- Turkey’s relations with dominated Turkish thinking being the lonely and poor 
ailed " idiotic "—and Joined Greece^ ■ almost exclusively, is no longer guardian of NATO’s eastern- 

IATO. The Turkish, generals could the principle factor. Two factors most flank. It should be helped 

not have -relished seeing the which are arguably more so that it stops being the only 

l^hrvicliphpv balance : m- the Aegan begin- prominent, have cropped up: under-developed member of the 

1VI11 UMItUCY . . ■ . 0 j Dg a, tip jn favour of Athens °ne of them is the possibility? of prosperous EEC and NATO 

After the ousting of the erratic while their hands were tied by a confrontation with Greece dubs. Otherwise, he threatens, 

□mishchev. the Kremlin has the embargo and the economic over the Aegean Sea and the Turkey will look ‘ elsewhere, 
-ursued a consistent policy of crisis which prevented- them other the economic crisis which It is unlikely that the West 
uilding up a sense of security from shopping Tor arms else- has had Turkey in its grip for wilL or even can, pay the price 
i Turkey which has paid off where. ‘ nearly two years. which, other considerations 

andsomely. The embargo’s real damage. The Turks and Greeks have is Immense. The West 

Since the mid-60s, exchanges however, was moral: it under- been interlocked in war and ** Purposing that Turkey should 
f top government leaders -mingA probably permanently, peace for nearly 900 years— but f ° ! s et llB development average 
ccured and in the past decade Turkey's confidence in the VS. n*rer in love. f f 7 P« r ^ 

ie Soviet Union became one of — *nd, by extenaon, NATO— The Greeks bitterly resent ^ ^ ^ 

le biggest suppliers of project and reinforced. Ankara’s sus- the Turkish intervention in f ^ r ! 

redit to Turkey. / . picion that in the event of a Cyprus _ which they blame ° a more realistic rate of t*o 

In June this year 5 Prime Turco-Soviet confrontation the NATO for not stopping— and Dr J 5 

tinister Ecevit paid a visit to VS. blight leave 'nxrkey; alone, ^ar to the point of paranoia ^ hZ 

■te Soviet Union and signed a ; To understand the impact of thi \ Turkish claims over the * ; DflaI St and unem 

political document on friendly this on Turkish thinking it is Aesean seabed and airspace S^Tnt rates irthe OECD 

slations and cooperation ” with necessary to underetand * that conceal Turkish termonal ?i_ y ^- e ^ t ra f ;!! . nflt L P j n .: 

le Soviet leaders. ... .fear ofSorietaggressiou has designs on their Aegean He 

While in no way a non-aggres- been, the .cornerstone of the possessions. believes^ that even the demo- 

mn treaty, the r document Turits 1 defence \aad foreign While rejecting this crane svstem is at stake, 
ecame a new landmark in poliri^ for centuries. ■ vehementiy. the Turks argue To assess the possible impact 

etente between. the two historic “We have to ensure , that we that the. Greeks want to oust 0 f the West's refusal or inability 
nemies, Mr. Ecevit also do not become the first .target them out of the Aegean com- TO come f ort h with sansfacior>' 
. rought hack: a promise of 3m hi a nuclear war,” sa^ an elder pletely and isolate them in the on Turkev's foreign poliej- 
ms eff ^de -oti-' a. year in /Riikish statesman. we West by invoking a host of | S . a: this time, impossible, 

cchange for Turkish wheat-and should ensure that we don’t racial, religious and historic However, one doesn't need a 
■.her commodities and increased become a target at alt” prejudices against the Turks, crystal ball to guess the chagrin 

reject credits. .. "It is probably similar con- The dialogue which opened at and disappointment it wiLl cause 

The Cyrus question, one of giderations. which prompted Mir. Mr< Ecevitis insistence between jn Ankara, 

he principal factors contri- Ecevit to build up new defence the prime ministers of the two The economic situation has 

uting to the reshaping- of and foreign ■ policy concepts, countries early this year hare added a dimension to Turkey's 
•urkish foreign policy in the While as yet more philosophical led .nowhere although a number relations with foreign countries 
•ast 15 years, appears to have than practical, these policies of talks at lower levels have in general. An increasing num- 
feb been the gauge for the reflect a change of attitude to been held. her of cabinet ministers are 

mprovement in Turkish-Soviet recent international develop- _ * m visiting a growing host of coun 

elations. ments. which affected Turkey tries purely on economic mis- 

For Mr. Ecevit, who was intimately. . sions. a relatively new pheno 

^iroe- Minister then also, the Basical^. Mr. Ecevit believes • The dispute over the Aegean menon in Turkish affairs. Most 
Joviet silence must have been a that Turkey’s • contributions to continues to be potentially of their destinations are in 
•ery welcome move which he NATO far outweigh the benefits explosive. The hostility between Eastern Bloc and Arab coun- 
ould not easily forget. • it -accrued and, furthermore, the two may be compounded tries. 

The American reaction to the Turkey has been stabbed in the after Greece’s accession into the After the embargo and. in 
Jyprus war, on the other hand, back, by the American embargo. EEC Fertile Turks the possi- particular. Mr. Ecevit’s acces- 
vas something which neither Thus, while remaining in NATO, bility of a : conf remution with sion to power, there has been 
Jr. Ecevit. nor any other Turk, Turkey must see to it that its Greece is more real than a war persistent speculation in the 
s likely to ever forget... NATO membership does not with. the USSR. West that Turkey may be 

The arms embargo, imposed become a threat to its With the repeal of the slowly drifting outside the 
>y the C.S. Congress : acting at neighbours, embargo, the Cyprus question Western camp into non- 

he instigation of the - Greek- . Turkey must build up a ring has receded into the background aligned pastures. There is no 
American lobby, lasted three of friendship around it so that and, in the words- of a Turkish evidence to support this specu- 
rears and did' irreparable it is not embroiled into a con- observer, become “a secondary ] at ] on> Turkish foreign policy 
iamage to the once “perfect” frontation 1 with its neighbours, nuisance." is j UST becoming more pragma 

Pnrkish-Americah relationship. It would be dramatic but Kie economic crisis is the tic ^ se if>interest-oriented. 
n»e Turkish armed forces, par- incorrect? to interpret these as newest factor to play a role in AA 

□cularly the Air Force, suffered, meaning that Turkey is con- the shaping and confine* of !V1» JW- 


,yJ 

LX 


Garanti, Turkey s Corporate Bank.is continuing 
its dynamic growth. In J977 we had witnessed 
the largest increase in savings and corporate 
deposits of our 32-vear history (corporate 
deposits grew by 57%). 

During 1978, deposits to Garanti from foreign 
banks increased by an astounding amount, and • 
this at a time when Turkey was most pressed for 
funds from abroad. Convertible Turkish Lira 
(CTL).deposits grew by 137% during the first 
nine months of this year. 

To explain how CTL deposits more than doubled 
at our bank it would evidently be fair to say that 
more and more foreign banks preferred to deal 
with Garanti this year. 

For, what we offer in banking services will make 
Garanti the most sensible choice for the 
enterprising banker: 

• A highly professional team of experts. 

• Quick and efficient service, 

• Garanti Bank s willingness to put its own 
foreign exchange position at correspondent 
banks toward servicing, as first priority, 

CTL deposits. 

• Smooth and timely processing of acceptance 
drafts from our own exchange position. 

• Ability to conclude speedily special banking 
and commercial transactions involving 
outstanding trade payables, exports, etc... 


Today, with 244 branch offices, correspondents 
in the" four corners of the world, representative 
offices in Zurich and Stuttgart (and two to be 
opened soon in London and Frankfurt) 

Garanti is providing international banking 
service of new dimensions. 


TURKIYE GARANTI BANKAS! A.$. 
Sutor.cni ot Condition at December 31, 
thousands of Turkish Liras) 


ASSETS 

19T7 

1976 

Cash and D«. from Banks 

2.393.09* 

1,690,598 

inrer.tniezt Stxuciux-i 

90,113 

37.992. 

Loans 

■4,593,4?? 

4,499,013 

Equity Participations 

Premise*., Equipment and 

421,369 

518.433 

Other Assets 

839,445 

460,527 

TOTAL ASSETS 

8.843.082 

7,006,568 

LIABILITIES AND EQUITY 

Deposits 

6,892,553 

5,620.018 

Funds Borrowed 

691, 8S3 

729,535 

Other Liabilities 

927,295 

460.305 

Equity 

331,551 

196 710 

TOTAL LIABILITIES 

AND EQUITY 

8.843,082 

7,006,568 



GARANTI 

the corporate bank 
in Turkey. 


187, Isnklal Caddcsi, Istanbul-Turker. Telex; 22957 gafb tr Tel; 43 14 60 


CONTINUED FROM PREVIOUS- FAC* 


rampant and social inequalities 
axe staring. 

“There is no. need to copy 
the sadistic Slav Marxism' or to 
embrace the cold capitalism of 
the Anglo-Saxons,” he has 
written, calling for a “ third 
way.” He. dismisses social 
democracy as “the democracy 
of the employers” would 
introduce castes rather than 
classes, abolishing parliamentary 
rule and introducing prime 
ministerial rule. 

His ■ emphasis on ■“ Turkisb- 
ness ” is seen by his opponents 
as akin to racism and. in fact 
his support -is particularly 
strong in provinces where Turks 
exist side-by-side with those of 
other racial origin^ such as the 


Kurds. Now he has been openly 
'railing for the Introduction of 
martial law — an appeal greeted 
by Mr. Ecevit with such remarks 
as: “ You can’t settle the matter 
through martial law although 
you can make it worse, as we 
have seen in several countries.” 

It is. in fact, one of the 
bitterest failures of the present 
Government that it has failed 
fo halt the blood-letting. It had 
made life and security — using 
those words rather than the 
more “authoritarian” law and 
order-— central to Its 19u elec- 
tion campaign, it has pur as 
Minister of Interior the retired 
Air -Marshal Irfan Ozaydinli. .a 
man with a reputation for com- 
petence during his earlier period 


KARTALTEPE 

One of Turkey’s 
foremost names in textiles 

A rapidly growing vertical company 
producing cotton dress prints, furnishings 
and sheetings at Istanbul and from their 
new plant at Edirne. . 

KARTALTEPE 

MENSUCAT FABRIKASI T.A.S 

Aksu Caddesi No- 17 - Bakirko/ - Istanbul' 

Telex 231 16 Kmf Tr 


as. a martial law commander. 
And as Minister of Education 
is Mr. Necdet Ugur, a former 
Istanbul police chief. But the 
death toll has doubled. 

■ “ Our main deficiency and 
disadvantage has been the con- 
dition of the internal security 
forces,” says Mr. Ecevit Riven 
by politics and with Mr. Ecevit 
unwilling to take advantage of 
the ' help “'•against fascism " 
offered by the policemen’s asso- 
ciation, Pol-Der. he has brought 
British policemen in to help 
with the- police and gendarmerie 
in to help in the cities. What 
is- sometimes called- “civil 
martial law” seems to apply 
as the authorities use the 
gendarmerie to dear student 
'hostels or mount road searches. 

However ii was only in Sep- 
tember-nine months after 
taking office — that he was able 
to appoint'a man of his trust to 
run Turkey's. Central Intelli- 
gence Agency, MIT— a body 
frequently accused, even by Mr. 
Ecevit’s deputies of having 
provoked violence in the past. 
Elsewhere too fee process of 
weeding out Mr, Turkes's sup- 
porters has been a stow one. 

Now much greater success is 
being had in making arrests and 
moves are under foot ro have 
courts earmarked just for 
terror trials.' In all tins there 
is lrtde ctH^eratinn between 
Mr. Ecevit and fee leader of the 
opposition, ' Mr. Suleyman 
Demure!. .But there is little 
room for such co-operation, not 
least -because Mr. Demirel con- 
tinues to defend -his alliance 
wife Mr. Turkes and to^hazp on 
the' 'dangers cf communism 
■while mast observers would 
argue the real danger lies from 
the cppo&ite quarter. 

Mr. Demirel has recently been 


attacked in the left-wing press 
for suppressing a 1970 report 
by the Ministry of Interior on 
the para-military activities of 
the NAP. Yet however criticised 
tb5s party may be, the origins of 
lie violence date back to long 
before fee party's formation in 
the mid-1960s. 

These origins are to' be found 
in the massive uprooting of 
Turkish society • which has 
accompanied - industrialisation. 
The question of foreign inter- 
ference is less often raised in 
Turkey than in many other 
countries at its stage of 'develop- 
ment. Instead, Turks, connect fee 
present problem both with the 
economic situation ' and the 
country's political tradition. • 

Unemployment . effectively 
totalling wfell over 20 per cent 
and inflation of over 50 per cent 
provide ah acid backcloth to fee 
situation while iir. Ismail Cem, 
fee former director general of 
Turkish Radio and Television, 
has leaked the readiness .to turn 
to violence' to- fee tradition of 
authoritarian, suppression of dis- 
sent exemplified ■ by ‘Rental 
Ataturk himself. 

Wife such origins fee problem 
is the harder to correct. The 
economic crisis continues. The 
political tradition ‘ cannot ' be 
changed overnight. 

On fee contrary, fee IdHing 
only intensifies tile bitterness 
which now fitrectiy affects much 
of soa«y— even the high 
schools. But fee flame set to fee 
potential .racial and religious 
bonfire is fee most dangerous 
ch a l lenge .to fee harmony im- 
posed on Turkey by Rental 
Ataturk in fee 1920s. That har- 
mony was imposed by force. 
Now it is threatening to destroy 
iL 

D. T. 



. Circulation : . 

65a, 000 weekdays, 

790,000 Sundays. 

Ad lineage larger 
than that of Turkey’s 
next three biggest 
newspapers combined: 

The only newspaper, 
printed simultaneously Sg-fc 
in Istanbul, Ankara, 

Adana and Izmir using 
the page-facsimile &;.7 
process. 


West Germany's ] 
largest-selling j 
foreign- language 
newspaper. 
Printed at 
Hurriyet's own 
ultra-modern plant ; 
in Frankfurt and j 
distributed j 
throughout Europe. 




}^s-’ 

lift.. 


.« • v 

4- '*'.•'*••• 


For lurtber information 
please contact *. 
Mr. Ttmcer Eico^lu 
Advertising Director. Hbrriyet 
Islan bui-TURKE” 
Telephone- : 3c 20 CC 
Telex : 2204!* 










16 




A 



ARTIFICIAL AND SYNTHETIC FIBRES INC. 


SASA plants came on stream in 1 968 with a polyester production capacity 
of 5,000 tons per annum. - Within a decade this capacity was increased to 
42.000 tons/year and an expansion project up to 70.000 tons/year is 
undertaken. 


SASA, the biggest synthetic fibre producer in Turkey and in the region has 
expanded into a complex with the addition of the DMT (Dimethyl-Tereph- 
thalaie) plant. The capacity of this plant is 60,000 tons/year, but it is 
designed to expand its capacity up to 1 20,000 tons/year with a compara- 
tively minor investment 


Major know-how relations of SASA with international companies are on 
following production : 


PQLYESTER FIBER AND POLYESTER CONTINUOUS FILAMENT YARN 


D.M.T. 


(DIMETHYL-TEREPHTHALATE) 


Annual Sales of SASA has presently exceeded 1 30 million Dollars. 

Parallel to rapid expansion programme 30 million TL initial capital in 1 966 
is presently increased to 1,155 million TL 


ADDRESS: TARSUS YOLU-ADANA-TURKEY TEL EX: 18 746-18 747 20 435-20436 P.O.B.: 37i -ADANA CABLE; SASA, AD AN A TELEX: 82126 ADSA TR 










• y * %' :-r- v. ■ 
’£*&&■: 









ADDRESS 1 : TAU 

TELEPHONE: 91/22113 


” :76 225 


T0BA-CH 




“ BORROWING IS a whip which cent, so most Turkish business- inflation, record unemployment would benefit Several other 

makes a brave man run faster” men were quite willing to make and a record trade deficit*’ banks. Including Deutsche and . 

was a favourite proverb of for- under-the-table payments . to ^Turkey conld not service its Dresdner Banks, have proposed 7|,. ■ 

mer Prime Minister Suleyman obtain the cheaper D-mark. - , debts and- aimed l to '*«*“*«* similar schemes -blit, nothing gT ? 

| Demirel. Unfortunately for both There w f er ^ however, several tfie hope <****& *** yet^erged. Th e g 

Turkey and hundreds of foreign S * eme *■“* the ^oSy woSd Finance . Migshy, 

banks and suppliers, the whip "■ * < -*- recover. This view was shared by paying Qff.sel6qt e^.fflffi]^ ieys 

with which he chose to beat the ** ^ creditors who did not It would. be ; dbcrimSnatong 

Turkish economy into making a mSurto^ere^S^i^fore 188117 **** other choice * againstthenthfirs.. ,/L . ... 

new leap forward was of the n o inducement for depositors ' In May in Paris the OECD Another Idea,- Which is; in a Wy 
wrong kind. to make long-term - itephrifirr countries agreed to reschednle very embrynnid s'.-:*' 

mu . t J .,n a T _ Consequently the overwhel ming debts of $L46bn owed^ by provide, suppliers with-.vo^or- p,;: 

The ^stcm w-hich bulk of the deposits 'bundSf 'Turkey to suppliers covered by tunitJes to cogyextjheg.debt 


Demirel introduced in 1975 was up in raatur f|jes 0 f between sir «x0brt guarantee agencies, into investment funds htTuxkey 


very simple. He offered foreign 


depositors an attractive spread 
over normal rates to put their 


to nine months. 


Since then Turkey has been or to .buy equity In -tfca; tfebtar g 


5annn( , ,_ negotiating agreements country. companies,/. ’ 

. foreiBn pvrhanpp m ?!S - h 7 won** and by the end bf That Ta^ey becomes^solvent 


Si Z ** to ha i« 5 ■ **& 


called “ convertible Turkish lira the depositor or the borrower; ^payment for thte g* 

deposit accounts” in Turkish most deposits were made in m payment ror of Importance not only^.the 

banks The central bank shoul- strong currencies like- the catB 2 ° i y- coantryitatelf but tp £■*- 

dpred the pfi for fluctuations D-mark and Swiss franc, . ... It took six months to prepare pfcers, which have bM*tafe | 
in currencv parities and the in- Thirdly, the money thus': the restmcturingschemetobe jpg a.wew.shtliij^i^vatot 1- 
terest burden borrowed went towards bridging submitted to the foreign b anks - was only two .years ’ago -a 

the widening foreign trade .gap : At the end of last month, lucrative and expanding mariret. | r ->; 
^ , —In other words Turkey used a£t er numerous sessions with The ease of X Japanese ttadfpg | 

Outcome expensive Short-term funds for seven major banks— Barclays, -*»“*“* b tTgcai ; «cg;«hiS‘ 

u „ what turned out to be long-term^ Deuteche and the- problems suppers § : ~r 

For a year or so everybody purposes since It could sot the Union Bank of Switzerland, 81- ? cxpenendng-^in- Thxkey 
yi-aa happy. The depositors were generate enough money to citibank. Moreau Guaranty and t0 ^- ' ' - tt* 1 * 


happy because they received a re pay the debts. 


lucrative return. The central 


aT the beginning of last year a^rograSmefotnStrtic- not, wish _td be ^amedrg^ed § 
p central bank found itself with sales- of . a ■ fe\y jmUton = 


The . company— which . ' does 


bank was happy because it re- ^ ^ntra! bank found Itself S ^ hn of 

ceived foreign exchange to unable to service these or other 1 «> 


debts— 


make up for the fall m income. debte'tn W suppYiek The'period ^.^ h lire atSTunts^Sm^f ! * peak Of 
tourism revenues and workers* «w n eidert with the Its sales declined to- SlOOm .m . 


dollars' in the --mid-sixtier ^ to 


.tourism revenues and workers* coincided 


starved of cheap credits. when Mr. Ecevit came '/to centra ^ bank proposed ere ^ by the J^apaneSe-^grart 
The middlemen were the hap- power Turkey intensified action F*R a3 2? ent ove 5 Seven y^r 5 * guarantee department r.i-y 
piest of all because they became regarding its forinldible. debt iacmding a three-year graro «vfe are getting worried. 

u in. ^•■nprtnrl arm a ^ivrpa<T n vpr . i * _ ■ • ^ .v . . • - n » 


millionaires overnight by get- situation. “We inherited a ‘.period, and, a spread -about- next ytttt” Said amiV 
rmg commission. The difference series of impressive xocoqU,” Dans rates oi i-'O- imro V^y- ^ny r»rw«thrj :?< azu!,wei xtotft 
in the- interest rate between, said Mr. MuezzlnOHlti. the ^hnbUTSerUfint claims WOUjd be { CT , nw what wfll happen tit ’Hia'.L' 1"1- 


in the interest rate between, said Mr. Muezdnoglu, 1 the/ reim . b , urseme f 1 J claims wouta De ; CTinw w h a t wDl happen tO'the ^ 
say. the Deutsche Mark and the Finance Minister,, with wry ^paid over ^ree y&as ijdth a non-guaraiiteal /kupphes-^who':. 
Turkish lira is about 20 per humour, “record debts, recortf ®P?*aid oi ; 1.50. Th is, mon th the wUJ pay them.'* hoi* : anff'wbea." ' " 

. • central bank is expected to - •» 

.••• •. know what percentage of its He said thttt the/comptoy..'. 
^ bank creditors will subscribe to requested the MfnistrJrjjf; ; 

■ ■% *1 I* -these schemes. . Finance topay -interest op the v 


Banks 


m -ininn overdue d»bt«but ^hafiyno.: : : - 

reply. It was n6w doint bosi- |.= - 
-he is some 51bn of overdue A AniTuii - — 


difficulties 


.ache is some $lbh of overdue n ™' QtJ ^ Itoited ^ th^mgt,' > £ 

h eb ^ n n°rt S ™frantto n ai*^ri2" d acce P tance credits but- was^jtf 'r 
by export guarantee agencies, Jng arrears were cropping ;[?■ 

■ Turkev has asked the. OBCD up m these as weli. ■ 

for a lump sum to pay off this. overall sifilk 1/ / - ■ 


V 4eb« hot as yet ta, had oofiim e ,*ls^ fc&S-SsalTl ii/s- ' 


response 


IT HAS been a testing period expense of the Individual and uig that their companies trade j, fi mere -atrtfe thah^y'^Turkewt/ n 'J : 
for Turkey's financial institu- large-scale industry at the at their-own risk, are reluctant has-had 'ii'thij 
tions. Inflation aatf the crippling expense of the smaller, units. . to-estaWish a precedent by pay- Thic W ay png , ^ j, — 

lack of foreign exchange have Indeed, the commercial banks ing off their uncoverea debt repayment policies.a criti- 1 : ^ 
been the main preoccupations which dominate the picture are suppliers! Several ideas have cjq factor. 

of those in charge of both the increasingly helping the growth been floated. v To mh! liffh imttliw-'aMwilK' v 

public and the private sectors, and consolidation of the larger One. first put forward by Citi- thlstime auntpdhvthT MinMar ; 

These two prohlems have trading groups and industrial bank, proposes putting funds at of industry Mr Orhah A1 d* -/ v- 
made demands which the insti- empires, whereas other classes the disposal of the Government .« who ' hnrmwed 

nitions have only partly been of borrowers find their needs for paying off "selected” un- monpv iR «,p n S> from 


able to meet. But the institu- are poorly catered for. 

linns, though under strain, have 

ridden the storm, bloodied per- Tr»f||ipf|/vp 

Knt uurHinlu ...thnwarl lULlUVULV 


ior paying on seiecien un- monfiV Is spending from his 
covered supplies. /Repayment ' 9wn pocket." • • : .V:* 


haps but certainly unbowed. 

Commercial banking has As for the banks themselves, 
remained highly profitable, these have arguably become the 
About the only head to roll has strongest pressure group in the 
been that of the Governor of country. Their activities are 
the Central Bank, Dr. Tayyar severely* circumscribed by law. 
SadikJar. And the only financial but the legislation is antiquated 
practice yet to suffer is that of In conception and inadequate 
the controversial Convertible to its task. Moreover, while in 
Lira Deposits. These credits theory it is the Government 
extended by foreign banks to which regulates the banks in 
Turkish commercial banks practice, the banks have long 
whose foreign exchange risk is near-reversed this situation, 
carried by the Central Bank of They have, for example, delayed 
Turkey are now to be phased Lhe introduction of the bill 
uul necessary to allow the fonna- 

Arguahly, this is happening tion of & capital market 
not a day too soon: the credits Today, the banks say that 
were in part a chaunel for hot their opposition to the present 
muney from abroad, they were draft bill for this market is 
infiationary in effect and they because it does not go far 
allowed the authorities to delay enough, but economists counter 
racing up to the long-swelling this argument by saying they 
crisis in tbc balance of pay- f ear any development which 

D1 ™ ts ' j- .• i f r.- c n j;i.i_, might challenge their near- 
Thc dismissal of Dr. SadiMar monopoIy in the seclor . 

caused considerable controversy .... 

in the autumn. His supporters Even more intriguing has 
and [he opposition, which, when been the battle between the 
m power, had appointed him to banks and the country’s armed 
the Central Bank, sought to forc, -' s over whether the Jarter 
present him as a martyr for should be allowed to set up a 
the principle of the indepen- bank — an activity which needs 
dence of the bank from the approval of the Council of 
Governmental control. But Ministers. Though the armed 
such a case would have been forces are usually considered 
easier to accept if Dr. SadikJar omnipotent in Turkey, it is the 
had himself stood up for the banks which have so far won 
independence of the Bank before thus battle, 
tile change of government. Despite all these prohlems. 

On the contrary, his critics the financial sector is burgeon- 
believe that his failure to in- big; between 1972 and 1977 its 
»isi lhat measures were taken share of GNP rose from 1.8 to 
in 1077 and his apparent 2.4 per cenL Equally, the 

acquiescence to the then degree of monetarisation of the 
government’s spend thrift ness economy has continued to rise, 

contributed lo the iiilcusity of with lhe prime problem stopped 
the present crisis. being how to attract hoarded 

A» ii is. he has been replaced savings from under the 

by a former adviser at the bank, mattress. 

Hahki A ^ ino " lu : an The Insurance companies 
ambmoes «h enpcnence Ilave been developing fast of 

unlikely lo“S ^“SLtte g* 'SLinTra^r^ 
wishes or . the Government “£ 

which appointed him. ZZL 


would be guaranteed by both 
Turkey and tbe company which 





EXPORT - IMPORT - MANUFACTURER^ 
INTERCONTINENTAL DOMAINS 


Th 


> Generaly. Argo, Foods, Faslaion^ 

Leather Confectionaries,. 
Autpmotive parts and industrial . 
products " / 

► All groups investment plants 
Consultator of Technic, Mechanic 
and Tourism and Marketing.' 

Please do contacts us you will 
find our business and relations 
assureded satisfaction. 

We are ready to recieve your 
contacts. 

Address : KQLOSLU TlCARET 

Taksim/Abdulhakhamit. 
cad. . 13 / 2 - 

, . ISTANBUL - TURKEY ^ 

Telephone: 44 94 98-45 99 69 
Cable : KOLOSLU - ISTANBUL ■? 


Telephone 

Cable 


THi- rX:i“„ “ ;V fo t ew. the insurance companies 
This Gnr.rnment is iu fact remain of relatively low import- 

«■*" to see a number of major * 


changes in Turkey's financial e lth 

institutions. Like its predc- ' h . c v 

cessor it tends to question IL* ph ffrifinh^ 335618 now 
whether thc.se Institutions are approach TL100bn - 
adapting to meet the new 11 nan- Wilh the Stock .Exchange 

cial needs imposed hy Turkey's rudimentarj' and a capital mar- 
development — though, unlike het still lo he established, the 

its predecessor, it includes banks thus play a crucial role, 
members who would favour In total, there are 43 of them, 
fairly large changes. The idea Three of these are holding com- 
that nationalisation means psnies for State Economic 
! rationalisation is gaining Enterprises. Ten others are 

ground. controlled by the Slate, with 

The basic structure of Turkey's two of these being investment 
present institutions emerged banks. Of the 30 private banks, 
when indu5.tr>- was embryonic — two are small private invest- 
y*t industry new benefits at the raent hanks, five are foreign 

CONTINUED ON NEXT PAGE . 


Tfie Ottoman Bank 
- has branched in 
Turkey at: 

. x v ISTANBUL (30) A 
• : ANKARA (19) " 
IZMIR (9) 

and in 28 other towns . 

. throughout. Turkey 



tosotvan tri fa Tartwy whb Umttet Lfabfilfa: 

EitabOsbed 180 - 


Head/Ofitcei/ 
London Office 
Fans Office* 


Bankalar Cadded, Kznktf e KTANBUL 
2/3 PhPpot Lane, EpW^AQ.-^ ;3. r : ; - f 
7 rue Mey e r beer 759® iW >.'- : 



■* / . - - j.vJ-7*"’- • h" - 







Financial 'times Monday November 13 1978 


TURKEY V 



17 . 






ffTHE TURKISH Prime Minister, to play in providing low-cost being able to sav that Turkey 
Stfr. Bulent Ecevit, is one of-the goods meant that Government's could manufacture cloths as 
§arger industrial employers :. in long’ delayed raising measures well as Europe" 

"ie West. , to reduce ttus huge and infla- This* viou- . MTh . 

More than 650,000 people are in autumn - Limits of Modernisation, 

>m ployed in’ the 40 State »**■ ■«* «*"*«■ "SPSgl Turkey- bv Rudy K^pmaS 
economic. , . Enterprises (SEE) p £ ■!> L? 1 S ^ E *® interesting in that it was put 

s-vhich, ultimately, come under 1 d *JJ ply forward 122 § years ago by the 

Shis ControL These enterprises upwards. French traveller, M. A. UbincL 

(include a number : of - activities products. to ttie everyday life of But it countere< j by ^ 
«ften found in public hands, tte avenge Turk ttat wen the Turkish philosopher, Ziya 
fsuchas airlines, i^trays and •of Republic, Gokalp whose views, formu- 

tiectricity. But the range also f ® !t lated just before World War 

{spreads far further. SEE enjoined to add his voice to the one. bad a decisive impact on 
{includes major agricultural public uproar at the increases: KemaJ Ataturk, and are still 
1 agencies and fuel bodies. And be - remarked that he trusted important todey. 
lit also includes enterprises measures to help the lower •' Individual ‘ ownership is 
[which account for ho less than income groups would be taken. legitimate, provided it serves 
1 36 -per cent of Turkey's manu- Despite the increases, the social solidarity ... the eco- 
f act tiring production. . . iflrain on the exchequer has only nomic ideal of the Turks is to 
Though ‘ valued : by a been . partially - reduced. The prevent the appropriation cf 
i Government committed to Central Bank says that in the social wealth without abolish- 
introdudng what it c alls “ The first eight months of I97S, the mg private ownership . . . The 
3 People's Sector;” the SEE have- volume of fresh Central Bank Turks also have a second 
g been under some attack. credits to . - the SEE was economic ideal, which is to 

"The greatest weakness of the TL 37.7bn compared with endow the country with targe 
Turkish economy- lies in the Tt-‘47.4bn in' the same period industry . . . without the guid- 
SEE/' wrote Dr. Tayyar of 1977. Moreover, the official anee of the state, we Turks 
Sadiklar, just- before his Treasury view - is that the could not take even a step in 
removal f rain "the governorship measures cannot close the long- this direction.” 

•? of the Central Bank of Turkey, term gap. even though they have This is the theoretical basis 
-J This is an over-atateraent of the reduced them in the short term, to the ctatism which was one of 
} case yet the performance of the To the institutions of thp ‘ f f ,x L arr0 ' vs ” of Atatur-lc 

i SEE has been central to the West, the -performance of the “"3 of ,? h * P arly j? e t ounded 

: course of Turkey!® recent crisis. ggE has long been at the root * nd v J? lch Mr. Ecevit now 
; Tlieir financial record in of the problems of the j! eads : Bu jJJ e P ractJ cal origins 

- recent years explains the economy^ The influential report f or , ^ EE tn ^ re ™ e . ha ” h 

: attention which they have prepared, fbr the U.S. Govern- • ‘ ars of IS ! 30s w ! ien 10 the 

attracted. In years 1971-73, the men t by M. A. Thornburg and ?£ se I! ce . pnvaT u 1 ° veslraenT 

SEE turned -in a net operating published in 1949 entitled UI " 1S , state had to step m 
profit, though had to rely on “Turkey. - an economic 1° “JJ ,h ® foundations of an in- 
ever-increasing quantities of appraisal” writes: “An economy dustr,aI base - 
firnds from . the budget and controlled- by the state neces- Since then, the SEE have been 
State Investment Bank -., to sarily results in waste in every central to the Turkish economy, 
finance their Investment field”-' ' In the early 1950s, the Demo- 

programmes. It adds that the state iodos- made s T e , haI £‘ 

_ ■ trialisation' programnie has h u earted tempts tn seU them to 

Defieitc - inhibited the development 0 , the pr.vate sector but they are 

JL'CllUu private enterprise. now accepted in all levels of 

Since then, their operating A" World Bank report, pub- ^ciery as part and parcel of the 

deficits hav£ soared. . Figures lisbed two years later, suggests Turjash scene, 
for the precise totals; differ. Ah that the -SEE be discontinued Indeed, when it comes to 
official report by the Treasury and sold to the imblia Subse- assessing their performance, 
put the programmed deficit for qnent OECD and IMF reports Turks insist that it is not suf- 

1977 at TL llbrr. have also focused on the poor Bdent merely to look at their 

However, a table given by management and inefficiency of balance sheet The Treasury re- 
TUSIAD, the Turkish Industrie the SEE. P° rl distributed by TUSEAD 

alists* and Businessmen's One aspect, of this is the comment*: “Considering their 
Association, in Its latest annual debate over industrialisation in financial losses also lead to a 
report on the Turkish' Economy Turkey: .“-Thotigh it is essen- supply of cheap goods and ser- 
.gives provisional programme tialiy ah. agricultural .country, rices, one must bear in mind 
figures for 1977 of TLIMm instead -of , favouring _ to the th e < overall ) effects on the 
. operating losses. uttermost the products and economy and society." 

When their-, investment cultivations '.of its. soil and 
programme requirements ’ of instead of handing over its raw 
TLBlbn are added, their total materials to foreign ‘ industry -uffer from a lack of manage 
financing requirements- . reach which sends them back in a meat with the suiubie technical 
no less than 10 per cent of GNP. manufactured state, it com- and administrative background. 

- The pre-election atmosphere mitted the enor of trying to They have swollen payrolls and 
of much of, the past three years become a manufacturing high labour costs. They are 

. and the generallj-eccepted idea "Country itself .. .Hie only cause - notorious for the delays with 
that-the-SEE have a social role being the puerile satisfaction of- which decisions are taken. And 


they suffer serieu-ly from the 
failure to give them the type of 
autonomy given to. say. the IRI 
units in Italy. 

But they have resulted in the 
establishment of industry at a 
time when the private sector was 
unwilling. They have to some ex- 
tent located that industry in 
areas which otherwise would 
have been neglected. They have 
set an example in conditions of 
employment to the private sec- 
tor. They have also been a 
constant source of relatively 
low-priced goods and services — 
even if shortages and the black 
market run by merchants ;n 
items such as cement anti steel 
have often meant the final user 


has benefited less than intended. 

As the party of ctatism. the 
governing Republican People's 
Party has always attached more 
importance to them than have 
its opponents, it has this year 
established a Ministry of Public 
Enterprises. Shortly after taking 
office the first .Minister. Professor 
Kenan Bulutoglu. told the 
Financial Times that his plans 
for reorganising the SEE in- 
chided rationalising them and 
possibly even felling-off smalt 
units. 

But this has not been seen. 
Instead Lhe SEE are to re main 
at the heart uf attempts to 
develop heavy industry in the 
country. Proi. Bulutoglu has 


just been to Italy tor talks on 
the setting up of engine fac- 
tories under a new SEE, 
TUMOSAN. 

As for the concept of a 
People's Sector, this lias long 
been advocated by Mr. Ecevit. 
The central idea is to channel 
small private savings by Turks 
at home and emigrant workers 
abroad into enterprises to be 
organised by the people them- 
selves in the regions where they 
are living. In a speech last 
month Prof. Bulutoglu ex- 
plained that because the banks 
are tending to support “mono- 
polistic holdings ” the RPP had 
to set up the State Industrial 
and Workers' Investment Bank. 


DESIYAB. to act as “suckling 
mother ' to the People's Enter- 
prises. 

A People's Enterprise Bank. 
People's Project Office and 
People's Enterprise Marketing 
Association are all under 
p.jparation while the RPP is 
also keen to see workers In- 
creasingly involved in the deci- 
sion making in the companies 
they set up and in the SEE. 

“In this way, the yield and 
effectiveness of the people’s 
enterprises will not lag behind 
those in capitalist enterprises. 
Also there will be a more equal 
distribution of wealth,” the 
minister added. He also des- 
cribed how in the first eight 


months of thi? year DESIYAB 
financed 22 firms, with a total 
of 35.000 parmers and share- 
holders. 

The caravan of the “ People's 
Sector." though frowned on by 
existing industrialists, is thus 
moving forward. Its progress, 
like that in'furtliering co-opera- 
tive ventures, is perhaps slow, 
but in general In this sector 
reform is slow to come. After 
the 1960 revolution, for example; 
about 100 expert committees 
were established to prepare 
recommendations on the SEE. 
Most of their reports have 
merely gathered dust. 

D.T. 


Difficulties 


CONTINUED FROM PREVIOUS PAGE 


B\ normal criteria they have 
not been a great success. They 


banks, and the rest commercial 
banks. 

The stale is already playing 
a crucial role. At the end of 
1977. 57 per cent of the assets 
oE the banking system were in 
banks under public control. The 
largest of these banks were the 
Agricultural Bank of Turkey 
ITCZB) and the Slate Invest- 
ment Bank (DYB): together 
these accounted for three-fifths 
or the assets in the stare sector 
and 35 per cent of the total 
assets of the banking system. 

Of the private commercial 
banks, at the end of 1977 only 
four had assets totalling over 
5 per cent of the TL231bn total 
assets of the commercial banks. 
These were Turkiye Is Bankasi 
(TLS3.6bn) Akbank <TL44.Ibn) 
Yaji ve Kredi Bankasi 
(TL41.8bn). and Turk Ticarer 
Bankasi (TL17.4bn). Foreign 
ownership banks have long lost 
their importance: until 1923 the 
Ottoman Bank, which was 
British owned’, had. in practice, 
been acting as Central Bank. 

The state banks all have 
specialised functions. The State 
Investment Bank plays a crucial 
role in rhe financing "f the 
Slate Economic Enterprises, 
using its funds exclusively to 
lend to theie and raising its 
funds from the social security 
organisation*, requirements im- 
posed on the banks by the 
Central Bank and stale and 
foreign borrowing. It does not 
lend '\o the prirate sector. 

The two privately owned 


Investment hanks are much 
smaller and their growth — and 
thus tbeir ability to meet the 
demands made by the private 
sector— is severely limited by 
their problems in raising funds. 

Industry is thus heavily 
reliant on the commercial banks 
—and these in their turn are 
making use of this reliance to 
involve themselves in the con- 
trol of the companies to which 
they lend. Thus, two conflicting 
tendencies are now emerging. 
On one hand, the Koc group, 
through its purchase of a con- 
trolling share in the Turkiye 
Garanti Bankasi — the fifth 
largest bank— has followed the 
Sabanci/Akbank group of 
mixing industry and banking. 

On the other hand, as one 
foreign financial report on 
Turkey concludes: “One of the 
striking features is the involve- 
ment of banks in economic 
activity through direct equity 
participations in industrial 
concerns. Although only 2 per 
cent of total assets of the 
(banking) industry is invested 
as such, banks’ real exposure is 
much larger . . . once highly 
encouraged by regulatory 
bodies, this has now become 
one of the most criticised 
aspects of the thanking) 
industry. 

As the Minister of State 
Enterprises. Prof. Kenan 
Bulutoglu. said recently: “The 
Bank Law. which allows private 
bank* ‘tn extend unlimited 
credits to enterprises they con- 


trol. has accelerated the 
development of monopoly 
accumulation of capital. Laterly, 
large private family firms have 
started purchasing private 
banks in order to appropriate 
the savings of millions of 
individuals.'' 

In this contest, it needs point- 
ing nut that Turkish law allows 
banks to lend an unlimited 
share of their net worth to in- 
dustrial companies in which 
they own more than 25 per 
cent of the equity — a measure 
once necessary to stimulate in- 
dustrial development, but ques- 
tionable. today. 


Funding 


With Turkey a savings-deficit 
country, the problem of funding 
is crucial for the banks The 
■state deposit-money banks are 
favoured in that they have easy 
access to the Central Bank, to 
bond issues and the ministries. 
But the commercial banks are 
obliged to compete with each 
other for funds — about the 
only area of banking where true 
competition is evident. 

This problem of funds 
liable to become the more 
serious now that the banks can 
no longer rely on Convertible 
Lira Deposits to increase their 
resources of local currency. 

There is no active interbank 
market and no negotiable certi- 
ficates of deposit. Attempts to 
introduce float-yielding instru- 
ment? such as travellers' 
cheques have failed. As for 


deposits, two-thirds of these are 
sight deposits, yet in practice 
they are less volatile than might 
be expected. 

The services offered by the 
banks are very different from 
those in, say. the EEC. Cheque 
accounts are almost exclusively 
available only to corporate cus- 
tomers and consumer loans are 
negligible. The major part of 
the loan portfolio is in short- 
term credits for trade. It is only 
now that the banks have been 
obliged to direct a proportion 
of their credits to term loans 
that the latter have begun to 
grow in importance. 

But in compensation for the 
massive range of Government 
leciriatinn — all loans over 
TL 150,000 must go to the heads 
of a bank fur appmvai and new 
branches can only be opened 
with the consent oF the Ministry 
of Finance — profits are 
extremely high. They could 
hardly be otherwise. The banks 
“borrow cheap and lend expen- 
sive." 

A recent study of spreads at 
the end of 1976 showed that the 
weighed cost of liabilities and 
capital *.tuod at 4.S5 per cent 
while the weighted yield on 
assets wac 10.1 per cent- This 
gives a net spread of 5.25 per 
cent — some five times that 
with which Western bankers 

usually make do. 

“High profits because of high 
risks” is how Mr. Sakip 
Sabanci, chairman of Haci Omer 
Sabanci Holding. ?fce main 


shareholders in Akbank, 
describes the situation. But it :s 
also a sector with higb costs. 

The banks spend lavishly on 
buildings and advertisements. It 
is to such purpose; rather than 
more productive ends further- 
ing the country's development 
that a share of the hanks' funds 
is directed. Equally, they have 
numerous bra aches and most 
have large numbers of siaff in 
relationship to tlieir assets. 

Determined 

The former Prime Minister. 
Mr. Suleyman Demirel, is 
reported to have been deter- 
mined to curb the power of the 
banks, hut his recent coalitions 
were too factious to allow him 
to act. 

Now. Mr Ecevit's own inclina- 
tions are known to be for some 
changes In tbe sector. It 
would in a sense he against his 
own interests in that the 
Turkiye Is Bankasi now 
flourishes ahead of its competi- 
tors and Mr. Ecevit's party, the 
Republican People's Party, ujs 
bequeathed control of the bank 
by Kernal Ataturk. 

But if Mr. Ecent has. not 
acted so far it is not Tor this 
reason. Instead, his ministers 
are sensibly trying to ensure 
that tile economy is back or*, its 
feet before taking any steps 
better to fit Turkey's financial 
institutions to the needs of the 
present. 

D.T. 


9 ** 


r* 


The best mohair tops, 
fabrics and yams 
in the world are... 



... made 

ALTfNYILD 

TURKEY 




But isn’t that what you would expect? 

After all mohair has been exported from Turkey 
for more than 300 years. And Turkey’s modern capital, 
Ankara, stands on the ancient site of Angora. 
Much in demand in the 18th century for cloaks, V 
the fleece of the Angora goats is today woven into 
finest mohair by Altinyildiz for the fashion houses 
of Paris, London, Milan and New York. 

For more information on the wide range of fabrics 
exported by Altinyildiz write to: Yeni Bosna, 
Koyalti Mevkii, Bakirkoy, Istanbui-Turkey. 



Altinyildiz is a member cf the international Mohair Association. 


Cables: ALYILMEN-ISTANBUL Telex: 22315 ALIN TK Telephones: 75 4 S 43 - 75 4S 47 



A driving force in Turkey 




HACldMER 




HOLDING A.3. 

In a rapidly developing country such as Turkey this corporation 
has made major contributions in the fields of banking and insurance, 
industry, agricultureas well as social and cultural life. 

Sabanci Holding is a modern and dynamic group with a total 
workforce of over 25.000 employees in the following areas. 


Company 


Akbank Corp. 
Aksigoria Corp. 

Do^an Sigorta Corp. 
Atlantik Sigorta Carp. 
Sasa Corp. 

insa Corp. 

BossaCorp. - " 
Teksa Corp. 

YOnsaCarp. . . 
Kordsa Corp. 

Lassa Corp. 
AkkardanCorp. 


Products 


Banking 
Insurance 
Insurance ■ 

Insurance 

Artificial and Synthetic 

Fiber and Yam 

Nylon Yam 

•Jersey and Fabric 

Cotton and Synthetic Yam and 

Velvet 

Woolen Products and Carpet 
Cgrd Fabric 
Tires for all sizes 
Shafts 


Company 


Akcimento Corp. 

Qimsa Corp- 
Marsa Corp. 

Yagsa Corp. • - • 

Olniuk Corp. 

Turk Philips Corp. 

Ptlsa Corp. . 

P lassa Corp. _ . . 

Temsa Carp. 

BimsaCorp. 

ExsaCorp- 

Agricultural Activities ' 

Haci 6mer Sabanci Foundation 


Products 


Cement .... 

Cement 

Vegetable Oil and Margarine 
Vegetable Oil 

Paper. Cardboard and Boxes 

Electronics 

Plastic Products 

Plastic Sacks 

Process Equipment 

Data Processing and Process 

Control Services 

Exportation 

Social and Cultural Activities 


BASIC INDUSTRIAL ACTIVITIES INCLUDE 


ARTIFICIAL AND SYNTHETIC FIBRES 

Sasa, Turfcay's giant synthetic fibre and yam producer 

was founded in 1966.- Its production capacity was 

5.000 ton /year when fbuiided but increaStttia ' 

42.000 ton /year within ten years. With an additional 
investment of 60 million dollars, Turkey's first and 
only DMT plant with, an initial capacity of 

60.000 too/year was built in 1977. The total investment 
of SASA has now exceeded 150 million dollars. Sasa uses 
IC( Du Pont and Dynamit Nobel know-how in its 
operations. ... 

TEXTILES: • -- - «-•’* . 

Sabanci Holding Aj>. basin the Textile Industry field 
Tour big and modem plants (Bossa Corp., Teksa Corp., 
Yuma Carp., Znsa Corp.) with thousands of workers 
within their structure. They produce various expectable 
textile products such as artificial and synthetic yam, 
fabric ; velvet and carpet Aggregate production capacity 
stands at 20.081 ton/year of yam, 53 .8 nuUioa m/year 
of fabric, 2.7 million mfyear of velvet and l.fUjUUion 
m*/year of carpet. 


TIRES: 

LASSA Carp., one of the giant plants and the biggest 
the factory in Turkey, with its 150 million dollars 
investment, can produce 2 million-tires of all sixes 
and 1.4 million inner tubes; annually, covering 
70 percent of tba total capacity of the remaining 
three tire plants. Lassa began its experimental 
operations in October 1977 and is since January 1978 
in serial productions. 

Lassa Corp. operator with r V-.ch .'-.-cw-how. 
CEMENT .... 

AKCIMENTO Corp. and CiluhA Corp. with aim biggest 
plants in the Turkish cement industry, meet an 
important demand of the country with their 
2.35 million tpnfyear cement production capacity. 

In 1977, nearly a quarter of the total cement output 
of the private sector was supplied by these two 
plants. In successive years, 1976 and 1977, over 
2/3 of the total cement exports from Turkey wen 
realized by CIMSA alone. 


CORD FABRIC:. 

KORDSA Corp. is the first arid only cord fabric producing ELECTRONICS 

piant in Turkey. -With its capacity of 14.000. ton /year, Hact Onwr Sabanci A.S. has recently entered into 

KORDSA is successfully supplying tire requirements of die electronics sector by participating in two 

the existing tire factories and continuously exporting Turkish affiliates of Philips, Holland. These 

its high quality tire cord fabrits: Exports are expected ■ affiliates are the Turkish Philips Trading Company 

to reach 5.5 million dollars in 1978. Kordsa operates end Turkish Philips industry, 

with Goodyear know-how and technical amutsnee is 
provided by VniroyaT. 

HAClpMER©©BAWCa HOLDING A.§. 

Salipazan- Istanbul Turkey Telex: 23507 HOSA Telephones: 43 1650(3 lines) 




||t 





m 


•*.81 


mu 


H 


mmm 

-‘•i i .>!??. V- •ifrmr 



lllll!:! 


L si, 






WOULD YOU LIKE A COPY? 

This pocket-size extract of statistics — 'people, 
production, money, .trade etc.i will give you a 
quick outline of the Turkish scene. We admit 
it also gives a little information about our 
bank. Simply ask your secretary to fill in the 
coupon. 

If you have any banking Questions 
to ask. we, the largest private bank - 
in the country, can probably give 
you the best answers. 


Please send me a copy of Turkey. Facts and 
Figures. 

NAME 

Business Address 


I Yapi ve Kredi Sank as t. London Reoreseniative Office. 
| Stock Exchange Building. IQth Floor 
I . London EC 2N 1 HP- ENGLAND 
' ' Telephone : 628 29G7 and 620 2908 
I Telex: 88 11 476 (YAPIUNG1 

1 J 


ve KREDI BANKASI ^C" 


The Bank in Turkey 


TURKEY VI : 1 ;: 


;,f • * 





AFTER SEVERAL years of pro- progressive ■ dismantling . ; - -of now been presented, in outline the - rapid: - .v : 

noonced strain, whieh more tariffs on EEC Industrial ex- form at Ieast,and the EEC must Ankara, is SK>ara 

than once threatened to sever ports to produce a full custhms Soon consider how to. formulate now jure. comm^rn^. -■ kv,. ;.- • := - :• 

iheir lines of communication, union. The Ankara Government a Tesnonsa which will avold as, . . . jf jS? Stinfer* 

the EEC and Turkey have, believes that Turkish iudusfryfar as possible disappointing are_ nard-pressetrTO ima 

embarked on a fresh attempt to remains too weak to face the Turkish hopes. • • . -- 

redefine their bilateral relations, full impart of Western European - The most striking Twbsh_P c0 ?i 0l ° ,c _ _ an< .-r' *• " 

The exercise began last spring export competition. " ■■■ - demand is for assistance in " 7 

when the Turkish prime min- Faced with sharply . rising financing a highly amtatioM given 

ister. Mr.. Bulent Ecevit, toured unemployment at home The ^bn economic development atndr to me future aeryerap . . 
a. number of European capitals Nine, f or their part, were' unable'' scheme tied to the new Official ^ " 

with the avowed intention of re- to honour the timetable' in the Fear plan, which goes into effect r)Te£Gr JjE;l . - 

establishing a dialogue which, agreement which, called. on them at the start of next yew - ■ ■“? r*£L s 

bad shrivelled to near-silence to start removing i B . i$76 Bnrisages that more than $15bn- 4 
during the previous adnunistra- obstacles to the free movement wD have to be raised , ester- 

lion of Mr. Suleyman Demirel. of Turkish workers inside tte ^7- of which about. 58bn wn » tow a Omr Jfp. r , - ■; 

. The mah. immediate outcome EEC ^ead. the- m«t sources jn ■ Jg-g ■£«f&£5 t& ■■ \ ^ 
of Mr. Ecevit’s initiative was an could Offer was to. give Turkish Europe. This sum vasuy -woultL resnOHd. say - tor 

agreement that the EEC Com- workers a . of reneWed_^ of: . 


Brussels, now the Commission indeed it has 6ri!iSiy,:«sS:^a0l3S^X 

hopes to obtain a specific man- violated its letter. SrrJ fhw Turte’ members. c- • 

date from the Council of Eternally, the Global Medi- v, 1 sSfl*..' - 

JSSSU. TS&JS^ Process;^ 

Despite the improved good- ^“SoiSlc 

will on both sides, that vdll not Se^ Deveiopraent to contribute pate in the process f bf-polttfeal If* .... , 

be an easy task. Though all EEC^ ^ snip vnth the EECflasteen . co-bneratioa. ..ini w{uch-,theV S&v - ' . 

Bovernmenh; to recopni^ steadily eroded by many of pre- s . ^ v- Ml-. 


ZJ-. - - -- — . vr AFrira end fho npor Tnat access IUI 1U> ine .. CommuniiKS •. miens* ..m, s 

Europe into a durable partner- ^^cnltural exports and free entry retaining close toks 

2SL 1 f “ r . bom \ “5 tEJSH ^miSFvSSr'^ ttrtiles products, -me for- AnkarJ !%Ue ,«a£§S*-tg : 
be tran|ated W into practical p o a ^® an^SpSJi 


exrernai constraints which win 10 VoitT^ UK. Equally, there seems little has 

SLF® 1 * r,2£* oE Cermany;_ which. 

SonTft ^seekir OTC^emberahTp to VheTm! 

s ment of Turkish interests. -.pros- '*^ rt , ers aread . J m . those elements- of pbUQcaf edh-^ 

S7nvAiiKlfn pertive enlargement is likelv to " e f ina reI *Lmi W f n *? M Sl£ cettl ’th&n odt^GrefeOe* itfntefiK 

v OUTlte pose real limitation* on • -the present constraints on free -^g. EEC ~-Whetiker-:or not this-? 

u-t,:,. th - . potential : benefits -which Ankara - m v* me T t or ,aC ° ur - . . ^process leads' to;geaulne : -<JOh-^ 

itsri? ^ ™mmnn rv". «n h«P« »» •».!« fW O”™" MltUlnr TtaalU 

r'avnf.rit,^ .1.1,? th.'STr- “J? t CommunilT. In the field of Wiv ters , J ^'J 1)1 " ,ed thjt Haunting tlie EECs. ddibdfa^ 

Se famllc if' ™ £ «Utu™ hn,h Italy and “ '"S .?“• Hons on f its fiiturt^poUcy t<^> 

ne tamiij of EEC countries nm«!sin«» for a hpM*r rtpai l a hour movement policies,, even vva rtfs' Tnrltev 'are fstm 

comoficated since r th^ ld ass^ e fn ** their Mediterranean pnidu^ untriS' iSti r VSf ^ he whidr hqtJj Britaiik 

complicated since tlie associs- „ «_ f vawi* ' :i utimItj candidate countries, iuitit 1990i j p t 1fln i n ^5.4 • _ . ^,>7 . 

«nn ooroomont Kon,n t„ wiucn, if granted, wotm. - __ ana Germany Have-j>aia'parti'Cii— 

respects, the agreement has coun^ t0 review ^ situation^ ^ after- {j^ : «BC 

proved to be more a statement market “{£7 There have been sug- 

nf good intentions than of firm £reS ^nroduct^S as ' '****»“ t Ha F -some ^ 

commitments. The progressive SiS ^eveh'tiSit/r ^ -mAntd' might try 'to make 

integration of Turkey into the i SSiiS ttSek S!S **PP*»SX of- -Turkish demandsf 
EEC has not taken place because freer policies m this area 

the Turks have not been able 5f,|j e the a pp Meant rtuntrics th e price for accepting r fefl ^ 

to shoulder some of the are certain to fi«>ht hard for as re 9 u « 5 t for a further five-year thia lS-that t o iocreas e its^Teverg 

mrreased obligations implied m „ c h as M psible of FFC fin an- P°stDOuemem of the removal of a ^f, *?* 

•m i because the aareement ® ,C Jn^eToen ^^n4eiro^ tariffs on EEC Industrie 
,«umed ,h« 0» Cammnult? SL£^1 ^ 


■W= ,em5 - the Turkish ecoaomy has- antipathy: towards ; western 

TurkeVs economv. worsened bv nrohl^s ‘"“‘ * considerable potential. ; A more -Enrope still' evideht in Turkey? 

'h; effects or the worldwide P Until r^centlv The Nine have op ?„ n r b -T ThrkLsh ^ucfa a mov^ms ha^J^v 5 

-’Prions which followed the been Vbl? not tn pav to" tZl ■“Unties to foreign mvest- tp raatenalise,>ftbin rW Tprf ■ 
1973 nil emhar^n. has prevented attention m the problems raised ^- u t u i re ; .BUt. the- fact; 


which it s-vned with the EEC posals for revising jr s agree- t “T u l ' ■- T Zf atarm win 

in 11)70. This called for the ment with the EEC. -These have !' ^ ^ hich ^ >rae ©fc.aals . view tlift.. 

to be agri-busmesn, especially consequences if the EEC lailir 
th « PWjJCtjpn . xif soya,. ..-for to proyidei Ogaifident ' new 
A 1 Whl ?, n * ^ubrtantiai impetus to its iJraspt ielations: 

/\ t*TVl \ 7 til 02^/1 O market in the Community. But . with. Ankara.”.' - 

/\rmy nccus a 


TURKISH GENERALS are 
frustrated. The army is generally 
running on immediately post- 
Korean war equipment, the 
oldest in NATO and older than 
those of every surrounding 
nation, including Greece. 

According to one estimate, 
to re-equip the 430.,000-strong 
army with modem arms would 
require SJObn, mare than five 
times the revenue accrued 
from exports last year. Given 
the foreign exchange con- 
straint. which will prohably last 
into the early iflSOs. it seems 
very unlikely that this amount 
or anything remotely near it 
can be spared barring dramatic 
developments which would 
force the country to divert vital 
investment funds for military 
use. 

It would appear that Turkey 
will have to continue using 
systems discarded by other 
NATO countries, principally . 
the U.S., remaining more or less 
one generation behind. I 

Cutting down the size of the 
army, one of the biggest in ; 
the world and second in size ' 
in NATO only tn the U.S., ( 
would not generate adequate , 
funds for re-equipment. Thu 
Turkish army is conscript and 
relatively cheap to maintain. 

The country is manufacturing 1 

ammunition, light infantry 1 
weapons, anti-tank missiles and 1 
building landing craft, * fast 1 
missile-firing patrol boats and j 
submarines. But such state- 
owned local industries are small J 
and inadequate for the army’s 1 
vast and sophisticated require- 1 

merits. 1 

The ambitious plans of the 
early 70s to expand the arma- 1 
menu industry and manu- l 
faefure Jet fighters have been i 
dropped, at least until the 
economy stabilises. Though i 
great emphasis is pur on ' 


e expanding the factories. The 
’ matter is to be discussed with 
the U.S. 

Not all services' arsenal are 
of tlie same vintage. In the 
navy the>e is some evidence of 
modern isation thanks to vessels 
built in naval dockyards and 
purchases from Germany. The 
air force is mainly dominated 
by obsolescent FI 04 and FlfWS 
aircraft and the newer Phan- 
toms WE S. The huge ground 
forces appear to be the worst 
off. 

The biggest slice in the 
budget is (or defence. 52.9bn 
Turkish Lira ($2.1hn) in the 
1978 fiscal j-ear budget, account- 
ing for almost one fifth of total 
Government expenditure. About 
Sbn Turkish Lira of the defence 
budget is earmarked for re- 
re organisation and modernisa- 
tion of arms equipment and the 
armed forces under the so-called 
REMO programme. (This is a 
long term BObn Turkish Lira 
improvement programme.) 
Abnut 44bn Lira is for ** mainte- 
nance of war capabilities and 
senices ”—36bn of this for 
current expenditure and Sbn for 
military investments. 

The Cyprus war of 1974 led 
to two profound developments. 
One of them was the embargo 

which the Greek-infiucnced 
American congress imposed to 
punish Ankara for the invasion 
and force it to make concessions. , 
The second was the increase in 
animosity between Turkey and 
Greece, which made their dis- 
pute over ihe Aegean sea 
potentially more explosive. 

Both of these developments 
have contributed to the formula- 
tion nf Mr. Eeerit’s new national 
defence concept. 

Situated as it is in the most 
sensitive region In the -world. 
Turkey cannot allow Us notional 



CONTINUED ON NEXT PAGE 



UNIONS. OF AGRICULTURAL CO OFETJAT1VE 
SOCIETIES FOR THE SALE OF' . 

' FIGS. RAISINS COTTON AND OUVE'^OiL • 
OF IZMIR— TURKEY v‘.-!' v 


Exporters of:. ."- 7 ? 

sultana Raisins _ .. V / ;• ' 

DRIED FIGS; FIG PASIF-V?. . 

' . COTTONj .il NTSRS- ’-.'- 7 %. 

COTTON, cotton/pqlyester yarn . 

. COTTONSEED EXTRACTION (CAKfcS) v ~ ’ 
.*■■ SUNFLOWER- EXTRACTION, (CAKLS) </- . : 

■' ‘ ‘ \ ibt IV E OIL ' V . . ' S V> .i'L: ' f ' ■' 

- Mailing Address: . • 

• ' ; p- OB' 220- FZtW Fr. TU RKtY- 

• 7 ■ Eusiress adrfT< 5»>:: 4 \ ' 

Yadigar Sokalc No. 14 Alsafic'a'k ;I2WIIR*TORICEY'--' 
Phones: 1 45440— 143.441/- 145442^1 45443 7 
: : . : Telegrams:;. . E '. ’ . 
TARIS-lZMlR/fu.RKEY.- 

(For Sultanas. Coaon. Cakeff/ Limers. and Olive Oil) 

. /NTAStCd-liMIR/TUsfe - V .V- 

(For Fifjs. Fig Paste -apd industrial FigsJ . . 

.. ' Telex: 52347 Tars . TR-IZMIfl/TUSKfiy . 

■ ’ ‘ ■ SPiNNlNG PLANT ; . ' V v. ■ ■ ■ ' : 

Head'Oitice^-TAliiS. iplik FhbtTkaw* " " ’ ’ 

• - v; ■' '• •; ’ p.o. $6x i cr •■■■*?• .■ -r ; . 

. : ;. ..._• Buyuk Cigii/jZMjj? .... :• ... 

' ’ Phones: 


*_ \..y ' V* £ JES' \ 




19 



rages over 
the Nine 


fi S.^tABR^AC^E t,o ttie -States:. agreemeirts with is freezing relations with the from the Community about SSbn 

ears ago was not one the. EEC winch eroded Turkey’s EEC as well.” charged Mr. of the $l5.4bn external financing 
• even economic .ieasl-: outdated odttcessioris. By the Demirel. He claimed that the required by the fourth live-year 
a political 1 matth offline Ankara woke up, the oil freeze would be the first step development plan (1979-83). 
ce. : • s hS 0Ut of the EEC They requested S4.4bn under 

| admitting nnderdeveloped barter S3 nine 1 < ? Iher opponents to the freeze a new financial protocol. $lbn 

ley in their dta the pros- C I a,In ^ Mr - Ecevit has 18)560 in emergency aid. $1.5bn 

■Es- nations of - Western tif redress the easy w>y out under lhe xhxou & the OECD and 8960m 

Spe.were in effect paying a ^n,Je veers 5o the in8uence of anti-market bureau- in foreign private capital invest- 

flant price for Turkey’s of crflts ' They maintaln *** ™"t s . The EEC's reaction was 

l&ianship of the - eastern- asked for con raove wiU do irreparable harm that this was an 4 ‘ unusual “ 

I flank of NATO. Turkey. politically by leaving Turkey request. 

Its part, tad mixed- feelings ® ^Li v ‘ 5f hind l u he P°* mcal unity move ' It appears likely that by the 

firds the ■ Common Market ; ^ J 10 ™ ^' h,ch j Greece is joining. cnd oI the year Turkey will 

.fwas neither ab*e to exploit hey * *? claJm 11,81 Wlth EEC have an official reply from the 

Advantages of its association First ^ d*nand letter condi- competition now more remote ComTnunity an d act accordingly, 

fthe mti nor to press to Turklsh industrialists will con- whiIe lhe Community is ex- 

grove its position. cultural products— Turkej s tinue to persist in uncompeu- pected T0 n 

IthLhTe political ded- lW \ indUSlries make fat S be u^ealisJc toTxpeci 

K a^n Pr0fils - to 

febership remains unchanged w «.ixhr*h which will never r» ■ i ^ S™ 01 ** 3 To Thc exlen t de ‘ 

;pd>ate on whether or not b^ffufl^tSbers.- axe. more PfOblemS manded b * v Ankara ' 





•^r fj 


i J 1 


..ssi- *■ 


industrial imports from the CODcess ^“ “ * 

community. For Industrial ***z tt J * ■*»■.£“ 

joods in which .Turkey was SIh" Jjf * 

ieemed to be more competitive obligations by not granting ree A 

he tariff reductions^d A tTn\/ 

, 0 , The Turks further point out / 1 I I I I %/ 

m&t «* 60011 a6 ^ ey 8tt8ln V X X X A y 

22 ye ff*‘i L S y. b ' y petitive export potential in an ** 

f 9 * 5 ^ beC ° m€ , i a industrial field ?- for example 

Hill member of the Community _ 1hp vtac invokes. nrn- 

-the first Moslem country to. *g£ ^ CONTINUED FROM PREVIOUS PAGE 

*ecomeso, . the -guillotine. • 

Jt now appears almost certain :: But , again In all - fairness 

jL t ^ TLf Ye Ankara must take the blame for defence to be dependent on the embargo by shutting down the 

o be shelved.. Last Hronth Mr. a cti D g only after its grievances decisions or indecisions of other U.S. bases and abrogating the 
jcevit sent a delegation to reached crisis proportions. countries, states Mr. Ecevit. DCA. -After the lifting of the 
rtissels requesting ft five-year . . . , . r Explaining whv there is a need ban the bases have been 

reeze on Turkey’s obligations T7 rnTpn • : - foi^ a new defence concept, he permitted to resume their 

In other words, J 1 lU//vIl • continues: activities and Ankara invited 

lain in effect, Ankara would ho ^ ever , jH of £ is has y^rscontributed. far beyond its \ press iheSrtS 

l»Pl*™e itstariffbarriers. ^d^n^selsare !^™ raiC “ ans “ 1416 C J!T"> Atoioitotion tard lor 

Thus^deG^.>™»nd ^Ajdwi^i Brussels «e ^ which it mi i ltJir5 . ^ „ d 

‘ortugal were hurrying to get mo ™ concernea wiui tne 5 e j t>nSiSi Turkey has recently crp|llt _ _e wel i tjc invest- 

n Tnrkev w*fi delavinsr it-, “freeze * and its implications. DUf *_ to a nosition where Cre . * li- ■ . 'rf 1 

n, ruricey was delaying its Ecevit Government is , J position wnere ments of participation m the 

,cceSSJ ^«„ by SV AJ^ 10 srtnntlv denvine tbatthe freeze ^ had * fficu ^ even in P^rchas- Turkish armaments industry. 

-ear 2000. Ankara s ensjs- ??. uUy toat tno 1 mg with cash from its allies the The Prime Minister is also 

■jdden re^onsJS .the Com- J® JSie^leSance Ce of nS ti«S defence ma ^ rtal and equipment expected to put pressure for a 
mimty had w effect been 6 ^® f or the spare parts for the equip- higher volume of economic aid. 

frozen since l*i Jand been ^get-: ^ “S®. » 1= d Tn ® ment and material it possessed. According to Turkish officials 

ting progressifely., .chaiier *eezeto^ waste time s^aa , ^^nce has the talks, which will put 

J • HpvpTnn our^rpiatiDns and mate clearly shown the risks involved Turkish- American defence rela- 

sr^y ^bli^oT 5 Qfc 4em more dy^mic. The cSS J? ma ¥°S ournenorial security tioos and the status of the U.S. 

TO ffr 6 Ior -..rT 5 ' ZT^rry ” dependent beyond a certain presence in Turkey on a new 

Ankara conBmrtWi-tiie e,^ Mr ^ ^ w/mseif- “We P° irrt - on external sources, par- plane, are expected to last about 

of assuming tfmttbe association Says Mr. Ecevit himself, we. {TV a vear 

agreement wulcfaifflce to iron want to freeze our relations in BcularJy on one source - a .ear. . 

out autmnaticaBT hH problems order to make them, stronger.” As^ the cont inuation of the 

as they cropped hp. Of course The pro-marketeers, including tTnitOPrif navy's programme to build 

nothing of thel&rt happened, former Prime Minister Demirel, landing craft would indicate 

While Turkisir ^ raeaucratsr and dp not agree with him. “He has “To avoid making the same the prospects for Turkish-Greek 
governments dpbbered* many ^ frozen lip everything so he mistake Turkey was obliged to relations are not bright, Both 

formulate and carry out a new sides appear determined to stick 
.1 : ' national security concept This their guns on Aegean issues. 

should he a concept which ““f Turks induding some 

limm A TLY sftouid take into consideration worJ V Q 8 at the general staff. 

1711 /\ |X Hk not only the importance of our Possibility of a 

J4AXUrlllXV menfijersbip in Nato but also ^"Spnone 

—JT!?*,, +„ cfam.o.wion higher than one with the soviet 

FOUNDED 1935 ' EL5wL.ii ^ £ Vnion - The competition 

^ _ , TJrrkes^national secuntj, sajs between ^ mo 5tates ^ so 

Produ bt and Exporter of Chemicals He^Lests a fundamental s w ff ^ Greecc s int ° 

"i - . _ _ _ , ■ “ s^fsts a lunoameniai mj^ary wing of NATO wiU 

lVraip ferrous Metals and Minerals mange in the army: “Instead of not be easy since Turkey won’t 

• a defence system which relies accept a return to the status quo 

Bankme •- heavily on large manpower, he ante 

■ ‘ . . says, “A national defence force " , ... , . 

" M he formed which meets the crude on T„rta sh 

- can be complete without 


-goverxnpenia si* 


IBANK 


Ncm 


COLEMA 

OKE/C 

TINCAL 
BORIC A 
BORAX 
DECAJ 


BORAX ( 

PENTaTOHATE 

SODIIIMPE1RBORATE 
E&TERYj 
RAUXlf • 



FOUNDED 1935 

jr and Exporter of Chemicals 
ferrous Metals and Minerals 
Banking 

fiTIBANK PRODUCTS: 

rE BUSTER COPPER 

iC. CALCIUM CARBIDE 

NC CHROME ORE/CONC. 

D FERROCHROME (L.C.) 

. FERROCHROME (H.C.) 
)RATE MERCURY 

LEAD CONC. 

[TJRATE ZINC CONC. 

RBORATE SULPHUR 

- SULPHURIC ACID 
PYRTTE ORE/CONC. 
PHOSPHATE 

1 INGOT ROCK/GROUND 
J . SCHEEUTE CONC. 

™ BARYTES (GROUND) 


demands of modern defence 
technology, which has superior 
fire power, strike potential. 


mention of the Turkish generals’ 
stance vis-a-vis domestic politics. 
The Turkish army revolted in 


m^ility and effective comm uni- lfl60 and ^ a coup in I971 


cations. 


which forced Prime Min ister 


INGOT 


um 

SION 

CTS 


FUTURE PRODUCTS : 
ANHYDROUS BORAX 
ALUMINIUM SULPHATE 
diatomite 

HYDROGEN PEROXIDE 


CHROME ORE/CONC. Another dimension which be Sule7maJ1 Demirel to resign. In 

FERROCHROME (L-C.) emphasises is relations with the between these two there were 

T 7 TTPPnrm?nMir (H C ) cou^^ si^roui^ng Turkey: two unsuccessful attempts to 

FERROCHROME (H.C.J “Friendship wth all regional establish military rule. Turkey 
MERCURY ooiHMries is essential for has been ab i e to preserve its 

tttati nrwtr rational security." states Mr. civilian rule because Turkish 

b&AV Ecevit “Measures of national generals, unlike the majority of 

ZINC CONC. security or contributions to their colleagues in the under- 
pin PHTTP mutual security systems should developed world, don’t have 

aui^rnuit not ^ socb ^ to instigate political aspirations. 

SULPHURIC ACID suspicion and distrust in the 

PYRmS ORE/CONC. ; Duty 

PHOSPHATE . concept pertaining to foreign For ^ Turkish generals. 

ROCK/GROUND policy ore being carried out the . i„ 0 °Lg .fter deleft 

SCHEEUTE CONC. modernisation of the army will u mucI] of a ^uty as guarding 

.have to wait more affluent days. ^ borders It would be cafe 
BARYTES (GROliNDl In any cost Mr Ecevifs new it \ W ^ a be St ^ 

PERLITE ORE/GROUND. when things get out of 

' “Z hand «nw will once more 

10DUCTS' piSicaL ph2osophicai than exercise its considerable powers 

iUUUL,lb. prwucaL t0 intervEne ^ pouti^. 

rs BORAX Ecerit ly he conflating: 

SULPHATE Kirkey appears to be obliged to iI , ter ,-? n t i0 mst ” in its 

MITE 

PEROXIDE « it did in 197! Ho^er 

are as fed up about 


detailed fnjonnotion, please contact: 
[IBANK GENERAL MANAGEMENT 
SIKHTIT;/ ANKARA— TURKEY 

Teles: 42 207 EFT TR 
Cable: EUBANK— ANKARA 


Marshal Ogarkoe who visited “ ““ “P auuul 

Tmkey earller^this't'ear htaed ^ U “' , T '”‘ en “ “ f 1 ?™ 
that the Soviets could sell arms Jj" iSi t°° Jf e 
to Turkey but this does not seem ^ ° f sky-rocketing 
to be feasible. d^^ rt ,. P °J enUaUy Wr> ' 

.It is for this reason that the 

-Turkish-American talks on the *"5“ ^ " res ® n 

formulation of a new Defence and s0 “ al 

QKHKration Agreement (DCA) “^! a ^A lth ?5., 3l,llls " n<le J 
will be crucial. The talks are to ™ Ie , ' t . wl “ hjve achl . ered 
sum this month in Istanbul, the f “ ong “derdeve- 

capital . countries. 

Turkey tad responded to the jVI.jVL 


HOLDING 





TION 


Sfor attaining ereuuml ^ ^ V^for H' 

prtate on wheth«v or tat b^ffuff^itaers,- Le more Problems manded b * v Anta,1 ‘ 

gkey should — or indeed can nriviiezed. ' . _ , Generally speaking, while the 

ipm is still persisting. It is • ■ Mr - Ecerit says that Turkey f reeze may numb the pain in 

ffinly because of these -half- , Secondly, . the rurra want has problems not only with the ^ Turkish-EEC relations it 
farted attitudes in both .^ ne ® circulation, nghts for tiieir eec but has to fight the gravest H ,jjj ra [ Se manv crucial 
Para and Brussels that over workers- inline Community as economic crisis In its history, questions, 
a years the association rela- stipulated under tta f^cm. The five-year grace period If the Turkish-EEC relations 
pish ip has declined ti> its * 0Q ag«erae“t- Thirdly, Angara would enable Turkey to put its are t0 be shelved for five years 
artent phase of deadlock. « demanding tiiat the resin c- house in order and provide a will they ever be reactivated? 

| . : * tions imposed by the Wine on breathing space for Ankara and w ba t will happen to Turkey’s 

I (TronmAnf Turkish cotton yam, textiles Brussels to sort out their prob- request to be included in the 

4.gr€clIlcIiL and ready-made clothing im- lems. There was no question of EEC’s policy formulations? WiH 

ports be removed. Last but not extending the five years. Greece not make life unbear- 

beSS/X leaSt A nl ^ ra wants more Ankara intends to open nego- ably difficult for Turkey after 

vtare after eco °?®! c aid ' - , t, a tiations with the EEC three it gains full membership? Per- 

ISce shoS A J 1 taur^proposal^ have more years henee in ^ light of lhe baps economically most 

rm aim thp ran 0r CSS j ^ en / ejectcd new conditions which would important, after Greece. Spain 

,rm aim was -to reduce the gap and have been repeated in about with the Com- and Portugal become full mem- 

triveen the Turkish ecwomy Brussels last month. EEC mSdtv’s expan tan. bers, flooding the EEC with 

id that of the ComnHHuty and officials now refer to Themas— " their agricultural products, w‘ill 


«ween me inrnsn ecmwmy Brussels last month. EEC m unitVs expantan. hers, flooding the EEC with 

|od that of the ComHHimtr and officials now refer to Themas— " ’ their agricultural products, Will 

be long-term one accessipn^ ^ to “Turkey's Traditional Remands" 4 . vv " lle 1 a5 ^ n S * or ^ eze those of Turkey have anv chance 
hie Community. indication of their age if "f J.f r S.!lS > ., p !i" d i S?™ « am hut not 'least, is 

L^nSiST" "^fc fdr Ankare has Justi- «™ wJ?" BrS“ tSSSS ^ misaIlg 1116 Europ “ n 

Eliminate its esisting Stiffs- on for its grievances. The erosion Anl ' ara counting on raising 


MM. 


NET ASSETS OVER 2 BILLION T.L. 


SALES TURNOVER AROUND 4.5 BILLION T.L. 


MORE THAN 5,000 EMPLOYEES INVOLVED 


IN 19 ERCAN SUBSIDIARIES 


WE ARE A RAPIDLY GROWING GROUP OF 
COMPANIES WITH INDUSTRIAL TECHNOLOGY 
AND MANAGERIAL EXPERIENCE IN OUR FIELDS 


MANUFACTURING ACTIVITIES 

AUTOMOTIVE INDUSTRY GROUP 


M.A.N. KAMYON VE OTOBUS ISTANBUL MAHLE PISTON SANAYI AS. 

SANAYI A.S. Pistons, gudgeon pins. 

BLAN. Trucks and Buses. Export activity. 

ISMAK ISTIF MARIN ALARI SANAYI VE ISTANBUL SEGMAN SANAYI VE 

TICARET A^. TICARET Ai>. 

Electric and diesel operated forklifts. Piston rings, cj’linder liners. 

BURTRAK BURDUR TRAKT5R VE 5NYUKLEYICI SANAYI VE TICARET A.S. 

Agricultural and industrial tractors. 


TEXTILE INDUSTRY GROUP 

AKCPTEKSTIL SANAYI VE TICARET AS. BOMAS SANAYI AS. 
Cotton and synthetic yarns. Export activity. Bobbin and spooL 

CONSTRUCTION MATERIALS INDUSTRY GROUP 


SEMAK INSAAT SANAYI VE 
TICARET A.S. 

Industrial and architectural paints, coatings 
of acrylic plastic, alkyd, polyurethane base, 
insulation materials, metal primers, 
emulsions, distillation products. 
POUCRETAN SANAYI VE TICARET A.S. 
Polyurethane insulation plates. 


ANADOLU CEtfENTO TA.S. 
Cement manufacturing. 

KARQ3M KARTAL giMENTO VE 
YAPI MALZEMELERI SANAYI VE 
TICARET A.S. 

Construction materials. 


TRADE & SERVICE ACTIVITIES 

TRADE AND SERVICE GROUP 


ERCANLAR OTOMOTIV TICARET AS. 

Sales and after-sales facilities of MAN. 
trucks, buses, Peugeot Cars, Braud Har- 
vester machines, Orenstein and Koppel 
Construction machines and equipment. 
Exporting activity. 

MARMARA MOTORLU VASITALAR 
ITHALAT VE IHRACAT AS. 

Pistons, gudgeon pins and tyre marketing. 

OTOMAN TICARET Ltd. Sti. 

Sales and after-sales facilities of MA.N. 
trucks and buses and spare parts. 


BURTRAK SATIS VE SERVIS A.S. 

Sales and after-sales facilities for agricul- 
tural and industrial trucks. 

MEGES IN$AAT SANAYI VE 
TICARET AS. 

Marketing of paints, coatings, chemicals, 
ceramics and packing materials. 

ELTEK ELEKTRONIK TEKNOLOJI AS. 
Marketing of Honeywell hardware and 
softwares, Computer servicing and systems 
facilities. 

TAM SIGORTA A.S. 

Insurance. 


TOURISM GROUP 

CINAR OTELCILIK A.S. Modern Hotel near Istanbul Airport 


Address: 


<S 3 £ 2 OV 


HOLDING A.S. 


Biiyiikdere Cad. No. 121 
Gayrettepe — Istanbul 
TURKEY 


Tel: 66 22 00 {5 lines) 
P.0J3.: 33 Mecidiyekoy 
Telex: 22817 ERHO— TR 
Tlgr.: Erholding— Istanbul 


Please ask for Ercan Holding Copy of Facts and Figures. 






20 


Financial Times Monday November XS l^- 




Izmir metalurji fabrIkasf t.a.s. 

iCOUSDED 1956} 

The Largest Privately 
Owned Steel Mill and 
Rolling Mill in Turkey 

Total Assets at June 30. 1978: 
2,078,941,174.13 Turkish Liras 

6th among the top 50 companies — excluding , 
the public sector — or 13th in general 

PRODUCTS 

— SAE 1010 & 1015 Bars and Rods 6-90 mm 
diameter 

—SAE 1030. & 1035 Ribbed Bars and Rods S-2'6 mm 
diameter- 

—SAE 1040 to 1050 Bars and Rods S-26 mm 
diameter 

— Spring Steels 100 x 100 or S2 x 85 sq mm 
— Wire Rope Steels 6-12 mm diameter 
—Electrode Steels 6-12 mm diameter 
— Plain Carbon Steels (all kinds » 

— Low Alloy Steels ' 

195 mm octagonal cross section or 

100 x 100, S2 x 85 sq mm or 5.5-90 ram diameter 

SHAREHOLDERS 

— Ege Yatirim A.S- 
— Tiirkiye is Bankasi A.S. 

— Kof Holding A.S. 

— Turk Ticaret Bankasi A.S. 

— And 200 others 

Address: Isiklar Koyii Girisi, IZMIR — TURKEY 
P.O. Box: 458 Izmir Phone- 162200 110 lines) 
Cable: Metas-izmir Telex: 52381 mtas tr 

SATfUii MHIfl VE TABta KALL&RI BIS TiCHHET i.g. 

(imlus trial and Agricultural Products 
Foreign Trade Co. Inc.) 

Capital: 50,000.000 T.L. 

— Wholly-owned subsidiary and export company of 
METAS 

— Exporters of Raw Cotton, Cotton Yarn. Textiles, 
Ready-made garments. Industrial and Agricul- 
tural products 

— When you purchase from SATMAS you are sure 
to obtain what you 'want 

Address: Ali Cetinkaya Bulvarf No. 2/2, 
IZMIR— 1 TURKEY 

P.O. Box: 926 Izmir Phone: 25 39 SO 
Cable: SATMAS- Izmir Telex: 52199 mtar tr 


TURKEY VIII 



New class of 



THERE IS a whole new class of 
entrepreneur to. be found in 
Turkey today. Around Denial 
in the south-west of the country, 
in Kayseri in' its centre, and in 
Istanbul* a range of new small 
companies * producing goods 
ranging from- fruit juices to 
cement, is growing up, iwned 
and run by Turks returning 
from several years of working 
in Western * Europe, and 

especially West -Germany. 

With a hign population 
growth rate, Turkey has -tradi- 
tionally looked westwards to 
export its surplus labour. The 
remittances of workers abroad 
back to Turkey in hard currency 
have formed a cornerstone of 
the country’s economy. But 
their actual return when their 
spell of working abroad is over 
has always created something 
of a problem. For'the ambition 
of many a Turkish worker has 
been to go abroad 1 to earn — and 
save— as much money as 
possible in order to be able to 
set up in business on fads' own 
account back- in his native 
country- Yet while his stay 
abroad may have given him new 
skills — in rar repair, for 
example, if he has worked in a 
motor factory — it will not neces- 
sarily have given him the 
management skills to make a 
success of working for himself. 

The numbers who return are 
not accurately known; in 1974 
West Germany, by far the 


biggest employer of Turkish 
labour, had 615.000 Turkish 
workers. By the end of last 
year, the number was down by 
about 100,000. But part nf that 
drop is accounted for by women 
no longer able to work as a 
result of the more straightened 
economic atmosphere, and the 
number of Turks in West 
Germany overall was little 
changed.. Nonetheless. It is 
estimated that some 75,000 
people may have returned to 
Turkey in recent years- 


Initiative 


Their problems in re-itHe grat- 
ing socially and economically 
are well recognised by both the 
West German and" Turkish 
authorities. To ease them, a 
pilot programme aimed _ at 
instilling additional skills into 
returning workers was set up 
by the two governments six 
years ago- The initiative came 
from the Ministry of Technical 
Co-operation in Bonn, wbieb ran 
industrial fellowships for 
developing countries, placing 
people in West German 
enterprises to teach them 
technical and managerial skills 
to provide a basis for working 
in industry in their own 
countries. 

It was realised that, in the 
Turkish Gastarbciter. West Ger- 
many already had within it a 
significant number of people 


ideally placed to benefit from 
such a programme. So Turks 
who had some technical or pro- 
fessional qualifications were 
chosen for. courses which, first, 
brought them up to foremen’s 
level and, second, gave them 
some management Shills. 

At the same time a joist 
special credit fund was estab- 
lished by West Germany and 
Turkey to provide cheap loans 
to those seeking to establish 
their own businesses. A joint 
consultancy service was planned 
under which the Turkish wor- 
kers' business ideas could be 
scrutinised in West Germany to 
assess both their innate prac- 
ticality and their compliance 
with the demands of the rele- 
vant five-year plan. The idea 
was that the service would give 
recommendations to the bank 
holding the special fund about 
the supply of credit and that, 
for three years after each wor- 
ker i return to Turkey, it would 
keep an eye on his business, act- 
ing in effect as a management 
consultancy. 

But the plan foundered as a 
result of disagreements over 
practical details and In parti- 
cular on relations between the 
state-owned bank involved and 
the consultancy. Hie special 
credit fund continued to grow, 
reaching DM 8m, but it was 
effectively frozen. Only some 
60 to 70 individuals received 
technical training, with few 


able to achieve their ambitions government in financial difflcul- 
be cause of the blocking of the. ties to consider giving him more 
fund. In 1975 everything privileges such ns cheap credit- 
stopped. ■ Meanwhile* some 150 to 

Inevitably, Turkish workers' West ^rman-aided^wte^rises 

ambitions remained nnc^ianged,'^ ve . be ^^^ p ’ ^ remainder 
Many came tack witlHiis “ openflen 
bought in Germany arming w planned oy in Ae pre 

become taxi drivers; others-™- X 

turned with agricultural severe probVem^. 

machinery which they -then con*° ne 

traded out when back intheir Nonetheless, swral » 

own villages. Some got together JJf * "j^^desmerate for^ddi- 
while in West Germany to form “ 8 ™untiT d^perate 

companies in Tur key to operate f pe? P J^TSem- 

m small-scale industry on. their . „ _7 wnr tj 

return home. For «>?“> ?ofSe 600 M 0 ^fo V00.MO new 

SaWJTttSSSJS labour forced 

difficulties about the training ^. ear ' 
side of the Tuifcb-German pro- n • 
gramme. V ^PrOJCCtS 

So today the scheme has been ’ As well as fruit jnices and 
reactivated- The fond -. itself cement, the projects -involved 
has also been re-opened and '90 include plants, animal foods, 
per cent of its credit disbursed furniture and plastic bags. Few 
to the new companies.^. So' sue- of them are, in effect, workers’ 
cessfol has it proved, Indeed, co-operatives, though this was 
that a new round of ; talks 0 ne of the original West Ger- 
between Turkey ■ and West man mhi« when encouragement 
Germany started last month bn started to be given to the 
the next steps. One suggestion schemes. The hope was that 
is that two funds -are estate the shareholders would also be 
lished, one for individuals and employees of the company but, 
a larger one for companies. save in a management capacity 

The difficulties relating *6. aid ***** has 
to individuals remain,' especially *** a small but significant way 
as a Turk who has found Work the programme hastecMed one 
abroad is already in- some ** e . 

senses a privileged person, returning Turks , at least those 
making it far from, easy for a" 


who are first genera^ ȣk- 
patriates. A major 1 - 

remains with the r«ni«p, 
of second generation - Tt&at 
children of &e-G aatarbe^ma > 
have been to school 
Germany and may not ggery w 
able to write -Turkish ;»'•.' : 
or pronounce Turkish ; 
correctly. . ~‘ l . "■ 

Their problems, the^u^gv;? 
intensive debate in. .Wes|Sj •; " 
many, have become atfow 
part because the West Q~£hfc--\''.- ,c r 
and 1 ’■ '.Turkish . ... 

systems, are so differensPS*;^ i- : 
the latter much - mttngjgpy ' 
tibnal and formal.- Thus 
return ' home with their: 
they "find their edh 
qu alifi cations ; are not 
nised, batring them froi 
nical- or other -forms of-, 
education in their nativl 
despite having. hgd. 
economic and social aSjal 
increased by their expei 
in their adopted country, g 
The solution- may well 
h change of policy towi 
raanent immigration 
Germany so that second 
tlon Turks who" want 
there can, but there -jos , 

•be some hope 'from '.the 
committee oh educational 
lems set up by West -fieri 
and- Turkey last year> 
meets every six iheatlift 

BaviA- 







The vast problem of 
rising unemployment 

“TURKEY IS a paradise for the cities. this spring, put unemployment employers and the Government 

workers in the midst of the hell But the minister did correctly at 16 per cent and referred to He has himself acted as, con- 
which the country is for the bring out the mai n problem of a further 20 per cent as under- dilator in several disputes but 
millions of unemployed.” is how Turkeys greatest' asset — its employed. his mijor move so far has been 

one minister describes- the labour force. The Minister of Finance puts the agreeing of . a - /’ Social 

situation. Unemployment is one of the the unemployed at 20 per cent. Understanding " with\;Turk : Is, 

His graphic remarks unjustly scourges of the country's while the U.S. Embassy, in its the larger of the two labour 
glorify the often-wretched con- economy. Offidal documents annual labour report, says that confederations. . .. 
dilions of work: they also fail euphemistically refer to it as 5ra is the figure most -frequently The need for some roasting 
to indicate how the 2m workers •* labour surplus” The Fourth cited. The Minister of Sodal of the present framework is 
with union-protected contracts Five-Year Plan estimates the Security, presumably in a stressed by i nd us tr ia I ists Iwho 
are greatly better off than the unemployed at 13.9 per cent of particularly despairing moment have long complained Hhat 
4m others outside agriculture the labour force.-’ rhis April, put the number at labour is one- -of - their main 

yet living close to the bread But the Prime- Minister. Mr. 7m. problems. Though the- bulk r of 

line in the spreading slums of Bulent Eeevit, wiiLle in Bonn Whatever the precise figure, the labour force which works in 

dear — the small production units is un 


The Automotive Industry b) Turkey is expanding at an 
etching rate. Parsan provides a vital manufacturing 
service to this industry by producing rear-axle shafts 
for trucks, buses, pick-ups, tractors and passenger 
cars. These products are functionally critical items 
that demand precision manufacturing. The technical 
'know-how' was brought from four of G ermany's • 
largest companies in this field. 

The Parsan product range covers 328 different parts. 


including... hot forged steel parts 
(machined /unmachined), undercarriage parts, links/ 
pins, bushing shoes and rollers for earth-moving ; 
equipment. The quality of these products has been 
the reason why Parsan has grown so fast, and is now 
ready to enter the export markets. Parsan is one of . 
the important reasons that the moving Turkish \ 

Economy is moving so fast. 



Pfinsan 

MACHINE PARTS INDUSTRY CO. INC. 

Guzelyali. Pendik, P.K.3 Istanbul.Turkey. Cable: PARSANMAK-iSTANBUL Phone:540080-540302 



Mark of quality in the food industry. 


For half a century we produced the best 
quality products in the macaroni industry. 
Today we aim to provide a wider service 

to the consumer. 


OVR PRODUCT RANGE INCLUDES: 


• Pasta Products 
17 different shapes 
'Flour 

» Self Raising Flour 
'Dry Soup Mixes 
13 different kinds 
'Ready Meals 
• Semolina 


•Rice Flour 

• Corn Starch 

• Wheat Starch 
■ Bulgur 

• Lentil Flour 
• Spices 

• Dehydrated 

Tomato Paste 


Makamacritk ve Ticaret T.A.$. 
1 644 Sok. No, 6 Bayrakh - Izmir - Turkey 
Phone 160060 Telex: 521 91 PlYA-TR 



the problem is 
existence of a vast and growing protected by collective union 
army of the workless. The agreements, . the . unionised 
origins of this lie in the labour force is . increasingly 
country's embarking on its flexing its muscles, 
industrial revolution. As yet, it Las* winter saw the largest 
is still perhaps in its “enclosure strike in recent .Turkish history 
period." when 27.5m manhours were lost 

The age-old protections 1° tite drawn-out battle between 
ensured by village-scale life are the metal-workers union, Maden- 
breaking down. The massive Is (affiliated to DISK, the 
scale of internal migration is Revolutionary Workers’ Con- 
shown by the way that the share federation) and the employers 
of agricultural employment in association, MESS (supporting 
total employment has fallen TISK, the Turkish Employers 
from 77 to 61 per cent in the Association). Official figures 
past' 16 years; understate the amount of 

. , strikes but are indicative of the 

F.miprafpd relative importance of strikes 

WlUghUCU in each year:’ they record the 

However, the safety valve of days lost in the years 1973-77 
exporting workers is now vlr- as 0.7m, 1.1m, 0.7m, 0.3m and 
tually closed. Between 1961 and 1.4m. 

1974 an average of 58.000 Turks While MESS argues that it 
emigrated to the factories of established the important 
Western Europe each year, principle of group bargaining 
Between 1975 and 1977 the rather than the site-by-site 
average was down to 11,000. approach fought for by Maden- 
Even if Libya and Saudi Is. the underlying trend in 
Arabia are now taking increas- labour negotiations is hardly 
ins numbers of Turks, no easy favourable for employers. They 
solution is in sight to what the are being obliged to accept as 
OECD has king suggested is the outmoded minima the bonuses 
emergence of a structural and benefits which the public 
unemployment problem. - sector must treat as maxima. 

Yet measures to tackle this Equally, the level of settle- 
crucial problem are hard to find, ments in some sectors, in par- 
It is symptomatic that of the 859 ticular petroleum and tyre pro- 
pages which the Fourth Five- duction. has soared. Severance 
Year Plan devotes to the futitre pay requirements are such that 
a more nine pages to consider one U.S. businessman notes that 
the labour sector— and three of his current labour indemnity 
these nine are merely tables, obligations exceed total stock- 
For all this, the Eeevit Gov- holders’ equity by 30 per cent 
eminent: is showing more according to the latest US 
interest in the problem than its Embassy Annual Labour Report 
predecessors. Of labouir confederate 

Its programme promises to tions, Turk Is is the older and 
extend labour rights and social its membership about double the 
insurance coverage to all wage over 400,000 claimed by DISK, 
earners; to enact a law to Turk Is has tended to reflect 
regulate the workers' right to the U.S. help it had in its 
designate the trade union to origins, usually . staying outside 
represent them; to extend the party politics and - faithfully 
protective provisions of the following Uie fifth of its 24 
Labour Law to ail working principles, that it should seek 
people; to make “democratic to weld society together rather 
arrangements for the organisa- than to stimulate class struggle 
tion of civil servants ** (who are Only In the past year has its 
now forbidden to join unions); president. Senator Halil Tunc, 
to enact a law covering agnuui- tended to lean towards the 
tural workers; to protect party of Mr. Eeevit. in particular 
seasonal workers, domestic since autumn, 1977. Then it 
employees, children and women; favoured a coalition of the two 
progressively to introduce un- main parties -and since then It 
employment insurance; to has welcomed the advent- of the 

protect and give voting rights' to Eeevit GoveromenL 
Turks working abroad, and to It followed Preserved position 
prevent the abuse of lock-out. when the present 'Government 
It is an ambitious programme, extended the austerity measures 
made the harder to introduce began by its predecessors. It 
by the imposed need for has railed for the introduction 
budgetary ausierity and prob- of effective price and rent 
lems in the Ministry of labour, controls. 

The new minister. ‘’Baba" Turk Is has as its members 
Bobir Ereoy, a former textile the bulk of the workforce in 
worker and trade union leader, the State Economic Enterprises, 
had to use his first few months With collective bargaining for 
to restructure the Ministry and 470,000 workers being due and 
replace political appointees mounting labour costs being a 
made by the previous coalition crucial element in the yawning 
by professional civil servants deficits of the SEE the Govern 
with experience in labour ment has devoted considerable 
matters. attention to wooing Turk la. Its 

His public statements have efforts were crowned with some 
emphasised the need for solving success when the Social Under- 
industrial problems through the standing was signed on July 20. 
‘oint efforts of workers. The Understanding stipulates 


-•A ; -v 




si- 



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from 

TURKISH GLASS WORKS Up 

-C-ciSsf 

''A.§: 

(EXPORT COMPANY FOR j ;ry-^ 

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r^rAUTO' GLAss. (tougbeneo ‘ANd :■ : i|:- 


sr- 



' ADDRESS^ Ni£anta?i VaIIIrorig&CdcfJ^^3^ 

:- t ...... ' •JstanbuL Turkey', .'fv...' Lt 

, - Tel ... : 468027 ^28-29 

TeL - : 48 42 87 r 48993f t (ExportD^t) *1 

P.O. Box ; 214 Osmoiibey.'.- Ifipribtil ' 1 
Telex V 22 .530 ACS - TR/‘ F. ' t _ 

Coble- : Campo? - Osmantfey ' !- 

r. V;. ; ! .• • 

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ADDRESS; istiklal Co d .N o . 31 4d^btd Turkey 

. T©f - ilfl'ftK -e« : ,T 

'P.O.Box 

-Telex *. : 23302 CkimaTO^^V :. : ' " 


- Cable 


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CONTINUED ON NEXT PAGE 






Continental, export^^-^ 




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reuAbi^-^ 

efficient?^' 

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^TRAILER TRANSPORTATION 
Takes pride in offern^ iis £-7. 

■Jc ' ^ . REEFE1S ^‘TILTS^ 
Managed by a s&ff 2Q 

Head office: P-1C 64, Oszranbeyv lstatkhi 
T<&x 22493: CNTX TR Ffenfr 
Ranch offices : Tdfex Izmir 

. M3nfcfc 3a 2O^5 ;C®0v 
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London Rainhaxn, Essex. -Telex 897930 DH^) Q 

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^3S3yem0er-i3-1978 


TURKEY IX 




21 


'• A,- 


emigrant workers 


lie 


after tfte 'West sbawfeand haggy trousers of 
Government imposed a the/rwpBWli,^? sinell of gariic 
•further '>reonn.tment. of and • ntottoat-thelr; refusal to 
workers, in.; the wake of "drink-., alcohol- or eat anything 
.crisis, the polky of:!^ lifer* to infringe Muslim law. 
ig 'the employment of -s^med.aBen^antl suspect, to the 
ers. .frojn ..non-EEC cq.uij- aye rage G erman.' Th i 9, and' their 
ts reconfirmed nr Bonn. .inability-to spealC Lhe language, 
ding to Heir- Jleinha^^ 'drive them. into 

, State ‘Secretary. in, the Jsolatktth . . ' •*■:' . . . . 

1. Labour Ministi 7 . it does ■ ‘Tb«s»iiiost of- the' Turks live 
iy accept the reality ofih: ; of big , cities under 

a million -people . being appalling ‘conditions.. Complete 
work in- Germany^" but disirletsV.such as Kreuzberg and 
rvevthe -interests of-the- Wedding is' Berlin, have become 

“guest workers” iti-the “lUtlerTariceys.^ And only a 

-.few ■ .elderly . • Germans have 
the GoYernmeniVaiTiL,- -staye<l>---.So the houses are 
Strehike said. “\o cop& 'CTOmbjyb!i^^'theyhavenobath- 
ately -with the problem of toobiSv and often :jio kitchens, 
ting, foreign' workers -and Ten pteopfe- to a-small room is 
families. and, among other by ^slo' means .rare. •. 

%. of keeping the number V: The- samfr. applies to areas in 
employed; foreigners .as Cologfle.- the blg cities of the 
possible, ... ■RnhT- villpyu Frankfurt and 

... Munich. :■ -where -.. Turks -are 

JCCttVC .. huddliiig- /together, in tight 

• groups.'.- V - 

.Landlord?,' .Often demand 
iho shocking rents for tiny -rooms 

^ withou^w^m water or beating, 

if oniv^Yflr JSw BathTooms' and' kitchens have 

iW 2K2£.,» *«*«■« “ 15 

and 1973 more than 2.5m ^^ ies - . •:• -^duently. em- 
r,« m ployers. accommodate .• whole 

loped redone or 

irnarj . + u_ - "npnT'dmin or even -in- former army 
uneo to .the -economic , . . 

Jade cduntrjT’ - barracks...*: 4 . 

Then their total dropped to Before, the recruitment ban. 

find l.Sm in the years -after" any housing., was -good enough 

entry bad begn- bair^i: for the foreigners. The Germans 

fenheless thfe= mmjher of liked to: argue that the Turks 

rks (by far' the largest- grojip ! “ are . not ^ .used - to . anything 

foreign workers > remained : better at home." perhaps, think- 

re or less unchanged at just of -mod huts in ^Eastern 

ir SOO.QOO: Anatolia. ' 

ft"ne Turks know that- as npn- -The Turks themselves prefer 

tC citizens, having _ left' the to - save - as -.'-much money as 

IfUJF untry, they, would not be possible to .send home or to 

" 41 lowed to return; As a . -con-, start a .business in Turkey- op 

quence of their now prolonged : their. 'return. -'“While,: m 1977. 

;ay, their wives and families they; transf^red . Jnore than 

ave been, coming in.tD.an jo- DM 2m to Turkey { a little -less 

^ t teased degree, -swelling' the than -in 19731 their savings in 

~MZ&pir *.'urkish ■ population in..- ihe Gentian, . banks., the so-called 

federal Republic -to more- than .“Turiidsh- treasure," are, esti- 

_ ' .2m. • mated at inore than DM 4bn. 

Many of the Turks >'ho fiat ..However, with.. (he arrival of 

ame subscribed to the idea of Vivds- . an <J .'children in. great 

traditional Turkish-G ernia n number^, prObl&msr. multiplied. 

riendship, remembering .the The hijih rate if estiremely high 

iles oT their grandfathers who’ withe case .of the Turksl rose 

ad fought side : by side with arid -the'-, German-. , authorities— r 

ic Germans" in - ‘World • "War / declining to stop, the Inflow of 

•ne. Little did they know that Turkish, dependents on the 

ie Germans would' toon,' brand grounds that sucK- action would 

tern the least likeable of.be. Inhumane ■'^.stilted to 

ireign workers, -rirone were depiaiid •’ "adequate ' living 

-* believe, a public opinion -poll- space' ", .'as - a condition, for. a 

fa few ye^s ago. •••'. *r 7 . residence 'permit, apart.from a 

The few's • -and . ; bushy job ."contract of. at .least one 

ujstaches if -the meni. the iberaber of.the faihily; " 


Although the Germans are 
noi keen on the menial job> 
done by Turks (in some cities 
garbage removal would come to 
a standstill, if the Turks left), 
unemployment may well presem 
a real threat nf expulsion. At 
4.5 per cent of the Turkish 
labour force in Augusi. ii was 
slightly higher than -that of the 
German working population as 
a whole. 

When a Turkish worker 
becomes redundant, he. is to 
some extent at the mercy of the 
authorities, which have discre- 
tion in renewing his permit. He 
can stay and exhaust his un- 
employment benefit for up to 
two years, but then is likely lo 
lose his permit, and if a job 
coveted by a German becomes 
vacant, it tends to 3° to the 
German. 

Only after living and working 
in Germany for five un- 
interrupted years, can a Turkish 
worker feci relatively safe. He 
can then apply for a. -special 
work permit, which enables 
him. 10 find a job without going 
through the official employment 

ACITICC. 

After eight . years, if his 
German is fluent, and if he h3s 
a fiat and .-ends his children to 
school, he can acquire a kind 
or “ second-class citizenship ' in 
the form of permanent resi- 
dence and work permit. 


Schools 


K 


'■* 


5Y 


One-third of the Turks have 
lived in Germany for longer 
than six years- Since the dura- 
tion of their stay is expected to 
extend rather than decline, the 
Government is now faciug a 
problem which has sn far not 
really aroused public interest. 
It was the Federal President, 
Herr Walter Schecl, who 
recently- drew attention to one 
group of foreigners whose 
plight is the worst and appealed 
to his compatriot* ” to give this 
group a chance of a decent 
future.” 

President Schorl was 
referring to the more than lm 
foreign children here. 350.UGO 
of whom are Turkish and whose 
situation is appalling. One Ger- 
man newspaper of repute 
describes their lot as “ misery 
uf the second and third genera- 
tion.” Experts in the Education 
and Labour Ministeries are 
speaking of a “social time 
bomb’’, unless something is 
done about these children. . 

The Turkish children especi- 


ally are confused hy the dis- 
crepancy between their rather 
medieval home lile. where the 
father strictly. rult-s the family, 
and ihc bewildering leniency 
and different value.- of German 
society Only about U> p«-r cent 

flf the Turkish children y»» in 
kindergarten, and in Baden- 
Wucrttemberg. for instance, one 
foreign child in three doe.- not 
go 10 school. Girls often 
remain at home f.o look after 
younger brothers and sisters 
while the mol her goes to work. 
Frequently the parents do not 
even know that schooling is 
mandatory in Germany. 

Only 35 per cent or the 
5CKJ.000 fureign children now 
attending German primary 
schools complete the course and 
only about one "guest worker" 
child ' in a hundred goes to 
higher education. The main 
stumbling block is language. 
Unable to understand anything. 
Turkish children attend normal 
German classes taught by 
teacher untrained for such an 
emergency. And even teachers 
nf iheir own nationality drill 

them in preparatory coup-cs 
for subsequent German -chortl- 
ing — roursps which numerous 
school- have initialed — tlm 
result i* ofu-n. in the wnrd- of 
a Turkish pareni committee, 
that “our children arc becom- 
ing illiterate in two language.- " 

An additmnal nuisance — in 
the eyes of German teachers— 
is the Koran schonl which has 
been established in all larger 
German cities. In Duisburg on 
the Ruhr, for instance, between 
50 and 80 per cent of the Turk- 
ish pupils put in an extra. three 
hours at these schools, where 
hodshas teach hatred against 
anything going against the 
Koran, using the rod. if neces- 
sary, to hammer the message 
home. 

When Koran school i* over! 
the children are nfien too 
exhausted to do anv homework 
for thy German school. 

The tragedy is ihat what 
darted at school continues 
afterwards: the rate of un- 
employment among young 
foreigners is four times as high 
as that of German youth. In hi* 
speech urging help for the 
foreign children. president 
Seheel said: " There are already 
110.000 young foreigners here 
without professional training. 
Each year there ere more. The 
vision — that in a few years there 
will be a million foreigners here. 


without. iraimn;. without 
work, without language profi- 
ciency. outsider* m a society 
which has never given .them a 
chance. (,f haired against 
this society— this, unfortunately, 
has a very real meaning." 

Although the Government has 
yet rn develop a reali.-tic. future- 
orientated concept to improve 
the educational chances of 
puesicr worker children — the 
only thing that could really lead 
to a change — it should be noted 
that more than. 150 German 
organisations arc 1 Tying to stop 
a whole generation falling into 
a social abyss, among them the 
poUtical partic.-. the churches, 
the trade uninns and many wel- 
fare organisation-. . 

Last month. Herbert Ehren- 
berg, the Federal Labour 
Minister, promised some finan- 
cial assistance 10 the Turki in 
Germany. DM Him will be spent 
to ensure the language training 
of Turkish children. and 
DMl.om were granted to set up 
information offices ro advise 
their parents .in the intricacies 
uf German life. 

The question — will this be 
enough ? 

;in Schroeder 



Elgi 


The Turkish population in West. Germany is noic more than 1.2m ami the 
by far the largest group of foreign workers in the Federal Republic. Tit 

trainees t above) arc working with a Berlin clothing company 


Turks ore 
e Turkish 


Unemployment 


CONTINUED FROM PREVIOUS PAGE 


that real wages will not fall 
below their 1976 level, and to an 
extent, pegs them at that level. 
At the time. Mr. Tunc said that 
workers should sacrifice when 
the interests of the nation are 
at stake but stressed his trust 
in the Government for its taking 
- courageous steps " and putting 
more importance on the labour 
sector than all its predecessors. 

However, in exchange for 
some limitation on wages the 
Understanding promises, in 
fact. new safeguards for 
workers against lockout and 
mass layoff*. It is an important 
step towards involving workers 
in the management of enter- 
prises, And it involves the 
unions inor<- deeply in the pro- 
cess of policy making. 

Labour experts such as Prof. 
Ekmel Zadil of Istanbul Univer- 
sity' welcomed the Understand- 
ing with high hopes that it will 
help reduce unemployment and 
reduce wage-push inflation. But 
the employers have been 


reserved — in part because they 
were not consulted and in part 
because moves to worker parti- 
cipation strike some employers 
as tantamount to Marxism. 

But the most heated criticism 
has come from the radical 
labour confederation. DISK. " A 
document of betrayal," com- 
mented its Secretary General. 
Fehmi Isiklar. As for the special 
DISK meeting held in Oren from 
August 1-4. this concluded : 
"In reality the agreement 
signifies a wage freeze. Rights 
that have been achieved are 
rendered ineffective, the right 
to strike and free colic«-r:ive bar- 
gaining are threatened." 

DISK is. in fact, a very 
different animal from Turk Is. 
It believes in class unionism 
and the “anti-fascist, anti- 
imperialist democratic 

struggle." It takes clear political 
positions on such matters as 
urging Turkeys withdrawal 
from NATO and the abolition 
of the laws used to ban the 


Communist Part? - of Turkey. 
Moreover since its members are 
mainly in private industry - it is 
more important than Turk IS 
for the employers. 

In 1977. it threw all its weight 
behind the campaign for Mr. 
Ecevit. Today its relations with 
the Government are uneven. It 
came into open conflict over the 
two-hour strike it called on 
March 20 and its rejection nf 
attempts to involve it in the 
Social Understanding led to a 
further cooling of relations. 

Ypt ii* leaders .-upport Mr. 
Ecevit. Its Presidenr. Abdullah 
Basiurk. docs so " with con- 
ditions." insisting on steps, for 
instance, to reduce the working 
week 10 five days and to 
"disperse the fascist den; and 
ensure security of life and 
education.” But his main 
opponent, his predecessor 
Kemai Turkler. supports the 
Government “without condi- 
tions." as for him the alter- 
native to the present Govern- 


ment is a fascist government. 

Ironically, it was only with 
the help of supporters of Mr. 
Ecevit that Mr. Turkler was 
displaced. At the time it seemed 
possible that the displacement 
of Mr. Turkler who had pro- 
communist support might lead 
to a change of line. But this 
has scarcely happened. Indeed. 
DISK's May Day rally was 
marked by demands for the 
legalisation of the Communist 
Party or Turkey, the only one. 
in a NATO country still to be 
banned. 

Still, for ail the haules 
between Turk Is and DISK on-r 
who represents the Turkish 
worker and which policies 
*hmild he fallowed, on one 
matter the two confederations 
arc agreed. At the end of last 
month they announced that they 
would put their differences in 
ideology and aims aside in order 
to democratically fight anarchy. 

D. T. 



Too hoi to handle? 




Competition in the foundry business 
is hot. But not too hot for BMC Turkey 
to handle. 

Our new foundry has a capacity of 
15,000 metric tons per year of cylinder 
blocks, heads, tractor gearboxes, 
differential cases, brake drums and 
other automotive parts. 

Our castings are being used by many 
major manufacturers and now being 
exported to Europe. 

And we still have the capacity to 
produce more. 

But that is not all. The new foundry 
is only the latest advancement at 
BMC's Izmir automotive complex, 
where Turkey's only fully integrated 
plant produces 20,000 commercial 
vehicles a year and has a capacity 
for 22,000 diesel engines. 

BMC Turkey is moving ahead. 



Sanayi ve Ticaret A.S. 

Gazi Bulvan 47 / 49 
Izmir -Turkey 


Telephone : Office : 14 54 70 . Plant : 13 00 20 . Telex : 52320 B.MCE TR, Cables : BEMECE-IZMIR 


/ 






*v? . 



elektronal 


Even if you don't speak 
Turkish it is not hard to guess 
: what business we're in : 


electronics 


Our wide range of electronic products — all which 
conform to ISO and IEC standards — include: 


Analogue 

TV-set voltage regulators, 700 W, 1 Kw, 1,5 Kw, 
2 Kw, 3 Kw and 5 Kw TR-22 and TR-32 antenna 
amplifiers, antennas, and TV games. 


Digital 


Desk type, printer display type, and pocket type 
calculators, quartz crystal wrist watches. 


Audio 

Tape recorders, pocket size radios, cassette bands 
(C-60, C-90, Cros, etc.) tape recorder/radios 
and clock/radios. 


Automotive 

Electronic alternator/regulators. 


Household Appliances 

Hair driers, mini air heaters, electronic 
clocks, and adaptors. 


Ancillary Industries 
Transformers, electronic timers, electronic 
thermostats and all sorts of plastic parts: 


And Elektronal does not stop here. 

We are investing heavily in research and 
development:. 


A dynamic member of a dynamic industry. 


elektronal 

Elektronik Aletler Sanayi ve Ticaret A.§, 

Ankara Asfalti, Berber Bostam Mevkii 25 
Soganlik, Kartaf, Istanbul 
Turkey 


THE INDUSTRIAL DEVELOPMENT BANK OF TURKEY 


T.S.I.B. 


Tiirkiye 

Sinai Kalkinma Bankasi AS. 

(Established in 1950} 


Twenty eight years of experience in 
the service of private industry in 
Turkey through: 


• Medium and long term credit 

• Equity participation 

• Capital market operations 

• Technical assistance and 
Project promotion 

• Advisory services for foreign investors and 

: Promotion of joint ventures with local partners. 


Cooperation over many years with international 
lending agencies and leading institutions in 
world financial markets 


BALANCE SHEET (As of December 31, 1877) 
(TL. million) 


Loons extended 
Participations 
Portfolio of bonds 
Other assets 

7.H1.2 

472.8 

86.5 

748.8 

Equity 

loans secured 

Other Liabilities 

785*0 

7.154.8 

4S7J» 


8.419.3 


8.419.3 


Address : Media Mebasan Caddesi, No. 137 
F2ND1KLI, ISTANBUL 


V.OJ3 t - 53, FINDIKU, ISTANBUL 
Telex : Istanbul 22720 TSKB 3 TR 
Cable z KALKINMABANK, ISTANBUL 

Tel . .* 45 90 SO 


“T OFTEN think the West It is puzzling, therefore, to 1960s. The connection ; "wim hostility felt by me minority Tmfcish opunoi • 
regards us Turks much as find that, despite all these underlying changes in society in populations of the Empire it ts ^ t 

Caliban was regarded by affinities and connections, there Turkey Is also 1 clear.. . The towards their Ottoman Turkisp been resistant w .. * - • 

Prospero in The Tempest a is a real crisis tn Turkey’s middle-class educated groups rulers. It is a hostility whicfl businessman ano v ’.*• 

Turkish friend, much travelled relations with the West and tine who a. generation ago marieiro has at times., caused Western has alv^ oera 
in the West observed to me not which' goes very deep. Turkish the backbone of Ataturk*s sup- liberals to betray their own ately r 5, p ^ t : ‘ 

long ago. It Is a sad comment views of the West are coloured port and made his westernising standards of common humanity, live or wore m. me V- 

on a quarter of a century during by bitterness, a certain self- reforms possible ■ lricreadngly of even to become infected by unintended result o ■ 

which Turkey has usually been doubt, and a strong sense of doubt whether or not- it is wdjfar racial prejudice. Gladstone's mlc mOOMUsm is , ,. t - 

taken for granted as a staunch rejection and isolation. There clinging to Atanirk’s- goal, iif adage that the Turks should be chararteriSDO tow - 
member of the Western is a constant search— and not trying to 'win e^tual 'aceeirt- expelled from Europe “bag and in Turkey. unm J 


Western is a constant search— and not 


V* UJC *0 “ OVUIV IX OUU UV I LU TV HI vniimuu CApC UCU UUU1 wurvtnn " ■ *•*. q Cppiflffi- -■ 

Alliance that views like this are only by the political Left— for ance for Turkey as aiLC^ual^ baggage* ■ was hardly the most recently* was a 

.J .T. ttt ■ - — — • ■ - nn-o hflAA f ir A DfOlWl 


UMl ▼ Ivrio UPC WIHJ * VHIJ MJ UiV pVUUUU UCU IU1 dULC 1UL UUHW SU3 HU-b^UOl OUU Wflfl UdUiJ • - *- P f&Bt' ' ' " * ' 

! now widespread in the country, alternatives to the Western respected partner among the .humane answer to an enduring on-a base or a : 

On the face of it there ore no connection, perhaps in the European nations:. .Thislsthe problem — finding a political, on a coatrag. Tne connra^^.,^-^^ ✓ ^ . 


Western 


vu tns wee m n tnere ore connection. pernaps in tne .European nations.. . mus is ine promem — turning a ' 

obvious reasons why the West’s Third World, the Islamic Middle message they are pa^lng^onlto settlement in an area of mixed Greece, whose • relation 

relations with Turkey should be East, or even the Eastern Bloc, an ever-larger segment of the populations, and conflicting the West- are ~ meo iat r^ - jgp-' •> 

more tense than those with - lower classes which his becoaie nationalisms. on ^} ' ar ®^ .colonic . 

(say) Spain. Turkey has been « . . politically active and awarc^v ■ -Turcoohobia nf- Gladstone's 


pre venti ng. - Turke3^.^^v;:Vii-'. 


more tense than those with - lower classes which htis becoaie nationalisms. on ^} lar ®^ coiorues 

(say) Spain. Turkey has been ^ . . politically active and aware: i{. ■ Turrnnhobia nf- Gladstone's .Patriates-p7 erseas » ' iJjEtC&t:-/. 1 ’ i - 

a player in the European CflSlS Diplomats and 3 entirely died out 

political and diplomatic game tend to fight shy of; historical t* e west, perhaps because '£ : " ’ : * 

for half a millenium. It has The seriousness of this crisis explanations of . current :prob- ts eSstenS has never been : - V--' . . 

opted for spedficaliv Western can easily be underestimated. It iems. But the stresses -.on admitted. But as any 411 t0 admit it-^dlg^iz yv; ■ ... 

institutions: a parliamentary ia not. as perhaps some observers Turkey's relations wltb-theL^.pip- a i; vi n e m Turkey ? suspect .-and. .-.the-. .. . 

democracy, a mixed economy, from a distance might Imagine, West today can be traced back, h, ««« thp conntrv's press con- forei ?J , er is^ .viewed as ^ ^ . ... 
eventual membership of the a straightforward reaction to through different route, to the world’s ^ the^xuneteena ^ * 

EEC. It remains a key member the aftennath of the 1974 inva- country’s awkward legacy as a > 1RWrtnan ers for any manifests- ~ L *™ ntine 

of two Western military sion of Cyprus. This had some post-imperial power : in -i|be Hnn-nr iSeres* in the Turks These prejudices - 

alliances. part, it is true, in strengthening Near East. Eor Turks' ihe SJoureble^ excite an 80nie if? T ‘ 

In. addition, the last three the perception by many Turks whole problem is lflr 8eiy e riibarrassine indeed rilnBtly ^ ' 

decades have seen the human of their country’s isolation. But encapsulated in - roemoriei'-irf -_ th p rir enthusiasm hostile caplt3f 15 5660 “ 

and social links between Turkey most Turks are fully aware that, how the Ottoman Empire was remarks are brooded over and a ' Vesten3 imperialism . 

and the West multiplying, because of Turkey’s importance finally brought down- by. a'-Com- DH »_ »inwiv foreotten. Even the an Pro venting TutKe^^^v.-s-^iv. -- 

Before 1950 zhe numter- of as a military ally. the. Western wnatidn of economic^ "SiSffiE a?Wwrfng economic - ... 

Turks who lived in the West world has been if anything more ti0 n by the Western powers ^ SSd' nSuSS ««» ' “? c 5 of 

was negligible and confined to sympathetic to them in their and the spread of nationalism, v*- ■- . political rights. as jr- 

an aristocratic .coterie. Today disputes with the Greeks and In (also a Western export) among ** no . ine ^ s if 6 co “* left, in -an ideal world**^^, / - 

most large European cities have Cyprus than have the countries' its subject peoples. Twe themes ( - P IaSnts voiced mside Turkey at prefer Turkey -to , >r .. 

substantial communities of of developing world or the already discernible at the /end- ^ portrayal of the country in slege economy . and -jdrCT^V^.^ , " r J 

Turkish workers, restaura- Arab- Middle East. of last century; are still the West are unreasonable- .'the country indostlialistt^^^i^g^,. :< -- 

teurs. tourists and — perhaps Turkish rethinking of the essential for the undecstanfliiig If it had dealt with. Jews or decade or .two 

most significant .in the long run country’s- relationship with the of Turkey’s attitude towards the Blacks, the film Midnight Ex- shelter of tariff 

— students. Conversely, many West goes back to at least a West. :. .. '* press which this autumn was obverse side of this 

Western Europeans have visited decade before 1974, Its prae- The more important : of._ these offering a lurid account of the attitude is a gu^;. * 

Turkey, formed friendships tical consequences are already two themes is the rfbsarptitin ordeal of an American drug- shared by the Turkish 

witii Turks, and not a few have discernible in the foreign poll- Into the Western liberal tradi- smuggler in a Turkish goal and lower classes, . 

developed the habit of spending cies of the right-wing Turkish tion, and thus into, much of the would probably not have been Westerner consumer - 

holidays there regularly. Governments at the end of the West’s mass media, - of .the favourably reviewed by_ both matter how trivial or ;-r - 

. ; . the Daily Telegraph and flie But times - are r : : 

Morning Star. " There are substantial >: mmi r -. 

..Much of Turkey’s isolation, of the poptUatit^roTnrk^fej?^^^. \ 

. -.-"-I however, simply reflects the now know 

F'"I ^ ’ \ 9 | fact that Turks, and especially can place; its-" :.** •“ 

l n ri*nnp nmutitnnr Ttakish official bodies, have not limitations in. • 


Jsa.CSJ-t^ " 

:r! r 




Taking 


yet learnt how to enter, a Realisation that Turicey/csj^®^^., r / ■ 
dialogue with the Western develop its ffconeiny ■* 

media. . Turkish officialdom often tolerable period- : with :: 
appears hopelessly out of touch transfer of . •. resources 
.with the Western world of the abroad is growing. ^ 

late twentieth century. Private Mr. • Ecevifs supposedly - - ~r 

individuals in Turkey are not of -centre ~ G o v fem ment - ; 

encouraged to form media lobby shown itself , more :reqepfl!p^ia : 'Z-'. -. 
groups. both to Wektem waj^ of.t^'^ 

Overseas press offices are ing and -the weD-intentldniS%|'5:r.J- ‘ • 
generally dormant, their efforts private foreign investor - 

being confined to issuing official right-wing -predecessor.' 1- ' '. 




i?'£L ■■■ .r 


Bliuwu IIBUI: UlUiC - - 

both to Western ways ' ’ " 

ing and -the weD-intentirai^?^5-'.'.^- * - 


„ , _____ , . „ . , , j . . oeing connnea to issuing omaaj ngnt-wing preaecesor. \y 3 ySfesigr • . 

A SHIP needs a compass and of 35 per cent but it Is doubt- ments of underdeveloped epuh- texts translated into a weird : As yet however, there is¥^v^ : ' 

3 iSmintrv nppHc . a nlan " 'I’Vt.o hil urhpthor ttnv pmint ru in trine cikm ika <uai* -nu)-- ip ( I n . , j 1_ . . .1 .. . 


a country needs- a plan.” This Ful whether any country in tries since the war.Vjmd; is bureaucratic EngUsh and relay- doubt that the major tor 
statement by Mr. Sakip Turkey’s position can realisti- simply also nearly their biggest in g h ome the contents of the in culture, politics, and 
Sabanci, the industrialist who cally expect its people to spend failure.” In Turkey the SPG west press. are sweeping Turkey awar 

presides over the Union of less than two-thirds* of their makes use of simple growth The second major theme m-^the West Unless pererep 
Chambers of Industry, is evi- inrame increases. models, macro-analysis and sec- volved in Turkey’s international that the West- Js rinfaing^ 

deuce of how the business com- Employment is now one of toral breakdoums. The pljuis isolation is to be seen in any political and ecoifficb&! 






other industrialists, critici^ the 5«“ d e At first sight they^ 'hsv rfideh^chiltiren -often- scan -the-iisto of- trill itn'Wttslde l 

the small print in the Fourth 11?? /JvIfTS; successful in thai the gross ^ major ^ world financial centres” initiatiyes are/ri 


r -i 

W 


>•‘*.43 


uie small print m the fourth nvr, successful in thai the gross "major worid financial centres” initiatives are; Added on' 

Five-Year Plan. The 8 per cent the u ^!° t0 *?! target of a 7 per cent" annual * 111 such -advertisements, vainly sides. But, gven . tfie- TfaS c^i 

t^Set _ s et for annual growth ““ eTnL^Ypr Lp of increase' in GNP has., been rir- hoping to-, find Ankara or Istan- generation of itrkislrsaen^ 

”1* ® f 9^ 10 **» P enod SrS&TJSJ^iSA tually mel; ^ ac ** ] nuttum hul mentionet^Thelr disappoint- economists, •. ;-<nd, ' :nendeS>>^ 
\ Se fi n “ °T SanE doraments between 1963 and 1977 was an menvstemb directly. from the educated r jn he Wefl;-'^- '-..M 
ambitious. Equally serious ^he ^ „aM^er imKS ani » ual 6 8 ** But the "g*** - economic ; .policlea must bO^JWrSwne 

considers, is the lack of atten- “* J!,**?** which have generally predomi- this final riftwill. not So™-. X'>i 

tion given to the financing f-L* l £.® sectoral planning they CONTINUED ON • nated:ln Tuiitey this Century. i^i», - 

required by the plan, to supply- inv . e ' NEXT PAGE Bighrjy ; or : wrong)y\(and most : : jL HO^Hs Fdulknei 


uuiuiuuua ci 4 u«ujf xuuua, lie - , “ . . * ~ . J 

considered is the lack of atten- \? e moopower implications 


wuuuvi,, « uic lave m aucu- , . -. 

tion gi*en to the financing ? f - t , he sectora l Plasms they 

requirqd by the plan, to supply- involv < e - 

ing tpe technical manpower TT _ 

necessary and to the overall UniiaDDV 

manpower implications of the rsrJ 

plan! The Fourth Five-Year Plan 

Because of economic prob- continues this unhappy tradi- 
leris the Government expects t*on. It sets the overall target 
the initial rate of growth to be °* reducing unemployment out- 
lower than the average, 6.S per s| de agriculture from 1.6m to 
cent, rising to 8.5 per cent by 1 - Im during the- plan period, 
the last two years of the plan But tiie of figures 
period. This overall target is seems to be « serious under* | 
higher than the 6.S per cent statement and the second to be 
average annual GNP increase w fS!j fu L ti,i ?! dn ® - i 

achieved in the years 1963-77 . The 0ECD Ion g talked of | 
but could conceivably be attain- threat of serious structural 
able on two conditions— that unemployment over the medium 
major economic crises of the M “ longer run. ' The massive 
sort seen twice in the last 15 population shift towards the 
years are avoided and that the Clties; lhe . ,arge numbers of 
necessary finance and savings ent6nn S ^ 6 w>rk force: 
can be secured. the ^creasing number of women 

But this last point, like the r ? uc J tion in 

i.k.... : i; — ■ . ... . emieration abroad: the ripstnii*. 





fern 


e 


labour implications of planning, emigration abroad; the destruc- 
has consistemiv hn>n oiven in. ^* 0D much °f the art I sail -scale 


has consistently been given in- 1 « ™ anisan-scaie 

adequate consideration by the P ro ?hction; and^ the increasingly 
authorities — omissions all the ca P lta Mntensfye nature of the 
more glaring given that the J ] m ,r .P Ianls all t* esc mean^ that 
troubles in these two sectors P 1 ® mcr ease in the labour force 
are the most grave elements of “ bound « continue to exceed 
the present crisis thenumber of new jobs. 

Throughout the planned J Fai ! ur ?. 10 . s “ ch 

period three main sources of “ , the { more striking 

the funds necessary to finance f ,ven “>« ■ p !? nnil |* 110 n6w 
investment have been identified f°^ er ,n Turkey. The country's 
—foreign income, savings in the “ st J*! an ?“? attempt went into 
public sewtor and an increased iu 1934_and aimed merely 
savings rate bv the private *° stimulate industrial develop- 
sector. ‘ ment through state investments 

and to make the best use of the 
’pYirPf'actc then Soviet credits. A second 

A til CLoMb plan had to be shelved because 

AH three have re^ariy World War and 

fallen short of planners’ fore- a ^urd P 1 ^ abandoned because 
casts. In the first period, the ann-etatist mood when 
1963-67. for instance, the inflow f“ e i; 5 - first moved m under 
of foreign capital did not reach the Truman doctnnc after the 
an average of 3.5 per cent of W ^T* , 

GXP. as foreseen by planners, « was not until the military 
but only i.S per cent. revolution of 1960 had over- 

Then the incremental capital- thrown the increasingly auto- 
output ratio fell sharply, mean- cra rtac role of Adnan Menderes 
ing that despite the aid short- and of h's freesemerprise Demo- 
faUs it was still possible to meet LTa . Uc Farty that planning was 
gross output targets. TRie enn- re-i ntrodueed. A State Planning 
ti nuing problem, however, has Organisation was set up and. 
been how to obtain savings in P 1 ® 115 required both us an anti* 
the public sector. In fiscal l977. dole to the economic confusion 
for example, the nor borrowing of “ie late 1950s and in an 
requirement or the - public attempt to ensure a more rapid 
sector was TL 77bn. the equiva- development of the country 
lent of 9 per cent of GNP- through stimulating industry. 

As a percentage of GNP, Arguably planning has bad 
savings have never come up to so™ 6 , success in bringing i 
planners’ targets. In the 197$: cohesion to economic thinking 
1977 period the aim was for hut its results have been offset 
total savings to increase by 13-fi hy a senes of economic and 
per cent annually. In fact they political crises and the effects 
grew by an average of-&3 per °/ 3 consistently overvalued 
cent annually. Their shares in li ra * Moreover, economic pro- 
GN*P averaged 19 per ceat. in- has been achieved “ with- 
stood of the 23.3 per ce« laid out any significant impact on 
down in the plan. As "for the social and political structures.’* 
marginal savings rate— that to quote a study for the Univer- 
crucial measurement of what sity of Durham, 
share of income Increases is This study also cited a re- 
saved — this was well under half mark by the economist Sir 
the 38 per cent target Now Arthur Lewis that "Making de- 
tbe Fourth Five-Year Plan sefs v *lopmem plans is the most 
a target ma rginal saving 8 fate popular activity of the govern- 



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Agriculture . is . .Turkey’s 
jjrgest- single 1 .- fiidnstry;;: -it. 
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nt i<untry has been concluding m 

bid . both to conserve! =-baid 
' - irrency and assure its basic- 
. flhport requirements. . 

Thus Turkey claims, to- have 
' !e ken care of its crude oil needs 
trough to the. end. of next year 
" :c a a series of deals with the 
Ohrfet Union. Iraq, Libya and 
fr-an in wjucb^ -though mann- 
''ctured goods do figure, die 
Predominant products being 
■ changed are agricultural, 

: specially wheat (where there 
. n as a record -harvest last year) 
rhifL to a lesser extent, barley,. 
Th.tnis fruits, peas, meat and 

'.lire animals . 

.on : • 

Arrangements 

■ m Such arrangements — - not 
-'arter deals, the Turks insist 

- Mth more than half an eye to 
>'ae IMF’s strictures on such 

• n Detracts, bHt ordinary commer- 
cial transactions passhigtitrough 
i he normal banking system-— 
„ ■ iave not been . limited to 
. ’ ountry to country " arrange- 
_ nents. In the private , sector, 
he problems of- the. TOFAS 
company’s $30m ear components 
iebts to Its majority share- 
i older, Fiat, as a result of 
which Fiat cut shipments by i 
third, -were - alleviated after 
tough bargaining between Fiat 
and its major Turkish, partner, 
the Koc Group through a deal 
under - wluCh Fiat took SI 00m 
worth of wheat, with half the 
proceeds going to the Turkish 
Government to replenish its 
dwindling foreign ./exchange 
coffers. - 1 •' 

• 1 In total, claims Prune 
1 Minister Bulent Bcevit,. -trade 

- igreements made la the first 
■ line months-, of the year, have 
: ssnred sales for every agricul- 


tural product Turkey has except 
tobacco, tea and opium pods. 

'.Overall;' Turkey is one of the 
few countries: in the world that 
can feed Itself and in good 
years have some -to spare. At 
the same time, it is an 
important producer of indus- 
trial crops— cotton, sugar beet, 
tobacebr-as well as -of oil seeds, 
olives;, hazelnuts and tea. 

Diminishing 

Yet agriculture's place in the 
Turkish economy has been 
diminishing; the rapid pace of 
industrialisation has reduced 
its 'Share Inrthe GDP from 38 
per cent in 1963 to two-thirds 
that today and the great 
balance of state investment has 
been in .industry, not agricul- 
ture. . 

. At iiie .same time, successive 
Government, policies toward 
agriculture were geared more rn 
political needs than economic 
ones; support prices rose sub- 
stantially each year as a matter 
of course but were announced 
after crop sowing bad taken 
place, thus - doing little or 
nothing to affect the pattern of 
land use. . And. despite agricul- 
ture’s export success, industry 
rook first place in national plan- 
ning.' ..-.A-; 

The reasons for this are clear 
enough. For, with agricultural 
mechanisation— the number of 
tractors, for - example, is now 
estimated at 400.000 or more, 
at least .18 per cent up on 1970. 
and private investment in agri- 
culture has- -been extensive — 
the drift . from the land has 
been considerable; even though 
more, than 50 per. cent of the 
labour ' force is dependent on 
agn culture - 

That combined with the fruits 
of a historically high birth rate 
in the form of the addition of 
600,000 or so people to the 
labour market every year would 
have. made the creation of more 
industrial , 3obs essential even 
hi" a .heavily industrialised 

- econom jr;.vVhat- needs to be 
remembered: about •_ Turkey’s 
rapid industrialisation over the 
. past decade' or : so .i&' that it 
started from a ; very low base 
Indeed and! took place - Within a 
consumer goods hungry market 

- Nonetheless, the end result is 
that Turkey’s agricultural poten- 
tial is still nowhereirear being 


realised. On the one hand, the 
marketing of its products is 
often not up ro world standards: 
it lags behind, for example, in 
packaging and grading. On the 

other, agricultural productivity 
is low — less than a fifth of that 
in industry even though it has 
been improving relatively rap- 
idly thanks to the shrinking 
agricultural labour force— and a 
significant proportion .of land — 
55 per cent in rain-fed areas, 
according ro one estimate — Is 
used for crops which are not the 
most appropriate fur it. 

Land erosion is also a prob- 
lem: 54 per cent of the total 
land area is said to be subject 
to erosion, 17 per cent of It very 
severely. On top of this are 
additional difficulties over land 
quality. In the past 50 years, the 
total crop area has more than 
tripled, but in the last few years 
more and more infertile land, 
often village common lands 
and state-owned land formerly 
used for grazing, has been added 
to the arable total as the possi- 
bilities have become exhausted. 

On the plus side, apart from 
mechanisation, there has been a 
heavy increase in fertiliser use. 
with the domestic fertiliser in- 
dustry oow producing around 
6oi to 7m tons a year (though 
there is little production of 
compound fertilisers, but this 
too. is increasing and fertiliser 
imports are substantial) and a 
series of substantial irrigation 
projects as well as a greater 
emphasis on pest control. 


the agricultural sector: decision- 
making is said to be too 
centralised with too weak a 
regional organisation, so that 
Farmers have tittle confidence 
In the state agencies. 

There are signs that the new 
Government is at least aware 
of some of the problems: it has, 
for example, greatly reduced 
the rale of rise in support prices 
which was beginning to affect 
competitiveness in world 
markets, and has started 
announcing them before plant- 
ing. For the first time, says Mr. 
Ecevit. “we have approached 
production planning in agricul- 
ture: what to grow where, and 
in what amount, with a view 
to export possibilities.” 


Faster 


sation of land, -ome of that 
manoeuvring will have to be 
directed toward opening up new 
markets. For agriculture has 
been a major subject in 
Turkey's wranyjingn with the 
EEC. with Turkey complaining 
that it receives no benefit from 
its association agreement with 
the Community as far as agri- 
cultural products are concerned. 
And it seems clear that with the 
forthcoming accession of Spaiu. 
Portugal and Greece ro the 
Common Market the scope for 
Turkey to increase its 
agricultural sales there will be 
limi ted. 

Thus, it is significant that the 
bilateral deals have, with the 
exception of the Fiat arrange- 
ment, been with Turkey's other 
neighbours. U if in that 


direction, and especially with — — — — — 

the Middle East countries that 

are unable to feed themselves. 

that the future would seem to 

lie. The one certainty is that, 

even though the fourth five-year 

plau aims to boast mineral and Wheal 

industrial exports to 60 per Barley 

cent of Turkey’s total, it will be Maize 

a long time, if at all, before the Pulses 

dependence on agriculture to Cotton 

bring in valuable foreign Tobacco 

exchange goes. And overall the Sugar Beets 
question must be whether the Sun flower ... 
balance of official emphasis Cotton Seed 
berween agriculture and Potatoes 
industry has been got right, or Hazelnuts 

whether agriculture should be Olives 

receiving a far greater share of Tea 

attention than has traditionally 

been its fate. ~ Forecast. 

D.YV 


AGRICULTURAL PRODUCTION 


1976 

1977 

1978* 


(000 tonnes) 


14. £50 

14.985 

14.700 

4.900 

4.750 

5.000 

1.310 

1.135 

1.300 

752 

809 

S65 

475 

tifH) 

600 

314 

254 

230 

9.400 

9.100 

9.600 

550 

457 

550 

Tfifl 

960 

960 

2.850 

2.070 

2.900 

245 

273 

260 

1.097 

050 

900 

301 

300 

300 


Jourcc.' TuJie* 


Aware 


Where much of the effort has 
fallen down is -in the back-up 
services and through a lack nf 
co-ordination berween the 
various bodies responsible for 
large-scale projects. Thus, on 
irrigation, responsibility is split 
between three state bodies 
whose co-ordination is un- 
doubtedly inadequate and whose 
planning is criticised as de- 
ficient in consequence, the 
results obtained hare been dis- 
appointing. Agricultural credit 
facilities are likewise split 
between different bodies, each 
with different interest rates and 
conditions, duplicating efforts on 
this side. 

Overall, bureaucracy, blamed 
for so many problems in othpr 
spheres of Turkey's financial 
affairs, is criticised generally in 


The need for this is apparent 
from a recent, unpublished. 
World Bank report on Turkish 
agriculture. ITiar points out 
that demand for meat and dairy 
products inside Turkey is 
increasing faster than pro- 
duction, with imports likely to 
be necessary in those tradi- 
tionally self-sufficient or export- 
ing sectors. With nuts and fruit, 
too. home demand is growing 
faster than output. 

The upshot on present trends, 
according to the World Bank, 
is that there are grounds for 
concern about the livestock 
sector, operating at only 15 per 
cent oF potential productivity. 
And overall, there are serious 
grounds for worry about the 
world market position, with 
Turkey seeing an increase in 
the export availability of 
relatively low-value items and 
a decrease in her surplus of 
bigh-ralue products alongside 
a need to import some of those. 
On top of this, the sectors 
w'hich look like becoming 
increasingly important in the 
export mix in the future, such 
as wheat, sugar, and potatoes, 
are commodities the world 
markets for which are highly 
variable. 

Yet. with all these problems, 
present and looming, the 
potential for agriculture 
remains high, if only because 
fhe low rate of present produc- 
tivity levels allows plenty of 
room for future manoeuvring 
to head off prospective bottle- 
necks. 

As well as being internal, in 
terms of better use and organi* 


Planning 


CONTINUED FROM PREVIOUS PAGE 


initial targets were met even 
though the first plan was 
scarcely being implemented and 
despite the weakness in its 
drafting: tittle thought had been 
given, for instance, ro its capita! 
requirements. More important, 
planning has failed to ensure 
the sectoral results required. 
The crucial sectors of agricul- 
ture and manufacturing indus- 
try have failed to develop" at 
the rates sought while lower- 
priority areas such as housing 
and services have grown faster 
than the plan desired. 

Farther, plans have been too 
inflexible to absorb the occa- 
sional windfall, in particular 
the surge in workers' remittance 
in the late 19G0s: these apart 
from fuelling inflation, had one 
further undesirable side-effect 
in that they gave the economy 
leeway to slip out from the 
“ straitjacket ” of the plans. Fur- 
thermore, there has been a ten- 
dency for the gaps to increase 
between the bigher T income 
groups and the poor, as well as 
between the developed west of 
the country and the backward 
east 

One reason for all this lies in 
the institutions involved. The 
3961 Constitution set out tn 
make planning independent nf 
the vagaries nf politics and to 


make the SPO one of the more 
powerful institutions of Stale. 
But by 1964 the Justice Party, 
wearing the free-enterprise 
mamle nf Menderes. was in 
power. Through the 1960s and 
in particular after 1975 with the 
factious coalition Governments 
of the two Nationalist Fronts 
headed by Mr. Suleyman 
Demirel Governments began to 
override the SPO. The nadir 
of this process came a year ago 
when so chaotic was the 
preparation of the 3978 Pro- 
gramme and of the now- 
superseded 197S-82 Plan that the 
SPO hardly saw the completed 
document. 


Secret 


Even after it was prepared it 
remaiued virtually a State 
secret, giving rise to one news- 
paper’s appeal; “Nobody has 
seen ynur face, anxiety is mount- 
ing over your fate. Please report 
your whereabouts. We will 
forgive you.” 

A second problem has been a 
corollary of the attitudes which 
have allowed this decline in the 
prestige of the SPO. namely 
thar the tools to implement the 
plans have been inadequate. 
Attempts to direct investments 


by directing bank credits have 
foundered because monetary 
policies such as credit rationing 
and the preferential interest 
rates accorded by the Govern- 
ment to certain favoured fields 
have simply not achieved ibe 
results intended. 

While the privare sector has 
treated the plans as mere docu- 
ments the state seeror. theoreti- 
cally bound by the plans, has 
rarely been sufficiently well run 
to ensure that that theory 
becomes practice 

But the third problem ha» 
been the plans themselves. In 
ait atmosphere where the 
Justice Party has not put it* 
heart behind the plans, rigorous 
analysis to ensure the prepara- 
tion of the necessary measures 
to make a reality of the plans 
have not been included in them. 
Land reform remains un- 
realised. The industrialisation 
of the country has been based 
on simple theories of import 
substitution rather than more 
aggressive policies. Major in- 
vestment projects have lagged 
years behind schedule. Only 
now are some first steps to go 
beyond this being taken. 

But none the less the plans 
have changed matters. The 
radical unions may dismiss them 


as •‘capitalist" but they hare 
raised the level of debate 
about the economy. An attempt 
to ensure consistency between 
the different plans of the 
government has occurred and 
the second and especially the 
subsequent plans seek to pre- 
pare for Turkey's tightening its 
relationship with the EEC — 
though Hi the expense of being 
dominated by rhe concept of 
“industrialisation at any cost” 
so as to enable competition 
within the Community. 

Also, through the plans both 
industrialists and university 
professors have been involved 
wirh the government in debating 
the method by which Turkey can 
achieve its development — the 
need tor which is about the 
only thread uniting all Turks. 
As for the future it perhaps 
augurs well Thar rhe present 
government, the heirs to Kemal 
Ataturk's etatisr tradition and 
the continuation of the party 
which introduced planning 44 
years ago. is oor only taking 
planning seriously but is seek- 
ing to inroJve both unions and 
industrialists in the process of 
preparing and sophisticating the 
plan. W’hich is one good omen 
for the future. 

D.T. 


i 




Ira 



^ i..* iL «+ 



i *--r-:i 

( 


; I?-* 

* V- • - 



>ii* s 


Quite a 

quite a company. 


Eczaciba§i (pronounced Edge-za-gee-ba-she ) 
means ‘chief pharmacist’ in Turkish. The name 
was bestowed on the present chairman’s father 
as an honorific title by Izmir City Council in 1909. 

The company has since grown into the 

largest manufacturer of pharmaceuticals in Turkey - 

'chief pharmacist’ to the whole country. . 

The Eczacibagi Group is now involved in a lot 
more besides. Jt has major interests in the manufacture 
of sanitary ware, ceramics, tissue paper products, 
cosmetics, processed food, plastics, chemicals, 
packaging materials and welding electrodes. 

One development that the Group is particularly proud 
of is the establishment of Turkey's first investment 
trust making a valuable contribution 
to the growth of the country’s young capital markets. 

The Group is currently making major investments 
through INTEMA, its recently-established 
subsidiary group. INTEMA’s investments will be 
in the field of sanitary ware and building materials. 

Its Initial projects include kitchen and 
bathroom units -complementary to Eczacibaji’s 
.established reputation in the field of ceramic sanitary 
ware -as well as bathroom accessories, gypsum and 
insulating materials. 

Last year the EczacibasiTGroup increased its 
pre-tax profits bv 110% and its turnover by 52% 

- an impressive achievement in a time of 
great difficulty for Turkey. 

. Quite a company indeed. 


The Eczacibasi Holding Co. 


Wholly owned subsidiaries 

ECZACIBASI IIAQ SANAYI VE TICARET A.$. 

Pharmaceuticals and cosmetics 

IPEK KAGlT SANAYI VE TICARET A.$. 

Tissue paper products 

ECZACIBASI SERAMIK FABRIKALARI A-S- 

Caramic sanitary ware 

ORTA ANADOLU SERAMIK SANAYI VE TICARET A.$. 

Ceramic sanitary ware 

DASA DAGlTIM VE SATIS A.$. 

Marketing and distribution 

ESAN ECZACIBASI ENDOSTRIYEL HAMMADDELER 
SANAYI VE TICARET A.$. 

Ceramic raw materials and non-metallic minerals 
TESAR TESISAT ARMATURLERI SANAYI VE 
TICARET A.$. 

Valves and fittings for bathroom fixtures 
GIRISIM PAZARLAMA A.?. 

Marketing 

PADEKO KIMYA SANAYI VE TICARET A.$ 
Pharmaceuticals and polyurethane systems 
REMAS KOZMETIK SANAYI VE TICARET A.5. 
Cosmetics 

Other subsidiaries and 

associate companies 

ECZACIBASI YATIRIM HOLDING ORTAKLlGl A.$. 

An investment trust 

INTEMA INSAAT VE TESISAT MALZEMELERl 
YATIRIM VE PAZARLAMA A.$. 

Sanitary ware and building materials 
DOSAN XONSERVE SANAYI VE TICARCT A.$ 

Tomato paste, tinned vegetables and fruit 

KAYNAK TEKNlGl SANAYI VE TICARET A.$. 

Welding electrodes 

PETA$ PLASTIK ENDOSTRI VE TICARET A.$. 

Laminated packaging materials 

ALpI VE ALCI MAMULLERI SANAYI VE TICARET A.§. 

Gypsum and gypsum products 

ANSA ANTIBIOTIK VE ILA£ HAMMADDELER! 

SANAYI A.$. 

Antibiotics 

PETETER KIMYA SANAYI VE TICARET A.$. . 

Caustic soda, polyether polyols 
TOPLU KONUT HOLDING A.$. 

Land development and housing 

ALAMSAS ALARKO AClR MAXIMA SANAYI A.S. 

Heavy machinery 


Buyukdere Cad. 15 /A Tam Han Kar 6 . $411 - Istanbul 
Telephone ; 40 21 50 - 40 29 1 4 
Telegram : Eczacibasi - $ 19(1 * Istanbul 
Telex: 22 243 ezhl-tr 


TURK PIRELLI LASTIKLERJ A.$. 

Tyres 

TAM HAY AT SIGORTA A.$. 

Life insurance 
TAM SIGORTA A.$. 

General insurance 

Licensor Firms 

— American Hospital Supply Corp-, USA 

— AB Astra, Sweden 

— Beiersdorf AG. W. Germany 

— Biochemie GmbH, Austria 

— Bristol-Myers Co., USA 

— Collett-Marwell Hauge A/S. Norway 

— Esab, Sweden 

— Fujisawa Pharmaceutical Cc. Ltd.. Japan 

— Giorgio Zoja S.p.A.. Italy 

— Hara Schwarzkopf GmbH. W. Germany 

— AB Leo Sweden 

— Morton- Norwich Products. Inc.. USA 

— Ortho Chevron Chemical Co.. USA 

— Parke-Davis and Co.. USA 

— Pharmacia International. Swedan 

— Philips-Duphar B.V.. Netherlands 

— Richardson- Merrel Inc.. USA 

— fihone-Poulenc Industries S.A.. France • 

— Schering Corp., USA ^ 

— Takeda Chemical Industries Ltd.. Japan 

— AB Terra Pak, Sweden. 

— Upjohn International Inc.. USA 







24 


•?' • - s - S&gg&T* . 

<* ■ ■ _ ■ _ ’ ■ . m , t ‘ ^-^'i ■>. j- ...^j ; v J % m p . *■ * 'i,'"' m \ 4 * J 

' ' ; ' ' v Financial Times' Monday November . £ • ‘ 



TURKEY XII 


1V V . S'*. . .'KtJCi-lW . p'.? ' - '■* 

- ■ j :v- Vrsv- • < i • - 












SEA AND HISTORY HAND IN HAND 


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Capital 

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TL. 125 000 000 
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HEAD OFFICE TURKBANK 22224 TTUM 

FOREIGN DEPT. FORTICARET 23479 TTFO 

EXCHANGE DEPT. TURKBANK 23619 TTKM 

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Branches authorized to conduct 
international Banking Transactions : 


Adana 

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Reyoglu/lstanbul 
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and Exchange Centre/ Istanbul 


FRANKFURT REPRESENTATIVE OFFICE 
Bockenheimerlandstrasse 45 * 
FRANKFURT/M Tlx : 414122 TTRF 


OFFICIALS CALL them pro- sources. In 1950 wood accounted with Iraq over the nil pipeline Devlet Sit Isleri (Turkish 
drummed cuts. The fact is that for just over one-third of energy between Kirkuk in northern Authority! placed a $1.45r 
the blackouts which regularly resources, followed by oil. coal Iraq and Dortyol. Pumping was tract for the design, nf^two new ( of- 
affect life, * ..... •'*■"*•* *" ’ 

industrial, 
another 
serious 

“ ”” more subsUnftd . project Vis the ^ and 

In many ways, the energy gap cent). The long-term aim Is that -(birth whose 980-km length Karakaya : barrage scheme In the Joiqw^ipi 

is one of Turkey's most Funds- Turkey should draw its energy passes through TurJrev. has a wuih-eastera Tauras MountaipS ;Uage. lo 

mental problems, affecting its resources on a 50:50 basis, throughput of 35m lonnes/year J* 810 ” whIch wUI eventualI - v ' 

chances of economic gyowth. divided between hydroelectric an d Is now functioning at about 

Like many other developing and lignite resources. However 1 5m tonnes/ vear. This suffered 

countries. Turkey, a minor oU a reflection of the priority a further setback last month ” yss „ - ^ r. 

producer, was badly hit by the being given to the energy sector when an explosion possibly s,sr Francis -turbui^-'amf -Thus, prospects -/or ^eSoIfe. 

rise in oil prices after the 1973 is that it. is to receive about caused by sabotage, baited B Wi - Boveri the. si* 315 MVA . Turkey’^: ■ energy pra&rejmggL ;.j4 

Arab-lsraeli war. As a result, only S per cent of the total out- pumping for about a week generators., vlntttmcibly: . linked' rt ,.r 

the proportion of oil imports lay of the 1979-83 plan. caused i he loss of 5.000 tonnes . ■ •■/••.^inay.be tiewed MUU 1 

as part of total has risen The most problematic sector of nil and cost about TL 15m to TTioni-fP of -the- 

damaging ly. In 1972 they cost has been oil. still the largest regain.. .. 1 Ajl b ul1 ^ . : r ‘whole. -But .it iS a -- . 

a mere s 124m and constituted SO urce 0 f energy. Production The weakness of the Production of iign.tte.rose hy .^^ ^^riaintj' oF offlMl^&tat. rj ” ; ... . 
- 13 e fi. ] "' as H r domestically has always been petroleum sector has’ .deep 3.4 per aren't in' the "first eight . !”£ -tlftt.- wb ereas^ \. 1 

aD<1 on a modest scale since oil was bearing on the future policies months of this year .{on aa were that^ art f-supSe^^ - * - *v 


year they 





. , II V — ’ * V I IIIVUKII IV38 JfUWW V* 4WO- cucijy Ld ^/c(L | Will ~ . ’1 ^ 

exenange to buy crude oil), produced, and the average pro- generating than coal Ls less have risen to 2^40 MW. prodded" th,s ^ i S iier Tequfrem&t^l 
i nj» represents a mooesi duction ” • L • " • -* -- — — — *- — *• 


represents a 

increase compared with pre- _ 

vious years, but nevertheless cent down on the same period has 

SL-rs? wLm JS.2B3=«7®:*=r *sss 


duction for the first eight wasteful and more plentiful), development projects do not slip 30 gibing In reserve:- 
m o f ]ths of this year was U.8 per But the production of electricity further behind schedule. ' • - target - that • may well- -ProVa' 

recently fallen behind Beyond that the planners are ^ mposs ® Ie . =t ° 


Turkey’s mithSVrrom abroad SSE? ftf A ? gust vndu^n consumes nearly three-quarters sources' such as solar, niteteir economy. Turkey 
iiirsejrs purchases front aoroad. totaJ led l. f 4m tonnes, of which and domestic use about 19 per and geothermal. A tender has ** tural ^ UTC6S *> 


Domestic 


came from Shell cent). In 1977, . electrical pro- been out for 



Turkey suffers also from the 
Tact that its main areas 

producing energy, particularly _ 

jil, are in the east, far away lonnes), and Ersan, a private j n to production, output would 
from the main population and Turkish company (9,518 ri se t0 23200 Gwh (including 
industrial centres in the west, tonnes), supplying the rest. Of goo G wh imported from 
At the same time, domestic these producers. Shell increased Bulgaria), but official figures for 
crude oil production has — production by U.i per cent and thc 6rst elRht months^ indicate 
under the burdens or rapid in- Erean six-fold: the others lhat electrical generation/. Has 
dustrtalisalion and urbanisation recording falls of between 10 ^5^ ^y just under Three : pm* 
become less and less unable an 5 Vl ^ 5 ft ^ r _^ e 4 f l1 ’ - . . ... cent over the same, period, last 

to match consumption. . The future for Turkeys oil is vear far he i ow rate nf 

In 1970 Turkish oil was pro- undoubtedly grim. TPAO and ° f 

riding half of thc country's Energy Ministiy attempt Id Accord ine to the State water 
needs. Last year it was down he optimistic by suggesting that authorities DSI) Lbere are 
to 19 per cenL But here, too, the next development plan J liffBSjiS 
the government finds itself production levels will creep up J?X“i^tric“ 
caught between economic and a * aln towards the 3m tonnes/ ano ther 16 hydroelectric plants 
political constraints. Oil prices >’ car mark an d beyond. And S operation 
have been raised twice, last Sep- ^ere is instaHed capacity to m °P eratl0n - The former sec- 






I tember and tltis. Thus premium cope with this without damaging ££ h w “ h . 
costs 11-70 Turkish oti reservoirs. Even so the oil 


: petrol now costs n-*W illTKIsn rr‘rT“J , s *" v “ w ^ utl With another 0 dam*; wrYh THWM- 

d.jdt wil. continue to toefea*. ^, 

f k 18 t P ’ T\" "11 • j two hydro-electric plapts (caps' 

Disillusioned Z 

consumptum. The cost of diesel Foreign oil companies, whose projects (either under rtesien 
fuel was simultaneously cut by contracts are broadly based un K wllv JS ^constroriion or 1h 
one quarter. 10 lessen the im- an eereement to ettplore and fi„,j 
pact on industry and transport, develop oil resources against the aimed at rajsshag V-leetricnl 
Nevertheless. _ Mr, Suiei^an payment oE 12.5 per cent of %£ 


5S52. *». . «*«««•• s? rara: mam 


made^ the Inevitable and rele- increasingly disillusioned with 
Ivant/point in accusing the gov- operations in the country. This 
eminent of being " the architect is, firstly, because there seems 
of Ration." .. . to be general agreement that 


project* are all more than one 
year britinrl because of financ- 
ing problems, making the 


1 f****»»aw.a. ... IU UC gCUCIttl OglCCUECiU LIIlll . - 

;.i the long term Turkey is there is little more oil to be aWay !!!'”! 


reiving on lignite (brown coal) found in Turkey. (At least in 
and water resources to counter viable terms, the most likely 


cns’Iv ripn»*irtence on imported 
erode oil the more distant. 


the 


gradual reduction in its areas are probably offshore in the century the 

nee on nil . A now thp rnnt-rnvprciai ipnoun Ca n urki'-h (Invemmenf hopes tn 


[reliance on oil.,-. A new the controversial Aegean Sea, ''"vermneni no 

wherp sinm> tho rriak nvor tho bnnst the ^portion of S 


mining law has been passed, where since the crisis over the 
'ostensibly to open the way for oil survey vessel Sismik I in 
the government to ; take over 1976 which almost brought war 


enprat- 

ine capacity from hvdrnnower 
to 5ft per cent from >ts present 



with thet government-dominated Secondly. Mobil, Shell and BP 
energy-generating sector. There are owed between them over 
are also major plans afoot for $150m for payments for crude 
harnessing hydro-electric power, oil delivered to the Atas refinery 
But the main projects are at Mersin. where production has 
generally some two years behind 818 a result been seriously 
because of the lack of foreign affected, 
exchange. Beyond these plans Shell last month withdrew 
there are distant .'aspirations one of it8 tivo remaining ex 
about nuclear and solar power. Ploration rigs, and intends tn 

remove thc last early next year 
Short Slope Thus the onus for exploration 

kJ,,ul has rested largely with TPAO. 

In the short term, however, which is carrying on— next year 
Turkey is faced with acute and sorae ? 9 drilling rigs will be in 
mounting energy - shortages. °P® ra tion— with more energy 
Programmed cuts of elecricity ^5" succes s- But even so 
have been reduced this year, TPA0 ?dmits that because of 
according to the State Planning economic problems only 64 per 
Office (SPO), from four or five wnt °f J*s dritiing programme 
hours a day across the country ™ ‘“L y “ r (whe " 


and anoth«-r spx'pq station 4 ’ 
tntallinc 3,574 MW under con- 
struction. 

In April nf this year thc 


to two. But in 1977 the short- 
fall in electrical power was AKiv _ ma _ 
637 Gwh fUwhsJm KWh) and 


five new fields were discovered 
in Botukyayla, north and south 
Sivritepe and 


this is likely to rise, According Dodanl In addition shortages 
to the SPO to 900 Gwh this ,m P° rt,n S f° ur 


year. 


drilling rigs from Romania. 

The five-vear nlaiv-J979«*— . estimates see Tur- 

n \tSr key s oil reserves — barring up 
expected discoveries— running 
out in 15 years. Meanwhile, the 


is not that 
rather than 


encouraging, for 
concentrating on 


. erabL existing natural ply agreements, which accord- 


resource*. the emphasis is still 
more on quantifying these 
assets. 

As in other sectors nf the 


ihg to Mr. Denix Baykal, the 
Energy Minister, will enver 
Turkey's oil requirements until 
the end of next year. The first 


ESSi I ur l«y, acu, ®* J ’ is an initialled agreement wirh 
hampered by lack of. foreign , hc Sovie i Union ti. 


exchan: 


.. .. . — — provide 

k Z' it has 3 m tonnes/year against the 

to break a difficult chain of equivalent of 2m tonnes/year of 
Unked probiems. Dependence on wheaI for lhree vears The 

oil will only b e reduced when second involves the quarrelsome 
investment in other energy repayment -of S234m debts to 
sources is increased- Bur in thc i raq and , he deliver or 1.6m 
first eight months of this year tonnes of wheat between 1979 
investment in the energy sector and 1983 and other commodi- 
(Uiis covers coal, transmission ties against the guarantee nf 
lines, power plants, electrifies- 5m tonnes of oil next year, 
lion systems and nuclear power Libya has agreed io supply 3m 
as well as oil) totalled 13.1 bnTL. tonnes next year. And Iran, last 
This amounted lo 33/ per cent July, agree! to supply Jra 
of total allocations to energy fo r tonnes nf crude and 0-5m tonnes 
the whole j’ear", which is itself of products from the Abadan 
below the average of 3S per cent refinery against such commodi- 
of investment in • all sectors ties as cement, glass, and meat, 
allocated. The conclusion must This imporl nf some 12« tonnes 
be that official hopes that plus domestic production of 
Turkey will be approaching under 3m lonnes should cover 
self-sufficiency in energy — lei domestic needs, next year. Yet 
alone have a comfortable another illustration of how 
reserve— by the mid-1980s are Turkey is attempting to get 
probably nol attainable if round its foreign currency 
present trends continue. problems. 

So far. the country has not Turkey's hopes of rasing its 
been overly successful in alter- oil problems have been 
ing Ihe pattern of its energy further damaged by a dispute 



For the pleasures of . -V 
a twin centre holiday ". - • 
Istanbul -gateway ofEiirope 
and the East— is Turkey’s erotic 
centre of tourism. A fascinating . 
blend of ancient and modern with 
bazaars, night life, hundreds 6f 
restaurants with world famous ' 
cuisine and magnificent treasures 
such as the Blue Mosque and -*= ’ 
Topkapi Palace. V ; 

. For contrast visit Turkey's ‘ ■ 
beautiful Aegean or Mediterranean 
coasts— blue seas, sandy beaches 
and modem hotels set against a ; 
background of historic marvelsC 


Turkish Tourism 8 Information Office, r ./ ' ' .._ * ! : 

49 Conduit Street, London WlROQ^Tel: 03-734 8681/2. ; 


Name. 


Address. 






TH Y TURKEY byturkish 




-•■fS.;*;:-.-. 






i- 



1 




■».'•■ . v t'/ &:•■" _• 






Financial Times Monday November 13 1978 


„ i i % 


j*.fr 


TURKEY XIII 


roots of industry’s crisis 


THE OLD peasant on mda^' tt 4^ p«r cent, the intermediate and capital goods, 

bard times. To economise* he che mi c al s industry to 53.5 per It has had an apparently in- 
decided to train -his r donkey to cent, with few others apart satiable home market eager to 
eat less. So, bn the firs* day, from textiles (68.9 per cent) buy anything it could produce 
■he gave it no food. ■ much better. off; at virtually anv price, aod it has 

• "On the second day. the donkey . Soipe small Factories closed been in supplying that demand 

seemed .alf right So again.it had aKoge 2^ San rt has see 5 its profits ? ther 

wfood - And on- tbe'thixxLday, were dosed *°f_several month, than producing heavy 
' arain without .food. it . died. BL’s Turlpsh associate, machinery and components 

' '■Damn ” said, the peasant "Just BMC Industry and Trading, in easily obtainable from overseas, 
when it- was getting ased 'to. whidi . the. UKgroup has a 26 At the same time, it has not 
S per ■'«** "’O' bad to turn abroad for markets 

' info ' remainder' largely owned by and. with few exceptions. 

-tiw •: Turkish SL distributors, notably in the textile industry, 
■ When^ you s ^ , ^ ? )0rterS hadrto <*aseits trade, van and has not bothered to do so. The 
driving' Mercedes outride yotp: produrtfon at Izmir for result of this equation combined 

- window four months earlier this year ^th the steep increases in the 

- ft?° e * - g - Q(> n ' ' jv*. because of its inability to price of oil (oil accounts for 

moment, !* finance parts purchases from sowe SO per cent of Turkey’s 

to* U *- *** imports bill was ““Port bill). has been the 
7 Central Bonk nmning ^ aiTian a £300,000 a Present foreign exchange crisis. 

jjjuMst. and even now it has Import substitution has been 

,-y re-opened, It expects to turn out a major plank of past govern- 

numour - only. 5,000 vehicles this year, meats industrial policies, and 

W now half the 1377 totaL and only f? main s *? for the preset 


fT,,,,, ' , ,-y re-opened, It; expects to turn out a major plank of past govern- 

tiumuur - only. 5,000 vehicles this year, meats industrial policies, and 

■ Iff .” ** tjsl 

rasas 

S ^ In the meter accounts for about 

tetter/’ says Kfoc, Industry, holidays and mainten- ^ 

ihalrman of the executive com- 2000 penods have had to be ac k n owled°ed even bv those 

. !2 kS 5 

’.Stfst" 1 Tto faC S re peTVnf 0 of ntS n,os; 

'^Turiush industry’s starvation debts 1 e Turkish industrial goods, and 

‘ items from its laek of imported p ^£r*? „ *r- v nn imported manufactured goods 

aaterials and components, cut . amount for oolv 17 per cent of 

*. by the Government's total sak ' s - the secood lowest 

Heasures to conserve . foreign ^ total in the world, it is recog. 


into a world in which, with the 
exception of the textile indus- 
try. they have seldom ventured. 

On top of the 2;j per cent 
devaluation of the lira in 
March and its subsequent 
weekly revaluations against 
other currencies (while remain- 
ing fixed against the dollar >. the 
Government has introduced 
several measures to help ex- 
porters. These include tax 
rebates and. perhaps most 
important as an incentive to 
move out and sell abroad, a con- 
cession allowing companies to 
retain 25 per cent (more in 
some circumstances, especially 
in the automotive industry* of 
the hard capital they earn to 
buy necessary imports. The 
procedures for exporters, who 
need Government permission 
for every deal, have been simpli- 
fied. 


Measures 


fxchange which have included a . .. . ft n . 0 „ man i umi im^uu suu»uluuuu 

lesperate attempt to reschedule ^ t K actin f a „??| C po,icies themselves are not 

iasttrade deb£. thus .making S "TT? .TSfi ennu e h - ’ 

'tppjud suppliers- think twice Turkic workers buy cars Xbls does not mean they are 
- fc *-*^fefbre selling to Turkey again, *■? foreign currency at favour- being abandoned: a whole new 
tfltpt ban, now parflally ‘lifted, ab f e exe ba nge rates. series of ventures is being 

jb Jmports of fill but strategic - * - , planned by the State Economic 

*«gs ; such aa oil. , - : r .. ‘ "ACUt@" v -> ‘ Enterprises, which run the 

n ^or many Turidih companies,.- . - ' . . . ^ -• public sector industries, in bring 

Be effect has been devastating. .. Eut 111 other, sectors, me Turkey more substantially into 
jctHitrttys rapid inddstfialis- Problem remains acute: Koc suc j, sectors as marine diesels. 
«’s^*vtioin haffi. Jbeen pegged -to- a forexample, hasnocom- hydraulics and steam and gas 

"lonjes tic - market - b angry for Poneots -for its. 1979 television turbines, construction mach- 
tmxamer • durables; . the production and nothing in view, inery, machine -tools, process 
narf»)npry com p onents and ex-. ' Even the faequept pow er. cu ts plant, electronics. truck 
far prorkfcping them bavfl which have jplagued Turkish diesel engines and gearboxes, 
argely come from outsid^ sup- industry for., so long are now and similar items which are now 
rifeit'by partners in joint ven- being welcomed.. a». providing largely supplied by imports, 
lutjjs. or licensing deals '; or. another wajCiof reducing the Big increases in steel produc- 
normal forfrnipr Hal pnr- call' on CQnjpohehts. At the tion are envisaged, and there 
El ites, J- ■■ same tnue, flic labour shakerout are also hopes of setting up a 

^ . ,^ith the ^ply Hdee ciit the has been qon^e^fe Unem- joint arms industry, perhaps 


nised that import substitution 


Acute 


f fedustriafists' and- 25,000; to, 2^30. with; tee redac- the U.S. 
i's .iAs^ociatimu the. thins ^ :stiU 'x6$6niilng^and its ' At tl 


_ the, tlons still jcoogmiing^an d its ~ At the same time, however, 

“ *“ ^ditj^^re^indimtiy was- down-; experiences are typical .. a good deal of the emphasis is 

iir ^Forking at Wiper cent of ■ The rodts of industry!* crisis now being placed on exports, 

jaMciiy, the basic metals ifcin its lack of prodifction ofbringlAg Tnrkish companies 


Alongside these steps have 
come measures to reduce 
demand in the domestic market 
with hire purchase restrictions 
tightened, bank lending curbed. 
3nd interest rates raised. Petrol 
prices were also put up. 

To many, the measures have 
not been enough. Many busi- 
nessmen feel the devaluation 
was insufficient and there is 
some expectation that a second 
one is on the way. The fact 
that the measures were intro- 
duced in several stages rather 
than as a coherent package is 
also criticised. 

There is concern, too. about 
the complications of some of 
the schemes ; “ T still feel that 
Turkev is a closed economv. 
Everything stems from that. 
The only solution is to float the 
li’n.’* sa vs Mr. Koc. 

The scheme wherehv cars can 
be sold within Turkev for hard 
currencv is. he so vs. an example 
of excessive complication to 
achieve an obiecr which could 
be solved far more simpl'\ 

For. he says, the cars are 
priced more rheaplv. in dollar 
terms, than the same vehicles 
being sold for lire. And the 
sales are for cash rather than 
credit, thus eroding the addi- 
tional profitability which comes 
from a credit sale — “So each 
dollar costs us more. If you 
freed fee lira, yon would get 
the same result without the 
complications. And a floatine 


lira would persuade expatriate to industry at prices far higher 
workers to send more money to than world markets can. how ifi 
Turkey.” our industry to compete?” asks 

The in tern. nl austerity one Prominent industrialist, 

measures have also come under The problems are well recog- 
fire, notably from outside nised within the public sector 
Turkey, as not being stringent 

enough. They have begun to “The private sector, though 
bite; of that there seems to be able to find good engineers, is 
little doubt though it is early not anxious to promote capital 
davs yet to assess to what ex- goods activities; it has gone for 
tent. But the Internationa] consumer durables but not for 
Monetary Fund in particular the necessary production 
has been putting on pressure for equipment, even though it is 
further austerity steps to be tnore able than the State to find 
taken, both to reduce internat the good engineers and provide 
spending still more and to force the necessary technology,” says 
industry further to seek new Mr. Refik Cabi of fee State 
markets and reduce the foreign Planning Organisation. “Tbere- 
exchange shortage. fore the mission to produce in- 

nr .ui am - vestment goods in Turkey is 
The pravLcal problem* of j mainiy to the public 

forcing austenty on a peop e sector The Sta{e bag t0 prx> _ 
only just beginning to move into duce the machifleSt eveQ (hough 
a consumer a Be oy the type C2nDOt a g 0 rd to pay well 
taken for granted in Western enough t0 find ^ ^ 

Europe, however, are immense engi ne er s. This is a big preb- 
For, for all Turkey s rapid j era f 0r Turkish planners.” 
industrialisation over the past 
couple of decades, its per capita W/yolr 
ownership of consumer goods is CalV 
still very low. ^ same time. Mr. Cabi 

The problems of the State admits that co-ordination is 
Economic Enterprises, perennial weak within the public sector, 
lossmakers, are another area machinery production. for 
feat much of private industry example, is split between (be 
feels should be tackled more Ministries of Industry and 
forcibly to end the drain on the Technology, Agriculture and 
economy feat they have un- Transport, 
doubtedly caused. Around half The fact that losses are euto- 
of Turkey's industrial output matically covered by the State 
comes from the public sector, means that financial controls 
Apart from the normal utilities tend to be too weak, while prices 
— postal services, railways, and — and wages — have tended to 
so on — the sector has a near be decided on political not 
monopoly in mineraU extrac- economic grounds, 
tion. accounts for by far fee M) these problems are well 

largest section or the >«eeJ recognised, and plans exist on 
industry, and is active mo in p al loasl> for tacfcUng 

textiles. the automotive thera The pnce ri5Cs were ^ 
industry, and many other areas. ^ ret ste p. and these are being 
~ followed by attempts to intro- 

Loncern duce institutional changes so 

. , that fee individual State 

The prices charged by the Economic Enterprises are 
State Economic Enterpnses brought closer together where 
have recently been raised sub- fe ev work in related areas. But 
stantially in a bid to end fee n0 ‘ one doubts that this will be 
drain they create on Central a long task: the tendency to run 
Bank funds. but their fee individual enterprises like 
inefficiency compared to fee pri- branenes of the Civil Service, 
vate sector is a constant source and a very bureaucratic civil 
of concern, and the attempts by service at’ feat, is heavily 
the Government to use them to entrenched; 
bring Turkish industry into The plans to move into new 
intermediate goods manufac- areas of operation in a bid to 
ture. feus reducing fee need for reduce imports also need treat- 
imports, his private industry mg with some scepticism: they 
worried. require new sources of finance 

“ If the public sector provides which Turkey for fee moment 
raw materials and components simply does not have. Some 


fresh licensing deals covering 
intermediate goods have been 
signed, but new factories to turn 
out the products involved look 
a long way off. 

If a successful programme of 
import substitution appears un- 
likely to materialise in fee near 
future, fee drive for exports is 
already under way. The textile 
industry is a well-established 
exporter — too well-established 
for some of its customer coun- 
tries. notably fee UK which 
have set stringent quotas on its 
products. Much of the rest of 
industry is just beginning to 
find its way abroad. 

- Thus,, the Koc group 
generated only 10 per cent 
of its foreign exchange needs 
through its own earn fogs last 
year. Its overseas sales were 
only around $20m. This year 
it is aiming for $60m on a total 
turnover of $2bn, a target 
which. Mr. Koc says, is in sight 
of being attained— though only 
with the help of the hard cash 
car sales scheme inside Turkey, 
since vehicles sold through that 
are classed officially as exports. 

Koc has set up a special 
executive committee, reporting 
back directly to Mr. Koc. to 
study exports and other ways 
of doing business abroad, and 
which has just returned from 
a tour of Saudi Arabia. North 
Africa, and the Comecon 
countries. At the same time 
it has been reorganising Its 
overseas sales activities gener- 
ally. reducing the emphasis on 
its long -established RAM 
exporting subsidiary, designed 
on the lines of Japanese trad- 
in u companies, and going back 
to the individual manufacturing 
subsidiaries, which are increas- 
ingly expected to handle their 
own sales abroad. 

Sabanci, too. has been 
increasing its emphasis on 
exports; its Exa exporting 
subsidiary was established five 
years ago and fee group has 
already notched up consider- 
able success in. for example, 
cement sales abroad; 400.000 
tons, or around 40 per cent, of 
the output of its main plant 
went abroad last year, mostly 
to Arabia and North Africa. 
Tyre cord is another area where 
its exports have been signifi- 
cant, with Iran and Arabia the 
major markets. 

Only two months ago. a West 
German subsidiary. Exa GmbH. 


wAs set up in Frankfurt with 
fee aim of boosting sales of 
plastic products, textiles and 
industrial textiles to Western 
Europe. The hope Ls feat 
eventually the company will be 
able to act as an agent for 
other manufacturers, too. 

One major problem is that, 
with so much of Turkish 
industrial production based on 
licence deals with overseas com- 
panies. producers hoping to sell 
abroad can run into problems 
with associates not anxious to 
see the Turkish-made versions 
of their products competing with 
them on world markets. The 
past few months have seen 
many negotiations on this with 
fee result, for example, that 
Koc. which earlier this year 
sold 40.000 of its Arcelik sub- 
sidiary's refrigerators tn Iraq 
in an $8m deal hailed as 
Turkey's largest single export 
order, is now about ro start a 
sales drive for its refrigerator? 
using the various brand name? 
of General Electric of the U.S. 

The use of fee GE names is 
important: it means that fee 
initial part of the selling opera- 
tion. establishing the brand 
name in the customer’s mind, 
has been achieved. As a lead- 
ing industrialist outside the 
Koc group says : “ If you want 

to sell a product outside Turkey, 
you must be involved in a joint 
venture with a well-known 
name.” 

In the automotive field. Koc 

is actively pursuing possible 
deals with Bulgaria, which 
makes parts but not finished 
vehicles, and Romania, which is 
expressing interest in Turkish- 
made Renault engine blocks. 

The level of exports so far 
is tiny: even the Koc group’s 
1?H?3 target of sales abroad of 
8200m is low compared to the 
total a comparahlv sized com- 
pany in Western Europe might 
extort to achieve. 

Yet despile all the problem* 
and what tn an ohserver appear 
almost intractable riifficultie*. 
industry retains a basic con- 
fidence. 

• 4 T am very hopeful. Turkey 
possesses raw mterials. and has 
no shortage of food. Thi« 
country possesses the riches to 
pay back everything and to earn 
more.” says Mr. Koc. 

D.W. 


■ ■ 



Cukurova Holding i 

Company; Oynamic 2 Oiversified, 











We shall begin 1 979 with 6 years of 
extensive growth behind us. Our belief is 
that dynamism, originality in approach 
and cautious optimism have been the 
pillars of our success, which has made us 
one of the largest and most outstanding 
group of companies in Turkey. 

The average age of our management is 
35, and the principle philosophies 
contributing to our success can be 
summarized as follows: 

Firstly, a reliable and a well -respected 
name. Secondly, responsibility to ail 
those involved with us. Thirdly- to 
succeed in these uncertain economic 
times. Fourthly, an ability to adapt to 
changing trends. 

Cukurova Holding activities embrace 
diversified and dynamic areas such as 
banking, insurance, credit cards, 
investment broking, textiles, steel, road 
and budding construction machinery, 
agricultural machinery, plastics, 
automotive engineering, food and 
beverages. 

We have strong links with well-known 
international companies such as 
Caterpillar, John Deere, Foseco, 

Schoeller, Cadbury-Schweppes, 

Armstrong Patent, General Electric. 

Yokohama, Singer, Kennametal. Ex-Cell-O, 

FMC and Dawson - Keith. As a point of 
interest we are one of the largest dealers 
of Caterpillar and John Deere equipment 
in the world. 

Wb, at Cukurova, believe that the only 
way to secure our future is to have the iJWI 
power in shaping it. With a past to be 
proud of. we shall strive to set the pace 
for others to follow. 

* . " The pacesetters" 


For further information or a copy rfl th* 1 977 Annual Raoort in English Diease =oetacx: Os«r Oiler. Chiaf Csor<3*naic»r. Cukurova Molding Co., Si$:r, Buyukders Caddosi 1 4 Islanbut-Turicay Talaac 23 585 cko-tr. 22 593 coda-tr 


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overseas enterprises 







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for farther information please contact 



TURK DEMiR DOKUM 
E4BRIKALARI A*$. 


oems attempted oy me ^ diluting the foreign bold- and one of the country's «gg«* speeoy 

menL At its centre is a new ■ ® Rovaitv nav- ? e ^f 0n ' ”T' bnlb. and television and sound equipment one wee* of format: app&c&t^; 

, code, now in draft form and “S st “f mor ®- pay domestic appliance > manufac- ““vision ana so n q p - for permission fOr-a new^pnRS: 

! likely to be fonnallv published meats from the Turkish asso- ture; Uniroyal and Goodyear of makers. . The. buyer, the beij * made to the • - 

at the beginning of nest year, ciate to the foreign partner the U.S. have associated-lyre Sabanci banking and industrial- Gbnrmeh^^if^W ^ 7 
aimed at overcoming a tradi- Providing technological know- plants in Turkey. ; . • / ' conglomerate, was approached pr onrised, the proposal/ v^ar^-V 

tional hostility to the entry of how are often limited. The other companies have almost by Philips after it had come passed, to the: Statr? r PTadi3n£ ; 

foreign enterprises. changed once the made jj into Turkey but have under strong Government Organisation 

The lack of foreign invest- pr ° Ject up * failed at the last minute. .Texas pressure to let in a Turkish 

meat activity in Turkev is stag- Behind these difficulties he a instruments even got as- far as Dar tner yeax * of delay wi^rfe^ a rar: 

1 serin®. In all snmp no foreign general tradition of hostility to turning the first sod for' a _ . ‘ ■ thing of. the pastylnvadififimt.-. 


ffering”ln’aU*some > 110 foreign general tradition of hostility to turning the first sod for d pa ^° er - . .. ' thing of. the past: iprisij 

companies are established there, outside business involvement factory which, in the event.Vas - Other compames have puUed ^ ne ed for-majority;' 


Sllahtarafia 
Istanbul, TURKEY 


P.O. Box 92 

- Istanbul. Turkey 
Telex : 22 651 TU DE TR 
Cables: DEMlBFABRtK 1ST 




17 TEARS ih\ - 

SfflCTTOR OF ALL KOTOS, 
OF FERTILIZERS^^ 


n /a21N a /J 7^ 

Arocrxm sulphate (%21N) 60000 

CArrrriirn nitrate C7o21N) 50000 

CAmaiurri rutrate (°/o26N) 1.154000 — Tpt}ay 

Trpte super pho5phate d /D45^0b — 582000 ^ 

Normal super phosphate "/olS-lB^C^ — 22QOOO 
l^ammcnum Phosphate 3 /«>1&-45-0 1730C0 615000 



virtually all of them in minority dating back to the last days of built in Portugal, while Shell ou * altogether; earlier this year ownership may also-f^waftlfe;;; 

partnership with local enter- the Ottoman Empire when the had a scheme in partnership Chrysler sold its 60 per cent id some drctenstanoe^i^n^t \ Isr 

prises. The book value of Government sold many key con- with a local bank for a tourist stake in Chrysler Sanayi — estab- foreign campanjes bei^^fiDi^p-. ,“ t u' . 

foreign investment is a mere cessions to foreign interests, to complex which was to have lished in 1962 to manufacture a 100- per cent stake . 

$250m to SSOOm or so. And the the genera] detriment of the been imi by Trust Housm Fori® Dodge trocks~to the three local enterprises fa pripnly ^teyi&fl^c; ^.':^; ... 

experience of companies which Turkish economy. The coun- but which was' eventually Chrysler distributors who made ment - area_ 

have managed to force their try’s experiences then played a vetoed. " up the minority shareholders. Go v ernm etrt J 'find totally ’ exptftr*// r > - ' "....• 

way in has not necessarily been P art “ forming the Ataturk And alreadv well-established 313,3 t* 0 pharmaceutical com- -oriented p roject yand^-to^^.- 
a happy one. ,deal of a virtually self- companies have run into diffi- P^” t**™ 3150 sold out in per cent'elaenfiertrJ. j, 

All this is dpsnitp the fact ct5nta f ned stro °S Turkey, provid- cu j tie s when trying -tn ^crease recent months. Indeed five Freedom to traitfe.Pahrijiuiil^ 1 ^ >s*- 
that Tinkev^as one of the most mg *° r “ many its own investment Thus Fiat Which *S° tte number . .of gum invested witian .-tiie-car^'' W 

laws needs js possible, and « is this has a 41.5 per cent staked foreisn-owned . or parttwned three years of the-pw#^^ 
in the world ravlrin- mani^ Pf reistilJ S vision which has kept Turk Otomobil Fabrikasi companies was almost 20 per ginning Is m be guarantepd^ 
facturineand service industry , counLry "*** o£ foreign fTofas) in partnership with two . «« higher than today’s figure the Gcvernm^t.-subjectH^^^^': 

Jiu ifd Trihilli are utvolvement State organisations. with * 130. >smble maxinium f 

covered by a separate law!. None the less, attracted by a roughly 22 per cent each, and Now, faced with an economic in any one year to meetufor^igi^*- . ; 

The shortcomings lie in its large home market, a strategic tbe Koc group, Turkey’s largest crisis of horrendous 'proper- exchange needs, iib;/ ^ 

application by a bureaucraev position at the edge of the private industrial concern, was tions, the Government is going - The priorities for -.fcre^a 
that comes under almost unJver- Middle East and relatively low given the go-ahead in 1976 to all out to attract foreign invest- capital remain 'high ! ecimaiog^ 
sal criticism (“You could labour costs (which, however, pump in extra capital ^to ment Its aim, according to Mr. based and expotrorren^&fot 
' develop this country but its are rapidly rising as inflation expand production .. and - to Nazif Cuhruk. Assistant General imnnri-TmhKtitiittng L Tf | 

t- Vfene ="•: I . I I I 

these. are-'To^w ; V* 


F»Ajfg develetment 
5 S3 6 * 

n ?»: 


develop this country but its are rapidly rising as inflation expand production and - to Nazif Cuhruk, Assistant G^eral unportrsabstitiUlng.^j^^^' U T| ] 

against the law,” is one frequent continues at an annual rate of change the model produced Secretary for Foreign Affairs for the fiTs^ time- l . j I I 

comment), so’ that the law’s some 70 per cent), foreign com- from the Fiat I24 to the;Fiat and leader of last month's republic’s life ^ these, arC-'To be - 

provisions are turned into a panies have made direct invest- 131 -Capacity was increased. to Turkish delegation to the Euro- encouraged rathetihim merely,; • 

nightmare' of restrictions and ment foTa ^ “to Turkey. JO- 00 ®? 8 ” * J ***, ’«* a cost of pean Commission at Brussels, is as sometimes, accented. ■■■.&:£•:■ l 

uncertainties. Indeed, one irony is that by far TT, 895m . Fiat was a foreign capital inflow of How ^ective th^-i^^^^- -' : ‘ 

a i srr ,o Bo ^ as ssvs 

?eaLr M tZ” 6 ; “an^y “ -»£ ° f ltS h ° liing “ the ^ ““”«<*■ STbSa' ' 

an Italian-Swiss-French consor- ^ .... - The figure represents an Minister, ^aspuhliay'^i^^^--' ' 

tium for a 5.200-bed tourist com- thnHJ Sh licensing rririnjcni • . annual rate of investment muc'.i foreign companies to -con^fe:--. a" 

plex have just been given ^ - ' the same as the total so far in and to assess ' 


How effective the^ 1 cbde--^ 


r: r . 4 


535 1 ; } || 


- ■- j 

a ^1 



approval after a five-year wait, 
for example. 


foreign 
the U.S 


The remittance of nrofiK mav a gaining wirn roe W)vemment, . . - - ... - 

be tied to exuorr earnings or the toLa1 ’ with ^ ^ at which included a threat to close from external resources for Minister, says slnrplyr “FMeign 'l- 

to a fixed nercent^e of the around 3 p€r ccnt Tourism, the p i ant altogether. And jt financing the latest $63bn Five- rompanles^ ^are welc^.^- :'4‘ ; 

imported capital Replacement nwtor industry, pharma- was made conditional on jiaf s Year Plan. The increase is There can be little^Otibtfil^ : #^ v 
capital equipment imports may ceutjc !jf’ , tyres . a . nd rubl ? er ' not taking, part in any future ™ : sire but not necesMrily out ^ the longer run, ■ if- th& ne# 

be allowed only so long as the ^cultural machinery, elec- capital increase and ceasing to of lme wth wtat countries m^a c„de- does «ceeed.Jn ' 

foreisn «rhan« ou.iav* are no tr0 "»» and electronic machinery receive royalty payment^ from «®^r state of development to thet climate for fbreito hS^ -^-' 


N P 2 0 5 N P0 5 

1 fizrtteer production of Turkish 
nitrogen industries corp. 

l . f t . ...... . S National fertilizer consumption 

A tenfr caddesi No: 35 / Kizilay/ Ankara/ Turkey Phone:! 88 2 50 Jelex:42336, 


GoveSSent i °app il rovS phS^a’ "fW ' Project* and projects cent ^of production^ had tb’ r be foreS^Capital is ^going ^ to m^e ' 

.. . . . whirh arp PTtonrt^inpnfat»>d. nVnnrtsH - ■ its aftractivenpj« '• miesttrutahlp «. . - -- 


specific 


best quality in the export 


generally hard-to^btain import which ^ export-orientated. exported. . ' r >‘ L-/ its attrertiveness questionable enough nbf \ y ' 

Licence. Thus Fiat and Renault both In another sphere. Philips^ a 10 toe least ^r.V sndden inflow of -funds; r^r 

Tnrkicit mainritv nwtimhin fc bave stable stakes in the long-time investor in Turkey The key weapon in 'the is it hoping for a-dow bifib^, ! ^- f c * 

most im-ariablv in-dstPri on Turkish «r industry; BL has a and one of a very few foreign Governments armoury wlU^be^jfilbeit to historically V r '-' 

y • 26 per cent holding in BMC companies to have bad 100 per the new code. a draft verSioh ol?;leveIs, as it convincefirOUteids . ; C . 

— ’ — ■ ■ Industry and Trading, a leading cent owned subsidiaries, has whldi has already been . shown companies ftf . that t - 

truck and tractor manufacturer, just sold 25 per cent stakes in to EEC Officials in Brussels and - -£ : - 

KZJwk NKF of the Netherlands has 36 two of its operations. Turkish which -is also to be in evidence yV:-.- 


almost invariably insisted on. 


StiMERB ANK 


GERMANY 

FRANCE 

CYPRUS 


CYPRUS 

GERMANY 

ITALY 

FRANCE 

SWEDEN 

ENGLAND 


Sflraerbank is one of Turkey’s largest Economic State Enter- 
prises. founded in 1933 with four, factories. Siimerbapk has 
80 factories and participated in some plants. 32 banking 
branches and 400 retail stores. Today its capital is 
TL_ 2,250.000.000. Sumerbank employs a total of 50.000 people 
and executives, technical personnel and workers. 


Foreign investment code 




Cotton Textile Industry — have 20 factories 18 of which are for 
manufacturing cotton fabrics or weaving and finishing depart- 
ments, one of whieh is for manufacturing hemp and jute yams, 
and one for ginning. Tbe total capacity of spinning Is 
70.000 tons per annum. The total capacity of weaving is 
250 mDlion metres per annum. 


[OTiim/Fnrira 




CITRUS 

GERMANY 

HOLLAND 

FRANCE 


Woollen Textile Industry' — have 6 factories 4 of which axe for 
manufacturing woollen and worsted cloths, and blankets, one 
of which is for manufacturing Wilton carpets, and one for 
manufacturing hand-woven Turkish carpets. The total capaci- 
ties of spinning of woollen and worsted and semi-worsted yarns 
are 3716. 3438 and 422 ions per annum respectively. The total 
capacity of weaving fabrics is about 10 million metres per 
annum. 


GERMANY 

SWEDEN 

ENGLAND 

AUSTRALIA 

USA. 


Ready-Made Textiles Industry— have 6 factories added to'some 
cottdu and woollen and worsted mills. Woollen and worsted 
men’s trousers, suits, over-coats, rain-coats; men's and ladles’, 
blue-jeans; pyjamas; shirts; ladles home and work dresses and 
skirts and made up goods (table-cloths, sheets, handkerchteves 
etc.) are being manufactured. 


AUSTRALIA 

PERSIA 

JORDAN 

BULGARIA 

POLAND 

ALBANIA 

RUMANIA 

SWITZERLAND 


Chemical And Ceramic Industries — have 13 factories related to 
ceramics, refractory materials, dye-stuffs, vegetable oil, hard- 
board, laminated sheets, insulating board, shoes, and viscose 
staple fibre. Commercial Activities— sells products manu- 
factured in Sflmerbank factories through 400 retail Stores 
scattered throughout the country. Yearly turnover is more 
than TU 12,000.000,000 SOmerbank’s exports to v ari o us 
Countries have reached USS 22.000,000 yearly and extensions 
and new installations are being made in order to Increase the 
export capacity of tbe firm. 


Banking Activities— 32 branches operate in Siimerbank's bank- 
ing activities. 


SOIERBAXK - GENEL IWCDCRLuK 
ULUS ME YD ANT - ANKARA - TURKEY 


KIG 


KOCTUG DENIZC1LIK VE T1CARET A.S. 
Koctug Shipping and Trading Inc. 

THE LEADING SHIPPING COMPANY OF TURKEY 


Managers and Operators for 
KOCTUG UNE, ISTANBUL. 


General Agents for 
FARRELL LINES. INC.. NEW YORK 
PHS. VAN OMMEREN B.V„ ROTTERDAM 
MINILINE, PIRAEUS 
KUWAIT COASTLINE, KUWAIT 


Liner Operators, Managers, Shipping Agents, Contractors, 
Forwarding, Container Operators, Stevedoring, Transiting 

All kinds of Transportation. 


Bankafar Caddesi, Bozkurt Han Kat4 f Karakoy, ISTANBUL 

Cable: KOCTUG Telex Nos.: 2252Z &. b. c and 22951 
Telephones: 4*4611 — 44 50 23 — 44 54 53 — 4534 57 — 4532J9 — 49 86 85 — 49 94 19 — <5 7603 

OFFICE IN EUROPE OFFICE IN U.S. A. 

St. Faulusstraat 42 . Telephone: 313139 17 Battery Place Telephone: 212 3359134 

B-2G00 Antwerp 32 79 70 New York. N.Y. 1CQ04 2122484536 


32 79 70 


8e(gium 


Telex: 32940 U.SA. 

Cables: KOCTUGAN 

* Branches in Ankara. Izmir, Mersin and Iskendcrun. 


Telex: 222635 
Cables: JCOCTUGUNE 


TuHtey i; a big junction of trade routes linking the Continents, and we are there to assist ycu in our country, with our ships. 
(jBwans. vehicles, services and able men and to arrange for you the most popular arrivals, departures and passages forming 
a stronc link irr -the chain of transportation from West to East, from North « South and vice-vena. 


HERE ARE the main points of 
rhe draft code for foreign 
investment, based on an un- 
official translation: 

1. GENERAL POLICIES 

1) Foreign capital establish- 
ments (FCEs) are required to 
accede to the economic and 
social targets stated in Turkish 
development plans. 

2) FCEs are to conform with 
compeliion rules and policies 
and avoid abusing their domi- 
nant market position. 

3) FCEs cannot pursue an 
unreasonable price policy with 
adverse effects on competition. 

4) FCEs must adhere to the 
Government’s balance of pay- 
ments and credit policies. Con- 
trols may be necessary on 
transfer prices. 

5) At the reqoest of the 
Turkish tax authorities FCEs 
must provide information on 
offshore activities pertaining to 
those in Turkey. 

6) FCEs must aim at a rap'd 
spread of technology within as 
wide a framework as possible. 
They must establish research 
and development units within 
their organisations and train 
local personnel at liome and 
abroad. 

71 In technology purchases 
fCEs must keep prices and con- 
ditions within, reasonable limits. 
Payments for all non-tangibles 
are calculated . on the basis of 
the Turkish partners', shares 
over net industrial cost. Pay- 
ments are limited to fixed 
periods. 

8) The parent company can- 
not impose restrictions on the 
FCE's trade practices, speciali- 
sation and fields of production. 

g _ . Within the legitimate 
secrecy of business life, FCEs 
must provide general informa- 
tion required by the authorities, 

and in particular information 
on: 

t) the structure of the com- 
pany. the name and location 
of the foreign partner's 
parent company, the affiliates 
in which the parent has shares 
and the ratio of these shares 
10 the local: 

ii) fields of activity, sectors 
and location* of the poreoi 
and its more important 
affiliates: 

iii) sales of principal products 
and where They arc sold: 

jv> local distribution of in- 
vestments in principal 
sectors: 

v) table showing the FCE's 


fund resources and their dis-. 
bursement: 

vi) the average number of 
workers employed by the FCE 
and total wages according to 
localities: 

vii) research and development 
expenditure; 

viiil price policy between 
affiliates of the parent. 

IL GENERAL RULES FOR 
FOREIGN CAPITAL 
INVESTMENT 

1 — Principles relating to 
foreign capital ownership: joint 
ventures are preferred, but for 
a certain period foreign capital 
can have 100 per cent of tbe 
equity in: 

i) projects which are com- 
pletely export-oriented, would 
not compete with local com- 
panies in exports and would 
make important technological 
contributions; 

ii) tourism projects. 

Otherwise no more than 50 

per cent of the equity is to be 
fti reign-owned. 

2 — Project selection criteria 
(a) Projects to be permitted: 

i) complex projects requiring 
large amounts of capital and 
advanced technology and 
management which cannot be 
mustered by local entrepre- 
neurs. in fields such as 
machinery. metal goods, 
metallurgy, electrical engin- 
eering end electronic capital 
goods; 


il)_export-oriented projects: 

iii) . import - substitution - 
oriented projects; 

iv) big tourism projects. 

(b) Projects not to Jbe per- 
mitted: 

i) those solely domestic- 
demand oriented; 

ii) those which would com- 
pete with established Turkish 
export industries. 

m. FOREIGN INVESTMENT 
APPLICATION AND 
AUTHORISATION 
I-— Application is made to 
the Ministry of Commerce by 
the- foreign establishment or its 
Turkish partner. 

2 — The application should 
induder 

i) : market study for goods to 
be- manufactured; 

ii) production technology for 
goods to be manufactured; 

12) breakdown of investments 

. iijio: fixed investment, work- 
ing ' capita] and foreign cur- 

* reacy requirement; 

ivj cost analysis of the pro- 
duction phase and detailed 
. information regarding items 
of imported inputs; 

v) how investment financing 

• wiH be met 

•3 *r- The application will be 
sent .to the State Planning 
Organisation fSPO) a week 
after being submitted. 

4--— The SPO will evaluate 
the project within a month." 
Within, three days- afterwards 


• ~ " - 

■ the Ministry win jnform -^i-. 
. applicant of the SPCTs dedsknu- 

IV. THE USE AND TRANSFER 
OF PROFIT AND CAPlTAL^i: 

• -1 — - Profit transfers and; ti^:' 
repatriation o£ . capital 'artf 
guaranteed by the . State if 5 ti#: 
investment is liquidated witluir~ 
three years after production 
starts. But., the Ministry-. .'Of 
Finance can limit the- annual. - 
sum to he transferred to not 
less than 20 per cent in th*r 
light of the foreign currency-'.- 
reserve situation. . ... <->t- ’ 

2 — Profi ts can - be. Steely 
utilised within , the. copapanyL 
But if they are to be used ii • 
investment funds, it. wilT;te-- 
necessary to prepare a new pro^- 
ject and obtain a new permits - 

3- — In . the fulfilment of. 
capital obligations, the basis Will ; 
be the value of The capitej ia- 
the curremy which has been;:' 
imported. .. 1 - .1-. . - : . 1 ; 

V. EMPLOYMENT OF V 
FOREIGN PERSONNEL - 

Applications; aie~ to/ be made 
to the SPO to employ-a snfficieaa- 
number, of foreign, personnel to' 
implement /■ the : ' nihvestmea’L- 
edm mister /tbb^ ^establishment 
and transfer^qdu«dog£csl know- 
how to Turkish. pexstmneL : . . 

VL E4CBN XEBES * ' l- /, ’ I' . ' 

FGEs w5 S'''' : bCT'd^'-i»iiaZlY 
from nil mcentives^ayaflahte to . = 
the private sector/ -- J ' _ _ •- ' 




' r - i 


.-r .-iT- 

- .V. , 




■ '*&■ ../ -• 





COSTANTE'S ■ 
CONTAINERS SERVICE 

COSTANTE BASIN AJANSI., Istanbul -TURKEY 

VOTRE PARTENAJRE EN TRAFJC ROUTIER ? / - 

MARITTIME DE, ET VERS 

I'Angleterre - rAutriche - la Belgiquo - la Danemark 
J'Espagne-la France- Titalle-Jes Pays-Bas w V - 
la Suddo-la Suisse 

TELEX: 23 636 C!RO TR TEL:22f304-277084 : 
EUROPE -TURKEY- EUROPE - CONTAINER SERViCEr 






IVI E RTR A N S mersin transport a.§1 

Internationa! Transport, Insurance and Shipping^: 
Agencies, Forwarding Agent,, Contrakor, fc': 
Containers Operator . • : ' ; * T . > . : r- v 

MERSIN TEL: 40 74^ TELEX : 67 116 tffei TR. 








: - v-\ r,' ; 
: '-- r 






AND REFORM. has' Iwttl oiie lessr-and 'thosewith too littiesatioD; The reform was to be the co-opcratjves were propcrlv Prime Minister aitaehcs a con- 
; the staples of politi£^ debate land.. At t^ sametime, share- mounted region by region, set up; almost ail became in side rable weight to land reform 

‘ Turkey for many. years;- ■•Yet cropping ~ =«£faiigements and starting slowly and gradually effect State farms, leaving the in his public utterances, seeing 

is a subject, where- ywwlpfeave absentee lanplormsm^-^bout 20 gaining momentum. But the question of incentives to it as an important plank in a 

?ry much preddmiriflted ^oy^rr Per pent of -farmers .are snare- programme seemed all but improve land use as open as policy to bring about more 

-t*on : - ; croppers ort^aa^tsr^rovlde no doomed right from the start. before. social cohesion and help to end 

TurkcyVlsnd incentive for improvements in For while the BUI was going 0n t of this ^ province - s the political violence so 

■IpuUdn.is-.wte. of the .world's ..feiimpg etedency. through Parliament. the area s 0C jal l smicture loostron* apparent in modem Turkey. 

uneven. String 2m boi®ugs. ; \ Meanwhile **• fragmentation involved was halved and the - n son]e cases t0 Ict reform Eut rhc realn:,es <,f coalition 

l/per^cSt of the.-tbta^Lare ^: ^din^ comanu^ as a level of compensation doubled. pr0ceed . ^ land mav government appear l0 have 

JUjnated to he d Ies» ; thane 5' result, of Islamic inhentan ce A limited programme did get nominaUy have been national- "tied any new Land Reform Bill 
•Sires. Theft * are' riODjMO T*w, jgUe toswtos over land unto wa, i n Urfa province in SH5 recistribmed b' it «t of ** ^suon. And in 



. -^.T — — .. . _ - aoriniiH.,«^i t- j .. *L a iwi uiruuuuun V.U1U Mdilii _ _ . 

•; 3(tav: holdings; XL exceS S2 * 1 the . pr °- among the poorer people in the could afford a new land reform 

• -Ppflhlomcv.. . W ^ r nS, T region that much of the programme eveojf its coalition 

J 33he figures sp^Lfe. fpr -them- " ■ no . people nationalised land and public 

. : lwes_ Threw- ihtirtbe equation ■ - Ail these., problems :• which . of ‘ the , e ^®5’i an ^f' 1 a !? out % estates set aside for redistribu- 
. ^ -.«mstence,- -e?ped^y .■ ■‘•an 'make tend reform appear so th .® ™ ra l pop „ of tion is now being used iUegally 
sjerit desirable also make it a difficult herr p n ®** Ia “J. 11 by the big landlords. The lack 

CSS. ode-family bolc&a^c; some- objective to achieve. Only one . h r^/ 6 J! a ? lon ? of precise information on land 
i>e$ embraciiQg whifle viilagesT major attempt to do so has been “ m . , ‘^v owne rship on top of the other 

shsificant degree.** ^ absentee ^mounted in recent years. hertar „ **!:• * ■ problems in any case rendered 
rflordism: alongside .shareihraugh the Land Reform Act belonrin" . !J® land already the task a monumental one. 

0Pf^and:more.ljpiiveiit4bii«b which cameinto force m l973. Tn. and reSsSbutio'n ^ the ^eni. the consUtu- 

•■.lancy arrangements' ;and a : The-' Act- put a-ceiling on' the took place. tionol court was called in and. 


-f. »*> r DP3e nationalised 1 la^ and public 5SSTi™|t« 
potenua! _ beneficiaries, about a estales set « id . for -diil-.u,.. ahead, especially Cte , n March 


cost of expropriation signifi- 
cantly. 


e,-- reasons for fih£ .debate, and its redistribution. the estaJb- sen-ices. The beneficiaries were il ro reuiai[l on statute book So Urfa, a province which 

‘fOrue obvious. -■•'.■ r ...lishment of land reform required to join co-opera tires until May this year id sive nine because of tne Jon; neglect or 

JJany holdings .are- too small — ^co-operatives; .the. regulation or which, it was planned, would for lhe programme set under its potenuaily nen soil is said 
:4ftoo scattered — to. be worked-^ tenancy and sliarecropping also establish small rural indus- wa >‘ t0 be completed and for T0 *? e le5 ® fertile today than in 
fgiqmicaJjy^and there is wide* agreements, and.lhe establish- tries and plav a general part in sutoiher Bill to be formulated. ancient tunes. siar..is alone os 

read povraty anwmg =th£: land- .ment of.ft LantUteform OTgam- the rural economy. But few of But none has appeared. The the Slte ° f “ ‘ ‘‘ lKed e!iperi ' 


read pove&j anwmg =thfi: land- .ment of.jL LantUteform Orgam. the rural economy. But few of But none has appeared. The the site ° f “ llAsL&1 e!iper1 ’ 

- . ■; - .- In the long run this may be 

f;—: no bad thing. For l*ic debate 

lliiitesis on education 

. . received less than their fair 

PS EDUCATIONAL :worW. is generations apd -was dealt a population grew almost five-fold, birth of Mr. Alpaslan Turkes."* share of attention. Today there 
■ ibAly the most' : sensitiye ..death blow. by .Ataturk in the and the number of higher edu- Several times the High Court are signs that this is nt* longer 
aere of Turkish, society? The 1920s.. For. over a r . decade; cation institutions rose from 55 had to annul training college the case': Mr'. EcevH Jaiks about, 
' I*™ for its . importance are- Turkey did r not even have a to 227, university teachers entrance exams for severe going “to the roots of the! 
lT'a fteavy investment In manf.Fa.culty of Islamic Theology. doubled. At the same Time, it irregularities. During the two problem fof social and political 

- S^F3s crucial to the- coiuitiy , s~ when, -after -1950. multiparty Shes without saying that the years of the Nationalist From unresll by soin; to the land, 

uggle for rapid -economic politics- meant that .demands for Turkish educational world had Government. Turkish lycees both through the mdusiriali^a* 
wTopnient and iidike ■ the. religious" ediicatioo once-.-more neither the traditions nor the were also allowed to slip into tion of rural area.-, and the re- 
nPBy industrialising nations- h a d to be - taken. sericfusly by the resources to endow its new the hands of the Far-Ri^ht and organisation nf agriculture.’* 
-East Asia. Tuncey has no Gdvefnment, . - secularism' vvas ceQt . r f s °f learning with adequate threatened to become centres of Land reform remains im- 
raSge or mass literacy. ^ firmly established. ', facilities. A rough patch of indoctrination in National purutnt, but it i> n*«y hh-ins seen 

it -has been esUmated that - . intwriieri S round t° serve, as a football Socialism. It is not the least ms only a partial seiuiion to ihr 

-fvi 1 M ’ aS from-the 19th Cehturv and con- pitch ' a pop sroup or foIk lore “ { liie achievements of Mr. problems of Turkey’s rural 

..abJishedjn 19-4 only 6 per . under Altftiifk and club, and a small canteen were Ecevir's Governmem that, areas rather tns.n a compleu? 

.tl-of thp popui^ob ^ ' icQnn which nrbvldes -the inrariab, - v the ium ° r exzr * though the problems of eduta- cure-all. And v.ith Hi.,- gradual 
^ess hU:£eu^S n --™l framework, ; fb^'^riddc-.eilues- - fl, ^ Ulies offered 10 ^ remaiu daunting and but increasingly important 

ThLlf thi connu^mX «»«■ .te. admh.istr.Uve aid students. tiiousli man}- private student development of hreer farm, ns 

- “ alf ■ “ e t^unwy-s. popma . n-a,.- binrt :»i hostels are still bastions of iin<i« uc.ins mod-: m ;efhnolosv 


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41s and basic- training- still.' .studying, up- tfr 15 subjects, country's population explosion 

•i'Situies a major obstacle to " m ' ‘“S 11 school, relyingr-on and the challenge of establish- classrooms, of Anatolian I>(.ee s . 
iirev's effort^ to- transform .memorisation, rather .than- the ing a modern society. But much l nomas r aulkner 


northern Electric Tefekomiinikasyon AS 

Alemdag Cad. Umramye-Uskiidar, IstanbulH'urkey 
Telephone ; 35 11 00 Telex : 22413 Netf tr. 


D.W. 


ft!**. ..in rpi -,n* -tranrs th«a pimes, aau ovei-soaoawtu oj uie was wuuuy pjeuiciauiv. auany 
u carton a 1 scene -has been san ction of constant exaraina- of the lycfee students cannot bear 
Tacrine attSSn' ' for even tipn - ^ & other developing comparison with their counter- 
wSr reascTs The MmS'^ ‘ocieties the areer prospects parts iB the West end their 
Education bad long been one ? f a . st “? ent who f”" 0 ' ? a . ss ? are ? r „ cxpeciaUons are 
the most fou*ht over and e *mmnations are dire. Minis- inevitably frustrated. The 
nimversifli insrttiition-s m te *? aI decisions about just how demand for university education, 
jrkish^ 'iofletv! Vha i^pofarl^ rwits wiU be. permitted regarded as a right for ail 

m has now" infected almost ^ summer tend to turn Turkish lycee leavers as in 

- erj- classroom, student bosteL J 110 '. momentous political France and Italy, has had-to be 
-v ~ t - id lecture hall, and" claimed as : peclslons - regulated by the IntroducUon 

* ; I, .-“any as 700 lives this year of a national university entrance 

L UV*Vvine. There are drop cnltoral JbXpHHS10n ' «*“• In . principal this might 

asons for this, situation. ■«..* * sound like the answer to 


Sf of jpuy a. ssjsaM w 

terteh education in- ^d! 


^ l- .. .to a battleground. Much more f“ r ‘4a^“Tn r Ankara" "nr " 

teporunt been the tepid n 


Sen^ .^ed^etTf I 


American Robert Academy in 


Ounaydin has the largest daily net paid 
circulatioe of any newspaper ^distributed between 
these two meridians .longitude 10°E and 135°E. 


oi .a n«u or : V prciTi*»s sincp IflfiO without a v . 

rinely ordained rules for the eithe? by ^ standards But many 

EUlarion of aiciety. -Over: the or?ariIities Th^ -^ atohan ***** d ? not have 

sr;’l50 /years educaGoh - has their full complement of 

^en-- thoroughly secnlaris^-^j^^J™^ j®^ bar ; teachers and crowded class- 


^ny.Tslamic habits. ■ Education 


students studying in the UK. By 


"seen largely 'as a vocation^ ^emidX97i^despite the expan- As a result a university 

2*5 Sw S aS 51011 ^ British education and entrance examination was 
.■ Jn warning,- even at uni- - • . th' e fact that the UK devised along hues borrowed 
““ty level. “ Abstract” or S a t](S®w2 14m above that from the American educational 
pn w- . science and speoriation ^^ rkeyi tbe Turkisb univek- system. It relies heavily on an 
■E ^fleouragei Philosophy, as . student nonulation was Intelligence test . labelled 
-b Jinderetood in the Anglo- than 100 000 above that “general ability." This may 

S2 SThe^K D& tbc C same sound strange, but as a Turkish 

«rr^ education Is seen as tne oprind -the number of pupils in university teacher said: “The 
op lanting- m the voiuig Of ^ Turkish primary schools rose applied knowledge tests are 
Sterns of social and cultural percent- the number in even worse. One gets multiple 

fritetkney, as the technique of^ 2* .iuj perceni, in e nuniue choice auesrions which can onlT 
tepUng-tbe next generation to middle level schools by 

ft its alioted- roles in society. =4 3 per cent the number m he ^answered _ correctiy bj 0 ues 
All this takes place in what Turkish sixth form lycees bj 300 ‘ ng Jf e p ? htJCAl v,eWi) or tbe 

i R lSSSKSiSR Despite this, the last decade 

te.M under 400 per h. seen . Oehn.'^P^m 

i ^ onmCnL ' Tt ic instructive to see the education in Turkey. Somehow- 

undyed and fifty years ago. the • 11 .** mstruen^e 10 see luv a hlKt dn manage 

iters of Turkey decided that growing gap between the num- Astern and a 

rcompete with the West it was her of student io Turkey and nercentase °o on to 

eressarv tn armiire Western the number of school teachers vp »7 tugn percentage 3° ™ 

■STS MSTJKE -aiiable. * Ok number of 

in Wnrora.-schoote.- latteriy 
he- traditional Islamic educa- example, the number of teacners ri t coct or e i ve zenerous 
ohH apparatus of the Ottoman ™sei,ylesstteo one andabrt 

mpire withered m a . few times. Though the umver.u. Aecordlng tQ Qnfi Mtimale - m 


excepting Pravda 


t- ni 


SC - 


Oisr eighth specialist programme to Turkey offers the 
chance of making up.your own itineracies or fly/drive 
routes with or without hotels or TML cruises right 
round the Turkish Coast or two ** specials " with 
Rosemary Baldwin I to Eastern Turkey and also Aleppo) 
or 4 specialist bird-watching tou re or.varfaus air/coach 
tours or beach holidays -all based ofr British .Airways 
scheduled flights. - 

EXECUTIVE TRAVEL (Holidays) LIMITED. - 
141 Sloane Street, London SW1X JBj. Tel: 01-730 6609. 


NON-FERROUS .CASTINGS 

- • CAPACITY AVAILABLE IN 

LOW PRESSURE, GRAVIXY. HIGH PRESSURE 

DIECASTINGS 

The nniqna manafaetiinr 

Al-Fin Castings, intake manifolds and *U ‘ 

castings In Tu rkey. 1 ^00 tons aluminium per year. 

CEVHERDOKUM SANAYn AS. 

P.K.16 BORNOVA IZMIR " TR 

Tel: Ftmir. 180060. and.lS005i > Telex. 52560 CEVK TK 


the early 3970s, the equivalent 
of half Turkey's higher educa- 
tion budget was being spent 
abroad on 'postgraduate educa- 
tion. ; 

A - more serious problem 
’exists" Jower. down the educa- 
tional ladder. Many of the less 
privileged in rural society bate 
no hope' of going lo a univer- 
sity. They aspire instead to a 
simple vocational education in 
a .teachers' ' training college 
where their expectations are 
limited and they find themselves 
on a cultural frontline in tillage 
society. The importance of the 
teachers’ training college in 
Turkey was quickly realised by 
political extremists when the 
present tensions erupted a 
decade ago. • During much of 
the 1970s, the teachers’ training 
colleges, were a prime target 
of the neo-Fascist movement in 
Turkey, which hoped to raise 
a- generation of village teachers 
loyal to- its cause. Entrance 
examinations often consisted of 
questions about the Nationalist 
Action Party .and its leader. 
-•Give the date and place of 



.Turkey is proud of its leading newspaper, 


Turkish Government -certified net paid circulation, 
August 1978 : Weekdays 552.798 
Sundays 711.894 


sa->(vw^< 







28 




It took about three years 
and 150 MILLION U.S.$ 


to build 
TURKEY'S 


largest and most advanced 
Tire Manufacturing Plant 



Lastik Sanayi ve Ti caret A.$. 

(Tire Manufacturing and Trading tnc.) 


which started operations 
in October 1977 


A Member of the SABANCl GROUP 


• Operates with B.F.Goodrich (USA) know-how 


Capacity. 2 .000.000 tires /year 

1. 400.000 tubes I year 

4.000 tons of retreading materials 



Production covers the following 
tire groups with various 
types and designs: 

- Steel and textile belted passenger 

-Cross-ply passenger 

- Steel belted radial light truck 

- Cross-ply light truck 

- Truck and bus 

- Farm front, farm rear and farm trailer 

- O ft-the-road 

Production program includes all 
common European and American sizes 


HEAD OFFICE: 

Zincirfikuyu Ak 1$ ham, levent'lstanbul 

P-O.B. : 35 Levent-lstanbul 

Telef : 66 51 00 - 01 - 02 

Telex: 22945 LAS A TR 

Cable: \ASTlK SAN -Istanbul 


RESPONSIBLE FOR EXPORT/ IMPORT: 


Li©Q Lastik Ithalat va Sail? A.?. 

(Tit* import and Vvkawig Inc ; 

P.O.B .: 35, Levent-lstanbul 
Talaf: 66 91 33 - 34 
Telex : 22945 LASATR 
Cable rUSA LASTIK -Istanbul 


PLANT: 


Kfisekoy. izmlt-TURKEY 
Tafaf : 2207 
Telex : 33 151 LAS TR 
p.Q.B : 250, KosekBy-bmlt 



Success in foreign 


constr ucti on 


THE CONTRACT for 46km of 
double pipeline to carry water 
to Mecca had been awarded at 
very short notice. Completion 
was required urgently. But 
there were no pipelaying 
machines available locally and 
no time to arrange for their 
import. 

What the contractors did have 
was a mechanical excavator. 
Ropes and wires were attached 
to its bucket, and a Heath Robin- 
sonisb pipe-laying machine 
rigged up. And despite two 
floods the contract was com- 
pleted within three months, 
earning the company's directors 
a personal telegram of congratu- 
lation from Saudi Arabia's 
Minister of Public Works and 
Housing. 

The contractor involved in 
that profitable piece of in- 
genuity late last year was Enka. 
one of Turkey's biggest civil 
engineering groups and the 
company which spearheaded the 
Turkish industry's drive into 
the Middle East in 1971, some 
14 years after it was set up. 

Turkish civil engineering 
groups have built up a big 
reputation in the Middle East, 
in pan because of the same son 
of mechanical aptitude which 
keeps the streets uf Istanbul 
filled with pre-war American 
cars decades after the last spare 
parts were available from the 
manufacturers. So. with domes- 
tic construction, once one of the 
high-fliers, now seriously hit by 
the economic crisis which has 


curtailed both Government and 
private contracts alike, it could 
be in that direction that more 
of the industry's future lies. 

Unlike many of their foreign 
rivals. Turkish ■ construction 
companies operating abroad use 
exclusively Turkish labour; they 
are. in effect, exporting some of 
that surplus manpower which 
used in economically more 
cheerful days to be able lo find 
work in West Germany or else- 
where in Western Europe. 


Estimates 


The numbers involved may be 
relatively small: si. me '2.U00 to 
3.000 Turks are estimated to be 
working on Middle East civil 
engineering projects at any one 
time, and work in progress with 
Turkish involve in erf I . is 
estimated at $2bn. But with 
Turkey's desperate need for 
foreign exchange and lhe low 
export-orientation of most of its 

industry, this activity is an 

important one. 

Yet strangely u has received 
little Government recognition. 
The recent concession which 
allows manufacturing industry 
lo hold on to 25 per cent land 
sometimes more* of its foreign 
exchange earnings to nay for 
essential imports does not apply 
to the construction industry. 
Turkish, ministers travelling 
abroad and its diplomats 
stationed there have been less 
active in trying to pave the way 
for the successful signing of coh- 


tracts than their counterparts 
from other countries, though 
this .situation is changing. 
Turkey's financial problems also 
bring their own problems: 
letters of indemnity are not 
easily obtainable from Turkish 
banks. And despite Turkey's 
prime geographical location on 
the edge of the Arab world, com- 
munications can be a difficulty: 
Enka bas found itself having to 
telex messages from Saudi 
Arabia or Libya via its West 
German office instead of direct 
to its Istanbul headquarters. 

Yet the successes pile up, with 
lime and cement works id Libya, 
lime works in Saudi3 Arabia, 
road-building projects in those 
countries and Iraq, and so on. 

Because of the problems with 
letters of indemnity, a foreign 
partner is often necessary — 
Enka. for example, has forged 
strong links with Polensky and 
Bilfmger Berger of West 
Germany, among others — but 
the Turkish company is far from 
being the junior participant as a 
matter of course. 

In all. it is estimated, around 
two dozen Turkish contractors 
have gained Middle East con- 
tracts at one time or another 
this decade, and five at least are 
actively seeking more. 

The ‘ successes they have 
notched up do not match those 
of. say. the South Koreans in 
the Middle Ea«i. and the steady 
increase in Turkish wage rates 
has meant an erosion of some 
of their • advantages’ though 


they remain competitive as' far 
as labour costs. are concerned. 

Their main need, according to 
Enka— which -derives 30 .per 
cent of its - turnover, from 
Middle East construction, has 
permanent offices in.’ Saiidla- 
Arabia and -Libya - and. .has 
around 500 people working on 
Middle East projects' at the 
moment — is a change in Turkish 
officialdom's attitudes to ex- 
ports to match ihe priority-top 
ministers attach - to ^ overseas 
sales. ‘ . . 

There is a change,' feut.it is 
slow. the company Isays. 
"Government offices, are"- not 
flexible enough. " We have to 
go to them to get'.a. lleehce :fpi i 
an overseas contract,. and- like- 
wise for foreign exchange.- So 
it takes time... And .when you 
are trying to win ; a contract 
time is a very important factor^ 
If the Government thought that! 
this was an industry which had 
potential for outside Turkey, 
could do more'. Turkey has con- 
siderable potential- in. this re- 
spect Turkish labour potential 
is fantastic. And- we have, 
enough engineers . to support 
more activities in those coun- 
tries.*' ■ ''■'•* 

There are shortages at -middle 
levels — electricians, pipelayers 
and other technical specialists. 
But with so much of Turkish in- 
dustry. including 'domestic con- 
struction, facing lean times, 
this is one success area. Turkey 
cannot afford to Ignore. . 


CUKUBOVA COTTON CO-OPERM 
ASSOCIATION * ADANA’ . ; . ♦. 


• * ' '•*'**. 

The Leading Cotton Exporters m Turfec 
Specialists in types: ^ 


ADANA - HATAY - MARAS - GtSS'EfpOGU 
AND COTTON YARN EXPORTERS 




25 Co-operatives 

7 Roller-gia and 8 Saw-gin Factories 
2 Cotton seed oil Factories 
1 Spinning Mil! (100-800 swindles) 


Cables: 

CL KOB IRLIK-A D AN A 
Phone: 19737 - 12740 -.13159 


TO. Box 3.- ADANA 

.Teles: 62*32 ckb \i 


D;W. 


• * .* 
'!•*:•: 4 ifci . y »;l : = :"j 


r - . 

i 



ET VE BALIK KURUMU 
GENEL MUBiltUGil 


AN KARA /TURKEY 


(Office for Meat and Fish Products) ‘ 




■ ’ 


MEAT OFFICE: 


ANKARA TLX: 42359 E^A TR- 


\ FISH OFFICE: • : "ZV-'f ■ 


ISTANBUL TLX: 22691 BES : 


TURKISH CEMENT INDUSTRIES CO. r 


Lotto » yarn production in Turkey. Vniil recently. Turkish yum accounted for 20 per cent of all British yarn' 

impnm ■ 


r 


l 61 Years of Experience in Cement Manufac- 
turing. 


wins 


With an annual capacity of over 18 million 
ions. Turkey is one of the largest eemeni 
producing country in Europe. Turkish Cement 
Industry, operating 33 cement plants, produ- 
ces lhe following products : 


increasing exports 




a- 


© PORTLAND CEMENTS, TS 19 (Normal 
Portland Cement. High Early Strength 
Portland Cement, Rapid Hardening Port- 
land Cement) (Corresponding to B. S. 
12/ 197 P 


© BLAST FURNACE CEMENTS, TS 20 (Cor- 
responding to BS 146: 1971) 


SULFATE RESISTING CEMENT, TS 809, 

(Corresponding to BS 4027/72.) 


AMID THE gloom surrounding 
so much of Turkish industry, 
one sector stands out in 
cheerful contrast. Turkey's 
traditional growth sector, the 
textile industry, is still export- 
ing successfully and working at 
relatively high capacity levels. 

In the second half nt Iasi 
year, with much nr the 
country's Industry working at 
only half capacity as a result 
of the restrictions on imported 
raw materials and intt-miediat r 
goods, the textile industry iva- 
averaging nearly 70 per cent 
working. Today at least one cl 
the biggest groups involved. 
Marin Meusucat l Textiles >. 
claims to be producing ns 
cotton yarn at 95 to 98 per rent 
I of capacity, a healthy figure by 
any standards. 


Contrast 


WHITE CEMENT, TS 21 (Corresponding 
'lo BS 4027/72) 


© PORTLAND CEMENTS WITH ADDITI- 
VES, TS 26 


POZZOLANIC CEMENT, TS 26 


With an increasing production capacity, Turk- 
ish Cement Industry exports around 2 million 
ions of eemeni annually to the Mediterranean 
countries, the Middle East, the Near East and 
Africa 


HEAD OFFICE: Ataturk Buivari No.: 201- 
-Kavaklidere - ANKARA - TURKEY 


Telex : 42 -414 


Exports are likewise heatihy 
by Turkish standards, in 
marked contrast to most of The 
remainder of the trminlry «■ 
industry where, after years of 
almost total concentration nn 
the home market, a drive nn 
sales abroad is just starting, 
prompted by the exigencies m 
the foreign exchange situation. 

Between 1970 and 1976 they 
grew almost tenfold in cash 
terms from $27.5m (out of total 
industrial exports of S107.9m i 
at the start or the decade 
to 8272.7ra (against total 
industrial exports of 3595 8m) 
six years later. Likewise, bene- 
fiting. from the broad base of 
Turkey's rich cotton-growing re- 
gions, textiles is the sole manu- 
facturing sector to have con- 
sistently exported more than 
it imports: in 1976 exports war** 
34 1.7 per cent of i m pons 
against an all-industry average 
of only 15 per cent. 

The figures reflect the fact 
that the proportion of exports to 
domestic sales is very much 
higher than in the rest of 
Turkish industry’: cotton yarn 
exports, for example, at an 


annual average of around 
to 70.000 tonnes, account for 
between a quarter and a third oi 
Turkey's total cotton yam pro- 
duction. This success, however, 
has not been achieved without 
arousing strong reaction from 
the cu.-dunier countries, coming 
as it has at a time of growing 
problems for the 'Western Euro- 
pean textile industries as a 
result of low-cost import? from 
elsewhere. 

Only !'*n mouths agu the 
European Gum mission decided 
after stronc protests from the 
British Government to suspend 
all further yarn exports from 
Turkey n> lhV- UK until the end 
of this year. The move followed 
the imposition of . quotas on 
Turkish exports • to the EEC. 
with a 3.I.I00 tonnes limit for 
Britain, and came after claims 
that Turkey’s actual sales to the 
UK in the llr-»i seven months uf 
the year had reached 3.772 
tonnes compared with 2.232 
tonnes m the whole of 1977. 

In all. Turkish yarn was 
estimated m have accounted for 
ahum an per cent of all Britain's 
yarn imports. -The rapid 
increase had. It was said, 
distorted the market and caused 
’* Serious damage" to the UK 
industry. 

The effect of the ban on the 
Turkish industry is difficult to 
assess: one of the country's 
largest textile producers says it 
has “ affected us very seriously ” 
Others are more scathing: “We 
laugh at the decision, because 
the sales involved -are so small. 
Even if they doubled, they 
would still be small: 1.000 tonnes 
(The rate ai- which sales to the 
UK were running ahead of the 
quota i is not even the capacity 
■if a small tactoiy*" W s Mr. 
Halit Marin, president uf the 
Turkish Textile • Employers 
Association and head uf the 
company that hears his name. 

Two tilings are certain. First, 
the ciampdown which came IS 
months after the Turkish Gov- 

) 

\ 


eminent. ihe behest of lhe same amount he claims, and the 
EEC. reduced the level of tax yarn is still probably going into 
rebates on cotton yam exports. Britain, though now via other 
was imposed at a time of falling EEC member countries, 
overseas sales anyway. From if anything, be savs, tile 
exports of 78.000 tonnes in 1976, Turkish exporters were tqo 
sates abroad dropped to 58.000 genlle in their selling into 
lonnes last year and. while 197S Western Europe, being careful 
overall is expected to show a not to cut prices and distort 
rise, they are expected to be up the market, 
to only 62.000 tonnes, still below » t rh „ 7 p r 

.h, J9T6 level. Secondly, there SL2L“S* e "«55 
I s no lhe degree of Textiles used to be the No.' 1 

the LLC (and especially industry in England. Mow it is 
the British) attitude has near the cud of the lisL But ft. 







aroused in Turkey, especially as is No. 1 in Turkey. As a partner 
ihr curb .on yarn safes has been _and Turkey has heen a ? eepied 
aiLompanied b> quotas on cloth as a partner in the EEC in the 
and warning noises about made- , on g tenn-we must admit this- 



:x:; t 


up clothing. 


reality.” Turkey had to buy 


In successive talks with the from W. Europe chemicals, 
EEC Turkish officials have machinery and other things : it 
poinled out forcefully that, did not make. Western Europe 
almost alone of Turkish pro- should accept the need for 
ducts, textiles are still subject Turkey lo sell its products there, 
to import duties, making, they ’* European countries are always 
claim, a mockery of any advance hungry to sell, but are not ready 
toward free trade under lo buy. How do they expect 
Turkey’s associate membership developing countries always to 
of the Community since textiles buy?" , 

constitute S4 per ceut of At lhe same time Mr. Narih 
Turkey's exports to Western claims that Turkish yarn exports 
Europe. On top of this, they have stabilised, with investment 
claim, the UK ban is a straight in new capacity in the cotton 
violation of the relevant pro- yarn industry now virtually at 
toco! between Turkey and the an end after a long period of 
Common Market. heavy growth. That he says, is 

There is recognition of the another reason for the EEC To 
problems facing Western general and Britain in partiCU- 
Europe's textile producers, but lar to look more kindly on im- 
at the same time, it is main- ports from Turkey. 
rained. Turkey s products are The anger over the decision 
subject to worse treatment than has been reflected in raofc 
those from countries which hare practical ways too. Government- 
no association agreement with retaliation bas been threatened 
Brussels— a claim not accepted by the Trade and Commerce' 
by the EEC. ' Industry, though not actually 

It is questioned, in any case, carried out. But British conl- 
how effective Britain's move panies trying to sell textile 
against Turkey will be in terms machinery to Turkey have been 
of curbing the inward flow of told that the local textile union 
textiles to the UK. “ If there is is effectively blocking their 
j buyer there is always a seller." sales. They too make the point 
says Mr. Marin. - If the market that the actual value of the 
is there, and it is. the yam will Turkish yarn involved is very, 
still come into the country." small: " This firm alone has had 
Turkey still exnnrting the inquiries having - a potential 
CONTINUED ON NEXT PAGE. . 



■--t-.’iA.v, 


lclex22379I5MtR 
1eM67050 >r 









E N DdsTRlYEL TESi&ltV 7. -1? . 

• sANAYfYEticARer^;^. •• 

» Contractors- for^TO^-F^yririsialTatiditS 7 : 

• Manufacturing and Erection : . 

m Specialists in Feed Planes .'.and -7 - : - 

Material Handling Equipment 7-. - 

’• Tecnical Cooperation with Forei^i~ Tiros 

* Local and Foreign . Marketing - r - ; 7 - 

. jjidustriai Equipment- 


ADRESrKirkpxnax Sok.No. S/5-$; v7- . 


. > cagjarAyiuroa"ro^^ 

, - TSi - 

• ' CABLE; PASiNZl^Atij&8A- 


‘A •-’vi-':": 


yS>, 













29 


A Ltd., /or Mafeiwa Ve Kimya Endostria Kurmini. (Turkish State 

.7 ■•• •••' V- , Steel, ancf Chemical Industries), located at Kirikkale 





sector has 


% 




SflK ■?. 


:• nGH ON the $8.4h!n shopping plant with its 1 smaller harbour. 
iKt of- a Turkish delegation to. had U.S. help, and the pre-war 
he Soviet Uniop last Imonth Karabuk plant was realised with 
/ere additional f irods for British credits: . ' T ' 
;= ^^rlcey's : rteel industry, ijke so - y^. the industry has con- 
atiay sectors of - the Turkish stantljr failed' : -to r Iive up ! to 
conomy. steel has grown very expectations, despite ah 8.6 per 
apidiy inthe past decade . or so. bent annual rise in crude steel' 
nd again .like other sectors' production . between 1972 and 
here are ambitious plans for it ^977 Atone stage, the Russians 
a grow still further.:-’ *:• complained that istemir was 
This reflects, a '.perennial running att only.. 10 per cent of 
hortage ol steel : within the its original lm. tonnes a year 
ountry. Consumption has been capacity; at present, the plant, 
ising very fast; this year.it ^currently being doubled in size 
Jtely to work put. at aiound -and the subject of discussions 
.7m tonnes, 15 per 'cent up bn wiffithe-Soviet Union aimed to 
977. and the expectation^ is rariSe-.its capacity to 6m tonnes 
lat it will have reached' 8.96m a year at a cost of $125bn of 
3 nnes by 1983, a -rate of 14.4 cash from abroad, is producing 
er cent a year, -.with flat at'thp rite of only 1.15m tonnes 
roducts leading the way with compared. with a potential 1.4m 
16.5 per cent a year growth tonnes. 

. „ ate to 3.6m tonnes by 3983. Both' it '. and tbfe Erdenur 

7 V : Pruuction, on the other hand, plant, with 4.1m. topnes capa- 

lagging way- behind; 2JhiSclty; have had only one of their 
onnes had to be imported last two blast furnace* functioning 
.ear. with 1.6 m tonnes the pefitir this year, hit both- by problems 
■ jV. • j-'ble total for 1978.-- • ... jviibin v the : .state, organisation 
WfiVu Turkey’s main : integrated thia r^ns .the .plants, leading, 
teel plants, all owned wholly cir.'-for. • ■faatinpler-' to frequent 
argelv bv the state, have all management . changes, and, 
teen built with fortfca assist- more prosaically, by shortages 
nee: Istemir wittf. ltsydeep olipfciPBLcoal. ■ ' . 

.ater harbour, was built with ... Some 70 per cent of the 
tussian assistance in the inid- industry’s coking coal =comes 
.960s, the Erdemir flat products from within Turkey, but the 


• t ■ 

^ ■ 


;.si- 




5m tonnes produced has a high 
ash content and has not always 
been efficiently distributed, 
being used for domestic heating 
instead of by the industry 
which so desperately needs it. 
Steps are now being taken to' 
ensure that jt is directed toward 
industry, while the problems 
such as the U.S. miners’ strike 
which hit imports of coking coal 
are now over. 

Overall, the hope is to achieve 
self-sufficiency on coking coal 
very swiftly, at least until 1982- 
83 when the high rate of growth 
foreseen for steel production 
would make imports necessary 
again. 

Elsewhere on the raw 
materials front, there are also 
ambitious plans for the con- 
struction of iron ore pellestisa- 
tion plants. The first, about 
which talks are in progress with 
the Soviet Union. at the moment, 
would be at Hasan Gelebi. By 
19S4. it is hoped, 41m tonnes of 
pellets a year would be pro- 
duced. with output later rising 
to 6m tonnes, making the piant 
one of the longest of its type in 
the world. . At Divrigi-Sivas. 


^front which 1.5m tonnes of ore 
a year -is currently obtained 
Hi a 
ibg 


(with another 1m tonnes of ore 
comibg from elsewhere m 



CONTINUED .FROM PREVIOUS PAGE 


order value in excess of the 
value of the total yam. Import in 
1973 ... the overall effect is 
uue of politicians taking ; a 
sledgehammer to crack • a 
walnut,” says Mr. D. J. Walsom, 
marketing director of Leicester- 
based Samuel Fegg and Sou- - 
.. Mean while. . the. .‘..Turkish 
}S moving id.tn new 
looking* to 'the Middle 
"Soviet.. Union! ^and 
iNr **3 fdr more ofits, sales. 

7 -*j§ £ expSn^ing its* not iaconader- 
^ i *blB£oulpat of, man-matfe fibres, 
f ’■%; fi, glfejidk' ; also . Jncreaalhg the 


importance of made-up cloth 
150 per cent of the Narin com- 
pany’s ! overseas sales, for 
example 1 and clothing in its 
sales mix. 

■ .Eventually, some leading 
business figures in Turkey 
believe; the. industry's future 
will lie not with yarn sales at 
'all .but in. made-up clothing, and 
high quality made-up clothing 
-at that, rather- than in competi- 
tion, with those countries in the 
Mediterranean and elsewhere 
sending cheap suits and dresses 
to Western Europe. 


Meanwhile. the nagging 
worry that . remains is: if 
Western Europe takes steps 
against the one Turkish indus- 
trial sector which has already 
proved itself a successful 
exporter in both price and 
quality terms, what will it do if 
the rest of Turkish industry 
proves successful in the switch 
to export . orientation the 
country needs so desperately to 
escape from its balance of pay- 
ments trap? 

D.W. 


Turkey, and some imports, 
notably from Brazil), the aim is 
a complex with a total capacity 
of 4m tonnes a year. 

At the back of all these plans 
lie the proposals for expansion 
of steel production itself. In 
addition to the talks with the 
Russians, there have been 
discussions with Japanese 
interests about the possible 
supply of know-how for the 
Erdemir plant, where fiat pro- 
duct output is planned to rise to 
6.4m tonnes a year by 1993. 
Expansion is also- under way at 
Karabuk, bringing that up to 
900.000 tonnes a year against 
the present 700,000 tonnes 
year.. 

Eventually, the state sector is 
looking for an export market 
as well as supplying home 
industry: there are some 
exports of pig iron already and 
a market overseas is seen for 
steel pipes and castings, with 
exports of steel profiles reach- 
ing 100.000 tonnes a year by 
1983. 

There is expansion too in the 
electric arc furnace based 
private sector: an 85,600 tonnes 
a year alloy stee! plant. Are? I i 1C 
is being built hy the Koc group, 
another similarly-sized private 
sector plant fjs being planned, 
and other smaller private sector 
plants are maintaining a quiet 
success. Also significant is the 
Aliaga special steels plant at 
Israir. operated outside the 
framework of the State 
Economic Enterprises but by 
the Mechanical Chemistry 
Institute of Turkey iMKEK). 
with a • capacity of 300,000 
tonnes a year. 

Meanwhile, with production 
well below demand and restric- 
tions on imports, a flourishing 
black market in steel products 
has sprung up. matching the 
black markets that exist in so 
many other areas cf industry. 


Attack 





^ . 



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WALrORD. UIMSS LTD. 
St. Mar- Axe House 
London EC3.A '8BB . 

Cable :Dcnizbaak 
London . 

Tel;01-283 8030 ■ 
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AGCNCiES !W THE WHOLE WORI O 


An attempt to deal with it 
came earlier this year when a 
State monopoly was established 
over the importation and distri- 
bution of iron and steel pro- 
ducts. a move which has been 
attacked by private customer 
industries as creating ineffici- 
encies in the distribution system 
and creating further shortages. 
It also increased private . sector 
fears of further nationalisation 
generally, fears which have 
been fanned, too, by the increas- 
ing State involvement in 
minerals exploration, even 
though Prime Minister Bulent 
Ecevit has specifically denied 
that any extra nationalisation 
moves outside the mining sector 
are being planned. 

The establishment of the 
State monopoly was accom- 
panied by- swingeing price rises, 
much in line with those im- 
posed on ether State Economic 
Enterprise products, ranging 
from 21 to 47 per cent, and 
aligning official steel price 
levels with those on the black 
market. 

The big question mark has to 
lie not over whether the 
expansion plans will materialise 
as far as the physical construc- 
tion work is -concerned but 
whether they will be converted 
into the bi^ increases in produc- 
tion being sought. The state 
steel industry has been plagued 
by the same problem 1 ; affecting 
the other state economic enter- 
pri*es. and especially the non- 
commercial rationale of much of 
the decision-making. At the 
. e ame time. Turkey's energy 
shortages could be a crucial 
constraint. To produce 1.000 
tonnes of pig iron takes 25 kWh 
nf electricity, 1.000 tonnes of 
crude steel needs another 
28 kWh: and 1,000 tonnes from 
the rolling mills another 
120 kWh. . 

The hope is to co-ordinate 
coking coal production, steel 
output, and th^ energy pro- 
gramme. It is obvious that 
failure with the latter couid be 
the biggest problem of all. 
Meanwhile, iron and steel short- 
ages look like being a fact of 
Turkish industrial life for some 
tune to come. 

D.W. 


THE LEADING 
COMMERCIAL BANK 




Established: 1924 

Has over 840 Branches, 

123 participations in major Turkish companies 

HEAD OFFICE: 

Ankara 

HEAD OFFICE FOREIGN DEPARTMENT: 

Istanbul, P. O. Box 241 Karakoy 
Telex: 23681 Isfo Tr Cable : FORENTAB 


As at the end of 1 977 

Paid-up Capital and Reserves: TL 1,869,933,754 
Total Assets:- - - -TL 83,578,649,761 

Deposits: - -TL 55,395,408,614 


Internationa! network of correspondents 
REPRESENTATIVE OFFICES 


LONDON EC2. ENGLAND 
65 London Wall 
Cable: Isbank 

Telex: 8812853 TIBANK G 


FRANKFURT MAIN, GERMANY 
Kaiser Strasse 11 
Cable: Isbank 
Telex: 4189385 ISCH D 


Foreign Branches 

Lefkofa (Nicosia), Magusa (Famagusta), Girne (Kyrenia) CYPRUS 

Cable: ISCHBANK 

OFFICES IN WEST GERMANY 

BERLIN, Yorckstrasse 90 KOLN, Kaiser-Wi!heJm-Ring 15 

HAMBURG, Steindamm 47 MUNCHEN, Lindwurmstr 35 






The Turks. 

though this may surprise v:-u, 
are very brand-conscious - 
of the beer they drink 

Like the British 
Like the Germans 
Like the Dutch. 

Like the most of Europeans. 

The Turks drink Efes Pilsen. 
Or else. 

they’d rather go thirsty 1 . 


Ask them about Eies Pilsen. 
and they !! sav: 

"Sirs bu kapaenr. aiundadir.' 

Meaning roughly 
"The beer is under this crown. 

So if ever in Turkey, 
be sure you remember, 
"The beer is..." 


Efes Pilsen Group of Companies. 


Erciyas Biracrtik ve 
Malt Sartayii A.$. 
Haznecia-’ CiftljQl Mavki* 
Bah?etievler • Istanbul 
Bakirkoy - Istanbul 
Tel: 75 25 75 (5 hat) 
Cable : 8> rates - Istanbul 
Teler. 22547 bira tr 


Guney Biracilik ve 
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Ceyhan Yolu 5. Km. 

Adana 

Tel: 15 888 - 18 993 fo hot', 
Tstex : 621 48 gub» tr 


Ege Biracil'k ve 
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tarahent Mevkn 

Izmir 

Tel : 1 S * 9 60 
Telex 52237 cbmj ir 


Afyon 

Malt Fabrikasi 
Afycr. 

Tel . 17 57 


Tarim Qrunleri 
Degerlendirma 
Sanayii A.§. 

Serbetgiotu Ifleme Tesisi 
Pazaryeri - Bilecik 
Tel; 63 











4 




4 

4 


factt lanm sets hooperatifferi twfigi 

» Turkey is the World Trade's biggest 
hazelnut exporter and it's most important 
organization is FINDIK TARIM SATIS 
KOOPERATiFLERl BlRLlGi "FlSKO- 
BlRLlK". FlSKOBlRLlK is a very im- 
portant organization which has an 
important role in each stage markets 
the qualified Turkish hazelnuts in the 
World Market's as natural or manufac- 
tured. 

In the year 1977 Fiskobiriik have made 
10% of the Turkey's total exportation 
by itself. In the year 1977 Fiskobiriik 
have exported 70%' of the Turkish ha- 
zelnut with Trademark of F.K.B. 

MAIN OFFICE -GIRESUN- TURKEY 
Telephone :1 6 40-1 641-1 642 -1643 Telex :82V1 7 

ISTANBUL OFFICE 

Telephone 43 69 70-43 69 71 Telex: 22 629 







GENERAL DIRECTORATE OF 


SOIL PRODUCTS OFFICE 

ANKARA — TURKEY TELEX NO. 42688 TMQ TR. 

SOIL PRODUCTS OFFICE OF TURKEY (7MO) MAKES 
PURCHASES OF GRAINS. PULSES AND PADDY WITH 
A STAFF OF 8284 PERSONS AND THROUGH 2«6 
BRANCH OFFICES SCATTERED THROUGHOUT THE 
COUNTRY. CARRIES OUT THE STORAGE. CLEANING 
AND FUMIGATION OPERATIONS IN CONNECTION 
WITH SUCH AGRICULTURAL COMMODITIES AND 
ARRANGES FOR THEIR SALES IN DOMESTIC AND 
FOREIGN MARKETS. THUS PROTECTING THE 
PRODUCERS AND CONSUMERS AGAINST PRICE 
FLUCTUATIONS. 

IN ADDITION. CULTIVATION OF OPIUM POPPY 
AND PURCHASES AND SALES OF POPPY CAPSULES 
ARE UNDER THE MONOPOLY OF SOIL PRODUCTS 
OFFICE. 


IGEME 

EXPORT PROMOTION 
RESEARGH CENTRE 

YOUR GUIDE TO TURKEY’S 
EXPORTS 


—WE REPRESENT THE INTERESTS OF 
TURKISH EXPORTERS 

—WE ESTABLISH CONTACT AMONG FUTURE 
TRADING PARTNERS 

—WE PROGRAMME TRADE MI5SIONS. ARRANGE FAIRS 
AND EXHIBITIONS 

—WE ANSWER ENQUIRIES FROM FOREIGN BUYERS 

—WE PUBLISH THE TURKISH EXPORT DIRECTORY 
fin ENGLISH. FRENCH. GERMAN) AND THE TURKISH 
EXPORT BULLETIN (in ENGLISH) 


ADDRESS: 

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TEL.: 179037. CABLE: IGEME. TELEX: 42228 igm tr 


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Address: 1390 Sokak 11-1 
Izmir — TURKEY 
"Telex: 52526 eip tr 


HR SULEYMAN DEMIREL His rise -was meteoric. Soon 
can safely be ranked among- the after joining the .IP he won the 
more experienced politicians of contest for the party's Chairman- 
Western Europe. Behind ship when the incumbent sod- 
ium, at the age of ‘ 53. denly died In a rear he was 
the Right-wing politician leading the JP to victory at the 

has 14 -years of continuous polls and became Prime 
chairmanship of the main oppo- Minister 
sition Justice Party (JP) and _ , * , . . „ 

nine as- Prune Minister Leftists and liberal intellec- 

„ , . ,, _ . , tuals mav not like it but it 

Many claim that Mr. Demirel appears t ’ hat Mr Dem irel will 

has grown stale and so. under remain one of the dominant 
him, has the JP which after win- figu res j n TurkeVs political life 
ning two consecutive elections. f 0r a j | on g ^ wishes or his 
*? ® ecoi S. P Ia « ***? life span permits. Nothing, it 

Party ?RPpf P n ” 19/3. Ml . 

DetnireJ’s riposte is that if he Mr. Demirel suffered many 
is successful why should he setbacks, any one of which 
resign? would have lone auo finished a ffc 

En any case the matter was politician in Western Europe, 
recently solved at the JP con- Since 1970 his party was splin- 
vention. which re-elected this tered three times, he was ousted 
corpulent, balding politician for by a military intervention once, 
a new terra of two years. The lost general elections twice and 
vote was almost unanimous. “ If has come under persistent 
I go. you will all starve,** Mr. attacks for alleged nepotism. He 
Demirel told a Turkish car- has come through unruffled, 
toonist recently. Mr. Demirel is without doubt 

Mr. Demirel was bom to a the biggest survivor and pbli- 
poor farming family in a small tical manipulator in Turkish e i 

opium-growing village in the Parliamentary history. He is ouieymat 

north-west of Anatolia. He pragmatic to the degree of bay- tics and his visions of creatin'* 

studied engineering in Istanbul ing no principles and is a man a T.,Hrw" & 

and -joined the Civil Service of boundless energy and awe- 

where he had a short but di&- inspiring memory. He has no “ wou 1d appear, however, 
tinguished career in the State children, no hobbies, does not that Mr. Demirel’s best days are 
waterworks. He quit the ser- jog or play golf, rarely takes over. The JP is indeed stale 
| vice to become a successful holidays and never goes on a and losing support Its chances 
building contractor and made trip unless required by his offi- of coming to power alone are 
enough money to enable him to rial functions. His whole life limited in view of Mr. Ecevit's 
enter politics. appears to be devoted to poli- growing strength and the 



Telephone : 1 7 12 30 ^25 I 
Telex : 42 434 6AK 


Suleyman Demirel 


exist epee of two smMl 'Right- 1 
wing parties which thrive on 
former JP votes. J ~ ‘ /• « ' ' 

But Mr. Demirel is' here to 
stay. He is the sort of poli- 
tician who leaves 'politics,' as 
Jean Paul Sartre puts it, “ with 
his feet first." •' ' •- ■ • • 


Alparslan Turkes 



MR ALPARSLAN TURKES is 
the most controversial politi- 
cian in Turkey today. His 
opponents charge him with 
being a fascist, and cartoonists 
often depict him as a dwarf 
Asiatic Hitler with either a 
knife dripping with blood or a 
smoking pistol. 

Mr. Turkes vehemently denies 
such charges and was 
recently reported by the 
Turkish Press as haring said: 
“If anybody calls me a Fascist 
or a murderer I will tear his 
mouth apart." 

Mr. Turkes was bom a 
British colonial subject in 
Cyprus. 61 years ago. His 
family immigrated to Turkey 
where, at 16. the young Turkes 
entered a military school in 
Istanbul. 

He distinguished himself both 
at school and, later on in tbe 
army, which he joined in 1939. 
though was briefly arrested in 
the war for his pro-German ■ 
sympathies. 

He was sent to the U.S. and 
Germany to further his studies 
and represented the Turkish 
General Staff in Washington. 

It was in I960 that Mr. Turkes 
gained prominence. He was one 
of the 38 officers who revolted 
to overthrow the Menderes 
regime. The 43-year-old colonel 
gained instant fame after he 
read th e junta's first statement 
over the radio in bis subse- 
quently cavernous voire. 

He was one of the 14 junta 
members who were purged for 1 
allegedly harbouring " dicta- 
torial aspirations.” Mr. Turkes 1 
was posted to New Delhi and { 
relative obscurity while the 1 
junta turned over tbe admjni- ■ 
strati on to civilians. 1 

After his return home. Mr. 
Turkes entered the extreme 
Right-wing Republican Peoples : 
Nations Party and in 1964 1 
became its chairman. Tbe : 
parts* subsequently changed Its : 
name to Nationalist Action 1 
Party and is now the fourth 
biggest in the National a 
Assembly, it has 16 deputies J) 
in the 430-member assembly, up £ 
from three in 1973. * 

Mr. Turkes serred as Deputy 1°. 
Prime Minister in the DemireJ h 
coalitions between 3975-77. d 

What makes Mr. Turkes such ii 
a controversial figure is his 
alleged role in the political oi 
violence. It is claimed that his o 
party's Youth Branch, the Ulku ir 
Ocaklari ( Idealists’ Heart) is k 


one of the principal instigators 
. of the violence. 

Mr. Ecevit recently charged 
that of the nearly 2.000 people 
in jail for -political violence, 
about half belonged to either 
the Turkes Party or Youth 
Branch, or sympathised with 
them. 

Mr. Ecevit further charged 
that there were police reports 
which provided •* concrete 
evidence " of Mr. Turkes s 
connection with extreme Right- 
wing terrorists. These charges, 
too, were denied by Mr. Turkes 
who accused Mr. Ecevit of lying 
and looking for excuses to shut 
down his party.' 

Mr. Tirkes claims that he is 
a nationalist, and. as such, is 
one of the principle targets of 
KGB slander campaigns. 

Whatever Mr. Turkes » denials 
rt seems quite certain that his 


idealists, who are usually called 
commandos or grey wolves 
(after the legendary wolf which 
led Turks from The Steppes of 
Asia to Asia Minor) do play a 
role in the political violence. 

There are a large number of 
these who have either been 
convicted or are on trial for 
crimes of -political violence — 
usually the murder of Left-wing 
opponents. 

As the political violence 
continues, so will Mr. Turkcs's 
controversial role in politics; It 
wiit.be interesting to see . how 
his party (which attained the 
largest vote rate to win about 
a. million votes) will do in the 
general election of 1981: it will 
be a type of referendum for 
Mr. Turkes who. in the eyes of 
his opponents, remains a Fascist 
with dictatorial' aspirations. 



; . *. 


fcr— ; f 

to 




>£V AigrM 



M. M. Alparslan Turkes 


Ismail Hakki Aydinoglu 


IN CONTRAST with, the pro- 
| tracted alarums jvfaich aecom- 
5 panied the dismissal of Dr. 
1 Tavyar Sadikiar from the. 

governorship of the Central 
i Bank of Turkey, only muted 
s notes have been heard since the 
l new appointee. Mr. Ismail 
i Hakki Aydinoglu, took over last 
1 month. 

■ Now a more comFortable 
: relationship has been re-estab- 
lished between the Government 
and the Central Bank — even if 
it is too close a relationship for 
many Western bankers. 

With the Treasury holding 
; the majority of the stock of the 
Central Bank it is always hard 
for the Governor to insist on 
the rights which are apparently 
bis by law, 

Mr. Sadikiar fought hard for 
those rights — harder, arguably, 
than be had fought for the 
independence of the bank under 
the previous government. But 
his ultimate de mis e- was perhaps 
inevitable. 

Bis successor has a good 
academic background in econo- 
mics. having studied in Ankara. 
Pcnsyl vania and Stanford. He 
He spent several years as one 
of his country’s representatives ; 
in the OECD and rose to 
become one of tbe assistant 
directors of Turkey's Treasury i 
in 1970. 

In 1971. he became director i 
of the Labour Placement Office i 
of the Ministry of Labour, deal- i 
ing with the problems of Tur- 
kish workers abroad. < 


at**. r*g' ;v. 

Tv ' -■ 




Ismail Hakki Aydinoglu 


In 1974. he served as Minister 
of Village Affairs in the brief 
caretaker government of Mr. 
Sadi Irmak. His appointment 
created a precedent in that it 
was. apparently, tbe first time 
that the Turkish Republic had 
a minister with a foreign wife: 
Mrs. AydinogJu is British. 

He later became an adviser 
at the Central Bank and. in 
1975, was narrowly defeated in 
the Senate elections when he 
stood as a candidate for Mr. 
Ecevit’s party in Izmir. 

The experience he has gained 
and his relatively young age of 


Irfan Ozaydinli 


THERE ARE very few interior went to Britain in 1945 to com- cult and thankless job in Sis 
ministers in the world faced Pl et « bis pilot training. It is Cabinet. 

with as tough a task as Mr. Irfan this stay that Mr. Ozaydinli His aides say that the former 
Ozaydinli awes his good English. He was general works almost round the 

the Operations Commander clock spending virtually all his 

Turkey has one 'of the world's when the Turkish Array time on the police work to quell 
highest death rates from attacked Cyprus in 1974. the violence. Although more 
political violence, a problem Mr. Ozaydinli was in line to arrests are being made, the 
which appears to have become become the Commander of the violence ts far from being 
as endemic and uncontrollable Turkish Air Force. But this post quenched, however, and will 
as inflation or unemployment, was not given to him because probably continue to dominate 
Hardly a day passes without Mr. Demirel. Prime Minister in his agenda for as long as he is 
some form of terrorist violence 1977. opposed Mr. Ozaydihli’s Minister, 
instigated by either the extreme liberal views. Hie general The problems he faces are 
right- or left-wing groups. resigned in April last year and formidable. Not only is Turkish 

At 53, the well-groomed Mr. ? e da T joined Mn Ecevit s youth engaged on a minor civil 
Ozaydinli looks more like a Re P ub,lfan Peoples Party- He war. but there appears to be a 
successful businessman than a. - deputy and was 5511111 runnin e through the whole 

politician or the military man appointed Interior Minister m structure of society. When Mr. 
which he was until he quit the lhe E . cevu Gov ? rn J lcnT vl j! ch Ozaydinli became Minister there 
Air Force last year. He had 1:31116 10 power m J* nua, 7 ™ ls were tiroes when even the Police 
been 'the younzcat man in the . . , . Force which was sent out to 

history of the Turkish Air Force H was probably owing to his control mob violence would start 
Loi beoomp a fouKtarwneSl combination of toughness and gating among itself. At least 
lo oecora. a wurw general. Iiberal j STn ^at Mr. -Ecevit gave that is not happening now. 

After graduating from tbe Mr. Ozaydinli what was, and ' 

War Academy in -Istanbul- he continues to be,. the most difli- M. M. 


45 perhaps make it strange that 
a man with his rather forceful ; 
personality should accept a 
po*t traditionally associated 
with little authority. The 
answer to this lies in his close 
relationships with Mr- Ecevil 
and the Minister of Finance, 
Mr. Ziya Muezzinoglu. 

Co-operation between the 
three appears to be assured. 
One suggestion is that Mr. 
Aydinoglu will give the bank 
a more active role, though the 
responsibility For policy may 
rest with Mr. Muezzinoglu. par- 
ticularly during the short term 
when the latter is seeking to 
right Turkey's parlous finances, 
Mr. Aydinoglu himself states 
that for the time being his aim 
is to implement the stabilisation 
prnerramme adopted by the 
Government But his long-term, 
aim Is *’tn make the Central 
Bank a more effective super- 
visory agency." 

At present. 08 per cent of its 
credits go to the public sector. 
The new- Governor states that 
‘‘the distribution of credit 
should be in balance "and that 
the Central Bank should cease 
to be “simply the financier of \ 
the State Economic Enter- 
prises.’’ 

But in setting, his task as 
being to reduce the traditional 
subservience of the Central 
Bank to governments he has 
chosen a challenge which has 
Uefearcd all his predecessors. 

B. s. Y. 


Hr- -J&fWflki 

dk&irk 


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450 Branches 

CORRESPC 






; ininteiiiaaGeriat 


Ankara: 42 226 Hatk ir 

Yjeni§ehir (Ankara) 

Istanbul ■ ■ 22 ■ ■ 5274s%b tT: 
Karakoy (Istanbul) 

Izmir: 52 181 ;Izhb ^r 4 ^ 
Adana:: 62 
Mersin Nicosia; 

(Turkisk Zqn^mM 


Irfan Ozaydinli 


in Germany: 
5 Koln l,Hoh 
Tel: 0221 -23 








31 


A 


13 1978 

XIX 




yJ>i 








i^spfS;;- ' J-\ 

..-.,\... ! #U*' • '. :,' 
-: - • -.; >' 

' 'V^' Ar ' 
r •• * •" *" Y 


*yu ?> ■' : , r- , - - 

'■ ii?HE LAST time that Mr. Satap 
’^tbandL ' says" he crieff was in- 
1 ; , fctobef; lisTsW 

* :. penmg of -his ^groups SiP^ 

“ ^Vyre factory/cUssa; and-4**«- 
_ ' Tabanci- explains ihat seeins his 

: r «. reams ' hewxne'. 

; „ ' 1 ■> .'hn as much, fe* iftijg&.th£ birth ■ 

”‘ N ’iiSii >w son,.... ■'.•:• v^v-;‘ : 0 p\ ?jr.- : 

Mr.;5abatici wufe &“*; **P*tf- 
jrther.-OTCh --tears; Hisi. group,; 

jnr. of tbe: -’ 

.- >jjkey,. is: fer. : e^pfe.\;now 

eggtiating veiih.MfeFced 
ter the eetablls bmen t- Y 

l/rTij k O-W^per-yearmw*. gagk ._- - 
''' , Mr. Sabanci is quick to stress' 
le faith that Turkish, business: 

. •■U • .. ien retain in the Itrture^fhhngh. 

& v- '■ %&• adds that the q'lfcstioB comes 
7 r .-3'“ t him of Wh^er the West • is 

ow- ■: : ^dKcriinsS *3 tins 

i vVkey. He corapiams of- jhje 

horteger -.of.vrSmpnrtea^ ^ 

Materials and^parta, labour prob" 

J “..v.'* >ms ,-and .jSTiergy >nits t < These 
lean Hlfe' b'wn •fwtomejr. ! ha*e 

* t , een working AT- qnlx? 5^ per 

: . _•* ent capacity, yet: he says he 
. ... *• .'as been able to ensure “stuns 

* • ,\\ roflts.” 'j;‘ ;• >p 

.■'ll'- Slight and reserved Ibitt- with 

oe warm courtesy of many such 
‘iirkish earrepreneu rs~ the 45- 
• par-old'Mr. Sabanci started as a 

ashier in ' one of the flouir mills 

wned by his father; Hap Oiher\ ; Safeip Sc/bcmci 

abanci: He is novr. chairman . ~ 

nd managing, director pfl the - ' 

aiding company, named -'^^Turk^s second • largest and 

TO*!*; company" wntrpjs - mn^e : aggressive "baufe. 

nan 20 industrial firms, ranging ' The holding temp a W concept 
’ rom textiles and synthetic. practised by,. the .Sabancis is 

‘ bres to vegetable oils 1 .. and. increasingly seen .d* one answer 

'hi. Z.?"* / i-.iargarirtes to tyres and cefiientr ro‘ 'the' ■ problem of capital 

••■; ' -t has also- just bought- 1 ipto .accurauJatidn; in . Turkey; one 

* - -i.; :< Philips’ loc3t ; Operjrtinns r and is\vear ago 67sucb ‘‘ holdings 

' w ctive m insurance. 11 ■• , -; were in operation. 

The lynchpin-'of 'the 'group's Haci Omer himself was a true 
mvities is the ‘ . Akban£-. u onginal.”rLike«> many Turi<s 

J lp^bduiipvBastiirk 

fiBfe’LLAH C - BASTUsk umprovetrtent' of working enndi- 

tPfim&eleeted . V : de~(Hzty .^'ihe'iibns-with demands for -rbe abb- 
¥p3kica» petjple's '^arty’M. Utwn fit: Articles. T4i and J42 
^ p partiv owes, his presini bT.the Penal Code -which are 

n ^r.r^iiion *as ..president .of thVUs ed to .ban the Communist 
, adical uoinh ; conXederition.^ _ Party -of^ . Turkey. - . 

';-JISK. to the support of RPP T* 

y.- ni&tc>c - •.- r . down of the ; people responsinie 

Tie b TiSrctH' the 1 m-*» IM»biil-.s ; “ Mar 'D»yMes- 

'? ■ r-- nomioJti wre 

• :-n the spring, his ors>oi S atiop : ™«> emphasises 

- ' l^rnSr^aumt'^ciai w !* h ' lbni ' ed " “T 

, herped PO, in Office. 

•'•- ' A -genial, fatherlv 49*iiear-oH. °hiiSer io“behi« railed ^oeial 

Mr. Basturk tells visitors to his indeed 

- ifflces — midway between -Istan- overtones-of Maoism i7»i . 

■ ’■ -mi Airnnrr and the "city's - though having support from 

. BvLntinT w^ls-that DlSK us KPP udionists.inihe JDeccmber. 

nrhnn^ and is“^, W- WSK Co^res. .Wiere he 

• ; t net. “MarTiem - -,b' • replaced tlie militant Mr. Kkmai 



..m 


he was orphaned during the 
Ottoman Empire's battles with 
the British in Yemen. He 
started Ins career as a enrton 
labuurer and up till his death, 
m 196*V he refused to adapt to 
the wealth he had made through 
changing his peasant accent or 
patronising tie shops, expensive 
tailors or. very often, razors. 

He left behind him the 


Akbank and a flourishing grftttp 
of companies. But his greatest 
legacy — according ta one rival 
— was his six sons. These havp 
moved the seat of the croup’s 
operations from Adana (n 
Istanbul and continued its 
remarkable growth. In terms 
of sales it appears to have over- 
taken that of the other great 
group in Turkey, that of Vehhi 
Kuc. 

Mr. Sabanci. who has three 
children, has a reputation for 
promoting young and ablp 
managers: “We have grown 
beyond the prunt of being able 
to put a brother in each place. 

But the family remain totally 
in control and though they are 
selling some shares to the public 
ihc quesiion of opening ihr 
doors of rhe boardroom has still 
to be faced. 

• “ We businessmen are tied hy 
our hearts to the free demneratir 
parliamentary system and the 
mixed economy.*' Mr. Sabanc« 
who is president of Turkey’* 
Union or Chambers of Industry 
says — a claim more frequently 
heard from Turkey’s business 
men than from their counter 
parts in some developing, 
countries. Indeed, tor all hi* 
complaints abnut labour he ha* l 
rarely refused a dialogue. I 

On a recent flight from 
Istanbul ro London he found Mr j 
Abdullah Basntrk. president of 1 
the radical union confederation 1 
DISK, wa* a fellow passenger. 
He moved to join him. Tha> 
night the man who is often 
spokesman for Turkey's 
capitalist.-. and the arch 
advocate of class unionism were ; 
to be round at dinner, if noi 
sinking their differences at leasi 
in temporary harmony. 


>R*3f n*-- 






1 Class ummi ana » t K- c . m -i 

capitalist: “ Muslim. S‘ ' rti "” nt M , v 

.science of the- working class; -Turklerl. he was oni> ih.ir 
he explains. ' " ' ' " • second choice. 

Since taking: office he has con- ..The origins of Mr Basturk 
-turned to rails for the and his predecessor differ, the 

Ziya Muezzinoglu 


one presiding over (ienel Is. 
which group* 100.000 municipal 
workers, and the other over 
Maden Is with its 70.000 
workers in the meial-processing 
industries 

Mr. Turkler has Iona been 
known as one of the toughes; 
figures un thp Turkish labour 
scene. He fought for unionism 
in Turkey during the repression 
of the 1050s. whereas Mr. 
Basturk »«nl> led Henel 1.- 
into prominence in the easier 
days of the 1960s. 

• Equally, while Mr. Turkic r 
was one of Uie- founders of 
DISK, setting it on us present 
.oaurse m 1967 and criticising 
tlTe Turk Is confederation for 
“supporting employers;" *Mr. 
Basturk only led General Is 
from tyie sedate Told of Turk Is 
to the rougher pastures of DISK 
in 1976.'; 

• As yd*. Mr Basturk has 
broacHv followed the furrow cut 
by Mr. Turkler. Maybe he has 
been less interested in support- 
ing periodicals accused under 
Articles 143 anti 142 and way he 
he has encouraged less mobili- 


"3? -i 



- .^n- 









Alxltillah Basturk 

sal inn against riglu-wine 
violence and price rises than 
would have Mr. Turkler. Bui. 
arguably, the real test of his 
mettle is yet to come. 

B.T. 


_ * THE conference ^rtwm) be- 
-■ -hiPd Finance Minister Ziya 
iluezzinogju’s office, on a table 
under, a . beautifully-; -scribed 
Ottoman sultan’s firm air 
(decree 1 . there is a traybeariiig 
"a glass pf milk and a small plate 
qOtKuU^ . 1 - 

. : . The. . Finance Minister is 
.suffering from ulcere. He is 
..preoccupied .'ywffth" » ' jiroblenl 
:: ' r Misfch'pTagiietf bis predecessors 
: dptins the later periods, of the. 
^Ottoman Empire: liow to get rid; 
' 'of the foreign debt and obtain 
ire-ih loans. . . . 

The Ottoman finance mifiis- 
ters caiUd^neyer snjve' the prob- 
" i£nv TheOttomatr deb.fk to the 
WeiTf were paid off by ', the 
young republic established - by- 
Ataturk, ^5 years ago. 

.-bis ^appointment. 
. Mr? Mu ezsipoglu has-been put- 
^,ane^?rafi:’^verage. of-ll 2. iipurs 
fife not :bad a 
recalls that 
t home after;. an . 
io catch : some 
Muezzinoglu- was 
.the airport io catcb 
’^ i "plane" to Tsfabbut W-Vrave a 
^talk .wiUi industrialists. 

J. Mr. Muezzinoglu-hfe -been in 
■finance for 35 : of hVs -58 .years. 
[After graduating from Ankara 
.University's well-known Faculty 
•of Political -Sciences in -1943. he 
rlnined the Mimstiy of- -Finance 


and steadily climbed to the top. 

In 1959. he became the Direc- 
tor. General Of the Treasury 
«nd. in 1962. the Under-Secre- 
tary of the new State Planning 
Organisation. Berween 19K4 
and 1971 he was Ambassador 'o 
Botin ajid later Pennanent Rep- 
resentative to the EEC. 

He served brief terms as 
-Minister of Finance in 19* - 
and commerce in 1977. before 
assuming responsibility for 
finance again in the new Ecevit 
-^anvernnienr. . 

•• He was -elected "Republican 
Peoples Party senator in 1975. 
Tfe speaks good .German, French 
.and ’English.: 

"-'.His background has equipped 
Mr. . Muezzinoglu well for hi.s 
present- task of putting the 
troubled Turkish economy into 
order." He is well acquainted 
with : the workings of the 
Finance Ministry. Treasury and 
the Centra! Bank, as well as the 
EEC,- His critics, however, 
accuse him of being “lou bureau- 
cratically .mi uded.” 

Sucking a pipe, Mr. Muezzin- 
oglu says "that he has inherited 
“records*’ from the previous 
Government in- everything — 
records in foreign debt. : nfla- 
tion, money supply, and un- 
employment. 

He is confident that 'he 
austerity measures launched in 


March- this year will start 
-stabilising the economy before 
long. 

Most independent observers, 
however, are not that sure. It 
is likely tha' new austerity 
measures will be needed for 
which Prune Min idler Ecevil is 
not willing to pay the political 
price. 

In the course of this month 
there will be crucial talks with 
the IMF on the release of the 
vital third tranche of the S4.j0m 
stand-by. credit. Negotiations 
.will he tough. It is likely that 
the fund will not release the 
tranche unless new measures 
are taken. It will be up to Mr. 
Muezzinoglu to bridge the sap 
between' the views of Jlr. Ecevit 
and the IMF. 

M.M. 


Aysel Oymen 






Ziya Muezzin onion 


TURKIYE SEKER FABRIKALARI A.S. 

vffHH; TURKISH SUGAR FACTORIES) 

. V ■ if Joint Stock Company) 

\\ - A GSffiAT HOLDING . 

- —Sugar production- in IS factories, nlcohol . 

three factories-'and machine manufacturing in fixe factories 
presently fh activity. 

—13 new sugar factories -tinder construction. 

' —Large size equipment and machinery are iflanufactured in 

opderto meet requirements of complete sugar fa cl uric 
and oLber industrial eslablishments of this cmmlr>. 
—First-range engineers', up-to-date technology and experience 
- of half a century--- 

— S«eral other ectiviiies. investmems.ndpjmcipat.oo.^n 
agriqultural . production, food industry bankicg 
; insurance. 

Fuil Hi/onnatirw pii'etJ hw- 

Tl'RKIVE §KKER FABRIKALARI A.S,. 

Mithatpa§a Caddesi. No. 1 4 P.O. Box 414. 

Ankara— Turkey 

-Telex; 42422 atsf tr. Cable: Tarkseker-Anbara. 

• - - Telephone: 18 22 10-. „ 


“BEING A woman has been 
neither an advantage nor a dis- 
advantage in ray work.” says 
Aysel Oymen. At 44 Mrs. Oymen 
became ibe first woman to 
head the Turkish Treasury 
when she was given the job by 
Prime' Minister Ec-evit. 

She could not have been 
. appointed at a more difficult 
time. - Earlier this year they 
“ borrowed money from even 
the birds which fly overhead," 
she says, referring to the pre- 
vious ' government and the 
SJ2.4bn debts of which an. 
outstanding ST.lobn is - short- 
.term aud.iti the process ol being 
restructured. 

■ The Treasury is m the central 
KiiiJay district which probably 
has- the -most polluted air of any 
nrban area in the world. On the 
wall there is no sign to indicate 
that the six-storey narrow build- 
ing is the Treasury. 

Mrs. Oymen works on the first 
floor behind a table crowded 
with documents and an over- 
flowing ashtray. She has been 
smoking two packets of cigar- 
eties’.a day since she .has been 
Treasurer to Mr. Ecevit. 

Mrs., Oymen has been in the 
finance : world since she 
graduated from a Turkish uni- 
versity and nbtained a . post- 
graduate degree on an American 
scholarship from the Vanderbilt 
University. Thp degree was in 
economic development and 


halance of payments problems 
which must come m useful now. 
For four year* after this, she 
was an attache in Bonn and 
later represented Turkey at the 
OECD. 

Mrs. Oymen speaks fluent 
French.' German and English. 
Back in Turkey she became 
Director General of the Finance 
Ministry's Department of Eco- 
nomic Relations. 

She lost this job when Mr. 
Demirel came in power. (Mr. 
Oymen, now the Chief Whip of 
Mr. Ecevit ! s Republican Peoples' 
Parly, was not a man well-known 
for pro-Deruirel sympathies.) 

Mrs. Oymen concerns herself 
mainly with the balance of pay- 
ment' and debt restructuring 
under the OECD and relations 
with the IMF and the World 
Bank — all of them crucial under 
the existing conditions of 
economic crisis. 

She says that despite the diffi- 
culties she is full of optimism 
about Turkey's Future because 
it has “great potential. The 
prob'em now is ‘‘jusi a cash 
crisis.” 

Mrs. Oymen averages 12 hours 
a day in the office, and has nn 
dkys off at the weekend. " I 
don't feel lonely at the office." 
she says. *■ because 1 am never 
the only one there. The number 
nr peuple who rrv to do t'neir 
best is not small. ’ 

M. M. 


Imports, Exports > a Joint Venture 

Whatever your business in Turkey, or pleasure, 

AKBANK 





is well placed to put you 

on the right track. 



Akbank is one of the leading commercial 
banks in Turkey and in fact the first in the 
purely private sector. According to the 
'American Banker' dated 24 th July 197S, ; 

on the basis of our 1977 balance sheet 

figure for net assets, we rate number 274- 
in the world list of leading banks. 

Clear evidence of our success to date. 


Jn all our dealings we strive continuously 
to reach and maintain the highest standards 
of efficiency and integrity in both 
Management and Staff and we can say 
that v*c have achieved a level of service 
and reliability that is second to none. 

A prominent leader in the growth and 
development of Turkey’s industry and exports 
is the Haci Omer Sabanci Holding Group. 
This is a holding company of which Akbank 
and a leading Insurance Group are members,- 
but which otherwise is comprised of over 50 
companies with a wide degree of diversification. 


Akbank and the Sabanci Group, in their 
different yet complementary* fields, arc 
dedicated wholeheartedly to playing a major 
partin the economic development of Turkey. 


Balance Sheet as at 31.12.1977 shows: 
(Equivalent in US S) 

Assets — S 2.3 Billion 

Deposits _ S 1.6 Billion 

Stockholders Equity S 84 Million 


HEAD OFFICE INTERN Ml ON A L DIVISION 

’-lihu'ir o r{ r/j Im.kIiI C^o. 4 !" J iV 
f ,r.*ii . • I'ljr-H 1 7-.r»."v T-r-l- 

T -i -rh. j i »: ’ •• T-'*:»-*np 

1-ic ^ !.-. Tei-.. . 2? J'* ■ I- IT 


NEW YORK REPRESENT MIN F j LONDON' REPRESENT.-\ri\ E 


4 W- f s*» *.-ru: 
wi. '- \ i—:: ■ 
TeSrph.-f- 

le.T- . W.!i v"il 


‘A 

L r,J..-. F«: :R Oft. l**ul 
lilcrhor | • 

Islr' . jlUn g 


FP4NKH-F.T REPRESENT ATI' E 

». . . -.rr i- C-: g’UNV 

■vi.. y: f - 

l-i«. ; 4s:t:*> I X- - c 






INTERNATIONAL 
CONTRACTOR OF: 

* HIGHWAYS 
*DAMS 

* HARBOURS 

* INDUSTRIAL BUILDINGS 

* HOTELS AND HOUSING PROJECTS 

* REFINERIES AND PIPELINES 

* WATER SUPPLY AND 
IRRIGATION PROJECTS 


FURTHER INFORMATION FROM: 


HEAD OFFICE: 
Kozanoglu-Cavusogiu Building 
Zincirlikuvu/ Istanbul 
TURKEY’ 

Phone: 669940 (10 Lines) 
Telex : 23674 


INTERNATIONAL DIVISION: BRANCH OFFICE: 


S4 Brook Street. London. IV1 
ENGLAND 
Phone: 4^1-1378 
Telex : 22498 


6. Shara Jamal liriyu 
TRIPOLI- -S.PL. A.J. 

Phone. 74539 


K/C Constnaction Co. Ltd. is the parent company of the Kccanoglu- Ca- s : ’ ou r - 01 tompanu 







32 


Financial Times Monday November 13 19TS 


TURKEY XX 


AN INTERVIEW WITH THE PRIME MINISTER, MR. BULENT ECEVIT. 


‘. . . I haven’t lost my nerve’ 


FT Can we start with relation.® 
with the U.S? In what way do 
you think the renewal of the 
U.S. embargo will now affect 
your relations with NATO? 

BE The embargo was a nega- 
tive factor. The Turkish peupie 
with their long background of 
statehood are aware of their 
responsibilities, particularly of 
the responsibility that falls on 
Turkey as a result of Turkey's 
geo-political position. As a 
result, the reaction felt to the 
American embargo has nut 
resulted in any rash moves in 
the way of radical changes in 
Turkey's posture. 

With this negative factor 
removed the way is now open 
far the revitalisation of Turkish- 
American relations and 
co-operation. We have res- 
ponded lo the sincere efforts of 
the Carter Administration and 
the constructive attitude of 
Congress by allowing the 
resumption of work at those 
defence installations whose 
functions were suspended. We 
believe that it is impossible in 
dissociate military and economic 
matters. We stated that wu 
would not be satisfied to confin- 
ing nur military co-operation to 
buying material from the U.S. 
but we would want to expand 
the productive capacity ot the 
Turkish economy. We al*n 
stressed that Turkey does not 
want to he or So appear any 
more as the sharp edge of an 
alliance in the Bank region: that 
we would want to make our own 
contribution to detente in our 
region: Turkey so far has lagged 
behind almost all other NATO 
allies in contributing to detente. 

The best way of ensuring a 
country's security is to build up 
an atmosphere of mutual confid- 
ence with all the neighbouring 
and regional countries. 

FT You said in the past that 


the embargo stood in the way of 
peace in Cyprus and rapprochr- 
nimit with Greece. Now that it 
has h*»en lifted, how do you sec 

the prospects? 

BE The Turkish Cypriot 
adininislraiion has taken the 
initiatives it could take. It has 
come out with concrete pro- 
posals. ft has even extended 
these, regarding Varnsha. as you 
know, but the Creek Cypriot 
position has not changed and it 
is now up tn the Secretary 
General of the UN to call for 
resumption of the intercom- 
munal talks. 


Initiative 


FT Do you consider that the 
hall is in the field of the Creeks 
in the matter of the Aegean 
Sea and other problems ? 

BE As you know, at our 
initiative again, we started a 
dialogue with G recce at prime 
ministerial level, and this has 
hc.cn followed up Through high 
level technical talks on the 
Aegean problems, relating both 
In the air space and the con- 
tinental shelf. Little progress, 
if any. has so Tar been made. 1 
think that at some time in the 
near Future it might be a good 
idea l»i come together again. It 
would clear the air psycho- 
logically if the Cyprus issue 
were resolved in the meantime. 

FT While 1 .' recce. Portugal 
and Spain are going to heennie 
full members of the EEC., are 
you going to freeze your 
relations with the Community? 
Doc® that mean that Turkey 
may still want eventual lull 
membership? 

BE Wc arc not trying to 
freeze our relations. On the 
contrary, we want to revitalise 
our relations. So far the 
relationship between Turkey 


and the EEC lias fteert workinc 
tn i he disadvantage of Turkey 
in many respects. The so-called 
concessions or advantages 
granted to Turkey lost niosi of 
their value. If our cn-nperntion 
with fftt EEC is to mean some- 
thing for Turkey'*, economic 
development, wc would expect 
our partners m the Community 
to help us through this period 
of crisis. Wc believe that at 
the present position of the 
Turkish economy we would not 
be able to apply fnr full 
membership. 

FT In the current economic 
crisis why do you think the 
West has been so slow to help 
Turkey, far slower than, say, 
Portugal? 

BE I can't give a rational 
answer to this. I would expect 
the West to extend more prompt 
help and cn-nperalion. particu- 
larly this year, in view of the 
courageous measures that the 
new Turkish Government has 
taken, with great political risks 
hut with a sense of respon- 
sibility. Yet the West has been, 
tn say the least, very slow in 
considering aid and co-operation. 
This has created disillusionment 
in Turkey. 

FT Arc you confident yon 
will gel more money and where 
do you think it is going lo come 
from? 

BE 1 can't say that I am 
confident, in view uf the pace 
nr amount of the help coming. 
The rescheduling of nur short- 
term debts has been decided :n 
principle, but it has not yet 
become fully realised. Wc have 
been expecting new credit from 
the major banks for some 
month® and this has not 
materialised either. The con- 
tinuation of this — I would not 
say negative but — passive 
attitude, would, of rnursp. dis- 


appoint us reg-ardinc n»r 
relationship with nur partners 
in the west. 1C sufficient support 

and co-operation is not forth- 
coming from the west this will 
inevitably effect the future 
direction of Turkey's interna- 
tional economic relations. How- 
ever. we' would always act in 
full consciousness of nur 
responsibility to the world as a 
result of the critical geo-political 
position of Turkey. 

FT How united is the Cabinet 
over your desire to attract 
foreign investment? 

BE There is no difference -if 
opinion in the cabinet or in the 
party. In our new party pro- 
gramme we had already stated 
that we wanted io nationalise 
the important minerals. When 
I was talking to the representa- 
tives nr private industry and 
enterprise in Istanbul In the 
summer. I told rhem that we 
would nationalise only the 
important minerals and the 
energy resources, that wc did 
not have any other nationalisa- 
tion plans. 


Threat 


FT Could f turn »«• the 
political scene? How much of 
a threat to democracy do you 
see in this continuing violence? 

BE The wrong inter- 
pretations and i he wrong 
measure.-, of ihv previous 
Government enlarged both the 
basts and the manifestation nf 
violence in Turkey. They 
depended on, and encouraged, 
right-wing militant groups 
against some left-wing militant 
groups. Our Government's 
policy and attitude i> to be 
against all kinds of terrorism, 
whether it be right or left wing. 
The result has been that *11 
terrorists are against the present 
Government. What is more. 



Prime Minister Ecevit and Mrs . Ecevit 


because the efficiency of the 
stats mechanism against 
terrorism has been increasing 
in some respects since we took 
over, the right-wing terrorists, 
who had practically gnt hold of 


THE 

CHALLENGE 
IS HERE! 


How docs Turkey’s largest industrial, 
commercial and financial conglomerate 
view the country's present economic 
difficulties? 

As an opportunity. An opportunity to: 

• Restructure the industrial sector tn 
make better use of Turkey’s considerable 
natural resources; 

• Concentrate domestic investment in 
cxport-oricntcd industries; 

• Awaken world awareness nf 
Turkey’s great potential and confirm 
Turkey’s willingness to cooperate in the 
growing intcr-dcpendcncc of world trade 
and finance. 

The Ko 5 Group of Companies 
produces a wide range of goods for the 
domestic marker, many of them in 


partnership with some of the world's 
leading multinational corporations - Ford, 
General Electric, Fiat and Siemens, to 
name hut a few. 

K05 is now promoting the export of 
textiles, white goods, TV receivers, 
automotive products, processed foods, 
ready-to-wear clothes, cast iron and steel 
products, cotton yarns, building 
materials, glass wool insulation and raw 
materials for antibiotics. 

For further information on Kog 
- and in particular on its potential for 
fruitful, new, export-oriented partnerships 
please write to: Mr. Fahir llkel, 

Executive Vice President Industry, 
fCog Holding A.§., Findikls, 

Istanbul - Turkcv. 


Koc Holding A.S. Turkey 

The nation's largest private business . 52 \car® old . ft-i companies 
Total consolidated assets at December 31, 1977: USS1.2 billion 
1977 revenues: US$1.3 billion* 


■•Conversion rate a? of December 31, 1977. 


the state mechanism but lost it 
after we took over. Have become 
very frustrated. It has been a 
tantalising experience for them 
— they were almost in complete 
control and they rightly believe 
that they have, in the mean- 
time. Inst their last chance 
nf obtaining power under 
democracy. The extreme left- 
wing terrorists, on the oilier 
hand, might, have had the 
illusion that they would find a 
tolerant attitude frnra nur 
Government, and they have 
been disillusioned. Our main 
deficiency and disadvantage has 
been the condition of- the 
internal security forces, particu- 
larly the police. Because we 
guessed that this would be the 
weakest point in the administra- 
tion wnen wo took over, we 
appealed to the UK as soon as 
we took over tn send us 
advisers. We gat a verv 
efficient team from Scotland 
Yard. I. have been in constant 
dialogue with them personally. 
We have also been co-operating 
with the Germans and wo have 
increased the efficiency and 
co-ordination in the information 
area. As a result the number 
of criminals caught in recent 
months ha.® increased to a 
degree that could" not be 
imagined before. One bottle- 
neck is the traditionally slow 
functioning of the judicial 
mechanism. The courts are very 
heavily burdened. But we shall 
be trying to pass legislation. 

FT Does this mean ihat you 
hrlievc that the whole thing can 
be calmed down without having 
martial law? 

BE When there is terrorism 
and when ihere arc unrcsnlvcd 
reasons nf 'factors behind 


terrorism you can't settle the 
matter through martial law. 
although you can make it worse, 
as we have .seen in several 
countries near and far. 
Fortunately for us the Turkish 
array intends to 'remain outside 
politics, particularly in' view of 
past experience and anyway, 
although the Turkish army did 
sometimes intervene rightly or 
wrongly, it never ruled the 
country, nor wanted to rule the 
country. We have jo eradicate 
the sources that have bred 
terrorism in Turkey over the 
years, the socio-economic 
sources of terrorism.. The 
problems in urban areas cannot 
he settled radically unless you 
go io their sources in the rural 
or agricultural policies or 
.urbanisation- non-policies that 
have been followed in Turkey 
over tlie years, which resulted 
in a tremendous increase in 
migration to the cities. Most 
people could not find a satis- 
factory means of livelihood in 
the cities. The first generation 
of migrants were still satisfied 
because they could compare 
their new homes with the 
hopeless situation they left 
behind. But it was obvious, as 
we • expected, that with Ihp 
second or third generalians dis- 
satisfaction would be sharpened 
and serious. In the early 1960s 
we attacked this problem in one 
of its facets, that is, we had 
introduced very iiheral labour 
legislation. But unfortunately 
Jand reform was not carried nut 
nnd agricultural and rural de- 
velopment were very much 
neglected. Now we arc trying to 
go to the roots nf the problem 
and trying to start development 
from the land. 

FT Terrorism has now surely 


drifted into areas which are' 
potentially more explosive like' 
exploiting racial and religious 
differences. 

BE They are trying to drift__ 
to other areas as a result of t>ie“ 
fact that they can be no mure 
effective in the universities or 
educational centres or *n 
factories. They have been 
nearly completely eradicated - 
from the public sector' and 
rendered tn a Large extent 
ineffective in educational . insti'- 
tutions. On the other hand l 
can illustrate the increasing 
efficiency in catching . the 
criminals. Today we have over 
1,800 people under arrest 
hecause ot terrorist acts, .more- 
Mian half of these being right-, 
wing and less than half being 
left-wing terrorists. The recent ? 
disclosures in the newspapers' ' 
indicate that the involvement of 
an extreme right-wing party in ', 
the terrorist activities of the 
Right has become manifest. 
When one form and area of 
terrorism is rendered relatively 
ineffective, they search for other 
ways and areas. One obvious- 
example, as you stated, ts the 
provocation to create hostility' 
and conflict among different, 
religions sects. 

Traditionally ivp are not a 
society that differential es 
between ethnic croups. ln^ 
spite or that, even in Turkey, 
ethnic differences are exploited 
by people. It is obvious that 
Middle East is an important, 
target in this respect, so foreign, 
meddling is a possibility. But- 
I would not want U> pa®s: 
guesses beyond these 
Generalities, it's a very .diffi\ 
cult period hut I haven't lost 
my nerve. 


SAMSUN 



j * SAMSUN* 


. Daily groupage service from 
Butlers Wharf, Greenford, 
overland by road to Teheran. 
Another new service from 
Middle East specialists 
Samsun Shipping & Transport. 


to 


strength 



Samsun have 
introduced their own 
low loader fleet, capable of 
carrying 50 tons, to the Turkish port 
of Samsun. Oncarriage by Turkish 
controlled equipment. 


SAMSUN 

Samsun Shipping & Transport-Ltd. 

174 Stomp! on Road. London SW3 4XY. Telephone: Qt-581 2411- 01-589 622a Telex: 8812445/6. 



/ 



Financial Times Monday November 13 1978 


The 


settles in 


BY ROBERT GRAHAM, RECENTLY IN LISBON 


THE TERM "crisis" has been 
used so often about Portuguese 
politics, .that it has lost its. 
meaning. In the present political 
crisis. Portugal has been with- 
out : 'a government since mid- 
September. Eighteen months ago 
there would have been worried 
talk about the uncertain future 
of a shaky democracy. Now 
there is an extraordinary lack of 
concern. Neither President 
Antonio Ramalbo Eanes .nor the 
political parties seem the least 
bit hurried to press for the for- 
mation. of a new government. 
The suggestion that President 
Eanes should have presided over 
the formation of a new govern- 
” ment before beginning his state 
visit to Britain tomorrow has 
been quietly forgotten. 

This leisurely approach re- 
flects a far greater confidence 
by the Portuguese in their own 
inherent stability and a decline 
in the overall international 
pressure on Portugal to set its 
house in order. 

Obtaining a coherent view of 
Portugal is not easy because 
those, most Involved with 
developments are so intensely 
partisan. Lisbon is a small city, 
in whicb the main actors are 
easily observed. They know 
each other perhaps too well and 
all their activities are quickly, 
often intimately and sometimes 
scurrilously chronicled. Politics 
are cronducled in a glass bowl, 
with . trivial incidents easily 
magnified. This permits the 
more adept aelors to exploit the 
situation through rumour or 
suspense. The net result is that 
superficial differences are 
exaggerated and underlying 
trends obscured. 

In purely domestic terms, the 


single roost significant develop- 
ment over the past year has 
been the greatly increased use 
of presidential powers by Presi- 
dent Eanes. In July, he chose 
to dismiss the faltering 
Socialist - Christian Democrat 
government ol Sr Mario Soares. 
He then used his constitutional 
powers to appoint a Prime 
Minister. Sr Alfredo Nobre da 
Costa, unconnected with the 
political parties, the result of 
which was the formation of a 
technocrat government, Centre- 
to-Centre-Right in complexion. 

This government lasted only 
17 days. It was brought down 
by the combined opposition of 
all the political parties except 
the Social Democrats fPSD). Sr 
Nobre da Costa fell ostensibly 
because Parliament rejected hi* 
programme. However. his 
government was really brought 
down because the politicians — 
and not least Sr Mario Soares, 
nursing the bruised pride of 
presidential dismissal— sough 
to make the point to the Presi- 
dent that the political parties 
had been voted in by the elector- 
ate and therefore could not be 
ignored by the President when 
orchestrating the formation of a 
new government. 

Bruised pride 

To placate the politicians. 
President Eanes has now desig- 
nated as Prime Minister Sr 
Carlos Mata Pinto. This is a 
clever choice: Sr Mota Pin*n 
was parliamentary leader of the 
PSD until he resigned in 1975 
and is now an independent. As 
a lawyer, he fits more into the 
mainstream of Portuguese tradi- 
tion (like Sr Soares), while Sr 
Nobre da Costa is an engineer 
with a business background. 
Although the President has 


been obliged t® defer to Parlia- 
ment, he appears to have wnn 
acceptance of two important 
points: first, he can dismiss 
Prime Ministers and designate 
new ones of bis own choice — 
the constitution allows him to 
da this three times during his 
four-year, term of . office: 
secondly, the politicians now 
have no objection In principle 
to independents in government. 
Without tbe . Nobre da Costa 
experiment, such a principle 
could not have been established. 

•lust as important. Sr. Nobre 
da Costa, with his business 
background, had a no-nonsense 
style that led him to tackle head- 
on the thorniest issued like land 
reform and compensation for 
nationalisations made during 
the 1974 revolution. In so do- 
ing. he broke a psychological 
barrier-which will now make it 
much easier., for his su'ecessor 
to carry on. One of the more 
curious spectacles in Portugal 
today is the dismissed Nobre 
da Costa government. a« care- 
taker: still continuing with the 
emotive policy 0 £ restoring land 
in the Alentejo — the Lattiunriia 
f large estates) in Southern Por- 
tugal — to the original owners, 
a substantial minority of them 
foreign, from whom it was taken 
by peasants in 1974. The Soares 
government approved legislation 
for the restoration of title but 
was afraid to implement it fear- 
ing Communist opposition and 
objections from its own Left- 
wing. This restoration is now 
being carried out. in many in- 
stances. by force. 

Sr Mota Pinto, when he 
finally forms a government is 
expected to adopt a programme 
similar to that of Sr Nobre da 
CosLa. If this, is tbe case, it 
means that President Eanes has 
managed to steer political pro- 
grammes on a more pragmatic 



President Ramalbo Eanes UrTt) — greatly increased -use of 
presidential powers. He dismissed tbe faltering SoeiaLLst- 
Chrislian Democratic Government of Sr Mario Soares (above), 
in July. 


course, which is no small 
achievement. President Eanes 
has begun to fill the vacuum in 
Portuguese politics created by 
Ihe absence of any one political 
party holding a dear parliamen- 
tary majority and the conse- 
quent need for coalitions or. 
minority rule. Sr Soares’s 
failure to make either minority 
rule or coalition work exposed 
the difficulties of forming a 
government .on the basis of the 
present elected Parliament. 
Further. the constitutional 
limits on President Eanes now- 
make for two basic choices — 
either the Mota Pinto govern- 
ment prepares for early elec- 
tions in the spring nr it must 
survive through to 1980 w-hen 
elections are due. 

Even if new elections produce 


a- parliamentary shake-up, the 
move towards presidential ism 
has major implications. For a 
start, when the Portuguese 
approved their constitution in 
1976 the President was con- 
ceived as an arbiter^-and an 
arbiter not so much between 
politicians but between politi- 
cians and the military. The 
President himself is a military 
man and that was the reason 
for his selection. But circum- 
stances have so changed in 
Portugal that the concepts of 
two years ago have been largely 
overtaken. Tbe military, through 
some skilful weeding out of 
left-wingers. have been placed in 
the background by President 
Eanes. The Armed Forces Coun- 
cil of the Revolution, designated 


as the custodian of national life 
in the constitution, has changed 
political complexion and swung 
towards the Right. It still meets, 
but does not seek to Influence 
events and would probably be 
unwise to do so. 

More generally, the country’s 
turbulent introduction to de- 
mocracy has left it with a con- 
stitution and institutions of in- 
creasing irrelevance. The 
constitution is a woolly- con- 
tradictory document full Of 
beady concepts that charac- 
terised the Left-wing’s control 
of national life in tbe early days 
of the revolution: It reflected 
the dominant influence of the 
Stalinist orthodoxy of the Com- 
munist Party and the strong 
presence of the military. Argu- 
ably. it was even otxt of step 
when promulgated because then 
the shift away from revolution- 
ary fervour and Communist 
dominance had been firmly 
established. 

The constitution is unsatisfac- 
tory in delineating the relation- 
ship between Parliament and 
President -and the specific func- 
tions of both. If presidentialism 
is to be encouraged, and there 
is evidence that this has impor- 
tant support among certain 
Centre and Right-of-Centre 
politician!;, then a change in this 
respect is all the more neces- 
sary. Equally important, the con- 
stitution ducks the Issue of what 
type of society Portugal should 
aspire to. Yet written into the 
document are certain items 
about collectives and State con- 
trol that are' at odds with 
Portugal’s commitment to join- 
ing the European Community. 
Joining the Community implies 
acceptance of a liberal market 
economy, and adherence to the 
Treaty of Rome would de facto, 
if not de jure, alter some legal 
provisions. 


The Communist- Party will 
fight bard to protect the consti- 
tution. Any change would 
rebound as a lessening of Com- 
munist influence. However, the 
Communist influence is already 
much less noticeable. The 
country's economic plight forced 
the Communists earlier this 
year to go. along ,with the tough 
IMF conditions for granting 
financial assistance. .. The real 
source of Communist strength, 
tbe powerful trades . union 
organisation IntersihdlcaJ. bas 
ceased to be so dogmatic and 
so overtly political -in its 
demands. The main considera- 
tion is now preservation of jobs 
and living standards because 
the Communists also realise that 
by being too dogmatic they risk 
losing members to other union 
groups which are gaining 
ground. 

Soviet neglect 

The strength of the Commu- 
nist party has also been sapped 
by its continued isolation within 
the European Communist 
parties, which find no sympathy 
with the rejection of Eurocom- 
munism by its leader, Sr. 
Alvaro Cunhal (though of late 
his rejection has been slightly 
qualified). It is further notice- 
able how the concern about 
Soviet interest in an unstable 
Portugal in 1974 bas dis- 
appeared. In Lisbon.' most 
politicians believe that the 
Soviet Union accepts Portugal 
as an integral part of the 
Western/American sphere of 
Influence. Indeed, it now seems 
that Moscow's main interest in 
the revolution was to exploit 
the Portuguese . Communist 
Party's contacts with Angola and 
Mozambique to strengthen its' 
presence there as the two coun- 
tries emerged from colonial rule 


— and in this it was highly 
successful. 

The removal of international 
tension over Portugal has' had 
a subtle, but' significant Stabilis- 
ing effect. This has been- aided 
by the smooth manner in which 
neighbouring Spain bas effected 
the transition from dictatorship 
to democracy. Portugal, It is 
worth remembering, had- its 
revolutionary upheaval just at 
the moment when the twilight 
of Franco promised major 
political unknowns- in Spaiit- 
The Iberian peninsula now has 
a. bourgeois 1 democratic face,' a 
completely different political 
complexion . from 19/a when. 
Franco was dying and the Left 
still had control in Portugal.- - 

The very toughness, ol .the 
IMF and Portugal’s Western, 
allies in lending money this year - 
to Portugal suggest that they no 
longer accept the - argument, of • 
granting soft terms because of 
the threat that the country will- 
otherwise either revert to ’tbe 
military or return to unstable 
extremism. This said. Portugal's 
international friends do -not 
underestimate the precarious? 
.ness of its economy. No country 
at Portugal’s stage of develop- 
ment can afford to have a pay- 
ments deficit equivalent to 9 per 
cent of GNF. as it was before the 
IMF imposed belt-tightening 
terms m March. .. Among 
Portugal's West European and 
American allies, there seems a 
quiet consensus on the con- 
tinued need, and willingness, -to 
finance it for the foreseeable. 
future to ensure the overall 
strength of Europe. This point 
is likely to be made to President 
Eanes this week by his .hosts in 
Britain, Portugal's oldest ally. ■ 


Letters to the Editor 


Not a silent 
pawn 

From the Chairman, 

Wrifeinson Group 

Sir.— With a tightly knit team 
of directors of undoubted 
calibre. 1 have followed (without 
inheritance) a paternal entre- 
preneur in the construction of 
a company (we employ 800 
people) which is the source of 
both profit and pride, for those 
who work within it. and tbe 
object of respect and recogni- 
tion from those outside it. Our 
growth in every positive respect 
is well above national average. 

So that it is with absolute 
assurance that 1 vigorously casti- 
gate the prevalent theme of the 
CBI conference. Agreed Bullock 
is a nonsense, because it concen- 
trates upon narrow confines, and 
not upon the rea-listic objectives 
which effective participation can 
bring to an organisation. But it 
is an anachronism to suggest that 
a company will survive and pros- 
per given only good profils and 
unfettered highly remunerated 
leadership. 

Look back into history. In 
feudal times the rapacious 
leader, profitable and well re- 
munerated. could only survive 
while his power permitted. But 
the leader who adopted, while 
still of strong character, a huma- 
nitarian approach to those in 
subjugation to him. established 
united communities and some 
hone of continuity. 

This lesson applies equally in 
the democratic world of the C0»h 
century- While leaders of in- 
dustry' should rightly be 
adequately remunerated, and 
while our present levels of tax- 
ation are penal and cripple pven 
that sensible growth, which 
wnuid itselF release constructive 
tax crowth. to recard the average 
worker as a -'llent pawn in this 
formula « e absolute nonsense. 

The worker is entirely within 
his or her rights to have an 
opinion about his or her em- 
ployer's decisions. As a chair- 
man. 1 recognise that my deci- 
sions. and those of my board, 
can he rendered successful or 
■^a^fayed by ihe support or 
olherwi-e of our workforce, in 
a unified company in which the 
rib<°ctive< of munaEers and men 
f-.vhnm f regard os one group of 
people), of company and unions 
are identical, ihe probability of 
•iuecess is far higher. Thus real 
industrial democracy is essential. 
Lack of unity is the major can-re 
of the UK’s industrial mnlai-e. 
cultivated by Conservative and 
Socialist politicians. certain 
categories of Industrial leader 
and of trades unionist, and hv 
that iniquitous sector, the unin- 
reresieri land l tut- parasitical) 

shareholder. 

There i- a fundamental 
superiority in driving leader-hip 
tempered bv example and huma- 
nity. over driving leadership on 
sis’nwn. You can drag an un- 
willing V>or<c to water, ... In 
the British manager and work- 
force who have the most 
thonabJful and able horse in the 
world, but this horse musl ho 
ridden by knowledgeable, indus- 
trious men of integrity and 
humanity. A fine mettled stood 
needs a rider of calibre. 

Ton* Wilkinson. 

Wiffetn«m Group. 

Cart **n-in ■* mdriefe. 

Ifaritsop. Notts. 


very part of the leaked memoran- Year there have been many ferentials and/or tax employers 
dum which has scandalised the important developments in this according to their use of skilled 
environment movement. He sees field, which if ‘implemented labour and/or subsidise ihe em- 
nothlng wrong tn civil servants could have a profound effect on ployment of unskilled labour 
proposing an inquiry which a company's performance. With (e g. youths). Indeed, strange 
would support the Department's the exception of a few en- as it may sound, there is a very 
view’s that weight limits should lightened companies. these good reason for making such dif- 
be increased. . developments are simply not ferentials/taxes/subsidles iarge 

Unfortunately for this line o: being taken up by industry, enough to result in a dispropor- 
defence. it Is nor the Department Developments along the lines liona'iely iarge number of skillPd 
or Transport's view or policy that suggested by Mr. Hattersley arc people on the dole, and for the 
lorry weights should be m- crucial to the re-establish ment following reasons, 
creased. The Secretary of State 0 f Britain’s reputation as a The skilled or the inteiligenl 


has repeatedly said so. and be fading nation, 
confirmed this to a deputation of d. C. Hutchins, 
environmentalists, including my- Executan*. 
seif, on November 8. It is dis- «q Octagon Parade 
turbing to find that one or more tiigh Wycombe, Bucks. 
senior civil servants were 3ctmg 

as i hough it were Department 

policv. Either the public face of 

the Denar tment is different from A , 

the private face, or civil servants /\DOVG 3V£?r32G 
were conspiring to change their o 

Minister’s stated policy. Which- 

ever is the rare. it can hardlv be MtCllIgenCe 
defended a* the proper conduct 

r,f Government. l r0, P th £ Managing Director. 


Monetary 

system 

From .Mrs. C. ShcckCji 


tend to be versatile whereas the 
unskilled tend not to be. and it 
is precisely those on the dole 
who are likely to have to find a 
job for which they are aot 
ideally suited, i.e. a job at which 
their versatility is required. 
Indeed (hi* solution to unemploy- 
ment is used without thinking 
about it by managers and fore- 
men throughout the country. A 
manager or foreman allocates 
the skill* available to him in 
such a way as' in ensure. inter 
alia. lha‘ none or his unskilled 
nenple are nut of a mb. And 1 
that frequently result* in a 


GENERAL 

Mr. James Callaghan, Prime 
Minister, is principal guest 
speaker at Lord Mayor of 
London's Banquet. Guildhall. 

European Central Bankers' 
two-day monthly meeting begins 
in Basle. 

European Parliament meets in 
Strasbourg (until November in. 

Danish Foreign Minister, Mr. K. 
ChriMopheronn. in London. 

International Air Transport 
Association annual meeting in 
Geneva. 

Association of Scientific. Tech- 
nical and Managerial Staff state- 
ment on petrochemical industry. 

Talks (likely to last 10 days) 
resume in London between UK 
and Scandinavian Airlines Systems 


Today’s Events 

on new air service agreement PARLIAMENTARY BUSINESS 
London Chamber of Commerce House of Commons: Nurses, 
and Industry Forum on Finance Midwives and Health Visitors 
and Payments in Algeria. Tunisia Bill. 2nd Reading: Pensioners Pay- 
and Morocco- men ts Bill proceedings. 

Environmental Pollution Con- jl ll ± . 

frol Exhibition: Effluent and OFFICIAL STATISTICS^ 

Water Treatment Exhibition and Central Statistical Office pub- 
Con Terence: and Public Works titles index of Industrial praduc- 
anrf Municipal Sen-ices Congress (September, provisional), 
and Exhibition, all open at the .Department of Trade gives pro- 
National Exhibition Centre. Blrm- visional figures for October retail 


insrham (until November IS). 


sales, and third quarter figures 


National Education Week opens. [£ de * urn * ver of tte caterin8 


of Government Frotn ***- Managing Director. ■*'*>' aR 1n P ^n-ure inter 

tnhn Denham *«im Electric Company aha tha» none or his unskilled 

Transport Campaigner. , Sir-Referring to Mr. Limey’* **»'*?> ™ ,. of ^ 

Friend« nf th'p Earth letter of Novemoer 9. I do not n1 '/ ™sitit< in a 

9 Poland Street W1 believe that the so-called ^tiled ner«nn (oerhans the fore- 

shortage of skilled labour is an- man nni doroa the mb 

thing to do with the level of at w 'birh he i« best, out lb* mb 

intelligence of the work force *hich makes Ihe best use of hi 

Monetary (except perhaps to demnnstrate versatility. 

* that it is higher than many It is high lime we applied this 

cvctom people would suspect). ’ nrini-'ple to the eennom- a « .. 

MMtUl In fact. I doubt if. .in aggre- whole Indeed it is ironm that 

. . pate, there is any shortage of * , conomi-' , « have not tumbled ii> 

From Mrs. C. . ncctcyi skilled labour at all. because a solution to unemployment 

Str, Mr. Brian Sedgetnnre there are plenty or skilled which ' l p-’n-e to ever: 

tn lie commended for disclosing workers unemployed in various manager and foreman 
the contents of the Treasury parts Qf , ie counlry The prob . Brian rUcadnw. 

,em is a structural one— beloved 4. Xeum.nle retrace. Durham 
Monetary Si stem .to the ocnera of Haye k. Friedman, et al. aad 

sub-committee nf the commons th w-».,r. h0 c,. t . 

Expenditure Commii I ee. |f e . ” re „® l n a ** : e "f," re L 

Health and 


Mexican Week opens at Holiday 
Inn. Chelsea. 

Royal Variety Show. London 
Palladium. . 


cys 


•jTi 


COMPANY RESULTS 
Final dividends:- Concentric. 
E. J. Riley (Holdings). Interim 


dividends: Cope Sportswear. ; 

Harrisons and Crosfield. C. E. 
Heath and Co. Norwcst Holst 
Rothschild Investment Trust. 
Seccombe Marshall and Campion. 
Unilever. . Interim figures: Com- 
mercial Union Assurance Com- 
pany. 

COMPANY MEETINGS , 

See Financial Diary on page 38- 
SPORT 

Boxing: Dave Proud (Peng*) v. 
Micky Min ter (Crawley K Cunard 
Hotel, London. 

LUNCHTIME MUSIC. London 
Grahame Jones gives a piano • 
recital at SL Lawrence Jewry, a 
Gresham Street, LOO. 

Jonathan Rennert gives an 
organ recital at St. Michaels. 
Cornhill. 1.00. * 


Durhnm 


monetary union, should not be . her shorta*?-; 
laken wUhem the consent of V**.? p~j2T l,lW> ’ 
Parliament and people, and they . : „ j 


rar lamrni anu i'c-'imv. din .... 

can only reach * considered V/iS LnZ?' 
decision if all the available in- * IUto " 
formation Is placed before them. 

What ha* been revealed hv Mr. ClrlUnJ 

Sedccinore is that the Prime OivIllcU 

Minister and the Chancellor 

were attempting to mislead the cfgff 

committee by putting before the om.ll 

members a Treasury mcninran- From 1/r y r„,rncu 

dum outlining the background of sir.— Mr LUnev i* nr r 

the proposals bur containing ri2hl , Xovemher ft "Ther" 

none of the harsn forecasts con- 


Health and 
safety 


MU toil KeyilCs From ihe Secretary, 

Health and Snfaiii Commission 

£ij ?|i j Sir. — In rep!: to Mr. James 

Tye « November thv reason 
why the Health and Safety Coin 
~a-r.fr mission is concerned about 

Mdll Crown immunit: m that it 

.. ' regard, it ■■«> a uniter uf prin- 

rrowiMr /.. t.tumc>i ciple the Crown bodies should 

■ i! r ’ ‘ s - n f r nurse, (jp ire a tea oqualiy wnn other 

righi i November ftj. There is a public •-mployers and the private 
great shortage of skilled pro- sector und"r ihe Ifcnith and 
fesMonai and technical people in s.ifoi; ;•! \\V. r k Ac: and that 


The pressures in our industry have an unhappy tendency to produce 
unhealthy symptoms in agencies. 

H secutives get high blood pressure while the agency gets flabby from 
overstaffing. 

This causes common complaint allied management turbulence, and 
am even i esult in thm well kimvni illness, the American takeover. 

So after fift>' years in the advertising business, how has Rovds come 
I'utot its check-up'.' 

First, our position in the growth tables. 

Since George Roy Us opened shop in London, we’ve shot up to become 
the fifth largest agency group. 




WitM: 





*«*»r unrl«r ihf Health »r 
Hcalev v.as con- »ehnical people in s.i fet; :■! UV.rk Ac: and tha' 


th» Commitiee. 

If there Ji a “ prior 1 In paj 


trades or 197H su rely we are on , ^ ; iirmi , ed- 
entitled io know what it is and The L . mri!fuee/de 


wiiji «wu:u rjroieviion under tni? law. 

v" ha P^°" ,r ™?r lo hare Fnr csain? | Ci ; e it j usll fi a ^ e ( h at 

ire an , u P lurn m . economy can |„ ca , v dii.-atin n aiuhoriti-'. 


s!i<~i U 'd be liable- i>» ^rusccution 


J.W.T Group 6SJ06JXW 


Mastus 53.403.873 


McCanns 43.234.000 


GROUP TURNOVERS ( £ ) 

1 
2 
■3 

'.4 

: 5 
6 
7 


O.BJW. 39.591.70 


Royda Group 36S51233 


C.D.P. 36.802.466 


CBartotiGp) 3A06LOOO 


Ue are still British. 

And still independent. ... 

■Another healthy sign is the number of Chief 
Executives we’ve had over the five decades. 
Just two. George, and now Nicholas. 

Of course temperatures have run a little 


.VniiiNUM K-mi /.. 


Altogether over 450 people work for the 
group. 

And* -200 .. companies, organisations or 
government deparlnienls entrust their 


Can-p^c.-t t,y:> ”, rinirz? Crv.yi r., 6 
ISM 1 V .-O = T3/S 




high at times. But you have to expect growing advertising tn Royds Giriup agencies, 
pains when turnover climbs rapidly to £4o Arnorigsl those dients arc Bcecham. Court- 

million and £10 million nf it arrived in thelast • aulds and Eiectrohix' 

year alone. , | — 7 • — : 

.\U this extra wicight could haw made us \ TURNOVER PER EWff>LOYEE (E) 
flabby But as the chart shows, we've been ; 
working ourselves into even better shape. ! 


Quality and 
reliability 




ROYDS GROUP 
BiLUNGSCSmODons) 

“0 

36 i — i 


'E4&000.000 


From Mr. D Hindi in < tevnniva! men in a growth m- 

Sir. — 1 welcome Mr Hatter*le>’s du«rry to :150 replies for a 
proposal io can'a>> opinion un managing direvtur. That i> Iwv 
Use dPiirabillty for a national it i*’ 
strategy for quality assurance E. n. Gurney 
on British industrial anods. I E. Roland Gurn^-j .ind Partners, 
also welcome Mr. Hatterslcv’s W Milsom Street. Paih 
sujusestion that the time had 
come for a national drive to 

reassert the quality of British ' I 'rip IlCp OT 

poods. 1 believe that such a A lit Ujv vri 

drive Is now long overdue and « » 

the impetus pained as a result 13 D OUT 
of National Quality and Uetia- 

hility Year, held in 1967. should Fmm Mr. B. Clcadoic 
have been the commencement of Sir.— Mr. Lisney iN'iivember 


industry *.*‘ou:d b<* prosecnitcd. 

induid-ra' Crnwn 
“inr'.jvee 1 v> : J t n.-*t hr u>«»d a> 
'ifuj Dro*e«.'Ut<»d 
f-r th'- Crn-.m t»/.dics 
concerned, i.c. where •• non- 
r ‘rti— n vniploycr -.vouid have 
been prosecuted. 

Finally, as exnla:n''<j clearly 
•n Paul Taylor's p-rte'e. if a 
Crn-.vn employer does fail te 


have oeen tne commencement or sir.— Mr. Lisney i.m. vender t0;nplv , oth > he . n ' 0{jce 

a continuing campaign rather contrasts the large number of 3ri -,eedure which has been insti- 
than an isolated event. unskilled and unemployed with l: , ted pcnfi:n= a ehansp in thp 


Vic': c put on *wicn :ttnghf rearmh.u*: gfimmt 

"Which may account for whj- profits are 
keeping pace with our progress. 

If the results of our cbeck-up do not check 
out with your preconceptions about Royds. 
perhaps we can surprise you with a few more 
figures. 

There are now twelve full service agencies 
>andsbaeen offices in the group. - 



W72 1373 WM W75 1976 «J77 1578 


P-it .ti’roww the ^toaSajuv/tir. 

They've been taking otrr medicine for the 
fell fifty years. 

And though we say it ourselves, the treat- 
ment is keeping them as healthy as us. 

Why not contact Nicholas Royds at IVIan- 
deviDePIade and check tip on how we can 
help you vritbyour conditian. 


l think !t was a ?ra\e mistake the employers who are crying out 
of thP I'.orernment around 1970- for skilled labour. He conclude* 


la’i. i’ten the Hoslth and Safety 
Evc->-u::’ - e ■•••ill male a forma! 


Policy on 
lorries 

F rout Mr. J Denham 
51r. — In his defence of Depart- 
ment of Transport pian# for an 
inquiry ‘ n, ° ferry. weights (Lom- 
bard November §) Colin Jone^ 
.j piin agfLs to find virtue in the 


J971 to hare withdrawn financial firstly lhal shortening the work- . ln p rr .ach i>» .t higher juthoritv 
Nippon for the Briush Produc- mg week is no solution to un- , a nroanii-aiion concerned 

tivjty Association, at a lime employment since it does no! pet 3n d. ne-ressar.-. -the chairman 

when it was well known that our at the above problem. I second f ,r ;he commission will take the 
markets were being threatened «thal. He also aska whether ’**■ ma:»er up wj*jj the responsible 
hv Japanese and other foreign might now haw to .•■oi rt p» w- mister Thi* is no:, in our 
goods. Particularly when these. mancnt!> high unemployment view, nn effective alternative :o 
same goods wore being sold on level.- among the ie** gifted nr prosecution. It i« thi: ‘ic.m wc 

ihe bas : s of * better reputation less skilled. The .m-v.er is defi- ran cfe under t.ie ia-.\ as it stands, 

for quality and reliability than nM*iy n ftf . _ P3l Tenten. 

thPir British rounlnrpart Th^r^ ar® !«■?.«•» :"nr®*> f»iu 

Since Quality and Reliability tioos to Hus jroniem. raise dif- 2J* O'd .Vlcr^febore Food, MVI. 




7 h« Po> 4 * VI tVlwCr-lLP LvT 3 ‘»j-” 
l--w N Vt 

'• TVxiiuAUJrPKt liK'i-nUiXi'AE 
w ni.n-”T.iaei ’Lvo 

.’■/intueitfi 

Tri -ll-VS 771 i 

Wnfarwtir. 

E_.nu Tin LItjivL 

VufeVVUc. 
uPwaawo /ais; 


PtwHrfifr. • •.•.•■■■ 

K.n^-AJ-Rwni *-i‘Mr»«CT‘4nw«. 

JHnttevJtBUM . .... 

Id 

TVieWrAanui. • - 

r.<-.aiSewl«M-:l mans’. • 
r-' EHBtigirji;u>i 

■ \ 

■ y 


W £ta^iDSMi2r'5 

’naBaav • • 

BhmIq. Ljcirmi,' ■ 
M;Ur»i3oSnM 

•fWmMSnieHlu ■ 

fl._ O J *. : ■ m , -• 


i> 3 'i i sJZi 














I II Ml 

RdPUfLUMLa 


COMPANY NEWS 


__ - t .BYTERRY.-GARRETT ; : >_ } r * # 

T?«r aIa All Iatttt ENTRY INTO the micro computer Over the. last three years the m 

W w I ®OmB 1 1 Sir® a niT^ Held li.B]aDMdbvKalenTaMio. The company ha.s deliberately buJU up annther conipany V here where access' /1 1 

JuAUICU U Vl 1C? 7 111 IS SSSr-TSSnaj- Ju eub di 

Westward TV nrofit ' ifSfii 3EBSS* sS&^JggaSmt^ 

westwa ru i v pr om ^w.Tr~— , ?s «Ks €** sfhe-S“ ; ^sss'as ••• 

m. PETER CADBURY, chairman . Properties valued at March 31. to provide a complete ranw of igJLJJ* Jemot ^o con tribute Today shareholders. will meetAo bought- a 19-3 per <*?* -Stri* 4J§ PKrfft L SLSgJiiSSfii* 

of Westward Television, yesterday BOARD MEETINGS IS'S. stood at -Ji.73m. Net asset answers- to harness systems tQ thp f hr inflation by decide. on the deal.;. which.- could mainly. from Thomas. Poole, for - \ - 

announced a 40 per cent increase . .. The valuation of investments at problems -no matter how large or l . *?(L«*oe »#. n „ .winn radically alter' iha j&bano- of over £876.000. Lowho directors- two years I™ " • 

in renm for the year to July „JS ffteS *£?“** ' ax S. September 30. MTS. was £l2<U9m Sow comnles ihc organisation it *? n fe* r, <*L t0 S3 .xne -«nape . -or ^^"Jt toou^ng \ttfe :.*»* below a; - •->- ; 

31, 197S, to £7.9m. and estimated Escaanac. socb meetSas °are nsn'Siy asrainst £lIiS8m at Al&rch 31. serves. .In- pursuit o£ this it wimmcfltg - . ‘ Last Febnmry'MEAIah-Bvtlett. btlity of a 

that the current year would show JoWJ]"’ Uw porpov or considerijig including the myesrnienieurrency became Involved in a number of <• M . h h . chairman of Netnnafl.'.dilnottheed future and three ^nr^:-dir^ v-... 

a further rise to £8. am. djrtd^. offlcial indicaiions are not premium of £lA96m (£14j/m). developments during the pant v ^. n - SePt^her this year his pkms to buy a 31:2 Wr-'eent tors, including - Mr. ' . Rowland, reflecting. . - . 

n-_ j: .... . .. , srifi* 6 whether div.dc«Js are i* e valuation has benefited from ^5 nrneradtar Kalamaioo .Finance was MtA; JT* nmu Bond • . new pteflt.Testri^ 


Kalamazoo plar 
for new DP era 


Financial TiifieS'J\|Gnd4K 

NEWMAN ACQU?SIT?)U.^ 



■ -• -.;. • : ;T • 

• •• •• '' v ' -= : •' S;r^;5 


mSSESh m Ihomas Poole, for -j 

thaS^bf otoT&TbSm. Lonrho directors- two. years 7 

raa .#nape or over ^ below tiNnprtfmD - - «- - 


_ _. ” , » » whether uindends are The valuation has beneflted from H)Ar Z~ Ch ^ Droceedins ^aiainazoo finance was estab- Avdef :vM^Z»mZSZ ioinad the Newman Board. ^ new pteflX, vestocrecr l 

Trading profits also advanced imcnUM or finals ami the sub-divisions *i, e condnuinestron" nerforraance year, ail of wmch are lished to fund the rental of staive ln AT4®ti_'iWcn. mwufao- jomea ino «0"-. ment- at -t£»‘-ph84i®‘ 

ora £1.36m to a record £1.77m. ^ W?» «* ***** on tut ?2Tnr.&E5r“* according to. plan. They -mcht.tte “f “f tores a range - of; mechanical 


from £1.36m to a record £1.77m. *•« .S®!* *»« i “m» “amir on last 
but a near doubling of the *' '* 3 ^^^^'toDAy 
exchequer levy from £676499 to tBUrlnns-cow Sporawear. Eiswich 
£1.107.496 reduced pretax profit H upper. Samsons and Crosfit-M. l. e. 
to £661,143, compared with .Jonrwst Hbfci. RoLhsdnld Iuvcm- 
£6SL277 ni, - al Trasi. Soccnmbe Marshall and 

di" ,v._ t Lampion. Unilever. Unilever N.V. 

Below tpe line. 3 reduction m Fli»ls:-<> ra cflnrric. E J. RUey. 

corporation tax from £381.136 to future dates 

£344.721 left earnings per share inwHm*:— 

up from 3.0.">P to 4.23p. ArtoiSnot Laiham Xnv u 

A maximum dividend of 1.S42-1P chapm^^^'. ‘ \ Ki i? 

net is _ recommended. The final dixar iDanct-. x 0 r. u 

ii 1. 24op. payable December 11. Pnidincai inr-.-stmt-m Tm. %'w. !.*> 

The profit included a £3ifl.0U0 B"«i:ltusioii .... . Xov. 94 

trailing loss on Air Westward. ' ■ 5^ ;? 


the airline venture which began Fi n «*:— 

in .May last year. Mr. Cadbury F.-nnw >j. 

says rhat Air Westward is proving •' F - r - 

successful. The group has everv i,nd j ^ _ - - 

lea^on to believe t will reach .wnsM rill-,* tnwMm-ni Trust 

creak even bv early nest year 

and the next results should 

include a profit contribution from m m 

Westward has taken ftiit ad van- -DillISl! aIIYGS 
tages of tax allowances on depre- 
ciation of aircraft and technical I TllCf CPPC 

equipment for the television lluJl 

studios, but althoucdi it is possible » . - . 

TO write off aircraft costs in the 1111*1 OPT 1*1 SP 
first year lhe group has chosen JU1UIC! I 

to depreciate them at a rate of Despite current intern; 


raises company's workers' alliance which 

owns 5L5 per cent of the equity. 

1 r* SalM were l».l per cent better 

■ n Ilf 21 1 1 « l f21.4Sm-.and the net dividend 

*“* is raised to 23«2p n.Mfilp) per 

Dalgciy has raised a 6123m lOp share— as reported October 19. 


Information 

Service 



The background ', 'to : the . : bid 


on for Newman to comempiaie.; yfc and ; sharp 
. Evidently U.S. .suitors were margin ^ ovcrEeasT^^sries^^ 


The following securities havi 


months 


Lonrho-Newmin casting' JKiitrtlSs 1 



British Invest. 
Trust sees 
further rise 


ui mu total. .■Sium win uc used non oi a ±133.000 gearing aajusi sea _ Conenhanent 

to replace shorter term borrow- ment. Depreciation, at £1.17m. ^ ^ 

mgs. The remainder will finance on the. historic accounts already Prcslwich Parker 
ncqulsitions and additional capital refiecicd inflation. Engineering), 

upending in North America. Air. 


(Section: 


w ^ ■ ■ . .7rrr^ m Foundation, came on the' scene TVTalriT- 

t_ publicly. The foundation— ivirich; .'y* a jP r _ 'iV- ‘ 

in stages.; owned* two-thirds of. AvdeVr;.; Though- 'Newmiin' 1 TCTT-^Ai. !> Ttj- : ' 

Duri n w 52 bp“ <a r 


.. — Despite current international «• "‘ki •wu»hb. •— -j. Af .»,» hp»inmmr «f «k;. ..... :• . .j-jp Tjr.: 

car in the uncertainties, the directors of the food and “ agribusiness - group H0L D E RS nr R-B RcailsaHons, ment which i-* the subject of purchase* ‘in' it was \ eivtrmn fcouchf it? firs intake in 

?4SSSSn? S5 n £!ilirSt , “ m: “ nt, ' ned ,n iSS anJTh - irt-p^Si iSP^SSSSfc r *S£. AfiJSSST tS ^ „ cra , nm sggRSiS 

increased to t ' m , v t „ North AmericL onlv accounted J0int liquidators in their report have been paid, but there remains P Sst vear t hese three combVn les had noT ac< ^ aired 3?r ^ A vdei by : hee'essar/f W-KS 

Advise- T c ta l rc I enu i ! n f0 ^4 1 he hf,lf ->' ear fSrlbftufaV^o S ncr «nr Of for the ^ “ October 7. 1978. a small number of Claims total- nrod?red JmS^^PSSSmS next puhimer the foundation had 'SSuSSbrr-- JrfSliSS^S 
ntlv runi'n" K l9 ?- rosc from hnsinSL whili Eurooe SluS- are «U11 unable to ling a significant amount which SJSfite ; 0 ^ evfmans the right to buy Avdel K ha^:.^osT“35ubrm^ii^ 

;ers w« 9 S.{6iff^st nd riSm reWn,ie £? S^UK^repreSeiS orerW re^^end S further payment at are the subject of current litiga- ^e^ext qUtttrortf;the.New- gdc for 82.71-^1 tq 


Donne pointed that the group 
had substantial frozen food in- 
terests in the L'.S. and it intended 
10 develop those further both 
through acquisitions and invest- 
ment. 

The aim of the international 


Delay on final payout 
of R-R liquidation 


s&r -1 *£.*■.& •to&x& tmeSS 

of the equity In three of itheiCom- SS^AwmStE iaier' ^^^.Jnoney to 

pan ies concernfed^Agar Cross. tio ,w ?wfs t the l^sr deaf rafi-lngs wefe ateady^to^ 

Newroan's.abiJ)ty U» make aeqiti- "vewrSn ?orae '- u ?' 


financial resoureei. By^ra^rin" c0 Vl d l ot di?eSt Avdelan at once. ^hnjy b, piaon^i 
fha ii < 'At the .beginning- of this- vpar shares aiwf ^arfutehet 


revenue in ITV has increased ra 
more than 2 per cent Advertise- 
ment sales are currently running 
at 20 per cent above the com- 
parative figures for last year. 

Westward intends to buy »n 
outride broadcasting unit next 
year. 


Huron 0 and the UK At nresnt for ! * n °thev distribution, tne An agreed claims of creditors 
North .America only accoumed ^ *£??*- W ™ remains 




Ralf-jvar 
1PT5 1ST! 


v«r per cent. 


this stage. . 

An estimated £40. 6m remained 


Mack makes 
good headway 


•Although turnover of .Mack An interim dividend of 2.43p sible. the Jiquidaton= explain. ‘^rnriu^'^ol.lrt ““ilwi if. 1 ? 

Organisation, horticultural pro- t2.2p» has already heen declared CpfriNri T1TY During the year the property ? m mJLd P re-miw for iStiJtb iwSS's 

duce dKti*utor. remained static to reduce disparity— the previous acLUlNLI tlal al Lerveaden and part of lhe El P ^fir„r r nLn!lh«rVh. ii??, December 3 

at around £22m. pre-tax profits for tom I was 4.83n. The directors of Second City property at Bristol were disposed n!a' n ArU1Ur U Hensner » tnc cr,alr ' 

tlie year to April 30. 197S. jumped Overseas markets also rose and Properties announce that the of and also th* shareholding »n nian - " m *■ j 

from £69.652 to £16S.RtS. although The benefits were holders of £31.3oS nominal of lhe Short Bros. The principal out- For the year to March 31, I97S. IVlCfl] 

Looking ahead Air. Matthew diminished by the decline in the 7 per cent convertible unsecured standing assets are property at trading profit was slightly down 

Mack, chairman, says prospects dollar premium and the «rrensth Joan stock 1992-97 have exercised Bristol. 59 per cent in Bristol at £430.842 (£441.666) due to ' 11 

continue to be encouraging. First of sterling, the trust's underlying their rights to convert into orri- Aero .leL and a claim for approxi- losses in subsidiaries but sales Well 
quarter results both in turnover invc-stments have generally pro- inary shares. Accordingly. 63.703 mutely £200.000, plus interest- were up 84 per cent and Hip pre- 

and profitability show an increase viderf 3 superior performance. new 10 shares have been issued, against the West German Govern- tax surplus was higher at £610.550 



101)0 

£00U 

£(nM 

I rnnaert rrr^nut .. 

I.PW 

1.713 

;,7&» 

I'n franked 

S*1 

ni* 

1.9*: 

n.-posii Imprest 

12* 


Z'iZ 

T ni.vl revenue 

2.»:g 

2.737 

j ofr; 

M.Wf. CXPC-DJ^S .. 

in 

117 

rst 

M:.:rew . .. . 

i:W 

fii9 

SOa 

Tax 

i.fi-:j 

MN 

t S."« 

'•'el revenue ... . 

l.«4 

1.5TO 

2.341 

rr.'lflMte dir. .. 

"S 



Ini.'rlin ordinary .. 

J..U9 

1 244 

1.244 

SH-ond mierlm . . 

— 

— 

I CM 


■roup proposed to continue an Jlr 

iggreusive acquisition policy if B I,A l 

u-nrlrliiSflP 14 W(% havr* cpvor'll "nlCn OOP h3n alr0..Oy DWP pflltl. 

i. It .*££.« considerable progress has been 


sterling throuh our recent rights 


proving obstinate. Every effort is 


ig a significant amount- which nrofits lhe right to buy Avdel shares: almost . 

e.the subject of current litiga- The ti ext q uestfou for the New- 5- ack £or s ' 2 - rrn—a " S2ra JpV' - Ip .nearly £7fit and- *-,»■ 

)n- man Board, deterinihedto grow . '■ ' ■**:. '•*" -’back -nf "plant vafeetli3a$.i i i^^y 

w« » h *srsrzrj?z-'sjg?-& 

Improvement S/SaSs ' 

£ T» 1 lp flip) pec lOp share.' . group, but because the -sterling could utrt.-gpmpSie. adearijjieafiiaf^' . 

tor Hensher At yoarena iSt-imuldftjt-Vn ?SnL e 

up £288.481- (£213.635^111^ bank steadily nsmg. B» the p.me Ntw- panies ;;.tefire ;suffen^gs^>5av v.. . 
Current sales and profits at overdrafts of £23.670 '-eliminated man , cajll . e _ U P j 1 * shortage -frind|te 


non to b conciu--.ion ana enaoie a .Vi-,., um „„ j ,u» pimo ■ 

Sbti d t i ^ i ?iJu?d' < to% SO explafn POS " satisfactory demand for the com- author!^" 
s " r&rtS* ♦^ u, ±^ h ! Xp J^-, v Panj-'s products should mean Meeting 



Medmmster 
well ahead in 


ture “blind rivets” of the type assets last June' -Xbefor^-fhSii# "C 
[used in the aircraft industry.-. valuation antf 'i 
| From' that base Avdei has crfJa. and'prnfiSrtnf ?si-“ 

exoanded its nroducti on into -the Tnrim- ,-mHrt-m-irtr ••-tiWniiH 


first quarter 


machinery to 1 natal them. Afoth the amfu tou^. - Off. O'J 




Master builders 

by tradition 



The Cubitt tradition for fine civic buildings in and around London 
and other major cities in the United Kingdom had its beginning in 
1810 when Thomas Cubitt, as first of the master builders, brought 
together into one team the.many crafts and construction skills of 
the day. 

Among buildings of public utHity. hotels rate highly in size and 
vital importance, and Cubittsr'iiavd built a full share of them. It is 
well over one hundred years ago that Cubitts built the Paddington 
'Great Western Hotel', more than fifty since the Company built 
.the 'Mount Royal Hotel', while in the last five years the 
•Kensington Hilton', arid the Liverpool. Heathrow and Bristol 
’Holiday Inns' are reminders of the strong continuity of a great 
tradition. . 


Profitability of Medmmrier far of the Genera are of the -type otiWjfr-M 


HOLLAND. HANNEN & CUBITTS LIMITED 

Thorney Lane. Iver, Bucks SL0 9HG. Telephone: Iver 652444. 


the first quarter- of ^ the. current 
■year is well En . advance nf the 
similar period last yajar, says Mr. 
.rohn- Delaney, tlie^^aitmiin. in 
his annua] statement. -V 
As reported on October 19. pre- 
tax profits rose from £186.763 to a 
record £202,714 on reduced .turn- 
over of £4.68m (£8,09ml.^fot .the 
June 30. 197S. year. r 
A breakdown of turnover and 
trading profits shows:— furniture 
hire and sale £307.265 (£408.160) 
and £172.104 l £127,436), shipping 
and forwarding £4,188^09 
<£7.397.485) and £40.934 (£60,697), 
aviation £I,013-'(£l J87V and £8,712 
i £2,631) and' distribotion rid. 
t £80.393) and nit (£1.379 loss). 

At the year^nd. liquidity was 
up by £116.002 (£259.657). 

Meeting. Abercorn Rooms, EC., 
December 6, noon. 


v. ! 









Manufacturing ariginvBrs to thghrBwmg%S^^ ' (ar ¥ 

mani^ectuiwsofimiusxrih/^^ arrigwwrtfBngfn&rz _ 


CUBinS ARE MEMBERS Of "HE TARMAC-GROUP. 


PROFITS SLIP 
AT CASSIAR 


Turnover ' ' - . 
Proiir before tax . ' 
Retained, surplus'. . 

- Dividends-, 

. -Net assets per share 


1978: V 

4^543,000: 

390.900 

275,000 




■*3BBfeOBSKX 


prevv.' - 


Dividends , 0.6065_pence : . ' 

Net assets pier share 16.75 pence 13^Bpiinc^^ic> ■ 

In the past tw»years_we have invested oyer C4S0;000'in;jW^;- ! >V^' 
macWrtwy and equipment This large mvedttnent programme wtUiVn'’^ - . 
continue this vear with an ndrihionai v : 



hiensington Hilton 


Great Western Hofei. Paddington ’ 




the Canadian producer, slipped to 
C$13.1m f£5.65m) in the first 
three quarters of this year from 
CS 16.5m in the same period of 
1977. reports Jobn Soganich from 
Toronto. 

But earnings for the three- 
months to September moved up 
to CS4J3m. or 88 cents a share, 
from C$3^8m. or 69 cents a share 
In the third quarter last year. 
Fibre sates were 46,060 tops 
against 38.175 tons In the coin- 
parable quarter of J977. 

The sales figure was achieved, 
despite a strike at the mine mj 
northern British Columbia, which j 
started on September l.l and '-is, 
.hIIII aoinc on. The company's: 
Clinton mine in the Yukon has I 
been closed because the ore Is! 
exhausted. •: : ! 

Cassia r meanwhile Is engaged; 
in a joint venture with Teek: 
Corporation and i'nlon Carbide.: 
Canada which, writes Robert; 
Gibbons front Montreal, has found ; 
indicallon< of “a significant] 
anomaly” containing high grade] 
tunpsnon. The anomaly was] 
located during a geochemical 
survey. Tcck stated. 


.The upsurge in turnover in the Brat quarter of the year has ^'£5 


• good start to the current year.. Order books show an impfptferiunt 
over the same period last year, and 1 am 'optimistic of the Outertrip- ?& l 
for the year. The company's prospacts a regood. _ -. zy !“ ,’-]K 


P-W. Fot&ot, Cfmri&i-i -SV 


SPENCER GEARS (HOLDINGS) LIMITED " 
Roger Street London WC7 


NOTICE 


To the holder& of the Roaring, Raze London 
Dollar Certificates of Deposit due !2tb May 
1980 of; 


-V 

>'6 SPT 


❖ 


The Sumitomo BanK, Limiteit 


* \y-. * ' 


•vj. -5,** • " 

v 1 *; 

> “.-i 1 ». ♦ 




PAHANG CONSLD. 


The Malaysian bn -mining 
Pahang Consolidated reports a net 
profit for the* year 10 July 31. 
1(178 nr MftlJBm (£281.69D> whwh 
compares with a loss of ^ISLSWrf 
in the previous year: the tarter 
dcure, howerer. was reached 
aFter debiting M$5.l4m In extra- 
ordinary items which mainjy- 
re presen ted a loss on sales .of 
Investments and a . writing-down 
of Investments. - • r: 

A single dividend or 2.3 per cent 
gross on the 2op shares has been 
declared for the past year: ! lt 
compares with a tola! of 13 .ptaf 
cent for !97C-<i which was made; 
up of |wn interim". 


Temple Court, tl Queen YTctoria Street, - 

. London EC4N 4TP. . - ' "L't*; y 1- ■ 

We hereby certify that the rate of interew payable on i." 


above-mentioned Certificates of Deposit -for the frueresr f>«fw3 ; ' ’ 

. beginning on 12th November, F378 and ending onT2th Mar. V>7» ': L 

•_ '•*!< per cent, per annum. '• .•••' j - " .”" ii" .5]'.- : , 7 ” 


EUROPEAN BANMNG COMPANTttlMEf^Q^ 


LOCAL AUTHORITY B0HD TABj^ ^ 

Annual . i, . -. 

Airthorifv . . ... a..,. ' t-T.-L I 


Authority - . 
t telephone number fn 
parentheses) 


■ ^Annual . i £ 

tfrass.; DUereat Jlui Ub 
Interest -payable stab .- btitftl i- 




THE PHILIPPINE r* 
INVESTMENT COMPANY 
. S.A, 


iBarnsley Metro. (0226 2032321 
Barnsley Metro. (0226 203232) 

' Choriey f 02572 5611) 

Eseler (U392 77888) 

Knowaley (OVl 54S 6533) 
.Manchester (061236 3877);,..-.' 






^ f m 


. ; '<*» 
v v- 

-. - S 


Net Asset Value as of \ 
October 31. 1978 
l£SJ$14^9 

Lifted LusKBOourg Stock Bxcbn&a 

AJBtm: ■ & 

Sanw’ r-i-n£ra1o da Ltaeicbotns > 

InveSUtHUt Bankers: 

Manila Pacific Secnrlrira SJL " 


Poole (02013 3151) -!!■, ■ ' ' ; 
rPOdle <02013 3151) ' 

Redbridge (01478 3020) .! 

Safitebury (0722 24285) :.V-.'_J 
L Seftea (031 922 4040) ; 

-SoaihODd (0702 49451) 

Uwwfc in (0952 50505iv 


1 r 



} i 




SIM CO MONEY FINDS 

Suiurn irvcslmenl 
iMiinaucmum Co. Ltd. 

6ft C AN NON S I RI J'T F.C 4N 6 At! 
Tclvi»l)»nc:I)t-23(> 1425 = 


12 . 

", i-year 

1H- 

- fysar 

'Hi': 

; .^ycar 

H 

.L.fyear" 

42* 

7 ^y®ar 

11 " 

^■year . 

■HI ' 


u. 

>3fear 

-in: 

. i-year 

m 

Vreat- 

134 

4-year. 

U? 

’ " T H»ar; 

:1« ; 

i-year 

Ml; 


m- 

- yearly-: 


£ ; '; -Tear:- 
. 250 
.,.250— 


: I iatfi:.. 


' 3097. W&i 

500 \ '. GTsf! 
7 ato-yv-w^ 

. sod . . - s-r. -i 


, Iolero * t Pai<l; gvOffi;.-ha(f-y early/' - Ralafe 'for- depose, 
received- nor: later “than. 34.1 liTST .: : ' " - : 7.7 -7. . ' .7 


"5 ip. 


Rates paid fur W/E 12-HD*.-., . TeiUIS lyeara) '3 - .- 4. vV 7'S ; '-'.-’ : •' ' • ; • 

•7ip.a. %-pL ' 127 ,12f vlb] 7- ;t2477l2f77i2l7. - W 'Wi 

Mon. 9.172 '.9 <93 : Rates for larger amouh^ on rbdiresi7~ rtep^rtta -tw and furtbfeg 

Tubs ; 9.544 " 9j 538 infonaation. from |'-Tbr Chief ^ rtrwgH&fc ‘•-FTn^n^ " (pr rndi^ tf 

Wed. 9291 Linutect ^91 Waterloo nbad. London $Ki 

Thun. 9.421 9.600 Efct ir7)r Otcques.. paysble;'t6 

Fri.(5un. . 10.456 9474 









1 1 : £ : ; -y: ■■'..' •; ; , •"“" - v 

y&AO r ^ j^maseial iii" es 3\& br" T3 ' 1978 

mfMTWWIWi^W T ^ 


jWjJ, a*A^a 




steps 


BT. YOKO- SHIBATA 


■'$$. JAPANESE Gayemmeht 
if '-taken. -steps to -assist an 
l&g -textile ; .traairig,vhQuse, 

• idrauraSangyo.-by shelting re^ 
>OTB^i»t ofT Government loans 
mix Y3J2Sbn CflTuDj foe three 
ajs. The loans were originatly- 
jfc tef- mature- h«tt-yaax. v \". 
She - r ffo veriment'fi; i.reBcinnff . 
eastrre was' oottfied 'to the A?® 
Sor synthetic fibre ^manuEac-. 
rets, headed by Toray/--and- 

?btbaiiXs, t headed:ty ; Ho&Kokn 
ittk which have been appealing 
the Government since last 
•ptember: ' .. 

Except fer the case of Sasebo 
;avy Industries^ an ailing 
edium-slred . shipbuilder^, in 


‘Kyushu; which is being rescued 
ip . . ; : with 'Government 

:.abistahee,ystate..involv.emeiit in 
rehabilitation of a private corn- 
r pany ia . highly, unusual- The 
government was concerned that 
-tiie ftiiluTe. pf Ichimura Sangyo 
would, damage the structural 
xecodstructiOn.pxpgranuoe of the 
' textile- Industry; 'which is being 
<camed> wt- by the- Ministry of 

International Trade and Industry 

. 'Ichimura Sangyo borrowed a 
total of' Y78bn from the Govern- 
ment's funds fer structural re- 
modelling in the 1960s and the 
last loan is scheduled to mature 
in 1984. The MITI and the 


Profits Mil at Teijin 


J1JIN, the major Japanese 
•nthetic fibre - concern, has 
ported a- fall of -40.5 per. eent 
net profits for the first half, 
Y179in (SflSMKKn from Y3Qlm 
'the same" period 'last .year." 
.•fore, tax and . specials items. 1 
.wever, there was a return to 
bfit at Y3.96hn, compared- with 
deficit of Y2.44bn. 

The company's sales for. the six 
- jhths to Sep-temborv .declined 
per cent to Yl7LS4bh 
914m i, from Y177.93bu. 


’ The fpte.rlm. dividend is again 
passed. > 

The lower taxed profit was 
attributed - to an appraisal loss 
of:.Y3,l'3bh on shares of Nigeria 
QJl. Company, /a Japanese oil 
development company in which 
Teijin has an interest of 11_2 per 

■cent. . . -• .... 

■ Of the total sales, exports- rose 
to ;Y10.67bn, from Y5.55bn, with 
the export- -of a polyester fibre 
plant worth Y9!5hn to China.' 
Router 


TOKYO. Nov. 12. 

Ministry of Finance are tn 
examine lire further possibility 
of cutting the interest burden on 
loans to Ichimura Sangyo. 

Encouraged by the Government 
assistance, the rescuing group 
has started to work out a recon- 
struction programme which calls 
for the establishment of 3 second 
company to carry on Ichimura 

Sangyo's business and the 
rescheduling over 16 years of 
the existing company’s debts, 
amounting to Y2S.9bn. 

Mr Tsuguhide Ftijlyoshi. Lhe 
president or Toray. has an- 
nounced that a second company 
■■nll be formed this year, with 
the decision to Ulis effect to he 
made shortly at a meeting of the 
presidents of five major synthetic 
fibre manufacturers. Toray. Tei- 
4'. n '. .-^ sah i Chemical Industries. 
Gniiika and Kuraray. Under the 
provisional reconstruction plan, 
the second company will be capi- 
talised at YJbn. However, the 
genera! trend Is to thrust debts 
upon Toray as much as possible, 
since Toray is the largest creditor 
among companies involved in the 
reconstruction. Asa result. Toray 
is likely jo finance about 40 per 
cent to 45 per cent of the capital 
of tile new company, with 20 per 
cent shared by Teijin. Asahi 
Chemical, linitika and Kuraray. 
and the rest by the eight banks. 


Astra plans to Higher payout at Tooth 

restructure BY JAMES FORTH SYDNEY. Nov. 1 


Kjr John Walker 

’ STOCKHOLM, Nov: 12. 
>TRA. the Swedish "pharrhatjeu- 
ols . group, is continuing its 
investment- programme, as 
rt of a targe scale .Testnictnr- 
g programme. The latest com- 
ny being disposed of ts Astra- 
ftW. which includes a majority 
breholdlns in the U.S^ cem- 
ny;"Tuff-Kote * Dinol. which Tv 
thg acquired ^by Nynas Petrol- 
m, a company belonging to the' 
imsbn Shipping . Gtroifp. - 
So far no price has been dis- 
ced, Completion i,s' expected 
■ the end of this year. - 
Earlier, under the r es tract ur- 
g -plan. Astra disposed of 
alen, the maker -of cleansing 
eats, as 1 well . as Swix.- . the. 
3Dufacturer of waxes for skis.'. - 


BY JAMES FORTH. - 

TOOTH AND Cp, the major New 
South -Wales^ "brewer, has raised 
its interim dividend from 5.5 per 
cents a share to 6 cents., follow- 
ing a 13.4 per cent increase in 
profit, from . A$4.5m to ASS.Izn 
(U.S.Sfi.Sbn ) in lhe .half-year to 
September 16. 'Gross revenue' for 
the' period jumped 48 per cent, 
from A$S2in ' to . AS 121m 
ClLSJSl39m) reflecting the recent 
acquisitions of Courage Breweries 
and Vi right Heaton. 

The directors pointed oui.that 
while beer prices were increased 
in: April and August,' this, only 
recouped the. “severe increase " 
in excise 1 duty, imposed in: August 
its .tljo Federal Budget Courage 
Breweries iiuatrred losses of 
AS149.t)00 in tli'O half-year, but 


SIDNEY. Nov. 12. 

Wright Heaton contributed 
AS 117.000 to group profits. 

The managing director of 
Tooth. Mr. H. Alee said that in 
the fate or a declining beer mar- 
ket. he expected an aggressive 
marketing war both at Interstate 
level and between brewers within 
their own states. 


CGE sales up 

Cie Generate d'Electricite (CGE> 
the French electrical and elec- 
tronics group, has reported con- 
solidated sates for the first nine 
months of the year of FFr24.70bn 
(S5.6m> up hv 10.1 per cent from 
the year-earlier total of FFrs 
22.44bn. AP-DJ reports from 
Paris. 




UT opens 
formal 
bid for 
Carrier 

By John Wytei 

NEW YORK. Xoi. 12. 

UNITED TECHNOLOGIES to- 
day announced the formal start 

of its Slim takeover bid for 
(he world's largest air condi- 
tioning manufacturer. Carrier 
Corporation. 

The merger i- being aggres- 
sively resisted by Carrier but 
the formal launch of United's 
tender offer was made possible 
hy the decision last week of 
the New York State authori- 
ties to register the offer. The 
New York Attorney General, 
Mr. Louis Lefkowitz, held the 
first hearings ever under the 
state's takeover legislation last 
month after Carrier had 
asserted that United's dis- 
closure was inadequate. 

The first phase of United's 
acquisition bid is based on a 
tender for 49 per cent or 
Carrier's outstanding common 

stock at -S28 per share. In its 
announcement today United 
said that it would also accept 
Carrier's comertible preferred 
stock which would be valued 
as the equivalent of 1.815 per 
share of common slock. Dealer 
manager for the offer, which 
doses December 4. is Lazard 
Freres. 

With its 40 ner cent premium 
over Carrier’s stock ^market 
price at lhe time the offer was 
announced at the end of Sep- 
tember. United's bid is given 
a fair chance of success. How- 
ever. the possibility of Carrier 
negotiating a merger with a 
■■ white knight " is being specu- 
lated upon and even if United 
acquiree Its target sharehold- 
ing anil then completes the 
merger it could run foul of 
anti-trust laws. The Justice 
Deoartmcnt is ini obligating the 
proposed acquisition and Car- 
rier has Itself filed an anti- 
trust suit agaiast United- 

United manufactures jet 
engines, helicopters, elevators 
and a range or other products. 
Under Mr. Harry Gray, its 
chairman t United has aggres- 
sively diversified over the last 
eight years to reduce its 
dependence on Government 
business. As a result the com- 
pany's sales exceed $3 hn a 
year and a merger with Carrier 
would add another Sl.8 bn. 


Currency. Monev and Gold Markets 


GOLD 




** BY COUN M1LLHAM ' 

■s ; .. 

- European interest rates appear 
have moved in different dteec-. 
>ns. at different times, and for 
, Tenant reasons over. ; tiie: Jast 
^ anth or so. but Just as the sun 
v minates the heavens,, so - the 
' Uaf has dominated the money 
-■ arketft.' • - 

London is a slightly different; 
i«f with many reasons pufTors 
ard and analysed for- the de- . 
tion to lift Minimum Lending 
ae.to I2fr per cent last. week. 

K . interest rates - have ■ been 
Vaed'- up as a response TO 
- dadstic problems, btit even 
aa uncertainty over tbe^ dollar 
e_ played a part. The rise to 9} 

CURRENCY RATES 


.U 

oibnt . 

S, dollar . 

n«tlan -dollar 
Jttnair pcftUBiur 
itlttw. frjnv. 
.JUUtn . kroner " . . 

^••rtrJw.Wapk 

-.wWrr ; 

■■pfleti franw 

xa . 

; 

-rfttweSfan knmer 

^ neg” - 

^ » id lay kronor ... 
franc . .. . 


_ SpecltUEnraiiean 
Ora wins . Unit of 
’ Hiatus.. Account 
•' ~ ':X, 57*200 

1JHC 

~ 1S0712 

: W.COT 

.. L 

— - 6.95180 
'• f : -■ 2S2D72 

2.724M 

-■ £75775 

1138.01 

... . i XU47_. 

6-70597 

• ■ W.7US 

' :: ' • S.TH5Z 

S.17S66 


THE POUND SPOT 


# 


• KnEj’ 
* 1^.10 nne 1 


S , 3 ij. 1.9825- I.S726 
undMtiS: 

id We.- . Bi 2 -1.B8l3-6.D4 
eJ^lan V .. 6 . 5BJ&-&55 
■wW»Jt 8 MJZ4i-IOJ86 

•'ftrt S ;. S6.7n-S-7«-'' . 

o*. Eir. K . 89-65-9106 

•jwa- Pw. ! a :iM.50-.l 40.30 
■ < i0i2j I.B49-I.85? 
r»«n. K. 7 a.flfi-B.BI 

Fr. > 91 *- B.4 1 4 -B.49 
■CBUshKr.- re 0.K-6.B6le 
-Sis 565-475 
>i4frtaSu6. J • 4% 37. 10-37.50 
*l»Fr. ■ ■ 1 *. S.lBla-aJZ 


-1.9675- IJK5 
; 2.8040-3-3051) 
; 3.8M-4-002 
5B.1B-58.2B 

; 3.70*4.7 U 

• 90^8-81.00 
■139.40^138.50 
.1.649^-1.6501 
f 9.87i-0-BS4 

8.42-8:43 
, 8.65444 

• ■B70^.372i 
27.10-27.75 

l 3.194.20 


- • ...v-’irt. ■ ■-■■.j..’ ~ 

■ • . r.iVr ■ ' ' 

per cent in the Federal. Reserve 
discount rate .at the beginning of 
this month, was a factor behind 
the rise In MUL -just as market 
rates had already marched up. 
with one - eye on events in New 
York. - • ■ 

The performance Df the dollar 
has- -also- pushed and pulled 
around interest rates in other 
European centres. The original 
weakness of the U.S. currency 
caused strains within the Euro- 
pean currency snake, and a sharp 
rise in interest rates in countries 
with relatively weak currencies, 
as they struggled to keep up with 
the D-mark. Short-term Euro- 
iniiJder interest rates shot up to 
3D per cent early last mouth, but 
are now back to a normal S per 
cent' as the dollar has improved 
and. the pressure has come eff 
the -snake. 

Dutch domestic interest raxes 
have also eased, with commercial 
banks announcing a cut of 1 per 
cent «Q interest rates an oammvr- 
ciaJ. accounts oh Friday, while the 
central bank took steps to improve 
liquidity ' in the money market 

market ahead of tile tax paring 
season. ... 

A« the dollar fell, so rates in 
Holland and Belgium rose, .with a 

FORWARD AGAINST £ 


(hi* munih I Tbree montii*; % p-» 

{ I . 

B.47- 0.57c. pm ■ 2.66 jl .28-7. IBc.piW 1 2-5B 
fl.65-0.66r. pm; S.X2 4. 10. 1.96 a. pm; 3.51 
2-le.pm j 4.M c. pmj 5.B7 

2S-t5>%pra I . 4.15 p6-60 c. pm , 4.64 

2-4 ore dl» • — 5. B1 !S-8 ore di» —3 -7 5 

i; ii- pr ynV J lQ.ll!IOi-U pf pm i XO.38 
4fl.140c.dn 1-11.97 ] 170430 fv d» -JJ-Of 

90- 190 cJb !— 12.06 420-520 c. riis U- 13.48 
S-ficrodis >— 2.52 [7-lfl o. dis 1 — 2.0 1 , 

liurepm-SdJal 0.30 nr» di* — 0.61 
»i4« i*.pm -i 544,116- 104 e. P«. f-r? 

4 2 pm. J 4.2f IM-Bj m pm ; 3.63 
4. 1 0-3.98 v pm- 12.B4 jlLl-lMy pm< l\‘* 
15.5 am pm. j 4.42 M0-W g» pm 3 - 1 ® 


rtw of l’sper cent to 8* per cent 
in the Dutch bank rate on October 
IS, 'following an increase of 2* per 
cent to Si per cent in Belgium's 
Lombard rate on October 1L 

Now the situation is reversed, 
and Belgium interest rale? are 
also falling. Short-term Belgian 
Treasury certificate rates were cut 
three times last week, with the 
thrae^month failing to 923 per 
cent .from 10 per cent, as the 
Belgian franc improved against 
the D-raark. 

In. Frankfurt caH money feH 
below 1 per cent on Friday, 
refiecting; the highly liquid state 
of the German money market, 
following the Bundesbank's inter- 
vention to support the dollar. 


•jtJi-l »=u:i_.n •* ->D* 

•Miaeei - 

— 

Opening - 

li -nung * , v<n{!. ... 

Ancmoon iimsne.....^ 

Crflld t -jm*- 

Krueerraisd 

S ireseicn*...:.. 

O.-l 9(*«re.gr.» 

r.-.-i-i i>;o» ■ 

Interraiiontliv ... 
Knu^ennd 

.'«» — ■ 

Old ?nvei«lpjB. 

$20 EhrJm 

6 W EacIm 

S' tariei-— 


%S0J«-i08 
Si07;-i0£ s 
S.0! W 
,EI 6 M2 
S2B6 25 
i. 11.4-975. 


5211, 2 ',5; 
illflB- 09, 
Stt 1 -- 2 

rafl-cl. 


S2 114-215; 
i:l064-.0a,i 
S 36-58 
£184-285 
So3-bl 

Sf67-S:2 
sun- 136 
a 5&- ics 


.<■216-219* 
5218,-ilSi 
8*21.75 
•*.112.4491 
921B.80 
Cl 10.955 > 


5226-221 

CM4i.1ISf 

SBU-tS, 

,.*.£1,-57). 

561-65 

Ul-52i 


,Si25i-227r 

■4.-114^1152 

itsb-fl'i 

, Alfill-Sli 

j961-6S 

,Ul-il' 

15292-297 

;4»4-in 


THE DOLLAR SPOT FORWARD AGAINST $ 


OlT* 

November U spraad 

Ccnid'B 8 B8MU7 
Guilder 2.B3SB-2JS00 

Belsiui Pr 24J7-2B.70 
DanisJl Kr. 5J81S-5J300 
D-Mark U866-U940 

Pan. Esc 4S.W46CS 

Span, m 7U8-71 M 

Lira S3SJM40-M 

Nrvgn. Kr XB2BMJM* 
FrcJlcS Pr U«»4JUS 
Swedish Rr 4J&HJOS 

Yen .. MNB5-1H.15 

Austria Scb -13.7M5.fl6 
Swiss Fr U24B-U52B 


iw Tn m it 

2J550-ZJU80 

21.65-24AS 

5.B75-5JUB 

1J3B5-1JSS 

4S.W46O0 

tom-tom 

838^8439.00 

5.0299-5.0228 

8J8894J8SB 

4.3378-4.3333 

rn.7S-U8.95 

UCI-U.U 

L6W-1.UU 


BJ1-0.B4C pm 
SJ04L42C pm 
4-Zc pm 

1.7B-2J?5orciirs - 
L2S-L19pf pm 
35-lSBc dis - 
•Wfc 81s 
2.1B-3JHHIredl« - 
B.4M.90oredll • 
US-LOScpm 
UM.Bw* pm 
1.70-L68* Hi 
S.BM.TOgi'B pm 
1.4t-136c pm 


5*i2ic-[ua '1 li.21 :T1M0t t-pm , 14.08 


OTHER MARKETS 


Aramtum Peso 1 1-824-1.818 

Aummlla. Dollar.- .' 1.702a 1.7090 

Finland Markka 17.805D-7.8 130 

Brazil Cnuelnr 37.70-38.79 

Greek Dm Jim* 171. 804- 73. 365 

H.ius Kong Dollar.' 9 J7-9.395 

Iran Hia.1 ■ NA 

K ii wart Dinar," kUv- 0.537-0.537 
Luxvmboarit Ftuwi 58.25-5835 

Mila wui Dollar. 4. Z 785-4. 28 35 

\tfir Zealand Dollar, 1,84 B5- 1^555 
tflm di drafru Rijai. 6.46-6.56 
SUigBpom Dollar...' 4.26-4.273 
rrotrU] African Band 1.6957-1.7217 


,922-93-934.95 

0.8678-0^690 

5.9550-3.9579 

19.20-19.70 

■ 36.40-37.30 
4.7725-4.777S 

■ 70.40-70.70 

: 0.&70S-0-27 10 
! 29.63-29.65 
1 2.1760-2.1770 
0-S4D7-Q.9434 

,3.3050-3.3250 
•2.1730-2.1750 
i 0.8627-0.8760 


l* uar -n . _ .. . 
Belgium .. 

rvamark 

•.Fmnvv 

'"■f-nnanv . .. 

Itaiv 

rlepae 

)\tth«riandf. . 

iNer"-a_T 

:Vonij^: 

'sjpir 

Vwifterfsoit..— 

■Yug-jslavia. 


£ 

Xei* Rale* 

27-2ei", 
&0-61V; 
10.20- 10.35 
8.40-8.60 
3.66-3.76 
6610-1680 
370-380 
3964.05 
9.829.92 
90. 1 10 
14U,.145U 
3. 15-O.Z5 
197-1.98 
4i:;-4ju 


BaUran rSfc Is Par converuble franc* 
MttWJkl franc- ifl.UhjS80.- 


Snt-monUi forward dollar «.3B-2.r0c pro: 
12- month 4JW.13C pm. 


Rate nivefi l»r Araen'Jna is free rale. 


EXCHANGE CROSS RATES 




|V.„nu Si prf Iiw. t- T .s. ticl la r t nep WchaMarii: Japa Mae Yen : 


French Frau 1 .- 


■ Dotch Gm«<jer : 


‘.m .Canada f>:iar Bei*iao Fran' 


■WtsH tjierjipg 
Uniter 

■t&inicb* Hark 

Yen LCOC 

wsneft Franc, iu 
Ftidc 

loteh GtulMer 
iaifaii Ljr< 1JMQ 

aoadiaa Dniler 

l *h5i®n Fmne 100 


80 MET RATES 

>few York 

Hate' 

Finn’s 

™s«ry Bills (teweefci 
Bills as-wack) , 

SJ&KANY 

Rale 

.irwnight 

'iB^moiiili 

Tlt»s nanitis . 

tar month* 

^ANCE 

•■■s:quni fia-T • 

>«nntHi!ii 

|ne Tnamh 

'hr«> m*miis 

si jwmths 


HScuict Raie . . . .... 
'•*!? iCsccr.iha'ana!, 
li.7s Ettsctracr Rate . .. 


LONDON MONEY RATES 


ateriing f 

Cmhkaie ! loterttoi 
nt depoail . j 


Louel 

Auib'Jrity 

depfAhs 


1 Local AuUjk fioaeea 
; o&fombk- I Hoaw 
! finiwg J DeposK* 


j * Diagonal 

Ctempeay! Eeimel 
t Uep^jltf ici'-ait 


(Teati/n> 

Hills* 


•t'iM'tTO- 

8>I|o* 


Uvemwh* — -I 
k days nouoa-j 
7 Uavp . i 
't uave niitioe,-; 
M»e mmiih .—j 
‘ *1 an mtmtar..j 
'I href' m .flitha.j 
3l,\ lumilh*. ./ 
Nine nn'nlhs. j 

t'n* PC*r 

in.ryeais..... f 


Hia-iaifl 

JS’r-ia’p 

121e-L2is 

lSip-12 

lais-ii'B 

i8is-n^ 


i 10»«-u:* 

' 12,^-izia 
! i2i 3 -iaTi 
I2.I.-12U 
1 12.121s 

I 


i2:4-13tel — 


tiTg-iaij 

nv^ia 


lli*-lSi* • 

u^-isis ! 
1252-13^* ' 


Ml* 

12. 12 It i. 

12-13s«i 
lasa . 
i£-ibj( : 
Ukj I 


30-11 : 

11-11*4 ll«. ll?j 
11-11*4 11^-11^ 
ii*, . i2-is^> 


*n nufiu*. r,Be-oon'.n Tmaanry euu per ckt.; ana rvwtsiu.-. uisip-lU per c»nr: Ui.^e-month 

AHnudU rerong Jntns ror ^ ^ Per cent: n.MBKi!h ner can.*.-. az * 

’W p- r trad? bSls 12# ctn,t 12! P*r km: and also *w4K»:h 1.’} sere* Bt 

ill a.y rent, orte-aww muni, shed Khudci Bouse Asunsazom » per «lr /rare \onsihw i mi C^arlAg f*nt 

SSb mum •» wvre days* norieej M pereent. ClHrmg >uk. Rain -sr leadjn* ili D5r w 


HSU 


Tlit* dates when sumi; oi ihc- inure important company dividend 
-statements may be expected in the next few weeks are given in the 
following table. Dates shown are those of last year's announcements, 
except where lhe lorthcunnag hoard meetings {indicated thus'’) 
have been official!} published. It should be emphasised that the 
dividends to be declared will not necessarily be at the amounts or 
rates per cent. shown in the column headed " Announcement last 
year." Preliminary profit fijures usually accompany fin<d dividend 

announcements. 


RECENT ISSUES 


equities 


Annnunv - 
0*:* n!<-ni la*; 

Jcflr 

Mirfls Uidfl. • • " ,or - lr -'- 1--^ 

-■.UirMTt and 

Smitherr.. Xov. ^.■c. ir.i ;i< 

"ArSuUtuai 

LjU»in...Nov !4 In:. ;j;, 

AS roads -Dec. 14 Ini. 

Assaciaud 

CommuAlrms— D cl. y la; : ;?.• 
.Vacodued 

Dairies... Dec. 14 In:. 0.4, 
“Assodaied „ 

?;eu*soapers...Nov. _l in:. i.Tae 
-A.VZ Bajildns .-ffov. .0 Viral 12 rms 
Aron ROb&er — Xov.30 Fajj*;} 
“BPB lodosiriee..-vov. a in;.;;* 

“BartCtt 1 Rami 

tlraop ■ Bpc -l i :“*ls iu.- 

Eflrf _ . , 

Clwmnflion.. D*-c. . Final 

“Bre chain — Xov. 15 ini. S.jj 

Berry WMfifcW —On. ^ Finaiml 

-Booifi it 3r.:. _V3 lore^at 

Bonhwlcfe 

(TMs. ■ .Aor. -l Final .., 


AniiDuncc- 

Di'.e mem las: 
war 

. . Dw. !J Im. 4 

Dei:. IS Final 4-SUS 

Dec. 13 Final 1.5 


Ujs . . Dec. ’J Im. 4 

'CL Dec. IS Final 4J 

F-' Shoes Dec. 13 Final I.. 

' l and Sees. *;ov. 14 Im. !.-3 


I tiauC • 5 — 5 5 ■ 

ph.<- ; 


Hick ‘ Lm 


1 ; y : -• ! :J5 .{t.is 


L.l’ons »J.' Dec. s !nLt'.Cri 

XIEPC Vov. 30 Final I 7 

MF. Elocrrie ..Xov. Im. 3.9o 
* iteial Box Xov. in:, a.* 

Meyer 

1 Mont. L. > ..Dec. 14 Im. ! 7 
\annnal and 

CtrocL Bnks....Dec. I Final 1.3829 

North. Ewe. 9 Ini. 1.6 

Nonhn. Foods.. .Dee. 7 Final 21 
r-iuunaion Bro* .Dmc. 7 In:. 5.7o2 
“Fowcll DnAryn- Xov. 23 
Prop. Usii 

tVturf...7CO' a . ;’4 Final 3.3.5 

RHP De c. 12 Hnal 2.4C22 

Ratal 

El.?cirrinics...Dee. I In:. 1 7 

■Redrand Nor. 23 Im. -'.03, 

’ReiliKhild 


Final 2 1 
In:. 5.7o2 


FIXED INTEREST STOCKS 


§fc : |^ jt||. iso'6 
-- ! ^I’" r Uiuh7l*T . 








tnv. T»l.. 

Shiptunc 

.Xov. 

1* 

lr: 

:• 1. 

2-i 

*-o00 Group 

“Drlfisb Sugar- 

.Dec. 

• 


r.al 

is.i'j 

M.-OL and 


JVov. 


rmat 


Universal. 

‘Brawl Shipley . 




i. 4 


Scrci^ 


1 



‘Skccl.lt r 







Smlibfi lads. .. . 


Nov. 

:>• 

I- 1 



— tml*h --.v. H., . 


Nov. 

i.-. 

In: 

I, 

"< 

Sraflc.t Inds. . 


_Not. 


In: 

•• 

Ate 

Sid. Uiarver^-d 

Daily Mail and 






Ban!* 

Rpnerai Tsi.. 

.Nov. 

J9 

In: 

:. 4. 

■IS- 

v-an T1un:er . 







Tf*.:o 


•De.. 

A 

Ii: 

:. 1. 


TraiaLnar 

D-stilli-ra 

..Dec. 

I? 

Ir; 

2. 

■596 

H-iu*. 


t99aj! K.P. 

4 i £10 
£100, nil 
«< 1 6.P. 
: ! nil 
* • P.P. 
£97K; £10 
I F.H. 
£99u; £50 
>3 Ha 1 £10 


; — 1 Duos' 

: 4-1 ics« 

,16:11 7pm 
. liiui nip j 
j - *3, pm! 

'26(10' L» : 
:25/I > 91 

. — ! tsa I 
iio.-l j 49 : 

•36-1 ! SJi; 


WiftiiciHM- Vann Ut latva 99,5. .. 

64»iBn»Loi WBttr»erki.7% Pn. lAi ; IO , ... 

lpDi.i.i.'ucby Hvwae Iu^Cpdv. 'c)7-&i>. lpni .. 

l«>f. 'Hm.iwi Ili Cum. llw 108|.; ... 

, SI , m,H'?n|[floog lonj Ltd j ... 

119 ;t'iw Laundnw Usituv.eeii'e 15b . ... 

Ul.kMnanvrih A I y I ■— i.-4«na U'slt-r L,. n r 


Dobmn Part ■ 

Inds—.Orc- : ■ F-nal l.^sl 
ElliOT 'E.i Dee. ■'> ni.2.43? 

-French Kler No- - . 2.: im O.T.i 

Cenl. Elecrrt^ -Dec. 5 ln:.2.fl 
■•;i. umv. SttB-.-Den. ? !_n. .S.49»A 
riiunness 'A.’ -Dei:. , r.al 4.M? 
Guthllo Mrpa.-^?C. M im. C 
Hill iMa'it>ew-i,.J3cc. in:, i.r-’,?-. 

Ttamtiros .Xov. 21 ln;.sr.o2‘» 

Hanwti Trnst ...Doc. . Mnais.£»7 


Tunnel Hld^;. .. Nov. 23 Ini. U-t 
I'KC* InirJ. ... Dei:. 1 ini. 2 8 : 

Ur.uaie .. ..D'-r. Ir.r 1.2? 

‘V. .Ma-i-oM . . . No\ . 17 In;. J.s 
whlrhr.ad 

lnrrsuncn!...No*-. 25 In:. i_ai4 
Wilkinson 

March . Dee. 1J Ini. S.IbT 
■ Board meninas imimated. t High** 
isiue slmo made. : Ta.t free. S Scrip 
mill, hiikv made from rtscnit*. I 



it 

RIGHTS ” OFFERS 



Ijattnl 

H>n-ir. u -. 

' 1 ‘tf 


v: < - 


Htii' t-'» 



BASE LENDING RATES 


30v ' V.l*. V 11 LI ■>-,■• jilt' l-|l.urf 4 

jo _ r.P. . Hit 44 11 71 Ulaviw.“«1 H- -i^ . 

67 ' VI — — a - 2 p-nrl-.j.ni Capper- Neill . 

13 f.l'. Id 1 * 30 11 1 . Ii .vlium" Warti 

ib& 8.1C 17 1 j ’ -* Ua.i-ri.! 

G8 ‘ An '17'11 8 L!i lv*i.r lUim-FotlirniMi L Hiti'i"' 
08 ; I.P Wit W U iJ ii ;rtn.:,rO-V. . 

l&b 1 F.P. • B»11‘ 8- Ik* l‘r fc Ii; 'lline l'nvlii|.||, . , 

la r.H. 27'1L!I7 II l-: : Ji :v«rkKr«eii 


67V- . 
57 —I 
opm . 

Id 

307 . 

18 pm 
56 -3 

175 • ... 
141; .. 


A.B.N. Bank 

Allied Irish Banks Lid. 
American Express Bk. 

Amro Baak 

A P Bank Ltd 

Henry Ansbacner 

Associates Cap. Corp.... 

Banco de Bilb'iio 

Bank uf Credit & Cmcc. 

Bank or Cyprus 

Bank of N-S.W 

Banque Beige Lid ... 

Banqne du Bhone 

Barclays Bank 

Barnett Christie Ltd.... 
Bremar Holdings Ltd. 
Brit- Bank of Mid. East 

I Brown Shipley 

Canada Perrn't Trust... 

Cayzer Ltd 

Cedar Holdincs 

I Charterhouse Japhet... 

Cboulartons 

C. E. Coates 

Consolidated Credits... 

Co-operative Bank ' 

Corinthian Securities 

Credit Lyonnais 

Duncan La writ 

The Cvprus Pnpuiar Bk. 

Eagil Trust 

English. Transcnm. ... 
First -N'aL Fin. Corp. ... 
First Nat, Secs. Lid. ... 
I Antony Gibbs 

Greyhound Guaranty... 

Grindlays Bank 

I Guinness ^fanc-- 


Ui°l 

11A°& 

■ UI'T, 

n:*% 

llj^o 

11 

■ IK 1 ® 

Ul% 

ni% 

12 % 

I2>^ 

12^o 

lli°& 

11?% 

nt% 

ui% 
iu°b 
nj'ft 
11 A % 
114% 

11 

llf^o 

114*7. 

■ 114% 

11 J l o 

11 w o 

12 % 
12 ^ 
H- lw n 


■ Hambros Bank 11**6 

■ Hill Samuel ilI4°o 

C. Hoare & Co ~ 1 1 1 ^ 

Julian S. Hodge 12-I l1 o 

Hongkonc & Shanghai ili°o 
industrial Bk. of Scot. 10 

Keyser Ullmann 114^ 

Knowsley & Co. Ltd.... 134 

Lloyds Bank 11;% 

London Mercantile ... 114% 
Edward Manson & Co. 124 'S 
Midland Bank 114% 

■ Samuel Montagu . .... 1H% 

■ Morgan Grenfell 114 *5» 

National Westminster 114°o 
Norwich General Trust lli% 

P. S. Person & Co 111% 

Rossminster 11?*% 

Royal Bk. Canada Trust lUtn 
Schiesinger Limited ... 11 j % 

E. S. Schwab 124% 

Security Trust Cu. Ltd. 124% 

Shenley Trust 11 % 

Standard Chartered ... 1U% 

Trade Dev. Bank 114% 

Trustee Savings Bank 114% 
Twentieth Century Bk. 12J% 
United Bank of Kuwait 11}% 
Wh I tea way La id law ... 12 % 
Williams & Glyn's ... 11 
Yorkshire Bank lli% 

B Members of Hie Ar«* pun* Houswi 
Commute 

■ 7-day dcpoalis 9',. 1-month frposKs 
9i ! - 

* 7-da' Jrpos:is on sums of ilO.M'J 
ana unu-.r . up :o E3.0M 9*’. 
3'i5 Oi,-r CA.9C0 9-” 

: Call deposiis u'.er £1.000 ai\ 

• D.'mand doposiw 9\. 


Renunciation dak mualb Ij-* dav fir dta1:r,A !r-» .>r -tajnn dw>. -6Faairp-. 
pj^-d nn pri-isycciiis oiuialo. iiAwumrd divid-'no’ ainj nsll n F*rcc*/t dividend 
onr«T based on pre-rrnus year"- - eamlitS'-. p Divio- id and eUM hayed on prospecru- 
or oihir official eaiiniaicu for liTfl. w Uro-> t Maircs a: -aimed. - rover aitu-.. * 
fer conversion of shares nm i». raaklni! Tor div:1tr>d or ranking onlj for re. s Kc;eri 
dividends. I Fb-Mnj wic* f •> public pi Pen,-* u:,k-s oih-.-rviKe indicated. 2 l«iue1 
by tender. ‘Offered to iio'd*.** of ordinary jfiar-.* j? b rights. ’ 

by Hi>- of capltaliPailon. Rilntroduocd. r ' l-'iied in c nim-ftlnn — Ith rs jraan'.-w- 
:i-n. nii-rser or rakc-o'cr. ’ l.-uroducimn. _• I.-.'u.ii :•> fo-mer 3reltrenr.-e holder- 
■ Ai|niniL-m i*itcr.s -or fulls-pind ■. • Ft-n'isional pr.:il;-.p4id allouutnl lsv.tr - 

ir With •vArranL- 


CL1VE INVESTMENTS LIMITED 
1 Royal Exchange Ave.. London EC3V 3LU. Tei.: 0I-2S3 1101 
index Guide a> at November T. 1978 (Base 100 at l-f.1.771 

Clive Fixed Interest Capital 123.09 

Clive Fixed Interest Income 113.69 


ALLEN HARVEY & ROSS INVESTMENT MANAGEMENT LTD. 
45 Corohill. London EC3V 3PB. Tei.: 01-623 6314. 

Index Guide as at Not ember 9 1978 

Capital Fixed Interest Portfolio 1 00.02 

Income Fixed Interest Portfolio 100.01 


LG. Index Limited 01-351 3466. Three month Gold 212.3-21-? ? 

29 Lam on t Read. London S1YJ0 OHS. 

1. Tax-free trading on commodity future*. 

2. The commodity futures msrkPt fnr the smaller im«**or. 



r 


e 

SI the ti 




p-a. Throe manths p.a. 

% t. 

OJ 5 0A9-B.23C pm D M 
Z.W L«-I.S)C PfH JSi 
IJJ l»;-17ie ptti 2.C1 
-«.ZS 5.T64.2Bure«lis -SJt 
B.B5 4.01-3.«pFpm «JS 
28.K m-SOtk tfl 3 -27.73 
-9.M 225- 255c -frs -U.24 
-l« 8^0-9 JHfrMl Is -4J7 
-1.47 -2J7 

3J4 3.05-2. 15c Pm 2.41 
5.0* L7SaJ5MTmn L71 
10-67 4.454 SSv pm 4.5JJ 
X«fl lS-00-USBgrwn 3JU 
18.U 4.714.46c pm 11_» 



d 




a swewes£ 


Hiwer 


minet __j 

noose M 

Ai itm 



IfReStotSTReET 1 


fmcstm 


W& 

A 




Growth is the watchword at IVIinets. 
After record results in 1977, our latest 
half year figures show further progress, 
with brokerage income up 25%. 
pre-tax profits up 16% and earnings per 
share up 25%. 

In fact, everything about Minets is . 
growing these days. 

Including Minet 
House. 


w*. 


To keep pace wth our expansion and 
to maintain our high standards of 
client service, we needed a head office 
complex designed to provide us with 
more space and the most advanced 
facilities. 

And that’s exactly what we’ve got-at 
. the new Minet House, 100 Leman Street, 
\ LondonEl8HG.Tel: 01-481 0707. 

1 . Telex: 8813901 (Unchanged). 


for insurance around the world 

Mint t Hf!dir.^-L:n , l i:tJ.>Lu»tl ten. r*-i : L . r.d-c. f. -HG 



De pa* It 1 
Tra'awv 


t • ■ 



n 

ir 

f» 

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36 


Financial Times Monday. November 13 19/3 


MINING 


Mr Hancock on 
the war-path 


BY LODE5TAR 

LAST WEEK in conversations 
with mining men who have 
interests in Australia the main 
debating point was the Common- 
wealth Government's new 
minerals export policy recently 
announced amid a storm of con- 
troversy by Mr. Doug Anthony, 
the Deputy Prime Minister. It 
was not a move that pleased the 
industry, which is fighting a 
world-wide battle against costly 
and ever increasing bureaucratic 
interference in its operations. 

The phrase that was particu- 
larly disliked W3S that “ exporters 
who wish to enter into negotia- 
tions under new or existing con- 
tracts will be required to obtain 
specific approval before making 
any offers or responding to any 
offers or entering into any com- 
mitments.” 

Misjudgments 

Then on Friday I heard the 
views of that ebullient Western 
Australian iron ore macnatc Mr. 
Lang Hancock. As usual they 
were highly coloured by his well- 
known antipathy in bureaucracy 
in any shape or form. But they 
reflected much of what had been 
said during my previous discus- 
sions with the mining fraternity-. 

Mr. Hancock reckons that of 
the many regulatory exercises 
Canberra has used to stifle Austra- 
lia's development none could be 
more effective than the weapon 
of export licences, the setting up 
of a government export 
monopoly. He recalled many 
classic examples of past govern- 
mental misjudgments. starting, of 
course, with the Menzies em- 
bargo on iron ore exports 
imposed "with typical lack of 
knowledge " because it was con- 
sidered that Australia would be 
importing iron ore by 1063. In- 
stead the country has become one 
of the world's largest exporters. 

There was the disastrous iron 
ore pricing interference in 1063 
and then the imposition of price 
controls on beach sand minerals, 
the scandal of the Fraser Island 
beach-mining closure and the 
“Incredible delays and confusions 
roncernine uranium develop- 
ment.'* Mr. Hancock claims that 
Mr. Anthony has already clamped 
down on a coal contract resulting 
in the loss of ASfWnt f £i3ni I in 
foreign exchange. *' incompre- 
hensible in Australia's present 
financial situation.” Mr. Hancock 
says. 

He agrees that some producer -i 
may find it attractive to form a 
common selling organisation to 
deal with Japan but thinks that 
they should be free to do this 
without government compulsion. 
Hut any attempt at such co-opera- 
tion would be illegal under the 
Trade Practices AcL So. ** we now- 
see the ultimate logic of the 


bureaucracy, w hat w as illegal 
yesterday will tomorrow be com- 
pulsory.” 

The Government seems 10 be 
defending its latest edict, which 
has been condemned by the 
premiere of two of the big mining 
stales. Western Australia and 
Queensland, by citing it as a 
defence ag3i:ist C.5. anti-trusi 
legislation, saying that prices in 
particular “should be seen to be 
dictated by government policy. - ’ 

It k pointed out that many of 
the mining groups involved come 
within reach of such legislation, 
hence the long drawn out 
uranium cartel imbroglio. There 
is also an undoubted desire by 
the Government to try to present 
a united Front to the Japanese 
who are only too adept, at play- 
ing one company off against 
another in their understandable 
desire to obtain the best possible 
terms. 

Bu* in Mr. Hancock's view the 
Australian mineral exporters, 
whom he describes enthusiastic- 
ally as *' some of Lite best- 
in Tomied. most experienced, 
hardest-headed and sophisticated 
international trading figures on 
the I ace of this globe." are well 
able to look after themselves. 


Competition 


After ail. he conclude?-, it is 
world economic conditions and 
the competition of . mineral 
exporters in other countries that 
primarily dictate contract quanti- 
ties and prices not governments. 
If prices are dictated by them, 
whether anything can be sold on 
terms so imposed Is another 
matter. The Australian zircon pro- 
ducers found out that to their 
cost. 

Mr. Hart cock admits that “even 
the most outrageous manifesta- 
tions of Connorism by the presen l 
Government see some of the head* 
of Australian industry agreeing 
with them in public." But his 
final shot is that they are doing 
so only in the hope that “the 
crocodile will devour them last-” 

t ► ■* + 

Those who are bold enough to 
believe the depression in the 
South African gold share market 
may have been overdone and »hat 
the time has now come for buy- 
ing not selling will be interested 
to know that brokers’ circulars 
seem to be homing in on one 
particular share. StUfontein. des- 
cribed by a leading Johannesburg 
firm as " one of the most ighly 
geared uranium situations." 

In London the shares ?t 276p 
are reckoned by Galloway 3nd 
Pearson to be “ an exciting gold- 
uranium speculation with short- 
term high dividend pay-outs.” 
Uranium production is expected 
to start' early in 1980 under a 
long-term sales contracu 


INSURANCE 


Time to look again 
at accident policies 


WORLD STOCK MARKETS 


BY OUR INSURANCE CORRESPONDENT 


AMONG insurers issuing personal 
accident policies, whether indi- 
vidual or group, it is almost 
standard practice for them to say 
that they wiJJ pay if the policy- 
holder. or person 'insured “ shall 
sustain accidental bodily injury 
caused by . violent and visible 
means which injury shall solely 
and independently of any other 
cause result in his death or dis- 
ablement ..." 

These words, nr someth/ rig very 
similar, are used by insurers not 
only in Britain in personal 
accident contracts but widely 
throughout the English-speaking 
world I 

By using these or similar 
words, insurers are clearly 
anxious not to provide cover For 
death or disability that stems 
not from accident but from 
natural causes, or a combination 
of both. In the insurance refer- 
ence books and law reports there 
are judicial decisions that show 
how these various restrictive 
worth: are to be interpreted. 

It is clear all the consequences 
of an accident, however unusuhl. 
are covered by this kind of 
wording unless and until the 
chain of causation has broken. 
For example, in SmUh-v-Cornhill 
in 193S. where the policyholder 
was involved in a motor acci- 
dent. fell into water io a dazed 
condition and then died of 
shock, it was held that insurers 
must pay. 

Less simple, perhaps, is the 
case in which the policyholder 
has some physical defect which 
is aggravated by accident, so 
that the combination of physical 
defect and accident result in 

disablement. On the “solely and 
independent*’ wording any death 
or disablement attributable 
partly to some pre-existing 

physical cause would at first 
sight seem not to be covered. 

Following this line of though/. 
T was surprised to read in 
October's Current Law at para- 
graph 109. of a Canadian 

insurance dispute — Robins*- 
Travellers Insurance Co. — 
heard in the Ontario High Court. 

The policyholder bad died 

from heart failure induced by a 
motor accident and the medical 
evidence snowed that the heart 
was previouslv diseased but that 
its failure was caused by the 
accident. 

Insurers contended that they 
were obliged to pay only for 
death from injury which was the 
*’ direct and independent " cause 
oF the loss, and that The polio - 
holder's pre-existing heart con- 
dition was a part cause of his 
death. But the judge decided 
that disease was neither a basic 
nor contributory cause to the 


death and that insurers must 
pay. 

Of course judge? can err. or 
constrain legal rules to dn what 
they hold to be justice In the 
particular case. 1 admit it was 
with this kind of immediate 
reaction that I turned to the 
reference books, only to find the 
Canadian case is one of a long 
line of similar rulinss by courts 
in the English-Speaking world. 

Fnr some 60 years the courts 
have sought to mitigate the 
rigour of the "solely and in- 
dependently” kind of restriction 
by saying, for example, where 
the policyholder has nothing 
more than a predisposition to a 
particular disability, or if his 
disability is latent and the 
accident triggers the disability 
into activity, then any claim 
following this accidental trigger 
is covered. 

In one. leading case decided in 
Britain by the- Judicial Commit- 
tee of the Privy- Council in 1917 
— Fidelitu and Casual lit of Xeiv 
York r. .Mitchell — the dispute 
concerned a policyholder who 
had been travelling in a sleeping 
car when he was thrown to the 
floor and suffered a wrist sprain. 
He became disabled for a long 
while because he bud latent 
tuberculosis. 

Insurers repudiated the claim, 
saying that the injury had not 
arisen “directly, independently 
and exclusively of all other 
causes." but the judees held tbat 
the tubercular condition was not 
a fresh intervening cause and 
that the policyholder could 
recover. 

Taking the logic of these cases 
to its extreme, insurers would 
seem to be hard nut to it to turn 
down on "solely or indepen- 
dently" ground? a claim for 
death or disablement, for head 
injury by a policy holder with an 
egg shell skull, or of a death by 
bleeding from haemophilia. 

Personal accident policies, par- 
ticularly travel accident policies, 
are sold against the minimum 
of information provided by the 
policyholder. If insurers do not 
ask positive question? about the 
proposer's pre-existing physical 
condition it seems that, since 
the operation of the Statement of 
Insurance Practice agreed last 
year between insurers and the 
Government thev cannot com- 
plain about non-disclosure. Since 
the oublication of the Statement 
of Insurance Practice, insurers 
have bad to re-draft many per- 
sonal proposal form*, and 
maybe the Canadian case of 
Fob ins v. Travellers provides a 
timely reminder for another look 
at those used for personal 
accident risks. 


Indices 

NEW YORK-dowjo^es 


y v a V- A TJ.-. flflMflS 


XOT. 

to 


1 3>Vr. f i'cT. 
! 0 1 6 


62.7* 62-&2f !£-<« 


3 tev.L 

7 ' Hl gH 


1978 


BUS 

(11/9) 


law 


48.6? 

rt-a 


I Xar. I Scr. ■ Nor. . Sw. • Nov. 

. w ■ a I a | 7 ; b ! j 


1973 


•Since Complain 


Him ud. Falls . 

j Nat. 10; Nov. 8 ’.Not. £ 

(jinMlmded-.' 1.898 ! J.SSol &3S 

Rises .J 982 1 860 I 682 - 

F*lfc l- 471 Ml 769 

l raAanRttl i 426 ! 409 1 401 

.Nfw i — - 8 1 1 

New Uwi — 59 ■ 106 


-f 

3 

3 


High ( Litr ] High | Low 


197# 


ludoJtriaJa*; SD7.DS: flDSJ7> 8Q7.S1B0fl.07: 814 .88! 82S.11 807.74 
. ■ i ; ! I • <erS‘ 

H-meB-Qds*; 8554, 88.64) 86.41 SEA&t 65.44. 66 . 6 $ 60-86 
[ i ; ; . > ! i4,l> 

Tiuspjrt...: 213.82 210.30, 211.86 211.14 215JM 1 216 . 64 ' 261.48 
1 • ; ' ni/9) 

Utilities i 93.2*1 98 . do! 88 JM 97.57 88.61: ea.il 11D.M 

1 J3.ll 

Trading *oM : 1 J 1 

0XI\1 : Ifi.7Sfl' 2S.dZff 25,560, 25.S» 20,580 2&MT0 — 


742.12 

8924 

(io;i n 

193.61 

fill* 

97.63 


1051.78 41.22 

tlL/W3)j <2,7*53) 


273.88 

,7/2/e9) 

186JS 


<31/10, i<2Q/*/tS>J 


1&2S 

(0,7/32) 

uue 

0Sj+/42i 



Xot. 1 >or. j Sot. i 5ctt. j — 

10 ] 9 i & 1 7 { tiifib 

Lfth 

Itrintrlal 

Combined 

SBA22, 2BSL77J 205.65' 202.45 X22.14 ttl/lu) 
20968! 203 2086ft 2dS67| 22661 <13(10) 

16260 (16,21 
170.82 i»rl) 

TOBONO Compndse 

ttltai 121 ft 4 72I2J7; TCUL&! 1558L7 flS/ 1 ^ 

8996 (30,!) y_ 

jOHANTTEfiBUBG 

Gold 

256.7! SK6 I 940. J < 0 * | 8723 714,*) 
263.4J 2706 j 274-Sl ful ! 931-8 (DU) 

1B56(20r4i' .. 
1946 [Ufa] 


- Basis or I ales i-i-pinged irons Aug. 0* 


ifi® 


• Day's high 816.76 tow- 798.68 


tiri. dir. yield ^ 


Now. A 


OH.itl 


Ctet.20 I i Year ago .approx) 


5.7? 


&.S9 


b.87 


STANDARD AND POORS 


AngcrBli&fdj 650J3 
- Relgizzm (jjl S68b 
Denmark (“j 8830 
Prance «i)j 73.4 
(lllBIHlUflp; 827.60 


Now. I Ft*- | 1878 I 1973 
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BAS 

67A09 ] 06&.41 

Italy Qiil 7083 { 

84.771 94 . 43 ! 84.45: 95.93 9S.1S 96.18- 10MB I CAM) Japan (aV 44L20 { 440^3 

IrlOLU iW) _ 1 37L25 


: 1 uditalrlab' 106.52' 104.9ft 105.05. 10457 105.81 lU/JHt 1 11d.fl 96.52 IM.W 5A6 



! Sw. 

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ltflb 

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Low 

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8367 

110.78 

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87 68.' 
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S656S 

40B6J 

525.74 


«/« 

535.7 

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1 

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(14/2) 

(33/9) 


(o(9> ! (8/1) 


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5.16 


5.13 


5.09 


4.89 


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6.81 


9.04 


9.03 


9.18 


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8.76 


8.68 1 8.67 I 


7.83 


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5 400 taddstrtato. 49 OtiJates, 49 nance 
and 2 D Transport. ISMnar AU-Onnnair. 
p Betaas SB 32/13763. ~ Cooen&agen SB 
1/1/73. tt Parts Bourne net. ti Conran- 


banK Dec. 1959. S3 Amst e rdam Industrial 
1910. 83 Hans Seng Bade 51/775*. BBJSwc* 
Coramoreale Rallasa MS. aTBKyo 
New SB 4/1/89. b Straits Thaos ptse. 
c Closed, d Madrid BE SS/12/T7. oStotic- 
hohn industrial 171/33. f Swiss Bank 
COTpoxaOQO. uUnarallabte. 

FRIDAY’S ACTIVE STOCKS 

Change 
Stocks CtoelRS oil 
rraded price day 

m400 
714.400 

211,609 
mjm 
meoo 


McKee Corp. ... 

General . Motors 

Chrysler 

Steradent — 

El Paso Co. 

Carrier & Geo. 

A aer. Elec. Power 150,00ft 
Pan Am Air 177.000 

G0U Oil - - 189.980 

Amer. Tel. & ToL 163.000 


31 
-2* 
— *• 


323 
5M 
106 
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133 +1 

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213 -i 
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25 - -*-i 

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EUROPE 


AMSTERDAM 


\<1»\ lu 


Price 

Pm. 


■ + or >"Div:Yid. i 

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110.7' 48 I 4.3 1 

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21 ’Nonuvla 31 toe-..) 54), 

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153g ..Nth. TeiBeom-...; 35 
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1.00 ' Huarie L'op,«r M 1.79 

53>? lVilr? Pet.-teiinv 451, 
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8 dee. I btenL/eu-e:. 1 103, 

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Price 

Tw 

jDf+.rrki. 

Nit. 10 

Kroner 

— 

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140 


11 7.H 

UartokO Hamt 

1261c 


U 9.6 

U*?t Asiatic Co.... 

136 

“1*4 

12 8.8 

Hoanotiankea 

laOM 

—ia 

13 ULO 

Brysserter- 

329 

-1 

18 3.6 

tar Pairtr 

83i 2 

+ 31 ? 

— - 




18 8.7 

(i..Vtb'o Haler#- 

280 


18 S3 

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N'oto loduatri B. 

217121-318 

10 4.6 

Oltdabrtl*.. 

115 

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— 


130M 


— 9 ^ 

PwUNhank 

1361a 

-to 

11 8.1 

Soph JJoren*ai 

3673* 

+ 33, 

18 3-2 

ju'iano-...— .. 

166 

-5 

IS 73 

GERMANY ♦ | 


Price 

+ OT 

DItjEW. 

Not. 10 

Dm. 


s ]s 


Per can: 

_ 122 

Banco Bilbao — Dl 

Banco Atianaco 11,009) 23* 

Banco Gcmral 300 

Banco Exterior 2M 

Banco- General - 252 

Banco Granada <Z,S09> 345 

Banco Blsoano 23s 

Banco Ind. Car. <t. 00 fl> 197 
Banco Madrid — — — W 

Banco Popular 

Banco Santander fSS 0> 53* 
Banco UrquMo a.08D)_ 325 

Banco viacva £4 

Banco Zarasosano 3SB 

Rntibutirt in Id* 

Banns Andaiocia — ... 1*3 
Babcock Wilcox £) 

DrasadoB 2® 

Inmohantr (0 

E. I. Araeomns 41 

Espasota Zinc 3U 

ExpL RlO T Ixttb a~-.— 55,75 

Pocsa ( 1 ,M 8 > CJft 

Fenasa a.aaot - — 62 

GaL Prcctadta 5S 

G ratio Vftlazuttea (400) US 

Sldroia — MSB 

Iberdnero — — - M 

Olami *• _ 

Papeleras RemUax _ 3k5» 


: TOKYO ? 


- ■ r 


Kov.lt 


) •Prite# ; + or 1 Div.jYkL, 
| Yen j - j g jfe 


- 2 


— 1 
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— 4 

— a 

4- 5 



AmbtUteu.— -i 354 
427 
892 
380 

Sitppou Print) 613 
Fuji Photo-...—.- 1 ' 538 

Htowtrf I 234 

Honda Moron 479 

j House Food..— | li 130 

! G. Itob .1 239 

, Itn-Yoltado- 1.780 

! JaCca 780 

i J-A-L -2,890 


. 14 i 2.3 
i 12 1 l.B 
,+3 > 25 1.4 

! 20 1 a.l 

1 - Zl 18 < 1.5 

!t3 , 15 '• 1.4 - 
-1 ! 12 2.6 
+6 18 

,i 35 

1 12 

' SO 

! * is 


1 JO. 
1.5 

1.7 

0.8 

0.8 


Kanaai Elect. Ptr.il, 140 
i Komatsu —— . —.1 370 

| KntuXa - — ; 298 

I Kyoto-Cemmto -. 3,350 
t Matsushita Ind- .’ 791 

Mitsutastn Bask.; 280 

— 2.75 i MitaubuhJ Heavy] 

' Mttmiblwti Carp-1 

Mitsui A Co I 

llitaaftoBbi J 

Nippon Demo-.- 1 1,680 
Nippon tjbmpan— f 874 
NtasaaMooora— .1 660 
Pioneer : L4BO 


•rlO 

! -S 


■+• 3 
+ 1 


- f ■ 0.75 


)— 20 
1 + 5 


4.4 

2.4 

2.5 
0.8 


ABG 1 

AiliatiaeVenrtch.. 

BMW - 

BASF-.—.-. 




■,'eromsbk .] 

LNert.wrtw 
rstank--. 


Bayer-V 

G)talnt_j\«i. 
Co n ime nt ank. 
L'euuGunimi. 
Daunler-Benf— . 

Deanwa 

Deutag 

Deutsche 8ank~ 
Drwcner Bank . J 

Dyekerhoff Zemuj 

Ot2Zebcffnui4{. 
H»P«* Uoyd — 
Hardener — _ 

Hoeehta— . , 

Hoe?cb 

Horten — 

Kali untf 1 


Kioctoer DM200J 

RHTl 


8L5+0J 
492 +12 , 
225.0; +2A|28^ 
156.3 + 1.6 1 18.7F 
ISB)9. x 1.6 Ilfi.76f 

3oa j-i -2 eaii] 

327. B+ 3.6 1 18 
155 !. -J — 


Krupp- 


228.3 -l L8 
66.9, +2.3 
339.5! + *JB 
B5a5:+o^ 
176J»'+2.6 
309.3:+ H5 
243.& + 1J3 


174 


^1 


236.01+3.5 


+ 1 

+0.6 

+2J> 

+0J 

+6 

+OJ5 


99 . 

161.61 
134.5 

eaoi 

169 
139.0] 
3273)1+5.5 
251 [+8 

92.5 

199.71+0)8 
103 — 2 
282 +7 25 

L 66 O t • 26 , 

93.5 +0^1 9.35| 

222 .'-4 ( 12 , 
176.3 + L4 I lb. I 8 | 
235^-0^1 lu 
660 1 i 18 


18.76| 6.9 

6.7 
4-6 

2.7 


(253© 

V 

A 

12 

14JM) 


9.3N 
14 JM 
(23^ 

18.S 


Unde. 

Lawenbrsa 100— 

Lu tlaim 

UAH i 

lUmmnnii — \ 

Metailxea — —....I 

Munchener Buck J ... 

■Seckernutnn. | 163.0 +3^ | — 


3.2 

6.3 


5.8 

Zl 

3.3 

3.1 
4Ji 
6.7 
SL7 
2.6 

7.1 
1L1 

7.0 

2.9 

6.1 

3.6 

3.7 

Zsi 

4.4 
8.1 
6 JO 

2.7 

4.9 
2.1 

1.4 


Preussev Dll l'XJ 136.5 -0.5 i — 
Weal- Kiev. iSO.O+a.B! 2b 


Ubeiu 
nbenu^ 

Siemen* — — 
ju.iZtit.-ke/ 

1 In-wen A.L--— ..! 

Vittln. j 

VLB A 

VereiiMJtWtetbk. 
Vu.k gma : 


265 1-0 [ 88 . 1 ® 

SM3.B+3.8 2b 
Sol.5 — 0.3,2B.r4 1 

119.3 !l/.1ti 7JJ 

lB4>-0.6 l/.Itt 4.6 
128M. -rl .6 |9^t| 3.6 
292 !-l I 18 l 3.1 
244.5. +3.3 1 2b I 5.1 


PUTOUber 
Petmeos — 
Sarrta PtDalen 
Sdace — — — 


Telefonlea — — — 
Terras HosKfidi -> ■ 
Tnbaccx — — — . . 
UnhHi Elec. 


US 

1*1,75 

at. 

e 

1ZT 

TS.TS 

72 

w 


- 858 
-1 
-4 
-158 


4 - ms 

-*250 


119 

430 

299 

613 


Sanyo Efebric— - 271 

Belriaul Prefab— . 967 

1540 

Sony- 11.400 

Iklaho Marine 257 

Takeda Chemical. 458 
TDK ,.ja,QiO 

T«#n ( 125 


STOCKHOLM 


Noe. 10 


I Price 1 + at 

I Kronor | — 


Ag» AB (R-. 

AlfB Laval (Kr^Ot 

A3EA fKr.bO) 

Atiaa CopoolKxSb 
Blltarn d, 

two rw , 

Cudo 


1—1 



1 — -1-5 


CeOulosa 
Elect’ tax* WC 
KdoMao'B* 

Keoerte-B" 

Fofcenta— 
Gningea (FteeS— 
Handtesbanksn-.' 
Umbra . 

lloOeb OcwMttv 

aandvik .‘B* KxaJ 
?.K_F. -B' Kta._ 

Skand 6 oakUd&_ 

Undatut'B ' ( KrbOi 

Volvo (Kr. 60) — 


+1 

-2 


fikS 
6 
5 

1 6 


193 

142 

8061—06 
111 
48 
118 
182 
221 
119 
121 

286 

99.5 
61 
373 
12b 
56 
265 
69 
164 
63 
67 
85 


& 

+i 

Pi 

-3 

,-*■1 

Hw 


Die. 

ttr. 


(5.76 

10 

6^ 

5: 


str. 

3 


Itatyo Marine—.' 526 
Tokyo EtectPOvV 1,030 

• Tokyo banya. I 345 

• 'teta?— ] 133 

JTOelribaOorp— > 157 

Tpnta Motor I 8 SS 


t&8 

3.6 
6.1 
6.4 

03 

3.8 

3l2 

4.6 
03 
6.1 


8i23 

4 | 4.0 

16 4^3 

8 f 6.4 

£715* 23 
43 7.6 
8 6.1 

5 | 7-9 


10 
18 
IS 
36 

20 ! 1.3 

i J 10 , l.B - 

j 1 12 j 5.0' 

— { 13 Ivb 

t—2 ] 14 1 2.S . 

[t 1 i 20 ; 1.6 

1 15 1 0.6 

j-4 12 , 0.7 : 

'■-50 48 1.6 

I 12 [1.6 

+ 10 I 20-1-0.7'. 
+20 | 40 { 1.8 

+2 ' 11 i Zl 

|—4 ! 15 1 1.6 

1 ‘ 30 [ 0.7 

•+2 \ 10 ' 3 J? 

j+4 11 i l.t) 

!- ! B I 4.9 

1—1 j 12 1.7 

1-1 ' 10 | 3.8 
1—2 10 i 2.9 

I J. 20 | 1.4 


Soarca Klkko SacurlBas. Tokyo 

HONG KONG 


HoegKcogS 


Nor. lL; Nor. 3 


A»i.I(]mmm< KiiMw. 
t^ma 't.igtaA Power. 


2JB6 


11.10-r 13.70 


26.60 

1.78 


3.00 


30.50 

156>Lia 


SWTTZBtLAND * 


Nor. ia 


AhrWiillit iWt Mm 
SBC -A'.. 


MILAN 


Nor. 1) 


Pncw :+■■*[ D(v.,rM. 
L+ra I — | Lire] % 


AMO-—. ! 6*3 ■ i — — 

ktoaU'^t 539.5;+ 3 A 1 — i — 

FtaU - ~-'2.b3B j.... — ; loO 3.7 

Da Pnv ;i,?S7 ,-o , 130j 7.7 


FuMHler I 167 — 3 

Itvceuenu — . — |S0.4O0 !+b70i 600l 25 
lt«is»drr. 356 

, ia.® 
. 1-2^ 

•Juretsi Pnv j 1.270 5 , 

Prrein i tV». !l.o73 i?-82 « ud 7.0 

Pimm 99 1 j-4 ] BO! 8.5 

?tua Viscose 1 800 I +30 [ 

I 


HBWiwuu H^chiov.-niu ; ru lUi UUUI 

Irtiisxlcr 356 — 6 ) — 

lle>tiot«oce . 40,950 I— ZOOjUraC 

Uvimeduon 1 lt>2.76j + 12K — 


Cioa Qelfly Pr.IC0| 
Do. PastOect-i 

U Mtttta fc a 
Etecctowait- 
Flaeber< 6 eac 
Hodman Pt ( 

Da iBmaiiy .— 1 
totarfOort B. ....— j 
J ei mod iPr. 100} .1 
Nestle (Fr. 104-.: 
Da Bee- 
OecilkonU (PJ860) 

Pixel hril P [P.bXTj 


2.62S 
287 

den-lor tFr. 2Wi.-j3^26 
Da P#t»Certa 409 
*jhtnriief Ci/PiOQl 259 
au'terlz iFrdOj 313 
trirlsMur (Fr. 100 , 802 

3wtsa8nktFr.lO(*} 348 
juris rKeRFr^aj' 4.760 

Lntan Bank 13.090 

Zmirta Ins. j 10,700 


Price 

Pn. 


W»0 

1MOO 



+ ft 

+80 

+36 

+18 

+6 

+25 

+10 

+00 

+1,768 

+ 166 

IU0i 
+26 
+ 16 
+ 10 
+55 
+2 
+78 
+9 
+8 
+8 


DtaJXid. 


% 


% 


Otom Barbour TnnneL-_(9J8niLd lO.Bu 

L. Aw* Natrtfljrtfan 4.60 6.00 

San- Seng Bank '177.00 196.00 

Hook Kong Aircraft- ——'SO .00. 5)91.00 B 

Hon* Koor Eteotric. , 6.65 7.60 

HongKongKowloenWliari 53.00 1 36 J )0 

Hong Kona land 9.20 IL80* 

Kong Kong Sbaagha* Bank j - I 2030 
Hoag Konjj Shanghai Hotbl — • 1 22.50 ' 
Hong KonxTel^ibnne. -.1 31.00 J . 39 ^ 0 . .- 

Hutchtoon Whampoa... 1 6-26 [ 0.35 

JasUne Mathera— 14.20 16.8 J - 

JantmeSeca ; 6.70 7.90 

World Development 2.475> 2-9»5 
Bobber Trust. ■ 1 


aUna Dartay j 

4outhn. Pic, Prop. 
«mthaea Textile-—. 

awtra PaojOc A-—— 

Wheetock Harden A.— ,i 
Wbeo*ocfc Maritime A. 
Wlnanr Indnatrlai 


td Gx-dtvMeBl. t 

SiffiPL S tg p cw tted. 


BRAZIL 


Noe. 10 


8 3.7 
10 3.1 
22 2.1 
22 2.7 
22 3.6 
16 8.7 
18 2 ^ 

6 4 A 
110Q 1.6 
110 L6 

81 8^. 

81 X.B 1 Hancodo Until— 
2,7 Banoo I tan PN 
*88.7 3 ^ ?«^0 NtnetraOPl 
16 1.4 ! Amer. O-P. 
15 5.3 ! MnJbia* HP— J 

26 1.9 virein UP 

Ut 3,8 ! Crue OP.—. 

12 i +.61 PL. j 

14 I 43 ■' ^*** Bk» lin * PH 


4.25 


8.30 

3D76| 

4.005 

2.90 


4.35 

OOOX 


10.00 

3.70- 

3.80B 

335 


* 9a Utt.- 


' Price 
Crur 


1 + "Jl .CrtwI^THLr 
; — | Oiv.l ■%.’ 


+ 12 10 1 4.4 

+ 2 . 10 j 8.9 
+ 1251 4U 1 2.1 
+5 I 20 1 3.2 
+ 12« 44 i 8.1 


OSLO 


Nor. ID 


Ptjjs j +or 
Kroner ' 


Bergen Bank- 
ike tegaaid — . 

UrediLtjant | 

Kosmcn — — 

Ktettanassen ] 

Morolt Hydro Krtr 

Ttoretemad — 


102 

62^i 

116.3] 

262.5| 

113 

183J64 

93.00 


wjxia: 


% 


+-2 j »■ 

1—36 — 

+ 1.6 11 
1-7.6 20 
-1 21 
+3.76 12 
—1-26, 7 


X 


86 

86 

76 

9.7 

6.1 

76 


PARIS 


Ncrr. 10 


Priue 

+r*. 


♦ orlDie.iltM. 
- 'Pro-I t 


Kerne'S...- — 

AJrvju? i.V.-cid'fe.J 


740.1 — 0.7 i +M' 0 6 

I fS 6 ,.~ 1Z B ' e 

Air Lai ijide. 1 375.1 — 06 

Aouuaine....— - 636 -—5 

Bit- r 511 ;-l 

ttoif;jw.. —j 810 | + 14 

B6.N . l>ennua....j 680 .—4 

—.'2,149 

tlL-.fa -J 302 1 


D.l.1. Akatel — J 1,003 
k'ie Uauialrs. 

Uiub Moll ter 

Oroli t'om. Kr're 
L'reuace Loire —| 

Ltamt 

Ir. Petiole*.— — . 

Gen. Occkleniaiej 

tin ri a l— 

Jaoquei Morel 


+3 

+3 

L =1° 

+0.4 


440 
600 
131 
656j 
700 
140 

2fi2.9| 

60.55' + O50j 

16761 + 2.5 

2316 +4.5 
744 | + 4 


+ 1 


18.77 


7-2 


M 22 


Lai* me 

L' Ores I — — 

Lavatai.— _...!l a 914 j?-3 

M*t«vn» PtJeonur.' 510 

Mk-helin 11.260 

ilivi Kenneaaey.. 565 1 + 3 

tlou'ines — 142.9! +06 

Phmc«* 202.5 +1.5 

Oa.-nitiev _.| 696' r 0.4 

i*»n -i Ifx-.wt — 1 317.0—0,4, 10 .5 1.6 

rViL.T-l Ciltoen^l ' 

UR 

lie Inrliuloue., 

lieiMiW I 

■ilK'tle Pyu'eiR- ...i 

M. Lji'-OaiQ. 


, S8Al 
1 *afc! 


16u?: 4.4 

28J&j 4.9 


lAa&J 

43 , 

40.6 

75 

316 

7660] 

72 


116U 26 


12 

M 

106 

106 


93 

46 

10.1 

40 


T53 


7 . 0 : 8.4 


062 ;+a<M,JLi2>M.>S 
168 J. lbtS. 5 1 

1.49 +0.0 1. J67;246IT 

1.10 !. J.U8 7J7 

3.15 Uu.iL J.20 664 
2.19 -06S J.13l5k93 

1.50 ^O.O&JLlbj 10.66 

2.40 ■ 'iXltti.O.ie 

660 MX36 J.2b4.54 

3.28 I— Oj}T J.ie'1S.25 


TnrtMVer Crjeum. Volume 428m. 
Source: Rw ae Jameiro SE. 


AUSTRALIA 

Notr. 10 

Amt. 8 

f+« 

— 


tO.73 

♦0.02 


t0.89 

+0JJ1 


12.10 





ta7B 
1L80 
11.73 
■ fUS3 

11-03 

11.62 


| A mm. Mineisitw~M....— . 

— 


-4JU 


lO^B 

— 


tO.56 

£0)20 



tL20 

1L44 

-0J31 

-0.02 


1L68 

18.10 

11.40 

+003 

+0.10 

-04M 


Carttoo Dotted Brewery. 

C6M (8L>1 

Cooktem fi<a Tmn r,„ n „, 
OotafGJ.). 


Com. Go+ifWlda Aart—U 

Oscainer ({ID — — — 

CtntflH 

Contain Australia. 


KMcc6mhh- 


Badesaour Resoureea. 

OZ. latoKnee. 


Gen- Pioperiy Trtat — — 1 

Hatneniey, 

Hooker— 

1CI 



Matoala Buplfl wrtisn , 

111 M. Hoktissa — 

Uyera Emporium. 
Rsm. 


Ntobolaa lamatloosl . 
North Broken H’dtagatEOo) 



Waltons- 


Western Mhnns (fib on»)J 

Woonmrtha.— — 


tl.69 

13.16 
1163 

. 12-20 
. 1365 
12.67 

t5.15 

21.70 

tl61 

1067 

1260 

1020 

t3.10 

1162 

12.16 
.10.77 
12.12 
1067 
t097 
■ 11.12 
1063 
1060 
1364 
1163 
12.60 
1062 
1169 
tiA*e 

10.10 

S06S 
11.76 
12.80 
.1088 
1060 
SD3 3 
11.78 
10.73 
1161- 
11.56 


t-031 

+961 


[—066 

-063 

HUBS 

-962 

-961 


JOHANNESBURG 

MINES 

November 1ft 

AncJo American Oonn. — 

Owner ConsoUdmed 

East Drlefomoin 
Ebbm 
Sarmonj 
Kinross 
tOooi 

Rttstenburs Piatinam .... 
Si. Helena 
SombraaJ 
G«d Fields SA 
Union Corporation 

De Boers Deterred 

RtSroornlnacirr 
Bast Rand Pty. 

Ftee State Cednkt 
President Brand 
President Stem 
SttOtonram 

Wefttom 

West Drta fontata _ 
Western Hs Mh ga 

Western Deep 

ASCI 

Anpk+Amer. t"*'» *fi ni 
Barlow Rand 


+061 

1-965 


[+961 


!*96I 

[+061 


(-961 

+969 

—061 

1-064 


WMH 


[-065 

U964 



CNA t U TH B WM 
Carrie Finance 

Da Beers Industrial 

— /Edears CensoBdaisd lnr. 
LfljujiEt^ars Stores 


GverReatD SA 

Feoerale VoBcsbeidteiius.- 1U» -Oiis 

Orearennans Stores . is.78 —tus 

Kntotta 2.10 . . 

LTA — 2.15 

McCarthy Rod way — 06ft 

NodBank - - - - ; <ri 

OR Bazaars , ?io -065 

Premier Mining tfi-SO —063 

Pretoria Ottrmot 2.46 +0.03 

Preter Holdings — uj — &gQ 

Rand Mhwe Properties _ sjo 

mutt . Gtw — 

telco M3 ■" 1 

BAPPi , : — iM - : ; 

C. O. Smith Sugar — &.« -hmb 

SA B re w e ries — 1 rat —njo 

Ttsar Oat s and Nad. Mig. t; no 

Dntoec ■ — LI] *• 

Suenrities Rand CJ.S40.68} 
(Discount of 40.43%) 


fcta K-jssutioi— .'1,815 1 — 15 ; ns 
-■ — ; 2»a6 »i.B *s.i 


I'eHumuintaue.-.! 770 _j - 5 j 
Ih'jiUMiD Knurlt.! 

L>m-.’r 1 


496JU -e.0 ujba ah? P” 6 ** «*»*«• * oremuun. 

2 ,0 ,t, 9 ■ , - 1 wtthMWnai tax. 

' " ■ gjg 1 ♦ JUlaO aeaom. nnteu emerv, tse MatML 

6.1 
76 
9.7 
26 
8.1 


Behaan dmamds ara alter 


4oi >3 : S7 

Mm —4 ; no 
123.1. -rU6. 9 
lal +i.6;witi 


248 81—1.1 15.1W 
22* 1 _ 


3-f j payment, t ipmoud dtv. u OnefRatil tratnmtl nMirmriTv mug!" « 2ZZZ1 

6.3 penmns. tBw. > Team*. 1 Sall+r r a—tari^BgrtS,. “ 


_ _ _ 9 Ph*. 600 ingm. tutiesa o f ntrr-m- 

■ma teo* ♦.Br lri ftwn. aplma oaxmwSf autmo. a Pra 5 M oaaom. .".t—- 
tXtxrwTS* stairiL 1 Y en Mceaotn. unless otherwise Mateo, f Pnce, at aTr} 
sm^aian. a FJortus. bScbimnes c Cams- aDtvWand ntw peodme cuana 
and/w scrip issue. *Pvt share. . 1 Francs. eGrasa ffiv. rk. n A»S»*^mSrt 
Bftrr sens, a oarer tss&Mtesue. hA*er \oal taxes. 

3 Otw. and yiew ndude special 


metodma OmiBC din. p Notre q Sbaro «ppr. 


_-l 


4»mtnan tr Kr rights, xd Ex 


dirioead) xcEx scrip lane, xa&x alL *■ interim since n — 



































National bonds 


BY NICHOLAS COLCHESTER and FRANCIS GHILES 


CURRENT INTERNATIONAL BOND ISSUES 



■Offer 


Borrowers 

US DOLLARS 
^Central Telephone & 

•• ••• • • -.* T. _ • . .Utilities Corp. 

• ■’BEGPUT CHirea^^tiDftet' doilws^iS .definitely arrived, indicate coupon on the- new Julius Baer. The new fund is have placed their funds essen ttLeumi International 
j&c -virtual- -e!osure"-Qf the But C Sr'fa is ceaviaced that the ofJ> per eent is roughly in in tie process of being cleared lially in 

instruments. 


short-term dollar 


Investments N.V. 


Further evidence t' ‘Industrie I Bank of 
of a morn Stable dnlbr >-ou Id . i a P* , n Finance 

- ------ ^ _ . . . * „ vuw .. ., bring them hack int«. dollar D-MARKS 

ln~SpeciariJFsiwlog .in l 875. .. . EresfdeoT Carters .maturing in 1982 and 19S3. chance tb invest in a r«a<V«*i uf paper once acain- t Council of Europe 

The* new ..issue" TOr ; the package , may - nave • “One some The question now is whether foreign currency ijomK Th<- Dciiisehe-Mark s*i-i„r v.-j* J§Nippon Yusen 

■''Thygstm^L'^tik'.t^^tM^oort rernK-^oa.Djit it nas.npt inventor interest is there. GSFB The dollar sector uf the market uneasv. Prices have n«ii fallen I '■ Council of Europe 


' shears after- CSFB,; .to /its removed QfluB6S : expecting demand from spent the best part of last week 

•ops- incurs atjon ■ a^ : ’ Credit. IJencjBjrsays CSrS. tne argument foreign central banks and mone- looking Tor a new level. <me :tl up in last Thursday innrninu 
jg^TVhite.'-'WeM, made The. Tor nsk yspreafl- mg through tary authoriiiesf it is'eareriue which it emild all run back was a clear poini"i in whai 

. ^bort" rlivecHgxeursiOD- thto currep^y-cocfct^l borrowing ana for their desire to diYcrsjfv their investor interest. in the middle could develop if c«‘nSil*-n<-e m 

' ~J4niairfeet. The SIB.jiaue wll^leDdiag * s A ’ si ?? D 2 er . ™ an ev ?r dollar holdings To this end the -.of Ihe week the market steim-tl the dollar increase* Thu un- 
; J: - I 5 RBs .iZoipT.X^M^&tP.rir’tytliiTjbefore. . y ' ‘SIB bond will be listed on bulh hi be -throwing logic to ihe ,. a sc led Deutsche Bank iu post- - 

: .• . *■> an-^Yftrffge - Certain ly-:the disparity between the Luxembourg and ihe Stnga- winds. Kidder Peabody.- cum- pone, for the time being. Hu- 

*.- ftrvfEhe indicatttf' ; coupeo Isi- boost; coupons cni U.S. dollar and pore stock exchanges. Another menlins on the market’s move- Lni-iuOm planned issue fi.r the 
’•-a ./ . y ■ -Deutsche Mark bonds is greater London bank, not involved in the mem on Wednesday and Thurs- Wm-M Bank. 

’ r - i 0>4i9fg- j list 'three.' SjD Be Issues ; AO vr . th-anT it- - Was in 1975. a issue, pi.-dit-leci i hat there v.uit Id day. said: “The ma-'liei did tmi mher fartors ’.'-orrung 

' floated— rfor Aiurtiisse,. th6 tiortower .Of ,SlBs . status would be considerable Ali.-idle Eastern desert e to rise two points in jwo investors include the fear of a 

Nsb "TnvV&meBt ~ BaaK.~ : an& today. /pay '. IS per cent in the interest in SDR paper. days. A gradual improvement r j Se j n Oermad interest raics 

Uectri<^&-de aollir- market:- for seven years It is indicative of spreading in prices Is justiciable bur an an d the possible Kftije of up to 

- :6veix. in the.. fortunes. of. the and' .nbour.S per cent in the mistrust of investment in anv advance of two percentage points swim wonh of U S. currency 

•j putan. aid. iftiifce. experi- Deutsche Jffark market. These single currency that the first J s more reminiscent of a casino bunds. 

r. The cynics are alreafly compare with the - comparable multi-currency bond fund is now than an orderly market.” This latter unccrtainiv also - 

• -ig that this/new bondToeaES. interasf costs in 19Jfi.of si per being prepared fpr sale to the Market professionals were pushed down prices in the Swisn 

• - Uie moment- to ihyest. in. cent T-au^ . 8^ per. cent The U.S. public b> the Swiss bank responsible For most of the j. r3ni . sei . lor early week 

’•■■•, • ' ' ' U'ading but. by Thursday, there 

' •. \ . - ’ •" " "• ’ were the first sign® of renewed 


:dium-term lending 


although they recov.-i -d rapidly 
and finished tb p "■■■'■•■k without 

BY JOHN EVANS investor interest not jusl from ov- . ra n change. 

n,x houses ma nagmg dollar-basod Apart from , W i. punlir issues 

funds but European interest Hj ^ he DeutSL .b e Mark sector, 
also. This .suggested that, given one f0r Finland and ihe other! 
a more stable dollar in the next f0 Hitachi Shipbuilrline. nnc 
few weeks and even allowing for nr | Vall . P i 3L . e n]eni for iht- Smith 
a furtlier rise in U.S. interest African Oil Fund ;v-i> announced. I 
rates, good two-way trading An unusual private placement i 

BIG interoationstl b^nks aftF rollover credit for such a. bor- . Brazil s deht-servi«-tng charges Cl '4 ,d f i of DMnOtn for Kubota, suaran- 

■-.Fotnv fheir- - lending * rower would effectively cost up over 197S ' had nn-initK h^pn _ A %aOm FRA for lnrtU't. ,.il by Sumitomo R.»vk. will be 


Hitachi Shipbuilding 
Finland 

SWISS FRANCS 
tAustria 

GUILDERS 
Norgei Kommunalb; 

(g’teed Norway) 

KUWAIT! DINARS 


Panama 
YEN 

{Venezuela 
SPECIAL DRAWING RIGHTS 
Swedish Investment Bank 25 
' Not jrer priced. t.Final terms. 


Amount 

Maturity 

Av. life 

Coupon 


Lead manager 

yield 

m. 


year 

• % 

Price 


% 

40 

1993 


7 

» 

Dean Witter Reynolds 

■ 

60 

1985 

7 

611 

IDO 

Bank Lcumi 

. 6.09 

50 

1985 

— 

Si 

100- ' 

Morgan Stanley, IB j 

5.58 

130 

1988 

8 

6\ 

100 

BHF-Bank 

6.25 

50 

7985 

_ 

34 

ICO 

West LB 

334 

20 

1988 

8 

61 

100 

BHF-Bank 

6.25 

md 20 

1981 

3 

71 

100 

Bay e rise he Vereinsbank 

70S 

50 

1983 

5 

si 

* 

West LB 

* 

150 

1983 

5 

6 

* 

Dresdner Bank 

* 

100 

1993 

m — 

3* 

99 

Credir Suisse 

338 

ink 75 

1993 

10.5 

8i 

• 

AMRO 

• 

LiC 

iej 10 

1986/90 


Si 

100 

BAII. KFTCIC 

SS 

7 

1985/90 

— 

si 

100 

KilC 

8.5 

25bn 

1988 ’ 



6.8 

99* 

Nomura 

6.88 


1985 5.4 

* - Placemmt. 


9.0 


Credit Suisse First Boston 



f Floating rare note. “ rTnimum. S Convertible 
tt Registered with UJ. Securirlei and Eachinge Coin minion. 9 Purchase Fund. 

Note: Yields are calculated on AIBD hash- 


U.S. BONDS 


BY JOHN WYLES 




finjncial markets arc basis point increasi-. .%n:-muivth tluriny the past week thai the 

hy an unt1i»r<ti»ndahle CD’s will have iu climb another central bank rale had been ‘lifted 

of foreboding at the 1*7 poinLs before they nudge fu 9? per coni. The Fed's urgei 

which. perversely the 1974-75 bigli. for i In- funds rate was thought 

a certain kind uf According to the comparative ro be a' nr very dose u» 10 per 
r. the bund markeis Iasi analysis cam pi led l»y Salomon ei-rn. Thi* may ’.iell be the ease. 

Deutsche- time that Middle I-’.-i-t in?titu-i we'*l:. Trading was relatively Brothers, only in the treasuries £ l, l (luring i h f * past week tbe 

onal investors hav - purchased i active htu push ions were cautiuus market are new records nu,v be- J 7 ™ ailii-rea Jho rate to fail as 

i pan esc corporate paper jan.J a » h;ii new issue calendar i n; . S(r i with a three- year note 


l«v. 


8i; be fere it drained 


'rtirve caused by ah inflated interest rates: of -10 per cent or to giuv;. they note. 

^ * * ™ bte - Such Increased ensus *. »». 



per cent by the: major .jroup of .-Japanese, shanks* , t ' f f __. - rf( , hl 
l^-By contrast fiv^ye as headed- by Mitsubishi Bank. Tbe l CODO £ jslt . sav U fc,re, £ Q debl * 
dtfllar deportts cair nhvf be-jprovihee has recently airanged- . 1 ■; s J - • 

b.ed as cheaply. ;as 10 f per^a SlOfhn dollar . loan, oyer JS-. , Brazilian state- agencies 
■ 1 ••-. y ea r ? at an- attractive rate 'of A comm as jind Electrobas are 

pk; economists say what has /8j ppr- cent; . '?■ .-now negotiating to restructure 

^exaggerated 'the. yiseji . ' • jtiipT 'nyuftitenaiice. of short 1 soine -^TaOm of past Euro- 
.Fhdrter end of .the EJuror -teriri--inte'r6si: rales at present currency loans, 
ire /market compared with . lerafe for njtich longer will - add While the internatinnai banks 
tertn funds .is the. now significantly io the debt-servicing . are displaying resistance to these 
ly heTd view - ( that-' : U5..;. burdens^ --of -many' nations .with attempted refinancings, thev 'are 
est rates will peak out some-' hijai levels of- Euromarket- .debt,; .resigned to the fact that the two 
in 1979. bankers .say.k \ --agencies may well repay part 

-.; banks engaged. *h ,Eur<fc'. Nations’ like. BraziL which thas or all of the loans rather than 
et. lending, are taking the outstanding gross external, debt continue io service the various 
rtunity-uf bail ding _iip their approaching S48bn. aro already facilities in question ai spread*. 

.term fixed-interest loans to’facing stiff increases i5i the cost of over rw«» per cent (which pr'«- — 
- e. customers, in. ca^.' nK-Berridng lheiT- outstanding- duce an effective cost of funds 
•onventiona! - meditriH-term loans. . ; ‘ of 14 uer centt. 


ffoT 


70 . 

60. 

- Performance Against 

60 

50 

The Dollar / 

SO;. 

40.:. 

1 

r - 

„ / 

40/ 

30 ■ 

f-% / 

Sniss Fftinc-^/ w 

30 

20. 

1 

Deutsche Mark •-/«»/ 

20 

IO. 

A. 

6 

J f SDH-/ 

IO- 



IO . 

"•''■"1 l 1 

IO-. 

v 

1975 1976 1977 1978 



EONQTRADE INDEX AND YIELD 


FT iNTERNATlONAL BOND SERVICE 


I c. 


- Y-.!i5t4shn«-s «u! »-lM«LWWTWBon»l bomis'Tor vtildi im aiK-iiuaie sccoraHar? mirvOl Thf ihim oui tt... pu»: 

; .werc; SUKiijed.b5r: r Bomhr*do;.«r«krU>wOfe NVt Barnmc. NaTfonalc dcrTari*- Credit CominercTU de Friiuv Cr^du L;.amia- 
*r/bwik.AG; Demschft. &afl? AGi Wgawlcuiscilie LandabRuk- CmHcncralesc Banoiw Tmtruatbnalr l.ics.-mhouru Krort -i 
Laifijitboors: AleeHi^e^Bauk- IVedftrtand SVrPicrton.-lleiiirUia and Pieraose Ckvdir Sums? Swfcs Ca-dii r.ank: L'nor. Bank 


.. jte«rijBnd..t,Akrert,»»d ! 

. . Tradlnp Conipairy. -Xll ., „ 

>s BBirtr. JBJ tururAatbnud. Hllf* -Samuel aud 
.W stun ThoDiibn: . Salomon Htoa. .IntemaL 
.. SumuomD Fhiaiki: Jhtiirnationai: ‘SL G- . W 


*1 
. a. 

•flLLAR . . 
OTTS ' 

S ' - ;. si . .. 

» W) S3 .. 

4s « w •- - 

ft: Foods ~,i 65 
« S7 

:• w 

W M 

F»£- — 

i ; -8:*5 - 

8S 


Warbore-untfCo,: . Wood -KSund} . 

«c.: 


-Issued. Aid. Offer ..gay: week Ytefd. '. 

. 9K- ; -«3 - O ' *B '' 9.* 

.. 175 96S_ .TO -« +N ?■« 

7S- -TO-. TO. +M 9M 
W . . -TO - ~:*U +K 1-N 
• 5b ” tftt-' :m +«♦ *mk 948 

.. . . 25 «- « - 0 . +« 141 

.. .25 ' .97. TO +0* ,-fJ* . 9Ja - 

.. » -TO -• « +1- 44* 

.. 250 Or +« 447 

:. 2»-;.1S: ® € -«■ -446 

.. HIJ 8 9-« ' 

mi ■ . 9M SSSJ +n -Wti 445- 




&.SL57 - ..... ml-. 99*- J8®i +*l 945 

- JpBi 45 -HU +1U 4.4B 

■’ /air- K 63 : M m- TO -+oi ^-« uuj 

’ 'itoo Bridge Co. « Sfi 25 TO Wi -M -« ULH- 

i 85 ..... ... 100 MS Mi -t at -i-rsi 0.7# 

195 — • *25 TO.- 1*« 

| « NO 97S 9h +*i ■ MB 

.£3«t&aid 9-55 . K-’ 4al' 952 +8L +08 947 

' WlfiMS 9 86 / S3 ; 9ii 95S +01 ■+» . 9.W 

L^Bcx-tlpmiu. 6JS .S« US . 972 — TO .0 +BL- .943 


- Xfii 

.... 

ed-:p.S-9 .S3 
Tft^Wes 9 « - 
fftaoce ft) S8 /. • • 

Si «8 

*■''» Sj ts . 

per ?i S3 
el. ft? 93 

J?Flo. K’S.1 

cviiia.''na- 

Kccr.^48 

nmffland lit 30- 

Inv.' BK. - 6J S8... 

-J Karam at 9S 

. ay.?; SS 

: U St S3 

.■W 61 W- 

draJ.s S3 . .... .. 

Rsdra f 5 . . 

.*c Hydro ft! » . 
m Wtt ... 

18- 

; as 


I00-. 961,- 971. -HU 8 -1.0 

IM--, TO. 9« -W 0. 1.W 

25 +0 9SJ -Oi +li 1045- 

35. WS' 4U- “M -U 11.00 

- 25 ' -Wi 9* +8i 0. 1042 

30.-. : nr.- to -oi -1 ar.« 

• an 97s «i'. +0i +m • 9.92 

NO 9M .TO +W +0J 14fc 

50 95L TO -0i +0i 9.77 

a 92f ' 93 +0S +1* 18-14 

.. JS ...TO.- “* O' +L 4-91- 
.. . Vi - M2 -9*.’ +li - 9.75- 
. .4#.. W '961 +«- +1 9.73 

25 ' Ml 97 . —IU . +04 -9.2* 

_ 75 m To +04. +0i 9.4* 

.. 2SB 93i 9M +01 +0! ^9.71. 

.. 13S 9S W ' I +1 4^ 

ISO 451 :t 97* +8i +Al 941 

75 . 411 TO +01 +0J 18.75 

• Us "95 ' 951 +M +li 9.99 

:.- 50 - 942 TO # +03 *4* 

_. IS:. 97f.* "48f" +03 +>i 1.K 

.. 200 9*v ,:-9SJ +01- +0< 440 

... 150 . 9M. -97i 0 +0* '?.« 


mi- ‘to -oi -u 
10U »U # -M 


644 
5J1 
-li- 6.H 


T5CHE MARK - :. ChaiiaB 911 

atHTS - - tMUod ■BMTflffci' day wookYWd 

rtta'ei'M ..... ISO TO -« J-g 

.TJeveiop. ES. 5* ES 10# 
alia e tt - 250 — 

to 4* 40 : ■ 159 - ML 941 

_&XL ,UK«no 71 R5 10# -Mi MS 

Siexlco.W 88 IM .44 j TO 

ruaabnun 0/&6 93 -108 lUi lTO 
Qeitbank-m. W 36 
nerdw* 1st. 3£W 3j NO ■ » 
zn of Ettrope 6* NO WH . 3B1 

300 -TO 91 


6 90 .... 

Wlwine & SS ȣ TO 

f.M ." .188- .•'-TO 

■esia .7 St- “ 

„ taty of 5} Sfi 

* Services de Etef-'. , 

.- 20 S 85 

ddshi (totro 5? SS 
Static ki .. ... 

cs Koaun 6 W 

fjMjos 

epan ind. Or bftu. 

ileo Er»2d 7 S? 

JptDM SI S3 

Jjnkcn 3! SS.- . 
ec. Pmvir.ce of # £Hi 
. muidi Or 5! SS 

l Si SI . 

ra ss - - 

8 B SS . .... 
iheinr Cnj- of_ 5i 
Group 3r S3 


-Oi 

-w 

L42 

-Bi 

-Di 

7.2S 

B 

-0J. 

5JS 

ft 

-M 

.5.75 

a 

-a 

2.U 

+#i 

-Q3 

5J4 

+0J 

+ H 

6un 

e 

-l 

L24 

a 

-OI. 

601 

=4f 

-a 

SSI 

a 

-« 

T.56 


-Si -M 
-K 


-U -N 
— #£ -« 


-Oi 

-Oi 

-1 


TOCfa.6i.M 


94i 

m 

188 .^.-97- . TO 
100 Ntf ’ US 
SS 8’ TO- «, 

300 9Sb 441 

100 flBU.'-lOI- 
100 lflll .1021 
IN. 942 1001. o 

250 ' TO 442 

xas- "TO TO 
Nit *TO- 
K» • 95- . 44 

m 954 . TO 

TO MT , 

50 TO 991 -01 ”1 

- w now loi- +o| . o 

- 208: - 46V TO " flJ - ?T 

iSn 941 MO- 
SS 451 

tt Mi 

158 Ml 


-M- 5.M 
7J6 
4.tl 


5.93 


0 
M 

Ml" +01 — OJ 
-01 -01 
-01 -i:. 
0 -02 


a 

MI —03 -C 

U7J +B1 ~0i- 

Mi +01 “ Dl 


5.91 
5.98 
342 
645 
■7.19 
7.45 

6.65 
6.50 

4.66 
5.04 
4J2 

-Oi. 643 


•6.90 

6.55 

7.13 


• - Chans# o»; . 

issued Btt 0 H+r day *«6k. v,flW 
« too; 1052 -Of +0; 

« .9W,.0M? ‘-jK a 


’■s £ .§ -« is 

58 TO 44 
«5 181 1TO 


9 FRANC 
4IGHT5; 

a Si Hr_ 

frjf Tnnaei 4 83 

SS 93 — 

. e Maubtaao a 05 — 

1 DU 

SO of Europe 4} ... 

w»»rtca.S2 yj 

E. S.S4. 

nartt^iso ^ 

iw ii’ss'"'"! ■/!;.: 

. Saujft 45 S — 25 

4M.-4J 3 W 

6’. M :. wo 

tiwbiLMttfrr • 4i . 
r| >!r NT << W ... • 

Wt Wbm 4 93. 

W>3 4SSi... : .. . ’“O’ 

*-3rjnswkk EPC IJ -NO 

4 » 

te- Eownt 4i - .... 

rl' tt- • 

Wba/S. i» 

9! 95 . 

*> jn; .15, .UHM JWi 

li- SS 100, 102 }02J - 

ibers Krift * K *0 100‘ 1« 

a 4 93 ... 

1 BaERj 4i .*5“ . — ... 


+W +oe 
-1 — Ot 


3.71 

424 

4J8 


» iEi.ua-' -os-. +« 3-a 

7S 108} Uh +W +W • 

uo ioa + n + I* 12 

a-iu 0 4.2J 


8# .1821 IKS +« 
M3 -1001 1« “ 

'Sff DUS 102 ■ 

1O01 tit 
»»ll ta'i 
1B2 102i 

MWS -lAM 

»U 10^4 
461 

4411 101! 

■M-. TO 

911 WO' 

1025 I0J 
KM -941 M0i 
.30 l'ai! U2j 
3« . utu Uli 


100 441 

2SJ 1011 102 


a 

+H ,9.U 
+0t -9J4 


2$ 

io# 

n 


.to- 


4*1 

+8! 

tei 

4fli 

+13 

4J1 

— fl! 

-Bi 

4J4 

^fti 

40» 

5.75 

■fW 

+K 

3.43 

0 

+Ii 

4 55 - 

-Di 

+ C- 

3JI6 

a 

+n» 

3.81 

-05 

0 

402 

0: 

+01 

>45 

-Oi 

+03 

AM 

-ai 

+03 

4.77 

-01 

+ 0 : 

05- 

-02 

+13 

4 . 4 J 

0 

+0J; 

4J4 

e 

+0X 

5.93 

-Oi 

+#» 

3.44 

-Oi 

+0! 

4419 


yed STRAIGHTS 

A3dad Dev. Bk. Ji SH . 

-Mwtralifl v.ti P0 

BFCE U.4 90 


Closing pray, un J^nviRbrr. 10 

Chause un 

Issued Bid Offer day week Yield 


IS 

4*1 

403 

0 

-Oi 

5.9£ 

5# 

Iflli 

IWi 

D 

+ 0 i 

6 .a 

3# 

87 

81 

— 03 

+os 

6 J 2 

U 

TO 

48i 

0 

+ 0 f 

6 J 6 

-25 

9S 

98 

-03 

-01 

7.04 

25 

1031 

104i 

+oi 

+ 0 i 

4.75 

15 

TO 

44 

0 

• 7 OI 

6.38 

20 

TO 

98 

— 0 i 

0 

6 X 8 

40 

463 

87i 

+ 0 i 

+ Di’ 

U 2 


Finland 6.7 SS 

Norway 5.7 Sj . . 
0«1<I. Citt -Of 4.5 90 

SXCF 8.6 SO 

Sweden 6.3 90 


— Change on 
OTHER STRAIGHTS lamed 8rd Offer day week Ytotd 

. Rank O'S Hold. 11.- AS . . 12 TO IS 0 -Hi 1225 

. Asia Cole Barn. 7 AVEL-A •’ U* . -9fc* . 97 * +#i +IH : 7.a 

.-.Copentewn 7 #S EUA. ... 30 .Ki:* 4M 0 +0i 7.92 J 

- FtnhUd lud. Bfc. 7 S3 EUA' Tir M TO -Di +0i 7 4S 

■ Komm. Insr. 7-i.OT EUA. 15 97i 90S 0 ..+01 7.70 

. .panama St 93 EUA .. ." » : -w . 55 . -« +U >.4r 

SDR France- 7 83 EUA .. 22 

AUtemene Bk. 8i ss FI . 75 

Brazil 7* S3 FI 75 

CFE MCTloO 77 SS M • 75 

.‘EJB 7t S3 Ft . . . ■ 75 

Neder. Middcnb. 83 FI "75 
New Zealand 37 SA i-’l — 75 

Nfirway 6} tt FI N8 

OKB Si S3 H 75 

EH* 91 SS FFr JW 

BAT S SS Luxl-r ... . 250 
Payer Lin. S Bfi LuaFr. ... 250 
E7B' 71 SS Luit-T . 258 

Finland 1 Fd. S 6S LircFr 2S0 
Nom-iT 71-83 LircFr ... ?50 
Rnuuit 7 : ea LnxFr . . 500 ; 

Swedish I Bk. 4 RS LuxKr OT 
Citicorp OS i- in. 18 93 r- 20 

EXE 9i SS k ■ - • 25 

Finance lor Ind. 1£< Sfl r . 12 

-Gcstetiwr HW. BV 11 98 £ N 
Oranioboom lft» 90 F ... ■ is 
Whubre^d 104 90 I 15 

FLOATING HATE 
N0TE5 

American Esoress S. 

Arab Inti. Bank- M4-;» S3 
Banco Ntc. Arsent. MS tt 
Bank HaDdlo«-y M3 
Bank 'of Tolrro W 
Rajno'K 1 Worms Mil Sj 
B q. 'Ezi <T AIt. MS..173 S4 "03 
. Faiue. Esi. d Ala- MJ * So »* 


97] 

ftSI 

-Oi 

-01 

7.22 

43f 

843 

0 

+ 0i 

7.80 

W 

95fr 

0 

+ 02 

aj7 

861 

97i 

— 0j 

+ Di 

S.S3 

94i 

45* 

-01 

+ 0i 

8.27 

85* 

4*1 

+ 01 

+83 

7^2 

953 

TO 

D 

+03 

7J8 

44] 

TO 

j -o; 

+0i 

7.81 

421 

93! 

+01 

+02 

7.85 

81 

.9*3 

+0i 

-■■Oi 

N.D3 

TO 

863 

0 

+0i 

3.65 

Mi 

TO 

+0i 

— 61 

S.E0 

851 

86! 

a 

+02 

8.36 

•Si 

96] 

+0i 

-Bi 

U2 

961 

8?i 

0 

0 

8.60 

9S 

863 

+ 01 

0 

3.30 

99* 

uo: 

a 

+ 03 

8-01 

S3* 

.« 

-oi 

+ 01 

12.48 

« 

83 

0 

-#J 

1330 

Bli- 

121 

-01 

-Oi 

13.77 

m 

IS 

+0J 

0 

u.n 

821 

E7I 

831 

+83 

j-nl 

-0! 

13.25 
n n 


Spread Bid 

Offer C.date C.cpn C.yld 


03 

:98 

88] 

20/4 

io; 

10.71 


oi 

86 

96] 

31/1 

43 

8.74 

tt 

01 

861 

96* 

21,1 

8i 

8.73 

... 

13 

86] 

97 

25/11 

8J6 

9.BS 


-01 

86J 

97 

N/fl 

101 

10.85 


03 

9fJ 

TO 

15/12 

8 

9^0 

f* 

-04 

87 

971 

8i2 

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9.80 

Ss 

Di 

8*: 

971 

2-5 

123 

13.16 


0] 

97* 

981 

25 1 

84 

9.58 


961 

Mi 

4#i 

4M 

94 


Bo. fni. Air. Occ. MC.-^ S3 
■CCCE M5.C5 ftS - 
CCF &faj 55 . . .. ■ ■ 

Chase .Man. O S 3iSI 93 
Cofita Hlca 

Credit National Mo. ® 

Enneirol M7 S6 

SFTE 5f? 83 

lablka'wajma — — 

UoMianaLa .\J7To Si 

B.TKQ and -Inti. MS 1 W 

Nat. Wcsi.. MSt W 

Nippon Credit M5i * 

OKB M5! 68 . ... 

Offshore inuinj; w 
Standard Chart. 3I-»j f?- 

Survlsvallshankeo M* « 

Uid- Overst’af Bk. p~ 

CONVERTIBLE 1 

BONDS 

.tsics- V,. 93 ... 

BaFer Ini. Fin. a : 9- •• 

.Booia 6F.W ■ 

- n#ca-C 0 lr RnlilinP 0 . *••• 

Jlrt-Vokarto i; 9" 

No\m induatri "■«! %i - 
Teras Int. Air. 7; 9. 

Thom Im. Fin- » f* - 
T>-'.-o Tin. Fid. F. •• 

Tyco inx. Fih..SS4 
Asahi Optical »' DM - 
Casio Comp. '•> D>« 

Izumira 3! 56 DM 
.Tncop 3} fifl DM ■■■• ■■ 

• konlshinikii 3! DM 
Uirwlsi Food S'. DM • A il 
Marata Man. 3^ 66 DM ...M/TO 
Nippon Air. 3.5 « DM ■ -1J7W 
' Nippon Sbinpan -• DM ... 
Niswn-Diewl 3* S6 ■■ 2^2 

2SMS , SK r M"i 

tSSSmwSTv.M MI.-JWW To 


971 12.1 92 4.61 

MS 3 2 9.14 9J3 

496 3 5 12.33 

■971 27.1 9.31 9.61 

Mi U'4 1Z.19 11.27 


4,78 

I/T9 


4/79 


. 9.72 
ST* 
12778 
11/78 
19/78 
:. 1/19 
. 1/74 


TO 

TO 

11.1 

4.19 

9.47 

TO 

871 

Zl/3 

10 

1030 

TO 

88* 

5'4 

10.69 

1036. 

87S 

881 

27/4 

113 

11.48 

863 

87 

18,1 

103 

10.61 

-TO 

TO 

20/1 

8.44 

9.72 

97 

TO 

21/12 

8J1 

838 

88 

885 

15/3 

81 

937 

TO 

48! 

U/4 

1DJ6 

10.66 

TO 

873 

19-1 

8J4 

8:61 

86] 

TO 

1B/2 

8.84 

937 

TO 

86! 

4/4 

10.06 

10.43 

80* 

883 

4/5 

12-51 

12.44 

Cnv. 



Chs. 


price 

Bid 

Offer 

day 

Prem 

628 

1012 

102J 

-03 

7.00 

M 

97] 

88 

+Di 

4.68 

2J.6 

88 

80 

+0! 

-3.74 

8 

821 

IV 

-Bi 

16.73 

1473 

138* 

138] 

-03 

UO 

258 

80* 

817 

-oj 

5.45 

T4J 

81 

E2] 

.0 

14.20 

3^7 

.971 

87! 

+ 03 

-133 

21 

94 

Mi 

+ 0i 

19.02 

61.5 

Tt 

723 

-oi : 

16534 

588 

92: 

41 : 

- 0 ; 

1438 

341 

104] 

105] 

-#: 

1.22 

- 888 

IM] 

1051 

“Bi 

3.68 

1278 

881 

94* 

“« 

437 

612 

.TO 

9Si 

0 . 

1L4I 

U33 

13)5* 

106! 

+oi 

10.93 

854 

TO 

TO 

+0! 

4.63 

588 

W 

9M 

-Di 

3.19 

738 

IM* 

126* 

+0i 

—3-24 

477 

86* 

97* 

-0! 

3.43 


HQ; 10J4 +01 14.44 
1291 X2SU -3i 4JS. 
44} 951 -0i 217 
1161 117] -M -2J0 


4M 

421 


441 -M 
4K -OS 


7.97 

OO 


• vd infannation avmiftole— pmiong day's price. 

- .■ oniv one markel maker lupplled a pries, 
cmiaht Bspde: -The yield is tbe yield iq redemmipa of ihe 
"‘mM.nrice- the amouni issued fa in millions ' of currency 
™ , e* e &,r fur Yon bpnds nlwrn 1 : is m billions. Chansr 
u «£ksClui* n «?«■ i-arlier. 

L am Naie»: DenojnJrwi'ed Jn dollars nuJess o:b*r- 

* wise indicated M "Minin™ rrmpen Cdaie=Date nesr 
-tuinnn becnm>« pffecitw Sanseds Mamin 3 hovr ■as-monrh 
Sfervil rate l" r •’ S.. dollars.- F^pn=The nnvent ranwn. 
r vM =Th^ correni field. 

r-«..«wThir bonds: Dennrnlnated In dotlnrs imlem othenrinr 
mrtiyaicd. Chn day =Oiari»e on Hay Cnr. dales FJra dale 
*Ir ['om-eroioir mm shares. Cnv. price = Nominal amount of 
' ivMirt oor share ixpreased in currency nr share *4 conver- 
rate fixed -a' issue. PneMePertWitait premium of Ute 
i-iirran, efforiive once acuuirina, shares via tile bond 
’ . „Vr the. most recent price of ifcc than*. ’ 


«Tlic Financial THnw Ltd.. 197L Kebrod action In whah- 
zL .Jr nart in any form not swrmitred uitboui »Tiuen 
consent Data supplied by IntenBond Senices. 


Medium term 
Lone-term 


Euro cl car 

Odd 


November ID 
46.35 8-57 

4005 


November 3 
46.02 8.73 

3.25 . CT-S2 4.35 
EUROBOND TURNOVER 
(nominal value in SmJ 
U S. dollar bonus 
last >vcek orev.cus wrieh" 
1.733.2 (1.214.41 

597 J t -aS.2> 


HiaH 
5SJU- ( 1 B i» 
94.07. a? Si 


1472 


. Oinei bonds 
!a*( uveel t-evtous week 
C6.-1 (42S.11 

.-260.4 1259.1) 


|f»r the crimin'. 1 wee IF cunlains rr-aebiny 9.05 un Nmernher S. ft" i, * | ’ve< miii of ihe svsleiu. and 
inuifainq '.vhich is likely t<> change which was fiS lusis points hiyher J his smnewhai rcluxeb approach 
!tlie current j>crnpcciivc. than u 1 the betimnint* i«f St-p- hr-lp<-d relieve some pressure in 


With the ovceplinn un one- rvtnber and -ft poinrs biither than 1 , ™ ma rke!4. 

I month treasury bills which fell the last peak. Seven year. Trea- Thus six nn-ntb Eurodollar 
[back to basis prijnts. shon-ienn surie.? were H3 points' hiulu-r un vertificat-.-s uf deposit fell in 
yields ruse by between 10 and November ‘-i than ihetr previous Friday V iradir.p ir«i;i around 12 
62 basis puinis while iung-terin recui«i and HO >ear bonds 4 points per eer.i lu Jl; per cent, and six 
corpora les remained mixed and up. Km curporaies still have a ninnt D domestic (..Ds whicn 
registered r.n sitmilicam change. long way to gu. Triple A rated ovwrageri U.45 t-er cent on the 
Essentially the market i> utilities pui on 45 basis points vver<? ofi^r^d «t H.Lo. 

treading aier a 5 n tries :o to reach 9.25 per cent by No vena- The latesi monej supply 
adjust to new interest rate bench- her Z, which is 9 basis puint^ fis'fv-. for the- week ending 
marks established in ihe wake below the previous hi eh. and Ni.vembr-r 1 were generally a 
oi. Pr?«;di*nl Carter’s dnliar Double A industrials h.id p'riehed p‘»s»iive factor for so gloomy 
hncistin^ piaTirte of November t. 9.15 per cent which was > ■ ; 1 1 7n hav- been expectations that a 
The in! pad 01 that packaye lias basis pidii's short of the 1974-75 *-.lbn inereasc in Ml proved In 
been bruts mu. hm sijnilicantly peak be smaller than Ihe most dire 

ihe rnt?i .m uimm money mark-t Most mar km pjriicipaiiis luuk fu recast ft. In the short ter»n. the 
inslrumc-nii are si ill well short backwards in order lo make some dollar rather than monoLiiy 
of ihe peaks «-si.«bls.shpd in the sen -.c of the future and main r.re dfvelo:inn'iH« may be the prune 
197 J -l97f- reevs-ii.n. ■.-•■ntidcni thai pi-r*viou> interest in due nee un the Fed's manage- 

i Thus, altismijn ihree-montb tale peaks ’.-.ill have to be chal- HUfRl of inUTesi rate.-, partly 
[CuimnerciaJ paper r(v»i; from iengi-aj if the aiuhuriiies are io because ihe rate of increase in 
: S.f)5 per Cea 1 mi September 1 in make .in; impact mi million money supply ha* abated a it tile 
•ii.SS per c.-nl nn \.»;vmber :i and ai the same lime roloiv ihe and r-artly because major com- 
loh .us ore v 1 i.ii.i s peak wa- still .some miesru; uf the dollar. mesvial banks have introduced 

-57 ba>i« points limber Simi- Fur its p:m the Feder:il ihi>- 'in. nth automatic transfer 
larly. -ix-m.inih eerTtHc.iiPS uf Itescive appear-, ai.stour. at 'he frutn savings i«.i current uccouni* 

deposn climbed Srnm SS»t per mumeni to vise the mail’ets and the Fed is e\’ peeled to need 

.ce:ti Ji the bM'.'innim* of iitm* to adjust to the ivr-*ni umu to assess the impact of this 

Sepi.citiiii-r in' 11 sii per cent bn' sevife inc-n-iM--- in >h'<rt »e r ni dev...!opment on the nionr'tai-y 


S9.D3 (33 101 


.Ve.einoer if.i: despite this 2.15 interest rates, and dealer? d aegcegAte*.. 


U.S. FOREIGN 
ISSUES 

Interest 
generated 
bv Carter 
proposals 

By Mary Campbell and 

Nicholas Colchester 

THE envisaged issue of up to 
¥10 bn of foreign currency bonds 
by the L : .S. Government — now- 
christened Carter Bonds — awoke 
keen interest in Europe’s bank- 
ing centres last week as L'.S. 
Treasury officials visited Zurich 
and Frankfurt tu sound nut lh£ 
Swiss fra or and D-Mark markets 
for such paper. 

Lin balance, hankers and 
i-entrirj bankers felt that the 
discussions bad made such issues 
more likely, though it is reliably 
understood that pending the 
return of the team lo Washing- 
ton no formal decision 10 go 
ahead with the exercise has been 
taken by ihe L'.S. Government. 

The president of the German 
Bundesbank. Dr. Otmar 
Einminger. said on Friday that 
Treasury notes of up*to four 
years* maturity were envisaged 
and that this ?hort maturity 
would case tbe task of issuing 
such paper oo to the German 
domestic market. He also 
intimated that there would have 
to be some-: restrictions pre- 
venting U.S. investors from 
purchasing the notes. 

Dr. Walter Seipp. who heads 
the international operations Df 
Westdeutsche Landesbank, said 
that he was confident that the 
U.S. could raise DM 6bn in Ger- 
many if ihe market was tapped 
in the right way. This, he said, 
precluded use of the capiral mar- 
ket with maturities of above four 
years and was consistent with 
ihe Money marker notes men- 
tioned by Dr. Emminger. He pre- 
dicted that the exercise would be 
a central topic for discussion at 
ihe meeting of the German capi- 
tal markets sub-committee today. 

Another German banking 
source mentioned the possibility 
of up to DM Sbn in shorL M year 
notes and added that a DM lbn 
international bond issue was a 
possibility as well. He pointed 
out that domestic notes would In- 
volve the U.S. paying higher 
rates than other industrial coun- 
tries bad paid in borrowing on 
the D-Mark, international bond 
market. 

Less emerged from tbe talks 
that took place in Zurich, but 
tbe 'reaction of the Swiss finan- 
cial establishment has in general 
been less cautious than that in 
Germany. The president of the 
Swiss National Bank. Dr. Fritz 
Leutwi’.er. was one of the 
original advocates of such U.S. 
issues. One leading Swiss 
banker said last week that be 
was confident that Switzerland 
could place S3brt worth of Swiss 
Franc paper without too inuch 
difficulty. 






Situations like this have many costly and 
worrying consequences for ihe people involved. 
Help-overcome these problems through 
Roval.Insurance protection and service. 



Royal insurance, UK Head Office, New Hall Place, Liverpool, Lfi^.'EN 











•Financial Times Monday WovemBer 13 197S 





Come 


I 



/ 

/ 


NEW HIGH RATES 

FROM DECEMBER 1ST. 1973. 

■•t-r t.MiNs 

Share Accounts 8.00%^. = 11.94%* 

Deposit Accounts 7.75%r:> = 11.57% * 

Build-Up Shares 9.25%,..,= 13.81%* 

Bondshares mb bisi LtMinimumf-uo). 

5 vi \r rj.PM 9.00% p j. = 1 3. 43% ‘‘ ! ' 

: ’i (. \ k ii:R sr 8 . 50% r .. = 1 2 .69% * 

The r.ilc* on dll prtf' khi-* is<uc^ > ii Knrul«lMiv:* •nMhcincro.tv.'l 
in jco .rdjn-.-e •* nh ihc aureci ilil! .reiitwl jNy.c the new share tj'C. 
■Tn thuso liable n ■ pa> irwumv U' ailheha .ie raleol'33 . 


AB8 EY NATIONAL - ---* ■ h-xv «*rfr i-ia'iT w/r. :k.i y« •= ■ - 

BRITISH-BORN EO PETROLEUM SYNDICATE UNITED 

INTERIM REPORT FOR THE HALF YEAR TO 3nth SEPTEMBER H'Ts 


.V a racciins nf th»? Board of Bntish-Bmnen IVtruk-um Synduraio Limilwl h«M inda> ii v. :• i n« deH.1i 1 : 

an lniprun diudijnd No. 91 of 2.5a?,- 11977/7* per Hip unit of stunk, hi the hand?- «.f ,h _t. nif-d Ktnyi.vm 

stockholder this interim dividend is c'juivalenl. with the applicable tax credit, in :*..74-!Sp « lt*77/7s :;.-lS43i'i Ir. addition, 
as m result or the reduction in «ax credit applicable to the final dividend for the year to fflsi Match l^7: ; . i: •• a? reset I’.ed 
to po\ un adWinonaJ dividend for that \c.ir id n.UfiSp per JOp unit of slock, com valent, wish the a; plv.il.l- tax credit, 
to 0. 1 01 49y». at :i out nr Et.OHfl 

Roth the-t dividends, tolallin? -.a7fip per lrtp nml of >t«u-fc. trill he paid ««n 15 »h I >e«.ein her 19. S >■< -i ••.■Irniwleiv 
itgislercd at ih' s close of busings on J4ih November 197S. 

The Transfer Books and RfciMcr of Members v.ill l>o closed from Hath Novcmher !■» isi l»vwr.ber If7>. i-nth days 
mclii-he. 

The unaudited tv-uHs for the half year in :10th September 197S arc as fnllov.s: 

Hull skw to Yrarin 


•Ibiit NepiciHlier 


Vrnr in 
.71. if Mr: id; 


Dividend? and lntcre.il nn lnvn ; :im. n:> £J7S.iVi7 £‘J4n.Jl'.t 

Profit on realisation or Investment. Short Term Interest and 

other inennt" ‘J:»9.-i^n J f >.- u!M 

Administration Expenses «:ui.S J 5 1 i”i » 

InierC'i on Kiirovurrvncy Loan* I47.n*>*» i-io.^i.: . 

Exploration Expense, — ’ > 

r ri.fit before Taxation -tin. 1^4 47M 547 

E.-limatcd Taxation 

Corporation Tax IllU^t?!' 1 1 1 7 Ki-tn t 

Tax jnributaiilr to Franked ln'- 0 sUnent Income « r^.-fni . t*irj c'-.;» 

Profit after Taxation rJ52.o74 1 

Cost of Dividends Ell'J.S»V« £1 1 rj.rlfH i 

* .idjustcd for addiUor.nl di'-.dond 

In \Ve?tern Car. .id a one >ii at Meokvap and two weds at Boundary Lake •■ere dr iltir.rij ft- 
abandoned. Funher drilling in ai'-a* under farm-mil arrangement.-, is unil-.-r . or.-i'lrrjtio:-. 

Net A, 'CL- of the Company and u.- Suhstdlnric* at :>lst March and 30ih Sopn-mi)**: H'7> v.-r |. 

■Vaii y.:piciiiiK‘r 


ir>:i 

£J7S.r.:i7 

/.••,- r 

f-Ur, "Ci 

I-W3.5 n l 

i :t4.S-»S i 

;/i.- u'.M 
t”l i 

t 4n.*4.’. i 

i -''ii i 

rilin.FOH 

(>77 1 

4:’m.i”4 

47' i -V!T 

T40.0P.I 

Cl] il.**: i 

< r i . 

1 1 IT KT-tu , 

l*V*, or«ii 

t i 

1 132 y:;i 1 

£^5-.:.'74 

r-Si'.'n l 

;4S5,4'1> 

fiiiSRi 

il'PJ.rtfvi 

L.’KKS.'Sfin 


Canadian Oil and Ca* Conccsiiens at cD.-t 
lnve*ti?i®.ti$ at book value 

Lute 5 

t. nits'ed 


•V: i.urrent l.iabilme. 


n.Wfi.nni 
52 nr.- 


i.e:;;. Euroairunci I.ojn, 


Slock Exchange Value of Lisi:d l mi.*: merit? 


2 Broad Sired Place. London F.C^M 7EP 


I97v 

1^5?. 9?::- 


".nax.c.74 

i. 2d. 147 1 

4.227 92b 
1.01 1.59b 

2o.-_’ld0-l 

£H0Xjr*.d:i7 


ti.Hi- 

aj.tr, 


if year and 


■lift .11:11X1 1 

l \ whil'd • 
E17fi.l7d 


4 05fl.fl Hi 

4.2:tfi.0f-2 
1 129.424 i 

•l.jllfi.Hli's 
1 .073.35 1 

i ::i CJ33.KU 

4fi4.7i‘i 


T; -.f ihc Board 

nt.'^spl.L LIJiF.I’.!- K;:. .■Jtvrt'ir r/cs 
‘‘Ml; ..-■•oiil'i'f IJ*7 - 







iV7. Tfd 


Edited by Denys Sutton 


le 




K'vra Sim ,1 


1 ui <jart2 Vi ? iia *is£? 


F'ibiiijied Monthly pri;c £2.00. Annual jubicrip:;sr; £25 C? • ln:.-,r i \ 
Ovcrt~as SuBJC.-ipnofl £23.00 U5 A 3 Air 5f-6 

Apcllc Mjfdzmr. Bracken He ,;e. T3 Cannon urcc; 

London qC-*P 46 r . Tel: OW* 80& 



Yauxhall engineers vote Managers 

■ press claim 

to accept 8.5% pay offer | for 

BY PHILIP BASSETT. LABOUR STAFF S • . • 


»1 rniur daxseTT. labour smrr *4-* 

VAUXHALL MOTORS yesterday 57.000 workers, who are today called an all-out strike by Vjmx-; f £C0211ltlOH 
became the first major car com- starting their seventh week of a halls skilled workers, will meet. O 


pan: effectively to settle a pay strike with no talks lined up tomorrow to assess the response. 
Ideal in the current round when hetween unions and the company, and decide on. its next move id 
en^inecrina workers at Elies- Thu average pay rise for day try to restore differentia Is croa.u [ 
i mere Port led the wav to shift workers under the VaiLxhall by pay policy. i 


By Our Labour Staff 
THE Engineers and Managers 


acceptance of an S.5 per cent agreement is 5.5 per cent, only Mr. Norman Gunter, combine | Association is to press for 

niter by tin? company's 26.000 marginally above- the guidelines chairman, said -yesterday i itiat tne i rcW) gnition at three engineer- 

manual workers. figure. A further £2 -to .£2.60 is 900 Ellesmere Port strikers bad J ing cQ nipanies after reports by 

A Strike In the companVs 900 available as the first part of a been supported by .a strike byj lhe Advisory. Conciliation and 

skilled workers ai Ellesmere productivity deal, with possible 400 electricians and other skilled . Arbitration Service showed 

Pori nv<rr differentials vnll begin earnings from a second part workers at the Kirk by. Mersey- - overwhelming ” support for 
locluv. thouqb. with a further ranging from 25p to £10 a week, side plant of AC Delco. the car representation by the union. 
.1.500 skilled workers at Luton High-level earnings from the components company which, like ; Mf Jo£io Lyoas ^ 435004. 


ing Workers at Ellesmere Port mem has noted the company's • The 3.500 i h« union's* decision to press for 

I voted overwhelmingly yesterday insistence during negotiations Austin-Morrts aWi ring and I - . ;.j on Respite the out-come 

!"_^ 1|o ^ h ^r ero, . nnic ^ al,,3r, i , i l „ h3 i 11 « “^?rP lin ^.,;^ lnSl n ! S S^STghJm" who have halted ! noi being kit own of an important 


their unions executive and uwn financial position, not Birmingham, who fte aa»ru , - r 

accept the comoanv's offer Government guidelines. The assembly throughout the com- j test case on the i issue ofrecogm^ 

Th P pav agreement, although Department is expected to pany a nd caused 20.000 * 0 rkeis . P™ fesslonflJ ^ 

in excess 'of Government guide- examine details of the agreement to be laid off, are expected to | associations. asainst a 

lines ir the 5 per cent figure is when a settlement has been meet later this week. -The esecu- ACAS is appealing against a 

rigidly adhered to «s a much signed live of lh« AGEW is expected to. judgment rerut ng « decision 

less significant breach than the The unofficial General Motors instruct thorn to return to work; not to recogni.se the Uruted 
17 per cent offered ro Ford s Combine Craft Committee, which ai Hs meetmg tomorrow. Kingdom Assocutton of Frofes- 


TT -m m* I The appeal has cneciiveiy frozen 

Heating men SlUMmY l imCS iOSGS * ork simiUar 

win special ■ . ;Battie 

case 30% deal 1 300,000 more copies 

Financial Times Reporter J y 1 staffs at Clarke Chapman (Power 

HEATING AND ventilating BY OUR LABOUR STAFF | Plant Division!. Hoover (Peri- 

engineers will receive a 16 per, , . . r . .. ^ :yale> and Aiton and Co. of Derby, 

cent increase in hourly rates of I THE SUNDAY TIMES lost On BBC television s fin thFj iQ recognition references under 
pay frum today as the first stage 300.000 copies yesterday because Record, programme. Mr. - Section II of the Employmeot 

of a two-part 30 per cent deal | machine assistants failed again to said that The Times w-ould not , protection Art. had shown “ over- 

agreed under the special case; finish their normal shifts. The he closed, but if the company j whelming *' siipjwrt. 
provisions of the Government’s losses bring the total copies lost had to suspend production -At Clarke Chapman 66 per cent 

pay guidelines. in the last six weeks to 1.7m. was confident that the dnatST^ voted for. association repre- 

The deal for 30.000 heating . T . being offered 10 workers in the.( cpnta Mo n . -ht Hoover (Perivale> 

engineers is in line with that = h ™ J the ^ \ltlonal^Societv of P rinlin ? departments could and ; 77 per CPnT a nd at Alton 86 per 

agreed with the Department of Prime?? GranRiul would be negotiaied. He said that , cent Referring to the member- 

Employnient for 18.000 plumbers ? n p ri dTa PeraoMel havt P bfSn oegotiabons with mo?t of the . ship battle between the associa- 
irt the private contracting ^i,?i d i lir u f n? thV n n^T un,or>s conccrned were going j fi<jn nd (he Technical, Adminis- 

mdusiry. J m on Sundav J weU ‘ [trative and Supervisory Section 

ofninrt 'f.f 4 thSr chiim foT an • Journalists on provincial : of the engineering workers’ 

n -.1-1 J__1 in thPir n ,fL)iv newspapers begin industrial , union. Mr. I.yons noted only 28 


BY OUR LABOUR STAFF 


rional Engineers at AP&AIlen, a 
Bedford engineering company. 
The appeal has effectively frozen 
> recognition work In sizmlior 
j areas. . 

: Battle 

I Mr. . Lyons said- ACAS ballots 
1 of . professional and managerial 
I -laffs at Clarke Chapman l Power 
‘ Plant Division j. Hoover (Peri- 
vale) and Aiton and Co. of Derby, 


muusirj. A am nn Ciinrinv in irauve «UU ou(wi»isu;\ ocuiuh 

ofniJort l r,f 4 their c?aim tar an • Journalists on provincial : of the engineering workers’ 

ij . . I 1 f mcreasc f jn ^ their nltimialfv- newspapers begin industrial union. Mr. Lyons noted only 28 

Bristol dockers i™ ri ^ nvcrrimrrate 1 y action over their annual pay . or TASS’s 43 members, at Clarke 
U1131U1 uv/civcia v^'rdav attri- claim from . November 20. A Chapman and none Of TASS’s 

Avont 1 rico hu^ed lo^ 0/ 1 ^m^fthe toul conference of representatives of; -very few” members at Aiton 

\>3lll 1 5/0 rise fnst fn the six w^eeks dli-ectly Yo 300 chapels of lhe National >- an ted TASS to represent them, 

nviuv iirmFTs Mr *hni,. i£ i!5c^ LTSm^lSion Union of Journalists at the: By wuitinc for the outcome of 

n in b S ™\\ r lhXc HS^ chief ^ecu- weekend voted 119-U in favour the APE-Ailen case. ACAS was 

l.oOO registered doeker> in inc Mr- uuv.c HUbse>. cniet execu f k nc ti n n. \ railing tn earnr otit its statutory 


milted chums well in excess of ' vei f ® rn iasl week from the Newspaper | to the companies asking them 

.he Government s 5 per cent pay . tn line with the company s warn- § 0C { fi (y i an{ j j S pressing its El'0-a- ; ro grant recognition “ without 

'^ utdelmes. ing. u-ypk claim. t further delay.” he claimed. 

_ Mr. Denis McShane. the NU.f* The TUC is examining tba 

CSMAyf l IJI I 111 A DV president, said ypsterday that the whole area of recognition proce- 

g]¥£*E*f\ O It AnNlflnL U I Hill quality of Pronvincial journalism | dures and is intending to report 

would decline if pay were noi ; its findings to next year’s Con- 
The following is a record of the principal business and financial improved. ! gress. 

engagements during the week. The Board meetings are mainly ;- • • • ' 

for the purpose nr considering dividends and official indications are 

nut always available whether dividends concerned are interims or ■ 

find is. The sub-divisions shown below arc based mainly on last 
years timetable. 

-TODAY W»l Hcu». Main Drjmifle Ac»t>. 9Up-Ro 

COMPANY MEETINGS — H9SI.BSI *MK 

GI-fBr.an ln» Trim. 1 # a WeU George WqM L«ik» TocBd (W- ISi 1 1*'8. LS STal 
>t 2JO Wot YOi+ 5. 7ocPd Hd. 1 5’1 1778. U.61S) ^ 

dOt-u MELlll-GS — Z*o*M Coro.. 7'sc.l*. 

. ,nal-. THU TODAY NOVEMBER 16 

COMPANY MEETINGS— ~ '= ' 

i.«# ft Ji N.gorUn Elec SuDolrCorp.il Soulhamo- ■ ; ; — — — — — — ^ — ~ 

Prlst-nclT 'parte/ ^ Baq Lane. Atherton. DeiCripfion Telephone 

i.»«k HKsti M*ochc«er tl , — — — ■ — . . i - ■ - 

■la',W'i am CroihiM Sthroder Proo Fontl lor Pennon Mum & , , Mr Miirc 

lea'll 'C. t.' Cluntiei 120. Ch-'hosIcic E-C. 11. .KUULilVG MILLS 

TW Sirdar. a«i:v» Mills Airtr^orpe. w-ke- 5in x l2in x iOm wde variable speed 

.dtcarrje Mi' snail TraVora Park E«s . MWard Howl Man- Four High Mill.- 

L».i.l.;»<r ..Chest IT fz . _ , ■> C.„ „ Q;„ \, n.„ «r,.orl 


. i rials. THU TODAY arOVEMRER 16 

.i. <CH..C COMPANY MEETINGS— 

ft JI N.qorian Elec SuddIt Con> . 11 Southamn- 

mlcriiws. 101 Ro» WC; II 

;ocri>v...Mr Prestmcli Parker Ban Lane. Atherton. 

Hksc Manchester 11 , 

• Isrr sjus a'd CroshiM Schroder Proo. Fund lor Pcns.gn Funds * 

Hca'h iC. t.l Chjripes 1 JO. Clinaas'dc E.C. 11. 

He's* Sirdar. Beclive Mills Alwertkoroe. wakc- 

■uMjCi 'a lnr»>i. Til. field 12 

C'csncac Marshall TraVord Park Ests . Midland Hotel Man- 

Ua.l.**<r Chester l z . 

j...ir-er nv _ Westminster & Coamri Proos.. Grosrenar 

OIVIDENO 6 INTEREST PAYMENTS — H»e. Park tan*. W. 12 



DIVIDEND 6 INTEREST PAYMENTS — Hse. Pai 

Aoo.;»ariJ J.JSn BOARI 

flramali 'CO./ I.TPo F'naU: 

u .loci* 6 SS2 » o. ^ r , WwOc-SAe 

D j nond SnamrijcV Europe Dt». S'lfX LWT 

Fcrrr P'tke'InQ. I S93)d Lona ane 

Ho-d.:n ■ Al^tanaer- 2 So Northern 

■VcisCenholtne Bror te Ponders. J.S7o Roan Cm 

laKoRPOw SccwJsh i 

COMPANY MEETINGS— _ Selection 

Armstrong Equlo.. Waldorf Hotel WC. 12 Interims: 
Lotk*>c F :jcs B-' 0 « Rrf Lone Surto" Baofi . 

So»d>nq L-ncs. 12 _ ^ , grab* Ln 

S’.aoard Glenoatri:V Works. E'dcr.ilic Panto IP 

Rer.IrcMsnue 12 Vafor 

e-AWD MEEFINGS — WiUr irr 

Final,: DIVIO 

jCEG C filter ha 

Interims: C'l*e D.v 

%d-an. e Laur ones CoDf '’h^fl 

r.routnnot Laiham Ribbfc Va 

■ ymm-rtiai Bans o' in? Near East Richards 

7r o!*£i 5<-:s Solicitors 

"e\e Invest. Tst. TmdridBI 

hot Tarmac. 

ICP 0.OV4B 

l». « Sets. I"»«l Tu woiverhai 

N :h3ls f) N (VlmlO’ SNOC 

ii denier 

«,m.tn IW. HI COMPl 

i.nths Inds _ _ Brown Br 

i-d Co'« Brow-rv E.C.. IT 

otviorso 6 INTEREST PkTMl NTS— Banks (S 

Empire Stores ■BrtC'ord' Z f'Milp brids" 

.•ium-s \ucol-mnnj»r» dftriOUtion O’ Falrvtew 
n 02946J c a ir. 'Tl’ITBl Broad S 

TX 7ot^ n Va?5p 7 ’ 0 Sk T n. V ^ 

WBtf '.T?. T^^CEI.P X 

rrMiU ^^ESDAf NOvImBER IS 

COMPANY MEETINGS— c?J2^lr V 

HuMand Elecircmts. H'8«lapd House «. Sfaajrtc 
Old it ci no Br-nhwn 12 Roior 

toroon A Slrarnilvd- Trst. *. St- Marv BO^Rt 

Avr «C II M. 


BOARD MEETINGS 

Finals: 

Kwik-SJTB Discount 
LWT 

Long and Hamblv 
Northern AmerKan Tst. 
Roan Con*. Mines 
SccwJsh Cii’W lorest. Tjl. 
Selection Tst. 


E'der.ilic Panto IP.' 

Vafor 

'"’dTvi'dENO * INTEREST PAYMENTS— 
Cheltenham 9'aKBd Rd. 1 2 1 1 ■ 30. 4-rOC 

Clive Discount. 2.0iO 

CaDe-’h^ac 6oc20vr.E«.Ln. 'BBS. 3ot 
Ribbtc Valley tO-rocBd Rd. IO'tt'62. S’«pe 
I R\rnarOs iLe-cesterl I 5c 

Solicitors Law Stationery 1.4T4D 
T and rids" B>ocBouRd. IZ/ttfBa 4'.« 
Tarmac. 4.QBP 'Includes suop. dlstrb m 
O.OS4Q o a yr. 1977' 

Wolverhampton 10‘»pc€«Rd. IUIHI1. 

S, "° C FRIDAY NOVEMBER 17 
COMPANY MEETINGS — . . 

Brown Bros Corp.. Gl Eastern Hotel 

SE NTS— Banks CSC'. Garden House Hotel Cam- 
16*0 'in. bridge 12 . _ 

lion o» Fairvtew Ests.. Winchester House. 100. Old 
Broad E.C . I0 1D .. 

H T.V. T.V, Centre Cardlfl 12.30 . 

Kgnt ’MP>. The Towers. St. steohen'3 «d. 

Beawtm Hill. BatIV 1 2 
Mjckiow ■ AJ). Chamber o' Commerce 
fdgb'istDO. Birmingham. 10.30 
is Surd burst Marketing. Somdle Wav. 

Crawley Susseu. 10.30 

cine 8. Stnnnu. Gt. Danes Hotel, AsMord Rd- 
Houlnotjournc. Kent. 11.46 
St. Mjrv BOARD MEETINGS — 

Finals; 


iino'erson "Murray A Elder Y.cloria Hotel ^5i^°aIo,lnn 

feSforViWfrjsrer H 


Smith Wallis Midland Hotel 

dirminshjm 12 
BOaHi) MEETINGS — 

Finals: 

ftv.h"r Prod. ton. 

•nldrlms: 

Snqa Pki«in‘ 

Jtrcham 
B.iwn Sb.c'cy 
r'nan’.t'Tilair and Hill 
Ch-.tei Cons 
Cuano'. - 

□ i.do 'D*»>4 * 

i: MidUne Allied Pr«S« 

Ke.scr U'lmann 

_:nd:n Prudential Inyest Tst- 

Name: Hai dars 

N.^n- Cd"S nr 


Interims: 

Llord tf. H.l 

Dividend * interest payments— 

Aberdeen ConMrUCtlon. 2p _ 
amwTcv 9^pcBo Rfl- 23'3.79. 4>aoe 
Aloire 1 .34o 

American Medical Intnl Inc isets 

Bcmrose Corp.. 2.1663b ' Includes sow- 
d.strb. ol 0.029c O a rr. 19. Ji _ 
Br’Ckiasd P'aoeB-I.Rd. 13'S'fll 5NPC 

Carfwnpnt fS 1 t 5o 

Cti-itern P'fOcBn Rd 23 B [TV thK 
Comoo Eng. Store* l.7t So 


,*cr uurt^nn T , Comm. Union Ass«.. 2.9a o Includes Sudd- 

Pfzn prudnt.a' !"•«»» TST- rtlslb! o» 0.O77O Oa vr 3t'12'7T. 

ir net Hnl-oars Cumoemauid 6 Kilsyth t I 'rPCBO RO 

Ql I'bVNQ i INWST PAYMENTS- I^.RO =35 79 4>aOC 

19*5-67, fSj. pyersca 2 jnyv 0 0 o 3SP 


I ASerdcen Snc 
f..j r <l Mtai 
J .pc. 


Al\m Harvey A Ros* aocPlfl.PId 

All.ance mis ,oe 

Automated Sec O obP 
R^m-vs Bank Ln a^.pc 
5,1 r»?i T'.o-Rd I9?t 3’Si 


5>i n’l 7’vO^Hd :t»,o * ,, , 

■•5?2-24 S ■« 7t>cBo Rtf. 'u i 

Oi*' Tf*P Dl 7 2 '***■ 

9orq W.irnLT Co r o 
8 - 1 ; Asseis Trst Db 20 . 

Brit. Cv: J -acGtd IB-6-,9 1 >P- 
Hi-unswirk Ca-o 17 st.S. 

Card'll TscRa I9.9-S2 3 

;s;se Manr.irtan Coro 3 fTq 5 s „. 7 o. 

wlvdevov Inv DO. 

. • t> j' . r 4!T»: OC 
CoWare- Pal mob »e .jBcJ’-, evtitv 

corov 7a<Bd Rd J, 5 ' 1 1 iSnvV'ii 1 
Cm 3 ol Lnnn 1 3'» m ’. 98 i. ,oc 

Crovtfd ■ 6'aoiRa J973-6I 3 .oc 


Fed Lend Bldo . 0 8o 
1.40 C,ibb» i AI. 0.71 Sd 

Gravcabam 9 ':ocBd.Rd. 25 5 79 4 .PC 
Greenwich 9>;OcBd.Rd. 2SI5I79. 4 lap* 
Gresham Hse Er. 1.4p 
7 ■•*>-- ft n. Gresham Intfs.. lam. 


7oc Btf R tf. 1 5. 1 1 :78 H1.V N.V. Crd. . 6p 


Esso Peiroleum Do 3“ c 0( . 

Ev.n-oner Ln 1!'«Pt ' q » ’sK 
Evtern.W Iny Tr*: 2.57 b 
F' njn^n tor Intti Ln TOC ro VI O 

F'tawHton 0 60130 '»r 30(6 .8' I.C33IP 

C.'n A^C&mni. Inv Trst Db.. 2 PC 

Gc,otf«ea. I -re A Rubber *G|i Oh -'OC 
Hounslow TacBo Fd. . '= l 1 i 1 & 
iiltnctOri 1 3 ;PCRa 

Lvl’Js 7 ;oc3d 

’iV^Sa l -bc TncBd.Rd. 
15 1! 73 £.3 6151 
,:'i-:fid. Foods a "?%Pona« 

Lhrtn h Mm Assce. - 76S04n 
Me.tfsloe' 6 .PtRd r \‘P{., 

TB.td.Rn l5 .’ 

Metro Est 3. Pi OP mini J* v ._ 3 
>0-3 S'c Q. Bcs M Br. >" drnpm. 
E u" 0 10091 4 '-a'. 

Mi)lir\ 2 Zp . , ___ , 

WfYT / & at Pi ^ • Tape .. .. 


ip- Uuntina CibMn 0.1 0 

L.vtroool 9 »?pc&d.Po 23 5-79 4-*-pc 

KSS. i WBSL Tr!L.\?& 

?9> Krd' k BXds. M, VaV a S«e Bd.Rtf. 111,03 V.r 

N-wcastle * Gateshead Wir. 7BCitml». 

I SI ig&i M a y Con* 2 Sac 4 gpcifmfy. 7pf* 

BC Mb. Cons. 1BT6. 1.96PC A.gpcijmiy. 

7dc 1 May. Ord 1998 1 .96 DC. ...St 

itmlv. 600 May. Ord . 1.6«bC. 3 Sp' 
•imly. 5Pcl Cons. Prf. 1 75oC 2.450C 
• Imly. J'vBCi P-P Prt. 1.225DC. ‘!.SK 

.imly SBC Rd Pf 1900-8 1 I YSPe 
1.69310 a OSSPCtmly 5*aM« gB.Pt ’932-04 
2.01 2SPC. 4.2BC lmW. 6oe» Rd PI. 19rB- 
C 79 2 .1 pc 

Rand Lndn. Coro . lOctS _ _ 

I. 4’*PC Ransomes Slm» & Jetl erics J.09P nn- 
b z '-me dunes suop. juib o' 0.09s o a yr 1977; 
1.6151 RedhrldUC 9',DtBd Rtf. 2MS73 4'jpc 
Richmond- on -Tnamas 9l;pcBd.Rd 2315779 
4 '<« 

Siivcrmines O.bo _ • _ 

ncBd.Hd. Stn Keslevan Var.Rr Bd.Rd 12'S 02. 5'aOC 
5ia»e- Plait mos . 2 . 72531p •m.iudos soon, 
d<strp. bl 0 0201 Sd ofa Yr. 31112 77) 
Tand'idSe 9 -ocBd Rd. 23 5;79. 1‘atfc 
~ TavsJOe Var.Rl Bd.Rd 1 1)5-83 65.1 S 

II fl Test Valter 9-ipeBd.Rd _23>Sf79. 4(o>c 

3 .neLn Tower Hamlets 9' ; pc8a Rd. 255179. 4 NBC 
tfrnom. Trafiord Park Ests.. 2.35021 20 
Treasury goc 1994. 4i;0C 
Unisec 4cts 

Warrington 9fpcBd.Rd. 2 Jr 5' 79 J '.pc 
ail". 78 West Yorks. 9 -ocBd Rtf 2S.'Sr79 «2>s 


I $ i A-n,r. .in In. Til Db a'i»a 

Nih"* inv. Trsi. Db 1 'a '1970-HI' 

I 52 C-r alien 2 '1973-03' 2 'Ba or 
"Vr: 2; 2 .0'- 

<L:'t U’d m* OB.. 2'ml . 

Snr. Potts vu-r Bo lt'.pcRd. 19S1. 

5-edfl.'d Oxl. A A o B061P 
V-'|ii'l*.1* 7r:97 Rtf Ir” 13 C3.61S1 
Sj-'-riand r* tv tf" iarn.no 4-\pc 
Ssa-sej 9',pr 1977-80 A'-OC ...... 

T'» i-lr-rt'"-'" 7 d*- 90 Rn t5'l rid, L3 OJa’ 
* 1 -s.flisne A Gen fnrs . Z.aO 
T-»’v.it« t.n ij'-nt 1995 6*-n< 

Yunset Hrrtqs Fr^D rrd ol 3'iBcDh 
v- M'k o'u; accmeit .nr 
t nr t. vs-,f r c trrcFrt 19R fi W 09 

Vaisvt 7e Prt e. nil 71 L2 6!S1 
Warner Cnnmi/nH't'CM Inc 25cfS 


Harrigalr IO -oe8c» IS 5 79 5t.bC 
0-BO' Hereford Il'.DCBtf* l« 5 00 5>'n.DC 
85 or Kvlctburn II.'aprBtfv. 14‘5'BO S'-'ivPc . 
Lemor’h I O'.-rnFiIi 1 5'5'7g S', sc 
Lothian lO'-ficBdl 16 5 79 S'aOC 
19SI- Banchnslm to -PcBds. 16579 S'me 

O.MrdSlli"* 1 1 'rfvSiri id S--»o a ’'-lt> 
Penh and K nross lO'-DrBds. ISiS'Tb 
>151 5 , sc 1 1 tvbrBtf*. '4 5 80 £<‘'.oc 

S— Sin [4 5 00 5"'-0C 

. Tnrp»v iOxb-Bck 165 79 51, rc 
I 61 jt va|e ITnyal 11--W-BHV 'd.'S’gn Bl'ivOC 

Warwick il ".(►*— : J'5- 59 S'h.nr 

5UNDAY NOVEMBER 19 
i Bt Oh D1V1QFND A lUTUDflt PAYMENTS— 
T>">ii)rv I0<- rptH? 5“iPC 
J9 «-s» EHt'm In*. -Y*t Db ;rRd.l 
?'mderland Tirn'IM. ioyij.bo met 
Doncaster 9 -.oc Bd.Rd. 23 5.73 4 Lac 


Desc ription 

ROLLING MILLS 

Sin x l2in x iOin wide variable speed 
. Four High Mill.- 
3.5in x Bin x 9m wide variable speed 
Four High Mill. 

IOin x I6in wide fixed speed Two High Mill. 

IOin X 12in wide fixed speed Two High Mill. 

17 in x 3Qrn wide Fixed speed Two High Mill. 

24in x T6in Wide x~3Q0 HP Two High Mill. 

1973 THOMPSON & MUNROE STRIP 
STRAIGHTENING & Cui-to-lcngth machine. 

J970 CUT-TO-UNGTH UNE max capacity 

1.000 mm 2 nun x 7 tonne coil fully 

- overhauled and in excellent condition. 

STRIP FLATTEN AND CUT-TO-LENGTH LINE 
byA.R.M. Max. capacity 750 mm x 3 mm. 
RWF TWO-STAND WIRE FLATTENING AND 
STRIP ROLLING UNE. IOin x 8in rolls x 
75 h.p. per roll stand. Complete with edging 
rolls, turk’n head, flaking and fixed recoiler, 
air gauging, etc. Variable line Speed. 

0/7S0 ft/m in and 0/1.500 ft/ min. 

SLITTING LINES (2) 300 mm and 500 mm 
capacity. 

8 BLOCK (400 mm) INLINE, NON-SLIP WIRE 
DRAWING machine in excellent condition. 
0 /2.000 ft/min variable speed. 10 h.p. per 
block ( 1968}. 

24in DIAMETER HORIZONTAL BULL BLOCK 
. by Farmer Norton ( 1972). 

PACEMAKER SIX BLOCK (22" x 25 h.p.) 
variable speed Wire Drawing Machine by 
Marshall Richards. 

2 IS DIE MS* WIRE DRAWING MACHINES, 

5.000 Ft/ mm with spoolers by Marshall 
Richards. 

9 DIE. 7,750 ft/min SLIP TYPE ROD DRAWING 
MACHINE equipped with 3 speed 200 h.p. 
drive 20ln. Horizontal Draw Slocks. 22ln , 

. Vertical Collecting Block and 1.000 lb 
Spooler. I Max inlet 9 mm finishing down . 
to 1.6 mm copper and aluminium). 

7 and 9 ROLL FLATTENING & LEVELLING 
MACHINES. 

100 TON CAPACITY COINING PRESS by 
Taylor & Chafien — virtually unused — fully 
automatic 160 s p.m. x 24 mm stroke. 
HYDRAULIC SCRAP BALING MACHINE 
by Fielding & Platt, fully reconditioned. 

TYPE KJG04R CINCINNATI PLATE SHEAR 
max capacity 1000 mm x 25 mm M.S, Plate, 
complete with full range of spares. 

No. 1 FICEP SHEAR, max capacity 50 mm 
rounds. 75 mm x 35 mm bar. 400 mm x 10 mm 
flats Ispare shear blades). 

CAYMAN ALLIGATOR SHEAR, max capacity 
. 90 mm rounds. 300 mm x 40 mm bar and 
600 mm x 16 mm flats (spare shear blades). 
No. 34 OLIVER QUICKYVORK SHEARS max 
capacity 10 mm Mild Steel. 

CINCINNATI GUILLOTINE 2,500 tt»m x 3 mm 
capacity complete with magnetic sheet 
supports and motorised back stops 

1974 FULLY AUTOMATED COLD SAW 
by Noble & Lund with batch control. 

3 CWT MASSEY FORGING HAMMER— 
pneumatic single blow. 

COLES MOBILE YARD CRANE. 6-ton 
capacity, lattice- jib. 

WALDRICH COBURG HYDRAULIC PLANER 
capacity 160" x SO" x 50". Almost .new 
condition . 

4.000 TON HYDRAULIC PRESS. Upstroke 
between columns 92" * 52" daylight 51" 

ANKER WERK 400 TON INJECTION MOULDER 

UPSET FORGING MACHINE . ’ 

4"dfa. 750 t ons upset pressure. 

2.000 TON PRESS. Double action area '132' x 84" 

WICKMAN 2? 4SP AUTOMATICS 1961 and. 1963 
EXCELLENT CONDITION! 

WICKMAN 1J" AUTOMATICS. 6 sp. Excellent. 

WICKMAN li" AUTOMATICS. 6 sp. Excellent, 

CINCINNATI CENTRELESS' GWNDER. - 
Excellent.. 

LINDNER JIG BORER; very accurate. 

SLOTTING MACHINE. M" stroke, excellent. ■ ■ 


Telephone 


0902 4254J/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 

0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 


0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 


0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 

0902 42541/2/3 
Telex 336414 

0902 42541/2/3 
Telex 336414 


0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 

0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 

0902 42541/2/3 
Telex 336414 

0902 42541/2/3 
Telex 336414 

0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 

0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Te/ex 336414 
0902 42541/2/3 
Telex 336414 

0902 42541/2/3 
Telex 336414 

01-928 3131 
Telex 261771 
01-928 3131 
: Telex 261771 
01-928 3131 
Telex 261771 
01-928 3131 
Telex 261771 
01-928 3131 
Telex 261771 
01-928 3131 
Telex 261771 
01-928 3131 
Tele* 261771 
01-928 3131 
Telex 261771 
_ 01-928 3131 
: Telex 261771 
0J-928 3137 
01-928.3131 
Telex 261771 
Telex 261771 


c*o 




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MHJBU YOUR WAGES flg^y 

fBS A WHOLE YEAR SABSS 

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Of course, on launch day we 
sold out the full print run of 
1.4 million. We never expected 
to hold on to all those readers 
immediately, but over the 
first seven publishing days, 
the Daily Star has averaged a 
nett daily sale of over 
1,000,000 copies in the 
Midlands and North. Quite an 
achievement for a paper that 
has started from scratch, the 
first national daily to attempt 


such a feat In /5 years . 

The Daily Star is printed in 
the North, for people In the 
North and Midlands. And jusi 


how well its 


exciting new voice 

O 

needs is reflected 


in that million 


us average 




^ £ 


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40 


AUTHORISED UNIT TRUSTS 



\bbey Unit Tst. Mngrs. Ltd. (ai 

72 -««. Gatehouse Rd^Ayiesbuiy. OZKaWl 5.7, 1 reJ and Yard, EC4B5DK. 

A boey Capital . 


. . . I33J 

Abbey lacarat u .»IR B 
Abbey Inr Tst Fd. [34. 4 

Abbey Gen Trt 

Squitas ProR. Tst 





Allied Hambro GronpB (aHg) 
Hambro Hse. Hutton. Brentwood. Essex. 
01-508 2851 or Brentwood tCKTTTj 213458 

BaLuced Finds 


Framlington Unit Mgt. Ltd. (ai Minster Food Managers Lid. Provincial Life Jnv Co. 

biamm-i ■ M,n ‘" er Ho*. Arthur Si. EC6 01-6231030 =22. Bishopsgmi ec’ 

BI-S4B8KI Mln«r«>t30 ..»? ,*.71 -J 546 Pmiific uSTl. . 

African «„ | ^ E*™Ptuct-3l |UOfl 104 oj 1 

Capital Tat. — 1 

Income Trt. 

IntCrowUi 

Du Accum. 



Ltd-* Save & Prosper continued 
tn-s4Taso Scotbits Securities Ltd.* 

Prolific Units 180 9 86 7*1 “S if 5-22 Scott*!* B6J 39.1 

5-38 High Income 4 4 1225ri -d-M 3.98 Scriyirid .... , 


2-46 

2.46 


Friends’ Prnvdt. Unit Tr. Mgrs.* 

P.<hCT End, rio rfcinf 


U lied l*. 


BnL Inds. FUnd_ 

terth. & Inc. 

Elect A ind. CHjv 
A llied Capital 


579 


Allied cantai 

Hambro rand ,~ . 

■ I'ambra Ace. Fd. {119.7 

IncnK Funds 
Hieh Yield Fd. [70.7 


all XnS I “ G.T. Unit Managers Ltd.* 

JG.Fi imbur? Circus ET2X 7DD 0141388131 
G.T.Cap. Inc m« _B.g-0.7I 3 JO 

C T. Ine. PdLn (133 2 


H igjijncam ___ |651 


Eq. Inc.. 

luUraatioori Funds 
International....—.. 

Pacific Fund . 

Sees. Of America ... 
C.S.A. Exempt# 

Specialist Funds 
Smaller Co.'s M. — 136 0 
2nd Smlr. Co’s FA - 45.9 

Recovery Sits. 94 3 

Met Min. ft Cdtr. . 395 
■'•verseas Earning* 57.3 
EApt Smlr. Cos-ftPSU 



Friends tar. Ula-MLV 
1 |S5.1 


po Accum. 


5891-0 


Target Tst. Mgrs. (Scotland) (aXb) 

10. \thoi Ctescent Edln. 3. 031-229862 It'S 

«n Tarrd Amer.EagleB* 252488-187 

7ft3 Turret Thistle-— .1395 ftW 621 

12 NLA Unit Trust MCenml Ltd. . . 5«Utanai.— — .1573 -Ittf+Oll 4M BOraIi»«P»Fa._l»« 63.91 -ftlJlOJS 

» ^EKST*- o 5 K 2 a ?a ~1 12 t™** urn* t* m**»* 

HLA finite. . f445 46 g . | 385 ? C,, S£T! | « ‘Pnw? ut Nov A Seat sub. day Noi =1 1TO wood Street K-Ci , fuW»U 

Murray Johnstone U.T. SfgnL* Cal — 11235 Schlesingcr Trnst MngraTLld- faHzl xuirr Not. 2. |«?3 5Z5J_.„| 5.48 

163 IlnpeSfreet. lilaoRow.GSSCH tU-SSl KC1 Qoilter Management Co. Ltd.* 140. South .Street. DorWag. 10306^88441 

CWKSKB MJ European. .... |79ft _-848| | 3.52 TbeStk.SAcW.ge. E(."MHP Q1-WJ4177 Am-EjcCTmL [28 9 22?ri+0 2| 

SSSlSSSULISi tUdai**-®: 



Alexander Fund 
87. rue Notre Dame. LBAeo dxeng- 


Keyser IfHusmfi : 
'2S. MBfc 9tr«L DOnraiR. . 
FouseieK -- 


0MM BMr-V* 


2 rs 5 jatTF 3 **£.i 




490 

4.90 


Dealing Day Friday. 

Motual Unit Trust Manners* faHgi 


.jT Ij itCfti U89 

r..T Jnpon6Cen_ 92.9 
ACL Pe»*.Ex.Ftt_.. 135 9 
C.T- l»n. Fluid 153J 


7 21 GX Four YdsFd.tr Im.9 


1035 -09 
165.1 -15 
1264«i -0.1 
W.7 4-15 
1426 

143.0 +0.7 
58.4 — 


15. Copthall Are..ECZR7BL\ 
Mutual Sec. Pius _ 50.0 

Mutual Inc. Tut 675 

350 Mutual Blue CTi1p._ 42.2 
jTj Mutffi High Yia_.|54.9 

3-10 National and Commercial 


Exempt High Aid 


^bI^Ss Rcliailcc Unit Mgrs. Ltd.* 


Exempt 
Exttuin 


Sfkt Ldn . 


nc. T)4. 


6.90 Ow^unity7d..__ 

9J6 SeJiforifeT.iAec.1.. 


261 

bj 

25.9 

257 

217 


SektodeT.lnc..Jl'L 


AlO 

3.80 

in 

710 


31 St Andrew Square, Edipbohtb031'-S58 0151 Ridgefield Management Ltd- 


579 lue.10S.WdrwL. 1. 

5.51 Inral. Growth [464 

5.73 Inv.Trt Unite 255 

■Marfc«Lwders._. 27J 
■NU Yield- 274 



G. * A. Tmst (aKgi 
5. Rayleigh Ret. Brentwood 
U.ftA —1317 


38-40. Kennedy St. Mane best er 

iS3:d 


Income Nov. ] . 1157 2 163 

lAceumUaltsi .12153 22321 ^... 

Cupt NW. I U2S2 129 S 

(. Acruin. Unltei jlK.8 1564) 

< 0 277)529300 National Prov ide nt Inv. Maps. Ltd.* Rot*>8ebiId Asset Manageme nt lg ) 

33.9^ J 4.90 43. Gracechureh St . EC3P3HH 0141234300 “ t 5 ho * l * B *L -Vlebuy (fSi 

Gartnnra Fnnd Managers f (»Kgl .*W[H [| jjgSSS«dBl ™ 


264 -*01i 

25.0 

273a -0.1 
271 +01 
312s -0.1 
43J -0.l| 
_ 8041311 

S 3 :..; 

291 +01 
295* -0.2] 

25.0 

27.1 -Oil 
33 3m 

233b - 0.1 i 
201* .._ 


3 M Transatlantic and Gen. Secs: Co.* ■ p.o. Bo* 284. St HoUm. Smm^- «**mTr attFtoidiJwwr). 

“ 81-9BNCW Lopddw Rd. Cbvimufmd 0248516Sr cnp.Tbt.rJereej;».- .. .Ugfl.r qif 
8-58 a mn . nu .1 s « -Nexi denlinfi dal* NoviMtoer -L - OUt.fni*- 

Govt Sec*. T>t - --549 

4,04 Nest doajm^ dote “j . Fint Sterling;.* — [£ 

EaBtWnU.TrUCiriU4 335 FbatlatL — P 

Ae« dealing. dare Nmembex 


2. St Mary Axe. EC3A 88P. 

izvAUWncanTat 1233 

BnttshTsLCAcc.i_ S53 
Commodity Shut*. 147.2 
ExFa income TA„ 24 J 
,iiFarEa«Tntst. . 57 0 


Anderson Unit Trnst Managers Ltd. 

158. FenchurrhSt. EC3X6AA. 8233231 ins. Agencies [1337 
Anderson U.T. -|50 1 543| [ 5.14 Intt Exempt Fd._..M6 8 

.Vnsbxher Unit MgmL Co. Ltd. * v ^ rc - 1 — 7 

I Noble SJ.EC2V7JA 01-623637K Gibb* lAutOfly) Unit Tst. Mg 8. Ltd. 

Inc. MonthJr Fund .(175 1BSI | 9.09 3. Frederick’s Pt. Old Jewry, BC2 0IJ8841U 

Arbathnot Securities Lid. (aXc) !a! v^Crowthtt.TIfoo «.ol ;.....| 680 

37. Queen St Loudon EC4R l BY 01-2365281 t*<A Far ®" 5fl 


01-2833531 NPI O sea*. Trust ...I132A 1399*1 2J0 

25-11 +0J| OJA lAccurn Uniter* . J142.B 15Uj | 2J» 

^ - -Prices on Oct 2ft Next dealing Nov. 38 
‘Prices on Nor. L Nert dembng Nov. 16 

National Westminster* la) 

161. OiearwfiJe. ECiy 6EU. PI -606 flpm. 


59! -0J 
15KJ -0.7 
261* -0.1 
39 1 +85 
-03 

74J 

14J1 +002 
93.6* -0.4 
33.0x1 


N.C. Income Fund. 1438 
N.C LaU. FA One B09 
N.C. InU. Fd MTu 0 9 
N.C. Smllr Cqij Fd 150.1 " 



68.71 +0.71 

(AHA — C.ll 


Growth Inc. 


Inctune _ 

Portfolio Inr. Fd_, 

Universal Fetid 1 52-6 


35J 

90.T 

3&| 

72.9 


+0 3 

+U 


-Hieh Yl«rid 143 9 

-**Accum iJnltsi - 642 

Extra Income F«i_. 104 7 
Hieh Inc. Fund . . 363 

41 ^cciun. Unite) 533 

■ »/’+ Wdnai.Ute.iM 4 

Prcierence Fund S5.1 

lAccum. Units) 388 

Capital Fund 184 

ommodity Fnnd _p88 


■ Arcum Unite! 8S 8 

■ 1IP4 W4n«tll.i_ 488 

Fin. 6 Prop. FA 16 6 

■ UanuFund .363 

■ Accum. Unltsi 42.4 

'Growth Fnnd 32 3 

■ AcrtmtUiulsi 38 6 

Smaller Cos FA 250 

Eastern 6 Inti. Fd.. 24.7 

• avWdrwl Uto.i 189 

Fareicn Fd B0 4 

N Amcr. 6 InL TA 26 0 


47.4r3 

693* 

U2bi -02 
<113 -021 
57 5 -ait 
54.9 -03| 
27 01 
41 B 
19.8 
633* —0.41 
923* -06| 
53 ta -O S 
17.! . _ 
392 +02 
45.7 
34 1 -OIL 
416 -03 
27.0* -0 2J 
266 -0J, 
20 4 -02l 
865 
280 +0.7[ 


, 1172 

■J ti-2 Govett (Jofant* 


cn UlyGateHse;. PBusbnrcSo, EC2. 
Amebcan Noc. 9 feci 63 (h 

960 NEL Trust Managers Lid.* (a Kg) mth 1 ™? N^'ioT. fsci 0 J s?| 


& 


4.46 
8.18 
5 .75 


nfilZH>B521 TVet & Gilt Trust — 232 
^ Preperty Shares.. . 25.7 

}S Special Sit T« 30.9 

tJI UK. Grtlt. Accum. ZL6 

U.K.Grih DuL_ 187 . 

J. Henry Schroder Wagg & Ca 

120. Cbeapd d*. E.CA 

Capital Nov 7. [IMA 1042*1 

I Accum. r 

Income Nov. 7 | 

lAcram. Units!. 

General No*, a 

lAcram Unite) 

Europe Nor. 2.. 

lAcctun. Unit*) .- — J353 
Pu6C ha FdO«t»..|«j6 

.97 3 203.4| ' 

For tax exam* funds only 


Borixichn Nov. 9 — [73.0 
(Accum. UnttsJ- — 1132 
BartȣxptOcl23. 90.7 
Buckhm Nor. 8^— Si 

caiBLUuitsi 97.9 

_jlrao Nov. 10 — ^ 1223 

(AccanL Units) 150 7 

I'umbL Nor^ 50.9 

_ (ACCmB- Unit*) 578 

>««4 Glen. Noc. 7. 512 

2*7 (Acnnft Unite) ^„p75 
2.23 MaribofoNov." 


805 

442 

965 

9.66 

-0 

341 

4.78 

494 


tii lAccunt Units) — [573 
Vaa.Gwth.Mur.T_ 


613 

ltd.* 


(Accum. Units). 


Van Hy NOv 7. 
Ol-MOHU Vang.T 


1^ 

2«3 ::: 

88 a 

iobR , 

33.73 | 

37S 


Jw.4 

. ee Nov. 6. |4S4 

j Accum Unite.) — (453 ■ 

WIckTNov.B (599 

1 Accum. Unite! (71.9 

WicktM. Nov. 10 — U6 6 
Do Accum [782 


K9.& 


237 

2.57 
731 
731 

399 

Tyudal! Managers Lid.* 

18 Caoyngc EonA Bristol 

+ 09 - lncomBNOv.8 _ __ _ 

472 (Accum- Unltsi flSL2 1' 

Capital Nov. 8 [iKz 


77.H ,„4 

: : **:r* 

823 :_u 
101! .x- 
.129.4 -B.Tl 

, ?§3 -** 

Mi r; 

582* 

715 -rj 

. 52.1 .. 

• 599 -.". 
513 .-. 
63.! .. 
752 

• ■- 453 
. 47.7 

-63.< :. 

- 763 -,r. _ 
698* —0.7] 

erS'-ia 


. 52S 

(--•525 -, - 

| Australian Selection Fnnd NV 


ifSli 

Kleattwort Benson linked/ 1 


. 1 . nu punn uwwpgM»2 ■ , 

•7.M | Oath wait*, XS7, Kent - - __ 

£38 I USSI Slum — l. .<_ •»•«•;•> ' 

518 - 


Euriovest - - 

. . .... . -GccmaBylBC.*.-'— 

Net a^t wloe NovaaUr It ;- - ’ 

j Bank of America late m a tvo nal &A. xHintEF™!-. — 

Wldlnxes* Income.. signet Bcrnmid* 

Prices at Nov 9. .Next *ub. date Nov.AS. f^J^tfiBAFA-^. 

&90 jBanqae BrnaoBes Lambert _ 


wp ■ ^ ■ PE 















“I? 77. London Wall. RC2. 

9 77 -Thir. Nov. 3 1 134.2 

977 Do Accum Unit ._|U32 


1215 

12.15 


01 >3883620 
141.4) -....I 209 

169.91 .1 209 


Rothschild & Lownte MgmL (» 

a.s«!tbMiUmUB Eft oi-am+sse 

N«metExe« E t_KK90 1370*1 5-57 ^P*cKx.N ov 7-- 

Pnces on Oct IRNexl rtealiM N«»- 15 , n _ _ _ 

529 Rowan Unit Trust Mngt. Ltd.* fa) Scottish Equitable Fid. Mgrs. Ltd.* «“SSS td 

7.0* r*h.rte..Ti_ =._-w — .— 01-8061088 38 St Andrew* Sq, Edinburgh 031-3*69101 1 Accum Unite! 1 

‘ 277 Income Units MU 5XJrf I 540 lot Earn iKm.8. .. 

•12 Aceum Units L5A2 S9.g 5.40 rAccnm Unite) 

. .. fE Deelin* der Wodneedatv. 

-° < 1 5E Schag Unit Tst Managers Ltd.* (a) 

i -Tm a 1 529 Etl 1 QL? ""I'J 4 S PO Bax 311. Beklbry. HM.E.C4. 01-3385000 

4 saq 1 883 <«*““+ vi»ai~,fiw ^ Scbofl Capital FA ..[XJ.O 34 lS -0 J| 4.12 

Norwich Union Insurance Group (b) Royal Tst. Can. Fd. Mgrs. Ltd. sdugincomeFd..po> 
p.a Box A Norwich. NR13NG. 000323200 M. Jcmtyn Street, S.W.1. 01-6398^; Security Sdecties Ltd. 


S&iZ 

Ltoyda Bfc HCU.VfZ.Kgex^; 

n ..... . FjO: Bo* US. St Belie*t3ere^ ■ • 

8.46 [gardays Unicom 1°*- fCb. Is.) Ltd. -Uoidil^ ,^S£«^2ia N c 

s. St Heller- J«F- 0SW78NI 


5.21 

646 


123 Lloyds Bank -international fiehaw^.. 

*“ P.O. 8ox «A 12tl Geoero U < 


Hilton Court. DnrUnC. So rrw. 

Nelstar IS73 60Jbd J 

NdsurHi£h)nc.-.H84 MR | 






Oicxubob Income 
Unidollar Treat 

Unlbond Trust.. 

4*5 1 “ uoydslnt Income . _ . 

0 m l B ? rC,ay l lJ ^ C< T^ fUi ,L 0 MUumgm aent Intentri^l ^ 

— . . ' “ j_jp Bank' of 

1A0 canteebou 




839 


5.95 
5.95 
595 
3 ID 
25a 


Next dealing day Nov. 17 

Grier eson Management Co. Ltd. 


Group Tst FA [3527 3713| +3.4[ 535 C apital Fd J 

Pearl Trnst Managers Ltd. laKgKx) ^pSS^WoS: 

252 Hint) Hoi bom. WCIV7EB 01-4058+41 


J _ 

Next deal ins Nov. 16 


377 


7.82 


SSGresham St. EC2P 2DS. 

Brrnjrton Nov. 8 

lAc'um Units) 

BtnC HYANov 0 .. 

lAccum. L nils) 

258 Endear. Nor 7 

2.61 lAccum. Unite 1 


261 

436 

139 

139 

L60 


Lit. 6 Brsla. Nov. 1 _ 


207.4 216ft 


ZZ7.5 237.9 


174.5 182 M 


207.5 2173 


227 1 237.9*1 


2368 248.1 

.... 

87.7 914 

-13 

910 94 4 

-13 

70.4 73.6 


74.0 773 



... Pearl Growth F«L_ 1233 

01-606403 Accum Unite P7.6 

‘ 533 
533 
678 
878 
290 
290 
3.46 
3.46 
4.0 
4.03 


7.40 

529 

5.29 


25. 

. __ 29.' 

Pearilnc.. g3 34 te .. 

Pearl Unit Tat 05.1 37 Al +0 1 

(Accum. Unite) [454 469( +031 

Pelican Uaits Admin. Ltd. (gXx) 

81 Fountain Sl. Manchester 061-3365685 

Pelican Unite (83 7 90.0*| +0.1) 5.01 

Perpetual Unit Trust HugrotV la) 

48 Hart St. Henley on Thames 048126868 
P’potaalCp Gth [423 452| — 4 4.83 


5.06 * Prosper Group 

5.06 A Great St Helena. London EC3P ?EP 
88-73 Queen St_ Edinbunch EH24NX 
DcolJ HAS to: 01-554 KBS or <01-226 7351 

Save * Prosper Securities Ltd.* 
InlenwUmtal FUata 

Univ. Growth. J673 

iBcreottoX Imre Fund 


38 

25 

723 


m 


Lot Gnardian Roy^J E^ Unit Mgrs- Ud. Piccadilly Unit Trust (aMh) 

v y 0l '^ 8 ® g i e 1 Antouy GfUa Vntl Trust Kmagai LtA 


.\rchway Unit Tst. Mgs. Ltd.* (aKc) 

:il7, Hiuh Holbqrn.WiriVTNL. 01-831 K33. * . . # , 

.Arohuny Fund 1829 8&2| ... .( 6.00 Henderson Aannnstration* (aKcKg) 

Pncrs ut Nov. 9. Next sub. day Nor. IS. 


2 Frederick's Place. Old Jewry. EC2R BHD. 
01-588 4111 


High-Yield. ; 151.9 

High 

High Return 
income 
V. 


558*1 -Oil 




Barclays Unicorn Ltd.* (ai(cKg) 

Unicorn He* 252 Romford Rd E7. 01 -SK 5544 


Unti-orn America.. 
Du. Auri.Acv 

I*o Au.-A Ine 

Do i"api(.tl. 


1293 
720 
567 
651 
1068 
. 50 
|999 
. .174 1 
(31 1 

Ft- Urv.urJi Ac*: |407 

IM Income Tst. .. .1836 

”\V) Pd .YnvTst ..|l435 

Pnce* at 'Jet 31 Neil sub. dav Ncn'-. 26 
Do.Recmery. _. .MJ7 47 if -oi| 595 
Do. Trustee Pund- 1139 123.1 +1/1 5.Z6 

Do WldwideTH [48 2 521 +0.4 2 25 

B'tet.In FAInc 583 60 7n +-0JH 5 48 

Do. Arcum . ..._|67.9 707 +03) 548 


[•o Extra In c<.nie . 
Do Financial 
Du 5»l. 

Pc 1 General 



146 
1.91 
191 
4.63 
642 
864 
5 1* 
6D8 
£26 
4 29 
636 
495 


Baring Brothers & Co. Ltd.* (aHs) 

BB (^odcnhallSL. ECJ 01-36028% 

Mrulton T.-4. |172.8 180.41 . . | 4 24 

Do. Accum. . .12170 226 i| . | 4 24 

Next >un day Nov 22. 


Preimor UT Admin., S Rayleigh RoaA Hutton. 
BrcniwouA Essex. 

V.K. Funds 

i.'anM Recovery 

Cap Growth Inc .. 
fan • irowfh Acc . _ 

Income 6 Asset?.. .. 

Klxb Income Fund* 

Hieh Income. ...1612 
Cahce Evtra Inn ....|559 
t'aMtrref A Gilt 
Rector Funds 
Financial A ITU..... 

Mil Si NaL Ros. 
laCeruaUaaol 
ranot . _ 

International [31 

WdL Wide Nov. 10 ..[72 
Overseas Fuixfa 

Australian. 06 4 

European 441 

Far EM... 83 3 

N Am J5.7 

rahot Vm. Sm [44.0 

r.xfmpi Funds 

Japan Exempt [1011 

N. anX.ypLNov.10 .(llU 



Extra lu 

0277-217236 Small Co’eFA 

Capital Fund. . . 
... InL Ern* A A-lcLv. 

Sil- Private Fund 

^■•7 r Aectimltr Fund. . 
j us ■ Teehuolocy FuoA.. 

Far Fad Fd 

American Fuad. 


1282. 

378 

£28 

55s 

044 
«L0 
583 
27 9 
IZ13 


410 

. 46.1 -02 
481 
372 -0 7 
662 —0.7] 
63 0* -0.5 
302 +0 1 
233 +01 


UK Equity |<2S 

Overseas Fuadsdi 
Euiupe _.J89D 

Japan..-.. 0072 


S ^Asia GwthFdl I4LV 


30 4| -021 UJ» 

7 JO 
668 
670 
660 
7 10 
750 
200 
330 

Practical Invest. Co. LCtLy lyUcI 

44. Bl<*MiR-hii(y Sq wriA2R.A m-6=l 6BS3 Hiuh-teitihnua Funds 

Prartlr.tl Nov a... 12453 154-3? | 4 53 Select Intern or 1243 3 

Accum. Unite \2C92 Z225| .... | 453 Select lucerne K15 


Pret Nay. 8 

(Aucum Units: 

24 Castle St 

Scot. Inc. Nor. 8 
Sees. Cap. Nov. 8. . 

( Accum. Unite) 

Landau WaD Group 

15-19. Lincoln's I nu Fields. 97C2 01-8310830-9 Capital Growth. [793 

Unv4 RLh Trt Acc _ tZSJ 2481 I 239 Do. Accum .___;«£9 

UnriGUiTrtliK-.miJ ZLi) _. ..] 239 Extra We. Growth_i383 

Stewart Unit TsL Managers Ltd. (a) 

45. UbartotteSq^ Edinburgh. 031-226227! Do Accum. 

rsu-wait American Fund . High Tnc. Priority- [64.8 

Standard Unit* [542 57.2 [ 463 

Accum. Unite H89 62.7] — J — 

Withdrawal Unite -[43.4 462j — 

_ -Stewart British Capitol Fund 

249 standard J136.0 M& 

432 Accum. Units .J1S83 172: 

1-96 Dealing trues- * Fd. *WeA 

Son Alliance Fond Mngt. Ltd. 

7 n Sou Alliance Hse- Horsham M0364141 

.A5 91 ^ ta 

SJ57 Target TsL Mngrs. Ltd.* iaUgi . _ 

3 1 Gresham SL. EC2 De Ali nc* .0390 5W 1 Ulster Bank* (a) _ • 

1365 


lUf LM 1 1 Thomas SL Douflo*. I O-M- 

IgefiSSt:,,.. 



eanent Intematto«al l .. , 


850 M & G Gron© 

Ttare«tfaj^TOT*TffiIlEC3RaB4'W^<J» 1 

. V AtlttmtfcNov.7 VBSm- SS 


BUhopsgate Commodity SerJjjJ-- ^5^-57 

PQ. Box +g. Dougla s. toJ t . 008*888' 

■ ARHAC'O^Z^— ffgjh? - — 1 ~ 

631 (count ~ 0«.4 >8^ StonKl Htiibgtt'UlL.^,' 


teUod — 

— tACCumUmW— -f 


1026 - origtually Issued at *S10 rod -^LML 

5 00 Bridge Management Ltd. 

P.O. Bo* 508 Croud Cayman, mb 
1 iff pTbastll NovJ — _.| Y17.954 | .-.....[ — 
531 


U4.Uatf B«jad SL KC2. 

JkpolioF A-TJov-ft—. 
AsjAent CKL31 


117 Group Nof.T^.. 
ir7Jcred 


Sen l r+ 

117J*yO-«iact4S.^ 



=1 


Nippon I'd. Nov£„ ^Sszie -■■■■[ 6W 

TSB Unix Trusts (y) .. 7 >' ( Britannia TsL MngmL (Cl> Ud. ' Murray, 

2L Chantry Way. Andover. Hants.-' 039402168 1 30 Both St ^SL Belief. Jerser- " 0634TOW l«3;fiO^*St. • r~ J 


Dealings lo 0204 83432-3 - 
fbiTSBGeneraL ....|4l3. . 468—031 


I hi Do. Arcum ... 

ib) TSBlucome_ - 

■hi Do. Accum. 

TSB Scottish- . . _ 
{bi Do. Accum. . 



... 424 

... s«;4 '424 
_ 641/ -05 .732 

— -0.1 7.32 

+07 274 
+07 .' 224 


45 61 +0.11 545 Toreel Commodity 
Target Financial 


U-S . 

Sector Funds 
Commodity . 

EnutT 

FlDonclaJ Sera. 



3.g Tortus Equity- - 
}•« Target Ex. Nov 8. . 
1.71 o Do. Arc. Unite . 
0.64 Tarrrt Gill Fund _ 
Tarurt Growth . - 
337 Target Fjcitic Fd . 
1 64 Do Rdnv Unite 
3 40 TarjiMlnv 


. _ rpt. inc. 

j g WProf 


'CL Special Site. — 


57 J 
3HD 
1974 
2681 
116.6 
274 
<62 
292 
31.1 
152jB 
2S4 
136 
195 


392 -03 
62 0 -01 
40 9 +05] 
207.1 
282 2 
2224 
295 +01 
282 
3L4 
334 

1608* . 

30.5* -Otf 
150 
210 -0 2i 


329 
4 67 
60S 


W urine Street, BellasL’ 
ibiUlster Growth .. |362 


0SC 35231 

389f ... J 5.47 


| Sterling jta — t ate d Fite. 

High intstlATsL- . [£0.95 I 
1 1 & DeUar BewHtiWtiml Fda. 

U nival. STM -pPfflg 

InL High InL TsL [5US0.96 8' 



-HDpeSt.PVLi.i-: 
■ Murray Fapd 


IS. 

iot Ne^tt -S-A-. -■ i- fe ■} y . r 1 
72.24 iQa Boulevard •Jtoy>I;' , tiirtmnrtoiut ~ i.T~v' rt fL A \ 
. NAi' J 

in- rid.. .• f •J&fi-r.ijfAl ’ !_* 


7.27 Unit Trust Account A MgmL Ltd, 


727 
300 
4.7b 
L62 
162 
350 
4 as 
864 
1177 
492 


King William KL EC4R2AR 

Friars Kse. Fund [t389 

Wider Grth. FnA ..I3fl.8 
Do Accum p 


Wider Growth Ftnad- 

Kihg WitlimnSt. EC4R8AR 

Income Units (308 

Accum. Unite. [362;, 


9.I0' Negit ■Etd.-.,-V-VJVi;* 5 '.' 

Value Noc. ID. Next deolius Nov. 13. rf Bernmda BijdgS^ Mwiii^^ jj. -• 

Brown Sbljdey TsL Co. (Jersey) Ltd. , wav No*. 3— -LiLSM 

. P.O. Box 583. SL Helier. JaxsoK. . 053474777. pSop-l+ l. WnarturtBl' : - V -" 

Sterling BoodFU ..[£9.9» 9SH —J. ■£SlS5taire^ 
ButtcrSdd Management Oo. lid. ld ro i piaiur P lBad zn ■ 

P.O Box 185. Hamilton. Barmuda. • . ■ - 

ButrrereEquity— 224_.7 -l.75 Qvest fimd MngBrnL aenit^^*^. 
Ba to«m»_..pUffl ; J9 - ' --+[ 721- pa. ia; UA'atBaml &w . 

01-4E34SOF Prices at Nov. & Next SUB. day Nov. U 

For Capdirex SA see uu ler Keyser 
Ulhnan Ltd.' 


HaW 


Hill Samuel Unit Tst. Mgrs.t (a) 

oi+csanii 


Bishopsgale Progressive Mgmt. Co.* 45 Beech sl.ecspslx 

0. Biuhop&gate. E.C2. 01-5680360 <bi British Trust— 1346 1 

B'gaMPr**Nov.7._ |1S22 194.11 ,| 4.16 igilat'ITruia 134.6 

Acc. Uls.“Nov.7._.|217.0 23l3 416 

R'gatelnLOvt 31 -160.1 1700 J 245 

■ Accum 1 Oct. 31 1 177.6 189.01 ... 1 2.45 

Next sub. day *ftov. R “Nov. 2L 


igi Dollar Trust 702 

1 hi Capitol Treat 2S9 

■ b) FinaoC.'ulTrasL 863 
ibi lacome Trust . 25.9 


Bridge Fnnd Managers (a) (cl 

Ret) is Hue. King WUIIam 5L EC4- 014234051 


ibisecurire Trust ...|4a3 
i«ddT*L.pO.O 


American A Gen4- [22.0 

Inrome". 503 

Capital ruc.t 181 

Do Acc.t 40J 

Exemptt. 1380 

InterntL Inc.1 16.1 

Do Acc t 180 


23.2 
585*| 
325 d 
42.91 
147d 


L63 

695 

3.92 


ib)Hi;h 

Intel.* <aNg) 

19. Chnstopber Street. S.C2. 
Intel- Inv.FUnd. .|H3 


156 +051 

37.1 +0. 
75 1< +03) 

310 
92.4 . 

271 .. _ 
SL7 +02[ 

32.1 


565 

310 

280 

493 

5.03 

7.92 

578 

830 


01-24772431 
9L0| +0 3 7.00 


5sf Key Fnnd Managers Ltd. <aHg> 


Dealing -Turn tWed. tTbura. Prices Nov. 7/8/0 

Britannia Trust Management faKg) 


4.46 25. StilkSt. EC2V 8JE 

9.46 gey Energy In. FA.. [76.0 


3 London WaU Buildings, London Wall. 
Landau EC2M SQL 


Capital Acc 

Comm & Ind 

Commodity 


Exempt 1 1172 

Extra I nnrae [39.4 


Far East B8.9 

Financial Sec*. [62 8 

Cold fc General ..pH 

Growth [*M 

Inc.* Growth 

InO Growth 

ImwsLTsLSboras - 

Minerals. 332 

NaL High Inc. 762 

New Issue. 35.4 

North American. - 260 

Professional 5288 

Pro perly Shares _ J4 0 


Shield- |45 0 4a 

Sums Change 129.7 3L 

UnlvEnergy .[309 33, 


« 

Key 

Key Fixed InL FA- 60.4 

01-638 (MTWM79 Key SmuH Co’s Fd..| 183.0 

S;S 5S ® e ‘ nwort Benson Unit Managers* 


H 


01-606 TOR) 


Sku 


352 

5.01 

545 

924 

1220 

603 


61.4 +6ij 
842* -05] 

405* 

123.3a +0: 

S- 4 

225 +02[ 
675 +01 
87 7 -251 
884 +0 
723* -0.1 
655* +02) 
473 -01 
355* — 0.B 
8L9* -02l 
381 -84 

27.9 
345J +52 

15J -OJl 

+0 1) 

31.9 -0 
332 -0 


450 ». Feorhurch SL E.C.3. 

499 K.8. Unit FA Inc 

•22 4 LB. Unit FA Ac 

7.57 K.B. Fd Inv. Tuts.... 

971 K B-F AI n.TsLArc _ 

321 KBSmliCn vKdlne. 

4.76 HBtSutCoL F A Arc 
328 High VIA FA Inc— 

High YI A FA Acc- 


3.91 

818 


l_TTH 

95.6 



120.9 


57.9 

507 

' " 

49.7 

53+ 



53.2 


ut* 

50.2 

mmm . 

(46.4 

50L2 




01-6238000 
525 
525 

40 
455 
604 
684 
21 


821 


2.41 L & C Unit Trust Management Ltd.* 

400 The Stork Echange EC2N 1HP. 01588 2800 

3-66 LftClnc.Fd Q4L3 145 5 | 816 

J™ LbC lull & Gen Fd .[98.4 lOlil 106 

Lawson Secs. Ltd.* (aXc) 

37 Queen-s SL. Loudon EC4RIBY 01-2363281) 


2.11 

4.08 

2.72 

520 

13 


jhAcci 

•Grow 


The British Life Office Ltd.* (a) 

Reliance Hac- Tunbridge Wells. KL 0882 22271 

BL British Ufe M9.9 52.8x4 -OJl 552 

BL Balanced* W.7 51 53 557 

BL Dividend- J42.6 45 5*) | 9.77 

•Prices Nov. 8 Next dealing Nov. 18 


4051 -1.9 


46.4 

612 

680 

4L0 

227 

236 


-Ld 


611 

611 

264 

264 

153 

050 

050 


Brown Shipley Sc Co. Ltd.* 


Hngru. Founders CL ECJ 


Onxiilr Trusts (ai 

Financial...— 

General — _....... 


Growth Income.—. 

Hieh Income .... 

IT.U 

Index 

Overseas ... 


215.8 

232.0) 

2733 

294.0| 

ffla 

35-81 

183 

194* 

463 

491 

361 

38 Jn 

290 

316 

195 

20 7«C 

236 

25 0 

17 0 

183 

55 6 

590= 

213 

226 

465 

591*) 


014500 8520 

I 483 


Materials 37.8 

_ 1 m Uni tel 43.0 

rowlh Fund 572 

(Accum. Unite!— . 630 
ttGIH and Warrant 180 

tAmerican Fd 211 

RAecutn Units) 21.9 , . 

Deal. I Mon. *Tues. UWeA fThurs. 

Legal 4 General Tyndall Fnnd* 

18 Caitynge RoaA Bristol. 037232241 

DU.OCLII [632 665( | 450 

(Accum. Units)... .10 0 84 q . . . ) 460 

Next rob. day. November 18 

453 Leonine Adnuaistration Ltd. 

8 Duke SL London W1MSJP. 01-486 5991 

4 69 LeoDiut 1W.9 7BM-0.«| 5.02 

523 Loo Accum, _f0Z.O 86 jj -05) 459 

5.0 Uoyds Bk. Unit TsL Mngrs. Ltd.* la) 

9 76 Regirtrar's DepL Gonng-by-Sea. 

3.40 WortiilDC. West Sussex. 01-A3 L28a 


INSURANCE AND PROPERTY BONDS 


Abbey Ule Vssu ranev Co. Ltd. Crown Life Assurance Co. LUL* Lloyds Life Assurance 
I2SL Haul's Churchyard. EC-L 01-2489111 Crown Life Hse. Woking. UU2I ’. \W ■ *4082 5033 20. Clifton St.. BC2A 4MX 


Equity Fund. . _ 
Equity \cc 
P roperty FA . . . . 
Pro pert} Acc . . 
SelHclive Fund .. 
"on vert 1 file Fund 
9Mutiey Fund . . . 
9Prop Fd Ser 4. 
9*4 on Fu.Ser.4.. . 
9 Equity FA Ser 4 . 
9Coov FA Ser. 4.... 
9Mt*ieyFd.Sar 4_ 
Prices at Nov. 7. 


[33 7 
|30 6 
1508 
1612 
90 6 

133 6 
124 2 
1521 

134 3 
[344 
,114.1 
IllZl 


37 A) 
32 1 

iso a 

169 7[ 
95 4) 
140.H 
130 3 
1391) 
laid 

120I 

U80 


valuation normally 


Albany Life Assurance Co. Ltd. 

31 . Old Burlington Su W. L a 


f Equity 

9Fixe<fInL Arc 


r Fd Acc 


9Gtd. MonejF A Ac, 
LFdAcm. 


VlntlJtfan. 

9Prop.FAAcr 

fSTple Inv Arc___ 


I19L0 

m 

1 1681 


Erpilc.-fPen. FtLAcv. (227 4 


(.Pen.. Ace... . 

GIiIMoh-PulAh . 
Inti MnPnFdAcc — 


Prop. Pen Acc. 
M-pte 


ilnvJViLAcc- 


(181.2 

1330 

1145 

1295 

2075 


20101 
1493 
122 5 
1136 
1187 
176.4 
239.3 
190.7 
140 fl 
120 8 
1362 
21fi.fi 


Manj dFoDd Arc ..[1027 
Mantl'd Fd lncuL . . 100.7 
Man^dFAInit ... 100 9 

Equity FA Acc 93-5 

Equity FA Inrtn— . 91 9 
Equity Fd tiilL ... 924 

Property FA Aec 95.4 

Property Fd. litem.. 95.9 
Pro£ri) FA Inll .. 945 
Iru .TsA Fd.Acr . 97.4 
Inv TkL FA Incot-. 95 0 
Inv. T>t Fd lnit. _ 96 0 
nxedlnLFA Acc.. BJ6.0 
FxA lot PA I item. . 90S 
IntertT FA Aer __ 1095 

InteFL FAlncm— 1095 

oujvar Honey FA Acc. — 975 

01-451500 Honey FAlncm 952 

Hist. FA Inem Mil 

Crown Bit. lor .‘A'. . 168 7 


Tues. 



MIR. Gt Nor. 6 

7 57 Op5-.vPr.Nov5... 

— Op5\VE3qt. No> B 

— Op FA Hr. Nov 9... 
6.95 Op5'A‘Man. Not. 8 

— Op.VADeiU.Not5. 


1 36841 

1444 152.4 

133.6 100-71 

155 6 163.81 

153.0 161.1' 

123 5 13311 


-0-^ 

- 3 * 

+o.i 


Bid Inv. Fd 

_ Property FA- 

9.75 London fndenxniiy Sc GoL ins. Co. Ltd- gjbTAy^- 


645 


1820. The Furmiry. R-swIIng ;<£C-I t 
Monov Manager .[32.6 35.11 

M.SL Flexible-.. ..692 30 

Fixed Interest ... 04 2 36. 


m ■ 


Royal Insurance Group 

New Hall Place. Liverpool. .051 2274422 

Royal Shield FA 142.9 - _15Uj \ ..l — 

Save & Prosper Group* 

4. GLSt Helen's, Lndn.. BC3P.2BP. 01-554 

Si fflsj 

IgA 

[207.0 - 217.' 


Capital International 8-A- 
37 rue Notre-Dame, L ux emb ourg- . j 
CapHal InL Fund— I SUS1722 J —. .[. — 
For Cential Assets Mngt.Xtd si 
nnder Keyser Ulhnan Ltd. 

| Charterhouse Japhet 

I. Paternoster Row.&CA 



test In — 

KsttoU-BA: 

Price, at Kov. A NexCdeaRux NorZ 


Coma.Peru.Fd r 


13-39 The London & Manchester Ass. GpL* 

■ n Winalode Park. Exeter. 0392 52155 


Equity Peu^Fd .._ [1822 : 192.4) +15} 
PimPci 


. . . JUS Fd -. _ 238# ^ 

•Jilt Pens. FA 942. -; . .9921 -05^ 

Depos.Penji.FAT ...pOLf. 10Z3 J-J 

‘Prices on October. 


sss£«s sasi. 

Rothschild Asset h&igt 


Cap.tirowtii Fuad. 
♦Flex. 


. Exempt FA 


6 Exempt Prop. Fd 
OExpL in 


6ExpL Inv. TH. FA 
Flexible Fund ... 

Im. Trust Fund 

Property Fund 

GtA Deport FA 


M Sc G Group* 


AMEV Life Assurance Ud-¥ 

Alma Hae. Aina Rd- Reigate. 


AME\' Managed.— 
AMEVMgA-R'.. 


AMEV Money FA.. 
AMEV Equity' FA. 
AMEV Fixed I dL.. 

AMEV Prop. Fd 

AMEV Med Pea FA 
AMEV M^d.Pen. B 

Flexiplan 

AK E>7Fnuul Inoum 
American 
Income. 

Inr Growth . .. .,|8Z 


142ft 1503 

1194 1258 

1068 112.4 

;;; 

. ,W. 

1«3 115.2 



91ft 95.! 

992 104 5 

110.5 1164. 

no 6 116 5. 


983 103.1 



fMcare40l0L B5S5ta- 


Crnsader Insurance Ca Lid. 

Vincula Home. Tower PL. EC3 ni -6288031 
Gth. Prop Nor. 7_)73.9 83 * . I — 

Eagle Star InniWHidl&nd Assnr. 

LThreodneedleSL,EU2- 01-^01212 American KABd * 1461 

Eagle-MiA Unite .. [526 54 6| +03) 624 Com- Deposit- . „ pill 2 

Equity & Law Life Ass. Soc. Ltd.* gySStiSSuBd’-.lW' 
Amersham Road. High Wycombe IHM 33357 Family 7PBU-- _ 

11121 118 0( +0. 

li: 4 1123 . . 

1069 1325 — L 

1089 106 2) . 

121 fi U7.a -0. 


7X*n 

-4.0 

138.7 

-13 

965 

-0 5 

1541 

-2.4 

112 7 

-17 

1340 

-2.6 

El 

-02 

1013 

+0.1 


t Weekly dealings , 

Schroder Life .Group* : - 

Enterprise House. Portsmouth. 


Equite' 1 

Fixedlnt.4 

ManogedA. 

Money 4- 


.070627733 


Omwoit- . _... . 
Property 4. ..... 


Three l^unys.Towo' Hill EC3R6BQ. iff -G3645BB K & SGovL Seen. 4.. 


Fixed Inlcno* F .. 
GlA Depor-il FA ... 
Mixed KA.._ . . 


__ Family HI -fits'* 

— Gilt Hwiit*** 

_ Intern alnl Bond 

— Jiipan FA Bd.' 

_ Managed Bd 

General Portfolio Life Ins C. Ltd.* Propen^rw?* 
eo Barttiolnmew CL. Waltham CniM 
PnrtfolioFand . I M03 
PonloUb M au a-^vd . W2 4 . 48' 

PlnJiu-FsAtni . 1475 SO 



485| 
1263 
141 u 
89.0 


1121 

144J 


WV31971 Recovery Kd BA* 672 

Prices on -Nm 8 -Noc. 9. — OrL 

Merchant Investors Assurance* 


174 Oj 
70 7[ 
Noc. 9. *• 


-0 4 


Si 


ES Pen Cap. B 

B.S. Pen. Arc. B 

Mnfxt Pen- Cap 
MnjA PPD. Acc. B.. 

F InL Pen. Gap B 

F. InL Pen. Acc. B 97.1 
Money Pea. Cap B. 971 
Money Pen Acc.R. 90.9 
Prop Pen.Cap.B^.ll07 0 
Propi Pen, Acc. B — 



10 . 


^i il - 


lA+m K+e., 233 High SL. Croydon. 

Gresham Life Ass. Soc. Lid. Property-. 

3 Prtace Wales Rrt . B mouth. OOt *i 7B7S+5 £"»«}«*»• Pcn '* • 


it 1+ Cadi Fund 


For Arrow lift .Asauranee aee 
Providence Capitol Life Assurance 


G.UEqoily Fund 
GJh tlslt 


198 6 

1055 

1123 

JM9 

noo2 


Bair lays Life Assur. Co. Ltd. 

232 RonW.vd Rd..E.7 
Bore lor bonds 


... Fund. 

G.L. Inll Fund„ 

UL PptV Fund 

Growth & Sec. Life Ass. Soc. Lid.* 


Equity _ . 
Gum ' 


__ It-cdge A . 

Property - . ,, 
Intt-r national . . . 

Managed 

Money 

Man . Pens Acre m 
Da Initial 


11244 

,1161 

1C7-6 

h* 

1094 

1096 


GiM EdcPens Acc. N61 


Do Initial 
Money Fens Acc 
Da Initial. 


131 0; 
1223 

116 4! 

912, 


U4B -a 1 
10SM 


[^2 8 

1032 

989 


1033 

998 

1012 

977 

1087 

10M 


Rquli}. -- . 
Equity Pen^ . . .. 

Money Merkel . .. 
Mono MIA. Pens . 

I>epcHii — . 

Dw-rt Pen'. .... 
Man.-icod 

n I W Mil Wpir Bank. Bray-on- Thames. Berks UtDiOsZBt to i i| n 'Equ , |re !,U ' 
Flexible Finance [ 0506 1 ' -- ~ 

Land honk Sees . . | 5U1 

UndL-unk Sc>. \c-.116 7 ' U9J 

GAS.Sm-.TFd i 17903 




4.47 

324 

457 

612 

457 


Balanced [494 

Da (Accum. 1 69 2 

Worldwide Gwih... 51.7 

Do.iaccuhu 651 

Income. 82 0 


Canada Life Unit Tst. Mngrs. Ltd.* 83rfSK£— Eg 9 

a-OHlchSt . PhUer;) Bar !lert«. P P.ar51l22 Do-tAccomi _|692 


Can. Gen 1 *iA 
Da Gen. -V-cnm 
Do. Inc. Ui't 
Da Inc. Accum 


ez 

13=4 
44 2 


531x1 +0.1 
74.4 +0J 
55 S +0.2 
70 Q +fl,4 
881* . , 
1235 +0.1 
fifiJ -0.1 
74 +t -OJl 


483 

483 

220 

220 

6.26 

626 

7.94 

7.94 


39 

49 

34 

46 


to 0 j Zfi UW’s 

.. 1 784 7280. Gal 

I 784 Equity A 


Capel (James) Mnet. lAd.9 
100 Old BroialSL. ETSS I My 
I’-JpAal .. . J33 9 09 J[ 


Income ... 
Prices on .\'.n 


I. 


I’s Life Unit Tst. Mngrs. Ltd. 

. Gatehouse Rd, Aylesbuiy. (0985941 

iity Accum 11595 167 7[ [ 4.01 

M & G Group* (yHcKz) 

01 5880010 Three Quays. Tower Hill. BC3R «BQ 01038 4SB8 

I 5 65 See also Stock Exchange IfeoUni 

310196 9 ... .1 7 69 American.. “ 

'■Vi deolirc Nov. 15. (Atrum. Lmte) 

Cariiol Unit Fd. Mgrs. Ltd.* (age) (Accum Unltei 

Hllburn House. Newcastle-upon-Tyne 21105 

Cariiol [66 4 689*1 1 408 “g£ JMgL2g- 

Do. Accum Units. 1 bL 7 842[ ...J 4.08 SSXSnSS& 

Do. High Yield [415 44 fed 877 CooverAonlnc.... 

Do. Accum Unite.. [SO 56 4) | 8.77 rM«ndend 

Next dealing date November IS. tACCUtn. Unite) 

Charities Official Invest. Fd* 

77 Loudon WaU.BC2.NIDR 015881019 EjSra Yield . ; 

income Of L 17. (137.10 — [ .J 6.01 (Accum. I’nilji I’ 

Accum OcL I [27247 — | .1 — Far Eastern . _ 

OUnauib. Only available to Reg. Charities. (Accum Unitsi _ _ 

Far Charteriiause Japhet see James Finlay Fundaf Inv T*' 1 
Chieftain Trnst Managers Ltd.* fa Kg) General 


II New SL EC2M 4TP 

American |uil9J 

Far Eastern Trust. — 

High Income 4 1.1 

International Trt_ 

Basic Resrce TsL 
lucm. Growth TsL... 


01-2832832 fAcIum U™*’ — gg*5 


ES 3 P 


|22» 


20.1 +01 

250 

445* -0 2| 
249 +flj 
27 7 -0.1 
24 6 -0.1] 


L93 

LOO 

954 

284 

4.49 

762 


Confederation Funds Mgt Ltd.* (ai 


High Income 

[Accnm L'nitsi . 
japan-. . . .. 
(Accum Lnitsi... 
Magnum..... . 
(Accum Umtei. 
Midland - - - 

(Accum Unitei . . 
Recovery. - 


50 Chancety Lane, WC3.A 1 HE 01-2420282 (Acc om Unitei’.’.”” 107 9 


Growth Fund |43 9 4611 1 4JL5 Second lien 

Cosmopolitan Fnnd Managers. iA^n m.rnitei„„ _ 

3a Pont Street. London SW LX 8EJ U 1-233 8525 ■Accum UniteiZ. 
t-oamapola.Gth.FA (17 6 19 M — 0J.| 558 Specialised Fimik 

UoJneofae Fd 5L4«| -02J 1127 trustee . 

Craigmount Unit Tst. Mgrs. LUL, 

<» 10 Foster Eano. B.2V BHH. 01-0069382 Chari fd Nov 7.. ” 

High Income W5.6 49.6[-0Z/ 9.75 lAectim Unite". _.. 

North American. ..[465 S0.l| +0_2| — Pena Ex. Nov 1; . .. 

M ,dMounlHi S hInc |«2 SO 3 1 9.00 K^gOnent Ltd. 

Crescent Unit TsL Mgrs. Ltd. (aKgi St George s Way. Stevenage. Msasmn 

4 Melville Crea. Edinburgh 3. 031-228483! Crowth t.'nlte ... [53 1 559| -0.4| 455 



cres-Amer. Fd 

'.■rta, Interoa Fl. 

1 "res High. Di*l._ 


("res. Reserves 


cron. Tokyo. 



1 00 Mayflower Management Co. Ltd. 

4 a 14 'IS Gresham M ET2V7AI.- 01-600809^ 
Income Nov 7.. . 1104-3 109.11 . | 809 

L93 General Nov 7 ku 71*... 1 5M 


3.00 


Discretionary Unit Fund Managers lnteratLNov 7 .J436 45 

22. BJoodidd SL.EC2M7AL. oi«a44® Mercury Fnnd Managers Lid. 
PisJjiC.Nov.IO. .—J170A 1022*1-0.7] 548 30. Gresham Si . EC2P2EB. " 01^0043591 


E. F. Winchester Fund MngL Ltd. 

Old Jewry. EC2 010062187 Merc Ini' NmV. Ss 

( I real Winchester.. |190 J .468 Acc U» Nov. 8 _ 71 7 

liLWiiich'cr O'seM20J 22Jt .... I 395 Merc Ext OclM .. 2437 

Enoson & Dudley TsL MngmnL Ltd. “ '’IT? ^ 

20. Arlington SL. 6 W.l. OI-WOTSfti Grou P , 

Emson Dudley T«..[7i 1 7&.af .. | 3B1 lnit Trust Managers Ltd.* fal 

• For Eqnitas Securities Ltd. SHfflSft Sil4CT street- Head 

Abbey unit TratiHngra gSSKiSS 
Equity & Law Un. Tr. BL* (aKbMcKri g^S“ ni . - 
Amsshain Rd., High tfyeontbe 04W 33377 ■■ 

Equity* Law )64J 67.fl +0.4) 4.48 Da Accum 

James Finlay Unit Trust MngL Ltd. ' 

10 14, West Nile StreeL Glasgow. 041 204 1321 Internatinnnf 


443 

4.43 

2.91 

291 

440 

4.40 


Tel: 0742 T9942I 


J. Fintov Itilemal’l. 2L0 

Accum. units.. 243 

J. Finlay Incomu — 34 2 
J.FInJayEuro Fin-. 26.2 

Accum Unite 30 5 

.1 . Finlay FdJnTst . 28.0 
’irmm. Unite .132. 4 

Prices Nov 8. 


2261 
26J 
36J 
28.2 
322 
301 
34.8) 
Next dealing 


241 Da Accum. _ 

241 High Yield. 

8,95 Do. Accjjm . __ 

ip Equity Events*... 
25® Do. Accurti* . , 
4.39 Japan & Pacific .... 
4 39 Do.Arouni 
Nov. 15 -Price* ai (Jet 31 


1W7 

757 
353 
378 
B5.B 
23.2 
513 
59.8 
423 
451 
611 
667 
UMO 
104 0 
470 

|47-0 . .. 

Ncvt dealmfi Nov. 301 


69 6d 
S27 
380 +0.4 

40.7 +0.4 
77S +03 
30 3 +0.2 
552 -0.1 
64 4 -0 1 

45.7 +07 
486+0 7 

655* -0.1 
7Lt -0.1 
1097 
109.7 
500 
5001 


559 

509 

341 

3.41 

4.03 

4.® 

608 

6.88 

334 

334 

858 

053 

5.77 

5.77 


CORAL INDEX: Close 468473 


INSURANCE BASE RATES 

t Property Growth — 10V& 

f Vanbrugh Guaranteed - — 10.87% 


t Address shown under Insurance and Pfopern Bond Table. 


-Cuircut unite value Nov. 13. 


Tjo P«?ius 
I nti Maiuiccd 
L«n Pens 


159.8 

+01 

1695 

+01 

576 

-04 

1660- 

-1.0 

1433 


186ft 

♦oi* 

1313 

+02 

144 9 

+0.< 

105 B 

-03 

139.6 

-04 

•42 

100.0 

-0.9 

96.5 

-06 

1000 



1088 

Scottish Widows' Group 

PO Box 902. Edinburgh EH IBS BU 03U&5 6000 

Im Phr-Scnc* I Q035 10J5J -0.8 — 

InvPfc Serio2_n.fi -. 1028 -0! - 

Invrt Cash Nov. 10. 99.9 1052 +0J . — 

0I-BB69171 EcULAce.Nov.1_ 137.* 143.8 -0J - 

ExL’LInc.Nov.l... 150.6 136-2 -4.2 - 

Max. Den. Nov. 8 -P64.0 -2j] — 

Solar Life Assurance Limited 


AcU verba.-., 

Fotidak. 

Foodls 

Emperor Fond. —1028 

Huqwao. — 

Clive Investments (Jersey) Ltd. 

P.O. Box 320. S 
ClivoGilt Fd. 

Cl) vc Gift Fd 

Cornbill Ins. (Guernsey) LttL 
PO Box 157. St. Peter Port. GuroNT 
IntiiL Mon FA. --I17L0 - 186.0( — - 

DWS Deutsche Ges. F. WertpapJersp 
Groacburxweg 112 0000 Rfanirfurt. 

Invests. -[DM4150 VJR-fOUf - ’ 

Delta Group 

P.O. Box 3012. Nassau. Bahamas. 

Dens far. Nor. lO-fHTSlS 16V ;.... \ — 

Deatscher Investmeat-Triut . 

Poafach 2BK Bleberjatoc 6-100)06 FnmktnrL 

Concqnra . KMC038 2LW+0-1U — 

InL Renton fionds .. -1DM03S 75.oj-OJO( — 

Dreyfns Intmeatinental Inv. FL 

PO" Box N3712. "Nassau. Bahamas. 

NA V Nov; 7 [JUSE51 165^ .. . J — 

Emson & Dndley TstJIIdLJray-L(<L 
P.O. Bax73. SL Hettec. Jersey. 0B3430BB1 . 
EXilCJT, ___)12L2 1292J -3J0Q 

The English' Association 

4 Fore Street. ECS. 'v • O1-OB87O01 

_ , . , i058 ' 50 “ 

Wantooie Oto pj—tellia 32. 

'Nod dealing Nov. Ifi. "Na4 

Eurobond Btidings: N.V. 

HndeliMe M. WUIemstad. Curacao 


BicbmoudlifeAsK. WL 

4& Azbot Stroet. Dou^bs. LOlOL ■' 

telTbeSUv«rT5i»tJ: 

Kichniowd Gd_B<LZl 
Da FlaOnamBd — E 

, Da. Diamond BtL_:. )' 

DoKni IaComoBd..-I 

01-3480809 

3-Sf F.O.B0KS 

— O.GJafLFAr-z^_-5l-23 

OCSntCoOcLSI-^lUAU 


b&fr'-r 


10UiilliuQi,Otttiwviwt| l 


P.O. Box 68V 3k. efi .Bmauda Kd, tami(la> 

koyal Tins* eCI> Fd. Hgt.'l4tL 

P.O. Bor 19*. 2e*er/tC»ft«e^ " 

*^ESasslEi 35 .iS?^ :E " 


Save* Prosper fetwnitiniiiK - iiti 

DewUnt to. . • 

37 BWed SL.SL HeUer. Jersey; 


LX 

DLr. FxAInt—t. 


IntenwC Gr^l+. 



FterEreteni* , 

North Amarican't J 

Sqwfj.- . 

S I c x C og- duluurfurtid Tgad* 
Channel Cxpital*_ 005 . 2427 

Channel founds*.- 14&jg 

Camnod.'*r4— 1-~ 1329 

SL-Depo«t*.-~__ 1618 

pjb.7 

Prices on Nov- 7! “Nov. & 
4Weektr Dealings. XDaDy . 





ScUesfaigerlalBXi^dbMii^ MngL Lt£g' 
Lo Motto SL. St. Koliw. jjiwar. 0034 " 

w&^'ribgsitez*?*- 


NAV per share Nov. 10 SUS2030. 


- I0i 12 Ely PI jee London E.C1N 0IT. 01 342 2906 IF. A C. >HgmL Ltd. lUV. A dvb ei D 


Sol or Managed S._ 
Solar Property S.. 

Solar Equity S 

Solar FvA InL S 
SoIerPaiJiS. .... 
Solar Inti S. - _ ._ 


— Solar Manaeed P_.n2S5 


NEL Pensions Ltd. 


Beehive Life Assur. Co. UtL* 

71. Lombard St . E>.3 
Bit Horse Nov. 1 . J 13208 | ....J - 


Canada Life Assurance Co. 

28 Itinh SL. Potter* Bar. Herts. PBor 5112= 
EqtyGUlFdNov.l-.l 611 I. — I - 

Retox. FoA Nov0..| 1144 ] J — 


Cannon Assurance Ltd.* 

. Olympic Wy„ Wembley HA80NB 


Equity Units . — 


Property Units 

iltr Bond; Exec 


Eqult^BOT^I 


Prop Bern l/Evec— 
Bal Bd-ExecTJnll. 

Deposit Bond 

Equity A ccum. 

Property Accum _ 

MniA Aceum. 

2nd Equity 


2nd Deposit 

Sod Gilt- 

2nd American 

2nd Eq. Pene .Ace 


2ndPrp.Pens Acc 
Med Pens' *cr| 


£17.12 
£10 45 
£1157 
£13.75 

SB* 

178 
0327 

rr L6« 

m 
[988 

M85 
B0.1 
[719 
, 3 
tU2.7 
1025 


2nd . .. 

2nd Pop Pens- AccilOZO 
2nd Gill Pen*. A ct 


2nd Am. Pens. Acc. [81.6 


UES.I.F. 
L& ES-f-F.'J. 


12031 

i<jia 
14 13 

ni« 


(90 7 


m 


035 
1029 
1195 
1085 
107.91 
96 0[ 
865 
410 
29.U( 


+0JJ2J — 

+om 


+1 


SI™: 




+Ld 


L'urrcnt value Nov. a 


1275 
179 0 
170.4 

1343 

leas 

1794 


1423 

149i 


1765 

185 ( 


1211 

1275 


126.0 . 

1323 


33 3 

93 C 


129 ft 

1367 


153 J 

1614 


2115 - 

2227 


2757 

290 J 

• .. 

2116 

2221 


2757 . 

2901 


1210 

12SJ 


129 8 1367’ 


125.9 

133.5 


1463 

1530 


104.1 



106.9 



Nci«-v (.HP Inc A'x.. 
*-••1 M*il FA Cut . 
.'.cl Mxd. Fd Acc... I 


645 

1335 

889 

1194 

-04 

618 

650 


66.3 

703 


512 

53.1 

49.4 

50a 

rfm '.’.I 

55ft 

558 

519 

534 



Guardian Royal Exchange ^ _ MiUouCouit . Desiring. Surrey. 

PjvvaJ Ev hance. E* S 01 -2IO ■ 107 Suli-\ Eq (.'Bp 

ITopt-nv Bond- [1898 1977] . | ■- Nek- v Eq. Accum' 

Hambro Life Assurance Limited 9 ^So? 1 " a « 

7«>M Park l-mc Lor.Hon.Wi 
Fued Int t»+p . . 

Equity 
I'ropertr 
llanoevJ '.'up . . 

Mona^od Act 

therse.it 

01021 1288 Gilt Edseri 

America'’ Ac.- 
Pen F 1 Dep » - ap 
Pen. I i r*cp v.i c 
Pen Prep v'ap 
Pen. Prop Ai r . 

Pen. Man '"up. . 

Pen Man Ai-c 
PmGHlEdc Cap. 

Pon Gill FVIjt. Acc.. 

Pen. B S Cap. 

Fen. B.S. Acc 

01-9028878 Pen D A-F Cap - 
Pen. DAT. Acc 


[125.9 

014.4 


1023 

865 


UCl 

162.0 

1141 


13261 —0.2} — 

120 5 

171.1 -o.y — 
1206 -0.7] — 
1807 

915 +05 — 
1322 -0.1 
1202 
170 6 

120.2 - 0.6 
IDS’ . ... 

9L8l +05 


1-2 LauTOnce Pounlncy HHI.EC4BOBA. 
01023.4080 - ■ 

Cent.' FA New. 1 [ 5U3552 | _, .1 — 

Fidelity -HgmL Sc Rt*. fBdaJ Ltd. 

PA.Ooi 870. Kami lion, Bermuda. 



^025--- 


■’Next sub. day November 8- 


Solar iToperiy P- . 

Solar Equity Pi...... 

Solar FXdjnt P — 

SoiarCanhP- 

»ll Solar I nil P 

“ Sun Alliance Fnnd Rfangmt Ltd. 

— Sun Alliance House. Horsham 04038(141 

— Evp.Fd.lnt.Nov5 .. [£2492 15961 .. | — 

— int. Bo Nov 7 J £12.08 | | _ 

— Sun Alliance Linked Life Ins. Ltd. 

— Sun Alliance House. Horsham 040354141 


-Fidelity Am. A*t— 

PWentylat-nrad.. 

FTdelllyPac. Fd — , 


3USZ2.46 

SUS2215 


Schroder Life Group 
Enterprise BCmsd Portanwatfa.- 
taleraatiaeal-Ibwda . 

33ZM 1 



Waterloo Hse.. Don St. SL Helier, Jersey. 
058437581 



ii 


sm 



St^WBER 


to 


Series A iTatnl.l 

(Pacific)— 


NPI Pensions Management Ltd. 

4M.>;rovccliucrh:4t-EC3P:lHII OHOJCDu 

Manured Fund -|1553 161 3| | — 

I’ncv-s Nov. I Ned dealing Dec 1. 


EqultTKund-- . 
llvedlntemei'd... 


PropcrtcFund 

rnternullottal Fd. - 195.9 


124.1 
104 9 
1161 


Iiepodt Fnnd... . 
Honored Fund 


986 

1089 


130.7] -0.7) - 
110.4 -1.2 
1223 

101 0 + 1.3 
1038 
114.7 


Scries B 

Senas D (Am. Ass.) . (13425 
First VlUsg OwnmodK y Trusts 
■ft St' George's St.DonjdasJ.aM. 

O0B4 4882. Lda Agte Donbor ft Co- Ltd. 
.London f 


J. Berny Schroder Wagg- A: Ca Ltd. r 

120.Cheaprido.EC2. 01-5B84000.f 


HM[ 

*■»* I I 




Kw.fl 


- iOftPatlMalLI 


■ SWnSJH. .01-830^857 



nrhiifiP 
Japan FU. 


Not.2_. 


- New Zealand Ins. CO- <L : .KJ Ltd.* Sun Life of Canada fU.K.) Ltd. 


— V..ntl3(M IIou(4. Swulln-nvl SSI 27S 07 K! 82855 2 3.4.<'orkapurNUBWIY 5BH 


— Hearts of Oak Benefit Society 


Km Kcj ln»-. I'l.m. 

1535 

930 

1634 

979 

-0.7 


104 6 

110] 

-fl fl 


91.4 

902 

-lift 


944 

99 C 

-06 


902 

950 

+0.1 

— Fur Kart Fd . . . 

1114 

1173 

+02 

vlilt Erl ^1x1 Fd 
«.Um. Dcro-il Fd .. 

1054 

903 

110.9 
1ID 5 

+01 


Maple Lf.Grth 

Mole U Monfid. . . 


Maple Lf Etnr 

ri . Krt 


1994 
133 6 
1279 
204.1 


01-0305400 


IterooL Pn. 

Target Life Assurance Ca Lid. 

Tnrfict Hvxiac. GatobouM: Ret. Aylesbury. 


13-17. Tnvirtnrk Flare. wciBSSM 01-3875030 Norwich Union Insurance Group* 

Hearts of Mak 137.7 J9.8( ... | — pi i Box 4. Norwich NR13NG. U8CDZ2U0 


Hill Sanrael Life Assnr. Ltd.* 
NL.4Twr . A4ducomt«R(L,Cr(y. 0I-* 
6Property Units 
Property Senes A . 

Managed Unite 
Managed Scne+ \ 

Managed Scne.i'. 

Moncj- 1,' nit: 


Managed Fund 

Equity Fund 


Money Series A .. 
Fixed I 


Capital Life Assurance* 

Coalston Hon^.+Tlapd Ash Wtoti 
Key Impct Fd . I 9952 I 
raccnvakerlm-.Fd .1 10296 | 


l InL Sw. A 
Equity Senes A. . 

Pns- Mnnajwt r.ip 
Pnv. Mnitorscd Acc 
piu.rrtced.irap . 
Pn-- G7ee-i Ac- 
Pens. Equity Cap . 
Pens Equity Arc 
Pns KxalnLCap 
Pns Fxd ln» Acc 
Pens Prop. ,- a|i . 
Pens. Prop Ac. 


162-2 1704 


105ft 1112 


1613 1698 


946 996 


912 96 0 


1229 1294 


992 1044 


9£8 97ft 

♦oVi 

90 0 94.7 

-0.2 

141.1 MB 6 


150.9 158 8 

. w. 

107 2 112.! 

Mit . 

114 7 120 7 


100 1 105.4 


1019 1*73 


954 1005 


•J7 1.. 1027 


96.7 1018 


904 103ft) 



Fixed InL Fund (1505 

DepoailFUnd 

Nor Unit Ort. 15 


225* *051 
3640+31* - 

M1 9 - 

15S 21 —0 hi 

1080 113 3 +0 1 

220.6 


£24.6 
[346 6 
134.0 


Phoenix Assurance Ca Ltd. 

4-5. King William SL. ET474HR 

Wealth Ass [1105 116 

Eh'r Ph. Ass. 802 

Eb'r Pti.EqB. ... .[79.7 SS 
Prop. Equity Sc Life Ass. Ca* 


Hucte 

MHn Fund litc.—. . 
M.-ui Fund Ace.. . . 

Prop Fd. In'-. 

ITop. Fd. Act . 

I Top Fri Inv . _ . 
Fixed InL Fd Inc 
iH-n Fd. Inr.. . . _ 
IM Plan Ac. Pen . 
Ret (TanCap Pen... 
Man Pen I’d Acc.. . 
Man Pen Pd Cop ... 
Gill Pen. Fd Aee. ... 
01-626 0876 Gill Pen.Fil Cap ... 

PrupPen.Fd Arc 

_ Prop Pen Fd lap— 

Guor.lAm.Fd Arc . . 

vluar Pen Flti'Pn 
D A Pen F ilAcr — 


“ 1 19. 1'rawforrt Street. W1HJAS. 


•Vl'lusbuiy (0S96» 984 1 


Rb 

100.0 

1237 


1117ft 

124 0 

*52 

1 151.0 

+70 

115.0 


+4 0 

100 2 

970 

W4 

1055 

loiii 

733 

-ti; 

57.4 

6iJ 

-01 

J235 

130.0 

112.0 

1179 


1320 

13&9 


1230 

1295 


1684 

170.9 

+7.3 

1641.9 

1694 

+68 

967 

10LI 

960 

1011 


965 

960 

1016 

1010 



PSLVik. OmT M.wp75 3951 

F«:\-k. DbLOpTst. . (64,0 ■ 675} ...-[ 450 

Fleming Japan Fund SJL . . 

37. rots Notre- Dame. Lvuedboor* , t . . 

UcirincNiw 7 — [ SCS66J6 | [ 

Free World Fum! Ltd. 

Butterfield Bids. HantUtixn. Be mutfta 
NAY OcL 3 1 1 SUS198.05 | | 

G.T. Management Lid. 

Park Hoe. IB Ffiwburjr Circus. London BC2. 
Tell 01-8ZB 8131. TUL 888100- 
LOndOO Agcsite far 

Aneb«-frUiiUi_...ptSUa 1 


Sentry Assurance Iricnntionl: 

P.O. Box 32ft Hamilton 3. Bermuda . . 
HaaafierfFui\dr_iWS3« ;tS*| V.,.3 - 

Singer' dr tlicflandcr Lrixb. Agents 4| 

2CL Cannon SL-EC4. •.• OK 

Dekefonds- M6L-.:2ug 

Tokyo T*t Set 3iZ(fiS®S; 

Stnmg2mU Managwnent United 

P.O. Box 319, St. ‘Heller. Jeraep.- 0WT1M9 

C aUB Bo dKy 1 Treat 100.431 


IIPROver 


Anchor Gift Eden- 
Anebre InL Fd 


A0chwlB.J3y.Tri. 
Bens Par Fd- | 

Berry P« Strle 

G.T. Aria Fd 


aT.AriW 

ttT. Australia 

CIX Bond Fund 

GT. DoDnrFd.- „ 

G.T. Dlr.fStritl Fd}£8.«3 
G.TPWriUcFd T^,. 

«. t. mfigpm Fd-- ta.<9U2i 


-H 


-0J3 

Gartmore Invest. Ltd. Ldn. Agts. 

2-SL Alary Axe. Iawdoa. EC&. 01-3833531 


-24^ 


pttf, 

SI-S57JW , 

I3Z7.0 J42.16. 

p495 

5a9.«. i»5i : 

SUS1429 
SUS863 

8.79 
SUSI7J7 ^ 

— nod 


Sarinvest (Jersey) Utt UJ 
<b»ens Hoe. Don. RdrSL Heller. J 
^■70 - American lndTri--|£750 7J 


IM 

8.7? 

087 


Copper Tn 
Japrladex 


Tturi. 


.QSMZZMOJ 


. TSB tfnft Trust XanbgeEs (CU LtM = 

Bagatelle Rd.St SartourrJeraey. 


Jersey Fund 


053*7 


0.90 


Gu er nse y _ 

Prices ob 


Next aob. day Not- 15-59 


_ R. Silk Prnn Bd . 


ip Rd.„ 

Do. Equity Bd. 

Hex Money Rd . 


1866 

712 

1496 


014860897 D A.PcnJFd-Cap — 

— Transinternational Life Ins. Co. Ltd. 


_ 2 Dream Bldgx, EC4INV. 


9Tullp Invert. Fd 


Property Growth Assar. Ca Ltd.* 

Loon I Touac. Croydon, CRB 1LU (>1-6010606 y.Man_Bon ; 


YTulipMayd^Fd.. 


Cbaiterhouse Magna Gp.* 

Siephenaon H.-t Brunei Centre. Bletchley, Managed Fund 
Milton Keynetfia&Mim Fl.xedlst Fd __ 

Chrth«eEnere* . _|372 393 j — 

Chrthse. Money 29.7 3LH . Zl — Equity FUnd 

Chrth>t Manaccd 34 0 3*3 - 

Chrthso Equity. - 34.9 3&9| 

MacnaBId Soo 1345 

Magna Managed 1510 


Imperial Life Ass. Ca of Canada 

imperial Hrmv_ Gui Idiord. 

On. Fd Sdv Id . [73 f 
Pens. Fd Nov . 10 -1672 • 73.H -0 

I ni t 1.^ inked Portfolio 

3 ! 1 S 3 M = 

970 18291 +d U - 

S8 1 . Moi+0.0) - 


Property Fund . 

Proponr Kund< Ai . 
71255 Acnculturnl Fund. 
80^-OSj Agnp FundiAi 


Irish Life Assurance Ca U<L 


venr 
Abhcy NaL Fund 
AhfieyNal F4(A( 

lav'Gstraent KuniL 
Invertment Fd.iAi 
Equity Fund 

Equity Fund 1 AI 

Money Fund. 

Money Fond 1 Ai 


11. Finabury Square EiT. 
Blue Chi pNov a 


01 6288753 Actoanal Rind . - . 


City of Westminster Assur. Ca Ltd. 


Ringuad Hone. 0 DikUtimve Rond. 


Mwiapcd Fund 
Mao fid Fd. Ser II 


Croydon CR02J.V 
Wert Prop Fund 
Mairagofi Fund . 


Equity Fund. 
Ftoinfi 


!nnd Fund. 

Fund 


PULAFund 

Fnv. Mngd. i'ap _ 
Pens. Mufid Avt ... 
Pens Money Cap.-. 
Pens Money An*. . 
Penx Equity < op . 
Pen;* Equity- Ai r.. 
Fund v arns (t]y e 
PertormUDite I 


1621 

1824 

604 

SL1 

1250 

fcL* 

1733 

1210 

1269 

47ft 

So.i 

540 

56.6 


01ftS4(W4. fTop 

65 JJ . 

192. D _ 

Si ~ 

^2 -M 
1767 
1273 


Exempt Man Fd 

p Mod. Nvn . 1 


13353 

m3 
S 13 . 
56 a -0 4. 
595) -05[ 
ooed to new Irtvevt 
»45 i 


74 1 780 

. ra 

90 5 95.4 

mmm ^ . 

2336 2439 


• J - ?J3 


1335 IMS 


1099 1990 


2122 2233 


199.8 1050 



500 


Clk+dcrd Fund— . 
Gih-EdgedFd 1A1 

a Retire Annuity _ 
• Imroed Annie — 
Fne. Growth Pra xl 
Ml WHier Ar l.lu 
•All Wool her Cap . 

•Inv. Fd Ute, 

Pension Fd L’te. . 
Conv Pens Fd. 


Prop. Mod. Uth 
Pip MtiOrth Ser II 

King & Shaxson LUL 

.tCornmll. EO 

Bond Fd Exempt 1101 91 103.221 +001) — Man Fens, rap UL 
Next deal me date Nov. 15 Prop Pray Fri. . 

Langbam Life Assurance Co. Ltd. taStCi. 

Lanfituun Ite^. I Inltnb rook J0 t,NW 4 0I-3J3S211 Wdt!. Soc. Lap Ul . 


»Nvr. Pns. cap l.'i 

01-S3&433 Mnn.Pens.Fd 


Growth P ri iri e n x ft AxralU 

132.0 13991 


1231 .12971 

141.6 
134.1 
1526 
I35ft 
1519 
1375 
13L6 
1350 
1360 
1231 


+ 0.2 
*02 
*02 
+0 2 




Man Pen. Fd Cap 
Mob Pen FU Are- 
•Mnqd Inv Fd InU 
•Mntd Inv Ftt Acc| 


142.7 

11131 

1166 

1191 

127.9 


15031 
3190 
1227 
12b 1 
1346 
1012 
102.0 


<u-auo40> 


Tokyo Pacific Holdings XV.;. ’ - 

lottima ManriK&ent.Cd. N.Y- Quwcwj. 

. NAV per riwra New. ft SUSBSAR..; 

j ctxw 1 * ^^34-73741 Tokyo Paclfit HUtga CSeaboanDN.*^ 1 
Intfinte M a n a gement Ca. N.V_ Quracaa . • 
NAV jjar riiare. Nor. S £D34aSt 


GittFoadlJecsey)_[lto.O | f ip n 

Uslrene Fund Ma«L (Far Bret) Ud. (ahfa) 
I503-Hatr!uxon Use. 10-Kanmurt Rd, H_Kone 
HKitWe.U.TsL- tDB-SStflsff 

JaproP’d- ES»C JUM _TJ 050 

N. An e re lc m -Tri. . ..teaMl MOt .. I van 

I ntL Bond Fund. ..-J1DS1973 1138 - - V SM 

Gartmore Investment Mod. Ltd 
F.O. BteOK. Dou£Ux. loM. 

Cirttnore TOIL Inr. 1206 
iSonwouxf t«U. , 2rth[68.4 


Tyndall Group 

PM. Bm tot Mauri lira sT BrriMda. SrtTH 

CPseasNav. 8 

f A rerun. Unite) 

Mamm s-wwinLOetia. 






<ov.O — 


Trident Life Assurance Co. Ltd.* . , _ . „ - - 

RenxIudeHonae.G.ourretor - ijUgpJt^.FuaA.Vj^-UlL ‘ .&SE gS5fc $?.-- 

[I- =ll0 ..omv«iAt Centre, Hoof Koqf 

l 1 ..Iw— un — FarEadNov O-.teft 

Ufl-fOJS — . . -fA«am. xhancC..- AftO 



■7-. 




Mona: 

GUI 


W:r=: 

Property - 

B^urtyi American - 


.Equity Fund.. 
High Yield.. .... 


: 123.0 
11473 
1533 
79.7 
1110.0 


■lift Edked .!...— 

Mnony. —. 

lotornotlonol 

Fi: 


mi 


Growth Cap 

I'iTOlli Arc.. 

reuiv Mnfid (tetx .. 
Vens.Mnc;d Acc.,. 
I’m s' Ad DcdCkd 


1251 

9640 

1271 


Pras GtdDep Acc.. 

r.rap — 


Petw. Pptr. 

I’pn* Piy. Aer.-. _ 

Trrfi Bund 

•Trdt <; I Bond 

Tash value 


13031 

155.0 
1624 

845 +04| 
1165 +0.4j 
148.2 
1287 
1318 

104 3 -0.9 
134 5 

1314 

136.1 .... 

1230 

1296 

1103 .._ 
116-2 . .. 
1233 .„. 
IMS .... 

96ft "1 
Inr tin) M Vminiv 


fSR 

116.1 

p? 

|109.7 

U6.9 


— ■ F*r&weN«r 8- . UDa5n lint _-J3 — : 

— . J Japan Fund---— U^+ois | i_; 


[H amb ros Bank (Guem^yi LtdJ -' - J*g* *Fd.Mgr.i-^3%b 


& 

rerajjjWv 

Hmnbros FA. Mgrs. (CXJ Ud. :fflB Fd^dN^ft^SEO. 'Sf '^3-UJa' “ 
P<7. BqxOft Guenuej- .. 0481-38571 tAcennx Shore** ^-fl3SL4 ]_ . M2,0( 

C.LPnml -- .[140 8 3583*1 JtTO Vfirtorr Rourapv 

lataLBaadv 5UfS10694 11ZJW : . J 830 ' MaUCedUet J9 _. . 

lut Emrity - SUsjii 03 wtS: - J 

■ffr Unlfafe Assurance fOvmoA Ud. 

Int svga.- V .sut^us Ljif ---[■—. p.a Box 138S fiamiJtiro-3®, 


LB« 



nwnL 


Latifitaani'A* Plan . 
•Pruji Bunil . 
*i»p tSPr Man Fd 


_ Legal A General Unit Assur.) Ltd. 


City of Westminster Assur. Soc. Ltd. 
Trie phone Ol-Wti W54 
First Unite .. [1292 
Property I'mif [54 7 


W:J - 


Commercial Union Group 

SL Helen s. I.L'nderebaR.Era. 

Vr An Ac. N'nr. II .[ 5630 |+0ft^ — 


Da Annuity Ub-— | 


Mft3 


Klnipod-oori HmiM- 
Surrey KTSOOEL' 
Caxli Initial 
Do. Acrum . .... 
Equily Initial 
Do .(cram . . 
Fixed Iniiial 
Do Acrtjm .. 

Int L Initial .. . 

StoniSilRitiaj;: 

Do Accum . 
Properly Initial 
I«o trenni 
Irtd ft Geaeral ■( 


Confederation Life Insurance Ca - 
50. Chancery Lane. Wit 1HE. 01-2420382 “^Sim ... 


•Equity Fund .. . . 
•Managed Fund. . 

•F1P Fund 

PjimI Phi. K'Jjtf— 


Properly Panrion- 


US 6 177.81 



lflfij 1954 

-re-. 

4103 


78a 0 2J 


784 823 


197 8 2012 


206 0 2070 


250 4 2560 


IZ50.1 1»9| 



EkenfUEUrt ItnL 
Da Accum 
Exempt Fixed Inn 

Do. Arcum 

Exempt Mnrd lnit 
Du Accum . 


— Do. Accum 



30. 1.’ * hrxdBe Roo.1. W1S 0PC 
.sel Mkt.FfL'-ap _l 
.■VJ MM. Fd Mri . i 


Tad worth, PetiMra Equlfr 
Fxd In 


h Heath SMre PcnJon 


104 0 
1250 


' Providence Capitol life Ass. Ca ltd. 

ai 74*0111. Equity Nov O- 

. _ _ 

1100 
1210 
me 

500 

50 0 .. 

461 
461 

•94 . . 

44 9 

471 ...„ 

478 

48 1 ... 

sot] 


Tyndall Assurance/PenstoiisV 

18. Can+nye Rood. Brtetol. m 

a-WayNov.O | 


U7 3 

1 tepnql Fd. L'qp . .. 47.4 
Der*r4l Fd Acc ..674 

Katiliy F(L Cap 44 4 

Equity Fd. Aru.. .. U« 
Fxd Int Op . 473 
P.xiLint. .Vc . . 47ft 

lntni cap. 65.3 

Inlnl Are 053 

Managed Fd. Tap. . 45 7 
Managed Fri. Arc . 457 
Property Fd. Cap- 47 6 
Property Fd. Arc. . |#7k 


50 3 


Bond Nor 9 _. _. 

Property Nor 9 . 

IhJpDrtlNov.P- —.1 
3-Way Pn OcL 1ft. 

O wax inv. N«». 0- .1 
MnPn3.woct2-^! 

Ud Equity OCt. 3. _ 

Tin Hand Ores 

r« Prop Ort 1 ■ ■ 

Vanbrugh Life Assurance 

4 1 AI Madduc a . Ldn 1. W Ut BLA. 


1251 


1633 


1661 


1091 


1303 


3322 


755 


1766 

— — 

2738 


mo 


90 0 



Prices ox Nor. a. Nent dwUnft Not li tcwi*» 

Bendersca Baring Fund Mgr*.12«£ 

605. Usnraotr Houw. TUmn Kdnc - " — ' -tbdtollmStlimUicsdlEckdl nlfi. 

. Pc*Tf»ch'i87ST."b‘aTOO Froakiirt IS. 

Alhtn Def^ ^i _£.• — J<9 

HHl-Samnel St Ca (Guernsey Udi ftSSgfii 'I ‘ SS® w* 

ftiftPbbrre St. Pw*r Pod flx«n»CT,C^ - ^ ' 

dito ril l ft [HU 156*4+0.5) 3.99' UtA , total. Hlkgmnt. (CJJ Lid. - 

HlU Sirnd Invest Hflid lntni .- . jcmw. ■ 

p:tr. Bax 63. Jerxcy. 003927381 17X8 ^ :**** 

r~Ll" Uoft«f SUtes TsL'XntL Ady ta 

^.pyrara, FdjHEZ7%. 


"S^is. 




[C-SF. Fd. CAcctnzL 
•boWFcllAre.i 
> W - (Ace. 


M - sgqM* '- 5 tan 

rwbwxraflraroi r a . m ” , ^- Warburg * Ca Ltd - '’' v . r ■■ : 

*"?■ * n ***i“ a r 8B.CfestamSorot.aa- - =,. - . 

(O-Bac Bsn, 9ft Htt Sr, Ejitbe. tod- fin.8i : Km-.»„. „t • isusniK »• •- A. 




XuikuswI Fd. [147.! 

Equity Fd..... — B326 

In Lnl. Fund- [965 

Fixed IRterst Fd-._ 


Prorinclal Life Assurance Co. Ltd. 
3a.Rtehor*catr.Er.2 111-0470503 


Property Fd — — . 1499 
Cosh Fund 121.2 


HS^fl 


1649 


Proc Manaccd Fd 

Pruv Carii Fri. 

Cllt Fund 20 


Exempt Prep 103^ - 


117.4 
1067 
U4.Q 
1013 

Prudential Pensions Limited* 


l-ror+T*? Fund 

Euultv V 


Equltv Fund 
Fxd. Inf. Fund _ 


1236 -16| 
1124 
1201 -Q 
1067 

184 6 +0.2) — 
1019 


Vanbrugh Pensions Limited , 

Manaccd R07 1C.« -ftaj figinlR-J wSfifiE 

102.3 - 


CorablU Insurance Co. Lid. 

SI Corah ill ECft. OlftMflrilO 

Cap. Feb Ort. 15 — [1300 - l | - 

US Spec. Ort. IS „p *J 
Llth-Fd. Oct 20-1179. 


Ma ut 


1B9I 


Credit & Commerce Insurance 

120. Regent St . London Win 9FB- 01-4387081 71. Lombard St, EC3 
r ^r. vng it f ri p»a 3325| — — Zaaan* |M 


Jioo 9 106 

Legal & General Prep-FtL Mgrs. Ltd 

II. O'jeen '"Ictnria SL. ECCS 4TP 01 248M7H Fxd. lilt Oct 18 .... 10920 

lAtiFkp-Fd. Nm T [98 7 10331 - I — Prop. Frt. Ne»-. IR. . [127.74 

Vtcrt sub Acf Dec. l Reliance Mutual 

Life .Vssar. Ca of pennsylTama . Tunbrtdqc writ*, kcdl 

7S-l2NeaBondSL.WlT08Q 0HS38»5 ReL prop Btte. I 2090 

LACOP Unite -. _ [97.4 , 10U! ... I — 

Uojds Bk. Unit Tst. Mngn*. Ud. 


Rothschild Asset Managemeitt 


Vixc^I nUrreitl- - ^4* 

Property |99S 

Guaranteed sm Ink. Rose Rates' table. 

01-105 mr Welfare insurance Ca Ltd* 

I “ WiniMe Park. Exewr <010-92138 

MoDcymaber Fd. . .1 104.0 1 — 1_7| 

KsCfltltw (undo, pksw refer 10 Tbe Loodoaft 

Hnchcda Group. 

Mfczsfl Windsor Life Amur. Ca Ltd. 

I— -I — Royal Albert Hao, Shari SI., WlndaDr 


XEJ. Managers ( Jersey; Ut 

PO Bos BOChfltmri Roosejetrey. ' * 

Jvncy Extrefi Tat_ “ 

Ai 1 * Oct. 

jardXne-Flemisg 

-J^h^niw, CraaMght Centra, Hou Stalb’ OSTUd OctaL_ 
«-*■ iS^^TaUJci 19 
TMTNcv.ft^.:: .: 


J ordinr FlmlnL- 
latlFaeSeea.aiic.1 

DariAcruni 

NAY Oct n. Tquinlei 

»« HVKgt, 


WSMft9- 

WKS12.42 I 
HKHiftO 
HKHS96 I 



- — i-ycurirf;,WHic Craytii; Maffiagwn cr^ - ^ ;L.-^ 

► “ J.- Mb. Bpxbwuw* Uiiyri ijwnJimif ' - . ! 

_ Gth jscKisjft f-ost— "•.r.lv r ‘-ur:. ^; . 


UM 


ni^ta 1300 jj > c> 


Life Inv. 

^-riUunaUhctandta.B'A 01«8«5d oSbil 


IM 


, Fro^ 


.11206 12B5| J — 

ad Sub. day December 38. 


•Inv. Plans {12 2 

uroAsto.(>th>ai. 1 

:urcA*ad.filit(b/. ‘ 

. A»*d P ; ;T* C 

X. Inv. Growth -.[MU 


Ret. 
flex, lav, 



S8M4 


NOTES 


■st 


-=«««*** 7!t*sSF.: 

pretaum iMMWft t Otfeced -sna: tiMtodeslidl'ABE 

I «i* gpewea-if tatiebt nmwiE 

t NH « 


«**»*«*■* 

> 3S5?SiS*', 




bviricia. 


i . . 



-i<.; ‘ti - . 









g iimesv Moicfay Efoyemtjer 13 1978 


usinessman’s 


1 p.VU/Ji 


€K TRADE FAIRS AND EXHIBITIONS 


'Title : 


Venue 

National Esbo. Centre. 

Birmingham 




*■ 


- fr. ‘ ENPOCON^Eoviromnent^--Pci]Iution Control 

.. . .. ^ ••• -Exhibitiafe. '• 

■ 13— IS;...-... TASSEX 78— Transportable Accommodation and National Exbn c^nt^ 1 
i; . ' ; Site Services- Exhibition and Conference 

..* Water'. Treatment Exhibition National Exbn. Centre!^ 

, . Alexandra PaJ ac ef J N^ neham 

^ - ^IZ^Si^T 

■jy i^2B. r .:w.".:.lnternation^. J RItdiet)atid Bath room Show-rFIT Olvmpia P 
i«‘ 19—26 .. ‘fet RenoTatioh and Hbmer lmptOTCment Show Olympia 
1 21.;i.v..;'Brilisli Cdrdiac SorictyConference and Exhibition Wembley Conf Centre 
‘ » v 21—B5.-....w. Breadbowd ExhibitToh ^Hozne Electronics) Seymour Hall ‘ 

Hr. 26-^30-i.--- Wholesale Buyers' 'Gift Fair . Mount Royal and Most™ 

‘ -V . . v '•■ . . Hotels, Wl 

n. 28— Dec-.lw Video- Trades 'Exhibition j-: Heathrow Hotel 

a 4— s..;*- Royal SmithReld, Show: and Agricultural Machinery 

- ^Exhibition V:'.' . ■ - . Earls Court 

t 5— „ Cc^dterT»ertphCTa^and^S»aU Computer Systems Olympia 

Boyal Horticultural Halls 
Olympia 

National Exbn Centre 
,, . . Birmingham 

Metropole Centre, Brighton 

Alexandra Palace. N22 
West Centre Hotel, SW6 


This week’s 
business i 


e. 5 — 7..:. UK Automatic Testing Exhibition ... 

e . . 5 7 - GOMPEC 78- fCoraputei. Peripherals) ' . 

". c.. 5 — 8 ,; .Expert ■Seryices.Exblbition . 

", C7 3*— 8 ;. Container -Techiolosy; Conference and Cargo 
-- ■ System? Exhibition . 

\e. 9 — 17 Performance Car Show T - ‘ ■ „ rt „ TTTW 

c . 12 — 14 Exhibition am?" Display System Fair— MODULES 


OVERSEAS TRADE FAIRS AND EXHIBITIONS 

i v. is — 18.... .’A-.. -InteniationaJ AatoiHatlcs Show _ . Zurich 

i. IS— 26........; Automobile Show ; ; Sao Paulo 

21 — 24...:—*;.. Trade Fairlor Clothing :Textije&— LNTERSTOFF Frankfurt 
' 7. 24— -Dec .3. International .Exhibition: of Inventions and New Geneva 
■ - — Techniques:. . \. 1 • ••■ • • - 

i025-^Dec. 3 . Jffosic Exhibition . ‘ ' V *■ Brussels 

'y. 26— 30 .... Middle East Building-Materials and Construction 

' . Machinery Exhibition Bahrain 

' y.28 — Dec- 2 .r Raw Materials Fair— RAVARMESSE Copenhagen 

y, 2S — Dec- 10 . international .Trade Fair Dakar 

t.. ;2— 10 International Woodworking Exhibition Brussels 

i §_• 9.,;^.,.; .Exhibition for the Development and Maintenance Paris 
.of Open Spaces and Sports Facilities— 

' ESPACES VERTS 

BUSINESS AND MANAGEMENT CONFERENCES 


14 1PM/ICMA: Disclosure of Financial Information to 

■ ; ’ - " Employees " - . % • 

i. is Economic -Models: Energy Forecasts for Europe, 

. U.S., Canada, Japan ’ ' ’ 

..'t 15 CAET: Group Accounting— seminar and course 

Vl6 Inbucon: Salary Admini strati on Seminar 

:*cl6 David Casey Associates: Health -and Safety and 

. • - Industrial Relations . • 

. w i6;„ CCC: Takeovers and Acquiatioris-ra Business and 

1 Management Conference 

-■16—17 FT Conference: Business with Mexico 

- lS; ......... City of. London Polytech nie/Lpndon Chamber of 

- Commerce: Seminar on Getting Started in 

. . Business— -for those setting up their own firms 

20—21 FT Conference:.-World Insurance ; *.*. 

? 26^-22 British Property Fed./ftlat. - Assocri. of Pension 

Funds: Conf erebce:** Property”— Progress in 
. Partnership . - 

: . 21..... , Staniland Hall Associates: -Eritioh Economy in the 

• - '80s— Forecasts for Company Planning 

1.21, ...,'XCC: Contingency Planning for Disasters. 

.221 ASM: Estimating Project . Costs— Seminar 

.. 22 •; AGB: Executive Selection Techniques— Seminar 

: 22^-24... Wharton School: Finance and Accounting for the 

-Noil-Technical Executive 

. 22 — 24 RASE/ADAS- Conference— Farm Business Tax 

Planning . . • ' • • 

. 23. EGCf: Establishing a Joint 'Venture Overseas. 

.23 ; CPI: Seminar on Retail Planning: Sources of 

' current Information 7 

. 24. ASM:- Industrial Tribunals: How to, - defend your 

decision- to. dismiss f 

. . .-24 London Chamber of Commerce; Seminar on Future 

Trends- in. the Arabian Gulf 

. 2B— Dec. 1 ... .Bradford . University: Industrial Marketing 
... - Management 

; 27 — Dee. 1 ... TPM: Selecting the- Right Candidate - i - .r 

. ik — NIMRA: “ Richer from Rags ”■ — the recovery and 

■ I' re'-use of textile wastes - • 

: . 29. KD1C: Marketing Society Annual Conference 

:2ft;; Economic. Models: UK Engineering Industries 

Forecasts— -conference- - - 

*“*v 3h.'...u AGB:; Essentials of Employment Law 


30.: 


Charterhouse 4aphet: Cortfterience.nn^ Yoiir Private 
Company'*— Maximising Wealth. Creation for 
you and your family . ■ 


Cafe Royal. W1 

30 Old Queen Street SW1 
Piccadilly Hotel. W1 
Albany Hotel. Glasgow 

Holiday Inn, Langley 

Royal Lancaster Hotel, W1 
Mexico City 


Jewry Street, EC3 
Dorchester Hotel, W1 


Holiday Inn. Bristol 

Hilton Hotel. W1 
Royal Lancaster Hotel, WI 
Piccadilly Hotel. W T 1 
Cafe Royal. Wl 

Churchill Hotel. Wl 
Nat. Agricultural 

Centre. Kenilworth 
Cavendish Conference 

Centre, Wl 

Strand Palace Hotel, WC2 

RAC Club. SW1 

69. Cannon Street. EC4 

Heaton Mount, Bradford 
Whites Hotel, Lancaster 

Gate. W2 

Regent Centre Hotel Wl 
Royal Lancaster Hotel, Wl 

30 Old Queen Street. SW1 
London International Press 
Centre. EC4 


Royal Lancaster Hotel, W2 


■ r 

•■-y. 


CHAMBERS AND FARGUS 
LIMITED 

(Seed Crushers and Edible Oil Refiners) 

; ; IMPROVED RESULTS 

*: -Seventy-fourth -Annual -General Meeting was held on 10th 
■’ ov ember 1578 in Hull. The Chairman. Mr. G. H. Elliot, presided 
id the following is his circulated statement: — 

■ ;'£& year’s. results show a marked improvement on xhteir predecessor 

It the great 'disappainrmenc is the soya extraction plant, which 
^'.continued to make big losses. We reluctantly had to decide 
; .-wily before the end of the year to close down the plant com- 
etely. This has now been done. ■ ’ 

hoj»e that the company- will improve, its .profits again this year, 
dprid fay the removal of operating losses on the soya extraction 
ape.' Refining margins remain satisfacroiV and we have a good 
felling programme. We expect to show ;a. modest profit for 
Js first six months. 

* . ' 

ire' has-been no signHicanr change in prospects in recent weeks, 
ic refining arid crushing divisions are still performing well. Despite 
' gorotis marketing, we have not yet found a way of employing 
e.'sbya extraction plant economically. The alternative possibility 
-■ outright -sale of this -unit . is being pursued. I think I should point 

■ »r the very welcome fall, in.'our borrowing ratio during the year. 
l« position- has further improved since the close of the year. 


umover 

ofic before tax 
ofit after tax 
vidend - 


197B 

£ 

17,037,753 

127,452 

63,315 

17,493 


1977 

C 

12,325.635 

38388 

38.388 

8.747 


CONTRACTS 

Military 

vehicle 

testing 


R-R REALISATIONS LIMITED 

formerly 

ROLLS-ROYCE LIMITED 

otice is hereby given pursuant to section 299 of the 
' impanies Act, 1948, that a General Meeting of the 
embers of the above-named Gompany will be held 
the Chartered Insurance Institute, -20 Alderman- 
try, London EC2V 7HV, on Monday, the Uth 
2cember 1978, at 11.30 a.m. to be followed at 12 . ju 
H i. by a Meeting of the Creditors for the. purpose of 
*) recehang an account of the Liquidators acts ana 
ifliings and of the conduct of the winding-up for the 
.yenth year of the liquidation and (2) to fill any 
cancies in the representatives of - Members or 
'editors on the Committee of Inspection m the 
arfing^D' of the said Company which may occui 
ior to the date of the meetings. 

E. R. Nicholson 
W. K. M.'Slimmings 
K. D. Wickenden 
-Joint Liquidators 


HUMPHREYS AND GLASGOW 
has been awarded a subcontract 
valued at over £4m for the Pro- 
perty Services .Agency Involving 
the design and installation of 
mechanical services for a ne^ 
military vehicle testing laboratory 
in Surrey. . . 

+ 

.Air Europe, passenger airline, has 
awarded an engineering and main- 
tenance contract worth £3m to 
BRITANNIA AIRWAYS. The con- 
tract starts nest year when the 
Gat wick based airline takes 
delivery of five new Boeing 
737-200 jets. 

* 

WEIR CONSTRUCTION. Coat- 
bridge, has a contract worth £lm 
from BP Oil Company for the 
supply and erection of 47 timber 
frame executive bungalows near 
the .SuJlom Voe oil complex in 
Shetland. Designed by BP to biend 
with local cottages, the homes are 
being manufactured in timber 
frame kit form, and include 
carpeting. BP has requested 
standards of insulation akin to 
those of Swedish designs. External 
tinish is in roughcast, with tradi 
tionai slated roofs. 

* 

Yfl&m CONSTRUCTION. Coat- 
bridge. Glasgow, has been 
awarded a contract, valued about 
£40,000. by Paterson Construction 
of Bedlington,. Northumberland, 
for the supply of timber frame 
house kits to replace 30 existing 
pre-fa b type houses in the Valley 
of Dene at Chopweli. 

British Steel Corporation has 
given a £55,000 contract to GRAD- 
WOOD, Stockport-based engineers 
and_ manufacturers or ventilatin 
equipment to remove fumes at 
the soaking pits bay at the Shot 
ton works in the corporation's 

Welsh division. 

*■ 

CRONE AND TAYLOR, nf St. 
Helens la member of the Worslcy 
Group of Engineering Companies) 
have been .awarded a £200,000 
contract by Steetiey Minerals for 
the supply and installation of a 
rapid loading station at the 
company’s Thrislington Quarry 
near Caraforth, Co. Durham. 


BADGES 

ALL TYPES IN MOST 
. MATERLYLS 

FOR CONFERENCE AND 
EXHIBITIONS, STOCK AVAILABLE 
ENGRAVING, LABELS, 
NAMEPLATES 

Aditrorinft' cJftn. Iiems avai’ablc 
incorporallni. joor rmblf-m or ieeo. 
Kit fine*, piper Tuares. calendars, 
i»ic.. blvitn Marfcnms rfiadseaMKcn 
Ltd., CoW»M LowJon. W.JS. 

Tel: 01-743 U3I 


TODAY 

COMMONS — i\ uracs. M id wives 
and Health \'i?it»rs Bill, second 
reading. Proceedings on ih 
Pensioners Pjinu-nts Rill. 

TOMORROW 

COMMONS— Motion'; mi EEC 
documents on fnlargenienl »»f 
the Community, ih? display ami 
pricing of fciotlMuIf.-r and on 
groundwater pollution. 

LORDS — Electricity iSeniiandi 
Bill (consolidation measure 
second reading. Lc^ul Aid 
(Financial Condition-.! ncouki 
lions 197S. Legal Advice and 
Assistance i Financial Conditions) 
(No 2) Regulations 1&7S Lew 
Advice and Assistance LScmlundi 
(Financial Condition.^ i?lo 
Regulations 1WS. Leg^l Aid 
(Scotland! (Financial Condi- 
tions) Regulations I97S. Dchalc 
on when the Government pro- 
poses to re-equip rhe Queen’s 
Flight with modern a i reran 
SELECT COMMITTEE — Join! 
Committer on Statutory Instru- 
ments. (Room 4. 4.15 p.m.) 

WEDNESDAY 

COMMONS — Debate i*n indium 
to take note of developments in 
the EEC. January to .Tune 1978. 
Motion on EEC document on 
mutual assistance. 

LOKDS-^-Debate on the growth 
of Quangos louasi-autonomoiis 
non-governmental organ isations i 
SELECT COMMITTEE — Euro- 
pean Legislation. Subject: Euro- 
pean studies, language tuition 
and student admission to higher 
education. Witness: Mrs. Shirley 
Williams, Education Secretary. 
(Room 15. 4.15 p.m.) 

THURSDAY 

COMMONS — Estate Agents Bill, 
second reading. Motion f, n the 
Assistance for flousp Purchase 
and Improvement < Variation of 
Subsidy} Order Moliun on EEC 
document on misleading and 
unfair advertising. 

LORDS— Forestry Bill, second 
reading. Counter-inflation Price 
Order 197S. Debate- on National 
Parks. 

FRIDAY 
COMMONS— Debate nn the re- 
port of the Royal Commission on 
Civil Liability and Compensation 
for Personal Injury. 



41 


Nen Issue 


All of these bonds baying been sold, this announcement appeals as u matter til record only. 


?■'.') eoibet 17TS 


ft 't / t ■* S 



The Council of Europe Resettlement Fund 

for National Refugees and Over-Population in Europe 

Fonds de Reetablissement du Conseil de 1’Europe 

pour fes. Refugies Nationaux et les Excedents de Population en Europe 
Strasbourg /Paris 

DM 130000000.- 

6 Z* % Bearer Bonds of the Loan of 1978 (84-88) II 


Berliner Handels-* nnd Frankfurter Bank 


AUgemeitie Elsassische 

Bankgeselischaft 

Bayerische Lar.desbank 
GirozentraJe 

Bankhaos Geb ruder Bethmazm 
JTelbruck&Co 

Denfscbe Girozenfrale 
-Deulscbe Kommunalbank- 

Hessischc Landesbank 

-Gircwentrale - 
B. Metzler seel. Sohn & Co. 

Trinkao5& Burkhardt 


Bank fur Geraeinwirtschaft 
Akticncesellschaft 

Bayerische Vereinsbank 


Commerzbank 

Aktiengesellschaft 

Deutsche Bank 
Aktrengesellsrhuft 

Dresdner Bank 
AkticngeseHscbaft 

Bankhaus Hermann Lampe ' 
KommanditgcsellschafL 

Norddentsche Landesbank . 
GirozentraJe 

Vcreins- und West bank 


Westdeutsche Landesbank 
Girozentrale 


Bavcriscbe Hypotheken- und 
Wechsel-Bsnk 

Berliner Bank 
Akiienge&eiischaft 

Richard Daus & Co. 

J)G BANK 

DeuLsche Genossenschaflbbank 
Georg Hauck & Sohn 


Merck, Finck & Co. 

Sui. Oppenheim jr. & Cie. 

M. M. Warburg — 
Bricckmann, irtz £ Co. 

Westfalen hunk 
AktiengestlischaTt 


AJgemene Bank Nederland N.Y. 

Ranque Internationale 
-4 Luxembourg S. A. 

Credit Commercial de France 
Gotthard Bank International Ltd. 
Pierson. KeldiingS; Pierson N.V. 


Banque Bruxelles Lambert S. A. 
Banque NationaJe de Paris 

Daiwa Europe NN'. 

The Industrial Bank of Japan 
(Luxemlwurg) S.A. 

Sociele Generalc 


Banque de ITndnchine et de Suez 
Creditanstalt— Bank vcrciii 

p 

k 

I'icnosscnschafilicht- [ 

Zentralbank .\<.i-V»icn I 

Jvredietbank S.A. Luvern hour geo ise | 


Sv iss Bank Orporation 
( Overseas i Liniiltd 



k £Z' 


453 S.joy ^ 

I MM 1 B 



Surely, buying a computer h little like buy ing 
any other commercial or industrial cuinprrtcnt. 
Yoii define the task you want it to earn oj:(, 
then purchase hardware capable of carr;. ing out 
that task? 

Defining the tark is one thing. Asses- ing i!tc 
capabilities of the equipment to carry i; xu is 
another. After all, a production manager 
responsible for ihe purchase of a mnciiii; j io-jI for 
lii? company, usually knows as much abo ji 
machine tools as the vendor. This is not J' .ays 
the case 'Alien a company buys a compu: :r — 
especially for the first time. They need ihe v:>rl of 
experienced help they can obtain front our 
Professional Services Division. 

How exactly does your Professional Ser ices 
Division help? 

Our analysts carry out, in conjunction wi 1 ’ 1 the 
customer's staff, feasibility studies, s;>v;e::v-. 
investigations, system design, program n::ng, 
system implementation and so onrThey u-:» what 
is required to ensure that the customer ce: - rite 
most effective hardware and software for • he job. 

»fr- 


Aren’t there plenty of other consultancies ot! 
this service? 


enng 


There are. But few are better quail fuvl. T!i: 
emphasis on the word qualified is de liber tic. For 
example, it's part of our policy to hire a *-p:cialist 
and leach him what he needs to know 
computers, raihcr than hire a computer man and 
try to leucli him a speciality. When a cu -inner has 
an engineering problem that needs a convener 
solution, he’ll be talking m a Control Das.* 
engineering consultant who talks his iange.ige on 
his own terms. The same applies w Sicthcr 
it’s accounting or scientific research. . ' * • 

This policy leads io a better undep-t.tndii'e V-’ • 
of the customer’s problem . . . and a 
better solution. 

Does that apply (o all business, engineering and\ H 
scientific problems? 

Yes. Everything from financial planning and other 
commercial activities, Through io specialist skills 


in structural and civil engineering, electronic 
engineering and linear programming. 

Does this broad base of expertise help in any 
other way? 

Very often. We find that while helping an engineer 
solve a problem directly related ro his prime 
function, we can help him with his budgeting, 
material-', control — even complete project 
management. 

As your Professional Services Division is part of 
Control Data, aren't its hardware decisions biased? 

We never protide an ‘unprotesMon-il’ solution 
and are fully prepared to implement a system 
utilising a competitor’s products. 

What docs Control Data get out of that? 

Our consultancy is often the ‘first service' that a 
customer receives from Control Data. First 
impression:, count. So we like io get it right. 

A soundly-based solution ro a customer's 
problem right now is the best recommendation for 
liim to come back to us again for hardware or one 
of our other services. 

YYhat about long-term support? 

Control Data is a major supplier of computer 
systems and operates one of the world’s large -t 
data service companies, li* integrity and ability to 
provide long-term support for iLs products and 
services is well recognised. We arc concerned 
ahnur the continued successful performance of 
systems supplied and implemented h> oursebes 
and welcome enquiries about 
iho.se Msicnv. . . . especially 
■ ■ • whetc opera ling needs ha\c 

changed or where a 
system could be 
improved through 
updating. Wc belie* c 
we mpply the best solutions 
io customers’ problems . . . and wc 
intend to keep it that way. 

For additional inlormaiion on ho«* control Data 
Limited nu> help your fiimnc-.' »tmc for rhis 
36-pagt: bnoklct. Control Data l imited, 

22* Si. Janies Square. London, SWI. 


Jack Ward, [anaging Director 
of Control Data, answers questions 
about the solutions 
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Wagon Finance.. 


36 riflhdLtt 

20 

7.7 

’£69 lSfl tf!2S 

— 

22 

at - 1 - 

— 

— 

12 tl 14 01 

24 

70 

43a> SI l51 r 14 

35 


11 

— 

— 

90 tori 14 94 

23 

8.2 

25 r. B| hfl.9t> 

2.3 

5.7 

13*? 7 7-*| - 

— 

— 

.42 Jfl a [ h2 09 

23| 

7.4 


10.1 
51 
65 

nr, 

rfJil 

9.5, 

49j 
53] 

6.5 
4 41 

10.1 

II 

81. 

38 

4.2[ 

6 . 6 , - 


97 


12.2 

J.4 


BEERS, WINES AND SPIRITS 


Sept. Mar, 
Feh. Scp 1 - 
Jan July 
Dee. June 

May Dec 
Jan. July 
Aug. Feh 
Jan. July 
April Aug 
August 
Feh Aug 
Apr UcL 
Feb. Oct 


Nor--. 
Auj*. 
A ur. 
Aug 
Jan. 
Mav 
Aug. 


July 

Feb 

Feh. 

Feb. 

July- 

■:*cl 

Feb. 


April Nov 
June J&n 


aan. 

May 

OcL 

Mar. 

Jan. 

Jan 

Dec. 


June 

Aug. 

Apr, 

Jut’i 

June) 

JuL 


Allied Brews. . . 
ABUi D’a.PllOp . 
BaskChar gloa. 
BeL* Arthur SR*.. 
3elhai en Brmry 
Boddimctons 
Border Brew’s— 
brawn (Mat iheai 
Buckley s Brew. 
BulraeHH.Pl — 
fiitfOTuraod . . 

City Lon Del. 

CiartiMnohcwi 
Distillers 5Crp 
Gordon iLi I dp.,. 
Gough Brae 20p 
Greenall Whitley 

Greene King 

Gainne«. .. 
HichldDifi 20p 
tniemordoo 
Insh Distillers- 
Macallan. Glen.. . 
Morland £1 - . . 
Sandman.. 

Scott & New23p. 
Totnatia . 

Vaux 

Whiibread'A 

Woh. Duciey . 
YouugBmc'A SCtpj 


S 

28 

157 

234xd 

43 

89 

76 

108 

4B 

135 

ITO 

58 

130 

191 

22 

50 

110 

2B7 

149' 

146xd 

142 

189 

400 

515 

GZri 

61 

121 

112 

99t; 

214 

157 


t4 39 


78| 

J63 

30 m 
} 

h 

12 w 
?t 
M7| 
16 -0 
1F<1 
:is 
Jlc 
i-t 
303; 

MIC. 

lb 101 
JO 

Jflicl 
w : 
2W| 
Mrl 
305 

Ira 


0 76 

14 41 
50 

Z0 42 
h2 65 
r3.55 
-3 9S 
J.s: 
t 70 
J4> 

2 79 
5 79 

73 

:w 

t2bb 
7 37 
t7 13 

3 22 

2 2b 
t3.55 

514 

22.o4 

234 

3 46 

15 05 

14 OS 

14 0 

15 S3 
3 23 


1.0} 


2 4 
25 
201 
4.9 
16 

U 

L9 

4.1 

2.3 

2 

I.? 

S:| 

2 O' 
2 2j 

2.3 

2.4 
3.21 

30 , 

35 


4 7 
32 
1.5 
4.4 12.4 


11.6 
5.6J1S.1 
7.4ji8.1i 


BUILDING INDUSTRY. TIMBER 
AND ROADS 


June .Vox-. 
Jan. July 
Feb. Oct 
Feh. Oct 
Feb. Aug. 
February 
May Deo 
Jan. Aug.. 
May Dec 
Feb. Aug 


S.E. Lint Ftp tm uni 3n,% (based on CSSI.8S44 per £d 
Conversion factor 0.7271 |0.7321) 


CANADIANS 


MaSJ.D. 

F My Au-N 
AJy.OJa 
Mav Nov 
Ijct 
F.MyAuN 
July Jan. 
JuJv Jan.| 
J.ApJy.O. 
Ap Jy Oja. 
FMyAuN 
Apr. Oct 
Jan Ju/y 
Mr Je.S D 
JanAgJ O 
F My Au.N. 
MrJe.S.D. 
June Dec. 

June Peci 
MJcS D 
SeDeMrJu 
F.MyAuN. 


3k Montreal S2 . . 

Bk. Nora Scot 

Bell Canada 525 . 
Bow Villejfl 

Brascanl 

Can.ImpBk.S2 

Can-Pacific S5 

Da 4 pc Deb tIOU. 
|Ciilf0iifBn.|l . 
Hawker Sid. Can.IL 
HollnigcrU ... . 

Huttaon'sBayll 

taud B.OifG SP;.- 
ImperialOiBi .... 

Into 

Ini NaL CasSl.— 

Massey Frtgl 

Pacific Pet 51 

Place Gas SI .. 
HioAlgom *. 

Royal BkCan 52 - 
Seagram CafSt . 
W Dom.Bk.SI — 
.ApJy .O. fTraiu Can. Pipe .... 


13 Vd 
12^8 
355a 
10*4 
910p 

16 7 j 

13,t 

31*y 

185s 

451p 

12*8 

& 

II 

650p 

IS 

* 

20*'«d 

12*1 

IO-’bP 


30101 5LI2 


230 


^■814 2 


85 


J9WS10 


ta 

3171 

14.11 

II 

732 

4J 

257 

“fa 

Tic, 

10 . 

148 
1 ic 
266 


S1.04 


h5c 


SL4S 
97c 
4 4 »i 

SI 14 
40c 

■w- 

S1.6G 
°0c 
40c 
80c 

Sfl4 

sfso 

SI BO 
9Zr 
96c 

103c 


3.8 

3.8 
55 
03 
5 J 
4.0 
3 4 
12.7 

2.8 
42 
40 
2.6 

31 

32 
1 7 
58 

■To 

23 

40 

25 

35 

0.0 


May- 

Mar. 

Aug. 

(AL 

Apr 

O-L 


iVl. 

Aug 

OcL 

May 

Nov. 

Muy 


Nov. 

July 

May 


Apr 


JuK 

July 

Jan 

Nw 


S_E. List Premium (based on 32JI038 per £1 

BANKS AND HIRE PURCHASE 

Dlridrads 
Paid 


Jan. 

z 

Oct 


JulyJ 
July 
Aug. 
Apr 
Due. June 
Dec. June) 
Mar. Sept 
July Jan 
Mur Sept 
May Aug 
Aug Feb 
Jan. July 
Npv May, 
I O. Ja] 
Apr Oct 
Jan. July 
Jan July 
May Nov 
Feb Sept 
May 
March 
July Met 
May 

Jan Apr 


FOREIGN BONDS & RAILS 


Ibte^st 

:*U! 

Slc-.-i 

Price 

£ 

Lul 

ri 



Aniotaco-.-j B it _ 

221; 

yn 

IJ IJ 

Li .* Spc Href 

41 

305 

JJ li 

•'irJntn h/ini 

98 

37 

U U< 

!Jijr3iir. Vng *-.<pc 

411 

1A 

IM ! \ 

•IreeiTpc in 

50 

LU 

’.F 1,\ 

!'i • ■- afttjl: Aar 

49 

LS 

1A I'.' 

'4i»rti 4 m 

40 

37 


Grot* 


Red. 

Yield 


1287 
12. H) 

13 5? 

12.32 

12 55 
1280 
15 05 

13.33 

13 70 
13 45 1 June Dec 
1350 ' May Nov- 
13 30 ' Mur. Aug 

June 
< Nov A 
April 
Dec. July 
! Dec. July 




— r 73 JO 


r7 20 

16 24 
1513 


Feb. Aug 
June Dec. 
: May Nov 
Aug. Apr 


Stack 

AA'21AJ._ 


Ltden Harvey £1 

Allied Irish 

Arbuthmx L il. 
Bank.Ymer 5L565 
Bk. Ireland £1.. 
Da IdpcCom . 
Rt Lenmi l£I 
BkLeumiiL'Krf 
Bk N S.W.SA1 


Brawn Shiideyil. 
Cal er Ryder LI 


I'onnihian iOp. 
1 ' ted France F7 
Dawes -n R 1 . 
liraisriirBaakOKX 
IF C Finance .. 
First Nat IOp... 
Da Wins 7583 
Fraser Ans IOp 
'rerraol Natnl - 
libhs 'Ai — . . 


Cnndlays 
Guinness Pent - 
Hambros . . . . 
Hill Sasracl 
Do Warrants 
HongShngJZM 


: Sept. .Mar 
June Nov, 

'.Jjtj. JunejJofeph ‘Leoiil. 


KeyserL'llmami 
Ring 6 Shas 20p 
'RJeinwoit B L - 
Lloyds Cl 


j 

I Last 

| Div 

[ 

|rw 

1 Price 

1 ri 

[ Net 

|r*r 

Ifrrs 

. 282 

Kt 

Ujlfr 

3 J 

36f 

235 

10.1 

14 5ft 



92 

£122*; 

305 

2S4 

49 

thtoto 

2.5 

4.G 

99 

202 

lii 

HS0 

— 

6.U 

142 

L*e( 

10. J i 

— 

IDE 

. £17 

Ji 

094c 

— 

3.1 

400 

SO 6 

115.23 



b.H 

£180 

218 

Q1UN: 

— 

ti.6 

. 14>c 
170 

hi 

IP 

IT 

T5 

34 

66 

540 

LLh 

03 ?c 

4 

3ft 

275 

111 

til 05 

3.6 

6 ll 

£23*4 

I'd 

Q53 Ut 

— 

64 

342 

7i 

113 28 

51 

58 

255 

126 

9.41 

— 

5 5 

255 

.-lib 

th!717 



to.:* 

71 

le If 

14.ES 

— 

102 

2 DO 

1LH 

Qlbc 

2 * 

49 

£16', 

5 

310266*- 

— 

4 0 

£16*; 

/: 

V*2% 

— 

70 

28 

Jit 

t0 71 

73 

38 

£21 


Q937N 


31 

15 

ill If 

— 



£113^4 



q:s% 

— 

20 

70 

Ibid 

12 03 

2Tc 

4 1 

5*4 

974 

— 

— 

- 

12 

Fib 







178rf 

:<o ill 

5*12 

— 

7b 

44 

Nil 

223 

— 

76 

212 

7i 

15.41 

— 

10 

Zfl 

174 

O.li 

— 

0 9 

119 

7-C 

279 

71 

3 5 

112 ic 

lift 

h5.15 



6.9 

167 

24 7 

9.7b 

— 

37 

84 

2b A 

T4 9-’ 


91 

200 

_ 





267 

4* 

hQ59c 

— 

2ft 

57a 

30 1C 

th3 32 

— 

3? 

362 

J® 7, 

8/i 1 



2*0 

50 

305 

0 67 


20 

58 


3.44 


9 0 

88 

210 

t4 18 


7 l 

252 

24 7 

T9.J3 

43* 

55 


&6 


152 

* 

70 

53 


72 


48 


May 
J3n 
D-.-c. 

Aug. 
net. 

Jan. 

IV m\ 

Jan 
June 
May- 
May 
Nov. 

Sept. Apr. 
May Oct.| 
Oct Apnl 
May 
Apr 
Apnl 

Nov. 

Dec. June 
Pe«-. June| 
Jan. July 
Jan. July 
Nov. May 


Aberdeen Const | 
AbenhawCrao._| 
Allied Plant IOp. 
AnndMe Strata.. I 
BPEMs-aOp— | 
HsgeeridgeBrk.. 
Bjuley Bca IOp .. 

BamherBers 

BarrattDev. 10p- 
a-.-arbwood 10 p_. 

BenluxZhi 
Brafoid M IOp. 
ErttEros.20p.._| 
P.locklL-ysayp .. 

Blue Circled | 

Bluadeil Perm . 
Brcedofl Lime. 
Bm. Dredging 
Rmu-n Jk&L UQp) 

Brownlee . 

Biyant Hldja. — 1 


r. 8 4.37 

107 


1A 7* 


♦V3 28) ig 


Jan.iBurnettfcH.. .. 


JunejC Kobey A IOp -I 


Bun BouhcmlL .1 


ID 7 

, ;s."i 

I ] L 7bJ 
30 ID; ml 02 
266(2 30 

|3 H 


134 


42 


li odcrGNi IOp 
ICarriJohn* 

Carron 

rtnem Boadslimc 
Oc dComhen Cp I0p-_ 

July Casuin FL 

t'ounliyjide 5p.. 
CiohIo Bldg .. 
. Crouch-D i2up.. 
Octh’rwichCnHip - 
f/ct (Douglas Kohl M 
Oct ID wnragG H Wp| 
May En:h 

iFPAfuiuin -| 
'Fifrek-ughCour . 
|Feh IntllOp. - 

Do VlOp 

Fed Land i Bid 
Finlaj ilobr.i iflp 
FranciePkr.lOp 
October Framu CJl.lt'p 
Jan July Frcnrlt K«r 
Apr Oct GallilortlBrSp. 

May GibteD'di A IP? I 
.1 uly Feb. CiImbobIM J > IOp- j 
July OcL Cl ossooW.ii J 
Feb. Aug. Gth Cooper 20? 
Mar Sc pi HAT Grp li>F 
Feb. Sept. Helical Bar 
Jan. July Kentf ss ’X IOp 
Jan. June HewdenSt IOp.. | 
Jan. July DoTncfonv .. 1 
— He.iwdWm.i0p. | 

Dec June Higesfe Hill 
Jan July Hot eruigbui . 
Jan. July Du Hes Vig. 
Mar Sept Howard Shut Mp 
Apr. Dec. lDC30p_. 

Nov May lbr.iybJtifcn»!L 
Apr Oct Isi Timber . 

Jan July I B Ifoldj.-ies ICp 
- KEG . . . 

April Sepl Jar.iSiJ' 

Apr Sepl Jvnaiazt 5.41*50 
Feb. Aug. Jotasoo-Eucliard- 
July Dec JooefEdwd Ihp 
May Nov aeni MP-IOr .! 
Doc Ju ly Lafaree S A FI W J 
No* . June Lai 3g Jorr> A 
.Ian Aug lalhara J ■ £1 
May So\. Lawrence 
Aug. ftw Leech ''An ‘-SP , 
Apr S*-pr Leyland Finn .| 
Nov. June Lilley FJ •' 

Jjp. July I imdi-n F-ri.-k 
Apr No* ILit-oII- V J • 


■ •*! 
I]S10| 


FINANCIAL TIMES 

EiL-';Clt£T\ BOISE. 10. CANNON STREET. LONDON EC4P 4BY 
Telex: Ediicrii! SS6341/2. 883837. Advertisements: 883033. Telegrams: Finanlimo. London PS4. 

Telephone: 01-348 8000. 

Far Share Index and Business News Summary in London. Birmingham, 

Lirerpool and Manchester. Tei: 24fi 8026 
INTERNATIONAL AND BRITISH OFFICES 


EDITORIAL OFFICES 

Anruerd.in P" Hu* 120G. a mMerdamC. 
1217! lei 2-W SSS 

hirnmchjii; iJfOrce Hcoe. George Road 
Tele-. A28SR0 Tt-1 02MS4 0322 
F*,nu IVvfraaui IIM04 H<'ussulle*: 2-10. 

Tele*. 3S5P542 Tel 2 1 W03 
Briwi'l* :91 Rue 1’iirjl*- 
Tele-. 132*0 Tel MS-SCOT 
(’..irn y I I P.o:. j«0- 
I «-l 

I*uUm. S Fil=u.-illi.iin Square, 
i vie. MW T--1 785321 

H. lin*.uryh :I7 'icon!*' Sired. 

F.-Jr-v 72W4 Tel 031-228 4120 

Friilaun In: Sach*vnlager !3. 

T.>! ?\ 416263 Tel SSSTin 
jMhjnnesburg P*.' Bnv 2iai 
Telur H-tSLiT Tel. KB- 7545 

I. istmr. TTaca dii Alecria 50- ID. Lisbvn ?. 
Tvk-. 1-4533 Tel 3«2 5W 

MnOrid Rsprcncvria 32. Madrid 3. 

Tel 441 OT72 


Manchewicr Queen s Hou^e. Uueea Sircc:. 

Tflck 6B68I3 Tei 061 -834 S381 
Miwenw SadevoSamoievbriavu 12-24. Apt IS. 

Tele* 7900 Tel. 2U0 274ft 
New York* 75 Rockefeller Plaza. N.Y. 1*1019. 

Telex 06390 Tel- i 2I2> 541 MSA 
Fan* - 3fl ftue du Seniicr. 73002 
Tele* 220044 Tel 138 57 43 
Rir> do Janeiro Avenida Pres Vargas 418-10 
T.-i ssa me 

Rome Via della Mercede 55. 

Tele* 01032 Tel 878 3314 
Stockholm: Co Svenska Dagbledct. Radlambwacen 7 
Teles J7603 Tel SO 60 Uti 
Tehran- PO. Bo* 11-1879 
Telex 213930 Tel: GB2898 
Tofcyv AH Flour. Nihon Keizai Shimbun 
Building. 1-9-5 OlcmarhL t'hiynda-ku ' 

Telex J 27104 Tel: 241 2820 
Wash i net on 2nd Floor. 1325 E. Street, 

N VV. Washington DC 20004 
TelO* 440370 Tel i202i 347 8676 


July 

.Apr 

Jan 

No*. 

Dtc 

Aug 

Mor 

Feb 

Mar 

Jan 

Feb. 

«.■■. I . 
Apr. 
net 
.Vo*. 

Jan. 

Jan. 

Jan. 

Jan. 

Aug 

Apr 

No* 

Kel 

Jot 

June 

Jnn. 

■ ■cr. 
Jut-- 


AU>J 

June| 

■lime 

Apr 

Mar 

«Vt 

\u 


■Jc.Vid Gwup 

Sallia».-.r.-i*'.r.r..j 

Manlrry-Htar 

Uarchtxicl 

Marie* 

llor-hjIli'Hi- 
!a*L ha-.vll 


Au? jxiun- Bre- 
J'll'.'WtulicD !t IV 

IS 

No* 

Apr 
.if ay 
.Ini* 

Jul: 


Dei- 
July 
Not ;.1a;. 
Jan June 
Apr. Mel 
fh*.- 
nci 
DcM. 


Herr-Vra: I. .. 79 

iltlhur- 42 

11 liter i A or .|<)p 1T> 

Hi* < cm rate ! 61 

trod Eastncer! 52 
Mon 1 : i A- ... 96 

Vnwlen . 103 

Jun^Ncuartr-II- > . 138 
Jirl-.r-i>revM lieLe . 55 

Feb ]Xoit | 3T5 

Ocl.ii'irnteDeif. Irp 5 6 
J-;!*|r‘3J<*r7iin , vr 123 

Adij'.rr hoi-iii* Tur, b-.-r [ !<0 
Jul- Polar. 135* 

Dec BMC. ... | 124 

Met iiediand 153 

Mav S ch'ils Wali Hip i 76 
iKi-iP.tfi-Krxdiari 102 
KehraGrajp I 86 
R<h*i«.r.*a It-pr ! 30 
P.-’-.ro'.roup • 42 
BuberoiiJ j 40 
F.uyh* P '>n*-v : 73 
ISOBfinwp 152 
Jul-.l5atat7.Ehr/ i(b 36 
MaylSharpr 4 F:»t.*.- : 49 
JunojSmii J top | 37n 


U H 


9.3114.1 


2.7^U.ti 


9 9(11.0 


16 IOJtdl.TOj L8t 9.5! 
TL33 


t 

175? 

4flcD.95 
1.78 
3.42 
1.85 
1L87 
W.92 

2lglull-93 
19.9 
153 f4.43 , 

law 

24.M4. 


37 
3D Ifl 
26i 
16-10 
30.10 
30.10 
7 S 
5177 
71 H60 


24 7j 4.74 
2Ulb244 
SU«fd0.76 
49| t3 24 
T2.74 
356 


CHEMICALS, PLASTICS— Cont . ENGINEERING— Ccmtinued 


Dt*idetHfa 

Paid 

D« May 
June Dec, 
Apr. Nov. 
Feb. Aug, 
Feb. Aug. 
IJuJy NO*- 


I Jan 

Nov. 

Feb. 

Apr 

May 

July 

Feb. 

Feb. 

May 

Apr. 

.Nov. 

Apr. 


July 

Mar. 

July 

Sept 

Nov 

Nov 

No*- 

Nov 

Oft 

Oct 

May 

Ort 


Stark 

Howlin DM5 
DaFitHM'ajLE. 
imp.Chem.Ll.... 
Du 5*«Pf £1 — 

lot Paint 

Wpcrtcisds jOp.., 
Leigh lnii5p ... 

Notsk.H.KrW 

PlysullJp . ■ 
RfflMmWm. IOp 
Rcmokil IOp . . 
Revenex - 
ScttL.Ag Tud.£l. 
StdranPlasiics 

nurprBadottii 
ft'ardleiBw.i IOp 
WatauohLtliDe- 
Yorts Che ms — 


Price 

497 
£126 
361 
45>r 
78 
206 
116 ^ 
E2T 4 ^ 
103 
2E5 
67 
61 
138 
163 
22 
36 
268 
ao 


if! 


i I™ 

CvrlGr's P/E | 


DhldaMk 

Paid 


Stark 


Price 


ru . 

Cn Gr'fl P It 


WrideiA 
Paid 

Feb'. SepLjHfli arts IOp. ~_ 

]Jan July. 

MrJeS D. 

July D« 

Dec. AUR, 

Jan. OcL 
December 
Mav Nov 
M ay. Jan. 


fa 77* W12 *l, 
io J OlO*'* 
ISgtlkTZ 
12 fl 3 55 
•2 e{ £32 
215 1687 
rib) t4 43 
3010 Q12N 
ib.A dl 40 
7.9 5 14 
16lfi fl.63 
!8flh3.39 
12 IB 
3.13 
t0.69 
♦129 
1630} t7 94 
21w t4 84 


DRAPERY AND STORES 


21Slbd291 


7fld0£ 


15-H 
15 £ 
2L| 


30.10 

49 

210 

12.6 


d2 76 
TLf5 
tl.55 


hdO.58 

|thL55| 

2J6 

ri .2 

<no» 


isi 

305, 

21 ft 

?3 111 0.63 


3.88 

16.36 

2.51 
L52 

1.52 


ia«b42H 


hi. 03 
13 42 
t3.29 
h0.18 


F 767 - 
335 
*4.61 


16^1 
5771 
161« TS.38 


2 -lOi 


tl 5 


21 « 242 


14 1C 
lhlfl 
is i 

25W 

305 


*193 

45.39 

dZLO 

118 

LIB 

L86 


711 

th2.05 

4' 

h283 

Kill 

12.89 

VIII 

tA03 

711 

2.85 

U 

t4.17 

? It 

0.83 

1611 

tft.64 

161 

8.30 

711 

830 

id; 

tl. 78 

71 

02 

7i 

02 

7 i 

0.60 

151 


741 

2 47 

30 If 

(1183 


2.54 


18 9itd3 67 


14llL4l 
2 it B.U 


Mar. Aug. Allied Retail IOp 136 
Apr. Oct. Amber Day IOp _ 47 
4 glJan. June Aqa*scutua5p. 41 

BjlJau. June Cta'A'ap 39: 

June Jan. AodiatroniclOfx. 19 
Aug. Feb. Baker's Sm IOp. 41 
Jan.-Juiy BanfacnSural^t. 145 
June Sept BeatueiJTVA' - . 129 

May BentaBa iOp 39 

Blkran 6 Coil 20p . 20 

Feb. Sept Bmntmaa K05p 18 

i Jan. June Bohan Ten. ap . 11 J 4 

Dec. May Brenner .„ — SO 
Jan. July Brit Horae Sin... 193 
Feb. Aug. BrmEni>T20p_. 39 
OcL Apr Button Grp. 50p- 178 
OcL Apr. Do WNV 50p. 166 

May Nov. Croton‘A'20p.. 35n: 

June Dec. Casket iS i IOp. .. 34m 

OcL Apr. Charch — 166 

Nov. July Comb Ettft. 12 *jj 107 

I Jan. July Cope Sports op . . 48 

— ConteliDte&ijp 12 
May Nov Courts 'A'- _ 105 

June SepL Currys ... 176 

July Jnn. CusiomigirlOp.. 15 

„ Jan. July Debenhanu 83 

85 7.7 Jun. Nov. Devhirfl Ii)p . . 73 
3610JMar. OcL Dixons Photo IOp 127 
3 8 13.9 June Nov. ElJirAGddSp 26*; 

71 7.6 Nov. June Empire Stores.. 169 
3.3 * — Execute* 30p — 44 

—4132 Jan. July Falrdale Tert. ap 23 
-.5,10-7 Jan. July Do 'A'Sp .-. — 22* 

1 9 '23 7' Jan. July Fine Art Den 5p 69 
3715.6 Hay OcL Ford illluii IOp. 35 
5.6 10 3 Mar. SepL Fonninster KJp_ 103 
8.5 63 Jan J illy Fester Bros. . . 153x8 
3.815 0 June Dec. Freemans t L ot'. 345 td 
5 4 11 5 Apr. OcL GelfsrtAJ.iZOp 38 
61 6.4 July Feb. Goldberg A _ - 70 
41 12-6 Dec. June Goodman Br Jp. 11 
3.1 14.0 June Nov. Graiian Ware.. _ 94 

Mar. Dec. CL Cnivereal 298 

Mar. Dec. DvA'Ord 294 

Aug. Apr. Gre. lEIIeOi IOp. 44*^ 

Jan. OcL Hardy i Font i 35 

Jan. OcL Do A NY., . 34*; 

SepL Helene Lon. IOp . 22 

June Dec. Da 12pcCav.Pi! 203 
Feb. Oct Bewlerwn t Mp . 73 

May Nov. HcnriquesA IOp. 26xd 
Jan. June HeprorinJilOp . 60 

Apr. Oct Home Chaim top 214 

Dec. July House of FTaser. 146 
Jiov. June House o( Lerese. 53al 
- loaes'ErneaUOp. 150 
• KMHMLJlOp- 24 
. ffSunickHwgs 13 
OcL Apr. Ladles Pride 58 
Jan. July Lee Cooper. — 162 
May Nov. Liberty . — 170 

May Nov. Do S'cn. Vfc Uni 165 . 

SepL Apr. LincroflK. IOp 49 73 3 54 

Nov. Apr BFIPcrtiintrelOp 140 21C|d£21 

Maple 10p - . 20*5 5 , 

July Marts ISpcDcer 82ad 3Q10(th£15 
July MartinNews. _ 210 12.M 76.70 

July MenriesiJ t 180 UN g£61 

UidueliJllOp 13 873i — 

Feb. July Mid. EduotaOp 241 2Leh+80 

July Jan. MoUtereare IOp . 154 155}ti96 

July Feb. NSS New IOp . 96 305 t£15 

June Dec Oven 0mm. 115 It to T2.39 

Jan. July Paradise iflilOp. 20 1312 

Apr. OcL PamnntVLl . 55 DjIpI.W 

Jan. Apr. Peters Stores 10p 38 1741 2.0 

Polk p«k 10p_. 8* a ITS. 

Feb. Sept PreedyiAlfredi 81 «.rt2JB6 
Apr. Oct PdlBaaRU 5p. 99 4 9^606 

Dec. June Ramar Text 5p.. 9 ItlfflOSO 

Mar. Sept RatheralOp 61 21s|t2J5 

Mar. OcL Ravbeck \vp — 91 
Dec. July Rcadiculap — 42 
July Dec R»d Austin .A'.. 92 

Apr Sept RiriintlDASUOp.. 13ff 
— R»sill5p _ _ 25 

— S*l Stores ISa 2Hj 
— Du25%PU2*ip 21*2 
Feb. JuTySamuehHi-A-.- 174 1L6 h5.03 

Dec. Jnly Sebncomap... . 27^ 1610 t!24 
— Sherman i S' top. 13 575 — 

Feb. July Smith WH.'A Wp 144 25 £23 

May Nov.SiBnley.AG5p- Ibl 110 th3.94 

SepL Apr. Stilus Disci lup 194 24 7 td412 

Oct. Apr Sleinberj IOp..... 19 7.B d0.96 

Jan. July SumneKJn.— 32 116 1.52 

Jan. July Time Prods IOp. 175 12.6 H5 29 

Feb. July CDS Group — - 89 305 *5.18 

June-Dec. UptouiEF.V. ... 35*d 30J0 228 
Ocl May YantinaOOp — US 7 1 *5.23 
May Nov. Walker. J M » _ 1C6 189 £38 

M«y Nor. Do.N.V 94 185 23B 

June Jan. Wallis IOp.. . . 83 :4 7 hdl02! 

May. Nov. WanngiC-dlou. 125 78 359 

Jan. June Wearwell 5p . .. 34*j 1275 — 

Sept. Wharf Mill fop* 22 107 142 , 

Nov. Wilkpai Warfare 77 210Td519| 

Oct. Wwrfmirth.. 66 21.8 4JI4 


16.2ft 


H .il u 




82 3.L 
3 6 103 
3 B 9. , 
, 8.7 7.3 
1108 
57 


Lfl| 18 3315, Fob. June|flakerPat5flp 
— fBLZ —’Dec -June BrnTonlsSOp- . 
23 6 9 77 May Nov. BanroCans 20 p. 
417 ill 6 — Not. May banoDfaSons. . 

4 2 44 63 Ma* Dec. Beaufort 10p 

1 5 9.7 5.3 Feb. Ocl B«iH]tDF>5p. . 
12 4 316.9 Mar. Sept Brnnidftuaicia . 
19 3.6 « Jan. July Bnaghm. Mini ■ 

6 0 20 93 Aug. Feb. B hamPalla lOp 

7 6 1.6 12 0 June Dec. Blackotigo^e. 

2 9 3 6il3 6 Apr. Sept BottserROff A. 
2 2 S3 6.8 May Dec. BoaitcmWj&lOp. 

2 3 9.7 6.7 Apr Sept BrahsmMiIl I On. 
5.1 £9 10.2 Jan. Ocl BtaiOjwalteil.. 

3.0 4 7 10.9 Nov. May BraswjylCp 

27 5.3 81 Jan. July B’beuw Dili IOp 

3 5 4.4 9.7 April Bristol ChanbeL 
161 9.0 9.3 May OcL Bril. AhnauhnsLI 

July Dec. British Northrop 
Jan. Aug BriLSteuuXtp. 
Jone Jan. Brftkhoese^_ 
Feb. Nov. Bromsttaajpi- 
29) 321164 N<W- .MW Broujl Eu. IOp.. 
I?! 69 62 Ju ^' Brooke Tool..... 

5 7 66 Sept Brothe&dP SOpt. 
5 9 8J A P r - Aug Brown 6T«xt. 
L 6 — Aw- Sept BromjJohn£l,„ 
, 2.1 fl .1 Sept. Mar BuiloaghSJp- . 

6ilL61BJ Mfi ^ Dec. Barges Prod 

2.7 90 Feb. Aug. Butterfield Hry.:. 

4 6 133 June Feb. CaafariBu-llra.. 
_ Jan, JuneCapper-NeilllOp 

91 61 Feb. Aug. CardoEnju 

63 a Oct. May Cansri^E.i^i.. 
11^ 12.6 Feb. July CasSnalOp 

5 0 143 Feb. July Cbanringap— . 
9 6 1 68 , Oet Apr. Chofij'BrotL— 

2 3 _ Jan. May Cbyton S*a50p. 

L 4 _ — Clifford iChl£14. 

n g (5 2i Aug Feb. Coins I At 2t»> .. 

4 7 5 7 Aug Feb. CoaipAir.-_-„. 
31 67 June Dec. Concentric IOp .. 

4 6 8 6 Feb. Sept- CookW.SW.J0p 
0 6 28.2 Apr. Cooper'®! Iflp.. 

2 ?^ Mar. SepL I’Poperlida IOp 

5 0i 66 Mar - Aug. ComerfraR20p. 

3 9 9.3 Aug. Feb. CnniteGroap.c 
_ _ Feb. July Crown Hour*— . 

9 7 ,751 June ■ Dec CnmmnsT&H- 

3 2 78 Mar. Sept Danksiioweitco. 
11 t o Jan. July DardnThtev.Sii , 

10 9 n } OcL Apr. Oral Met. 'A' top 

4 8 13 4 Apr. OcL DttyCorn - 

34 fig February Dd»inT0p_..- 


9.0 


5-5 

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4.2 

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12 

5.0 

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1 79 _ _ 

18.1 Ki2,19| 37j 
, I89th£76, " 

30 10 d3.39 
78 ril.35 


Tg c 7 Jan. June Delta U£faL_L.. 
on cq Feb. Juto DemujJilDp. 
4 6 12.6 War - Juv Dm Hud SOp — 
14 . 0 7 1 ; n Oct May Daoottw- — .. 
4 6 41 gfl D«- July Dtwnfcbrae iOp 
e i 9.8 44 September DrakeAScuilj. 
51 2 6 112 ^* ec - DwtileSieeta- 
i 8 n jj 73 June Dec Deport: — 
99117^ Oet-IMwfl'lWjSL 


Feb. 


73, 


Jan. 


207| 
M 

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11^338 
M.5 tL61 
16 M *2.9 
4771 JL19 
875 

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3.9 

2.61 

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42 

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2.5 

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•Oct EffiottCM.... 
Aug Eng Card Cloth 
42)118 Jan. Aug Eva Industries. 

4 2 118 Ma >’ -Oci Expanded Hetai 
y , 54 > June Ranucriaw.)— 
Q a _ Mar. Oct FJith tGM) IOp _ 

no Feb. Aug Fates Hion/v" 

at C 5 Dec. June Fnmcialnds 

on __ Jan. June GEHn£iiL20p.. 

5 0 to Nov. June Gauon Eng 1 ^“ 

105 19.8 Aug *— 

6 5 a Jan. Aug. . 

2.6 146 “ CraagesMlOO 

4 9 102 MV Oct Greenback top- 
ic N*>«. June Green's Ecott— 

5 3/13 0 Nay Jan. GXNrEL^--. 
- 41.5 Jsn - Aug Habit Pnrian 
56 78 Nov. . June Hoden Carrier 
50 68 Apr- Oct Hall Eag 50p_ 

9 4 17 60 Feb. July HaDManiwr-, 
26 9.4 

631 26 92 Apr. . SepL Hutpmutp. 

3 9110 8 27 J® 11 - July Hartie Macw... 

2 4 60 Jul y Dec. HmriwSld. .. 

1 OcL Apr. Hill*. Smith... 

3 414 0 June Dec. RopkummsaOp 

4 s c q Nov. Mar. Howard Uxhy. 
Vi ni May OeLHomfeuGroap. 

_ c 3 Jan. May Haul Moserop 5p 
5.0163 May . OcLLML^^ — 
vqici Aug. Mar. lacksaJUTB 5p. 
3 4 63 July 
3 8 U.4 Jan 


Jan. leaks & Cattail. 
June Johnson 4 Firth. 
33 7 Dec. June lotus Group IOp 
5 41117 May Oct /oms Shiftman . 
8 lj ^ June Nov.fLatrdGMup ,. 

“ Dec. 


Hfig 

MTU & 

5 5 |?j^ 

4.71 78 J“- 


Apr.lpAefaEUiol.... 
MayfLanefPerryUDp 
Feb.lLcetAithun 12b. 
JulyjLes-'K Foundries 

Juoel Unread 

LtordlFJU — 
July Locker (Dap - 
July Dot'A'Sp-. .. 
y , 25 ? Mar Sept Londoa 6 Jfldl d. 
*• 7 g Apr. Nov. MX. HobHngs— 
5 j — MaoRanRnuiae 
_ . — Ja*» J»»ne HannnatrSOp . 

4 4 J 10 6 June Jan SJeEechnieBros. 

‘ 3 ? a ftHGfcz 

23 103 J“>- J a>y Midland Inds.5p 
30150 September Mining Sop L0p. 
33174 Jan. Sept MilcheUSmalOp 
7 5 74 Nor. JulyMoleilit20p„ 

71 on May -Nov Moim*. 

4 5 as July Jan. Moss EnT*.-,-., 

8.9 17 ” Apr. OcL Neepsend 

9 7 205 Jane Nov. Neill rjMiBdgs 
66 5 4 May Nov. Newman Tonta_ 
34 62 Dct Apr. Northern Eng- . 
31 53 Sepl. Feb. NortonfW.E.iSp., 
1 a U 1 Jan Aug Pe*lerHa(fnl»_I 
421 43 74 jBn - Jnne Porter Chad. 20p 

* 1 147 Apr. Aug Pratt ir* 

9 6 ~ Apr. Nov. Prestwick Parker 
101 65 Mar. Priest 1 Beni.. 

w^SEsnn:. 

Dec. Apr. BaineEng'glOp. 


Apr.. __ . 

ELECTRICAL AND RADIO IS n":K<^s^e 1 

Mar. SepLlRairUffeUids.., 


2 J(i 
107 
IfclB t 66 


July 


36 to 
184 
13010 


73 June Dec.lAJ Elec ironic. 
9 Of 10.0 1 Apr ijcL Allied Insuiatore 
January Audio FideLty IOp 
No*. May Auio’ledSec. IOp 

July Jan-BICCtop 

Apr. Nov- BSR IOp ... 

July Jnn. Berec 

Ocl Mar Boa & May IOp 
IJan. June Bonborpe IOp.. 
Jun Nov. Brocks IOp 
May Nov. BuIcurA ip . — 
Apr Sept CahldaraSp .. 

June Campbell Isnwd 
July Dec. ChlomkCn 1 ..— 
June Dec. CUflord fc Sneli ap 
Aug Feb. Comet R Sere Sp 
April Nov CrarQ-tramrlOp 
Apr Ocl Crellon top . 

Da liprunr "S-O 
^tayjltaleEleci IOp. 
Prera . . ... 
Du-.V . . -. 
Itarritron IOp. . 
iDcwhnrsTA - top 
wxdiDg&M ip 
Dreamland IOp 
IJan. JulyiDubilierap 


7 j 3 1| 5' 


5 ^ 3 - 

a sJl 

«5.1> 


i 12 7lJuly 


0.4) 4.6J, 


- 90 ' 
2 71 65 


« 8 


ADVERTISEMENT OFFICES 


Kirrninch.-tni 'Jeorce Hnute. iji-ordc Hoad. 

T-.-lvx 3-deSM‘l Tel OL'1-454 
l-Mitiburkh 67 Cvon;w S:re<.-i 
jvlv* 7244 ta Tel. WI-UR 6 4139 
Frar.kl'iri irn Sac.hsi.-nlai.'vr J3. 

7.?;.'-' 1«I«3 Tel- 5MtW7 

^■■rTTianiTii IIuum'. The Hcadrow. 
«S32l 434fltifi 


L«-«d 

Tvl 


Manchester Queen’s House. Queen Street. 
Tulex Bddftltt TcL Otn-834 Mfll 
• New York- 75 Rockefeller Plaza. N.Y. 10019 
Trie\ 238409 Tel: i2i=i 489 83(0 
I’ans 38 Rue du Sentier. 73002. 

Ivlev 22)1044 Tel 2368G0I 
Tukjo- Ktuuthara Building. 1-6-10 IT'hikar.da, 
Chivudu-ku. Tele n J 27 IW Tc-l 2B5 4r>W 

nivrsea*- ann.-rliscmi-nl leprescnl.Unes in 
iTeftiral and South Atncrii-a Africa, ihc Middle Favi. Asia and the Far Ewl. 

Fur lunt.vr details, pleaw contact- 
Overseas * riven i rente nt Department. 

Finaitvinl Times. Bracken Houw. TO. Cannnn Street. London EC4P 4BY 


SVBSCHIPTIONS 


i.-,ipj 4i : tiftUiintiblo taint tlr*fcsac*'n: • and >nni|<>TalI« uurldttiile »r on regular sutovription frutn 
Siilj«Tipli«H! Dvi>dnin>‘ui Financial Times. I^'ndun 


'act. 

•In* 

SouJil-T Cos *p 

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477 



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21 


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I Mar Aug, 
■ Jan. Aug. 

Jam.- Nov 
July Jan 
May Nov 
Mar. Ocl. 
January 
Ocl Apr. 
Jan. Jun.] 
Mar Ocl 
June Oct 
Jan. July 

|Jan. Jul* 
| Jan. July 
Mar Ocl 
lJul* Jan. 
|Mnr. 8 cpl 
|Jan. July 


Apr Oct 
I Mn> No* 
Duly Feb 
Uctober 
(Apr. No*- 
lApr No*, 
I Dec. June- 
IMar Ocl 


lEMISOp. 
Do. 8 i;%Con* 81 
OertL-uaips IOp 
Electronic Macti. 
[Elec. RenuJi top 
lEnatjSenj IOp 
Eu rot (terra Idl top 
;FarnelI Eka.DH. 
Fidelity Rad top 
Fomnl Trek Site 

Ige.c 

Highland H 20 p 
Lanes Stroud . 
IKodc Ini ... 
LnanmceScotl. 
Lec Refng . . 

LVKElecmc _ 

pJoiordaM... - 
Muirhead 
INcwtcan ind* 
Vmnart Louis 
Norannd EL2t>p 
,Perlia-Uaiifr4pc 
Prtboa-Hldc top 
Philips Fin. -0 
Philips Lp Fto 
iFifro Hides ’JO p 
j Do A’2Dp . .. 

Plrvi^i 50p 

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RacaJ uwlnre. . 
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Srholv? iGH 1 . 
|SuQ>’> V3U. ... 
^nund I'lfTsn 3p 
fTdcfq»inn5p.. .. 

Do A' N V 5p 
[ye Rentals. .. 
[Thom Elect .. 


CHEMICALS, PLASTICS 


May 
Dec 
June, 
Sept. 
Not. 
Xov 

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Sepl 
Fob. Aug 
Jan. Jul* 
Jan. July 
Jan. Ma* 
Dec. Jun 
Mar. be pi. 
Mar. Sc-p* 


Jon. 

July 

Jnn 

Apr 

July 

July 

net. 

Nov 

Mar 


Jau. 

Jan July 
Sept June] 
Jan. June| 


.May 
Fob 1 n’t 
Jan. Auc 
Jan. Jul* 
Jan July 
May No* 


Ah' 'll 

AUirjIuJnd-: 

4l,oa Pack top 
All’ot'ollo’d top ( 
|AKhur'’hrm. 

Bayer AG DM a 0 | 

E l^dor, >oakA> 

Brent f.'beira; IOp I 
Eni BctjoII 0?.| 
RriiTarPrd I'.iti 
B arrel! 3p . n >2 

I'arleiftape: mp 30 
iCxaim. . 43 

lOslya* • R* Lrt • sh«j 
D n^ : rir.il»> £85*; 
Do 8 iW.fi 95 £85*2 
'Mine* heat ! 70 


July lCia!» Bros 
' Do \ VI ‘ ... 
V>n;Horv.'i* op 
fradalr .1 Pip 
via 'nr Defd j 
. r-rtaLi:" 5p 
F.tl.sfc r-.erani : 
Lnitar. I'la'ti;* 
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■ ■ gM'i 
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FuL ScicniiTir 
Ward* Gold — 
WellwHLds 3p- 
Wettragiwuse 
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Wh hpsaieRj 3ip . 
Wigfal] (H » 


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34 

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159 

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84 
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73 

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39 

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J® « ‘l 6, Del. Apr. Record Ridgway. 
A Apr. OcL R’dran FTnan lap 

5 J 2.4Hja Au g. Feb. Resold 0 

If June No*. RkiwrtUtfLrtt 
“ &4 5.6 Feb. Aug Bahia ffes.5np 
l 3 t o V 0cL May Robinson iThos 

* I t J, Nov. June Rotort top 

it 71 ,53 July Jan. SandmonSyw 
l l ?-??Z-2Mar. OcL SanlleG lUpif.. 
L8 ' r'T 1 t’Z Nov. June SeniorEnjrg H>p 
f l £2 Feb. AugSerrk 

^ u }JS: JiiaSSSSSf:-- 

' ° 8 2 Aug. Jan BOOGreup — ' 

“ — August SntilhlwnlLiBp- 

t7o Jan Speara Jscksai 

f t it ? Ju, 7 Mar Spencer ClIt.Jflp. 
J \ Jao Ju, 7 SpenrerGeusip . 

No4- - June Spirav Saico 

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Jan. StaMcy Iran £1 
May Sione-PlaL.. 
Apr Sto!hat4Plti£l 
May Sykes iHenryi 

Ocl Tree IOp 

MayTajlorPaHiaer. 

July TecjJendt 

2-VlJM Apr. IJCL rmnkinsF.H-Sp. 

}« Feb. Aug. Triple* Fdrie*-. 
oidinS Ocl Tube Invests. £1 

593K June Tumfl. 

M *?9-' June Nw.TyiatknSA.H0pt 
*i-0 July Dec.UldEag-gJOaJ 


8.3108rJii- 

u -2 9 ,vo*-. 

£S,52 Jan - 

62 12.8 o C L 
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19 1 — jan. 
J.4122.6 Jan. 


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July Jan. L'ld wire Gawp, 
“■a Jan. June Vickerstl 
5-4 Apr. OCL Vuior Products- 
5-9 Jan. Aug W.G l„ 

J4 Nov. Juno tfadkln SOp 

Jj-J Mar. Oct. Wayon Indusr'L 
13 “ Dec. July WalkwrC.tW.i_ 

ll Apr. July Wart (T W 1 , 

“u Doc Jum: RarneWndtUOp- 
51 SepL Mar WndckEngOp 
Jan. June Weeks Aswc IOp 

Jan. May Weir Group 1 

Wellman Enjfff 
W Bras Sp 1 ^ Up 
Westland 


— Mar. Sept 
If § Fob. Aug 
63 July Ken 


Juno 
, 01 , 2 ? Jan. 

Nov 
“■1 i:*ct 
Jf July 

Apr. 
ha « pr 
13.3 °' L 
,12.9 
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8.8 


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whttehoiiseSOp . 
wtuians>w»_ 
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Wolf BetL Tools 
WolsTyHiudies.. 


Nov.lWbweU Fdy. IOp 


Woodiitvianp: 
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4.46 


39 Oct. 

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November 

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no Jan. Jaij- 
x Jan. June 
£7 J»«- Jun *l 
f'6 September 
I? Feb! Junej! 
1 78 to 1 - /P* 1 - 
, 31 7( Apr. Sept. 

' 35 Oct - Apr 
£7 SepLApdi 




1JEIZ1.4I 


421 7.rt 


|Hlni«r'AUI^- 
KroftTUO- 
RwikSave top— ■ 
LeaniosGp Mp. 
LraforiindXR- ... 
Lockwoods . — 
Lmell'G.P.-* 
iLowiMmlSOp.. 
UrktsiJ.iil^- 
MflJliiews'Bi.—.-- 
MeatfradeSup.. 
UurgraEdE.lOp- 
Marris'mWjlOp 

NorttemFoodL 

, LVnnSn Fk. lOp- 

Roc. JintelftmloiP.ilOn--, 


May) 

Nov 


Mar. SepdTesro.Sp 


HfkeiWJjlOp- 

RakutenGrplOp 

fRrtHtsaoyoodv 
Ru«ntreeM.50p: 
Kaind itiHf J j . . 
Soin»ria.— 
Spilferu:.-. 

Sqa Jrii ffu lZ*zP-] 
StocksiJosephi- 
Tae'fcLrtaU.-- 
TaveaerHntSIp 


L ; nlpUo_,. — 
PnitedBistuiu. 
Mflr.fWMSOB Phlp Mp 


HOTELS AND CATEBEfi^ > V ^ 


42 Aufi. 

82 
78 

7.4 

43 

62 -September .-UkigliiLlOp — 

4 _ BoreltJ:)7rH». 

54 d«. Jidv Brent WalkerSp. 
87|i5« Dec. Juri-Gly Hotels 2*~ 

3.7 Dec. June Devore Hot 

5.7 — Epinire5p 

9.0 Apr. OcL Grand Met.3flp_. 

— . 87 Mar. Oct EoruallMTLcS 
2.4)10.3 May Ocl LadbrokelOp..;. 
* "’1(4 4* June Ml Charime IOp 

42 Apr. Dec. Myddlrton 5 to,_ 
82 Apr. OcL MorfoJkCaj»5p._ 

4.5 Dec. June North 

6.7 July Punts of Wales- 

3.4 July OeL Queen's Moar^p 
32 July Oct Korton Hotels.- 
64 May Saroy-A n lflp 

. 5.2 Apr. Oct Stakte (Keel top.. 
114 fl sept. Mar. Swan R*-juilaLSp.J 
110.7 Apr. OcL mud H. Forte _| 
95 Feb. Ocl ffapwflsta \ Mp. 


Price 

208 

W 

-9 

•34 

aar*. 


385 2-W , 
aiastal 
,.U3iE 6^ 
Lmj sa.t.7 


102 
5S 
% 
153 
163 
© * 
.73 
88 
97 
74 
27. 
65 

w si* 

137 

387 

Z27 

64 

. 30* 2 
38 
W5 
178 
73 

S’* 

70 . 

78 

50 


^SpSSm/ 




itlfl i .12 
■ :M 22 . 8 'i' 

'U 6;n .. 

1277 «g.m 


m 


trBiffl'ia 


k .777 

210 bnffl-7^ 

■■71 3.75 , 
LM*dE0 

’»5 L55 
163 W037] 
1174 
»i ,+3.34 
26.6 5 81- 
125 0520 

153 137 

49 +158' 
49 d43A 

113 W5.9 

2bi 166 
71 346 
153 43.01 
247 +147 


.23 4*126 






•.utoiu-j .’ 


*35-, 


■ilil 

bli .92 

Stitt-. 

s-aS 

sill- 

pi 

1-2 5 - 1 

2J -7j Ji: . 

3 a 5i fl; 


<7 

£245* 

-50 

121 

157 

15 

103*1 
96 . 
159 


-37 

» 

.76 

40*2 

140 

66 

34. 

lS*i 
227 - 
32 


INDUSTRIADSflKiscd.) 


— Jjan. . Aiig.[Vilieder!i.top-^- L355_ 
4.8 
41 
4.6 
82 

I Apr. OcLlAAH. 

U I Jan. June AGB Remrch 
* ' ' 'Apr. AanraKnafiiw 
Oct Abbey Ltd. 

OeL Aufix Inds. 20p. 


266 121 
ilfl ttflt32d 4.7) 
155 td4.72l IS 

NOi^bLst'i 

At i43l 
183 om 

a 3 ® 

30-U 

JU tfLfil- 


155 1h0A6 :z< 

lgStbQJS M 

lift' ta«»t J 23» 
HL9 t&Jh JM 
174 taw mm 
I.4.9 <lto4 

iiwR 

KZL 8 128 {53 

172 



52 Opt 
67 Mar- 
18.7 peh. 
61 July 
3.4 Oct- 
2.6UQ.7I 42 Ja?- 


Dec.lAlpineHld8s.-5p. 
fcM UecJlili- 


Antal 

June Angta-Asphal 

4 Id Til July- Dec. ArensoaiAUOp . 
4 4 5 8 5 0 Mar. ■ ■ Oct issued. Comas 'All 

f i li H IS: s nS iSSrffiS 

in 7 7 93 July Jan. Aran Rubbers: 

2 3 n '7 7 * Jan. July BB A Group — 
02110 63 9 OeL Apr. B-ETDeM. 

3.0 82 « Apr- .£«■{**■«■ 

3J 78 S3 SU -?ulyBarfWro.ifl. 

2 -fc U ^Sfektoe. 
i.4ii£p « ift®;SEE!BS 8 E 

32145103 ' “ Barter Trtmenol 

22 93 7 3 Dec. May Beataon Clark 

iSJiMJS- iiSiaaffinK: 

1.0 114 14.1 52SSc - “ 

an 6 7 55 Sept. Apr. Eenstords — 

3 4 5 3 8.5 Dec. May Berwick ‘Rape 

29 6 3 8.2 OeL May BratobeU —J . 1 


52 98 Oct. 
1.S22.01Z1 Oct 
61] 2 8 8* JM- 

7 0 3J Dec- 

ao 55 “v 


77>d 

36 


May Biddle HUo—j 
May BifurrrtBdEog. 

July BiUanrJJlOp.^ 

OeL Block ArrowbOp 
Ocl Slack .'Ft Elites 

I nf July Nov. BodyeotefafL. . 

78 May OeL Bogod PeL'A lftL 
9 S Jao- July BaakrikcM 
1 4 May Nov. Boot 'HesrytaOp 

79 Jan. July Boob. : 

I FeMyAuNv Borg-W.PSJ250 
J July Nov.Bowier£l__ 

* Jan. - Aug Braby Lesbe top. 
n* Jan. Aug Brady JodaTA'. 

741 OeL 

Ij mi-MrntSSS^ 

a 7 J**"- May BndpmuHOp 

2j Feb. SepL BB 6 EA 

* Aug ' BriLCineTUljp 

50 — Brit Steel Const 

71 Jan. June Brit SndtosJOp. 

at May- Nov. Britlrt Vita. - 

3 . 1)10 65 ‘"ay Ocl Brittaiaa .. J IVy 

3 H * 3 j ifl Nov.. May B.H Ptoj».JA2j. 650 
32| «XJ.S JaJL July BwokSLBr. IOp 
, 7 I Nov. June Brooks WaLSOp- 
qn * Dec. July Brirnt Bov. Kent 
3 2 Jo OeL Mar. BnHflooa;MdssL 
33 8.6 Fe,> - Nov. BurcoDeatL 
32 53 Apr. Dec. BanutejttSpt— 

1715? MS' Nov. BoiasAadj-ntop 
48 jn Jane Feb. C B.Imfk. topi; 

17 74 May NOT.C-tmrwtaOp...., 
r 2 QA Pec. JiSy CmralitgiW.i — 

*' 107 6 J ***- May Cape Industrie*: 

11124 110 Feb - June C^taaProf IOp: 

21U5 40 

24 99 411 5D°y Oct Lurtlnnlnife... „ 

33 72 6 3 Fe ° Au « Cawoods-....! „ 

7 5 10 1 39 Sejflesnber Celestifln bid ap 
32 7 4 &0 Jsn - July recmtlM*. Mp. ... 
36 B7 47 P* 0 - Job' Cwl S heered 5 pl| 3 D 2 *d 
U 1^9 i 6 it SeijL CaurcwayoOp-? “ 

A]is Dec. July 1 ^;iniGerJaln Gp. 

22 10 6 t54i Jan - -Aug dumbliui PL llfp, 

“•Sa _ a*w. No*-. CTuMeTaresidp-j 

1 )12 0 # ■ March • Un&.CtraJIiOpJ 
113125 Apr. OcLChrtSiie-TJBp..- 
98 79 N »*■ CStisMs Ini ifln 

7 8 51 Dec-. Aug Chubb Mn 

q a * Feb. June doriteiClemenli 

39 41 JBrte Dec. CaIe'R.H.r 

98 / 7 July Dec. Tiepin Webb ajp 
47 40 MrJeS J).. ConilGrgSl—. 

110 . 7.71 Apr. July rocLSatHB'TtOpuJ 
67 52 June F«b. CopeAUnan5p- 

54 Sepl. May Cflpydex lflp 

Jan. July Cosilt . _ 

49 Kay Dec. Ccmnj Pape 3Du. 

'75 Mar. OeL rinas d? Gn IDp.1 62 
91 Jul}* Jon. freon 1 J.i 51 jp._- 193 
74 Apr Nov. Crest NicboflOp 47 
7.7 No*\ July Crosby House CJ ’118 
5 6 Jan - Crosbj-Spr'gtop 15*2 
8.4 Jan. July DartesfaViwntf 135 

27 Dec Ang, DeLa Rut 3S8 

M Apr. Aug Denbya-j* .. 107 

aO May N«. &BE^teOr.91-S £7M 
03 | 35 D44 Fei3 - Sept. Diamond SLSIOp ’• 16 
lfflll 3'12P jBn June DintaeHfeetap^. ' lfl 
L7IU.3 78 Apr. Sept. Diptana — .'.<167 
55 * Sept Mar . Dotwra Park IOp. loo 
4 3 13 n Jan. July DcsaH Mgs. ton.: 83 
5 0 46 MaJuSeDe Dover forp. L'SSI: £28*r 
55 55 Jan. May Downs Surjl l«n 44 
52 4 7 May Ocl Dutav Bitnm. ICp 29 
94 4 Mot. Apr Dunbce Com ICp 88 
BO 64 June Feb Dnndmiaa 20 p.-. 48 
. 7.3 4.4 . J****. DuplelnL Sp—. JO 

34] 7 5 5.8 A “ 8 - Apr. Durapipe 140 

5 Jj 65 7.0 — pwrtGrocpfOp; Ul 2 

9 6 38 Feb - Aug DytasLl.t 35 

3 2 30.7 Apr. Oct DysontJ.* J.y. -71 

L3 69 Apr. Oct fig A' ZfW 

8.3 4J — £'- Cases IOp _ 

8.6 5.1 . .Dec- Fmtcro Pmd Sip. 

4 4 4.7 Jlll y- Not. Elbor lads. 30p_. 245 

8.5 50 April Nov. EXblcf top . 15* 2 

5J10>M8y Jan-EtacoUp -«r 

77 5.9 W- J“'‘y EJ_ertlmi_Sec_i 57 
61 Jnly Jan. EHio3Pl'r& Jhju 
69 Jan. June Elsont Robbins, 
ga Jan. June Omnck (Tperhp 
80 Mar. Dec. EmlianCrep-Sl. 


16 
81 
U 

£23% 

ijMfty SepUEojw Sere 12 Vf 


100 

109 

63 

35 

50 

J&' 1 

285 

51 

50 
115. 

55 

12 

1£0 

51* 

107. 

68*2 

313 

176 

30i z . 

223 

35 

51 
£28 
377 
635 

21 
42 
. 65 
66 
142 
100 
<59 

41 
37 

187 

82 

42 
272 
115 xd 
195 , 
£20*J 
172. 

67- 

60 

107 

8 ' 

107. 

34 

46 

60 

& 

119 





775 J 
-49 d06l1-£^. 
303 941 
155 *2A2 
ms 5® - 

30.5 030 i 
1411 ,tL5' 

Ift7 133? 

Jfl5 0Z£5fl 
1611 1524 1 
12J 18.76 
1075 

23 1.74- 
24 7 T249 
16101304 
189 1966 

Kltd6-77t 

-365 JT.05 
126 119 
78 161- 
75 6.42 

k ffi 

155 t7.43 
30.18 ri532 
"385 H600 
16M 

1B<I * 85 
187M.44 
J 7.B 353'. 

4J th2« 

1173 — 

Ett 623 
17.4 23 
211 d278 
Tki 132 

ra 


a M^ - 

ZM&r,.;:. 
fel'ir .' -1 


1 45 id 
1071 

169 ■ 

m 

28 

50 

I&5 

325 

[109 

■71 

215 

335 

■29 

56 


40 

13 

16 

7B 

128 

134 

82 

Hd 

73 

£21 * 4 
34 
671^ 
37 
59 
71 Bt 


7 j — RtvaySp 

40 February Eng&Oirers Rta 
g* July Apn 1 Eng. Ckina f Uj» 
6.5 Mar. Nov. Eqeraua 12 ^. 
7 * Jan. Jane EureFeraes -* I 
X 7 Mar. Sej*. Evade H%j, 2 Dp. 
4 j Felx Answer George IOp 


76 Z5 
52 67 


... _ , JunejFhirtaai Laasre^J 
. d.ioih J“- . JUnftFefcttav IOp, _ 

7 a Jan. Sepl . fFeri Icaan'Sflp. _ 
44 May Nov.FlndI 37 U.R 1 v. - 
rc Apr. ucL raiBilMaSJp- 
RT J unt " • FuatasUelOn..' 

O 'r 5 ?' ~ 

27 {."Jr 


[Nov. June] 


D«-tt}Uwilu»i 

Jau-|FtaxeU>>C AW. 

iFwanyCEt - _ 


FOOD, GROCERIES, ETC. 


ENGINEERING 
MACHINE TOOLS 


iNpri! |ACE Itadunei*. 


Sepl 
Apr. SepL 
May Not 
Apr. ilc L, 
Nov. Feh 
Ocl. Apr 
Ian JuK 
Feb. Aug. 

Mat 


JunqA P f 50p 


Ann* 

Do .4 . . 
Arina Gronp.. . 
Hit-ai Xiatztmuo. . 
A lion 1 .K. Balfour 
AltanWG. _ . 
Anul.Paacr . . 
Andfn.Fclvdc .• 
Aagln-Sttiv .. 
AshiLarv 
A*j British 12*;p 
Artur Toolinc 
Aura Ind'l l(ip _ 
AurorjHIds...— 
AuritniJgaf’i-. 
Aver*!. . . . 
BabrorkiW.. 
BjiIv* 1 Hi,. 


115 

187 

122 

88 

292 

239 

56 

44 

12Bd 

66 

31 

118 

7 

38 

23 

84 

105 

170 

147 

r, 


1321 


2lfflr5fl 


lb ID 
16.10 


2101100 
99 


a 

16 10] 
a.« 

16 *C 
13ft 
J'7? 


3.43 


t2 53 
1253 


71 B 
16 to 1 
3020 
766 
475 

16 lOjtdb 
9W 
21 82 56 


4 40 
h2 56 
15 36 
1*2 39 

- T3 


1 15 
ts 56 
5.95 
15.9 
15 33 
Q.L-4 


ll 

421 


[ A D«. 

13 £ Jan 
10_5 Apr. Sept 
Feb. Oct. 
5 6 Apr. OeL 
5.9 P*b. Sept, 

7.0 May Not, 

9.0 — 

9.7, Feb. A.ue, 

June Dec 
Alar. Aug] 
Feb. Sept. 
Oct. Apnl 
May Septl 
Jan. July 

jEiv«H Ja n- Julri 
j 5I11-9 Apr Ocl' 
S^'Pt- Man 
Mar. Not., 

e'vj 11 Ja "- 
?-ri li Dec. June) 

62, June ■ ,3a -l 

2? May net 
39 May Ocl. 


11.7 

87 

62 

5.3 


73] 

m 

74 

9.5 

85 

5.2 

55 

4.9 


7.6> Feb. 
it Fcb 

5 7 Jon. 


July Alpine Soft D Ife. 
June A« fltafert a?p. 
- A-as BriL Fda 5pl 
Ast Dames. — . 
Ass Fisheries . 
AvanaGroupap 
Banfe > Sidney C 
BarkerA DJUp- 

Bam A.*; t.. 

'BamvlUMiBg.'. 
Bta«U iGeo»..._. 
Bsliera York Bp 
|BetajnlOp._- 
BibbviJ ISI ... 

IBI shop's Stares.. 

1 Do “A” N.Vr_; 
BlDebirtratL — 
Brit. Sugar SOp. 
(BrlLVend'gii®.; 

Br«Ae Bond 

radbu.’ySrh'us.- 
Cbt 1 ! Ulllnir - 
CartJtrs2flp.. — . 
CliffordDflinei. 

Dr-vna’., 


Aug 

May 


*5 ? Jan Jund 
»2 Jan net. 

a? i^ pr i?* 1 * 
Ji Mar S»epL 

9 {Nov. 
£4jFeh Aug 
1 l-Scpt. Mar 


AuriCuflensMp 


, Da. ,, .V'3Jp_..> 
[Donisfa Ben A £1 , 
?j)i* dsLntkC.iSp.. 
EaetandiJ.E.iSp 

f sir . ._ _ 

Fisher»A.iap 

. Filth t-cneUMp. 
Apr Kilasa.liio*er5p . 

‘ ltioldrw Foneard 
Hiilcu'd's P.2hpj 


133 

73 

-68 

176 

41 

: 98. 

78M 

76 

60 

114 

86 

M 

274 

140 
94 
82 

141 

23 

46**1 

53*1 

64 

96 

58 

43 

126 

124 

106 

21 

V 

a 3 

24 
100 
49 


266|dfa70 
25J 1124 
266 12.36 
(4«M£S 
132 $3.0 
7J tl.l 
aUDd4.0 
674 — 

10.7 tM.1^ 4.11 
305 ^13^4 

MJj5.« 

157 <0.66 
16.16 162 
TLfltfcTO 
266 d2.65 
266 d2.63 
Zlffi 23 

I5.atw.e2! 

las 1052 
#.10 3.09 
3010 3JJ9 
124 +263 
— bd24l 
1/4 1.94 
iT4 1.94 
107 439 
10.7 4J9 
174 b.74 
4 74 - 
MM +1.44 
W9 4 0. 

201 055 
75411. 

247 Tl 25 . 

24 7 fpfi.73! 

4.9 dj.0 ' 


Dec. ' July FoMoMuraep. . 

Feb, Nor. FreortThC'S. top 
Oct Apr. FricflsndDit. . 
, „ , . jJuly Jan. Off. _ 

f-gJWjApr. Sept Sesldaer A' 
la * 3 f 44 i!<Vov. Stay fithhonsDudicf- 


52) 67 Not - JtfiibKihiran* „... 
06M.0 July DecJGteesGrosp 
* 3.9 Jan. AugEtU^rarlOp-..- 
2-8 82 April ElusfcMesaill!^ 

7 7 ! 68 Jan. CKlJGlaroaipu 

- , 319 . October fGnonw Photo Iflp] 
*3 Hi May Nw tCddauniiHittff 1 
^32 AZfJao-. - JumGamnsrHldi. .' 
7-6 i|®. Jan.' JunertlrereplanE^,. 
S« A P r - OcidGranadfl-Jl-"-!. 
3.8 ^naB&3w2to_ 

li If Amil OcdteppercSi^j; 
II net -. JuttbpreebcITGn 5p 
4^ 66 IJan. Aug HflHaraSletfiffwp 
AugJFaima 
ApiJBcailtaw ISjP- 
AprjHfflriroatCp.zac. 

JulyiHsEsaTrafl 


Peb. 
Wj 4.3 Not 
3| 60 Doc. 

fa* Fi* 


l»*z 

21 

15 

■tt* 

: *'33. 

108 
60 
32 
156 
121 
29 
37 
as 
39 
-46 
54 
150 
150 . 

490 

65 

* 

103 

142 

60 

192 

87. 

56 

■73 

531ml 

59 

16 
63rd 


30 li . _ 

mow. 82 

m t3.7B 
3010 1.0 
UC dL62 

24.7 283 
2.10 402'. 
21 C3.94 

1610 T833 
IU 4.86- 
305 H69 

30.7 5J5- 
7.1 J.83- 
iL7 40:76 
225 3JS 

#10 tfaLi 
; 71 1226 
155 12.80 
266 217 
M N0.5 
lfl.7 fL6 

Atti' 

MVk 

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266 256 
155 15 
2111 1227 
MJ e22fi 
JO 10 242 
as d2. 

126 18. 

Tli t3.41 
HI 
266 066 
J2J 17.41 
12 6 1 10.05] 
76 d5.45 
3010 

24 7 h0.66 
1616 16026, 
189 385 

7i M M 
26 fc tM.67 
222 Q5I40 
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21i thl.43 
210 566 
126 W.44 
266 10.60 
266 *14 
MJ 020 
677 

U 3.63 
78 3.63 
97S 
30.10 +4.42 

ia; I 10.0 
24.7 dLU 
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25 13.04 
247 025 
12.6 t3.18 
266 HOT 

Lft S2.0 
J.ftdOl 



lift 


81 mm 


H i50 
HJ.08 
tr.4 
16.80 
26Sj H66 

35<J.4t 

15A«LS 

18ft b782 
IBJ-tZOl 
ZW rQ5. 

12KF 
iuqtb2jft 
5J 14.65 
SU0|H6.94 

#2.84 

mi’ 

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lift 1257 
2lft 43.35 
155l.t4.54-. 
10 2:92 
27^ 3:08 
3Q1R114 
laze* 

13jj j0 5B 
JO.IWIM 
17.fld.ltt 



71 iLVt 
(1873 
B9 21I 
4 107 
a«T 02 ir 
-a.7 6067 
210*6.85 
174 «7e 
lit TW9 


o$ a ef Etofc Jun^Br;. 'Kcrsas: 

Dft ' Ju JyiHiuls Wharf*! !} 
45.1 June Vov- iRfpcwtfcCrnc : 

; Shiuet Juncufccair..:- 

;J49t • jjar -JBewhniiSp 
J0.4 D«. July iSjis&gSwAiSiSdp 

l Nu-.-. Aprilhwia-^apj 
U\1B9 Novi .AuftlHfttomtT— T 
65f 5:5 Feh.' fw. pl jHBtli .Rwts-- J/.* 




td 

53 Ml 
<U 5.1 
*A 56 
17 66 
13 76 . ,. 
— . -.= t® 



ill Ti * 
24126 Si- 

-S3 48 «f,. 

66 If 
- 24-81 A 
21 

231 80 .ft 

uiu£ 

17 7J »X 
13U11|- 

I! 'S 

9.1 U S 
17 4.7 £ 
Ll 9 8 3 
31 - 

AS 66 A 
W 5-0 ft 
'♦< .80 4. 
72 4.2 3 
U W 

33 21 I 

M 71 

33 J! 

4.1 6^ 
dJ 1 
26 6 





r i- 












I j": . 



INDUST^ lAaLS—Cootinued 

J^SSh: i^;iWk: : ' .. JSli-S-lpwlSl W* 


13 '1978 


INSURANCE — Continued 


"PROPERTY — Continued 



43 




qW;'. Jaly fflait Lkivd lirt BpJ 156 
AW.-SepL Bo a rer A 1 — _■ -243 
Cer.-i^EEfidlmfceaDp; 170 
«*b. - Ocl Kow*i4T.:tiera: ,_25 
Kw.-Jaiy HuotiaiAisoc.^ 278- 
ifar-.-^or. HfaniteiEhlOp.— -45 «S 
Sttember BKdtWsBwaJa. - 76 
5cL ' Joij- Rwuan'I-iJ iap . 23*j 
ApJy.OJa. £171: 

Jutf? Feb. ICLII— — I — i. 425 
April Sept- tomContHTafEI 143 


tfay _Nm-.flnitaliliidg.lft>-r 29 fl&lQr 


f».9tW«| , 7S-.Z3r 


ifiior*ni 

a4l5.M 


m 


j&un. 

thS nn 


9525 i- 2,3.43162 


iiato20c 

“K 97 

JapTijj 

gjhgM 


fan.' IAc£ Initial Sira i«a.« . 86. , 

>e& June interCitf SOp— I IS?wj 
tfat.- JJec. Jama Johni — _ 48 | 
ffllrP Sit-. Isra&Siytafc J8p.i 12" 

Vot. JufltflardiQati.SHEfi. 2W ■ 

Vpr. Dm Jeniique '30lj 

— icin»ji* Barer*. ,10. 
let' Apr. Johnson Clnrvi:- 95 
Aug JohnsunMlJiy.i] 440 
)%. JuiidJrardanfT.i !0p- . 37-. 
lay Dec RaJanoaoulOp^- - 34 

ftp. ' Juh Kelsey teds ‘ OB 

■ #r. Dew. Kennedy .Sm.'M!p , 36- 
far April KvnUrewiA-iSp- £10Jj 
in, .Aug. EkO’E-ZeSIdSi- * 75- 
jfc. Acg LC P HtdS-IZ-j 88'. 
fee. Aug. LE. 1 BffLlnra.^ 

.pr. Jan. LMir.laLlOji-J 

Ibv June Iakiq. i... 

Olr Nov. Lead lads. 50p.— 
an.' Aug. knieiMl-Seifes- 
,ft May 

(or. Mar. Leboff Fobel iDp 
April LetiusJairU^ 
an: Aug. LeteureCar.ftp . 105 .} UjJCfcZS 
(ar. OcL LepCronp Wp— 243- j 21813 44 ■ .. 
an July Lesaey Prods. 5p 74.- 116 3||W2.04; 
•eb. Sept UtrasCT IOp . ,i 130 
— LidenlOp— • 'K 
lay Nov, Lindra* IrVms'- • €fi 
CL Mar. Ltedasines .131' 
aly Feb Loc.4lftfa flip— 36- 
aft. June Lone Qmbly 10pt 
.px. . Oct Limgm«Trffli*= ?W 
ujf. -Apr. LnnjdaleFnfcnil. .' -84 ■ 
ix. June LwABdtur50p 173 

me Dec. MT’Dant lt^— 

-at- July XjcaaieLdt.i'ip- -..24: 

-AJ? Sept MVrUiyPMOp.2 98- 
A:. May UarfinaneGp.-. : 79 
ay. No*. McaeariA^.- .16 
tiy Nov. MacLefl*n®ftff.) 23- 
ug. Mar Macpheraon'tD.L :75, 


.‘7J 15.06 

2J d2,J6 
Iflt dLU 
254 KOTlc 
1610 £42 
3J.75 . 

49 13.95 
Hi 1183 
16.9 iMJ' 
174 216 ' 
lit. 328 
•33.9 3.60 
M tl614 
117.7 (M.33 
3JL7 4.E6 
■.»5 762.64! 
at 2.23 
-.3.4 322 
150 JAM 17.48 
130 266 1405 

41 ■ 169 tl85 
43 . Zli 1,79 
4t: 132 332 


?L8| 5.4 
J® 
n»«05 
J 84:34' 

'M 12.03 

' " 


ay Sepf.WagnoJia^max.1 118 
A pr. tHta,OUpCiD. 273 . 

‘44: 


n,. Apr, San.-SWpCan.t 
ib, Oct. MariJpelniWp./ 
ml Jun. M»r*SlUt*.'AQ 


■JuJyflfaramiJl'g Uorv- j 138ml 

45 Iltlffl 


, 264 -14.70 
IKJO 1 11.05 
15 2A3 
, 116 2.03 
-7i 4.40- 
,49 13.90 
1630 10-25, 
■230 132 
vn t268, 
365M2.74’ 
1530 
]■ 247 dl.W, 
2iBtd2331 


32 

13 

51 

70 


_ 1649 

■x, MoytUanin-fllBcS 45 1610] tfl.06 

.VoLbeMHU 71ipc- £102 ~ Q7L% 

ne N ov. MaynanSs 25p___ 132 189 5.43 

jr.' Pee. MedniinsrerlOp. '.36 .333 2UJ 
■L Feb. Mnware'Sp.— -15^ 21t td0.93 
June lldal Bull — _ 310 126 1510 

. June MasJ Qo&un'i^. Ml' M9 14.27. 
June Mci toy . ..._ ■ Un I 30.10 1215 
ar. .Od-M-sairtojpcSM- U04 1D7 
M«i'jaifin:]6p._ - 6 
Job MarganCmdwe 119 
A pr. Ucrrrall I ,\bd i_ 42 
s; June UoHiHoht; 10p- 
Uoi-itexlOp. 

JuneMysoaGp lOp 

»t. SepL. Nwbar.istc*.. 

< Ju ne Nathan (B All Y- 
it. Aug Nat C rb’nsg JOp 
,iy N«. rf.CA4*6«.48 -1 £87 
•cipher NejKtb&Zunbci 81 

•r ' Aug. Neil&Sp ncerlOp 102 

Apr. Kea &julpJ6i!t_ 23 

i. Aug. Norcros 90 

tf Ocl.NonrieSecs.JOp. . 17ii 
L April Nn-Swift5p 28 

- ar Nor. Ote Finance Cv™. £99 

*■:■•' Jane Off] cet Elec L_ 115' ]36Mj 14.W 
0 May Ofrei 20p_ 100 18gth3.07j 

June 0vcjretoneJ2ijr^ 17 1651 4Q6e 

PJLAfHoldmW^ «lsl B.lffl fJo 

HlOcLParte-EnoU-AY 119 2JQ3A2 

- b. AutPralstWintes— 121 

a. July Peerage lOp 

W Nov. Pemiand 10p__ 

■July PenioilOp 

W June Prtroean lUip... 


lira . 

115 1536 
, 189 246 
|10J 2.07 
189 0J4 
[289 ml 02 
. “7i 625 
57td]30 10 1335 
35 -107 135 
]U0 04%; 
■ 21 J 368 
747 1£03 
211 Q.Q9 
10.7 4.49 
3 4 *223 
, 89 fL59 
161C Q9% 


53 

20 

94 

40 

17 


2JM 6SI13 
ZOf 42} -83 


iim* 


05%|19.8) 14.91 
4, 

2.8j 

3.4 

2-3 

0.9) 

13] 

3.1 


t i F660 
5HL64 
38* 10A7 
, Mfl H35 
1610 458 
1175 

IlilQ 603 
24.7 h5,85 
365 05^%' 
72T&51 
210 t2.76 
174 180 
107 10.15 


PhiDips Patents-, 
y Dec. Photo- Me 50p. — 348 
a AugPilfclnBtaflBr.il; 282 
ns Dee. Pita's BtnrciLn.. £63 
- X.AprilPlMtjernuttfp., 36 
r Nov. P(ti;marfc lOp J 4» a 

i. July Pwiels -216 : 

Sept PowdJDufl.50p. 186. 

Aug Press (Wml6p_^ 2&flf 3030 10.85 
g April PrestigeCnmp_ 177 7J 5.66 
h June Pritchard Svs.Sp' 38 12 i 1151 

*- Non. Piw.Laranis.5p. 13^a 3031 0.41 
>. SepL RJ-JJ.^roeplOp 66 7i 16 
JuJyRlUCnmpSt-. 34i a 112 
u July HadundKtf ISjpu 3« 3.1 193 _ 

i. June HandaH ; 108*d :t3e|r4dL47| 

v. Apr. Bank Omm 242 2U 1808 

July BeekittCa:^ 443 
>- Feb. RedfearnGIass^ 283 
t- June Seed KxetSp— 77 
L Aug Seed lml £3 355 

V J:jk ReF'jePBffS 92 

iluofa Reafflralacya 270 
» (fOct Renwicfc Group- 46-- 
r. %rpc Rw ftara .- ■ ■ ... 62 

ApSfcu. Reroore. 64 

,.r. Nov. Ricaidfl, ; 303 

I. iS 

Aug. RopnerHIdgsu. 40 

" Jaf ' P^B jrlnT 37 

No*. - 29 

May Sural Wore*., _ 26(5 
. SepdRo33eU(Ajli^_ . 88 

— . jRjaniDSp 12 

Jufy (SL-CobalnmlOO. £23 
■_ JunelSaii.Titao . 137 

;• Apr. Si-K3niraMaitrl. 44 

- Sept Sanseisflrj) 81 . 

.. Aue Scapa Group 102 

7Jl tA. .SfhJumt'ergwSl £61^i 

u'Joly Secftcrakl : 68.. 

v June Scot Hentah(e_ 43 

5 XJctjSrot 6 Va Inva_ 122 

iJuly Sear? Hides. 

C Mar, SecuncarCp._ 118 

6 Mar I» A.V-V 116 

£ ■ Mnr. Security Senves^ 122 
£ Max. Da A'N V 120 

- Lict.ShamaCTKvSap 128 
Septj5Be4srtkira»c - 196 

f.. June Silentnight lOp . 92 

.June SsfhoaMte A'aip. 

? July SantbarbeJ ih>. 

£ Jan.SunpsohlS.rA _ 

L July Sfc«fhl*j - _1 — 

K.-Sfty SmuhiNrahiDp 
A ®ec. SnrifhsIatB 30p 
f- Msy SfiiK Lav 20p _ 

C- Feb Samir. . 4.... 
c Feb. SotbehyPA.... 
f Nov. Spanns iG. HOp 

Aug Spear (LVx 

C- Dec Sq2i Poik. 

* Dec DaRti%t'hvJjL 

* .jAog Striler Int _ 

StogPunumre^ 

Air. Seetlgr^i. 

trr'i- - ilduiUui HK51 
S.;Ang SferlnrR tadsJijj 
•••. Dec. Stn cUnfa- 

V Aug. Sloiiriuli Rids.. 

« Nov SuamW'T.OBp- 
O May Saakgbl5crv. Ift»_ 

«■• Aug. 5o1rlige Speak . 
e . . Smdisfi Hach K30 
^Wtber Swuv Pariflc (Be 
t SepL Sjftone 


155120.77, 

|f| 

MW 

las 

30.7 d4.n 
2Jfl U7Jt 
326 b258 
1620 1536 
10J 236 
3JL7 2J6 
247 Z99 
220 1134 
4! T649 
247 2.27 
174 . .- 
677 

189 b5.2 
13 J 159 : 
r 7.£ 5.89 
.10.7 5-52 
15iJQ14a 
h 3 t3.29 
30J Ch051 
_ ,24.7 . 4737, 
36ig IfrlO tbSlI 
49 4254 
4.9 5254 
■4J 5355 
45 5355 
U0ld2.44! 

- Ji 5 67 
1620 1h271i 
355 332 
155 4L22 
155 *^6 
26i 15.49 
2L8 1d2 47 
17.4 17.36 
220 13 92 
M7 2.34 
7.1 b&37 
16181 12.18 
26 h 1.90 
189 3.95 
155 3J» 

117 *124 
1610 14J7 
189 t6.61 


riuaiy. faltaiap 

r-, ‘ TetbmiOp 

Ang. ThemalAywl ^ 
Jn!y rfc.TimesVn.5p 
■e Jan. Third Mi lei nv _ 
n May TiUtujT.Slp. 

-• Aug TsoUnDSW-- 
mne lose- 

f Feb. Irafctara S0p 
JnAJ). TqhIil FS5i - 
’• MwIUMponDd . 

J ui yiTratrowx) Gp sp 
Jan.toMrftlfev'U , 
1 r 31 *' / Sfacr Care, jpl 
■ Augn-g^tan . .. * 

. . -VayfCMmnijKj8sfs_ 

. Aug.il'uiflttUjp 

. Modlinikie 

.fliBrSVfUl.. 

_ • Junxil-td Corners I Op 
•. ^tpclLnited Gas indt. 
ca |l.Ctiaainee5p. 
JuIriluBlnioe_^_ 
JulwVator .. _•, 

- Jan^.’ineni^^ 

; . AugiSlmen Grp. 2Qp,. 
^Deeh^RH*baib3p. 

May[Waifepoa,. ipp.. 

■ ' MayjffaflterHcir Sp.. 

- ^“'KferfoidSp....' 

: ..•*® t (FaWani's , 

Aufr^fuenRKItof- 
'■J &«■ Pedgwiiod — . 

;XnvJw;i6cta.S E5i 

- S** 15 M *t»Ji n .\rff i .! 

- Apr.minwCluMAfl. 

AufcpVhKeeTOft. .. 

'jmmkn, i • 

-JnceWittlns ait-hell. 

. ■ w.waaiMicaii. 

test 

• *5™ 'famiadtSOp.- 
v? 51 WioepcaciBasl, 
Nov. ftopd a Sons 5p - 


50 

23 

106 

116 

55 

192 

53 
29 

315 

92 

220 ■ 
150 
£325 
7 
134 
177 
37 
29 
58 
109 

3?‘ 

54 
950 
122 
144 


23 3J 15:6 
3.9 61 64 
’ 4.4 

5.4 2.6 70 
-33 4 3 .81. 
-16 95 9.6 

2.6 8i 6.7 
11 55 10.1 
:2J 86 4.7 
<f 12.6 
23 3.7 1A8: 
,9 . 10.9 ♦ 

M 62 4 4 
36 *7*5 
2 7 333.4.0 
A 9.8 
66 50 4 
3.1 ,A6 73 

20 Z3Qt i& 
2 2 8-6 88 
2 A 82 60 

soliia :m 

16 99 .8.4 
52 85 2.4 
33 74 63 

4.4 4.E 6.4 
4.4 67 5.0 

3.6 6,2 5.6 
,2.9 123 (331 
23 4.6133 
86 2 1 -*7.g 
■3i 58 53 
3.0 621 


9.6 


Apr. ■ OcL LWTA.— . .. 
June Jan-. Mngat At M Iflp. 

SuiiCHividcSp .. 

- . iJan.'-. Sept Nerton AFn JOp. 
7 9 Jan June Photix :Lou i 
Oct April Pleauirema5p„ 
37 7.6 4.4. Jan. ■ July ftaM-TY Piri.IlH 

21 lQ.4 5.5 Ape. Nov. Saga Holidays 

3.§ 8.7 4.9 Dee -Mas' Scon TV-A'iOjl 
5.6 63 33 Oct Apr Tnd 01 TV A tfti-j 
31 .8.4 ,4:4- J*n July CUrerTV'A'. 

24 84 S3 April Sept WehbiJw.iSp-., 
Dee June Wwwanl TV 10p_ 
November Zc«ot5p 


•*a 

126| 


J3 

\l 

3* 

2?S 

24 

3.l| 

ZW 

54 




7.4)121 

2-4 


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ft 

s-a 

74 

IT.® 

84 

9.W 

731 

63 

4.91 


4.9 

3.6 


»7 

7.6 
67 

D2 

7.7 
2.9 
4.5 


8.9 

73 

133 

50 

8.4 

4.6 


11.9 


H 

51 
5.7 
3.4 
5 a 
Si 
3.B 
14 

M 

4J 

5.6 
24 

30 

3.1 

4.6 


4 

7.8 

45 

60 

143 

99) 

77 

55 


*■3 
81 
91 

3.3 

30 
112 
8.8 

51 - 
_/4.6 - 
US} 6B12.7 
30 71 
65 89 

7.4 61 

all3J 
.J95 

3.7f 5.4 7.6 

4.6 8.3. 
t 14 

25 &6 
45 51 
6.1 "6.4 

4.7 6 A 
5.0 4.0 
69 66 

17.1 53 
— 183 

2.6 93 
31113 
90 

87 71 

88 68 

5.6 91 
81 .45 

. 4.9 -63 
3^ 4.8 9.6 
37l 60 5.6 
. 4.4 — 
9.0| 3.6| 3.9 

35} 891 4.9 
20 - 
35 55 62 
3 J 3.7(7.91 
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26 5.4167 
21 * 67 
23 67 10 J 
05 6 


n H i! 

15 10.3 itli 
85 3.410.7 
— Ill — 
45 7.0 3.4 
3.4 8.1 55 
3.4 81 55 
4(831 
_ 18 
5.9(327 


ndd { . Slack 

Nov, July IWlkwWr.ZOp. 
No*. - . June Mi net HJda aft. 
Mar. Aug. UsraniClinsiSi^) 
Oct June PwiSp— 
Dec. June phoenix.—— 
Dee. May Proi-idaBt“A n „ 

May Do-'-B'- 

May Prudential jp.._ 
Mhv ReluaeSp . 

May RoyaT. 

Occ S«fg Forbes I0p. 
Apr. Stenhwie^.,,.,, 
July Sun AH ianre£i_ 


Dec. 

Nov. 

Nov. 

Jan. 

Feb. 

Oct. 

Ju.. 

JuaeDec.jSanJalejp 

April TairtoMar.EDH 
Nov. May Iradelndemnitv 
MUu.SeIie TrareJfnEL5(L_ 
Dec- JvinenfiUia Faber 


Price 

175 

174*! 

50 

228 

226 

140 

140 

136 

132 

347 

400 

94 

490 

95*fi 

-945 

167 

£22i„ 

238 


Lwl 
a I 


110 

3010 


IS 5| 
7 5, 
2 5 
1610 
210 | 
311 
4 9} 
78 

4 

?! 

>j 1! 

i 10 


t9.33 

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12.70 
110.51 
1829 
t829 
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622 
116.7 
19.7-1 
t4.11 
120 46 
3 48 
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tsw: 
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1914 


j }rid| 
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2.1 


. 8 -°l 


lO.glO 
84 
71 
9.1 
9.1 
74 
9 3| 

a 

66 

n 

0.5 

7? 

38 
5.7 


82( 

10 


June 

Vovember- 
SFcb. July 
Sept Mar. 
Mar. Sept 
Apr. Sept 
August 

July Del. 
Jon. July! 
9jMar. SepL 
7 3 Mar. Sept, 
Mar. 5ept_i 
July Nov 


10 4 


Juic .Nov. Angln TV; a* . 
Sept- Feb. Assoc leisure 3p . 
, Jufc- RairiT.tT A 
Pan. July Black Edna fOp 
Nor. June Bwt«< t Pau-tn 
Mar. Nov. Cungan lm.20p 

Apr, Nov. Coral Leii IDp. 
Jan; Jiine Grampian ’A' 10p 
Nov. Apr. Green llrouplOp 
May OcL HTVNoaAic .. 

Feb. July Eighga’eC’pf. IDp. 
Max Ocl. Rorizon5p 

Jub' Hyrdtrydaop. 


LEISURE 


84 

65 is 

142 
88 
160 xd 

94 

93 

1094 
39 td 
65c 
109 

36 
121 

27 

133 

88 

9 

122k 

37 id 
68 
71 

158 

68 

ff* 

& 

52 


2b b] ifi 

1 to 

J-d < 4 ” I 


30 I j 
Hi 

?Tio 

>3 10 
.'01 
: io, 
38*q 


■ 1 : 

::s^ 

10.7 
3630! 
1610 
24 a 
15 i) 

Z7 2| 
15 5 
189 


♦5 16 
20 

116 6 
2 25 
W* 2’ 
90 
244 
M5 73 
D 66 
T6 28 
T5 69 
h0.15 

d4 2D 
d2.:b 
2 05 
595 
4.5 
t24 
1287 

4.3 

hdfl<5 
tl 68 

1.3 


31i 
3 5 

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28i 

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25 

lfl 

17 

34 

if 


z a 95, 


Z 9 

If 

274 
3.7 
6.0 
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75 
7 2, 

3 9 

78 

!.l 

9 0, 
85 

6 5 
12.3 
101 

7 lj 

n 

71 


2.5i 
5 2 
11 4| 
4 5 
125 
4 2' 
5.2 
67: 
9J , 

I 


If 

10 5 | 
6 

y 

M 

67 
93 

68 
8 9| 

123 

s 

-d 


MOTORS, AIRCRAFT TRADES 

Motors and Cycles 


- BL50p 

MrJe.SD. Gm.ats. Units.. 

— . Lacs far lOp — 

— 5 eli ant Mir 5p... 
Sept. ;May Rdis-Roj-ceifirL.. 

May D'ol'nKriO. .. 


20 

200 

45 

9i 2 

100 

£ 121 , 


»J275c 


85 

675| 
m 

£101 M5.34, 
263)012% 


Commercial Vehicles 


L7J 7.0} 6.8) 

9 jr 


Feb'. Aug 

Auguid 


SS 


EJlF.1Hl1lg5.U- 
FodensiSOpi.. _. 
iPeaklntetu 10p 

JaalPlaJrtoaj 

Octfl ort Trader lOp 

Components 


116 

7^2.46 131 

r -i 

58 

24 7j 3 35 62 

8ft 

9 

577 tO 5 19 


98 

30slh3 96 3 3 

60 

46 

S]td? 17 53 

7.1 


Mar. Sept Abbey Panels... 
Feb. 'July Auflcr® Stream. 
May . Nov. AmzsL'ngSq. JOp 

July Jan. Ascot Kng'g.' 

.September Antomouve.' — 
Aug. .liar. BlufsnelBroc.— 
OcL June Brora) Bros. IQp. 

Mar. Sept. Dana C«p Si 

Apr. - SiepL DomySOp. r 

J so. . July DunlopSup-.. 
Dec. June FliSa Hdnelimg . 
Jan. JuiieSranSiritblOp. 
July Dec.SmtFiiiiMgi%_; 
Kay Dec. Lucas IndatL - 
OcL July 5 hiw GroaplOp. 
Jan- July Wiimat Breeden. 
Feb. Aug ffwdheadJ.i — 
May .jZcsith , A'50p_i 


50 


ftn 

38 

iTb 

dh ' io 4 3 

9<J 

61 ij 

ion 

i13 2b | 3 7 

5 5 

1051? 

Jfl 5 

T5 3< J6 

71 

67 

:.fl!hi 38 as 

3 1 

61 

~b 0 

5 73 2 6 

01 

2h\ 

17! 

1 08 3 7 

61 

£19<4 

:« 

QU2L: 3 7 

7 3 

251 

Zl i 

4 50 4 0 

2.7 

69 

Z 5 

5 38 1 7 

1? 1 

162 

2i 

t2£9 5 5 

" 7 

113a 

14 11 

0.25 10 

3.3 

48 

:C£ 

Th0.34 3.5 

2.6 

300 

J4 

9.18 cp 2 

47 

50 

2.5 

1260 40 

4.8( 

5W?«ri 

50.10 

M3 33 

8.0 

TO 

2b.o 

3.96 4 9 

64 

79 

17,4 

4 47 | 2.4 

8.4 


Garages and Distributors 


173 

96 

7.0 


23 

i21 

62| 
10.4 
3 9 


5.0 
30 
72 
62 
57 
5.7 
4 8 
83 
138 
62 
.0.1 
52 2 
12.6 
47 
46 
|4 4i 
46 
7.3 


Kvidmds 

Paid 


INV. TRUSTS — Continued 


Stark 

Btanaenon'.V.. 

Hariwiadr.fi20p 

iHastvseti- H>p 

HK Land HK33. 

Slmrj Pro peril 

inereiropeofl IDp 

Unrat a Invest.. 
Lain* Props. '.V. 
Land lgvea.__ 
Land Secs 50p_ 
Do J-rfrCai-.S.. 
In ffiV.'mi Tf>. 
DoJ0%Conv.l6 
[Lair Land 20p_ 


'Last 
Price a 


Dee. June} 
Apr. Dev 
Apr. Si-pi 


OcL Mar uaind Lease SJc. 


Lon PrwShpiOp 
Loo Shop Prop_ 
|L;tiioii Hdf* ftp 


Dec. Junet.MEPC 

V»rliwroucli3p 
I'JarirrDiBipf . 
— (Vtlticrnei Kip 


Mar. '.'tat 
Apr - N«i 
April Au»: 
Jan. July 


Apr. 

May 

Jnn 

.<an. 

Jon. 

Apr. 


Orf 

Nov. 

Juiv 

Au 

JuR 

Oct 


April Oct 
April OcL 


McKa-- £ecf ftp 
M;otarfl*li lhp 

MOkJfltl :i A _ : p 
Mu> Uni Lit 
Notion 

IPefi-.-rvei- . . ^ 
Prop Hid? L Ini'. 
Prop Par ship 
Prop 4 Roi >, _ 
Prop <p» In- 56p_ 

[Huljn Prop.ap. 

RciJian 
Rrtional Prop „ 
Do A 


inn. JunelRosh 6 7>.ucpLiiid 


Apr. Nov. 

No*. April 
Mar. SepL 
Apr. OcL 


July 


DevumberlSamuel Props. _ 
Aug. JanJ»«K -Mcirop 20p 
Mar. OcLlSmndCitylOp. 

Oct. MayJSJouyh Esis 

June Dec.) Do.ltAaCiHiv'SO 
Apr. AugpUKkCoflvma^ 
April. OcLptmleyiB)lnv„. 

|5wire Properties 
'Town Centre 


December 
Apr. OcLrioiraiCtr? lOp. 


TraHordPark 
IL’X Property 
il’ ML Real Prop _ 
Warner Estate _ 
ffamtord lm 29pJ 
iff'simn. & Cty P .4 
prnnnaerP.ZOp. 
OcLlWlnsoo Esis^_ 


578 
25 
224 
1421? 
775 ad 
35 

46 

111 

38 
220 
£171 J, 
£141 
£141 
43 
220 
112 
694 
116 
131 
17V. 

34 

35 
275 

47 
B4 

118 

45 

76J 

295 

98 

305 

108 

4J< 


Pir 
XH 

5.54 
0 67 
3J5 

5S k 

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2.62 
□275 
dl.O 
5 40 , 
Ifi.flQS’tlii 


II 

3010 

153 

2i« 

18 4 

12.U 


IB 91 

31 

ill 

30.10 
7 SI 
jfli 

974! 

10.7 

Jfl| 

m 


ItrirloSlFfB 

3 71 1 462 
1 29 a 


20 

4 74 



74 

218 

1 11 

66 

21.6 

111 1 

94 i 

153 

d2.91 

86 

3L10 

234 

103 

1618 

1.97 

4JJ; 

18.9 

1.93 

112 

4.9 

12.30 

£1611; 

12 b 

QMR6 

256 

7.8 

203 

242 

2LR 

438 

3P 

2U1 

as* 

12t 2 

247 

0.01 

116 

2J0 

4.09 

22 

4.9 

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Dec. Junejswan H inner tl. 158 lZb|696 

June Dec.lVosper 196 7fl 15.0 

Jan. Maj'h'anwftp 320 15JJ5.I5 


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— ■ Alexander* 5 jl _ 
No*. May Appi^erdGrp— 
Feb. Aug Arlington Motor. 
Jan. July BSCIaLJOp- — 
Aug. Mar. Braid Group 5p._ 

— BramalliC D.i_ 
M«r . - Nov. PritCarAapUOpj 

Mar. July C.G5R. lOp 

Jan. July CaffyiuSOp.— :. 
Jan. Sept Cobnoretavi — 
Jo* July rom«Xl5p. 
Jan* Aug DavtsGodfrei 
Jan. June Domfa_.._._ . 
Jut, July Dutton Forshav. 
August GaiestF.CJ— 
March , i. iariheM Lawr. 

; Hay ; ■ U auger hm lOp 
(Jah. June Ramson (T.Cj_ 

Jan. July Harwell* 

Aug Apr. Hfflis"* 20p — - 
Oct April Heronlltr -Grp. . 
M«y Nov Dal0pcCm._ 
Dec. June HunttCbaries). 
Jan. July JeMpnglflP-..-. 
Apr. OcL Recmbnf Ktr- A' 
OcL May Lex Sendee Crp. 
Oct April Looto-r*.. — 
May . Oct (jxm 6 Lyes — 

- . NctaorrEUPidtet) 
— Pennine Mir lOp 

Dec. June FasytfU Utn .. 
May OcL Quick ,R fcJUUp 
•— Rlx rUnitii . 

. May' TMe of Leeds . - 
June N'ov. (VadbamSIr lOp 
Dec: J-alyflPesternSItr 



Jul. 

Jan Jul> 
June ».in. 


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Vm . 
Jan. 
Apr. 
Apr. 
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lire UniTsMp 
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nil 


Sept Feb 
April Dev 
Oct- June} 
December 
Nov. May 
June L>e-:.i 
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Mar .Noi.[Sin>nf 4 risser 
Julv iSr.ia Shoes 
Apr fTare'r'.v i E :r T 


Sept MajfrVdif.itte .'. 


Sepr. Ap 
jolSept Ma. 

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SOUTH AFRICANS 


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Feb. Aug. Britlnd AG«„! 
Dec, June BtltlmesL—^..) 
OcL Apr BWwhWtH'ZOpi 

Dec. June Brunner I m 

June Dec. r-LAPlnv 

Dec Aug. Caledonia Inn... 
Feb! OcL Caledonian Ts_ 

Da _ B‘ — . . 

! Jun. Pf«- Canbnan muGto 
jfsy Caartltilni) iOp 
Dec June CaB Sfortign. 
Apr. Nov Capital iNaL... 

SepL JJar. CardinaJ Did .. _ 

Aug Apr. Carlioi lav. ' 

June Dec. Cedar far . 

Hay our. ID In* £! 

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Aug Mar nurtrr True 

Mar SepLk'it>*' N" in,: 

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L |ti 6 For ir.: 

Mav Dn 1 . Cit>* Itiiem ■ , 
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Da rap. 50p ... . 
Dec July Dariulou & Gen. 
Apr. OcL Drayton Con'd _ 
May Dec. Do. Can*.. _ .. 
Apr. Aug Da Far Eastern 
Apr. Aug. Da Premier.. 
Nov. Apr. DwbertlntjOp 
Do CapiuIEl.. 
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feffiiitetii.Mn.Ta 
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Jan" SepL Equity CocilQ. 



Sept- 

May Dec. 


DaDefd»p._ 


Dec. JuneiEaale Duties — 


October 
May Nov, 


SepL ApyrJFii*t Scot- Am. _ 


Nov. Apr. 


Jan. 

May 


JulyfF.UjGJTjR025> 


Nov 


OcL Mar. 
Now. Apr. 
Aur. Apr. 
■Sept. Mar. 

(Mi. .Apr 
Dtv. June) 
an. Sept 
Mar. Aug 
Apr Nov 

June Feb 

iiy-Jan. 

July 

Mar Sept 
Sept. Mar. 

March 
Jan. June) 


Apr. SepLlAbercostHDBO— 
Sept .MarjAjngJoAm.In.Rl 
Feb. Aug.L\n2 Trslnl50c 
September (Gold Fids. P 
July Dec.lGr cnm A »c_.. 
Feb. Aug HaletfsCpn. BL 
Dec. .MaritiK Buun 50c_ 
March SepL Pnmroie lOris. _ 
— Rex Treetora 'AoOq 
Dec. JuJyiS..L Breirs 20c 
May Nov.rrigerOaisRt- 
May Noi'.JUiusee 


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May Nov. Berknua A tvp 
June Dec ElarkaoodMw. 


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INSURANCE 


•CTi-ilflS 
W.WD.J 36 



£121 
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IB 71 5.90 I 
23614.08 
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Apr. Scpi. BvadS: rab.JOpi 29 
I Dec. July ErjSs Jaba. ..; 33 


Jan. Aug LAssoc.. News. .. 
Nov. May Ass Book P ftp 
May Dec.BPXHWii 'A . . 
Apr. Sept Benn Brothers... 
(July OcL Black 1 A. ftC < — 
Feb. Sou . Bristol Post 
OcL . . May Collins Wiiliam 
OcL Maj- Do '‘.A" . - 
Feb. Aug Duly JUil A % 
Jan. July E Mid Allied \A 
•Apr. Oct. Gordon 4 flench 
Oct MayWome Counties. 
Oct. Feb Independentt 
— InL ThomawiJ . . 

— do. Own 

Oct Ape LtroiD PtwiKip. 
Nov. July Marshall .‘ar IOp 
Nov. June News bit 
Nov. July PwreocLociMan. 
Feb. July Pttnsm 04 huad 
Jan. July Pyramid IOp - . 
Mar. Sept. RoutiedgeJc KP- 
May OcL ShapcV .VjKJdg- 
Nov. June Ltd Newspapers 
OcL May B elMters Pub 5p, 
April SepL VCtlton Bros, ftp 


178 

230 

63 

61 

148 

135 

140 

138 

360 

61 

85 

75 

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245 

205 

125 

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PAPER, PRINTING 
ADVERTISING 


Apr. July Assoc Paper— 
Jan. Jnlj DagipcCtmv.. 
Dec. June Anlifc Wiborg 
Dec. May Besnrose.-..— 
June Jan. BriL Print ioE- 
iJan. July BnutningCrp- 
Jan. July Do.Resnr tig— 
Nov. June Bumf Pulp... 
Dec. JnneCapfealsSp 

— ranswoiSirJ.l— 
Jan. Apg Chapnon BaL ftp--] 
Sept. May Cloy (Richard! . 
June Nov. MleuD'sonlOp 

— Colter Guard — 

- ' DeJynftp — 

Nov. July DRG 

SepL Apr East Lanes. Ppr_ 
July Nov. Euealnaus.^ — 
Apr. No* 1 Ferry Pirkiop— 
Jan. June Geere Gross 1 Op.. 
Dec. May Harrison ft Sons 
Apr Sept. InrerericOrp ftp - 
Dec. June L 6P FreaerWp 
July Feb Mri-'crquodile tl- 1 

SepL Melody Mills - 
May N« Milbft .=Jlcn f-Or- 
July Dec. MoreO'Fcrr !0p 
F.J.S.EL OgiivyiM 52 - 
SepL Apr. Olives Paper ftp 
[Jan. June Oik? 1 Prim flip 
(Apr. SepL SauchiftSaairni. 
lAIar. July SnulhiDvidiftp 
Jan. July SnutrittiJcRfn 
Jan. Julv Transpareo: PjH 1 
Feb. Aug. Tndant Group — 
Jan. July Usher Talker! Op ^ 
Jan. July Warp Group SOp- 
Feb. A ug Wadd 1 ng tea iJ-«— 
Nov. May. Wannoughs — 
Wj-acWdro*i5p-. 


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PROPERTY 


Jolv Dec. Ail'd London lOp 
Jab. Sept. Allnwi London. . 

Imalf gran d Saras 

Apr. OcL Apex. Props. (9? 
Mar. OcL Aqnit Seta 5p— 
August Avenue Cite 3>p 
Sept. Mar. Beaumont PMP&- 1 
Jan. Apr. Beaxer'C 0. | IftH 
Dec. juneBeUwiyHJdga 
July Dec. BwtelefHJiiibro-, 
Nov. July Bibon (Percj'i — 
Dec. Aug BradlonJPrnp. _ 
British Land 

Apr. Oct Do.12peCm.200q 
I July Nov. Bruton Esute - 
Jan. Jub- Cap.iCountie*. 
Jan. Sept Ctrringua lav. J0p 
Cutronnrialftp 
Do. Cap 2Dp_- 
Chaddeslw — - 
Aug Jan. Chesterfield — 
Dec. June Chunrhb'u EiL- 
Apr. Sept. City 03i res. - — 
Jan. July Clarke XickoCi- 
August Control Sees lOp 
July Apr. OraExriucg*!^ 
Apr. On.Cin3N>*r iop. 
February C'nly&PlM I0P- 
Mar. SepL Daejan'HIdfi!' - 
Sept. Feb Dares EstaleflPp- 
June Dec . Itam ngUM IOp - 
Jan. May Ens. Prop. 50p.-- 
Maj Sepi DoPjprfin.— 
April Oct Do lSpcCnv— 
July Esis & Agency— 

Nov. June E*1S ft'Jsn ftp- 
Apr. - Nm-. Esis Prop loi 
Aufc F.-.ansLerth . - I 
Dec 1 ' 1 


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Apr. 
July 


57 
214 
10>3 
85 a 
20 
75 
84 
57 
73 
127 
174 
247 
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£1541:] 

106 

55 

99 

79 

78 

44 . 

338 

300 

62 

60 

31 

230 

28 

214 

102 

17l : 

54rt 

331; 

£74N 

£781* 

46 

IV: 

99 

88 


3051206 
24.7 d1J7 

3010 hL31 
21i 0.69 
266 1.65 
78 U3A7 
14 d4.5 
30J291 
126 13J7 
210 16.Z7 
266 tb.91 
374 
210 012 % 
210 tLW 
Z6i 173 . 
M 02.28 
974 - 


Fob. Scpl 
Jan. -Apr 


(FBnle»Es!£l9p ! I* 7 
Firawftlnd iOp 
r.ifeadOp - 
Iflt Portland 5PP- 
(GreernE 'IOp — 
lUresncdil 3? — 


126 406 
126 4.66 
7i a92 

17.4 L99 

26.6 0.84 
266 4203 
218 0.66 
219 0.88 

24.7 3.04 
181 +0.S1 
3910 13.14 

7.4 233 
18.9 Q6'j%|34 
1&5 Q12V ‘ 

10.7 0.46 
16101 +LQ2 

236 
7.tfdL-32 
3.4)631 
ft if 102 

'iflTItM 95+ 2.3' 


Li 


14 


56| 6 , 
3.1 22.6U 

73 459 
243 
39.4 
,1861 

I? ' U 

1 28.9| 
5.4119.4. 


4.21 8.4| 


(27Ji 

268 

37.01 


19386 


19 ': 

7fi 

208 . ... ... .... 

33 ip 149 * 



Feb. Auc 
Jan. Ju:;. 

I*ec. May 
May No-.'. 

'October ... 

Dec. June;* oit! Piier.f 
...» 


6m 

14 

53 

54 
2C 


32 
66': 

Ilf*’ 

V 

179 
178 

r _.. i’S. 

. JFcvier .ohr.. . | 41 
Apr. N'cvjEatfas-.*. ;0n..i lfil 
Apr. Nev. HicfcicjlP'iLOOp j 106 
July iHielJSrps 5p.. j 11 
Jac Aug.[H:Cjicni. . -1 52 
OrLjSbuasflrp?: — 


Ocl May.Corsl . 

Mar. Sep: iCo=r.aJ:c- . 1 
Mar. Sep:.i for.SrtC: 
Julv V renter . . 

Feb Sept.iDavjgsiKi 

“ ‘ ‘ 'P.: A .... | 

Dtr.ac Etnd. 
Nui. Julj-lEir.'f \ ■ It W .'Op- 
Jan. Julylf 


210 U.9B 
4 77 C.63 

113216 
S74| - 



November 
Dec 


Apr. 

'Jan. 

May Dec 
Apr. Ocl. 
Jan. July! 
Nov. June} 
SepL Apr 
ijuly Dec 
Mar. Sepd 
Jan. Junej 
Jan. July 
Aug Dec. 
AfW. July] 
Mar. Ocl 
M ay No*' 
Aug. Dev. 
Mar. Oct 
July Dec 
Sept Jan. 
Feb. Aug 
IJune Dec 
Mar. SepL 
Jan. 

July Dec 
Apr. Aug 
Apr. Augj 
Feb. Ocl 
A pr. Nov 
Jan. July 


Mar. 

Ocl 


LlCt 

Maj- 


Eosfro - - 
jni'fita.t.i K ftp. 

Do "A '20? .._ 
IngrtiB'H Mp._ 
Jerome Kid^Ai. 

Leeds D;.eri 

Leigh M1L4 

Ln ex 5p 


LLsier 

July Ls^}i5.'20p. 

MackayRupi 
Marfan due Sc«?j 
Martin. A i20p_ 
3LiJeriF.U0p_ 

McocJor. 

.VpKi Maofg — 
Novaienei- ftp. 
Parklami 
iPicUes.R 1 -ftCa 
Da A NY IOp _ 
Radio FbAioiis 
IS eliacoeiimt20p_ 
iRtcfaards 10p.__ 
Rinn^oo Reed . 

ILEIlT ftp 

Scot; floben soil. 
Sekerilat I0p_ 
Shaa Car«a !0p. 
Shiloh Spinner*. 
Sidlawlods 50p_ 

Maj- Sirdar 

Small ft Tidnas. 
ft Yucosa LD'fl- 
Do. Pw. LlftO. 
SpencenCe-J 

StoduaM'A 

. iSuoiiCRdr- Drd. 

MayfTero-ConsjIare . 

Ten rdJrsi IOp 

'omkinsoni 

0012! 

(Taraj : S3 

IT™ H-jrd Carpets 
{Tnmille ftp — 


Jan. 

Mar. SepL 
February 
Feb. July 

April OeL 
Jan. Jidyl 
Mar. SepLlVita-7e» ftp. _ 


Yorto rmeif ftp 
Yougbal — 


64 

39 

30 
29 
28 
50 
62 
21 

if” 

60 

45 

83 

46 
73 

127 

37 

70 

17 

9 

54 

54 

21 

68 

63 

45 

31 
67 
35 
as 
98 
45 
66>; 
40l 2 
37 

IT* 

72 
31 
60 
45 ij 
59 
26 
S3 
57 
43 
30 


J&w 
ft 5! 
b 75, 
1610 
18 4 

!4 7; 
?D 

::s f 

3u5[ 

.1 * i 

:'i| 

It: Gj 

is c; 

,3a 

Z18I 


16 1C 
305 


♦276 
31o 

Til’ 
12.13 
246 
;3 31 

ties 

7.67 

&■ 
Pii e 
P34.0 
3.73 

: j: 

2-yi 
♦0 76 

7.24 

3.76 
5.06 
4 56 
d3 17 
150 
1.50 
dl J 
M2 32 
, hl.53 
ZK- dl.29 
17» - 
12.12dl.CI 
30 J 4 99 
2JW d3 35 
J0J)J.67 
IS?, 13 76 
I613/HL62 


181115 


3 ?! 78! 




2 4j 4.3 
94 


IIX5, 
1 3|l0.1. 


18 9 
J6’W 
2L9 

S 


ft.fflH3.55 


13i 

126 

21S 

305 

26b 

10.7 

2J 

126 

1610 

4 2l 

177 
177 
IB" 
i 0 
20 7 
25 

:; : ; 5 

25! 

23J2 

n. B 

135 
21 E 
266 
199 


t3 54 
13.29 
15 
<13.23 
;07 
,*0.7 , 
tdft.OOj 


11.05 
d4 49 
L84 
t27B 
L53 
255 
L66 
6.11 
d3.15 
1203 


125 
(1133 
153 
93 b 
101 
381 
t 2 76 
QIOTi 
169 
2?5 
355 
1.85 

S2.08I 


1 

5 0 
5.0 
03 
3 .S 

5 a) 
2.8\ 

20) 

Ll| 


871 


53. 

4.4l 


ulv 

July 

Apr. 


June 
June 

Dec. June| 
SepL Mar. 
Sept. Apr. 
‘une Nov. 
Mav 

Mar SepL 


May rjet 
May Nov. 

July Feb.| 
■Voi'. Jutt 
March 
Apr. 

Aug. Feb. 


Feb. 

Apr. 

Mar. 

Nov. 

Dec. 

May 


Oct. 

Nov. 

June) 

July) 

Dec 


June Dec 
June Dec 
SepL Mar, 


July 


Price 

96 
163 
137 
% 
63 
247 
76 
73 
8b 
310 
lOlni 
118 
113 
103 
107 
63 
150 
615 
52 
271- 
99 
69 
93u 
72 «! 
BO 

7 S 7 " 

71 

240 


lfl 

14 11 

S 

305 . 
253 
30 .0 
210 
710 
7 B 
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i 

lEfl 


nit 

Vn 

3S0 
492 
15.23 
13 60 
21 
856 
1I86 

355 

2.03 

13.65 

4.6 

t3% 

2 75 
Wl5 0 

0~18 

tl.85 


F.ftC.Euro»rust 
FanoN tav. Tsl . 


Foreign 4 CoL _. 


jFlmdinvett Inc. . 

Do Cap 

G T Japan . — 
On ftComc; cl . 
Gen. Con sc ld;c! 
Generai Fund-' 
Da Coni IC? 
ilea Iniwof' 
Geo.ScDnsr. 
GeLSi'Udn L;? 

Glasgo at fa-Jr-' 

Ctesdewm In- 
Do-R" 

iGlenmurra' la-, 
[m 'B'Ced 
Globe Ini 
GoiefT Europe 
CnneeTrnM ' 
Gl Nonh'.-i Ir.i . 
Greenfnarin-. .. 
Gresham In* 


1G3 

77 

28 

<1‘» 

5= 

6li, 

206 

156 


Mar. Sept (Group lot e.-mr> 
Dec. JuMGaarduiiIni Tc 


162 

44 

37 

57 

181 

137 
79 

2 S3 

138 
99 
S4 

112 

931; 

91 

S3:. 

7D* ; 

69 

111 

64 

75 

92Ji 
57 ‘ 
62 

73 
% 

169al 

74 
74 
S9J 4 

630 

a-Tu) 

72i 2 

15b 

76! 

164 


5C-2D 

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!C 

30 10! 

n 

:e A 


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187 

IhJfl 

Has 

121 

7.0 

457 

134 

153 

5.2 

40 

78 

0.91 

179 

78 

6.80 

59ul 

3010 

t4.64 

195 

_ 


59 , 

Tt 6 

1233 

111 

2J2 

1.12 

212 

16.10 

1685 

110 

12.6 

H5.5 

721; 

266 

1.57 

81 

305 

386 

70 

78 

13.0 

72 

45 

249 

105 

24.7 

6.87 

136 

24 7 

5.69 

2 13 

25 

I1J9 

75 xii 

30-10 

thLBS 

50 

2 JO 

L0 

97 

189 

t4.5 

86 

2L8 

2.89 


13 35 
? Bb 

11*70 

8 22 
r6 50 

2 55 

3 72 
OBI 
3.15 


I l rU , 

ICnrlfirtf P/E 

4 


FINANCE, LAND— Continued 


1 « 
lfl! 

L0l 5.7(26 
5 7 


TH2 44 

113.63 


21 J 1383 
26.U 

15.9 


Dec.lHamhros 
Pec^ill 'Philip- 
Oct. (Home Hltfc.'A 

, Do -B 

IcobindiSi 

Dali'.. 

Industrial ft Gen 
Interoai'ilnv. 
unv.UiSutcess . 
fijii'esinrs Cap 
(Jardireiapar 
uardnwSe; H.-135 J 100 
uersey Eil Pi 1?[ 164 
Xoi. JunejJeneyflcfi ii 
[JosHoldiacs 
iJorelm (ci. ftp 

fe5 8p -7 P -w 

IXcraoneini .ftp 
IpdreYiewInr. 
ttjnc.4Lon.Ini- 
OctJLav Debenture 
;l*z3rdStls Seslp 
Ledalnv. Incftp 

I Da Cap. op 

January LeVaflonet inv. 

Dec. Julyji^n. Atlantic 

October Uan.6Can.oOp 
Nov. July|LDda.6HoijTOO(L 
June J an. ILol ft Lennox... 


139 

17 4 

:b6 

JOE 

;j ; 
26 b] 

501 


OcLjLoa.6Uv.10p _ 


|Laa.&LcBiond _ 
(Lon. 6 lfaure hi 
L on.APrtir . .. 
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|Um.fcS'cl*de_ 
[Lea Tst Did._ 
ctt'lindinv .. 
MbCDuilulOp 
Do Tap lup__ 
i»i»i i(v 


Jan JEh> j;d Jijj' !;c. IOp 

Jan Junel.Mir, ft My rep Jnr 
Mar. Sep J.'-teid-. n Ini .. . 
Apr. Sep.'M.r.an;i!e Inr .. 
Sepi. MajiVerrh^ntiTn . 


,117. 
'5 5i 

68 
47 
45 

, -. U8- 
M2|eiJ| - 

ilI” 

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9 2 


0.N116 


lo.d 
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m, 

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7 0)28.3 


8 4 , 

3.4i 

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sjr 


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9.4 

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9.9l 
4.4} 

9.6 
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5.7| 

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47)13.6 


5.0 

77 

63i 

66 

10.2 

15.6 

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3.5 

40 
4 2 
65 

44 6 
3JJ 
117 
&2 
44 

41 
67 

4.6 
37 

(4.8| 

7.7 
202 


Jan Sep 
Aug Mar 
March 
Apr Jly.Oc! 


April 
Aug. Dec. 
May Dec 
June Dec. 
Dec. July 
Jan. Aug 
June Sen.' 
Apr. Aug 
Dec. Aug. 
Mar. Sept 
Aug. Feb 
Feb. Seed. 
Apr. Ocl. 
Ocl. Mar. 
Sept. Mar. 
Apr. Nov. 
Apr. Nos 


Sep. Dec- 
Dec. June 
Ocl ApnU 
July- Mar 
Mar. Dec 
Apr. Oct. 
Dec. July; 
July Jan. 
June Dec. 
June Dec 
Mav Dec. 
July Dec. 
Aug. Mar 
Apr. Aug 

Apr. OcL 
Jon. Sept. 


16.7 

9.7 

59 


10.U 

65 

7B 

4.0 

0.5, 

ii 


TOBACCOS 


Apr. SepL BATIcds 

Do Defd . 
Jan. June Dunbil: >A 1 10p- 

No%‘. Mar. Imperial , 

an. Sepi RoUunaas U’iP.- 
Jan. JulyiSiemsseaHnlifa. 


262 

72 

11321 

73J 

7.5 

229 

ll 




380 

266 

885 

53 

3.5 

SOly 


315 

1.1 

TO, 7 

59ia 

/i 

2.07 

88 

52 

54nt 

30j 

1283 

2-3 

7.8| 


7.5 
81 
2.9 
6J 
6S 
120 
56 
_54.1 

I?' 227 ' 

a 74 

a 


TRUSTS, FINANCE, LAND 
Investment Trusts 


Dec. JuaeUberdeenlnis.. 
Dec. June AberdeeaTros. 

Jan. Sept. Attain* 

Dec. July .liliance Inr — - 
OeL May Alliance Trufl._ 
Nov, July Aluf.mdloc.50p. 
Nov, July Do. Capital 50|L 
Dee. JulytAmlirw Inr. kc. . 

. Do. cap. 

Oct ” 


MayjAaeri can Trust. 
lAmericanTsL'B' 
AcgtaAmSees- 
lAcgJo-Iat Dir — 
Do Asset Sbs_ 
AngtoSMLlnv.- 
lAraumedesiaa. 
Do Cap.50p 

1 Adana Bali, ftp 
Atlantic AsMts- 


Aug. Mar., 

Seff. Apr. 

'June Dec. 

Aug. Feb.j 

Dec. June} 

Aug. Mar. 

January 

November 

Dec JunelAtlas Elect., 

Ottober .UBL&lHL!S>jrt. 

Noi-. JulyiBanken Inr.. 

December (Berry Iras 

BuupsfinProp.. 

Nov. JuneBisitcp.-iaeTa-l 
May DecjaorderiSax. IDp] 

June BrazSFondCril 
Jan. July Bradbr C:<1_ 

— Sremar Tst 

iau. Aug 3ndetwartr 
A pr Sepl -3r;L Ami *7es .. 1 
ApJynJaalSr.iaS.Aiss*™’ 68: ; | ••024 
May Noi-.^t.l Lsg ieaiy.\ 13aa{JiI3{ 0,7 


15 J r2J9 1 
25 5.35 


212 

4.86 

LB 

9.1 

3.05 

10 

41 

7.21 

L0 

1610 

18.43 

1.0 

1620 

10.43 


126 

t4.57, 

L2 

7.9 

tl37 j 

u 

3Q7 

3.05 ! 

II 

2L8 

32S ; 

Ll 


L0| 64| 


2 22 


6.5 

4.4 

54 

IO 

oi 

ijoj 

pH! 



lojio 


232 


133.7 

, 27.9 

m 

Ifli 

|2^3 

12.1 


147 
ll&6 

| 25.4 
606 
0611953 


28.2 

290 

20.7 

♦ 

26 > 


4-ti ♦ 
9-3 


237 

98 


6.4I22J 
5.3} 6 
9.5 * 


Fen. JulylMonksinirtt 
Maj- iM 'n: t osoolOp 
1-tf Vrr.i ll_. 
iMcrt-jsir -r* 
Mo--75,g» Trja .. 

ASt.Sl 
Ne-*- Tnnij Inc- 
Do (’ap ;1 ._ 
Do Sc-*- '- r rns 
VT L flsnaiare 
iSCRlr-.cft 
.Vtk AtiavtrSec 
Ntti inencan. 
Norther.-. 5«s.... 
Dll 6 *jsoc Inr . 
hramts im 
'Pemlasd im . _ 
Pres Er* !r.. 50pJ 
'Pro'incialCitr 
Rseh-jm 
Real rook In'- - 
[F.iCh’Ji 1 55 'Isp 
Rneri Merr . 
IP.i'c-PlacDet. 
Rflbecn lr F1S0 
E'o 5ut >!■. s FIS 
Roliiitt* W F150 
Do 3 1 -” Jr . : F£ . 
Aug Mar Rente- iron.. 
Apr. Nei ]Rfts«jd;.r»ndInc 
Do Cj~ 

iRotlurfi.-dh .V)p 
!SalcroarJftd _ 
|Sl AacwvTiL _ 
i?-f At. is 5*lp 
Scot Cm*'* '* - 
Sfoi Fan in* - 
Soot European . 
Scorn?!: In* 

Srw Mon STSL. 
Sl-Ot Vjbonjl. > 
iSco: Nor. hern— 
'Scot uaiar.o — 
(son L 'C Im _ 
iSiCt UV-ITD _ 
Jm tlo'ir B _ 
Sf* AIIu’..vTj .. 
(See. Groat Niha.. 
Do -f: 

Dec. JuneSecurt’n-iT Sr 
June s-l-irf-'t r. H'Sl 
Apr. Sepi Shues It- ’ ip . 
Noi-eraber Sireie'i ftp 
Dec June Sphere i; 


Dec. Juno 


Jan. Aug 
Aug Apr 
June Jan. 
Sepi ember 
Mar Oct 
April Nov 

Mar. Aug 
May Not 
Mar. OeL, 
October 
Feb. May] 

Ocl Apr. 


Dec. June| 
Feb. Aug. 
Apr fici 
Feb. Aug. 
May Not 
|Apr Aug , 
|Mar. July 
June 
July 
March 
[June Dec 
Aug. Mar. 


SPLIT ir.c ftp . 
SPLIT 1' ap ftp 
Fisnhnp-.- r cn _ 
Srcrii.-.f 7«:. . 

Ifockhcjfc-- to* 
T'.vhroloj.. 
[Tempi !■ r j' 
Thrar Growth .. 
Du i ap ;; 

T hroeni‘'i-'-'n ... 
Do tU- ! , Loan _ 
'lor In-.c? 1 in^- 
Po Cap 
T racs Oceanic — 
TnbuaelR'.ftl .. 
Trplcri^i ‘*w55p - 
Do Capra! il- . 
Trui I'm or. 
TroM«4 Cr-rp - 
Tmifiidelni - 
t :c R-.: re 
t'td.’.'aMi-M* — 
L'S Deb • -’rp .. 

5iusr.ira.Tst.. 
L'STriU Fart SI J 
jVibflj Rfcwrres J 
(KCS i Ttalf .'Up 
IWemyss Inv. il _ 
IWinierboniMi — 


Apr. Sept 
July Dec.' 
Dec. June! 


Feb. Julyp'itan In*' 

' Do-E' 


Yeoman hi 
Yorks. & Lan«— 
VnngCeilnvXL 


224 

44 

45 
6 

133 

86 

43 

94 

£11’« 

361; 

23 

33 

65 

74 

108 

50 

27 

71 

275 id 
104 
74 
39 
99 
54 nl 
210 
108 

71 
19l 2 
65 

45 
38* 
67l 2 
47 
50 
26 
96 
94 

885 

18 

122 

23 

46 
67 

841, 

9U: 

122 

54 

SOnl 

109 

60 

25 

111 

36 

29 

261 

136 

£55X4 

557 

£45H 

453 

81 

53 

74 

187 

72 

1111 ; 

81 

152 

129 
4im 

951. 

105 m 
1421? 
99 
63J 
76 
91 
89 

175lj 
83 
83 
1741? a) 
330 
133 
82 
107 

154 
S3 

114 

I62i_ 

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73 

£117 

80 

102 

155 
60 
60 

130 
97 u) 

131 
101 
118 

19 

84«: 

174 

690 

■77 

71 

272 

195 

851, 

80 

165 

29 

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50 is: 

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16.10, 

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16.10 

30 5| 
135 


69 

2 02 
5 91 
t3 81 
4 77 

t4 06 
3 40 
2.3 

12.4^ 
1 85 

173 

508 
1 8 
1 2 13 
13.93 
1.47 
21 B) 2.D3 


19 
1274 
3.81 
1802 
4.6 

420c 
09.49 
11.78 
12.66 
294 
tl 67 
0.86 
l447r 

1413.0 
: 39 
3.55 

6.09 
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27^1.83 
ft3 14.57 
2.74 
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10 
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12 

10 

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10 

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61 
4 bl335 


5.1 

5.2 
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62 

10 

581 

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62 
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25 

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301 

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218 

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dl.52 
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bl.70 
0.60 
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5.9 
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25 

mi: 7 

5.10 


188 
1.27 
l29 
162 
0 89 

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14 82 
411c 
l.So 


2631 

17.4, 

305 
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21 

3010 
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12.61 
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210 


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101 

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24. 

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23 
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262 

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25 

26 
28 
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4.8 

76 
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7.5 
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39.7 

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39.6 
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29.4 
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122.4 

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103 


6 8119 
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4.6(29 
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♦0.41 

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3.07 

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2.13 

11 55 

4.11 

2.84 

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13.76 

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14 57 
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14 57 
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13.35 
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213 thl 62 
126 

19 


tZ.23 

6 30 
24 712 01 
l£t 9 f - 
Hb85 
Qt5c 
8 59 
1.8 
13 35 
19.33 

3.ii 
T5.3E 
12 39 
164 


3010 

5T$ 

iifli 
305 
13 5| 

247 
26 4 
30?! 
24?: 


HI 

11.5 

691 

82 

5'0| 

5.0) 

3.31 

5.1, 

50| 

tie! 


233 

19 

35 

21 

24 

4 

31 

50 

42 


25 

31. 

22 

51-8 

14 


5.7 
60 
71 
9.3 

To 

15 
5.4. 

5.5 

2B149. 
142.2 
1594 
17 


261 

24.1 


? 8)15 5 


lfi.3 


11 5111.8 


199 


4 . 3131.1 


22.6 
19 6 

127 

20i 

'53.5 
30.1 
302 
352 
2B.1 
* 

306 
25.8 
1212 
7 2(227 


h4 32 




1610 
133 
24i 
lb 1J 

3010} 

i 

a 

fil 

107 

305 

72 

305 

305 


2.0 

445 


0.57 
5 08 
hi 32 

14.46 

r3*4 5 
4.35 
3 91 

4.46 
TO 95 
13 57 
tb03 
QlOc 
1 12 
0.76 
12.5 
f4.67 
133 
0.07 
7.70 
fil 52 
1 3.71 , 


ii 

>t 

I Oi 
1 2 

II 

l.ffi 

I 

* , 
311 
* 

I I 
Li 
1 Oj 
3-0; 


11' 

10 

T3| 
» 
10 
101 
11 
1 1 
LI' 
11 
lDi 
* 

1.QI 

1.01 
ID 
09 

[: 

10' 

L0| 
1 1 

1.1 
1.0| 

LO| 

io! 

ID 

11 

11 


69 

92 

lM 


a 2i 


4 9^22.6 


64 

521 

2.7| 

60| 

Cb) 
2? 0 


6 

185 


14.0 


23.4 


Z55 

281 

461 

23^6 
19 4 
1775 
112 


D- 1 

2271 

* 

31 J 
29 0 
234 
|27 7 
25 6 
19 5 
6 

26.4 

❖ 


18.2 
2D.2 
17 0 


5.7117 0 


i 0 26.0 
LT 0/12 7 


5 7| 


8 7] * 


61 


4 8 31.3 


10.2 

17 

Ti 

Z4 

IQ 

29 

40 

44 

40 

36 

82 

17 


12 2| 
Tsl 


iV 5 ' 


20 7 


26J 


17.1 

30.2 
24.0 
33 6 
32 4 

1 
,29.0 
294 
47 5 
43 8 
1 

30 

40 


14 

42 

29.6 


Uiridndt 

Paid 

Stock 

Wee 

Lad 

a 

Div 

Net 

VM 

Cvr Gr * P/E 


i -aroint Hid*. Iflpr 

17 

2661 

0.3 

0.91 

2.7 

*! 



31 

1 1! 

10 51 

4 J 

1W 

Jan. No*. 

Lon uerc&ut 

60re 

Ml< 

h084 

4] 

7 ilia < 

June Jan. 

M iG Hldgs 5p. 

127 

12b 

J 51 

3.7 

41 92 

November 

M»j«bflfl« 10p_ 

76 

14 h 

♦0 h 

0 

?5 

4 

Apr. Ocl 

Mania iULP.-ap 

58 

l it 

45 

9 

Ti b 

4 

MrJn.S.D. 

MauMit 6 R’lty 

900 

4<» 

gsilb 

— 

fa? 





45 

— 

— 

- 



October 

N M C Inv' :? ft 

17 

24 7 

1.43 

lb 

12 H 72 

— 

Sippo-.Fd «•: i.ip 

430 


— 

— 

- 

- 

— 

Paiimtu. Kip 

11 

fa#- 

— 

— 

— 


May .Dec. 

Part Place Int . 

40 

lb 1C 

1 12 

44 

42 65 

June Nov. 

Pwsor. s.iS-n 

204 

714 

68! 

3b 

50 

3.3 

Nov. Julv 

SlChiir 13p 

12' T n 

M.io! 

0.49 

1.0 

3.8 

252 

Jub Dec. 

Scol & Mere ‘A’. 

84 

n 

3.07 

1 7 

a.J 

173 

No-.. .May 

i.L H ,pi AM. 

£52 

16? 

HI'; 

— 

8.2 

- 

March Ocl 

Snutlirlnv 

56 

2 : S 

d«.9# 

1 3 


8.5 

■tune 

RuiiFin NF100 

£46 

705 

V25i : ft 

— 

t l 

- 

April 

Trar.x Vil la io 

£11 '4 

34 

7VJ4?0? 

16 

T 

a 

Apr. Aug. 

V A;. Select sop 

25 

2*6 

213 

12 

12.7 

101 

.Mar Oct 

West or Enflind 

47 

IS 9 

154 

45 

4 9 

5 7 



: rrfcrrcen It'll 

14U 

It) 1 .’? 

HU 33 

— 

A4 

29 2 

Apr. Auc. 

\ ulci'aiipiiip 

65 

JJ 

1.41 

38 

37 

7« 


OILS 



HlranEDcre-.il 

70 



_ 

_ 


Januarv 

.victkaip 

36* 

117 

♦— 

_ 




May Dec 

F-nl Bomen 10p 

152 

ft 

tb 64 

1 5 

6R 

14 3 

Nov. May 

Km Pnrofm il 

BS4 


122.S3 

it 

11 

110 

Jan. Jul\ 

Do IT. Pf £1 

71« 4 

2h 

St'* 

442- 

117 



— 

Eunnaiiri 

69 

10. v 

— 

— 

— 

— 

Feb. Aug 

DojSIi Ln 91 96 

£58iy 

766 

W8«:*. 



r-.b 

__ 


ItrCPMJi Sea il 

£10'< 

_ 








— 

rn.indetraRft . 

37 

— 

— 




— 

Dec. June 

Temuri IOp ... 

63 

Ut 

2 67 

31 

6 1 

61 

— 

rharerhati sp .. 

21'? 

367 

— 

-- 

-- 

-- 

July 

'lefr fViroS^B . 

£211; 

III 

(JJJifr 

1A 

82 

94 



rtCluif Oil£! . 

325 








— 

— 

Do Cnr. “A"_ 

2 

— 



— 



— 



mTydePfcfrtlU 

88 

_ 

102 

86 

1 7 

84 




89 

_ 

M.65 

3C 

7i 

6? 

December 

5CA 

31 

20.12 

0.1 

15J 

0.5 

14 1 

— 

USMO _ 

130 

_ 








Feb. Aug. 

LA&afl 14Mflei-B3 

£981? 

10 7 

Q14% 



c U.I 

— 

— 

LtSMO-Ow'lflp. 

345 

— 


— 

— 

— 

May 

Magnet HetaU 10c. 
OiJExpL 10p 

24 

210 

1*7.4 

2.14 

30 

L5 

298 



Premier Cots. 5c 

151: 








— 

Ranger Oil 

837 

— 







— 



Reynolds Div 1c. 

14, 










Ocl Apr. 

RyL Dutch FI 20. 

£42** 

18.4 

■303 75% 

24 

63 

7.0 

— 

Sceptre Res. 

Shell Tran 5. Reg. 

371 

— 







— 

No*. May 

562 

iai 

115.94 

41 

47 

5.8 

Feb. Aug. 

Da 7%H. £].... 

62U 

2U 

4.9% 

11*2 

117 



— 

ItSubetuil' j£i(l 

240 

— 







— 

Apr. Oct. 

Texaco 46% Cne. 

£53 

17.i 

*31? 



f91 



Dec. July 

Tncentrol 

164 

lii 

5.8 

12 

14 8 

- — 

rrhmmap 

228 

nvw 






64 

Jan. July 

3o.1pcCnv.tl — 

134 

101 

7% 

24.5 

7.6 


— 

A'eeksNaL JOcts. 

160 


— 




— 

Dond.Ord.10c_ 

160 

— 

815V 



5.0 



— 

Woodside A50c. . 

59 

— 


— 

— 

~ 


OVERSEAS TRADERS 


.Ma-.- 

June 

Apr 

Jpn 

Jan. 


July 

JuK 


Men. June! 
Julv Der 
June 
tug Dec 
\pr. Sept 
Sep. Apr 
January 


Oct. 

Mat 

D& 

Apr. 

Apr. 


Apr 

Jan 

.Not 

July- 

Dee. 

Dec.1 


Mar. Sept 


May 

Jan. 


-\0f. 

July 


Apr. Oct 
D ec. Apr 
Mar. Sept. 


Alncan Lakey . . 

285 

13 3 

h3 57 

190 

1 

28 

Aus .tgrir 50c 

102 

17 - 

Wifac 

1 1 

71 

414 

Benficod-S 4 * • 

152 

2: 

th4 1? 

46 

4 1 

5 f 

BfrJmrt'ilNe ftp 

58 

30 5 

b.29 

1.1 

Ih ■■ 

18 Oi 

Bbu.*eadi1C>.<: . 

62'y 

13 5 

152 

11 

il 

99 

Finlay. Jaaief- . 

97 


u: 0 

3( 

7‘ 

50 

Mil 4 Dul/uv . 

142 m 

jflll 

K4 36 

71 

51 

9 n 

<j| Nihn £10 

£66 

.’05 

qi:% 

24 

1 « 

22 c 

H'rii'ns i'rm 1! 

525 

2o Cm 

42211 

7? 

0 .1 

10 7 

Hc-Hnung.S • . . 

76 

15 

4 32 

16 

84 

94 

Iflrhrape^l .... 

357 

7(1 

15 23 

22 

63 

89 

JariuR'm . . 

22 

45 

Z1.0 

63 


35 

Ain^m Sugar . _ 

10W 

711 







Lorjrho . _ 

64 

16 i 

6 65 

2 ’ 

155 

■ 32. 

Mitchell C ottf- 

43 

171 

3 45 

i: 

17 fl 

,b0> 

Ni pen an Elec. £1 

210 

7 IS 

13 40 

01 

95 

-777 

.■cean Rlsns. 20p 

82 

2Lb 

292 

2.5 

4 - 

74 

Paima-CocL (0p_ 

175 m 

301(1 

80 

« 

6 f 

« 

Do. A' N Y IOp... 

170ml 

301(1 

8.0 

* 

7 t 

* 

Sanger 1JX.1 ftp 

34 

8J 

24.43 

1.3 


61 

Sena SagarSOp. 
ASime Dartn IOp 

50 

674 

B- 




105 

1610 

rQ3.0 

2.4 

2.1 

76 8 

SieelBros. 

190ml 

W. Ml 

16 5 

44 

5? 

64 

rozer iieins.20p. 

51 

7 5 

13.15 

77 

04 

■4 7i 

DftBpcCni.81 . 

£93 

J8L9 

,«* 

180 

ffl 7 


:.i tty Merc. ftp. 

49 

74 

* 

7b 

,4, 

Do. lOpcLn. lap 

48 

272 

yl0% 

4> 

e3.9 



RUBBERS AND SISALS 


Dividends 
Pud 

August 
SepL 

June 

Apr. NovJ 

Nov. JundCbersonwe tdp 


Suck 

Anglo-lnd unes a.. 
Ben am Cons 10p_ 

BirdiAIrical 

Bradwall IOp. 
(Castiefield l0p_ 


May 

Jan. 


Dec 

Aug| 


KTons. Plants 10p__ 
Grand Central IOp. 


April 

Nov- May) 
Apr. Nov 
Jan July 
October 
Dec June 
November 
Mav Nov. 
March 


Apr. JulytGuihrie£l 


Hafriawfflr.Efl.iOp* 
Highlands M50c,._ 
Kuala Kepong MM. 

rtKulimM50c. 

Ldn. Sumatra 10p_ 

MfllakoHMJl 

Muar River IOp 
FLanLanm Hldga. IOp 
l&ungctSxiaaldp- 


Price 

99 

102 

17 

58 

260 

50 

40 ! : 

lllj 

330 

110 

104 

67 

47ij 

178 

67 

57 

67 

83 


ti 


Dit 

X« 


24 7 

7 79 

4 7f 

l«a 

3.55 

L7 

7-W 



23 

♦1 73 

LD 

766 

s2.B4 

10 

2Jt 

thl.4 

12 

Zll 

03 0 

1.1 

12 17 

036 

* 

126 

15 73 

16 

181 

d4.0 

L3 

211 

W2R8c 

Q&ijc 

15 

13.17 

011§r 

0.8 

7AA 

*4.06 

11 

iii 

6015c 

19 

718 

♦0.48 

3 5 

2 JO 

94221 

2.0 

Ui 

♦hl.?2 

L9^ 


TEAS 

India and Bangladesh 


Decemher 
March 
September 
Mar Sepl. 

N ot ember 
jut Nov 
Jan June) 

Apr July 
September 

Sri Lanka 

Apr. Sepi ILunuia-t ..... | 217 

Africa 


Assam DooaniEl 

260 

3110 

♦965 


Assam rrontieri J 

2 S3 

ID 10 

JO. 15 

44 

Assam Inn £! . 

93 

18? 

7.11 

3.7 

Empire Plant ] Op 

25!;. 

1710 

♦201 

26 

UKne!’lacis£l 

332 

4? 

h!5 


McLeod Russel £1 

215 

710 

IH 

2h 

Moran tl 

335 

lb ft 

15 0 

4 

Single Hide? ftp . 

26 

2611 

♦FI 75 

32 

Harrcn Plant: . 

111 


hi 44 

49 

it iUianuim ii 

158 

]59| 

12 5 

4 2| 


|rw 

CtTlGr* 


54 
114 
11.8 
6 7 
44 
67 
10.4 
30.0 


Serving the world 
with 

financial expertise. 



BANK 

'J’okyi'i. Japan 


MINES— Continued 


Du id mi d» 

Paid 


Apr 


AUSTRALIAN 

|La«l, 


?l<vk 


Price 


Pii 


Mai 


9cpi ember 
Ijcv Apr 


June Stivi 


June Noi 


Apr. OeL 
Ocl Mat 


\rs>. •. 

9 



- 

c.i.ueairi:Kt -v .»j 

117 

I- ? 


14 

PH iOji 1 , hih 
imm! P« - ii' 

114 

300 

•3 7; 

— 

_ 

_ 

i.-n-rir* t: 0 .v ■ ’S 

250 

]i j 

Mi Op 

22 

F.nd-ii.’urJ-i 


_ 



- 

G Ktf’.v-or'K ■! 

«! 

t>9. 



Haor.LHli-ld \ 1. 

28 

_ 

__ 

_ 

Hampii tr«'-5[. 
Meiai- F-> 'X 

121 

•.,i : 

ij- 55 

Z 0 

26 




siraKids-Sm . 

l&e 

1510 


17 

Mincficlu.- r_ ol .. . 

IS 





lloun: Liftl-" _ 

30 

_ 



Newmiiu! U*' . - 

5 





Nonlt P, Hil'SO-: . . 

105 

155 

gac 

1.3 

N’rfc. Kalcurl. . . 

121? 





Ntfc Vf.-i ■■I'lUfiC.. 

20 






• lakbndji 5.U_. 

124 

7 J 

Q12c 

19 

ni.'ilmin.VL 

26 

_ 




Partite Copper. 

56 







PanioniT26c - . . 

375 






Paruga M&Ltxip. 

181? 

_ 




Pefco- Vallre nd aOc. 

454 

ft? 

Q15c 

4 

SDuihem Pacific 

130 

_ 



ffrsin Mining 5Cc. 

132 

J.o 

W3c 

0.7 

fWh Lm Creek Me... 

SO 

— 


— 


TINS 


Xov. 

Apr. 

Apr. 

Jan 

Feb. 


Apr. 

Oct 

OeL 

July! 

Ocl 


June Dec 
Maj Nov. 


Jun July 
April 

.Mar Sept 
Jon? Jan 
Mar i.ift 
February 
Jan Julv 
June Jan 


•1a> 

■•p: 

Apr. 


Mar 

Oct 


Atnal Nijerft 

AiwHuamSlil 

iBeraliTm 

BenumaiSMl 

t tevor. 

cId&BaseI2:,'P-. 

npeag Tam 

fHoncli-ns 

(Idrii ftp 

|JaDiar'L-;p 
Kamumine SW*5o 
Kiliihnhi.il 
Lita;a' l>rt1p:r^!>'.K 
uh'ahanx 
Pcngkalen K<p 
I'-Hial 1 r.e 5MI 
Maim Piran . 
ISr-uiM n.J:. ftp 
S.iuihr.ini a J «ii. *!• 
iihn.'lJ.'a-rfnS.".!! 
*unun B-r ; v? 1 
iuprenc'i.r? SMl 
ar.jur.s ft;. 
r.x.cLin Hr.-..- .1." 
rTront%”.i: 


- I 


24 

13? 

2.81 

11 

320 

7.71 

Q30Qc 

05 

55 

81 

14 0 

4.4 

215 

’4 7 

QllOc 

4> 

170 

7.8 

5.04 

5i 

10W 

1074 




315xd 

ifllC 

tl5J6 

0.8 

295 

2167 



S3 

217 

J120 

16 

01, 

4'.)/ 




68 



21 

630 

j 0 7 

Q125 

* 

405 

ft 3 

»095c 

0.8 

52 

9 7' 

■Vo t>2>. 

♦ 

63 rd 

40 it 

b«l 

Id 

235 


tQSOc 

lb 

86 

re 

701 

6 5 

Afl 

ftT 

4 ]9 

2D 

205 

_ ; 

v.-MSc 

06 

305 

i j 

IV1;1 > 

1 ’ 

2C5 

sOt 

QoSc 

53 

ID 




«0 

.'X' 

6 Ml 

08 

£5 

1 Lr 

y40% 

4> 

220 

in? 

M88-. 

1 •> 


!Tld 


4 3 


44 

3*0 


4.8 


112 


2.0 

L4 


17 4 
20.1 
lii 

11.0 

4.4 

I 2 


4.0 

14.8 
?0 
03 
14 5 
1 8 


1: l 
92 
b 6 
} 1 
10 9 
10 5 


COFFER 

lunc Dec.|Me*iutaf: , i.¥J I M |!212t{<g30c| 1.9| 

MISCELLANEOUS 

— Bar- mi.-. 

— Punrj Mines: T-> p 

Auc Feb. >.nr.i JlurtMCt. - 
November Nonhgaie'.'SI 
Jan. JisncR.TZ .. 

— Sabut-Ind; 1!:! 

— TaraELkpin 2< 

No- J illy Tchid. Mineral! .Op 
Octobe r V uko.v C j-j 1. 11 


40 

141. 



155 ' 

ft l 

fiJOc* 2.6 

380 

V| 0 





231 a 

30 ft 

95 

28 

43 





CIS 




09 


♦ 1.25 

* 

142 

l?. a 

Q7c 

2.9 


6 1 
7s 1 

2.4 


GOLDS E5-S PREMIUM 

London quotat ior.i fc-r relented iouih .LIrecan sold ironing 
shart!< in L .S currcnfj e»cludinc :he mvo.- linen t dollar 
premium TIicmw pr.-.-Ob arc a.ailable only 10 non-l’K 
residents 


Feb. Aug. 
Aug. Feb 
Aug. Feb 
June Dec 
June Dee 
May NovJ 
Aug Feb. 
Aug. Feb 
Feb Au& 


Build! Rl 

(EaitDneRJ ... .. 
East Rand Prp Rl 
FS GcduldSOc _ 
Pre<i Eran.l50c - . 

St Helena S’. 

Slilfpnltin 50i- . „ 
Vail Beets 50t — 
Wen Dm Rl - 


Feb. Aug. 


June Dec. {Wes Hides. 30: . ... 


West era Deep R2... 


Silly 
885 1- 
410c 
SlBJjtd 

"A - 

395c 

SI8--4 

S29*j 

S22*3 

sioj» 


266JQ170C 
266 tv78c 


78 b| 
»10 
30 ID 
2 10 


S 315r 
150c 
,ql90c 

266}t022L- 

7aQ115c 
Q385c 
Q415c 
QB23c 


NOTES 


Lnleu utbenriie In 41 cared, prices and act dividends are in 
pence and drocmiaatioii* are 85p. Estimated pricefeanilngK 
nUJoc andeatera are basrd an latest annual reports and acconjitji 
amt where pamlble. are updated 00 haU-rearly ngnrea. ITEa are 
calculated on the basis of oei (fltJribullon; bracketed flgurna 
■Ddirate tp per crnL or more dUfereoce ii calcnlaeed no “nil” 
dictrihucc.-;. l orna an based on 'mazlnainr tUstribolIan. 
Yields are based on middle prices, are gross, adjusted to ACT of 
33 per rmi and allow lor value of declared dim rl ballons and 
rights See-jriiioa with dcoomi nations other I ban sterling are 
quoted inrla.ivr irf the investment dollar premium. 


ii :} 5 SB | L5} 38 


Maj- 

Feb. 


7-m- Blaniiref I . 
Oci. Ruo Estates 


600 

140 


27 A 50 76 

yo 313.2 


« 126 
2.4 


MINES 

CENTRAL RAND 


FeK 
Feb 
Aug. Feb. 


Aug 

AuC 


DurtanDeepSI 
EanREndlrp Rl 
Rwidfon:’.-! Esl R3 
Rest Rand R I 


321 

286 

97i a 


675 — I 
?3b - I 
76b n}:50q 
:fr&|llS13c! 


EASTERN RAND 


Hay Noi 
Februar. 


Aug 

May 

Oi’l 

Aug. 

Aug 

May 


Feb 

Nov. 

May 

Feh 

Feb 

Noi 


Bracken Mr . 

East Daj^a SI . . . 
SHfiO ROM . ... 
|Grooniei30c.. . 
kinnus Rl .. . 

Leslie65c _ 
|ManeialeRfl26 
'S .Uncan id. 35c .- 

[t lakionieinSOc 

K'mkelhaaJc Rl 

Wit Nigel 26c _ 


67 

23i s 

300 

891? 

251 

41 

84 

54!? 

43 

569 

37’-j 


18 9 044c 
78 W:Dc 
- FV50c 
766 tul9c 
189 Q55c 
15 9 <j21c 
lb 6 1Q46c 
6 »6 — 

>1 02;c 
IF? 0129c 
B71 _ 


352 

50.8 

ID.D 

13.6 
13.1 

30.6 
42 3 

34"? 

13 5 


FAR WEST RAND 


113 

16~2 


10 6|1L5 
OH 
4.H299 


3 3 

11.1 


5M26 8 


347 

137 


254 

239 

266 

210 

232 

259 

57 8 
MS 
1 

41.4 

35 .B 

2L0 

ZLI 

23.6 


6nnoutULl0p-l Rl z 

AntfemjInv.SffiJ 55 


October Btplora:i?a , .i‘ -’P 
Dec. July Fahtafl 6- •’? 

Fittror lm >1 
Feb. Aag. Hasbro Trust . 
— KampuniT.9 5p 
June Haw Far J Si 

Ocl Mat. Int- !m If > 

Inivriraen: '."0 - 

Feb. SepL Kakun ki 

ftfSelkcri I a p . 
ttOc. -.'to Lz It'D 
jRitcn'n T iii-T.if. 
6epteabex |£v>a^u iii— *- 


202 


14 

120a 

59 

£14U 

302 

37 al 

22 

9 

55 

39 

14 

24 

115 

191* 

30 

50 

233 

18 

130 

44 

42 

85 

21 


170 


Finance, Land, etc. 

Feb, Juftf AfafljdSrothers 
[Jan. Aug. 

I — B ritann ia AfTO*. 

Oct Mar. Chalkuttfri^l 
Har. Aug. Chaiternoxse Gp 
September fMmnflD Mkt Ip. 

July Nw. Dalgayll - • — 

[Apr. OeL Dawnay Dav — 

— ttPolosirella. — 

August EdiiL lod'I : 7 -;P 
October P On M:or; 1«P -, 

[Dec. July Enfane He-S? - 
IOcl JuJyE*L«ldi!'Jp . 


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296 
61 
70 
14 7 
141 
37 
9 


Feb. Aug. 
Feb. Aug 

Feb Aug 
Aug. Feb. 

Feb. Aug 
Feb. Aur 
F eb Aug. 
Feb Aug 
February 
Aug. Feb. 
Aug. Feb 
Feb. Auc 
F<-h. Aug 
Feb Aug 
Feb Aug 
Feb. Aug 


SepL Feb 
Jun. Dec 

May Ocl! 


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272 

26 el 

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803 

<ba 

Deelkraal 85 CO _ 

81 

re 

DtioraiuiueinRI 

255 

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EasDneRl . . 

618 

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192 

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£11*1 

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471 

2d6 

l.ibanenRl 

440 

266 

souiinaal 50c 

433 

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276 

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£12 \ 

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168 

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129 

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195 

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5.4 


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60 
66 
12 7 


O.F.S. 


Jun. 

Jun 

Ma‘ 

Jun 

Jun 


Apr 

Jan 

Mar 

Feb 

Jan 

May 

July 

Ocl 


Dee. 

Dec 

New 

Dee. 

Dec. 


Free S'.nc SOc 

95 

lit, 

Q12c 

2.0 

F S tied aid 50c 

£13 tf 

K h 

Q315c 

♦ 

F 5 Saaipfaas Rl _ 

71 

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Harmony 50c 

276 

210 

tgs?c 

20 

LoraincRl 

67 

9 h 

Q6c 

0.5 

Pres. Brand 50c™. 

777uf 

Mil) 

Q150.- 

16 

Pre*. Sieir, 50c . _ 

628.4 

30-10 

Q80c 

4> 

Si Helena Rl 

698 

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4190 c 

♦ 

l' nisei 

182 

— 

— 


ffi-IlreaSIk 

223 mi 

50 13 

Q65c 


H Holdings 50c 

£15W(4 

?o ia 

4415c 

* 


FINANCE 


Sepl 

June! 

Aug 

Aug 

July 

Dec. 

May- 

May 


tna .tm fna!?0r 
Anglo Amer Itle .. 
Ang Am Gold Rl... 
Ang-VaalSOc 

iriudvrCons. 

(t'«w bold Fields - 
Eas Rand Con (Op 
Iflen Mining R2 . 
IGold Fields S. A 2Jc_ 


Mar Sept. 

Feb. OcLUoburfiCnn? R2 


Aug. Feb.| 

Mar. Ocl. 
Mar. SepL 

November 
Jan. July 
Aug. Feb. 
May Oct. 
Dec. Julj- 
Jan. July! 
July Jan- 
Alar. Sept, 
May -N'ov. 
SdpL Mar 


'Middle WH 25c ., 

Mmcorp 12-yp 

MinoreoSEDIJO^ 

New Wit 50 c 

Patino N'VFlsa 

jRand London 15c_ 

fieleciicm Trust 

'Sailnist 10c . 
5ilceniiines2?p... 

'Tanks Con. 50 p 

lDo.Pref.8fip .... 
[r11aLC0n5.Ld.RI.. 

I .C. lorefl R! 

.Union Corpn fi 25 r 
iVofiekSijc .. . 


560 
298 
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730 
132 
172 
17 
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154 
101 
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dolljr r.: 
Tip' I 
Htch; siC : 
fnr r.i!:i 
Ini«’.~rr -ii 
Imer-rr .-.i 
it Tav.Jr - 

FlCUr, 

tt 1 -filial. 

Pnc-.- 
Indi.u 


sevur:li..-s nhirh include iuccstcoent 

nr.- -in 


-ie»- J .hi:* hs <* been adjusted to allow 

i- . j t. 

■ 11 iri^n-i-«.| n-.- 

.-.iv r- -dv.-t-H p.i:.ncd licirro-d. 

■< r..i'.-r-.: .dtril* ..n j^J.licaiK.r,. 

• >r Mtiiien 

... • ur:-. 

••it ..-' i..-p«-n-. 

i i . idi-.-d i.*:cr pvhdine .. rn* jnrf or richuissue; 

:•.■<>■<•• rii-de'.':- i.r I.Ti-cart- 
rrjni i-im in ;.r.-rrei» 


* M-.-rgi r f.J .'r -• 
ft ?4ol .-o.rj. .rnM. 
f Same • rlxi-.r: nduciiJ lir.jl ar.de- r.-ajeed eerningl 
indi .ay : 

f Fore, j-i dri.v.id <.</ >-r i.r .-.lrningv updated by latest 
mli.T-.rn ■p'crarel 

t Coier j!.i ■« conic.-, on h^rc . n.-^ nnu- ranking for 
ciivld.nl ranViri) .•■>); I ,t r.. ."n.-ii.-d diiidrnd 
X f t»rr ill..* iv r jhjn-i «!n,-h may also rank for 

dividend j: .'. - jii.n- dtl* B-K ruiio uruali) proiided. 
T £>elud:.-:c .. l-nal uiiiticed d». i.irjlion. 

+ Kecio::.-. 

II Vo p.1.- .. .»: 

a Tax fr.-i- h F rur.- h.T.'-J i>n prie-pcci us or other official 
esumai- r d P.i idra-f rau-paid or oai-able on part 

M capuaJ ..o-vr Lav..,', .n dr.ldend on full capital, 
r Rrdi-nip'i->-. . 'd f Flti yield c .Assumed dividend and 
jield h n.-- .RH.-J .n:dcnd and yield alter scrip iuuc. 
|_ Paymi-r.i iron cupral mmi.-ic. k .Sen? a m Interim higher 


than pn. 
based • ■»-, 

t-peetal f a 
pn.-i ion/ 
esriinv- u 
earriinc.- : < 
euTTror. .-ii- •, 
1 Dn idt-ad a-, d 
apply 


di-r.ii 


n Rights issue r-endmg q Earnings 
fiKtirej i Diiidond and yield exclude a 
.vited d-udvod- cover reVaivt -.o 
r r. ran., based on iaien annual 
id'.-nd cover based on previous year s 
lip IS JOp in ih* i w Yield afloas fnr 
idend and Held based on merger terms, 
r. hide s special paymenL Cover does not 
. nsm .A No dividend and yield. B 

Preferer.v X..io.-~£i pj '-i-d or deferred C'.'anadian C Issue 
price F 1 t-n 1 .nil ;■ leid barrel on pro&pmms or oihiT 
uffina! y-c.rrr ■' ■- l ^TS‘-3. , i C Assumed dividend and yield 
aficr per.d.nc *e-p and or nshiy 1 -uc H Dividend and yield 
based ..-I j-*-. »"i- OiV-r official i.-sti males lor 

1976 79 K V --r- . vair-J --n pro.j:u>ciuf- or other official 
esiima’i !> ■ ! iff 1 vs I-- .tti.id and ield haaedon prreipeciiui 
or «he; -dl- i-'mi'e for l^7d N Dividend and yield 
based i s . - -p. --.-s .--r iV.li-.r of' ital e.’iimutes for 1879 P 
Figure.-: rn -.-f "i ; -/■ iu.- or ..:lio r official esllnuieft for 
1978-78 if <.r- ■ 1 F-.-ures a: Mini* d Z Dividend loial 10 

dale. H --^.>.1 -sum;/., -in Treasury Bill RLaie stays 

uncban,-."7 -ill! nif.iuru:. ft ho.; 


Xhbrei 
all. o . 


.dsnrt ices .scrip i«rue. srex nghis: a es 

ir-Liixn 


•• Recent Issues " and " Rights ” Page 35 


This sen it * is ai3ilob(c to •.■■.■■’rv Company dealt in on 
Stock EL-'^jr-gOs rnraiighou; fhc f ‘niied Kingdom for a 
fee i.f HM) per annum for each vecurity 


REGIGNAI 


'■^RKETS 


ilJLTi., 


Thcfoile 
previous 
ssues. me-.- ■ •>: 
are as qu-j -'U ■ 

Albany In-, .ft;. 
Ash Spin 
Bertam 

Bdg'wtr L-.- ’■■■7 ; 
Clover Cro-; 
Cniig& h:: 
Cr-somn .'. • -. 
Ellis &. Mi . 
Eiered • 
Fife Fore-. 

Fin lay Pk.- , 

ijraigShir s' 
Higjonstrv ! 
Holi-Jo< L.--t- • 
I.? 1 M Sira. '■ ; 
Vihn Lw-l-i - :r :r.j 
Ptam-.t 1. 
Fcr-i Mill - 
Snvffield 


ix j -citriwi c-f l.-'.nc'on j-joli-lron*. i*f 
ei .--nlv :n ri'iiMii.il mirtii: Prints, of lri?h 
nhi. a .ir..' loi o.'/i'. mI!> li.-.ivii ir. London. 
• >r. the Irish e. change 


1C-S 

JT 


52 

;i 

:-;o 


its 

bj 

48 


:-n>: 


*<-lr 


nxni 
iiridJll ''iir. * 


66 

112 


1 OR- Tl 
M!r ar.. 


-ml F.i • 

I 1 lon-'i.ill-ir. 
j ' rw'v.TudA 
j .ivOfin.lildu'- 

j o'l-pr— . 

.,ro 

[tm; ... 

I i. ..ic j-'l*........... 


V.' 82 | £C? 

'"os.. I 93 

j 340 
95 
90 
135 

49 

isaio 
1 135 
55 
57 
1M 


OPTIONS 
3-month € si! Rates 


Nov. 

May 

Ian. 


DIAMOND AND PLATINUM 

ObOOcI imo.2 
'’C52-5:' 33i 9(1 


Mw, 


.Mav 

Nov. 

Aur. 

Mai 

May 


Anrio-Amlm 5fc 

D5 

1141 

DcBcereDfac .. 

150 

:n 

Do 40pc Ff H5._ 

950 

kt 

I.T.palaPlai Sk .- 

174 

_ 

Lvdeohur; 12- ;c... 

63 

!eI5 

Rus Flat I0r ' 

91 

lift 


(1 

Q200o J 393 a| 1 2 t 
QiBL-i 3 2f 6 3 
V5 8v I 4> j t>. 4 

QEf ! f 


Noi. May 
May 

Npv. Mu' 


CENTRAL .AFRICAN 

iFilrOri Rh »jr I 160 » ]f«!O60c 
ntiodtiCfirp Iffiji - " 1 
ftnan uuia K4 
[Wiitkie 1 >1 Fch l 


— 'tamVpr&lRLB.. 


<? (22 7 


14:. i ul sg 

70 :: :s| - - ; _ 

| - i 1 !. 5 ’ 


luduKriaii 
A. Brew 
A P Ccnv?tv 

b.s.r 

Babcock 
BarrlaiB p. r .r 
Beechan: 

Boots Iirvc 
Bowaierv 
3.A.T 

Biilisbi.hi.cn [ - 
t J ■ 

Burton A 

Cndburvy . 

Counaiild’ 

Dobcn hi.n; 
DivisJIvr- 
Dunlop 
Kaz?.- ?,. dr 
EMI 
bCh Ai r 

L're.- . 
■la.so .. 
IraedM. : 

fl r s ■. 

(Jujrriiar 

• j K V 

ilav.ker Si't : 


1 * .1 

Iran 
HI. 

Ir.-eresi: 

KCA 

: .idb-i'.yi- 

i.*-cal i f-i.n 
U-x A-r set* . 
I.ln' .-iBink 
:■}• ' 

Londca tirreit 
20 iJ.er.rr.o 
12 |!.u?n.- 
5 L.H.V.. : 

■0 J .Taro; 

5 iVri- ■' f«n. r 
:5|;- u .-..nftr.-. 
* I- r - * . . 


‘ft 0 

I 6 

! IQ 
! G 
! 3 
• 17 

if 4 


Tube In 1 c«. 

1 lull", or 
I 'Id Drspi?ry 
Vitkor* 
VAortlw-nnhi . 

Property 

Frt Land., 
‘‘are Countie; 
K i' 

intr-.-urppean 

i -md sees 

P*-.i-h<-v 


I 4 

I! 

\\ 


:«r ■ 
»• ■ 


Tn.-r:. 


1 

I Burmah : u: 

- ]i.i.-ti-:i.-»:i 
I'- tH-li 
P'liraroar . 


'•1 v-l-- 'ii ' 45 
I 5 

!’* 
23 


ir 


15 


Mines 


■•r 1 on- 
2ir. 







A THE « 05T 

efficient amd 

WIDELY USED 


FINANCIAL TIMES 




lorry 


Monday November 13 1978 


GEORGE COHEN MACHINERY LTC 

WJD 44*48 sUHOEAM KuAO 
WWW NW1Q bl9 TEl-EPHUNf Ol-SoS. 



■8 APS 

■DESIGN 

•FABRIC 
■WELDMESH 


Auditors resist CBI I Treasury and EEC 


THE LEX COLUMN- 


recruiting campaign 


to review 
exchange controls 


BY MICHAEL LAFFERTY 

A CAMPAIGN to recruit ancy profession question whether that all of the 9,000 accounting ®Y .PETER RIDDELL, ECONOMICS CORRESPONDENT 

accounting firms as members of it is appropriate for top auditors firms in the UK were potential the UK’s remainin' 1 exchange Chancellor, indicated in his evi- 

the Confederation of British to belong to the employers’ CBI recruits. “ We are the voice cont roi s with the re>=t of the deuce to the Commons Expendi- 

Industry is meeting resistance organisation, particularly when of business. By joining us Common Market are to be re- ture Committee earlier this 

from some of the country's their professional reputation accounting firms would gain the viewed later this month, during month when he remarked that 

leading auditors. hinges so much on their inde- added influence of the CBI on talks in London between the the movement so far had been 

Deloitte Haskins and Sells and P^dence. their scene’* He emphasised Treasury and EEC Commission with “deliberate and gradual 

Coopers and Lybrand— two of A partner in Coopers and HjLr ri officials. At present it looks un- majesty. 

the “Big Eight" firms— have Lybrand, explaining why his firm ^Jnriccijm'a 3 likely there will be any signifi- The talks ap kkely to take 

turned the Idea down flat. Peat would not be joining, said: “ As a - J? EjJSS 81011 3 0Wn **** cant further relaxation. 1 ’ laS” 11 The 

Marwick Mitchell, the biggest firm we have always tried to associations. The pledge to undertake a pressures of last year. The 






UK firm, says it will not be avoid any political involve- There are no rules banning review before the end of 197S difference is that at the end of 

joining. A similar decision is merits.” A statement from accounting firms from ■L c i' nin ° formed part of the agreement 1977 the Government faced a 

expected from Wtiinnev Murray Deloitte Haskins and Sells tlie CBI. Mr. Paddy Moore, between the Government and the specific deadline which meant 

and Arthur Young McClelland declared: “We will not be join- secretary of the Institute of Commission last December, when unless permission was obtained 

11V ■ _ _ f ’ n n W AMAfl A AAfM I TlV*inre Hi hi AAI — _ - . - I? ■» m m . 1 b C ( n n 4 V 1 1 T n A i ft til TTI f CC 1 fl n I fl G II fv 


uo( expected umu auc, a |r) contrast. Mr. Pater Lane, chambers "of' r Com there S 

partners lneetmc in two weeks in u-,,«Kn ‘- oarnoe,:i 0 .‘ v un , imerce tary system. 

timn " J partner in Bindur Hamlin. se ems no logical reason why u is now officiallv esinni 


After some bargaining, the 
officially estimated Government received autborisa- 


number more prestige accounting something and contribute some- j S another. Already Kemp-Gee. of error. " i s indefinite but subject lo a 

nanies among its 15.000 member- thins. 1 Fielding-Ncwson Smith. and Given this reservation, the continuing review’ with a specific 

ship in the near Fulure. Mr. John War bur ton. respon- Cazenove have become CBi abolition of the 1*5 per cenl agreement on talks before tbe 

Some leaders in the account- sible for the CBI campaign, said members. Mr. Warburton said. surrender nile on portfolio in- end of this year. This timetable 


Textile towns send delegation 

to make Brussels jobs plea . 


vestment in property and shares is unlikely to slip and the Corn- 
may have resulted id an outflow mission can. id theory, revoke 
of about 1200m. in view of what the authorisation at anv time, 
had been happening in recent Tbe Commission officials are 
years. This change applied to likely to be much more interested 
the whole world and not just in direct rather than portfolio 
the EEC. investment since the former has 

The remaining sum is likely to a clear impact on employment 
he accounted fo*- equally by the and output, 
liberalisation of controls on The UK will no doubt refer to 
direct investment, leading to a what has happened in tbe last 
modest outflow, and ihe relaxa- year and. unlike the second half 
f! nn ’ of controls on personal of 1977 when Lhe current account 
■- s tni — «neh ’s eifts. was in substantial surplus, offi- 

The Government is unlikely to cials will be able to point to the 


It’s not often that a strike 
strengthens share prices, ■ but 
that is what has happened in the 
oil sector since the curtailment 
of Iranian production; at the 
end of last month. The finning 
has, however, been only. In rela- 
tive terms— the FT-Actuaries 
oils index has held steady since 
October 30, while the All-Share 
has dropped almost 3 per cent. 
And the news yesterday was that 
Lhe strike is apparently coming 
to an end. Does this make the 
sector vulnerable agaijf? 

The answer partly depends on 
how quickly Iranian output cam 
he pushed back up to 'normal. 
Quite apart from the goliticaT 
question of whether the oilfield 
workers will actually now -ran 
the piaat efficiently, ifis~boufld 
to take a number of Weeks to. get 
the non-producing : wells back 
to full output. Last week the 
Western oil company con- 
sortium which produces most of 
Iran’s oil, Iran Oil Participants, 
reported that output , had been 
averaging l.5ra barrels a day in 
November against* ■ a normal 
daily average of 5m bid. or so. 


MAJOR FINANCE HOOSES (ASSETS) 

1,200- — 


-LOMBARD NORTH 
CENTRAL 


UDT 

LLOYDS & SCOTT. 


to the 

(ASSETS) like todi strand the^ll^66sj^iaa; i(}| 
■— to the: clearing, banks: -fRHfa gfa gw 
sttil ' P^ding ■ 

lifeboat > with , 

— its funds. . The j 
ticuiar. are 

SC0T1 L that ” they are , » 

M£RCANTH- e quired to; support c aii; 
cwt - - : Which is aggressively; . 
fUM* with, their .owrr -finaiice r -'I^^:^ uv 
f - - : subsidiaries.-^ !i 

{HODGE -the . corset is-limitidg/tfilw? : ^|tvv 


FORWARD 7 

TRUST 


"lending. -As ODe'Tjampethbr ttj&if -. : 

it “UDT^.is effectively^ - ' 

-five, year money "at 1 ’ 

rales.". ■ , l ,\- ’ r " 

/Ikin'niiclf I IftT " iV. liiirffciii'S.-' 


BY RHYS DAVID, TEXTILES CORRESPONDENT M on ’ of controls on personal of 1977 when the current account 

A DELEGATION from 13 local Trad?, when they pointed to a Tbe delegation will press both iliLi? 1 .- in -,? l ?* l *£ tia !. 5ur . pl “ s ’ 

authorities in the North meets ™ Pf cent drop in the past Tor tighter controls and stronger Siw 1 ftSfther rerentfoelld which hSmifbSSi 

vfc nflRriaic in Rniwpis this year In numbers employed in the enforcement in any new agree- ° -^n i**u r recent .trend which has only been 

EEC officials in Brussels this LancashlPe textile lndu8lrv . from ments bein 2 worked ^ om for next changes, as Mr. Denis Healey, the around balance, 
week to express concern over 77o00 t0 UDder 70000 year ° 

th^revt'ue indnerl-v 6 00 ^° bS ' Q They are likely to stress that ^ Elsewhere in the textile Indus- 1B1*CTA Olirl) nn 

fhe texUle industiy a considerable improvement In fry . courtaulds. in conjunction OrdlUiIsl& llfSfu Ulff) Oil 

The srouo hones to meet Mr. the trading environment has re- 1 j. r-j.,. . 


Crude prices' 


thoSue 1 ° D iC,bS Tiiey arg likely to stress that 9 Elsewhere in the textile Indus- 

the textue industiy. a considerable unprovement in try. Courtaulds. in conjunction 

The group hopes to meet Mr. the trading environment has re- w | t j, Leeds Ciiv Art Galleries 
Tran Van Thinb, a senior Corn- suited in those sectors where wiM 5ponS or a lompetitlon with 
mission official responsible for effective bilateral agreements Dr j 7<1 c wnr ih £5 nun for full-time 
trade matters, and will press for have been reached with low-cnst S u de n ts or arL i nd desicn and 
stricter enforcement of EEC suppliers under the GATT multi- f^ Sesj^ers- who cunmicted! 

.I'Tfii’mpnN un tfvtifo imnm-ic. fihre arrangement, hut that nrub- , ,„~l 


European Parliament 


agreements on textile imports, fibre arrangement, but that prob- t | 10 } r full-time rourses In 1977' 

The delegation hopes Mr. Floy I«iw remain where informal and I97S ' " THE GAL^LLIST RPR Party the efe.ctinns and M Debre 

Jenkins, President oF the Euro- arrangements were negotiated. T he results w,ll he announced i ,ar ? est “ember of the ruling emphasised that the Gauliists 
JSf Can,n " s *” n - wl " bc pre - M«H^rS; ra T*,£Ku£. I % tateWt&Sia to be imprisoned by 

» loert ouUwrIUoe. sup- rbe Cornecoo coun.nes, . ‘ . » jrtlMM- . Jf the ^winn^ I ? “S ? "S 2gR “ 


BY ROBERT MAUTHNER 


PARIS, Nov. 12. 


BY LYNTON McLAIN 


The 13 local authorities, sup- the comecon countries. a» nnmii ™ u. « «■ wuu m . E'urooean Omncil to make anti-Eurnnaan ehetto — 

ported hy textile employ^ and Many of these informal nine, in .«. art galleries later The ‘ oKlhstt ? they claimed. 

meea J fn Sep, ember *ith' Mr. ?"» at a time, unlike the five- The competition ,s bull, round gSITSdwSIll'SSiS^ n< " ^ C',fe; OP rema!5?3 

Edmund Doll, then Secretary for year mu lt i-fihre aereoments. three Courtaulds fibres. ! 7 b " ' SS rtich tea, firiot 'weddil to^GeSraV S 

passed by an overwhelming Gaulle's policy of a Europe of; 
_ _ — majority, was adopted after a nation states, entirely indepen- 

4 -^-v r\ n vm /| A nil day-long debate by a special cob- dent from other power blocs. 

iSCaUfllllS Via TO OOIIOSG 2 ir OGSI s™* o f ^ **** Euro- M. Chirac said the debate on 

kJVUOUESKU ▼ kW VJIJIVkJV MAI. UVW1 pean policy durIflg which M direct Europe3n elections bad 

Jacques Chirac, the Gau.’Iist taken place in a fog of con- 
BY LYNTON McLAIN leader, and other members of the lradictions which . had to be 

... part>’’s executive stressed that clarified. The French Govem- 
SCANDWAVIAN countries are The need for a new agreement routes, and more competition for the Gaullist movement remained ment was the onlv one which 
expected to resist an agreement was precipitated late last year the national carriers from inde- 35 hostile as ever to supra- pretended that the election or 
with Britain for more competi- when the three countries pro- pendenl airlines flying to and national institutions. the European Parliament bv uni- 

tive air srvices during talks tested about plans by the mde- from a greater variety of The dw>.u*>»i»m s nevertheless vernal -mfferage would not make 

starting in London today. pendent British Midland Airways .smaller, provincial cities. showed that lhe leadership had any difference to its powers. 

Earlier talks between Norway, for regular flights between Trade Department officials m3d p grea r efforts to find 3 com- Not only the smaller Euro- 
Denmark. Sweden and the U.K. Birmingham and Copenhagen. also wanted the new air services promise on the tbomv issue of pean nations — such as the 
broke down in Copenhagen last Tbe proposal was abandoned, agreement to include revised direct elections. Even M. Michel Netherlands. Belgium and 
month. No progress was made but the Scandinavian Airlines rules for charter flights and an Debre. who was prime minister Luxemburg — but even Herr 
either at talks in London l in System tSAS) saw It as a threat end of the so-called fifth freedom un der General de Gaulle, and Helmut Schmidt, the West Ger- 
August or in Oslo in June and to its operations. H^bts of Scandinavian charter W ho has spearheaded the cam- man Chancellor, were on record 

tbe prospect of further failure Scandinavia wanted a new airlines. The rights enable a paign opposing European elec- as saying tbar direct elections 

is viewed with concern in White- agreement restricting flights Danish company, for example, to >tions. seemed resigned to a were the first steps towards an 

hall. between Britain and the three ny between Sweden. Norway and directly elected parliament, but exiensionoftheEuropeanParlia- 

The existing air services agree- nations to SAS and British Air- Britain, as well as between on |y on condition that its powers ment’s powers in the long run 
ment between the three Scan- ways, the national flag carriers. Denmark and Britain. were clearly circumscribed in The GaulUst leader said be 

dinavian countries and Britain It also called for u strictly legal texts. " could only admire the typical 

will end. at the request of the limited number of routes . Both M. Chirac, whose views on mixture of “humour and prae- 

Scandinavians, on December 31. between major cities. LOUtlHUPG frOID JrSgG J fhe subject hare all along been malism " which governed 

Failure to reach agreement Id contrast. Britain wanted air more moderate. than those of the Britain's attitude towards direct 

would mean the end of scheduled- services expanded, with fares f ^ rj't \ hardline opponents of direct European eleclions. 

air services between the two redu'.ed in line with tbe prac- I | 4^ 

i-a<-rinn« ticp nn Glhi>r intpi-nratinn-j I ■* * ■ * 


A substantial. production gajp 
will remain for the time being, 
during a crucial period ahead 
nf the OPEC meeting . next 
month to discuss a crude oil 
price rise. The rush by oil com- 
panies to stock up, at the very 
time at which Iradian supplies 
are running short, has led to a 
sharp rise in spot prices, with 
market crude, for instance, 
selling for something like $14 
instead of the official SI2J0. per 
barrel. Jn tbe North'&ea. spot 
Ekoflsk crude now - fetches 
around $15 a barrel." 'V*.‘ 


LsajHCt.iaTTST.BAlAHEtSHttl 7. ■■ | ' 06 ViOUSlp , . JJDT 

• • • ■ . -• pay : a premium f 

. money but . it . ts :• 

' ■ sotoPce . and apg.ortywyxgh ^^^ . : 
a good indicarion of whether 

the tide - has actually turned. *not tryrng' tiard v 

Some analysts have upgraded ddce its de^ndroce^^^p^; - 
their net income forecasts to hoat^ ^ After all it — 

the region of £350in; before the the, {lifeboat' 'tOMorfllw^ap't'^KS* .. 

FAS 8 adjustment, significantly prepared "to.cutr .. . 
ahead of recent quarters, on the ness. by a tfaird. 'r 

view that downstream margins intent on r