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1> ;• ■^n^.^ifresidentiatsates." 




,jel«plwnefOrinfprnwt»On ■' , 

No. 27,714 

Tuesday November 14 1978 

fe; “>IJj 





CaynMgWTAV roiCIS; AUSTRIA Sell X5-. BELCIUH Fr 25; DENMARK Kr 3.5; FRANCE Fr 3.0: GERMANr DM 2.0; ITALY L 300; NETHERLANDS Fj 2 .0; NOR WAV Kr 3.5; FOROIGAL Ek 20; SfotN Fa 48; SWEDEN Kr 3.25 ; SWITZERLAND Fr 2.0; EIRE I5p 




Callaghan calls for 




'he -ijhjtefl Nkions Security 
. .'opncil tooh-_ a . step ' closei* to 
; aposing . sanctions , against 
putlx Africa- yesterday 3>y pass-' 
ig a resolution calling on the 
ountry to .cancel - Its planned 
lections' in Namibia immedi- 
tely.* ' X 
The five Western nations, in- 
. tudiug Britt in. abstained from 
Tc vole, which ■ threatened 
appropriate actions'' if South 
frica did not agree-, to U.N.- 
upervised elections. ’ . But the 
ording of the resolutioo leaves 
>om for comproiui^e; 
in Johannesburg. Mr. Brand- 
ourie, Foreign Secretary, said 
yias ** obvious” that .his 
ifivernmen.t would not call off 
ic. elections. JBack Page — 

KB. offers new 

Iglpt .and Israel are studying a . 
IS. compromise plan -aimed -at 
vercoming the main stumbling 
lock of tbc Pal.^rtmian question 
xyrards a peace treaty as 
'^legates from botb countries 
repared to return home from 
Washington for consultations, 
age 4 

jlatwick switch 
nay be put off - 

Sritain may postpone ;the April I 
tale set for transferring from 
leathrow to Gatwiek. oil srhe- 
tuied air services between: 
-ontloo. Spain and Portugal. 

However, Iberia. : ‘tfie- Spanish 
• lag-earner, says^ii is-detennined 
io*t to move its. flights to Gatwiek.. 
-inless ordered to do so, lay its . 
'•wo Government. - • 

Vir fares revolt 

•lore North airlines 
re expected to withdraw ia 
be coming weeks from the 
are-fixing activities of • the 
nteraatioaal Air Transport 
Association. Bnt they are not 
xpected to pull out. Back Page • 

Ian oil hopes 

hnoduction in Iran’s strike-ait 
SI- Industry appeared.- to be 
e turning in normal gradually, 
jfbQtjgh there were reports of 
OTtberc) ashes- between security 
prees and demonstrators 
demanding an end- to martial 
yesterday’s output was - 
aui barrels. Page 4 and 22 1 


0 EQUITIES were firm, w|tb| 
cmati investment demand for 
leading Industrials. The FT 
ordinary share index dosed 1.3 
np at 474.5. In Hong Kong, the 
, Hang Seng index fell 37.93 to 
537;16 in heavy selling across 
the board: In Germany, the 
Commerzbank Index fell ti.3 to 
821.3- . 

0 GILTS improved and the 
Government Securities index 
rose 0.06 U> 67.98. 

0 STEELING lost 10 points to 
SI.0G7O. its trade - weighted 
index remaining at 62.2. The 
dollar’s depreciation narrowed 
to 9.8 per cent (9.9). 

0 GOLD rose $2j in London to 
$210] and , in New York the 
Coiner November settlement 
price was 1210.60 ($200.60). 

0 TIN prices tumbled on the 
LIKE on heavy speculative self* 


oi n 


Air. James Callaghan said last night that fundamental Common Market 1 
reforms were needed urgently and warned that Britain could not become; 
the largest net contributor to the EEC budget. 

Me accompanied his warning, did not seek to amend the true reaches its. verdict t ,n E.liS. 

»i the Lord Mayor's banquet in objective or the Community, in particular, the Prime 
Guildhall, by a clear hint that changes ware Minister could not agree that 

Britain would not be prepared to Britain should become the 

join the European Monelary The Prime Mi ni>irr i iihiirieil in largest net contvjl.uiur to the] 






NatWest base 
rate up 1% 


J i By David Lasccltes 

1 CHICAGO. Nov. 13. 

L]. MEXICO today an no unreel lh»- 
* j discovery of a new oil reservoir 
J which ir claims will enable M 
to achieve sharp increases m 
oil and gas production and 
accelerate export*. 

The reservoir, to be called ihe 
Chi come pec Field, is 75 mile-. 
Ion? and lies in the coastal plain 
of the Gulf of Mexico. Its sever al 
■ oilfields, are estimated to contain 
i just over 100 bn barrels of oil 
j,. 'in place, and 40 tri I linn cu ft of 
natural gas. 

" This compares villi Mexico's 
i- c most recent assessment «f total 
L, I potent tal oil and gas issued in 

hiie other 
■ged up to 

some dis- 

% as: ,n -TS »«* xsk x 

as** « SSS 

d^niiUv crititjl of ihe wav the But sieiiilk-antiv Mr in the short term to correct such ! ^d .snorily. a thou ah last night level or their rates, as ihe money 

Coin ui on Al'n-fct-r has develnned CallaKhan did not mentioii the a fundamental imbalance:— they were still waiung i or the market remained uncertain in Us 

hii under' eerier ir?n ^ e si wi cSi -uldeltaM H-iir? 1-The Communhy should lake l«ve of rates in the money reaction to last week's changes, 

mained 2? 0 S2 that H-fU alw be excluded rrem a more liberal attitude toward ma ^ei to settle down after last However, with the pressure of 

m -? e h «? °JJS tiSrtUcnm he satemem a^eed bVl ieJ agricultural imports from the ‘veeks chances before making the official corset restraint on 

□mn 1 ^ *i£SSS m*rt, , .m m «. l d* l ¥uc toilers . ™« of „th£ world. _ ,, Hn.l depWon;. >S« S™SS.°'2 a Sf 

Mr. Callaghan proposed ihree' The other big banks are ex- agreement among the bia banks KirvjfY 
changes he said were necessary [pected to follow ihe NatlVest yesterday about the appropriate |* J_ , 

Veraenu — iIampkclie 


£per lonxw 


reeionsf iii (Terences to ensure the backci 'und of glowing dis- 
their harmonious development.” entli intmeni anions Uiiiour 
he said. _ activisip and MP« m Britain's 

The Prime Minister's basic roln in the Common Market, and 
argument was that while Britain shortly befure a divided Cabinet 

rest of the world. |ineir nnai necisions. tne growtn or bant: deposits ann j v— ; 

-The Common Market should j Al the same time. NatWest the imminence of Wednesday's chia^'s'i \ J=== 

usp the available export sub- 1 increased the competition for mid-month make-up date for the! , “.7.7.... 

sidies belter. I deposits und took a rurther cut banking figures, it appeared* un ! • 11 1 • =^y ‘ V 

-The member-nations should I in ds own profit margin by lift- likely that banks would remain; ==■.■• ‘ — X 

reconsider their policy ofj ,n 3 ihe rate paid on its branch out of line with each other for f ='■ — — ? = i'tvJ..-..L., ^ 

increasing price support every I depaslls by l\ per cent to 10 per long. - - 

vear and should put an end cent NatWesi's moves were The change was the second 1 , j v -nribn b-nrclA *.f 
io a situation ;n which ‘hc> followed by ir.s subsidiary, increase within fuiinlghhJequjvaleni Bv coniiasi tin- 
actually increased me pric? CuutL,. following the jump m base rate] BrMH:h St . e . ur ' f lhc . ^ 0l ,' h sea 

support of a product already The increase could bring re- from 10 per cent to 111 percent iui in barrels 

support of a product already 

EEC finances Page 2 

newer! pressure on the building ai the end of the week before umv n r% .... _ 
societies, which Iasi Friday in last. v Th d , ■._.,*' .... ri iw.-].,^.-rj 

rc k pu,.« iu .he MLR n,*. an- Beck Page V £ J<&e ii.» Serrano 

1 director-general of Petrol cos 

I TTI-. — TTO 1 I' ■ .Ylexi canos iPenv.>:i ihe .stale oil 

i Three U.S. banks raise 

• K -4 <v | American I cirok-um lnsliliuc. 

TIT*ITV141 POltllC fn I I 07~. ' -Sr. Serrano said the reservoirs 

IJI IIIIC i dlCo IU ll/O | .-•ati.-ties were hacked by “abun- 

■* . ilant iiijfl irsiiiwonlr informa- 

BY STEWART FLEMING NEW YORK. Nov. 13. li " ,n “ a ' 1 . d !, ; ul ,,eHn ‘•■'"bi! ftH (•" 

sjieciaiiseu coin panics. 

ANOTHER ROUND of increases Chicago, the 9th largest bank irii The reservoir was di^ov.vre'J. 
in U.S. prime rale.s appeared iu ihe country, led the way to I he said, as a result «.f rv-a>se.^- 
j ! «c under way today m tliree higher prime rates Ode;.. ! menis of ]>y.Jrocarr.(.n >:.«• -• 

large banks raised the interest followed by FirM Pennsyh; nia ; obtained while lanpine .dey-iM's 
; rale iliey charge their best Bank, tbc 19lh largest, and H: rrLs! b,:!o;v ii. In mla-r ■■."rd-. i h»- 

coiHum about 

Growth of UK econo 


1— — 




v. • 

t ' ' 


?- ■ aw Jilt AUS-'. SEP OCTi lTf 


fpg- .Standard grade twb' fell >v 

£7,610 a tonne. ? THE PVCE of Lbe upturn in. R 

* • / economic activity has slacxened 

0 WALL STREET, depressed slightly in the pasT few ii^ 

by the Prime Rate Increase and after the rapid advance earlier - - — 

other Inflation news, fell 15,08 in the year. 1977 

to 792M in moderate iradiug. But the lull may be short- 

lived. Demand should be boosied 

•■US.' TREASURY bill, rales by this week’s increase in sne:al 

'^bthofers saved 

0 WALL STREET, depressed 
by the Prime Rate Increase and 
other inflation news, fell 15,08 
to 792,01 in moderate fradlng. 

j»-UA- TREASURY bill, rales 
were: threes 8.593 per cent 
(9.02S), sixes -9J291 per cent 

0 LLOYD'S of London is to raise 
tiie ' maximum level' of pro- 
fessional indemnity / cover re- 
quired of its own insurance 
brokers from i5m tir£20m. Page 7 

0 JAPANESE hirfi equipment 
company is. believed lo be close 
to .'agreement with the Govern- 
ment lor tlie rescue of Strath- 
earn, an ailing Government- 
sponsored company in Northern 
Ireland. . 

Retail sales 


industrial produaion 
AU-industries Manufacturing 

(1975 = 100) 

1977 1st 















102.1 '• 

1978 1st 




























Alt data seasonally adjusted. ' Provisional. 

Scurcei: Department of Trade ani Central Statistical Office 

Three U.S. banks raise 
prime rates to 11% 


NEW YORK. Nov. 13. 

\ 0 % 


it u? 

Fpbr pQtholers, including a 
Mdiy injured girl,’ were rescued 
tom a c-avt- at Buckdeh. Yoi*b- 
hlre, after a . desperate race 
tgainst rising flo od waters. They 
ysre trapped for 22 hours. 

^ r ■* • 

f, Bread strike . talks 

| Bakers’ union leaders, who called 
i; natinnrwide strike two weeks 
*80; "tfe press for a 26 per cent 
»y rise, are to meet employers 
ioday foilowing intervention by 
he Advisory Conciliation and 
Arbitration- Service. Page 10 

^Now Tear this 

rhei Gny eminent is discussing 
vith thp Health and Safety 
&xecstf^ : ways of dealing with 
he risk., of unqualified people 
laTryajgf'.'iiut ear piercing, the 
=tralth .-Minister told the Com- 
EPifs. Pariiamenf, Page 10 

f*1e% - - - 

^ electrical fault blacked out 
’.Mge areas of the House of Com- 
. pens,, although debate was not 

V French journalist was charged 
with concealing a criminal after 
b?r interview with a man said 
to be' the cotmtry'5 most wanted 
man was published in Paris 

, Match. 7 

Editor Simon Jenkins of the 
Evening 'Standard has resigned 
after dfca'ireements with Mr. Vic 

■Matthews, chairman of Express 
Newspapers. Page 8 


Talks at 
Ford tomorrow 

0 FORD workers have* asked 
that fresh . trUks on the strike 
which -has been, going I on for 
nearly two months he > started, 
find Ford management and union 
negotiators will meet tomorrow. 
Back Page 

At Vauxhali, 3.500 skilled 
workers, at Luton and Dunstable 
have refused to join 900 workers 
at ElJesmere Port in a pay differ- 
entials strike. Page 10 

0 VOLKSWAGEN and Nisdorf, 
both of West Germany, are hold- 
ing talks which could result in 
VW taking a stake in one of 
Germany's most vigorous 
privately-owned computer com- 
panies. Sack Page 


0 DAWSON 1NTL. has made a 
revised agreed £2<L9m cash abd 
share offer for John Haggas. the 
Yorkshire yarn spinner. Page 26 
and Lex 

has filed an ami- trust suit against 
United Technologies’ Slbn bid 
for Carrier Corporation. Page 28 

0 NIPPON STEEL reports net 
profit 37.7 per cent up at 
Yl 0.70 bn from Y7.77bn for the 
half year to September 30, 
because of exchange rate £3ins. 
Page 31 

plementniion of further tax cuts. 2nd 108.0 II 1.1 105 A 

A slight easing from the 3rd 1105 .110.6 1045 

buoyant conditions of the spring j ul 7 jiii 1H.1 105 J 

and early summer is indicated by Aueust 1115 110.9 1QS.2 

the retail sales figures for September 109.5 109.S 104 JJ 

October and the industrial pro- October 109 5- — — 

duction index for September. ’ 

both published yesterday. All data seasonally adjusted. ' Provisional. 

Industrial ‘Output has been Scurcei.- Department of Trade ani Central Statistical Office 

held back by. disputes, notably at ~~ ~~ — 

Ford, while there may also have The volume of sales in the a lull durifc the early autumn 
been some - adjustments in the nasi two munth< was below lbe following buoyant earlier sales 
level of stocks of goods. high level nr July and August, boosted by large back-dated 

The check to the advance is when the index a*, crested 111.6. income Ion cuts, 
relative only tothe earlier rapid but above that in the earlier The further instalment or tax 
growth;. Retail sales and output monihs of this -ear. cuts will result in the payment 

have each still ben much higher Between August and October of £)3ni„ of rebates in the nest 
than a year ago. bales volume was only ; per cent few weeks, apart from the impact 

The volume of spending in the higher than in ihe previous nf the fcicber social security 
shops last month is provision- three month*, while during the benefits. 

ally estimated as being exactly first ten months of 197R trade Any rise in consumer demand 
ihe same as in September, at was about 4; per cent above the should lei.i to renewed expan- 
109.5 . fl97J=100, seasonally annual average for last year. sion of in.lii'irial output, which 
adjusted).. Tbe retail trade had expected Continued oa Back Page 

BL to close Southall factory 

s.riai proaucxion customers, from 10; per cent to Trust ami Savings, th»* "lih-Me.vcan?* hud ;ro,-;.ivai!.. «Jrili*. «; 
« tt.nn, ii percent. m largest. through Die field .Mim.- nine 

— : Tlie increase lias been ex- However. ihi* bank- are* 1 " 0 '■■iibuiii a|>i<reciaiiriy ii.* 

103.9 peeled for several days, as a anxious lu increase their tendin'- !mi> r, rinnvo. 

102.4 result of the higher cosi of money charges to offset the sharpiyi Re-»*?e;--nem-.. combined v.-i: r . 
103J- resulting from President Carter’s increased costs they are| ,iei V r<?s ' ; v »' ' • s - had _ rereaJcd a 

102.1- measures 10 support the dollar, to pay lo obtain funds. Since; sene .s or ‘hick odbiirs at /iep« ns 

102-5 ' ! The stock market, fearful of loan demand continues lo ne!.T®"7ins helvreen ••. r ‘0u il. ami 
inc a 'recession, took the new hadlv. struna. thev are ahle to do so and ! b ' 0W0 Together i.u'.v makv up 

: recession, took the new badly, strong, they are able to do so and i 
i Share prices fell sharply, the ii therefore seems highly likely 
I How Jones Industrial Average that other banks will follow 1 

closing 15.US down at 792.01. First Chicago’s lead. 

Mr. Barry Bosworth. director 

of the Council on Wage and . , Vpu , v _ rt . 

Price Stability, said that in E in New >orK 
the lonser term higher interest “ 

rates meont an inevitable curtail- — 13 

mem of home building and 

business investmenis and a re- s , st.»,i.>sj» . si 

recession which could lie “more i i., |o.-j^.«o.ik | : 

severe Man that of 1S75." •nuniin ■ im 

The Kns» Naiinnxl Bank of • *•*** 

bigger hydrocarbon amumiln- 
! lions in ih*.- Western 
. hemisphere." 

Studies jre now i>ei:u mad'- 
i in determine what percentage .;f 
the deposits can be econmniealiy 
j exl rafted. 

I Sr. Serrano -ai«1 d>.-veionnienl 
'of the new reremui would 
i begin intin^dljlely and i-.ouJd 

..t? ! i. »v.;- j begin imiitrdialefy a 

.ttL30.ii. 1 4.20* • . 11 - : l2Sl js years. 


BL. formerly British Leylaud. 
told the., unions yesterday it 
wants to close the Ley land 
Vehicles factory at Southall, 
London, at a cost of 2.500 jobs. 

The’ company said last night 
that tbe plant, built in the mid- 
1930s hy AEC, now a subsidiary 
of Leyland Vehicles, could never 
be made viable because fixed 
overheads were too high. 

Assembly of the big Marathon 
trucks will be moved to Leyland, 
Lancashire, and manufacture of 
L12 and TL12 engines for heavy 
vehicles will be switched to the 
ScammeJI factory at Watford. 

The immediate reaction of 
trade unionists was total opposi- 
tion. according to Mr. Roger 
Butler, district secretary of fhe 

Amalgamated Union of Engineer- 
ing Workers, the biggest union 
at the plant. 

He said: “We are calling for 
Government intervention. It is 
not just jobs at the plant which 
are at stake. Those of thousands 
who live off the factory In shops, 
transport and as sub-contractors 
are also affected because AEC is 
the biggest employer. The whole 
town will be affected." 

A mass meeting of AEC 
workers has been called for 
Friday to discuss a campaign of 
resistance to the closure. 

However, it is certain that a 
decision of this size would 
already have hcen discussed by 
the BL Board and the National 
Enterprise Board. There is also 
every sign that the Government 

is willing t" back Mr. Michael 
Edward&s. BL chairman, in his 
efforts lo improve the group's 

In the first half of the current 
year, Leyland Vehicles just about 
broke even on tractor, truck and 
engine production, compared 
with a £2lm taxable profit in the 
same period of 1977. The divi- 
sion will make a substantial loss 
for the year as a whole. 

Discussions with the unions 
about a major rationalisation 
programme for heavy trucks 
operations have been going on 
for some time. It could involve 
a further 1.000 redundancies in 
Continued on Back Page 
Drews Lane strike 
Pages 10 and 23 

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(hieeis ln nenre unless u-i- ../ise indicated) 

i- (frieeij jta pence unless o 

' WSES ■ 

; 1M. 

^^^^pbrtRwear ... ^54 

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JglScsj, ij 7 **!”!!!""!! is*. 


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tHatners' flfi 

i Ric&aidadris Wgxth. 45!iil 

r Riley (E: J.) 37 

■” Royal : Zn3nrance. ...SIS xd 
Saatchi and'Saalchi... 103 
Smith Dads. 29tf 

Stag Line . 

4 Sunbeam Wolsey - 

6 Tarmac ......... 

6 Unilever 

7 Walker (A.) 

4 Wolseley-Hughes 

10 BP 

7 Shell Transport 

a tie Beers Dfd 

+ g Hartebeest 

4 Kloof 

m RTZ 

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4 HK Shanghai 

4 Jartline Matheson .. 
8] Ayer JIiram •— 

5 Berjunlai 

•i Tronoh 

100 + 10 
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234 -r 7.V 

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£12 + 5 
493 +-22 
236 + 5 
2S2 + 6 

170 - « 
254 - 33 
189 - 18 
310 - 10 
210 - 5 
210 “ 10 

European oews 2,3 

Overseas news v 4,5 

American news .. 3,4 

W'orld trade news 6 

Home news~-geoeral 7,8 

—labour Hi 

Parliament 10 

Iran's economy comes 
down to eartb with a 


EL's crash coarse at Drews 


Red noses in tbe 


SL Vincent moves 
smoothly to independ- 
• ence 

Management page 12 

Technical page 11 

Arts page 21 

Leader page 22 

UK companies 24,27 

Mining 27 


Moral dilemma for South 
Africa 5 

New Zealand: Aquitaine 
offshore drilling revives 
100-year dream 3 

Support for a flagging 
Italian giant 12 

Film and video: Hazards of 
doing It yourself 14 

International companies... 28-31 

Euromarkets 28, 30 

Money and exchanges 33 

World markets 36 

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

Hong Kong interest rates: 
Banks give way under 

new pressure 30 

New French company goes 
in for street lighting ... 32 
EEC threat to Northern 
Ireland P>8 Marketing 

Board 37 


Portugal and the EEC ... 15-20 


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European opsifltu ... 

FT-Actuaries Indices 38 

•Iotas Ceitunn 33 

Letters- 23 

Lux 42 

Lombard 13 

Mcc and Matters .. 22 

melon to 

Stare Information... - 40. 31 

Today’s Eveats 23 

tv a«d Radio to 

Unit Trans 30 

World Value *r E .. 33 


Unilever 25 

Comm. Union A race. 25 

C. E. Heath 25 

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Harr I soo & Craffld. 27 

Ciis Invest 27 

Pritchard Services 27 

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Sy R?jer 5oyes 

HUNGARY ha? devalued the 
forint gainst sis "West European 
urrcnc'es and revalued it by 
;> per cent against the U.S. 
i- • j f ’ a r. The devaluation is 

-nrmvntly aimed at making 
il'igcarian ^pods more competi- 
; ].o jo thn vital West European 
■ vjrk!‘i? and the Increase in the 
v iVinl/colliir rate reBects the 
.inv/mvard trend of the dollar 
in v.oriij markets. 

< According to an announce- 
:iiCTu by the Hungarian National 
' !? io“'k. the forint was devalued 
r. ti nor cent against the D-Mark. 

■ he- Belgian franc, the Dutch 
ruiMer. the Luxembourg franc, 
.'iJV! The Austrian schilling. The 

w js devalued by S per 
\rrt acjinst the Swiss franc. The 
'• v.-hangc rates for sterling, the 
•-•en<-h fr. nr. the yen and the 
i - -. :an l«ra were not chanced. 

One of the more immediate 
*fftT!. c or the devaluation is ex- 
r '.clod to be 3 further boost io 
■ i'-uricni from ifce West which has 
■.■ser«?3*ed rap'dly over the past 
f rv year?. The devaluation of 
she forint against the Austrian 
fcivilsrig is likely to be an addi- 
’n.nyl inc?gt:ve for Austrians to 
hrpiij;' jr. Hnnsary. when visa 
regL'sticas are lifted next year. 

To ?r- rnrerview. Dr. Janos 
i~v ■i'. ic.'.ty president of the 

H.’i:'jv.:.r. national bank, said 
. o » : de-ala in g the forint 

n .,; it-c hud currencies, " we i 
•.■.me nidke our foreign trade, 

■ i r re??,*. led in reducing! 

'■ 'V-v We want them 

* t r •'»"> goods for dollars, 
’•■acre Ihi- !• possible. 


UK could become top contributor 


mniMrariai cow TAINED in a tion and a sharp fall in fte net attempt to analyse the budget In drawn from customs duties on 
h? SJatiri* th,. ■ 3 i? iH L rt West German contribution, by terms of net ‘contributors and imports from third countries, 

UM ® r ‘iy" K h ' 1 • h 5- WSO.. recipients but there seems to levies on .irieultarel import 

tn flip rSSSSF ^ h °J bal “ ce 17,15 tTend was expected. But have been a marked shift of and 1 per cent of VAT from 
inir nfhp«* ***• “ 05t startling thing about opinion within the Commission member countries. Britain, as 

a major importer from non-EEC 
countries, pays almost as much 
as France and West ■ Germany 
into the EEC budget but recoups 
much less because most EEC 

any other member, are expected 
to provide ammunition for the 
UK Government in its fight to 
restructure the EEC financing 

The report is part of the “con- 
current studies*’ undertaken, at 
British insistence, to examine 
how weaker EEC economies can 
be strengthened to a point where 
they could live with the con- 

EEC budget 
under present 
restricted system, 
millions of EEC 
Units of Account 

Monetary System (EMS>. 

The report which was 
pared by the EEC ecot 

West Germany 





+ 171JW 







■f 286.05 





+467J3 - 



— 624.06 

— 7008.96 



+408 AO 





+49402 . 






+ denotes a 

net recipient; 

— denotes a net contributor. 

nine governments and the Com- 
mission) contains few surprises. 

Even the statistical tables 
annexed to it merely spell out 
the effects of the phasing out of 

transitional budgetary arrange- the teport is its presentation of a over 

Net transfers 
with unrestricted 

SiSofffic P L r £ P r!5£s« P use!t “P 10 ”»"*■ 

farming sector, gets less from 
this than most 

Under the Treaty o£ Accession, 
Britain paid only 45 per cent of 
its share to the EEC budget 
.when it joined, this proportion 
gradually rising to 92 per cent 
in 1977 and 100 per cent by 19S0. 
Statistics attached to the Econo- 
mic Policy Committee report 
indicate that Britain’s per capita 

. _ the past few months, contribution ros efrom around £2 

tnents to limit the contribution detailed breakdown of Com- culminating in its Green Paper, a year in 1973 to around £ 8 now, 

of the UK, Ireland and munity financing in terms of published last week, which and will reach £15 by 1980; 

Denmark In the early years of national gains and losses. The argues for a more direct relation Germans will pay £9J5 by 1980 

EEC membership. EEC Commission, let alone those between budget contributions compared with just over £14 now 

That is, they indicate a sharp countries receiving most out of and ability to pay. while Danes will, by 1980, 

rise in the net British contribu- the budget, has long resisted the EEC budget "revenues are receive £65 a head! 

Jenkins warns of a 6 two-speed Europe’ 


BASLE, NOV. 13. 

- f i 

: r • n t 


r. :t? inipon .side. the same; 

r-.’^ns i hr«v product* pur-, 
■d for hard currency will’ 
"a mr-re expensive, so thei 
"a til have to he more! 
in cb nosing their sources' 

•'•r; -. 

h P 

•3 reported by the 

r arvr: r.?:v- . agency. ' MTI, 
i r nr centra led effort by[ 
ic. make foreign trade 
r.l*‘a‘ior;? more effective and 
• r^sp.'.cs'.ve to price move- 
■ in ‘he West. Earlier this 

IN A CLEAR reference to British still far from certain, but was tbe duration of the short-term bank governors at their meeting 
hesitancy over joining the pro- well within the EEC’s grasp. Mr. financing central banks can draw here, however, was whether the 
nosed European Monetary Jenkins told a meeting of the on to back their exchange market support measures would be 

/irjuci \Tr Pnv w- in? Pa ^ le Sociei 3' fnr Statistics and operations, and increasing the adequate to guarantee the U.S. 

.si stem (LMJjI Air. t.o> joifciw. Political Economy. amount of short and medium currency’s stability beyond the 

President of the E^C Commis- Mr. Jenkins held luncheon term credit available from lObn short term, 
sion. warned here today that a talks on Euroncan monetary European units of account (uaJ On a public level, the West 

“two-speed Europe” might plans with central bankers from to 25bn ua. ~ German Bundesbank, in particu- 

develop if all countries did not mi| J or industrialised countries. Mr. Jenkins emphasised that lnr. has been anxious to show its 
jnin at the outset. gathered hero for a meeting of the emergence of u European support for the Carter package, 

. . , , ihe Bank .or International Settle- Monetary System was not especially the option to draw on 

Tnis might become a three- ments (SfS> directed against the dollar. Tbe foreign-currency borrowings. Pri- 

speed Europe.” when the Com- in his address. Mr. Jenkins U S. currency would retain a vately. however, there was still 
munity was enlarged, and “the said that be believed that argu- leading role in the in fern alio nal a g 00t j d ea ] of uncertainty as to 
very sense of a C.onvnunity meat aver the obligations which system, although in ihe future the dollar’s future. The prospect 
would be imperilled.'' Blame countries would be under to keep responsibility might he more nf a stable dollar, bankers 
would fall not only on the currencies in line in the new widely shared with the European believed, would add greatly to 
country or countries opting out. system could be resolved in the currency unit and the Japanese the chances of a successful 
hut also on other members for near future. yen. At the same tunc, he we l- European system, the details of 

not being flexible enough id their Q a the equal!" controversial coined President Carter’s recent which wiU come up for further 
proposals. point of li/w extensive credit package of dollar support discussion tomorrow in a 

Success for a new jevstem. due arrangements should be. Mr. measures. separate meeting of EEC bank 

to be launched on January 1. was Jenkins suggested lengthening The question facing central governors. 





the West German Economics 
Minister, has suffered a personal 

rebuff from bis fellow members 
of the Free Democratic Party 
(FDP), when he failed to . win 
election to the party’s presidium, 
its highest deliberative -body, 
writes Adrian Dicks in Bonn. 
Instead, the party’s . annual 
conference at Mainz v*bted - for 
Herr Horst-Juergen Lehmann, the 
head of Bremen state -party; as 
part of what appeared to most 
observers to be a distinct swing 
to the left - . l. .. 

Count ' Lambsdorff, - plainly 
piqued by his defeat in a straight 
contest, declined to stand far, the 
larger party committee (voistand), 
on which he has in any case an 
ex-officio place as a member of 
the federal cabinet 

Herr Hans-Dietrich Genscber, 
Foreign Minister and ' leader of 
the FDP, bad no difficulty in 
winning re-election to his' post 
But one of the mam winners', in 
tbe committee - voting whs Fran 
Ingrid Matthaens; an articulate 
and forceful member. - ofVthe 
younger generation . iar' the 
Bundestag who plainly benefited 
from the liberals' restlessness 
with the essentially .traditional 
policies identified with Const 
Lambsdorff and the right of the 

Journalist charged oyer 
Mesrme interview/- 

freelance French journalist 
who interviewed France’s public 
enemy number one, ' - escaped 
prisoner Jacques Mesrine, was 
indicted yesterday, for. complicity 
in sJ or lying crime, murder _-and 
theft, AP reports from -Parik.' The 
charges against Isabelle de Wan- 
gen. wife of MesrineTr attorney 
M. Jean-Louis Pelletier,' stemmed 
from the publication, of the inter- 
view In a July edition of the 
French magazine Paris Match. 
According to police, - she met 
Mesrine at a fiat In Paris, though 
she earlier claimed to have been 
taken, blindfolded, to a rendez- 
vous with him in tbe country.- 

Portugal’s President 

visit to Britain 

•’ S-t' 

by jimmy burns 

EEC tanker proposals 

The European Commission has 
proposed rules aimed-at avoiding 
oil and chemical spills by 'tighten- 
ing control over tankers sailing 
to Community ports. AP xe ports 
from Brussels. The Commission 
proposals, .scheduled, foe debate 
by Transport Ministers next week, 
include a requirement that ships 
file papers before their, voyages 
similar to 'flight plans required of 
aircraft 03. gas and chemical 
tankers of more than X.6Q0 gross 
tons would be required -to. give 
advance notice of their ports of 
call, as well as details of their 
cargo and the estimated time of 
arrival. They would be oblige ct 
to stay in constant radio contact 
with port authorities and radar: 
stations. \ V r 

• i.. 

Swiss unemployed ; . 

The number of unemployed- • in 
Switzerland rose 14.5 per cent in 
October from a month earlier, and 
was up 95 per cent from October, 
1877. AP-DJ reports from Borne. 
At the end of October, a total of 
9-265 jobless were reported, up by 
1J75 from September and by 723 
from October last year. Some 
0.3 per cent of the Swiss work- 
force was out of work. 

Executive Directors of the International Banking Group from around the world are: John Dunlop, Joseph Galaika, 
James Hildebrand, Warren Hutchins, Milan Kerno, Harry Martin, Richard Milesjoseph. Olive^'Rirhard R-ihntin, 
Gerard Trondn and Stephen Wilber ding. 

Shipboard walkout 

Crewmen aboard a Singapore- 
registered freiglner docked in 
Amsterdam have halted i«ork i n 
a bid io win more pay and better 
working conditions, the Dutch 
seamens union told AP. Some 
25 deckhands and officers aboard 
the Tropwind. which is owned by 
the Navicoh Shipping Company 
of the XJ.S. but sails under thi? 
Singapore flag, began the walkout 
on Sunday evening. The captain 
and other non-striking officers 
are Polish, while the majority of 
of the strikers are Filipino. 

PRESIDENT Antonio RamaUxo last year. The export figure 
Earns of Portugal arrives in Lon- represents nearly Wf per’ ce^t of 
don tomorrow for a threoriay total Portuguese-expqm,'-; 

State visit to Britain Portugal's The, President-'^ wrir : 
oldest ally and its major trading certainly voice, - 
partner. cautiously, the- concarn f^tt by 

The trip has not come at the Portuguese . '/officials ' over 
most convenient time Portuguese Britain's .. ■ rwently ; imposed 
officials admit It was arranged restrictions on umporttf of Portia 
months ago. while Dr. Mario guese .textil.», whlch. account lor 
Soares was Prime Munster Md 30. per cent- of .total /po rtqgues* ; 
before the collapse of the exports. ',' . ' " 

Socialist-Conservatives alliance More poslthre1y; tije^Presideat 
in July led Portugal into, its will reassure the British ' 
present political limbo. despite the^ ' '■.stabilisation'' 1 :.-pr»:' 

During his London visit Presi- gramme inspired by jiater- 
dent Eanes leaves behind him national MbnetijillyT: 
in Lisbon his Prime Minister Portugal Will :need to /draw 1 6a^ ; 
designate. Sr. Carlos Mota Pinto, British exports - vritlrin ' -th e 
who is still trying to form An medium- -and long4eyn^ tgr^eh> 

administration after nearly three its general ecoriomie^des^ojv 

weeks of talks. ment Trade- offictalr hexe' nOte" 

Because of the political the- important ■relerjUafc&aj^ - 
vacuum at borne, the President, mining- equipment/ iould/^iiay 
also - leaves behind him the one® a " future- Portuguese, 
travelling troupe of Portuguese Governme nt ha s .gjvep the .green ’ 
businessmen and bankers who light to Portugal's' natioiral steuL 
accompanied him on a state visit plan. . . ",i .r- - 

to BraziT earlier this yeaT. ' The .plan, flm ‘dfawn-'tq> in 

Ironically, one of tbe few January 1977, envisages, some^ 
people who will be accompany- |700ra .worth /"Portuguese 
fng the President is Sr. Correia Government myesflaent Jit/tha 
Gago the present caretaker exploitation of Portugal's- slze- 
Foreign Minister, who Is likely able mineral depoaiis. .-Auteur- 
to be dropped from bis post tural machinery-:.^} t^ecom-. 
when Sr. Mnta Pinto has formed municatlons also, feature^atnoni 
bis Government the British exports- knownto be " 

Despite the handicaps, how-. of interest to Oie Portugiaise,. ' 
ever president Eanes - is expected In talks with Britain'g.fniiif^fy 
to make the best of an. ostensibly, chiefs of staff, :tim ^reshfesQ# 
tame visit. is chief of the Partuguese^aned 

Primarily he will seek to forces, w.iU reaffira hIs,rtHmj^.- 
assuxe British political leaders went . t° NATOv ,msmSerriiip- 
and businessmen that .his. while insisting qh . Por^j^ai'g -; 
country is not on the way back need of. 'more; .. sophisticated ■ 
to chaos but rather well on the: weaponry. _ President -Babes-, is ^ 
way towards responsible mem- lcnown t.o ''reflect L thc:feaHM of ., 
bership of the EEC as a consoli- the Portuguese TRgtr 1 Cwn^apd;' 
dated parliamentary democracy, that NATO .support^fis -pM/es ' 
Britain, is among the few forthcoming as It toigh^ 6ep aid,- 
European countries to have his army is, too .often^pahn^f.bff-r ■ 
remained constant .in its -sup- with second-ban d-gqnipBiStttvv .-'/ 
port for Portuguese entiy into Sr..; Eanes considers :U£<»jjiiP- 

the Community, largely on “ poll- _try tq be- a- strategic i -area 
tical grounds. ” is essential for NATO's . defeipa,-;^ 

Although no trade agreements given its potential controrirf.tjjer.'-- ; 
or contracts will be signed Atlantic routes ■ and tfie 
during the visit. President Eanes into the Mediterranean. In^fiat ' 
is expected to discuss ways of respect, he would also - UftatO Mle 
improving Portugal’s already his navy 1 bolstered by ^NATiff ad. . 
substantial trade with Britain, and. the purchase of British 
In the first nine months of this frigates. ’. .... ' 

year, Portugal exported £190.9m As a GeneraLPreeident-Eaiw' 
worth of goods to Britain and knows well lhaf the. best way. to 
imported £224m worth, respec- keep the. military/ out of polifies - 
tive increases of 9.6 per cent and is by giving it the equipment it - 
2.1 per cent over the same period needs.' . ' / •. 7.7 . 

y ■- ■ 


V _/C 

• . 




Lower Spanish inflation forec^ 


TORELL, the Economy Minister, 
said he believed Spain could 
reduce ns annual inflation rate 
to 10 per cent by the end of 
next year, from 15 per cent at 
tbe end of this year. . 

‘-We maintain it is possible to 
arrive at, the end of 1979 with 

inflation around lO per cent, f &*f 
is. five points less than. the. rate - 
with which we will close I978, n 
he told the daily newspaper Ya. 

“We belicfye this is possible 
with growth of between 4} and 
5 per cent which will begin to 

t en era te .new jobs,” he added. 

eater. . 

=*- • 

2 ': -. 

Genscher shooting 

Police were searching yesterday 
for an un identified man who fled 
after exchanging shots viith a 
guard outside the Bonn residence 
of Herr Hans-Dietrich Genscher, 
the West German Foreign Mini 
ster, AP reports. 

Y ^nlike any other banking institution in the world, 
vL^'the Merrill Lynch Intemationai Banking- Group 
offers commercial and investment banking services in all 
the international capital markets outside the U.S., plus 
direct access to long-term capital in the U.S. 

This unique intemationai banking capability, coupled 
with Merrill Lynch’s worldwide securities distribution 
and trading power, was no doubt decisive in helping the 
Group achieve its solid record of growth in 1977. 

International public issues: $2.8 billion 
International public issues managed or co-managed by 
Merrill Lynch amounted to $2.8 billion in 1977 versus 
$2.2 biilion in 1976, an increase of 25%. 

The total financing Merrill Lynch helped arrange for 
corporate or governmental clients in the U.S., Canada 
snd worldwide amounted to over $30 billion in 1977. 

Syndicated bank loans: $13 billion 
Supported by a substantial increase in capital resources 
devoted to banking, we managed or co-managed $L3 

billion in syndicated bank loans during 1977, a notable 
increase over the $140 million of managerships in 1976. 
Commercial loans to corporate and governmental 
clients grew from $63 million in 1976 to $204 million at 
year-end 1977. 

Moi in Paris 

Kenyan President ■ Daniel Moi 
yesterday started his first foreign 
visit since taking office by sound- 
ing out French views on ending 
the unrest in the Horn of Africa" 
Reuter reports from Pans. He 
wiU spend three days talking 
to President Valery Giscard 
d’Estaing. Prime Minister Ray- 
mond Barre and Foreign Minister 
Louis de Guiringaud. Meanwhile 
Hungarian leader Janos Kadar 
starts his first visit to France on 
Wednesday in a move to forge 
closer political and trade links 
between tbe two countries. 

Eurodollar securidestrading: $3.25 billion 

In 1977, Merrill Lynch’s International Banking Group 
trading volume in the Eurobond secondary markets was 
62% greater than 1976. ; 

Mergers and acquisitions 
The Group’s contacts make it an important source of 
merger and acquisition candidates around the globe. 
Merrill Lynch assisted in 47 projects involving mergers, 
acquisitions, divestitures^ tender offers in 1977. 

Yugoslav export bank 

The Yugoslav Bank for Inter- 
national Economic Co-operation 
will begin operations next year 
Mr. Zlatko Mursec, Deputy 
Federal Secretary for Finances 
told AP-DJ in Belgrade. The’ 
bank, set up by an agreement 
among the six Yugoslav states and 
two autonomous provinces, is to 
provide export credits and finance 
investment abroad. 

ill Lynch 

Arab UNESCO plea 

Twenty Arab nations urged 
UNESCO’s general conference 
yesterday to renew its condemna- 
tion and continue its sanctions 
against Israel for Its archeo- 
logical excavations In Jerusalem, 
AP reports from Paris. The Israeli 
Ambassador strongly denied Arab 
allegations that Israeli excava- 
tions were endangering Islamic 
historical monuments. 

Merrill Lynch 

International Barring Group 

Merrill Lynch International &Cb-, Merrill Lynch International Bank Ltd-, Merrill Lynch Fierce Fenner & Smith Inc, Merrill Lynch Government: 
Securities Inc, and Merrill Lynch Royal Securities Ltd are members of the MezriELyndi &. Gx, Inc. group of companis. 

Affiliates in: Amsterdam, Athens, Bahrain, Barcelona, Beirut, Brussels, Buenos Aires, Cannes, Caracas, Dubai, Dilsseldoifc Frankfurt, Geneva, 
Hamburg, Hong Kang, Kuwait, London, Lugano, Madrid, Manila, Milan, Montevideo, Panama City, Paris, RomgtRoaeidan v SSo Paulo, Seoul, 
Singapore, Sydney, Taipei.’Ibkyo, Vienna, Zurich, joint v ent ure in Tehran — Iran F inanci al Services Co. 

Dublin accused 

Mr. Michael O’Leary, deputy 
leader of the Irish Labour Party 
who has claimed a million mao 
days could be lost this year 
because of strikes, says much of 
the blame must rest with the 
Government writes our Dublin 
correspondent lYie Government 
refusal to intervene in disputes 
its abolition of wealth tax. and 
Its failure to construct a fair tax 
system, bad. all contributed to the 
present climate, he said. 

FmiTOAL Tons. pubBs&ed dally except 
Sundays *M holidays. U-S. aatecnptloo 
5C05.OO (air frclsttl $362.00 islr mull 
i per annum. Second dan postage paid at 
New York. H.Y. 



’-.-■'a . 


■ ■olp'i:',.. 


- riy 

Since gas now supplies 26% of all the heat 
' used by British industry the sensible and 
economical use of this vital resource is of -/ 
plimiaiy importance to the natioiLThus, the ' ^ 

. - Gas Energy Management awards, were instituted 
in 1976 to demonstrate the soitof savings that 
• can be achieved. ..... 

'^.iy - . 

Look out for the winners! 

The finalists in last year's competition saved 
- between them enough gas to supply atown the 
size ofDoverfora year. 1 Thisyea/s winners, 
■will be announced soon-look out for the * 
results. And if you want to find out moreabout 
how you can save gas i nypwr business, write to 
. . British GasTechnical Consultancy Service. 

326 High Holbom, London WC1V TPXiVlakeit 
your business to save eneigy-get together 




Save Gas -Save Money! 


. y .x •' 

.- :/ ~r.' ■ 



noses in the Beaujolais 

THIS ' YEAR'S-:, :Beaujci|ais. 
Nouveau which tytil be-’availkWe 
from Wednesday orn^WUs; is. not 
only pretentious and amusing, 
but has robhet Champagne of its 
traditional sparkle. . 

WhatBeaujofeis has 'gained od 
the swings. Champagne; has... lost 
bn the roundabout®.: The " dry 

• Indian .sumraferl- ;Ms produced: 
what even’M. Iwfflbnd 'liifire, 
th.e ; Prime Minister. who: is not 
exactly famed for looking on the. 
brighr side ■ of things, ■ described 
during a recent ly isit- -tp : ; the 
Beaujolais vineyards ' as. 
excellent vintage” But the Wet 
weather which. , preceded .. the 
' sunny’ autumn h as; pi ayed havoc 
with the. bubbly, grape, shrinking 
bunches to only a shadow of their 
normal . selves. • r • 

The vinegary liQpid .Which . wa$ 
last year passed. - a£ new 
Eeanjolai^ and: whir* 
merchants -felt needed >t<K settle 
a bit," has “been succeeded by a 
royal, fruity bee tar-billed as .the 
finest since the a great 1962 
vintage, 7 .Winegrowers estimate 

that some 250m bottles will be 
produced, this year, which, means 
that a slightly bigger proportion 
than, usual of drinkers will 
■actually , imbibe the’ genuine 


Owners of small ■ petrol 
stations ' , . throughout France 
- began a week of protests yes- 
terday -against government 
-measures allowing price cuts. 

-• Reuter reports from Paris. The 

■ garage owners; complained that 
the measures, allowing cuts of 

■ l£ centimes a litre (about 12 
-cegts. a gallon) favoured . big 

''stations, - white small country 
'garages were: still forced to 
•' charge the fuD price. In the 
. A udei department, tn the south- 
west. owners of some large 
stations said sugar had been 
:poured;.\- in to ' their petrol 

article— JUt-. everybody knows, 
much more Beaujolais is sold in 
the world .than is ever produced 
in the tiny region. 

Miracle of miracles, the good 

harvest has iadm-ed even French 
winegrowers to reduce their 
wholesale prices by some 5 per 
cent, bui. as usual, good reasons 
have been found for not passing 

reservoirs, making the fuel uti- 

(^Wc. In the port of Lorienl.- 
,n Brittany, pumps in Eve big 
stations were damaged. 

The Communist-led Con- 
federation Generate de Travail 
(CGT) trade union grouping 
has called a- general strike 
tomorrow. But the Socialist 
Confederation FraneaLse cl 
Ueniocrati(|Ue du Travail 
(CFDTj and the more middle- 
of-the-road Force Ouvriere 
ha>e said they will not lake 
Pari, although members of 
•heir unions are participat- 
ing in other strikes. 

on the reduction to the consumer. 
The prices of bottles and corks, 
to sav nothing of wages and 
transport costs, have risen by so 
much, that wine merchants claim 

• they will be making a present to 
their clients by seflins the new 
beaujolais at roughly the same 
price as last year. 

While noses are red in the 
Bcuujoiais. cheeks arc wan in the 
Champenois, so much so that the 
Champagne industry's committee 
has Felt obliged lo publish a Long 
communique explaining the 
Waterloo which has overtaken 

the "region. 

Not that there is anything 
wrong wiLh the quality of ibe 
Champagne grapes. Ah, non mon- 
sieur. Their alcoholic content 
and their acidity is considered by 
the experts to be “very honour- 
able.'’ But honour in this 
materialistic age is not what it 
used to be, and the quantity of 
grapes harvested this year ‘has 

been frankly disastrous. 

According to provisional esti- 
mates. only some 570.000 hecto- 
litres have been produced, no 
more than about a third of the 
average harvest in the past three 
years, one hesti tales to translate 
this figure into bottles, for fear 

of causing heart attacks among 
the most ’sensitive readers of this 
newspaper. Only about 75m 
hollies, company v.iih 170m in 
1977, will reach the merchants, 
obliging everyone to see double 
when they drink the much-prized 
ildid next > e ' jr - 

Naturally, retail prices will be 
affected by the IS per cent 
increase in the price of the rare 
champagne grapes!, it i s little 
comfort to learn from the dis 
tinguished Champagne commit 
tee that the price of Champagne 
to the consumer has not, in fact, 
kept pa ce with the general 
increase in the cost of living. 

“ Certain nrudent readjust 
meets have already taken place 
or should occur during the next 
few months." ii has coyly 
announced. Which just goes tn 
show that when the wine is good 
and plentiful, you are stung for 
the corks, and when it is anaemic 
and in short supply you are sub- 
ject to the normal law of siiDnly 
and demand." •* A la voire. Mes- 
sieurs et Mesdaraes." 

Protest vote expected as 
Brazil goes to the polls 

A confidence in Poland next week poses a crucial test for Britain’s miners’ union. Anthony Robinson reports on 

■ INTERNATIONAL miners 1 . . fTll j £• 7T| *H • • letter, reminded him that ati 

Ine late ot Vladimir 

i, hf-com- w^/ A Y mAia. M ft M ■ H. new. and insisted that "S' 

AN : INTERNATIONAL miners 1 , 
safety conference -at the Polish 
coal mining centre cf Katowice 
next week- now looks Hke becom- 
ing - a major test case of the 
British National Union of Mine- 
workers’ CNUMJ readiness to 
honour a TUC comamitraent to 
support free trade unions “ any- 
where in the world " and to con- 
demn psychiatric abuses. The 
commitment was • made at the. 
TUC Congress in Brighton in 

— The point at Issue concern s.tbe 
fate of Mr. Vladimir Klebanov; a 
former coal miner, add other 
members of- the so-called “Asso- 
ciation of Free Trade Unions” 
formed eaxlaeT this year in pro- 
test a^aanst the 'alleged, inability 
or □nwilHogness of the' official 

■ Soviet unions to safeguard the 
legitimate rights of their mem.- 

■ here. 

Mr. Joe Gormley, leader of the 
eight -man delegation from the 
National Union of Muieworkers, 
goes to Katowice committed to 
raise the matter “informally” 
with his Soviet counterpart, Mr. 
Yevgeny Yefremenko. But a 
minority in his own executive, 
and Amnesty. International arc 
pressing for a march more, deter- 
mined effort: to investigate- both 
the psychiatric state, of '. Mr. 
Klebanov and others -and the 
situation behind the fonnation of 
•• free trade unions ” du toe -Soviet 
Union.. ’ . 

Throughout Eastern. Europe, 
including the Soviet Union,, an 
effort is being made to raise 'pro- 
duction of coal and lignite. Mach: 


of the effort is going into the 
exploitation .of vast open-cast 
coal and lignite deposits like 
Belchatow . in Poland and 
Ekiba&uz and Kansk-Achinsk In 
the Soviet Union. Poland, 
Romania and ^the Soviet Union 
are buflding- many new deep 
mines equipped' with the latest 
automatic 'machinery and safety 
devices. A concerted effort is 
also under way to raise produc- 
tivity ui older mines. 

The attempt to squeeze ever 
greater output out.. of existing 
mines - frequently has been 
accompanied by higher produc- 
tion norms and heavy compul- 
sory overtime which on several 
occasions . has provoked strikes, 
and complaints against exploita- 
tion and the willingness of man- 
agement to turn a blind eye to 
safety regulations and proper 

One of the biggest protests was 
two years -ago in the Jiu valley 
mines of Romania, where.striking 
miners openly abused President 
Nhsolae Ceasescu for. the condi- 
tions which had led them to 
strike. • 

Polish miners too hs^ve pro- 

Polish miners too .mpre pro- 
tested against compulsory over- 
time. particularly Sunday work- 

ing, and their protests were 
taken up hy the Polish Bishops. 
Now the whole shift system is 
beina drastically changed with 
the introduction of tour six-hour 
shifts every day with miners 
working sis shifts per week. 

Under this system the mines 
work 24 hours a day seven days 
a week. Miners have one 
guaranteed day off per week, 
although they only have one 
Sunday in seven at home. 

The event which drew Inter- 
nationa! attention to working 
conditions in Soviet mines was 
the formation last January of 
the 200-strong Association of 
Free Trade Unions which was 
announced to the foreign press 
in Moscow by Mr. Klebanov, an 
ex-miner and pithead shaft sup- 
ervisor in the Donbass coal 

Mr. Klebanov tu/ned up after 
what he claimed were four years, 
in a mental hospital and a total 
of ten years unemployment fol- 
lowing dismissal for refusing to 
send miners down the pit with 
faulty safety equipment and for 
resisting management demands 
for excessive overtime. 

It was the formation of this 
free trade union in protest 
against the alleged unwilling- 

ness or inability of the official 
unions to safeguard workers* 
rights which concentrated the 
attention of western trade unions 
generally on the alleged abuse 
of workers' rights in Eastern 
Europe alongside the more tradi- 
tional targets in Iran, South 
America, and elsewhere. 

The NDM. in particular, which 
had already investigated the 
abuse of workers' "rights in 
Chile and Bolivia in consulta- 
tion with Amnesty International, 
came under pressure from some 
members of the national execu- 
tive to take up the Klebanov 

With considerable reluctance 
Mr. Joe Gormley, the union 
President, sent, a letter and 
accompanying press clippings re- 
lated to the Klebanov case to 
the president of the Soviet 
Union" of 1111 ne workers. Mr. 
Yevreny Yefremenko. asking for 
clarification 'of the situation. 

After three months' delay, Mr. 
Yefremenko s reply was received 
and subsequently accepted by a 
16 to S vote in the national 
executive. Mr. Yefremenko 
started by denying having had 
any knowledge of the Klebanov 
case until il was brought to his 
atienlinn by Mr. Gorin ley's 

letter, reminded him that attacks 
on the Soviet Union by the 
"bourgeois press’* were nothin? 
new. and insisted that “ Soviet 
miners are quite satisfied with 
the trade union they set up at 
the dawn of the Soviet Stale.” 

As for Mr. Klebanov, Mr. 
Yefremenko said that he had 
been declared an invalid afLer 
receiving an bead injury, was 
receiving a partial disability 
payment anil a pension greater 
than the maximum coat miners 
pension and that he had been 
offered several jobs, all o£ which 
he had turned down. 

Amnesty International, how 
ever, which received a copy of 
the letter unofficially before the 
vote was taken, strongly con 
tested the truth of these state 

Amnesty maintains that, far 
from being a privileged pen- 
sioner, Mr. Klebanov, since 
announcing the formation of the 
Free Trade Union, was sent first 
to a psychiatric hospital and then 
to prison to await trial. He was 
not present at the trial and 
neither the charge nor the ver- 
dict are known to him. according 
lo his wife. Following the trial. 
Mr. Klebanov was transferred to 
the special psychiatric hospital at 
Dnepropetrovsk where he still is. 

In view of the evidence in its 
possession Amnesty wrote to the 
■YUM -secretary. Mr. Lawrence 
Daly, to suggest an investigation 
of the Klebanov ease “perhaps, 
as in the ca-c of Bolovia. hy the 
NUM paHicinutina in an Amnesty 
dolesarwp =!• interview him and 
all ml!erSjre'.C'\E.nt persons." 


ON NOVEMBER 15 Brazil's 
■Win registered volers go lo the \ 
polls to choose deputies to stoic j 
assemblies, the national congress < 
and two thirds or the senate. The j 
remaining third of Brazil's t 
senators are appointed by the j 
central Government. # I 

The election results will take* \ 
several days to come in from far- 1 
outlying areas in this country of j 
over 3.000 municipalities. Once 1 
they are collated the public will I 
know whether President-elect 1 
General Joao Baptista Figueiredo I 
must face an opposition majority 
in congress — and how he intends t 
to deal with it. a 

Voting Is compulsory. The r 
44m Brazilians who are either * 
literate or over the age of 18, i 
of a total population or nearly 
120m, must cast their ballots t 
either for the pro- Govern meat a 
party Arena, the legal opposition t 
party MDB (Brazilian Democratic 
Movement) or leave them blank. 

The election campaign began 
on September 15. operating 
within the strict framework of 
a Ministry or Justice law passed 
in 1974 after a heated campaign 
and substantial MDB gains. 
Under this law. candidates arc 
prohibited from making political 
speeches on the broadcasting 

Thus, in principle. Brazil’s 
electioneering propaganda is 
restricted to two hours per day 
of free air lime for both parlies 
which, on television, display still 
photographs of candidates and 
run tapes containing brief, 
innocuous biographies read by an 

In practice, political speeches 
have been aired on the media: 
not by candidates but by General 
Figueiredo and outgoing Presi- 
dent Ernesto Geisel. This indirect 
pro- .Arena propaganda has 
recently acquired particular 
significance after Luis Carlos 
Prestes, former head of the (now 
illegal) Brazilian Communist 
Party issued a manifesto in t 
Paris urging the Brazilian people c 
to vole for the MDB as the “ only c 
way to bring democracy to t 
Brazil.” , t 

This appeal was seized on by t 
President Geisel and President- ( 
elect Figueiredo. louring the 
country on Arena’s behalf under j 
a barrage of TV cameras and £ 
radio microphones, as an c 
indication that the MDB was t 
” infiltrated by Communists." The r 
accusation was repudiated by j 
MDB leaders who stressed that 
the sirivt requirements for t 
qualifying as a party member ? 
would preclude entry of any t 
Communist into the party’s t 
ranks. 1 

The MDB is expected to sweep 
the board in Brazil’s most 
prosperous, industrialised stales. 
Sao Paulo and Rio de Janeiro. 
It is also expected to win in the 
thriving agricultural and 
partially-industrialised- state of 
Rio de Grande do Sul and do 
well in other southern states. 
Even in the traditionally pro- 
Arena North and North East, 
backward and poor areas where 
local politicians lend to come 
from ruling families. MDB is 
likely to improve its showing. 

This is not so much because 
the Opposition party has offered 
a concrete, alternative platform 
or has a homogeneous image, 
but because of the likelihood of 
a widespread protest vote. 

The issues or greatest concern 
to the people of Brazil in 1978 
are the high cost of food, rente, 
transport and other essentials, 

President-elect General Joao 
Batista de Figneiredo 

the low minimum wage, the 
overcrowded, crime-infested con- 
ditions of Brazil's cities and 
the insecurities of rural life. But 
these questions are rarely 
touched upon by election 

Instead, the rallying cries 
have lingered on accusations of 
corruption in high government 
circles— all denied— and. often, 
quirky personal promises like 
retirement for men at 35 and 
for women at 30. 

Most of those waft far above 
the heads of the average voter. 
Most citizens say they will vote 
because they must — otherwise 
they face a fine that exceeds 
their monthly earning? — not 

because they have strong 
preferences for either party. 

Much of this apathy emerges 
from Brazil's artificial political 
party system: Arena and MDB 
were created 10 years ago as a 
catch-all for civilian politicians. 

So loose is their structure 
that it is often possible to find 
stringent! y-democratic, reformist 
members of Arena and markedly 
Right-wing members of MDB. 
Above all the two groupings 
reflect Brazil's ancient tradition 
of personalised, elitist politics. 

There is a new factor in 
197S. however. General Geisel’s 
willingness to soften the 
arbitrary powers of the military- 
technocratic system has led to 
an outspokenly free Press whose 
mass circulation is rising and 
influence growing. 

The public itself is more prone 
to criticise, no longer fearing 
harrassment or arrest For un- 
patriotic opinions. Business- 
men and unions are learning ;o 
deal directly with one another 
without Government patronage 
or protection. And, in the more 
sophisticated urban centres, at 
leasr. the wish and will to assert 
individual or group aspirations 
has become more marked. 

Environment protection groups 
and other forms of protest move- 
ments have swelled in recent 
years and people are gradually 
moving away from the habit of 
expecting and allowing local 
patrons or national government 
to determine the course of their 

Furthermore. General 

Figueiredo has indicated that, 
quite early in his si*-year term, 
which begins on March 15, 1979, 
new, multiple political parties 
will emerge. Thus, the 
November 15 elections, binging 
on the obsolescent concept of 
Arena and MDB are, to a great 
extent, a transition towards a 
further, more radical transition. 

The General has softened his 
tone since the early days when 
he emerged front his former 
position as head of Brazil's 
intelligence service, and said 
that an Opposition victory in 
November would cause him to 
“ blow up.” In subsequent public 
pronouncements, be has confined 
himself to saying that it ** would 
be easier if Arena won.” 

Brazilian politics are often a 
question more of rhetoric than 
of content, subliminal messages 
delivered Lo one group or another 
while the majority of the public 
remains outside the closed-circuit 
dialogue. Nevertheless the ques- 
tion of a strongly anti-Govern- 
mem Congress exceeds the 
bounds of rhetoric, and only the 
sometimes-perplexed voter will 
provide the answer. 



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jet fighters 

By Victor Mackie 

OTTAWA, NOV. 13- ctVWABT nrunn- -■■-.’••r i ■ inv.v , 

THE CANADIAN cabinet com- BY srEWART RBfiNG ?! 

mil tee trying to choose Canada's president r auttti? t*,* 

‘into law a bit *&£, L «» new law wound 

President Carter signs 
law on banking reform 

Proposal to 
boost civil 

Further return to 

*r 1 k ’&hv«v* „ 

YORK, No?. 33, 

By James Buchan ■ 




TEHRAN; Nov. 13. i2s 

awarded next year. using the new electronic tech- So far as the regulation, of Thus, the new accounts which ment on the decision, said to be production was put by . the language newspapers nav^ of puUicly expressed f etUitgt 

Defence Department sources oologies in banks. banking practices is concerned, banks and savings ■ institutions contained m a secret White National Iranian Oil Company appeared for the past eight nays, against expatriate apTSeys Shd 

said today that the two aircraft The new law, the Financial the law gives federal bank are setting up in effect, to pa? House document issued last at 2.4m barrels, compared with though a number of small oreu- technicians > aow bring tzaps- 

will be McDonnell Douglas’ ver- institutions Regulatory and regulators powers to fine indi- interest on chequing- deposits, month. the peak levels of about 65m lation broadsheets are a Ltempuug lated into direct. actmfi. WorSeis 

sion of the/18 and General Interest Rate Control Act, 1978. viduals for hanking law. vio- wHI earn 5 per cent at both types The new programme, if barrels the country should be to fill the gap. , . of the. Tel^mmunicattons -Cov* 

Dynamics F-16. has emerged from Congress lations authority to remove bank -^'institution authorised by Congress, would achieving. v - ; ' The journalists^ stand is uemg pahy of Iran baraaded the com- 



happy with these choice. How- about some of the banking prac- soundness of a bank, and pro- ^fceita.biUty of a :bank customer pleted by 19S5. Spending on civil 
ever, the F-16 is a single-engine, tices revealed by inquiries: into hibits overdrafts to bank ihsiders - unauthorised - transfers defence last year amounted to 
lightweight fighter, and is the policies followed by Mr. - Bert arid limits loans to officers and ^t&KHtglT '1 automated teller $9(Jm. Improved evacuation of 

cheapest aircraft on the list of Lance. President- Carter's friend directors to 10 per cent of - a ^machines 'or . other ■ electronic civilians from big cities would be (that the Key technical staff are switch off their see employs about 800 expatriates 

six. and confidant bank's capital. ‘ -- V: ttansfer systems to S50. There the primary aim of the new pro- [not among them. Refinery -the ’military's complete control Iran on amajprpreject toexpsnd 

The McDonnell Douglas FIS is Mr. Lance was an executive It also allows regulator; to 'have seen fears*' that computer gramme. the newspaper reported. I throughput today was skid to.he on news the country’s telecohHiiimicatuai 

a relatively new advanced twin- with the National Bank of block changes in bank ownership frauds, through such equipment rather than building under- 370,000 barrels, little changed oa • A broad cross section or civil ^twork*. 

engined carrier-based fighter. Georgia and Calhoun First which endanger the -institution’s could involve - banks' retail ground shelters as Ihe Russians last week. V rights and dissident P r J f J 5 *!™ From the; proving Vtoebp* 

already being supplied to the National Bank in Georgia before safety. customers in huge losses- have dong. I Pockets of resistance clearly; groups have issued statements -, ete oorts suggest . disturb. 

TT C Mintr Br-OTr,*, r.n. k. Ik. A rr,l__ 1 1 . . a . b ! /'ll.. ...... 1 lk,lL, ,mrm9 lk. .1 ...h t,v. HaVC CinCfi the f rew WWUU9- 

U.S. Navy and Marine Corps. 

A third aircraft may be ad 
to the list This could be 
McDonnell Douglas F-1S 
Northrop's version of the F-l 

i .......... — • 6-” uk'uik tu»uuiEi3 in nuge losses. i — — --.wu . t u„ 

he became the Presidenrs first The law, however, contains Another rider to thp Act was an Observers were sceptical thatl remain among the major oilfields, over the past two days, since me 

.f »ha n<R.. .f 1/... ' , l:’ L ... - _ _ . .... .1.:, .Mimninolamuilllv Iks kuna I- 1 1 - • i ,K. nnnnciHnn IpSflPT. 

St. Vincent moves smoothly to independence 


With DOMINICA now having general election of December, 
obtained full independence from 3974. 

Britain (the Union Jack came r T he Vincent 

do»^for the last time on Novem- ’f b ^„ P ££, ( it cante « e d°and 
ber 3), another Caribbean Asso- jjy overwhelming majorities in 
dated State. St. Vincent, is try- most cases, 
tog to jump the queue and be 

next in line for nationhood ahead c..l — 

of St. Lucia, which most ob- SOOnery 

servers had assumed would fol- premier Cato's relative 

low rapidly on Donnmca s heels. SO briety in fiscal affairs must 

r ,r. Y'° cen M ? re “ Ier - Mllt0n also have impressed the British 
Cato, hopes that he can man- Government, 
oeuvre himself into a position at At a time of rising inflation. 
£„ hc s i independence st Vincent has managed to keep 

oifif* V?? h ?* , be e° T ambit *ous the j Dcre ase in recurrent expen- 
enougb to set a date, January 21 H ; turp between 1074 and 1978 



™ % 8AR8U0A 

a HOSWIUJS w.lai A SUM. appruacn xacuiiy iucluucio , TTi-^rr-rrinu fn tha ribrirf' 

concern in the Administration to endmg the strike. .- : y militant Aryamehr Technical 

V j about the investment that the The authorities qualified. University in Tehran today Rdtoanffcati. 

Ipnpndanp^ Soviet Union has been making in success over the oil Industry called on the regime to give up toe NauOTud 

civa defence, and its possible strike is not being repeated in power immediately to a go?®™" 

MT effect in diminishing the deter- its dealings with toe Press: and- ment enjoying “toe trust of the 

rent effect of U.S. nuclear broadcasting. Official attempts people,” to pave toe way for a Gulfport erf Khqrr^^atoOT 

weapons. to impose censorship oirtf wide, -national referendum on the 

after independence, since he has A recent Central Intelligence range of issues, feffMUvely iountiys future form of govern- : 

made it clear hLs GDvern- Agency study on Soviet civil muzzling what had become the ment . . _ . . 

ment intends to play a much defence, which in 1976 cost as regions freest news media, to - On Saturday a joint statement ■ 

more dynamic role in toe much as Roubles 400m (JE305m), recent weeks, have met strong by five organisations accured the said to ~ 

economy in future. was not impressed with the resistance from jornalists and 'Government of setting fire to major provincUu_citv<sB,.,. 

Jk rji hi 

Kvir , 

MOKrsmfur 4 







“If the Government did not results. It argued that even 
undertake certain ventures, they under the most favourable con- 
woutd not be undertaken at all," ditioos, with more than a week's 
be said in his budget address, warning of an impending nuclear 
“ And if they were Dot under- attack, the Soviet Ltnion would 
taken, our country would stag- be unable to bring its casualties 
nate. Like most CARICOM “ below the low tens of millions.” 
Governments, in addition to our 

.y,t y 

Zaire credit line stays in force 



next year. 



down to 47 per cent, while 
revenue improved by 80 per cent 
Resisting the temptation for 
a pre-independence loosening of 


traditional role of maintaining 
law and order; we have had to 
become an entrepreneur. Those 
who would criticise the Govern- 
ment for doing so must ask 
themselves what tore the alter- 

Venezuela steel 
plant opened 

Premier Cato seems un- r ®?. ns ’ the Premier, who is 

deterred by the fact that a 
similar attempt to identify a 

also Finance Minister, proudly 
announced that “for the first 

specific day for the transfer of J 1 "? 16 in several decades, 1 

ZAIRE’S INTERNATIONA^ However, there have been nominee, Herr Erwin - Bltufltn, 
creditors, will keep open its $90m threats by Mr. Jonas Sayimbi’s thal, working as .ppniber two In 
emergency credit lifeline to the; Unita forces, Who were defeated- the Ceotfifl^ Bapk Un . Kirtsh&a - - 
country until agreement - is during the . civil war but, who and the OSF wto-help worfc: cot - 

reached with the IMF over fetnre are still active, to disrupt the a one-year econbmlc -restmtor- . 

help, the Belgian Foreign traffic on the railway if it ing plan -to: be sohutitfed to a ’ 

Ministry said in Brussels yester- Becomes operational. new. conference ; tor. ^ ^ March J5. - 

day. . There also continue to 1>e The Belgian ’ Foreign. BEuistiy. 

_ , . A two-day meeting of the 12- doubts about the ability - of spokesman "told 7 the -la-ootJop' 

Sugar mdnstrv a ?3-6bn steel plant here which nation Zaire “ club *v ended in Zaire to get its economy into “dub" was optimistic that : 

• •..*. is expected to quadruple th e Brussels on Friday with member manageable enough shape to there would -be such an agree- ' 

^However, thepfece de resistance country’s steel output capacity, countries being urged to make allow the passage uf requested ment . ‘ ^ ■' 

°* Premier Cato’s post-inde- President Carlos Andres Perez, their contributions as part of the aid from the IMF. The Brussels Reuter adds 'from Brnseefer The 



By Joseph Mann 
VENEZUELA HAS inaugurated ■ 

a m 

December 13 this year) has Current revenue in. the fiscal salaries takes place, 
proved something of an embar- year is estimated to be ECS 32m In the short-term 

■ujuauuiMim wi K.avAi f-rsii nf /T TV' \ w uioii-uiauc * tuuuouj- , utat Awiinuih imp 

Iaries takes place. " ™un in es (uuts) grows sugar on e tec trie -furnace made its first meats had been, slot* beeause with 30 per cent of the money announced. : ! Shaba, formeriy 

In the short-term, a -further suds i anu al seal e and St. official/ pouring of liquid steel contributor countriesL^uere Walt-'- coming from the IMF and the called Katanga; has been trader 

vision of. taxes is inevitable. ^mccnjsoDjeciive is to revive amid a^shower of sparks lag for: President fiwhutu Seserest from the creditor nations. mUit^raleslflefe^iingucce*- ' 

The. new steel plant is part of Seko’s promised -reppfitebeinent There was also agreement in ful Invasion of: toe- town : of ' 

rassraent. That deadline is t£5-6ml, while expenditure is revision of . taxes is inevitable. Vincents objective is to revive amid a, shower of sparks 
apparently not going to be met set at ECS 31m. _ The capital Some leeway still exists, iq the ‘ ' The -new steel plant is 

However, Mr. Cato's confidence budget is ECS 29m. making a economy for broadening the tax ex P“ r • “come -in. the mitiai the country's largest industrial with Angola and for tong awaited principle, said the -- Foreign Kolwezi Ky '7 aiwwm p^ln : fajj 

has been bolstered by the smooth total expenditure for the year or base: a report prepared by the ? Ia ?* s Dut in order to s^ve on complex located in this south- internal reforms. Ministrv, to a further slice of Angola to May: • 

way in which bis discussions almost ECS 6’2m. British Development Division in port costs. eastern city on the Orinoco River. Zaire and Angola have now emergency credit being given Mr. Bokana WDmJahgefi. 

with the British Government However. Premier Cato wili Barbados found that per capita — roiin>»»jv wnur II 18 own *d by the Government reached a measure of agreement to Zaire of around $120-I30m Vice-Director ' of i : Bresiaent 

— U w-ui.. .W-. -- taxation in St. Vincpnr in 197S u.a. CIMU'AN JPNEWS - - - - - - — -- - 

way in which bis discussions almost ECS 62m. British Development Division in 

with the British Government However, Premier Cato will Barbados found that per capita 
over full self-determination have probably find that the costs of taxation in St. Vincent in 1975 
proceeded. independriice are such* that even was ECS 352. lower than that of 

ODe reason for St. Vincent’s his fiscal conservatism will be St. Lucia. Grenada, Anugua and 
comparatively uncomplicated pro- sorely tested. Indeed; be is likely St Kitts-Nevis. . 
gress towards independence is^to have to step back Into recur- But investment rather than 

Justice Department opposes 
United Technologies’ hid for 

probably the clear support for. 'rent. budgetary deficit before toe recurrent capital. Is likely to-be _ . 

Mr. Cato and his policies in the financial year is very much older the Premier's biggest challenge Dickinstfn case opens — Page 28 

steel concern, Siderurgica Del over their future relations and once the present emergency Mobutu’s office, also ; said. - at 

Orinoco (Sidpr). will reopen the Benguela'reQway credit was used up. But again, a news- conference that to* 

The. new installations— known which carried much of 'Zaire’s the creditor nations made the former Foreign Minister 

Carrier- nffpr Fnr . as Plar l: IV wil1 boost copper exports through to- the loan conditional on agreement Nguza Kari-i-Bond hatf -heen" 

p » M p J todars raw steel capacity from Angolan port of Lobito until the with the IMF about future Tong- allowed to leave Zaire and- is 

Jhanory; aun-becton the current level of 1.2m metric Angolan civil war closed toe term economic management' presently receiving medical eare 

Dickinson case opens — Page 28 tons a year to about 5m tons, railway in 1975. -Zaire now has an IMF in one of tha'Benellir^ ^cotn&ies* 

Kaunda forbids beatings; 


LUSAKA, Nov. 13. ' 

RcducedRale ! In 

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fare. And namiullyycna'waritalotfor It. 

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it offers upgraded service fbc the same full economy class ticket that you're buying flow. 

Initially available on all 74J transatlantic flights and selected trang p^ifi r flight?;., 

ClrjJper Class ^ will supply all those extras in comfort and service that caninakea. 
re al d iffe rence to the long-distance travdlen ....... . ! 

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class lounge at San -Francisco, Newark and Seattle- Pins complimentary ■ 
wine gnd bevecages, flee head-sets and a special choice of entr6es. i" 


Get yoorliHvel Agent to bookymi on Ban Ams new Clipper Class.' 

Kenneth. Kaunda today ordered 
his coudtrymen not . to molest 
whites;. On his first public 
reactfoh Xo last week's recto 
attac ks o n'; whites in LusaKA’s 
city, cerdre, the President called’ 
for continued vigilance to com- 
bat Rhodesian infiltration' of. 
Zambia, but declared: “ No one 
as allowed MS 1 beat anyone.” 
Instead.; itqey should ta ke sob- 
picious characters to -the. police. 

.Dr. Kaunda, sneaking after 
handin g to his * nomtoatiou 
papers as the country’s sole 
Candidate in the December 12 
elections, also suggested that 
black. . members of Rhodesia’s 
counter-a osm-gency unit;, the 
Selous Scouts, may be reap on- 
able for incidents involving 
white farmers near Lusaka. \ 

At a weekend meeting the. 
farmers angrily accused guer- ‘ 
rillas of the Zimbabwe African 
People’s Union tZAPU) of 
abducting and torturing one of 
their colleagues, setting up un- 
authorised road-blocks and dis- 
rupting farming life. 

Pr. Kaunda. who met farmers’ 
representatives today for the 
second time within a week, said 
that police investigations pro- 
vided no -evidence that - truly 
Patriotic. Front freedom fighters" 
were anyotved. ** You know 
there care people called Selous 
Scouts who are as black as you 
are." he told foe audience, “who 
are sent and dropped here . . . 
they do ati sorts of dirty things 
in the name of the Patriotic j 
Front," • • . " ] 

Meanwhile, a ZAPU statement ; 
issued -here today claims respoo- i 
sibitity for Saturday's mortar and ' 
rocket assault on a house in an ] 
outlying Salisbury suburb: " Five 
rest-houses for Rhodesian soldiers ] 
were attacked and 12 occupants ; 
killed: and . several wounded." i 
The statement also claimed that 
ZAPU ’forces had “sot on fire s 
petrol . Nations used by the i 
Rhodesian army" on the Sails- t 
hury-Shamva - road, " destroyed i 

. enemy, military vehicles” and 
[ temporarily . detained : cavilian 
t traffic, 

. • Reuter reports from Dar Es 
, Salaam: president Idi Amin is 
\ " conductihg toe battle at the 
frontiine” against- Tanzatrtao 
troops who nave--, launched a 
. major- attack to- expel invading 
Ugandan troops from^ their ter- 
ritory, Uganda laid on Monday. 

President Amin left fou-. toe 
battle front on SundaylhigbLiSajd 
official .sources in Kampala, add- 
ing that “there ig a-big battle 
going on ” along the rimHftrdPen 
Kagera River. . ; • ;; : 

. The sources said n large num- 
ber of wounded " TOtjusaniatt 
soidierg had been token to 
hospital in the Lake Victoria 
town of Bukoha, according id 
radio messages betwemnlsaion- 
.aries monitored in Uganda.; 

Vietnam .‘usmg 

poison gas ; 

• BANGKOK, Nov. 13. ; 
CAMBODIA .today accused Viet- 
nam of using poison gas against 
it« forces in ail three major areas . 
of conflict in their border -war; 
Reuter reports, • _■ 

Hanoi denied 1 a , charge from 
official Radio Phnom Penh last 
week that the Vietnamese were, 
firing poison; gas shells into the 
area arount.' O-Yadao in North- 
Extern Rartanakiri provloce. ; 

Today the radto^ -said .Viet- 
namese forces were also, using 
field guns to fire gas shells along 
Highway Seven, iu. the so-called 
Kish Hook salieqt. of Cambodian - 
territory that juts into southern 
Vietnam — and -in the southern 
border region fn Takeo province. 

Meo tribesmen • fleeing- into 
North-Eastern Thailand bay* 
also accused Vietnam, of using 
gas. in anti-insurgent operations. 

Western diplomatic sources . 
said medical examinations of 
refugees appeared to ednfirm ’ 
that gas of some sort was being 
i^ed but the type was not known. 



UeSpife London Airport (Ueathrow) beitig closed 
by fog last Saturday morning, November il, an 
air .ambulance for Trans-Care Infenational waff 
penmttetf' to take off. 

It was ec route to Byderabad, India, to rescue a 
. desperately ill personnel member of one of our 
client companies. 

If you have personnel overseas write today for 
The Director of Services, Trans-Care International 
Ltd.; Croup House, Woodlands Avenue, Londori, W3; 
Tel: 01-092-5007/5078/5079. Telex: 034525,. 


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• V *T he Of the CAA i& dcepfy appreciated 


Efoapcial -Times . Tuesday. November 14 1978 



prime Minister, flew home to 
Israel today for erueial talks 
with his Cabinet op the latest 
problems which have arisen in 
the peace' talks with Egypt. 

The Premier brought with him 
proposals made by the U.S. to 
resolve the outstanding issues, 
but was unwilling to • reveal 
whether or not he would recom- 
mend that the Government 
accept them. 

The Foreign and Defence 
Ministers, who head the Israeli 
delegation to the talks in Wash- 
ington, arc due . back in Israel 
tomorrow and they too will join 
in the discussions here. 

Mr. Begin said on his arrival 
that' he -hopes the Cabinet, which 
is expected to convene tomorrow 
-and again on Thursday, would be 
able to- make decisions about the 
problems which stilt exist in the 

These appear still to centre 
on the question of the link be- 
tween the implementation of an 
Egypt-Isrnel peace treaty and 
negotiations on a settlement of 
the West Bank- Gaza Slrip issue. 
IsraeJ turned down an earlier 
proposal fdr a loosely worded 
reference to- the need for talks 
about the West Bank in the 
preamble to the Egypt-Israel 

David Buchan writes from 
Washington: In another hid to 
revive the stalemate Mideast 
peace negotiations, the U.S. has 
produced a further compromise 
on toe key issue of how an 

TEL AVIV, Nov. 13. 

Egyptian-Israeii treaty should bo 
linked with a wider' settlement 
between Israel and its Arab 


President Carter yesterday 
telephoned both President Anwar 
Sadat and Prime Minister Begin,! 

The Afrikaner establishment is arguing whether morality can be over-ridden by the needs of national security. Quentin Peel reports from Johannesburg. 

THERE ARE always rules." 
Or. Wimpic de Klerk, the 
distinguished editor of Die 
Transvaler. official newspaivt* or 
bouth Africa's ruling National 
f® r ly in the Transvaal, wrote 
‘ast week. " If Afrikaners ar^ue 
about this then they are beiray- 
jns Their Calvinist faith, their 
democratic system of govem- 
jnent and the civilisation they 
have built here. There may he 
nd interference with the founda- 
tions upon which the order has 
been built.” 

fJr. de Klerk identified the 


Thus. Dr Mukler hac hern a 
notable target as a lead in; 
representative of ihe VcTr- 
rnnptes i reaction jrie^ i in the 

D-jri\ . 

ursing. them to accept the new -moral dilemma which puses a 
com promise, which according to siren ter tlireai i<i ihe tounm’s 
Press reports here would lake; Afrikaner esUihstiinem liian 
the form of a one page letter to | any pul ideal crisis of recent 
he signed bv both countries ; years. Hts words were virtually 
separately front their proposed; an open rebuke m Dr. Connie 
bilateral peace treaty. The loiter , Mulder. the then lewder <>f the 
apparently would set down I party in the province and for- 
Israel's acceptance of the needimer information Minister, and 
to move towards self-mle for the to Dr. Eschcl Tthoudie. the former 
Palestinians on the West Bank I Secretary of the Department uf 
and Gaza Strip, but without many 1 information, and Dr. Mulder s 
of the dates and details Egypt | trusted lieutenant. Both men 

has been seekina. 

This issue figured in another 
meeting between Mr. Cyru 

had argued coosisiently aver the 
past years that, when Ihe fulurc 
of iwhiuri South Africa was at 

Vance the V.S. Spcretarv of no rules applied. lr the 

•Stale" anrl Mr. Rpeln in V^. v [Marxists overran Soulli Africa. 
York" last -niaht. But their ta?ic«r j Dr - Khoodie declared, he did not 
ivero incnnclucb’e. with, to say: “ I may nave ki«i. 

fer a pif Prime Minister nuttinsr D , V 1 -' books still balance.’* He 
ofT anV decision until he ha«ij? ul<1 001 bo expected iu obey 

rnnculted his Cabinet later this ] ’ r ^ i< ! s in fi'^htme Uic 

vrefl |. ■ j onslaught aerunst South Africa 

A F"vpt his drafted a law *e™nw responsible fur 

abolish state control 0 r Dubl'K-i n £ , " l . , . ,ln 3 br,d Se 3 :.n.l planting 
Factor coniDarips. according to i ' " v 
the semi-official newspNon- 1 , 

Al-Ahram. our Foreimi Staff 1 1 » jI UJi fc* V 
writes. A “sample plan" to I An * r alleged m.wive n.b- 

appropristiiun uf jmhlic money 
within the former Department uf 

make the state radio and te'e- 
vision organisation economically 
independent is being studied end 
tbe general outlines of the plan 
would be adopted by all public 
sector organisations, as putt of 
the economic liberalisation 

Information, both Dr Mulder 
and Dr. Khuodie have resign*"!, 
but the a ry«men t rages ••n. .Mr. 
Alwyn Schl eh u soli, lender uf the 
National Partv in the Oran vie 
Fret: State, and .i notable con- 

servative in the party, told sup- 
porters that matters could not 
be sold iu the nation " with the 
excuse Dial no rule.': apply when 
one's country nation is at 
stake." That vas simply “an 
escape slogan," he said. 

Il js nu iurpri.-c Inal the 
crisis threatening ihe National 
Party has no direct connection 
with South Africa's fundamental 
problem uf race relMiuTis. A 
rior rn a Ida-.-kiowiKhip nr the 
death of a black aciuisi in 
police detention u nol going to 
shake th*- unii> of the rulinq 
IMi’iy. l-.til rather rv in force il 
avjmsi whit i» scon as a irum- 
b i tied threat of black luajiiiity 
rule and intern. iimnal com- 
munism. The •■can da I over xhe 
secret funds of the Infnrnuliun 
Department however, suggest# 

meal i.unpciin;y wiih ihe 
t white i democracy of South 
Africa, and includes ihe possi- 
bility of la rye-scale corruption, 
which is unacceptable, at least 
In the fundamentalist and 

i licologicallx -inclined i-oppoileii 
of i he ruliriL* party. 

Ju-t hov. deep the divisions 
go \iitliin ihe parly is slill 
unclear. " Alarm mu indications 
>:<r c-.infu-ion and even division 
within me ,\.riii>n:il Pji|\ . . . 
are increasingly comma in the 
loro " ac.nrdinc W ■anntner loyal 
Aa/roria/ibf neu-sje »■.■»-. Die 
V.iderland in J<ili.inne.O>ur“. " It 
is not hai'iienmc very openly. 
i>0 1 it u, nevertheless Mu scriOll-S 
to in* ignored." Another r» , j>:r; , i 
said i i 1 1 ■ re was " •:» . n m ■> r a b I e 
ei-lifli--toii " in the ranks of 
Vai lunali-.i MPs since Dr. 
MuMcr's decision lo itaign. both 
teoni tiu* cabmei ;<nd a*, lea tier 


Mr. Connie Mulder 

nf lie Transvaal party, "but nn 
talk of open division." The 
problems '*F the party un- 
doubtedly go deeper than m;-;>y 
would like to believe. In Lhe 
immediate aftermath of L>r. 
Mulder's res. 1 , mat ion from the 
cabinet, tlier- were some appeals 
for parly unit;.. They were soon 
drowned by evils. f : , r | IIMI j,, quji 
his party poiil.iou well. Now 
(hat has hanpend. the SirUJ'-tlc 
hi :1 rum jj frail; > Jejder 

is likely to r.-,. pen iui*.her ihe 
div'tion .••jUv-.I r>j jj.; eonic-l 
fer lhe piviniership in 

The ro‘c of the Press has been 
crucial in l!ic whole unfolding 
crisis — not on';, in publishing 
derails of the activities of the 
Information Department, which 

Mr. John Yonder 

has. been done largely by the 
opposition English - l.inguaac 
newspapers, but in forcing the 
.-• rc^ia nation oT lir. 
Mulder, and warning of the 
dangers of ny atlcinpied cover- 
up. -.vliic'n has been the role uf 
ihe gfu ei niiunt - .-upporting 

Afrikaans Press When Mr P. VV 
Do; ha. i!i<* Prime ?»lnsl*ior. la-t 
week threatened ihe l're.-s with 
new con trui;. he v/js universally 
condemned hy his own news- 
paper and ivir.ii.-icd some of 
his ill reals n a subsequent 
interview. Bui the Afrikjjns 
Press intrea singly represenls 

link, mu- -.*. ins of inc ruling 
pa rly — i he YVrl igle tentiy.hi- 
cncd > wing. When Mr. P>o>iia 
made his attack on the Press, 
to a parly rally, h*? received an 

Mr. Pieter Both a 

enthusiastic ovation. 

Indeed, the moral criticism 
of the activities of the Former 
Information Department might 
no; have pruced jo drastic i' 1 
party morale if U Acre nut for 
the parallel run Slicl on esstnii- 
ulU ]« is sin.-s Ail element 
of corriipin.n has eM.sted 

.Mill mi i'or;;. ranks f,..r years, 
•..ell known at all level A. invi.l-.- 
ino n sy.sicin of "jobs for ;he 
i»i.:.-i." sudi a* gohifioris on /<ara- 
.-laic bu-Jic?. u nl'.'.-r-.liy counLi'.s. 
and si* on. fur he.;,] party men. 
l-.-i alone i hr* provifii.n of govern- 
mem contracH to businesses 
allied io the par:;.. Bui lhe 
laiHf't i-iuurm-i-rs;. has un- 
dmu>i<-dly been fuelled by the 
growing hoMility oepaecn the 
left and nyht v. mgs <jT the party. 

Tbe ou iconic- of ihe 
now depends on the abiliiy 
of the National Party to patch 

>»-. vr i:s d-lfcivnccs before i»a 
many of i;s leader; iiecuino im- 
idii.itcd. Tv.o po.s.-.iblc sc-, nurios 
exist. un the one h;«tid. ihe 
<in\ eminent could order severe 
restrictions <■], tin- freedom of 
jo’e;:. i;u-:ud:rie tiTcclivp 
vi-n-'.i-I,:;.. m the iiaiue -"'f Mviinis *l nts prescni 
juti i cm 1 com mission mve-nuaiing 

the :iLliviiie« >>l liie info: i.iaii - 1 
I o-pan me ill is doing jr. ,n see, e: . 
and there is no guz runic* 
iii rcDnrl will be nubi’-^bed. Mr. 
Both a see i tied inclined [y a; tempt 
such j i-nver-uii in his Ln reals 

again?! the ure-s Iasi Ae<-k. 

•J«ie possible e\ plana 1 1 on 
->. ouid i>c i hr: i i"u many b-ading 
fi an nw in 'he p:o ly ;>ml t«ive, m n- 
inc-nt knew of ihe uciivitic.- in 
allow iheio to be exposed. Mr. 
John Ynrster. now state- Pn-si- 
denr. fa cvriainf;* a lurubl »f lhe 
oppusilinn pre-s. The aliema- 
tiv; scenario is inai toi, much 
has already emerged about the 

misappropriation ,,f fund.- — 

ranging from the subsidy uf a 
prii-liuv^rnnieni ne'-.-spaper to 
mans ■<> private !»nsine-.-.-es — to 
s’. up u now. A% ihe Mrikruns 
ne’-spao'.-rs have argued, it is 
in i :>S rat jvc io dear the .'ii r com- 
I'lele!" ' iv fore in«> •• n::t*.irn! 

■ iuvernmoni " nf South Afru-a 
can properly return lo iis t.v - 
There i; no immediuie su;<r : 
that the National Panj. -vitn >r. 
overwhelming uia;rui;; in Par- 
I’.anicn'i. cuuhl r.'. 
the is* in;. But u-herv n •.-.•ill =:-•;• 
iiic rm »s a \ erv real ijue-iion. 


Aquitaine offshore 
drilling revives 
a 100-year dream 


THE START of drilling by the economy was booming, with its 
Aquitaine consortium off lhe food exports providing laTge 
Taranaki coast last month surpluses in the foreign exchange- 
marked a milestone in the bum account. 

for oil in New Zealand. Within a year, the situation 

International oil companies was reversed. The higher cost of 
pulled out of exploration last oil and the general worldwide 
year after a bitter disagreement recession . fumed the's 
with tbe Government over its foreign exchange into large 
oil taxation demands. The com- deficits and brought stagnation 
patties claimed taxes were toe to the economy. 
steep and did not allow a The oil hill increased tnc-re 
reasonable' inducement for the than five-fold in the years 1973-77 
high risks and costs involved in and now stands at .well over 
oil exploration. The agreement XZS 500m a year, 
by Aquitaine to resume explore- The urgent need to reduce oil 
lion drilling using the Penrod imports focused new attention on j 
Rig, which recently completed a possible oil production within 
series • of dry holes off the the country, where exploration 
southern cua«t of New Zealand, stoned 1 13 years a so. 
gives -fresh hope of a workable More than 200 holes— all 
oil strike. virtually dry — were drilled 

..The Government plans to pay between 1P65 and 19K« when the 
.40 per cent uf rhe exploration Kapuni gas field .was proved. 
Ceils in return fur 51 per cent of Kapuni also produces condensate, 
any oil produced. and last year provided 15.5 per 

New Zealand hag ample cent of New Zealand's oil 
supplies of nauiral gas and coal requirement*. 

.and the noiential for greatly Kapuni and Maui condensate 
increased hydro-electric genera- are still the country's only 
‘lion, but has virtually no known known oil resources. They con- 
oil resources. tain an estimated I3ni tonnes 

' Long-term energy forecasts but this is enough to meet only 
have beer, thrown off ha la nee by three years’ total consumption. 

■ tbe unexpected slowdown in the The prospects of any significant 
growth of demand for electricity discovery of crude oil • on land 
in the past three years. Previous in New Zealand are considered 
.forecasts uf electricity demand slim. 

up to 199- have been slashed by The Government admits this. 
25 per cent. but hopes that a new natural 

But large capital investments sas strike might provide more 
have been made to develop new oiJ condensate. Some potential 
underground coal mines and the petroleum bearing structures are 
offshore Maui natural gas field. ^ no ''j' 11 , the North and 

which was given the coahcad in So'.iili Islands. .... 
th? belief that most of the gas '\ hen international oil com 
bruugbl ashore would be needed Ponies showed Mile interest m 
to fuel power stations producing continuing the oil search la. t 
eJectricin year, the Government set up its 

Indeed." " when Maui ua, dis- L? I 33n t !i OD . 

covered in 1959 the tremendous nffEJ oroi 

«' »» p"t^ a re . ener a lSr,oSi: 

could be justified only because g ons in lhe waleTS aro ' und New 

where the hunt for oil 
concentrated are as bad 
. ... , as in the North Sea. and in some 

for a nuclear power Malion. cven worse 

In 1973 the -Government bought The onJy airen]fctl ve to the 

o M „ ! U H long shot of finding substantial 

NZS30m itlo Mm ■ and j greed to QUSin ,ities of oil is to develop 

share the cost of development alternatives. The Government is 
coniurtium formed by eilcouraB i n g the use of solar 
Shell. BP and Todd. Now thin wawr i, ea ti D g and has set up a 
demand for eleciricity is going to multi-million dollar research 
be lower than forecast, the new fund l0 investigate alternative 
gas-fired power stations will not transport fuels, 
be needed. Two possibilities being pur- 

The Government siened long- suet j are the production of 
term “ take or pay " agreements, methanol and synthetic gasoline 
which means the Guvernment from forests "or agricultural 
must pay for the sjs produced r.-rops and the use of liquefied 

whether ii is needed and taken petroleum gas as a fuel for 

or hot. Under the cuniraci. gas motor vehicles. Both are rela- 
pa ; d For but nu» taken van be lively long-term projects, which 
used in later years but under j 5 why the economic planners 
New Zealand's present diiHcu'f are watching rhe new Aquitaine 
economic conditions the Govern- drilling operation with even 
mem cannoi jffurd in pay more than usual interest. 

millioiuj uf dollars ff«r gas it will • 

not be urine miuiedijicly. 

In addition tn ihe slowdown in 
electricity demand, there has 
been a growing realisation 
among energy planners that the 
use of "aturai gas fur electricity 
generation is not the most 
efficient way te utilise a prime 
energy fuel.' 

The si*cond st.ige of the Maui 
development has been delayed 
fur 12 months but gas Trom tbe 

first stage is now ready to com- 
plement gas production from the 
vnshorc natural field at Kapuni. 

The.' country's total reserves are 
MiiTicienr for 100 years at current 
levels of consumption. N'h rural 
Ras already provides on*; -sixth of 
New ^Zealand's primary energy 
and is poised tn become a key 
element in Lhe future energy 

However, oil is the big worry f Qr 
the national economy and for 
loose- responsible for ensuring 
that New Zetland's energy needs 
are met. Oil is what New Zealand 
uses in on but has least of. 

A fiigitiy-motorKed society, 

N'ev Zealand increased its depen- 
dence on imported pH through 
industrial ucvelonnieni in the 
pre-187:i Arab war period when 
cii was relative!;, chvup Before 
lhe 1973 oil crisis New Zealand’s 

ujuiu ue jusiiiK-o mill ueuusc • .l,. 

the gas would be used in. large 7e .,|. m J Lhere a the 

ii bring concentrate 
and; would also de!:s.. the need , n .... v nrt h c„ 

Australia hit 
by fuel strike 

By James Forth 

SYDNEY, Nov. 13. 
ment is considering 
overcoming a smite 

which today flared into a 
nationwide dispute. From mid- 
night on Tuesday, fuel sup- 
plies across Australia will 


Tbe dispute includes air* 
cruft refuellers, which means 
that as soon as the strike takes 
effeci all international ana 
domestic flights trill be 
grounded. In the slate or 
Victoria, petrol tanker drivers 
and aircraft reFueller-s naa 
been on strike for the P*5J 
week to protest against a 
by national oil transport 
workers union lo allow' ou 
agents to pick up their own 
supplies From national oti 
terminals. The decision to 
enlarge the dispute to a 
national stoppage was taken 
today by the federal manage- 
ment committee of the Trans- 
port Workers Union, 

Unless you are concerned with lithographic print- 
ing, youmay not know the major contribution Howson- 
Algraphy plates make to the high standards of modem 

Throughout the world, more and more publications 
are now being printed by the fast, efficient and economical 
lithographic process. 

In this ever-developing market, Howson-Algraphy, 

■ a Vickers company, is recognised as a world leader, selling 
printmg plates, to over 90 countries. In our own way, we 
are helping to improve the quality of reproduction in both 

_ black & white and colour, 
ranging from long-run newspapers to 

glossy fashion magazines. 

It's just one example of Vickers' advanced 
technology. FYom nuclear engineering to office equipment, 
from bottling machinery to scientific instruments, from 
medical equipment to automated machine tools. 

Write to us for more information about our wide 
range of activities. 

Building on strength 

^Vickcr.LuftiieJ, H'jU-'*., i . X.uc-rJ., L:r.d -.2 Ji 1 , il' llLU 

to receive the largest aggregate 
of loans e?er provided for a 
.Mads project in .Asia atneuntiog 
to more than Sl.Sijn to expand its 
nuclear power generatin’? capa- 
city. Chase Manhattan Asia 
announced today. 

The lr.ans consist of s S^OOm 
Eurodollar 'can syndicated by 
Chav Manhattan .Via. AS732ro 
Joan frr-’s the L : S Cvnort-Impnrt 
B r o. 1 '. A 59 .in loan from the 
pr-v.itr K-.porr Fun dine Corpora- 
tion of ihc l b and a SP^-m loan 

arranged by Hazards and 

guaranteed ny Britain'* Export, 
Credits Guarantee Pepartmeni 

GEC Turbine Genera tore is the 
L7K contractor invoiced. 

The syndicated Eurodollar 
kvan was signed h^rr today 
while i hr F.x-jm Kanjt and 
Private E<p>rt Fundsr.c loans 
>- ill he si’nrd in Washington 
and the ECGEi-hacked loan ic 
London. i *tn rt the ncvT few days. 
Chase rs-d. 

Chase added lhar rhe credit* 
■wiU he used for equipment and 
technical s-ernces fr r the con- 
?*tTuction nf r*'o nuclear uuii; at 
Kopj which are *ct>edui“d tn be 
read;- - for mmi^ipnriai operation 
by 1PS4 and 19S5 respecnvely 
arq'th a TK«: output of mega- 
watre each. 

The Eurodollar luan has a 10- 
7 maiunty with an aqnuai 
mterten- rai? of i per irru over 
the six-month London inrerban*-" 
offered me It mark-* the firs' 
time Korea Electric has borrowed 
without a zoTernmem guarantee. 

Clid?e said. 


A SIGNIFICANT fall in Japanese 
car production to no mere than 
5.4m can be expected in 1979, 
• according to Economic Models. 
■ the London-based international 
: forecasting consultancy. Tuis 
, corn pure^ with the 5.43ni pro- 
duced las: year and an estimated 
5.66m Lhis year. 

"Ti seems likely that in the 
l&SOs. Japanese car production 
will crow ai rates closer to the 
growth of the Japanese domestic 
market. This implies growth 

rates r.f car production below 5 
per- ccr.l a year in thr* early IPSOs 
and little chance of 6m cars a 
rear being achieved much before 
1963.’ the organisation states in 
ns latent report. 

Forecasts on the future nf Lhe 
European car industry, the con- 
sultancy says, are complicated 
Jv. the recent reorganisation 
resuittop from the acquisition of 
Chrysler - ? European interests by 

Eut until 19SO. when the 
chances will begin to have an 
impact, 'he European industry is 
expected to grow slowly and only 
Ttaliar. and French car produc- 
tion are expected To achieve 
growth rates oF over 5 per cent 
m 1979. 

Wps: ’'term an production is 
exneeied lo level out ai around 
4m car* « year in the period i>> 
19£fl again*: 3. 8m list yea: . 

Econ-unic Model- forecast* 
tnat car output in Th»* U.S. w.ll 
fall frwu 9.3m ;n J97S in &.2m 

next year. However, the 
medium-term pmspect to 39S3 " 
remains optimistic. -- 

Between 19SQ and 19R3 new 
rar regiftrations could fluctuate 
between 11 Jim nod 11.7m on a 
gradual up'-furd rrend. And m 

the US. the link between now 
car respiration^ and production 
i.- much stronger linn in Europe. 

Diicus-iinz reyssLre turns in rhe 
UK. rhe report suggest ihat 

around 1.57m ?c.i cam should 
void next .'ear again-' sate: 
of 1.64m expected :u 197S. 

The share of tb«? market held 
by imports will remain high at 
50 per cent "but will ho no 
higher unieis the current indus- 
trial relation? problems persist 
well intu 1979." 

Excluding the “ tied " imports 
by manufacturcra operating in 
the UK. this will mean "that 
European and .Ianane?r» pro- 
ducers- .-.ill retain their :*4 per 
cent of the UK new car market. 

Domestic UT manufacturers 
should fti I! find it po-'-iule tu 
market S50.G00 cars in 1970. 
Exports arc expected io re in aid 
stable a* a lilllc ijele.v 590.000 — 
making a total for UK-produced 
cars mf more Than I.35m in 1979 
against 1.33m last year. 

Company and fleet buyer* in 
particular are still very loyal to 
British ear* and the total busi- 
ness market fr*r new cars will 
approach 900.000 n 1079. 

In lP7v. the UK k expected in 
fall behind Italy ;ix [he i' 
5 re wing now ear marked in 
Europe where a growth rate of 

forecast. _ : 

France. Belgium and titer 
Netherlands are expected to 
mark time in 1979 with growth | 
rates in sales below 2 per cent.. 
The West German market will; 
contract slightly next >oar i"; 
around 2.fim "Further steady: 
growth is expected until the' 
eariy 19S0s when Ihc market tn 
German:- will fluctuate around 
«n annua! *t!e of 2 Sin." 

A* for L-oniniereiai vehicle, in ! 
the UK and .U.S.. where there’; 
has been a major boom in sale* i 
this year lup 16 per con: in the i 
UK and 1- per cen: tn the 
States ) there must be n decline ; 
in 1979 although registration# 
will remain well ahead of those 
for 1977. 

Automofu'e lndusm Fore- 
casts Report: Economic j 

■» rt . r ‘id Queen Street. l »i. -fames : 
Parlt. London SW'IH 9HF. C!00 

9 Toyota Motor said iL- ' ihicle. 
exports in October ro*n 2 per. 
cent tn 102.627 from 3O0.57S in: 
September, hut fell 14$ per rent, 
from 120.520 in Octoncr la.u 
year But Nissan Motor -aid it* 
October exports fell 41.6 pr. cent 
to 70.S47 from I21.3S0 in 1 
September, and were do--n 23.9; 
per cent from 93,090 in October 1 
last vear. 

Nissan’s exports in the first , 
■se-.-t-n months of fiscal 197S end-; 
ina next March :>1 toialled ! 
691.095. down 1.4 per cen; i rmn 
• r, l .1 75 in the same period of. 
last ;.ear while Toy uln s.i ! (l i:.* 
cxpiwLs rn the first se'en •••l•■^nih-' 
ir.l idled S05.845. du«n 2.0 nor 
com from S22.290 a ve a r earl'er 

GENEVA.. Nov. 13. 

*V3RL3> TRADE grew slightly 
faster in volume in the first 
half of this year, the General 
Agreement on TariiTs and 
Trade (GATTj reports tn its 
annual trade renew. 

The increase, the report said, 
corresponded lo an annual rate 
of about 6 per cent, compared 
to 4 per cent for 1977 as a 
whole. Barring a sharp 
reversal of this trend In the 
second half of the year, world 
trade growth should be 
“somewhat larger M In 1978 
than the previous year GATT 

The trade surplus of the oD- 
exporting developing countries 
as a whole declined during 
1977 by SJOfan. to S59bn. just 
above the 1975 lord. During 
las I year trade growth of 
industrial nations flowed down 
considerably, with exports and 
imports both increasing by 5 
per cent in xolooic and 13 per 
cent in value, the report said. 

GATT warned again that 
industrial countries can move 
towards improved growth and 
employment and more stable 
exchange rates only b> reduc- 
ing' indalioR lo levels before 
the mid-1960s. It said recent 
inflation rales -have helped 
reduce demand and contributed 
to' reluctance by business to 
engage in fixed capital 



■ MUCH HARD negotiating re- 
mains to be done in the GATT 
: trade talks which resume in 
' Genera this weak, i? agreement 
1 t.o lower tariff and non-tariff 
j harriers is to he reached by mid- 
i December. U.5. *irade officials 
i warned today. 

But Mr. Robert Stmi^s. the 
Chief tf!.S. negotiator, is 
optimistic on his return from 
. talks last _ week with the Euro- 
pean Coin mission in Brussels 
; that if a substantive trade agree- 
ment can be presented to Con- 
gress in .January, the U.S. 
legislature can he persuaded to 
compromise on tho vexed issue 
! of countervailing duties, and 
extend the Administration's 
authority ro wasve The imposition 
; of these duties at *east while 
ithe GATT agreement is being 
i examined. 

' The EEC has 'threatened that 
if these duties, which would 
almost certainly b^- imposed on 
many of its agricultural exports 
to -the U.S.. are not .voiced, then 
it will not sign an (5^/erail trade 
agreement in Genev*^ But the 
• Aiiministrstinn here ts still con- 
j fideni that these European 
worries will prove unrounded. 

Mr. Strauss, in a FrAss inter- 
view over the weekend, ^aid he 
. expected to he able to present 
i “Congress with a whole package 
j of agreements" worked otjl In 
! Geneva, and key Demoyratte 
i leaders in Congress had. told" him 
they would push for an extension 

of the " waiver authority " while 

the agreements were exam med. 
ia Congress. 

U S trade officials say that key 
senators. like Senator Russell 
Long, chairman of the Senate 
Finance Committee, and Senator 
Abraham mbicoff. chairman of 
its trade sub-committee, and Key 
Congressmen in the House of 
Representatives like Mr AI 
Uilman. chairman of the House 
Ways and Means CommitTee. ana 
Mr. Charles Vanik, who chairs its 

trade sub-committee, favoured 
this approach. . . 

As a fallback position, the 
Administration is also consider- 
ing what executive aetton it 
might take to delay collection 
of countervailing duties if 
Congress is not prompt in 
extending the waiver at the start 
ot January. 

The Administration hopes that 
ihc Europeans will also con- 
sider President Carter's veto on 
the textile Bill, which would 
have barred any textile tariff 
concessions by the U.S. in the 
GATT talks, an earnest of U.S. 
intent to see the GATT negotia- 
tions succeed. Mr. Carter vetoed 


the Bill over the weekend, 
because of feare that other 
' countries, notably the European 
CanMBiiuty, might . retaliate by 
refusing to make con cessions on 
other products. 

• U-ST Congressmen issued blunt 
warnings in Tokyo on. two sensi- 
tive bilateral issues, trade and 
defence. Members of a 41-aan 
Congiiessional delegation warned 
at tike start of talks with 
Japanese legislators -that Japan 
must open its markets to U.S. 
goods aha cut Its huge trade 
surplt* or face certain. retaHa. 
tlou fjjon: the UJ3. Congress. - 
“We haven’t come to negotiate, 
we've icome to deliver a message, 
and that is opeu up or there 
is goi^tg to be. retaliation.? Tlris 
would be by means of surcharges, 
quotas, non-tariff barriers fon 
Japanese imports to the United 
States*, said Mr. Bill Frenzel, one 
of the delegates, in an interview" 
lit was also suggested that the 
UjS- Navy may no longer be able 
to protect Japan's vital, ocean 
supply l\Des in.“a hostile sttua- 
tzop *' and the Japanese Govern- 
merit must increase its defence 


India reduces range 
import duties 

NEW DELHI, Nov. 13. 

l?i A SERIES of measures aimed criticising the . growing protec- 
3t further Jiberaiisiog imports tionism in- the West, the latest 
■jnd lowering costs of the produc- cut in import duties all j~ ^ve 
tion. the Indian Government has them an additional point lo'usa 
sfesher the import dutj' on 17 in the current taLks on tariff 
types cif capital goods, reduced cuts. 

>” ». WMi tt. import 
: ndnstr>-. and allowed 48 items ^“T,„ 0n JEE* „f? ,es0n ? “ f 

imported witboufprio'r^lea^oS 5S^PM°°ceS tT*’ ml* ^ ^ 

standard 40 per cent to 25 per SSL^L, l * in !L 17 -• for • 011 

cent and applies to items not t J ut r has ^f en 

manufactured in India. It is t0 man y ot hcf 

hoped this will lower project ma ' ;aHW - - 
cost.-- without affecting Indian The Government has aho 
in a mi fa •Hirers and lead to a decided to extend for three more 
reduction in production costs. years the cash assistance scheme 
The substantial new import lor certain exports but this will 
liberalisation is intended to now he used on a more selective 
make the maximum use of basis. 

India's growing foreign exchange Traditional eSport commodities 
reserves which 3 re now estimated with a strong position in inter- 
at over *6 bn. Since Government national markets will not he 
spokesmen have been severely given this facility automatical! v. 

Indonesia negotiates 
orders for oil tankers 

At Bank ot America you get all the Financiai services ycu d 
expect from one or the worlds largest banks. But yoitget more titan 
that— and vou get it fast! ... -f 

jNPpNESlAN PLANS to order 
10 small oil tankers from Japan 
aod South Korea. Japanese ship- 
yards report. 

The deals, expected to be 
finalised soon. have been 
negotiated' by an Indonesian 
mission, including representa- 
tives of an unnamed shipping 
company, and Indonesia's stare- 
run oil corporation Pertamina, 
they said 

The ' Japanese companies 
involved are Hayashikane Ship- 
building and Engineering. 
K.anusachi Shipbuilding, Hitachi 
Shipbuilding 3nd Engineering 
and Osaka Shipbuilding. 

TOKYO. Nor. IJ. ' 

The South Korean deal 
involves the shipbuilding .sub- 
sidiary of the Three Stars 
industrial group, they added. . 

The Japanese shipbuilders said 
the orders, to be backed by the 
Indonesian Government --'-j^re 
designed to increase PertaramVs 
domestic inter-island tanker fleet 
Pertaraina wH! charter . the 
vessel® from their Indonesian 
owners for 10 years — some of 
them without crew, and others 
on a time charter basis, they 

The vessels will he delivered 
to the owners by ihe Japan**.- 
and South Korean yards by the 
end of 1979. Reuter 

For instance, we’ve srreara'ined our organizarional structure 
so that now you can get the dec isjons you need right ondae spot in vour 
part or the wcrlu . And weve established a soph i s t i Crtted?corn rr; un ica- 
cions netwerk that even uses satellites to speed up ch^jtocess of 
gathering rHiandai information for vou from ail over the world. 

But best of all vvher. you deal with Baiik ot America.- you get a 
tetai commitment to Quality. Our people are carefully trained to be 
responsive to the needs of each and e ,r ery customer. Take cur industry 
specialists. The\ each know jus: about everything there .is to know 
concerning. the industry m wnich they specialize. And th^ir experience 
and advice are vours for the asking. . 

Sc whether you re growing cottee in Gupremaia-or distributing 

it in Hamburg, come t 
may need- And see how 
much more you get at 
Bank of America. 

'•J-- tor any kind of banking .-'ssisrance you 


W-z-'-'d Banking Division.,- 
On the ■' i pot when you need us. 

China-Brazil agreement 

BR.AZILIA, Nov. 13. 


signed a five-year multijtem 
trade agreement in Peking. This 
follows a recent memorandum of 
intent signed in Brazil by the 
Chinese Metals and Minerals 
: Corporation and the Brazilian 
| State Steel Agency. Siderbras. for 
IChrnese purchase of S500m 
I worth of Brazilian steel products 
jin tlur next three years, and a 
i f>iur-yeaj-old ' Chinese commit- 
! merit to buy 150.000 tonnes of 
jsuvar a year from Brazil. 

The new agreement entails 
Brazil s purehase of im tonnes of 
Chinese crude oil in 1979 and 
1.5m tonnes in I9->0. The quan- 
tities of crude to be purchased 
in 19S1-S3 will be negotiated 

Before December 31. 197S. 
Brazil will ship an additional 

50.000 tonnes of susar as -well as 

15.000 tonnes of steel and 40.000 
tonm.e of mclals to China, in 
1979 and 19S0. it will ship 2;5m 
tonnes a year of iron ore. Mean- 
while. Chinese News Asency 
•nurces quoting Brazil's Minister 
of Mines and Energy. Sr. Sbleeaki 

Ueki state that a long-term iron 
ore contract will be negotiated 
early in 1979. Brazil hopes to 
sell China at least '35m tonnes of 
inm ore in the years'to enme. . 

• The Bank of China has in- 
vited a leading Austrian -bank 
specialising in agricultural and 
industrial financing to make .a 
detailed offer to help finance 
Chinese imports, the head of the 
Vienna-based - bank said today. 

Dr. Hellmuth Klauhs. chair- 
man of the Board, of Managing 
Directors of Austria's. Genosseo- 
schaftlicbe . ZentraLbank told 
Reuter in Peking he had also 
discussed multi-currency svndi- 
cated loans with fbe Bank of 
China officials since his arrival 
in Peking last Thursday', but the 
volume bad not yet - been, deter- 

The AustriaD delegation is one 
of a series of- hanking groups 
from various countries to come 
to Peking to discuss credit 
arangements to help finance 
China's imports for its huge 
modernisation programme. 

UK mission 
to Romania 

Financial Times Reporter 
A LONDON Chamber of Com- 
merce and Industry trade 
mission is leaving for Romania 
on December 4 in an attempt to 
expand all forms of trade. 

The mission will be led by Sir 

jPvier Tennani, president of ihe 
j London Chamber and Industrial 
- Adviser to Barclays Bank Inter- 
national and director of the 
Anglo- Romanian Bank — Mr. Guy 
C.hqckeUs. managing director of 
Hawker Siddcley Intematioaal 
and chairman of the Chamber’s 
Romanian Section, is deputy 
leader of the mission. 

Correntiv. the UK has a 
surplus in the balance of trade 
between the iwo countries, 
figures for the first six months of 
tins vear putting UK exports 
td Romania a I £34.T62m. while 
Romairfein exports in the UJC 
stood at ^2S.5S5tn. 

Mideast deals 
for Ericsson 

By John Walker 

STOCKHOLM. Nnv. 13. 
.TWO ORDERS, each, valued at 
approximately 5Sm. have been 
been received by L, M. Eriossoa 
customers in the 
Middle East for transmission 

^Tbe first has been placed by 
the Iraqi Ministry of Communica- 
tions for upgrading and extorid- 
mg the country's Western euaxi&l 
(Cable system. 

The second erm tract cores 
telemetering ar.d communica- 
tions systems for remote super- 
virion and control of the gas 
Pipeline from the Durban gas 
' fields in the stare -of Qatar to 
[distribution points in Umm Raid 
i » n d Doha. This pontraet inchidrs 
; deliveries of rclemetcrv eqinp- 
i-ment irons Serck Controls of the 


# / 

‘.-FSiancial Tittles Tuesday November 14 197S~ 


Jane mine 


Californian huaihe&su'ntin, has 
reached broad "agreement with 
Consol ids led Cold Fields for the 
purchase of ilie-WTiezl Jane tin 
mine, near Truro in. Cornwall. 

The agreement was. disclosed 
last night by a upoeksman for 
Mr. Sprinkel. but he would not 
disclose the purchase price. This 
rs thought to be less than £2m. 

However, the agreement does 
not at this stage guarantee that 
rescue the mine which slopped 
Mr. Sprinkel will be able to 
producing tin last May. ■' 

Mr. Sprinkel will ' be seeking 
£Sm in the City, and possibly 
from the Government, to buy the 
mine and launch's development 
plan which will involve spending 
for at least nine months before 
any revenue is generated. 

His ability to raise this sum 
will depend to a large extent on 
how the City views a technical 
appraisal of the niine aDd the 
development plan now being 
under taken by Mackay. and 
Schne'llmann. a firm of London 

This means that the agreement 
with Gold Fields can only be a 
broad understanding. But its 
existence, and tbe purchase price 
it specifies, undoubtedly gives 
Mr. Sprinkel a firmer basis on 
which to mount his financial 

He has now moved further 

down the road to a Wheal Jane 
rescue ihtan oiber companies in 
the months sauce last May. Pre- 
viously, Saint Pi ran. the majority 

4V ; 

. . . seeking £Sm in City 

owner of South Crofty. the 
largest tin mine in Cornwall, was 
considered as a. potential buyer. 

Saint Piran was followed by 
Cornwall Tin and Mining, the 
Canadian-TJ.S.- Swiss grouping, 
which owns the neighbouring 
Mount Wellington mine. This 
operation slopped produciion 
shortly before Gold Fields 
decided that Wheal Jane was no 
longer economic. 

Although CTM did survey* 
''heal Jane and informed th*- 
Government, it never presented 
a flefiniie plan to the Department 
of Industry and talks were 
broken off. 

However. Mr. Sprinkel is 
believed to have reached an 

agreement with CTM to gain con- 
trol of ihc pumping equipment 
at Mount Wellington. This is 
a necessary >lep in view of the 
facr :har if the pumps ar either 
Wheal Jane or Mount Welling- 
ton -?tnp. the water level increases 
at tbe other mine. 

In recent weeks. Mr. Sprinkel 
has been pushing his rescue 
attempt on monv fronts. This 
has included talks with Trans- 
port and General Workers Union 
representatives in Cornwall. 

Their concern about ihe future 
of Wheal Jane was most vividly 
cvpressed in May when they 
lohbedic MPs at the Commons. 
Mr. Sprinkel is understood to 
have reached broad agreement 
wish them. 

The iifsuc is of acute local 

importance because the closure 
of Mount Wellington and Wheal 
Jane meant that S00 people were 
pushed on io the labour market 
in an area where unemployment 
is double ihe national average. 

Mr. Sprinkel’s ability to re- 
cmploy some of these men 

depends ultimately on his ability 

in convince the City that his 
plans to work a low-grade tin 
mine are likely to be more effec- 
tive than those of Gold Fields. 

Esso ends 



By Kevin Done, Energy 

ESSO IS withdrawing ail price j 
support from its network of 
petrol stations with effect from 

Its decision brings to an end. 
an era of cut-price petrol which 
has seen petrol prices Fall by 36. 
per cent in real lerms in tbe past 
three sears. 

Esso is the last major oil com- 
pany to abandon price subsidies 
to its retail dealers. 

The move to withdraw support j 
vas sTarted by Mobil :it the 
beginning of last week and was 
quickly followed by most of the 
ether majors. 

Esso waited cautiously to ,J>ee* 
v. better the higher prices were 
maintained ■ in a marker erf 
fierce competition. It has been 1 
supporting about 20 per cent of 
its 6.300 dealers, but last week il 
V3S prepared to withdraw its 
price support of about 2p-3p per 
gallon only in areas where other 
oil companies had made tbe first 
move. . 

E=sn holds about 20 Per. cent j 
of the UK netrol markpt. Its 
decision to follow the other oil j 
companies means that the price ' 
of a gallon of four-star will now 
rise to about 79p in almost all 
parts of tbe country. 

Plastics industry 
‘is being sabotaged’ 


THE INC. 'ME T \X ml- p.i.ri »■: . 
building sucicin-. r»n he naif of, 
'saver.-* ]i:in Uwn reduced. 

The , ’oinr*o.»i ,M r.ite of 
income-lax h-vicl at «*nnrc« «»n 
savers' iniereM priyineni- h-i- 
been set ai 22.5 per '.uni with 
effect from last April. Thr- 
comparcs with 2-1.25 per eem L1.-1 

The new rate ha* been struck- 
I after pro In*: ted talks between 
f l he Inland Revenue and tnc. 
i Building Societies' Association. 
:The Revenue's dccisiun ma* 
pasied 1 m th<* soviet i o'- in tor 
! last Friday's meelin-j of iiu-- 
: council of the Building Siic-elies'', 

* Association and taken min' 
: account in dr-t ■'miming :h*- more- 
inicnt'e new mtcre-i ra'e>. 

The Revenue .-els riie renipo- - 
site rate i-i hrin-j ;n Uir 
! yield they would have if hui Id- 
ling .sr»ci«*iy dopM^itoi^ v. ere nut ‘ 
j absolved from liability fi-i 
standard rate income-tax 
j This year's reduction reilc-cb- 1 
I the introduction of :t new ”fl per! 
(cent tax band on the hr.-i V7f«ij ; 
I of in sable income and th-.- red lu- 
ll ion in the main tax rare from. 
3d per cent lo 33 per ei'ni. 

; On Lite move-men i‘> tn*yj 
I ( s ,jf near!.-.- £371 m at the 

• end u f Iasi month, the red tit- 1 Pin 

! will mean nearly Eton la?: to' 
[pay in the current fiscal 

Taking into account ihe new 
tax rare. the movement'* net 
after-tax surplu* i—r Ll n 0 of 
assets this >ear o fun 54 p — 
a rise of 2p nn the 5'Jp per i'. 1 Oft 
the movement had on ihe ivi-ij . 
of the previous tax and , 
rates. ' I 

SI-'NIiffl PEfnp s!,>u-arris at 

Hu- Dunlvp Jyrr* plant at Spoke, 
I.itcrpimL r.u-i juanagentertt 

reiircM’n tali' v*«.teirtay in 
I hr wal-i' of reports Jhai the 
iIjh factor.' i-. in h,. ( -{>»i>il 
with the hi-, of»0 jobs. 

Wimlnp "aiil i! nas rearli- 

ina th rt *' ,, d u{ a detailed in- 
'e-*(icali ,,n "f i’.-> i!nru| ‘van 
9 pi-rs*tli*n> .‘rial i«. rlijsr tn 

making tltMMMoti, aimu! Future 

production and marhcling 

The unions hair been (old 
that Minn.* rationalisation must 
tu- expert efi ami that they will 
hr tti« fjrsi id ji*ar;» vlinm any 
e Insures decided iipnii 

There was a general feeling 
«:n Mersi.-jsidi- last night Ills* l 
t!i»* Spgke plain, willi its poor 
production record, will he ill 

danger if iherc are to be cuS- 

I,ard Sefton. chairman of the 
Nor! ii '.Vest Ecnnomic Plan- 
ning Cnnneil. is to seek an 
urgent nieetinu nith fhe Prime 
Mini>ier lo diFcus.-t the threat 
tu jobs. 

F»ediind;mri»*s nnuld pose a 
real threat <n social conditions 
in l In* North Wes;, Lord Scfton 
said in a telegram to the Prime 

Mini.-ier. He called for an 
im mediate transfer of resources 
to fhe area from other regions. 

Speke has already been hit 
tli i> year by the closure of one 
of BL'k Triumph plants at the' 
cost of 3.600 jolts. A further 
reduction of 500 jobs at the' 
other Triumph factory was 
announced lust week. 



Dm' e that inii«-.<;irii r.f new 
technology the m^tor indusiry 
■vill cost ‘...ih n-,i i hi- pi-u- 

dnelinn line* r : ;id :mu,nj tram- 
ii*mHl cninpnn-.-n: -iip:i|n-r- has 
in Sunk on'y i f . th--* tyre industry 
lo prove th i •- ;n>ini. 

Until Ih* 1 nil*!- 1 9711- :im>i 
moJovisW in F :r-iri‘- t>r,u-_>hi j 
now ser «'f :il.niiii cier.. - 

gn.nnn unS r '.- Th^-n Hu- new 
lechnolnsy ■" ! hc nf si col - 

a r.fti.ii. i.ojijn tn have ■ * 

■—■hi - Uie-e i.vrrs 
i < ir.. a- many 
nf r.ri.isi-jijv c«n- 


braced . r.idi. 
major iiop-' 1 : - 
will Iasi i: r* - 
miles as I ho* ■ 

Unfort un.; i"! 
makers, il’i 5 >-i, , 
uith a drop in ci- 
ears and in ir.r 
covered by m :i 

increases it: 
major «»t^ sn 
All this - 
ml crisis. 

The tyre n- 
down their 
IflfiCs ami - 
a time wli 

motorists ••■-■n- -x pc': led :■> do 
much If nr* i - avi-rajo journeys 
nn lyres vvhici> ;a-i.jd ■.•r*i;- hall 
as long. 

As a rosy!:, uiorc is probably 

:h^ pro 
f"** now 
race mileage 
’riris:- facin; hig 
.'••:rnl iiiM# and 

• l ■) l hi.- 

. iciifr.i’iui-i'r? 

i'.fii- in irm 
'.i-i nn mi- tv. i 

in id 


■lv a i 

.-’mmihing like -0 per cent more 

cap&city in Europe Lhan is 
req uireci. 

Tiiis i- j Furype.'n problem. 
And it hns b-‘t»n exawrhated h;. 
i.rher ijirfioiiUies in individual 

!n liic UK me re :'•!.} cement 
tyre mark'*; has not only 
declined — from L'i! ■im in 197^: lo 
]«.4m — !-iu i.- v'-treinely price 
e,impcliMv‘>. Tt'jid Driee con- 
trols \w ihe u- thorn ic.< in France 
ia-i -Cjr slii'l ’•rnfit margin: in 
jii-.-ces after co.-;< ro*e 12 pt 
cent and The manufacturers -•*?ri- 

n -.drifted lu a 3 per cent nr ice 

1 - cs i rn i ;■ n y She high 

vaUi.- ,,( rni* Deut'cbeniark lud 
a great iinpa-'t on tyre making 
wineh is a laht'itr-inrensivc busi- 
r- Imports •-•■ere rurl-eri in 
:tn-'J h:4 If ihc re placemen I nwrfcci 
i’.n> neon lo -■ tmpnri'VS from 
ail r,»--_r Eup-i'r — both and 


Tins h.i« ad i «'•.• n reilei-ted m 
i hr financial perpirntanc** ,- f the 
inanefaciurer*. In the part fr.-.-- 
uinniii- in Hip UK iil-mr-. 
Michel in’* F.rti :-•••- *ub-id mry 
:in:iiiutu - eri tis i .077-7'- pre-tav 
1-roSr had dmnped i-t.-i'.im 
uis i o’ er £3P'«" compared with 
the previous year. That was on 

a turnover tip from £299m lo 

Goodyear’s UK offshoots actu- 
ally made a pre-tax loss of 
i’fiOS.OOO in 1577 (against :i 
£611.000 profit i on a turnover up 
from £I59m to £lS7m. 

And Dunlop reported first-h-rif 
taxable profit-? slumned by £10m 
to r22m. all of ihe slump 
accounted for t>y ihe tyre divi- 
sion. Dunlop :*aid it* British. 
Irish and German tyre opera- 
tions all lost money and it was 
only in France that a small profit 
v-.ii made. 

So far. however, the rompanjes 
have not very much about 

rationalising production capacity. 
In the UK. Goodyear made 400 
pe'ipl" redundaut at its Wolver- 
hampton plant and the same 
g rutin shut down us operations 
in Belgium. 

r irwium* quir Switzerland, 
fi’imrineh .shut down a factory in 
We-; •aerniii ny. Trelleborg 
closed one m Sweden. 

But gil of these v. ere small 
p'unis and ubserver- saw the 
closures as very much a tinker- 
ing with ih« pivbl-.-in rather than 

any delermined .crisping of tbe 

However. Dunlop is r.ow reach- 
ing the end o? a thorough investi- 

gation of its European operations 
and is close to reaching decisions 
about its future production and 
marketing strategy. 

il now seems almost certain 
that the plant at Speke, where 
2.400 are employed, will bt 

Culling capacity is only part 
or ihe answer to the tyre 
industry's problem. Its pricing 
js all wrung. The companies 
made a temb'e mistake ir. not 
riving Liie price of the steel- 
bra c-.d ruriia Is .-it :i level which 
rcliecied -he increased mileage 
which can be expected from 

Ar the /ame time, tiie tyre 
manufacturer!! relationship with 
(he car nssmnhly groups is 
heavily weighted iD favour n- 
the nictnr concerns and margin?* 
in i;. res supnlivs for new 
vehicles are very small indeed. 

But then the ,-ar makers can 
play off a vains; one another 
several bighfy-compe-enr lyre 
manufacturers, ail with perfectly 
vdequaic icchnoio^y to offer. 
Whether the ty pe eonipnnies will 
ever find the resolution tn insist 
on belter margins from their 
most-important customers 

remains to be seen. 

rises 5% 

URNOVER IN the Catering 
rade was up by 5 per cent in 
:ie three months ended last 
eptember compared with the 
scond quarter of the year, 
rcordin? to GorenuueDl figures 
ubUshed yesterday. 

As compared with the same 
uarter of 1977. turnover was up 
Dine 12 per cent. 

The biggest jump was in rite 
censed hotels and holiday camp 
rade, with sales IS per cent 
igher than in the same period 
year ago. 

Restaurants, cafes, and fish 
ud chip shops had a 12 per cent 
ucrease over last year, while 
antwns and public houses 
eported increases of 11 and 10 

er cent respectively. 

Local authority 
accounts late 

HE Department of the Envjron- 
iem yesterday published the 
ile-t edit Ion of local govem- 
ient statistics for England and 

Publication of ihe detailed 
rcounts hns been delayed 
because of the late receipt of 
jturns from a significant 
linoruy of auttorities." 

Local Govern men/. Fiunnewl 
taduics. Engioui nvd U'ales. 
J76-77: M.USO; £2.23. 

CHEMICAL industry trade unions 
yesterday accused multinationnl 
petrochemical concents. of V sabo- 
taging" attempts to develop an 
industrial stralegy for the 
plastics materials sector. 

The accusation follows a row 
over investment plans among 
members of the petrochemicals 
sector working party — one of 39 
tripartite groups set up by the 
Government to encouarge the 
development of key sectors of 

The row centres on recom- 
mendations made in the McKm- 
sey report, commissioned by the 
National Economic Development 
Office and completed more than 
a year ago, but published only 

The report says that in order 
to . balance trade in.. 1 plastics 
materials with tbe rest of. the 
EEC by 1990. UK producers can 
either delay investment for the 
present, invest sufficiently to 
protect their home market or 
Invest heavily as lo he ahead 
uf European competitors once 
demand starts to pick .up. Union 
representatives on Ihc working 
party insist the industry must 
go for heavy investment now so 
as to be ahead of the rest of the 
EEC by 1090. But company 
representatives are determined 
on a more cautious approach. 

As a result, the two sides have 
failed to draw up joint proposals 
tor an industrial strategy to go 
before Ihc National Economic 
Development Council in the new 
jear. And yesterday the unions 
called on the Government to step 
in and break the deadlock. 

Mr. Roger Lyons, national 
officer of tbe AssoicaUon of 
Scientific. Technical and Mana 
gcrial Staffs said imports of 
plasiics material.; tu tin* UK were 
running at £520m » year. And 
he claimed employers had 
-ai'Otaged attempts to reduce this 

He said multinational plastics 
materials producers wore invest- 
ing on tbe Continent in area.* in 
which they claimed there was 
already over-capacity in the UK. 
He named-lCl and BP Chemicals 
and accused both of "selling the 
nation short" 

The unions say that the UK 
share of EEC production of 
plastics materials fell from 22 
per cent in 1963 to 13 per cent 
in 3975 and that the trade 
deficit with other EEC countries 
stood at £163m last year and is 
expected in reach £220m ihi? 
year. They also note that import 
penetration in piastics materials 
bas risen front 30 per cent to 36 
per cent over the last two years. 

Ship repair group seeks 
reduction in rates 


repair company on the Tyne has 
J asked for a rate rebate from 
j North Tyneside Council to help 
1 it meet competition from nationa- 
| Used yards and overhead com- 

Smith's Ship Repairers of 
North Shields, which declared 
370 men redundant last month 
anti is expected to report shortly 
a loss for the year of over £lm. 
has complained in the past about 

subsidised competition from 
nearby T.vdp Ship Repair, which 
is pari of British Shipbuilders. 

Tyne Ship Repair is also having 
heavy losses, though the compauj 
has not released any figures. 

Smith's would not comment on 
Its application to the council 
yesterday, but the council said 
that the company paid £212.000 
a year in rates and sewerage 

Indemnity cover increase 


revised Us regulations sotern- 
ing the professional indemnity 
<nsu ranee cover cf <t* 0, 'P 
insurance brokers. The maxi- 
mum level of professional 
indemnity cover required «; to 
he raised Frum £5m to £ i ^ n t 
np\t month. 

The amount of professional 
indemity cover — the insurance 
which protects professional 
people against errors or urn *- 
siuns — which brokers will have 
to arrange is based on a compli- 
cated formula arranged in two 

S Stage one takes effort from 
December J, 197S. The minimum 

insurance cover required wili he 
£lm pius three times net 
retained UK brokerage, excluding 
motor- brokerage on a direct 
dealing basii. plus five times the 
net retained brokerage on o\er- 
seas business. This Is subject to 
an overall maximum of £20m. 

Stage two take? effect rroni 
November 1. 1979. Then ihe 
minimum insurance required 
will he £2ni plus [our limes nei 
retained UK brokerage, exclud- 
ing motor brokerage on a direct 
dealing basis, plus six time* nef 
retained overseas brokerage, 
Aga ; o. the amount of cover 
required is subject to a Lloyd': 
upper limit of £20ra. 

Tailing renews court appeal 
against Singapore extradition 

kichakd tabling, 

chairman of Haw Par 
* International- yesler- 
itj for the second time lo 
e the High Court Ui3t 
rsdilion to Singapore on 
j law vhavsvi would be 
r «nd oppressive. " 

on a**-!. Mr. Louts Flwm- 
QC argued against 
ion her aus ; * of ihc lapse 
■-•in cl 1 ihe alleged offences? 
m mitted. and because i* 1 - 
rs<?-S were " rrivial " They 
involve dishonesty, and 

be had a complete answer lo 
them under Singapore La "* . 

Mr. Tarling is seeking a ' 
of habeas rorpiw. which MtiutO 

stun bis extradition-. . . 

Mr. B|om-ru«»per '-on tended 

that 'the court's refuel o. n 
similar move by Mi'. T: * rlm =! . 
Jiilv Iasi year did nol P | '- VCI ' 1 
Hi-*, matin- fr- -h 
Last ApriUhc House of 
ruled that Mr. Tarling should not 
he sent lo Smjppnre on Oihtr 
charges alleging dishonest? 

The five remaining nf An accountancy, nature. 

Mr. 'Blom-Cooper told Lord 
Widgery. Lord Chief Justice. Mr. 
Justice Griffiths and Mr. Justice 
Gibson in the Queen's Bench 
Divisional Court yesterday. 

** My submission will be that in 
any event. Mr. Tarlicg cannot be 
convicted nr these offences. Even 
if he is extradited, lie will be 
aide to apply m Singapore for 
the indictment to be quashed.” 

. The charges relate to the 
annual accounts or Haw Par for 
the years ending April 1973. and 
April iUi' 4 . 

The bearing continues today. 

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plant itself has cost. 

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Holst can save your company ini': tons. 

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entrust their biggest projects. 

These teams w ork on r i.-ssive projects where 

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< . v 

xv.’Sjs- : V 
p-.-frcA.vjsv - . 


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I 'm; ihe coupon r.ov. to discover hov ; - 
bestyou can on '.ploy u**. 

t -i 

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t \vi in i> i ii!;e to -lc h'?'*. rise stalls 
o| Wirv.’i-j-t Hoist r-.'uid v.urk lu my 
ct>mp,:!: 'r -j J - . 


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P : ~ 5 ?.»n :• >.•' iX "r-i IF. 

'i-.y-.. '.'irp-r. 

Evening Standard 
editor resigns 


Airlines row threatens 



tiie Even ins Standard, has 
resigned after a series oF dis- 
agreements with Mr. Victor 
Matthews, chairman of Express 

Mr. Jenkins became editor two 
years ago when he was 33. His 
tenure spans one of the most 
stormy periods ia the paper's 

It was threatened with closure, 
and with being taken over by 
Associated Newspapers, which 
•.van ted to absorb it into its own 
Evening News. 

Mr. Jenkins and Mr. Charles 
Win tour, former editor of the 
Standard and now its managing 
director, waged a llam boy ant 

and skilful publicity campaign 
m save the Standard from death, 
nr what some partisans thought 
a fate woivc than death at the 
hands nf Associated. 

The Standard's cries for help 
brought sympathy from the 
Government, and more impor- 
tantly -j rescue bid from Trafal- 
gar House, the present owner. 

E VT British holiday- cent — are British holiday- lines System. Pan Am and Trans airlines objected vi^ormisly. and artion gainst British airlines 
* Ita? Mr charter makers and are carried in World Airlines: So far. ihe i* deniindd to -Ml When ^ w 

* : FEAKS THAT British holiday- cent — are Bnusn nonaay- lines system, ran Am ana irans airlines op, 

maker-? raav* find Their charter makers and are carried in World Airlines: So far,. the UK declined t - .... ... — . 

to print a statement dissociating flights to Spain disrupted Lhis British aircraft, mostly owned bodies have -met with no sneefiss. ; diMOvered jjjjjj* tttoSZ evw a^enuS? BrltiS^on 

himself frem the leader. winler as a resu i t 0 f the civil by independent airlines. Not one foreign airline now Scheduling Committee (the air ever , , a ij,etmme pnusa aaojt to 

There was a strong disagree- aviation dispute between the two This charter traffic is outside serving Heathrow wants to lines body which -worta out the try to 

ment about a leading article c0un tries should not be taken the scheduled airlines’ "pooling'’ move, and even British' Airways “Slots” for the aircraft using body at Heaihrow has resulted 

JjJ 1 ' ch crilmwed the Conservative b ’ v the Department of agreement, and is also not is/eluclanL Heathrow) had been told_ to in as near a breach id civil 

Orn^on. Trade the British Airports covered by the existing Anglo- Iberia said yesterday , :that Kidude them frona next Apnl l, amtion relations between- the 

other causes of conflict are a j rii n«* and Spanish bilateral "air services such a move would be * “‘iatas-. me foreign airlines took the uk and Spain and Portugal as 

believed to have been late pro- - ^ . . ® . .v,.^ imrihc ’’ which could cost the 'matrap tn «mri. They won a it in tiossible to set But it docs 

There was a strong disagree- 

m^nagemenfinterference 'in' day- ^ Spanish and Wta ^ “f f'XfZ no tom 

t0 Mr MaSw 3 PO has' not yet ^!es Te^een^Britiin^nd UBeAim ofSe' rlvenuw^ sSn SFS 

announced a successor to _Mr. Spain and Portugal have now. they do from scheduled services. tra ffi c between the '54 airlines d * u n ^ er SecT . that the UK Government is 

Jenkins. There are three internal become real and deep, and the In recent discussions between serving tha t airport. Moreover. t J e Aur r Negation iu S utYtting^the Spanish apd Portu- 
StfaiS?, 1 ?- h e JL?, m B n a !l possibility exists 0 r further the British and Spanish Govern- thev claim that because thV- th 2 l w - -fortticracUon would be guese officials to see forthem- 
Mc Arthur. who recentlv moved £ fio against the ^K— such meats in Madrid, to review— w been there for manyvearatafeen against the two alines selves just what goes on at Gat 

ft? Times to S deputy d 3 the ‘-1 2£Sw Brt&h AiUys *>" but not to renew-the air ser- h^e built up goS ]“'» ' 2! *** * *T PtkK* n ? 

Standard. irtt£ rights into Lisbon. vices agreement the Spanish passengers; staff, and other .been held hetw e just a second-rate buckeband- 

Mr. Rov Wright sacked hy There are two issues in the are understood to have asked airlines, and invested in faciii- Governments involve - spade" airport . bnt . one of the 

Mr. Matthews as editor of the dispute, which although separate for charters to be brought into ties r hat would be rendered _As a result, certaimy tor ine - up-to-date in Western 

Daily Express after a series of have become entangled in the agreement. But the UK use i ess bv a move. rime being, the two foreign air- E ur0 pe_4nd v one. moreover, 

disagreements. Mr. Matthews is.- rec „‘ nt months as relations be- declined, and the talks were lines can continue to use Heath- from which many holiday- 

e u-i5hi vn « .K ! i l J™SS£ tween the two countries have broken off. and no plan was H&0DY . - row. But coming in the wake ma kers to Spain By out ; 

rejoined Excess New.napers « become increasingly strained, made for another meeting. J . . of ' the inconclusive Anglo- But it seems likely that if the 

assistant of the Standard One is the desire of the Depart- It is at that point that the The DoT and BAA . have Spanish discussions on the air DoT or the BAA do. want to 
The third possibilitv is that ment of Trade and the British differences of view over air ser- already tried to keep congestion sendees agreement, it caused aC hj eve come realign ment of air 
Mr. Wimour -would move back Airports Authority to reduce vices became enmeshed with the under control at Heatlupw. the growing Spanish anger with services between Heathrow .and 
to the helm for a while. congestion at Heathrow by other simmering dispute about They have banned '‘wbPle, the UK to boil over. Spain Gatwick. they will have to move 

until further discussions had w ick r to prove that it is not 

‘■.Amicable disagreement” 

When Trafalgar took over “Hampstead intelligentsia " and dram 
from the Beaverbrook family, too little for the other l0 make 
Mr. Matthews became chairman. Londoners. ment M 

Soon the position of the Stan- A! though Mr. Matthews is not a ‘“'higl 
dard was to become once again believed to want a major change Jenkins.' 
somewhat uncertain. Mr. of direction of the paper, there were pat 
Matthews made clear that he have been several serious dis- sadly- ■ 
would not ke»-p his papers open a ere* men is between him and the "stvlt 
if they continued to be unprofil- Mr. Jenkins, who was asked to paper." 
able rc-'ien Mr. MriUh-wj al*so ^j,. 

Mr. Matthews had strong view- been worried by the continued « r aHiiaie 

tere were parting “amicably, though vices agreement between Bntain in tne arguments on uotn siaes. uranin auu uwm, qi it about £7o0,000 a year in in -tlie form of cheaper- land i pb 

dis- sadly" afier discussions about and Spain that- gives the latter Heathrow now handles over which started transatlantic i ost profits. fees at Gatwick for an* introduce 

and t he style 3nd approach of the a bigger share of the revenues 27m passengers a year, and will routes this year, use that air- - The Spanish action seemed to tory per j 0 d, and perhaps even 

L/o pa £ er ' , ... , from the charter operations that reach saturation in the mid- port, and appear- to be -happy take officials by. surprise. 50nie compensation for loss of 

about how he wanted his papers Mi t 

One disagreement was about a Supplement before becoming . *;■' ■—•-- ““T" rh* o.mnrr helleonter chwrtio 1,1 ionc...u.,.i«, as tor srau ouii S eu lu siuxi uaeir 

le-d;:i. uumk- m Hie >umn,vr leader writer and features editor uvt ' ]y re P resents one of the terminal is denied by the x irpwt hel^opte^ ‘ ® week hinted at the possibdity homes. .. 

vhich could have been read as on the Evening Standard. He bk? biggest .air transport Government for environmental between oatwiek and Heathrow eTi?p f urf ber sanctions, such jt is not. enough for tlii DoT 

cond mittu the Russian invasion spent a short while :«> head of markets, with over 5m passen- reasons. But at Gatwick, south —much to the annoyance of denyin" British Airwavs. the and BAA to argue that in ofhar 

specific a My he ha« turned the lo^ J;:i _ uuick- in llie >uii)tnc 
Standard to tom-PTit rale on being vhich could have been read a 
a paper for Londoners. condoning the Russian invatioi 

He is believed to take sc riijusly of tt/c.-hi'riovafcia lo years ago. 
criticisms hy Associated that the Mr. Matthews disliked this so 

Life and the Times Educational 
Supplement before becoming 

two countries- new fourth terminal - and needtor Portuguese official? at the othe V expenses in movi^. such 

The Iberian peninsula collec- earlier if construction of that and has introduced the Inter- AJ3TA in Torremo linos this as for staff obliged to shift. their 

Insight on ihe Sunday Times. 

li; . .ismiuic. IIKU inv air. aiaunews arsiiKCO mis so He rueentiy married Ga>le 4.6m fly to and from Spain, and raodemisatioa scheme has this will end when flje- ICS . • -ttemots to force mih-M in ihe nast ro nujwfT B ™ 

?aPtr t ' ll * ri ’ -- — - >U - 1 ' 1 ' mUCh U — — aSK ^ ^ dU -- HUfin>CUU ' thC - m gn, aD aClrC ^‘ ^ Of the ^Spanish^ totaL about l m ta^MB^sumfare^taalwd between the 0ut ° f Hea£b ’ °i5 1 ai ^2u C ^ e n^^iS 1 ' SUt 

fill iff P Cell rices^and ^bou^^im ^on traffi^sbarely^m passengers P But because the. attempts at. 

•a jl* v a. rebuilding ««" «- «» «« h ;?r £or £urther tspaDS ' 0,> ,0 % ’SSIS ^ «n> X"r= th= So ,„“h 

oil rating dilute A ^ ,» d sS"?4 - s : s£& 

III I Guide on 

tt.*Brt5SrSSkS Authority because tlicy served the Iberibu *«• .W! ^ -«J 

— BA. Iberia and TAP— whereby have been trying for months to peninsula, they had some com- and also lost the battle tn ease British i airtine, wrth the 

revenues are shared according persuade British Airways- and mon bond with British Cale- congestion at Heathrow. Yet if possibility of morr to come, 

tn a secret formula, which is foreign airlines to move at least donian. which serves .South the UK authorities push too Even tuaily. tbe matter > t! I have 

believed to favour Theria and some of their services to Gat- America out of Gatwick. British hard, they will certainly run to be settled by discussiom be- 

TAP. But foT charters, the wick. Airlines which have been Airways was also . directed to up against further legal action tweetr alt the- parties, ana it 

'.motion is different. Most of approached include Air Canada, shift some flights to Gatwick. from the airlines concerned, seems that .the sooner such. 

nicumidK qo Thoria tap Qranriinavian Air- inevitably, thp two: foreign with more threats of retaliatory talks are held, the better. 


By Eric Short 

ITWO GUIDES to help m assess 

A NEW CLASH is looming already appealed against 1 he | types uf huusea m different parts 
between ol > ompames and the rate*, asse.'smcm on some of 1 he i of rhe counirv have been pre- 
Sh-.-tianrl Islands Council over houses it has hulli in Shetland pared for the* British Insurance 
the rating of the Sullom Yoe oil for Siillnui Voe employees. The Association hv'ihe Buildmu Cost 
terminal. At issue could be up sums involved are small, but the Information Service of ;he"Ro\al 
lo £fi.5:n a year. intention is lo demonstrate iu | leslilutioo of Chartered Sur- 

BP. a« operators for ihe the council that tilt- oil industry ve>ors. 

Sullom Vuc consortium, will has n«ii got a bottomless purse. The leaflet for policyholders'* 
become liable to pay rates as On us side, the council lias shows rebuilding costs per 
soon a.s ihe terminal comes on become alarmed at what derating square foot of external floor area, 
stream, which could be this will do to its finances and is tu based on five types of house, 
month. Its rateable value ha.? not Mr. Bruce Mi I Ian. Secretary covering three properly age 
•.el been assessed, but the of Stale for Scotland, later thl* bands and three regions, .of 
council's estimate is that it could week ro ask the Government to average construction ior throe 
be £35 m. exempt Sullom Voe from sizes of house. The guide* for 

At the current level of Shel- deratin ’ insurance .valuation*, has more 

sizes of house. The guide* for 
insurance? .valuation*, has more 

New print process 
wins £10,000 prize 

Mr. Ernest Urquhart Chief comprebenMve divisions. ; 

cecutive of the Islands Council. People wishing to lake out i 


■■__/>• O' 

fLK 1 0f aU in,;0lne fr ° m 1*%™^**^ «»rk™v^es o r CWS trSn^| n,KJ i: 

Bvit." fnilowing tbc precedent nhich^ alrea^v hSd r » 0 ^ ! fh^ P ^ r f0r asse!lSin 5 characters h^s paid off 

?rt hy Occidental on its terminal increases P the sun. inured.-. In most areas <.; r3 em, M.ftuo. He b« 

at Flotta, Orkney, BP is certain He bad calculated that hv 19S*’- Ulf * ls *i below i ElO.OOfi prize for innova 

tn annlv fnr industrial rlpraflnn ioo*j *u_ j .. “ rebuilding CiiStS hut in S0U1C ! will In* ahle lo start ma 

_ ... . . insurance cover for. their houses i SEVEN YEAR.^spent developing to that pateiited by A. B. Dick By David Churrh3i 

. '’hurrion H*?!. l 'i ,he fl, P •> mtcrojjroce>A>r based printing in the ILS.. and used by. IBM in GOVERNMENT PR 

burden building cost?. The assouaiion pr0C ess kin^n ink jet instead a word-processing system. GUVlkamlai vk 

offers law 

By David Churchflji. 

values of ‘ iradi(jbnal 

ng | Small hotels win 
r AA’s approval 


Q . Y THE. AUTOMOBILE Association grumbled abbut ^have been dis* 
*. has discovered that small Is regarded."- This, sayff^the gui^ 
beautiful— at least as far as produces “an ..extyenudy 

cat e tn »„* a ™ Mn over-priced endurance test. ’ -i 

fffishv !!!?!, s ** SI C S°’ The guide talks of " kipp&rs * 

to apply for industrial derating. l9 S3 the rate in the nound could areas it i? w- L above 
which would halve its rateable have fallen to 33p in Shetland. There is coSiderffi'h 
jaluc and hence its annual rales compared with 57 P proposed for m cos^ Ki 

-i £10.00(1 prw for innovation, and processor based. This means it p?,“ e ™ d consfimer Protection I « P f° p,e are beCOmlng more 
Jjwill he able to start mauufactur- can achieve fast and flexible cIY 

ing his. product early in the New printing speeds. 

She told the Oxford Street established hotel operation.’ 

The guide, which- has. grown 

jared* with rS IZoSSlfl?- There is cousldemhle variation — ^He^lanTr' market the pro- Aworia V on 7 Lra ? n lb «'* e According to the guide: “At increas&Ily chatty Vn^over 

vear Howeve? !? .he ' n fr costs ' ■* im P |e ; the COs>t Tue prize, the Innovator of the ce“mSyS) tiieprnting Snd sSxting tip iu the .hotcL the. years and cTtariy: obw 

in’al wa-? d-rat^d 'the rite P" sqU!,rc foQl fnr a lar£?e pre ' Year Award. ha» been awarded nackammT industries since his Ro> Ha - rt ?. r ^’ pnces ? e f- re ' business or running a restauraot presents serious competition for 
..i.. fy Lei le 1820 tutawd house in London ih, "Technical Development ! tary. .were taking a sledge- oroide wo ride tea shop was the Egon Bonav and the Consumers’ 

As a way of showing it means terminal was derated, the 
business, the company has poundage would rise lo 5Sp. 

[lit fall in numbers 

tYL, 5 ■* ,a *« Awarn. na s been awaraea nackaoimf iniiu?trip« ?inpp hie . L 1 - 7 ..,, , J- ««»»««»». u* suhuius a icsuuwui H‘aeu » scuuus wmpisuuuu tut 

i/ 920 r»o« :,wd ^ h0use in Lr,ndon ibv " Technical Development macSne^can ^rinT over most r-r □ ,'2 * ledge> Or olde wo ride tea shop was the Egon Konay and the Consumers’ 

is £ -S.30. which, assuming a i Capital, the venture capital sub- t vpea of eithe/even or uneven han ^ mer t0 CMck ;3 nut. . ; dream of virtfially every holiday- Association publications, pffers 

typical floor »rea of 1.625 sej ft.K,diarv of Industrial and Com- surfaces r uneven It was* Important - that- the maker who eVer ventured into as examples of good indivi- 

a stun inured oflmercibl Finance Corporation. " There" wpm three riinner«nm ba,attce between consumer pro- the West Country. Yet, of those dualistic hotel and catering 

£46^12/50. !n contrasl. o small ; Thr- Corporation is backed by the in -Technical"' no„„innmc«t lscti °n and too much .Govern- who tried, few survived the bank- efforts the Mallory 'Court in 

nnsl-1 ■ji'WuH Kfinm in u.:. i ..j .l.v .f ~ - US»«ii»|ilIit.lU mom in InrtionTinn In' Kutinflrt ninMv mnrfc Hiil tnrlou thinoe T ^amitiornii fina ?r,in Hu fnnrwfl, 

tary. . were taking -a sledge- or olde worlde tea shop was the Egon Konay and the Consumers’ 
han^mer to crack -a nut. . dream of virtiially every holiday- Association publications, offers 
It was* Important - that'- the maker who eVer ventured into as examples of good indiyi- 
balance between consumer pro- the West Country. Yet, of those dualistic hotel and catering 


comprehensive survey hd} been i ? ys toms research and 

-' JJt Printing source being measured and there 
and develop- is therefore no need for a 

American counm'e 
For the first ei< 
the year, visitor 
totalled 7.064.000. ; 
cent compared w 
period last year. 
The number oF 


! London EC-IP 4.ID 

» J u . - . _ - , . . . _ D „ ... .- . r [ c,m ine.wjuch fie will oe usitw.-VrUr'Oe ^ « j i n : dir«ct 'romoPiu ion ln P° wer 30 <J ensure that con- 

replaced hy a greater number or )n the month dropped by 06 per Brittsn Insurance Association., under licence from Cambridge in lfl ,he S " P J! ,2" sumer protection measures were 

arrivals from Asian and Latin cent compared to the previous) Aidermao_ Hous^. Queen Street. Jexchatme Tor royalty payments. A- ,„ v f, y *' ,irh-im«S only brought in where necessary 

', a ". c ".“ n .‘ r !fl. ........ .. i'i?,.. : , "'LOT M '■■"***»*■***«,*<& 

ment intervention in business ruptcy courts. Blit today things Leamington Spa (run by former 
was 'maintained. In recent years, are different” clothing store owners): the 

however, she claimed that the Such properties - are now Bridge of Cally in Tayside 
balanee had been tipped in thriving, . says the guide. And f owned by a former Unilever 
favour of the consumer with too whv has this happened? ^Because executive): the Fifehead Manor 
many ^oliLically-inspire.d moves for-tdo long too many of the in Hampshire (run by a Dutch 
by ihe Government in the field oF traditional hotels, particularly housewife): and the White Moss 
consumer protection. She especi- those run by distant business House at Grasmere (managed by 
ally singled out the Price Com- conglomerates, have ignored the a former accountant and' his 
mission for criticism.. all important person— -the pay- wife). 

Competition = &£: A ® T 

Mrs. Oppcnheun. promised that.- . * : ■ 

the Conservatives would redress . -rSt*-'’ ‘1 if p# ^ 

the. balance when -.they returned fiJI7Q nATflOn TirCT riHlfmn 

Elizabethan first edition 
Auctioned for £7,200 

S, A ™ST edition of George Hsi Wang Mu of around 1800 sold 

ana vigorous puttenham’s , “The Arte of for £1.500 to Mr* Glatz. In New 

- r ' n -- b nor I wav R<>pe M . v _ v 5Vlo . English- Poesfe.*’ first published York, on Saturday Christie's dis- 

Guides, which dgst^ns ships 1 Earner, Harry Shepherd,.. : D 1589, irtsde u good pries of POj&d nf nirt Master n ain tlpgc for 
roller systems, has developed a P r ^ J dent of the association, had £7^00’in a SOliaebv’s sale of lfith f°18 019 “ 4 Ladv as Salnr'ifary 
roller system > types >’ attacked the indlTth centurybooksyesterdav — * V b3 ! nr Mar 7 

Air Canada 



to Toronto. 

ruuer system lo replace types ‘ auacisea me and 17th eenturv boobs vesterdav ■ 

originaHy designed Tor use nn | a ^. 0d w {!L c0n I l ' , S^ Proiwtion ^hfch totalled H22.45& Dawsc-n 
fishing boats. It is claimed to be which shoppers do not p^d £4,800 for a first. 1621, 

much safer than those in general Jlways want or need. edition of Burtons The SALEROOM' 

use - He called for a halt to further “Anatomy of Melancholy. H and 

j legislation until there hod heen Thorp £3'800 for a first edition oF BY ANTONY THORNCROFT 

Frnpct TnnPC .I survey or ihecosls and benefirs -The F3erie Quceoe." by 

BLlllCol. JUlacJ) nf the legislation already exist- Spenser. The same sum, also • — 

traimnrr oxmrarrl ! ,nV7i 52. ^ I2S!!* w3s lhat from Dawson, acquired a rare Magdalen" by the Master of the 

traming a^aru f C K 6U, ?cJ«. pro * «°W° f Y qrjlBlI l CR “ Th<i Golden Female Hill Lengths went ior 

THE FAMILY-RUN jewellery IE?" ^ Jb ° Ut ^ 3 iffO^SSSS* *** "VP o ' 1 1 

SST^i^ un-jwhlte Ming vase wUehhtdtaS wffef'sel sSdTo? £^Sd 

M. ” 


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01-759 2636 



Controls and drives for new board mill 

has been awarded the contract for 
the supply and installation of ihe 
sectional thyristor drive system, 
for tbe new No. 2 bunnl machine 
for Thames Board Mills’ expansion 
at the integrated pulp and board 
mill at Workington. Wurth about 
£lm. the Contract includes more 
than 50 thSTistor convertors, and 
110 motors with a rating 
exceeding 4 MW. Supply trans- 
formers and drive gearboxes are 
included. The new . machine, 
which will treble capacity at the 
Workington plant, will be a 5.4 
metre trim width, multi-wire 
duplex machine, with a production 
capacity of HIO, 000 tonnes per 
annum. It is. due to come into 
operation at the end of IfSO. 


Worth £150.000. an order for 
UltralJte tippers of n variety ot 
capacities, has been placed hy 
RMC Engineerin'-* and Trans- 
port. Ashford. Middlesex, with 

Notts. The tippers will be used 
Tor aggregate haulage by the 
concrete and aggregate division of 
The RMC Group. 


Magnetic tape transports to the 
value of around £600,000 are to 
be purchased from Pcrtec Inter- 
national, Reading, by Plcsscy 
Communications and Data 
Systems. Poole, Dorset. 


One of the biggest contracts for 
liquid argon to be won by HOC 
in the North West region has been 
awarded by the Leigh manufactur- 
ing division' of David Brown 
Tractors. The gas Is for MIG 
welding used to construct tractor 
components. Supplying an esti- 
mated ieo .000 cubic metre*. 'year, 
the contract will run for five years 
and is worth £175,000. 

■ '* i '• 

CAVI.K UK has :i contract from 
Custain International worth more 
than £llm fdr the design • and 

supply Of coloured steer roofing, 
cladding and accessories for work- 
shop facilities in Iran. Work has- 
begun:, with ■ completion expected 
in 1080. 

• + 

his won a contract worth nearly 
£im to buBd a supermarket in 
Broad Street, Stafford. The two- 
storey building wiU have a ground- 
floor area of around 15.000 square 
feet, with, storage and offices on 
tbe first floor. Dae for comple- 
tion in late .1979, this will be 
Salisbury's first supermarket in 

O/ders in excess of £330.000. 
for _ type OV. nonelectric 
engi ne -w atchers, are announced 
EQUIPMENT . -following a sales 
tedrVbt Saudi .yabia, Iran: and ; 
other 'Middle . Eastern countries, 
'fhd., engine watcher shuts down 
7a. _ engine- at- ‘a - pmjptermined 
-danger setti ng of -coolant temiTera^ 

ture or oil pressure. 

Leicester-based specSaliets in the 
manufacture of precision measur- 
ing instruments and optical equip- 
ment has secured orders from 
China totalling 1750,000. 

-. ■ _ ~ - + 

awarded ■ Gulf contracts worth 
^30,000 for Luxalon Sandwich 
Wall, which has been specified for 
an . extension to The Gulf Hotel. 
Bahrain; Ministry “of To reign 
Affairs, .Jeddah: and Jeddah Shop- 
ping Centre Phase 2. 

Tlie Scottish Development Agency : 
him awarded a £1.28m contract to 
TION ..(SCOTLAND). a member of 
the- Balfour Beatty 1 Group of 
BICCT Limited; for the construc- 
tion of Phase ; 1 of advance fac- 
tory units at Annick Street, 
Shetticston. Work has started. 

yi> x ^ 

Quite obviously choosing a computer system isn’t as easy as choosing a washing' 
machine.The actual hardware is only half the story 

, Without the software to drive it, it’s as good as useless. 

And getting a programme specially written for your exact needs is a very costly 
business indeed. 

Which is why many people prefer to use ready-made software packages. 

And why at NCR, we set out to produce one of the most comprehensive ranges of 
economical, ready-made software packages available. Including sophisticated systems/ 
for manufacturers and distributors. 

So you're pretty sure to find one that won’t merely accommodate your needs, 
but will fit them exactly 

But we haven’t stopped there" ■ 

. All the computer systems in the 8000 series are compatible with each other 

Which means that even when you outgrow your present system, the same 
software can still be used. Allowing you to migrate to any level of computer technology 

way you’re going. 


NCR Computers. Designed to grow with you. 








~ - - • ■ ^ 




More cash available I Bread Two 

for Ley land— Varley 



- 7 - | • r* * ' w 

1 i 


INCENSED by bolli the lone 
content of the Chancellor's warn- 

IF BL’s updated corporate plaq the provision of resources an "a to he drawn into’ saying whether 
justifies the provision of more dnp-feed" basis, towards an the Government- would impose 
public money it will be made equity and loan basis. sanctions in the : event of Ford's 

available. Mr. Eric Varley. the “ tr we get to a situation where concluding a pay settlement in 
Industry Secretary, assured the Lhe corporate plan justifies more excess of tbe 5 .per cent guide* 
Commons. Government finance, then we will line. 

He told MPs that he expected make it available.” the minister . He pointed out lint the wage 
to receive the plan front tile declared. negotiations were; still in pro- 




! VAUXH ALL Motors iSOfi skilled "Vehicle production throughout . -v™. 

I workers at Luton and ’Dtt9tttbje-Vauxh«k1 jritac com- Jg.gJgg® SttSSLR- 

•By Pauline Clark, Labour Staff 

f yesterday refused to .BPS {££? wuid^aKctod.- by a. the iwffiitWIfe^ 
j. skilled workers at .by *"££ 

on television a l 

iHhEwrTKrt SiTtaTSaB- finTflito-ailrt workere. 

l over pay differentials. . " VJjut the effects could be wore 

i The unofficial strikers at. Elies. Msflv ' contained if on ly :the .-Ford s Jr .per cent .offer,, without 

STJES So far the, « gn hj » WwSrt. iW Won : leaders 

ces of a pay b.fore the end of the c om muted^ ESOOm tg rr ^L^ and .tatitcJulj Incomes^ White Paper employers in the hatipnwfde! ^ rCS t 0 f the company's 1 - rtlUea'7!-.. 1 The official union represent*- The . VauxhaJl : givg: 

about lhe consequences of a pay before the end of the committed ISOOm July Income's WbilePaper ^ployers in haLionwide 1 

explosion. Labour LeCi-w infers 5 . , . arrangements have beep autho- indicating .that tbf Government bread dispute are likely to meet J wor tfor 

fast night accused Mr. Healey of The question of further used for .the provision oi a would, if necessity, take acvountliomomiwfnr ;hc firsV*nte tiUmn[™£!zL 

‘ Sunfi * ^ddl sp ui e a r e~Lt keiyto meet 1 5JJ.fcjJice! ‘The* nSrflniTttS?.^ tifcfa i - * 

u necessary, take account tomorrow for the first time since! 0 nairian further undermined .by pared to give their full co-opera- £ 88 - 20 . including £? frqp[i the 
failure ■ to - , observe -the the union called its strike exactly i .k. *iHoc nt rhe F.iie«mara k.. .hci.m' the unofficial, first- part o£ a prsducilyltY pj»iu 

jeopardising the Labour Party's Public fundln*, for BL will be [BNhPr -WOm on a .t mn .^cale of ' any ~ i*| C u,uuu caueu us sixise esacuy < official siaes oi me Ciiiesmere non to ensure me ~r-r * 7 ^;^ 

• "election chances. considered in the light of he to be agreed with Hr. “warden. guidelines. a-week-ago. - ... • ; bunions ! .i«{nr- full «W)p«®- &ffc e Has M ettle affect on mr*’ Ths-wiU «; cntis«rttda|^-into- 

At the weekly meeting or the G “h Th ,?tr P jX ir^SiSS-rllve^nd ^ertduehT He ucUmUcd replying lb ‘.sir. Sam Maddox, general j tion to company efforts: to keep Suction as possible. Joint con-, the h»s ic ralein^vq lncpths at 

-‘Tribune Group, it was agreed ~ * f * Mr vTricv™ named* tha! Mr. John Biffen- (Cons . Osws- secretary y f the Bakers' Food (production going witboutr main? tlngency plans are telna P*-; |^ e0f T & 6 ^. g t S4^ - 

• ':SSL a Mr Varied Who ora^ert ih« management had withheld some ‘‘ffLiSlL % Mid Allied Workers' Union and ' ten once workers. ; pa^d to -deal with m«hine (inilp rate- in the F fil'd offer -in - 

itS Str,k€ CSaCUy ' {he official sides of the Etiesmere & art . to ensure' the unofficial . M part ot a 

-that a delegation <hnuld hp spnl -NtB. ne auuea. Mr. vancy iuiibmuhi D *' tn,*l I 

: to Mr Healey to remind him that Mr - Varle Y* wh o praised the management h 3 d withheld some j:' CU( 

‘So LabSr ^ovenwni had Ion- w ° rk of Mr - -^chael Edwardes investment as a result of indus- 

% si "“ " r ls rt“ e "' ?, s ., ch 1i r . ^ a „',h? put “ 0Ter 116 pasl few S*» 

-.'tnic strategy to that now being man of ^^" ® Lressed t,ia t the mo th.. . . ra j. indusi 

put [ on«rd by U» Gov= ramen L A™ 

Mr. vartey. who praised tne managemem naa wiuiunu wme riiBcussine the ht 
work of Mr. Michael Edwardes investment as a result of indus- ^ Government 

ic <;trate'»v to that now heinc man oi oi- aixessea mai me luumuj. industry 

it rorwird by the GovermnenL s . ucce « ° f n company was He undertook to make aval!- opposition cheers. Sir 

The Tribune delegation will on coot.nuuy of pro- able as much information Keith Joseph. .Conservative in- 

iiie iriuuue aeieuLiun win , 1 . 7 . , , - . . h „„, ,l. n lin iwim 4 we|mi. .w,uBei»dii»e in- 

;• b. led by Mr. Brian Sedgeraore. level of demanli £ ,hf GoUraS had had iustrr spokesman, demanded:. 

• iTSJKiT'Sf.lff SStfiL'* r r „ The' S“!Jr BL to justify »^.p!M w OT .nLlS5 ‘S. ■*"■“”*• not 10 

...Ur. Anthony wa^SST^i; •SSSUShlL ^ISTSUSS “SiiEaraWi- Uk “ varley: -■ iy« better 

loficy with the motor car Conciliation 'and Arbitration Ser^! the strike, will meet, today. In:. . 

ndustry. • _ - . vice yesterday to outline their! Rugeley. Staffordshire.- to discuss.' T * ; j » j J.^1 J 

Amid Opposition cheers. Slt case for a 26 per cent pay rise. ihe position. The committee' may- — I I nlAll nlfl Lf\ Pflil SlFlKc; 

veith Joseph. .Conservative In- Represent Lives of lhe Federa- be forced to consider .calling tfife : vlliUU Will W 

ustry spokesman, demanded:, uon of Bakers will meet at AC.AS i Ellesmere Port workers-; bgck> T\-r ^ ^ wwIraVfcf - 

Are there or are - there- not to today and it is generally expected ! after yesterdays decision^ by.^r rtf UI I QfS 02118 U12DH ; " 

»e sanctions? - - _ that both sides will aaree to joint : workers at Vauxhall s southern. -, ill MJJU J 

', r ‘ The need for BL to justify an opportunity io review tbe 7 •‘^ re there or are ■ there not to today and it is generally expected! after yesterdays decisions hy.T t 
“ furuSr pubUc ln«,mmi TO NBB', reconunendatlona. that both sides' W agrin to joint : workers at VaushaJI s southern , , 

e«npk»M tor Mr. Kronen. __ QuMUonod by] Hr . Tun L t- a nd ^ - V ' ^ bt, ^ r at Srrvicea headquar- ! olanB. ■ - 

- ahb he .a C k“ fr Si , a« 1 °",o«;!i S Pr .t CotS.rr.Uvr todtSlry wETSE Birmtogham Belly wait and see. 

aolj take place towards the . n.i.\ • r.mnrnee umii -» There wer 

"WM tunoiua tun 

middle of next week after the spokesman 
*' Tribune Group bas met again to ,V r 7' „ : n * F !! iTm / ° ni 

, . discuss details or its alternative * [£® ni 

to the rhan^pllnr'^ 5 npr ppnt relBlion to market sh 3 r^ 2 nd 

limH on pav rises P proved proQubilitv, and indi- tion to - take off 

Mr. Healey has hardly gone m?hii. 0 ™r 


There were jeers from the 

SSf-,? LS5d^ mCe ' fi he * quar ‘: P ¥be Luton skilled- worked BY ARTHUR SMITH. MIDL^DS^RRESPONDENT- . 

The talks come as a result ol ^..V^E tJNION LEADERS will resume of the hasty deciaitm -to yalk 

cated that .a decision on 

As far as 1 am concerned. 

within the guidelines." of iie strike was warning that 

The ChrysleF-v manageraeDt industrial action could continue 

oLtoe strike, was warning ^ al | of “the^mnbSerammr^^saTd" ttiiT: n.«HT‘.worlOBre idle and 
indnif-Hai unhnn onu ri onnunn* 0 > tne coniomc comuiiiuse, sam «ir 

V e L"~"' — C- B -- 1 ; provision oF more public money I want to see not only a plan- came under attack from Mr. j until Christmas. 

,-s.out or nis way lo endear hiraselF was likely to be made early in nine agreement but progress on Alan Williams, industry Minister 
to tne Lett. Bui after his y cw Year. industrial democracy inside BL." of State, over, conduct of the 

remarks on television this week- 
.....end. his relations with the 
...Tribune Group seem to have 
reached a new low. 

- The atmosphere at yesterday’s 
1.-. Tribune meeting, which took 
.place on the eve of the TUC's 
. General Council meeting lo dis- 
. -cuss the union's joint statement 
-;With the Government, was des- 
-..■Icribed as being *' angry and 

. Not only were the25 members 
-furious at the Chancellor's atli- 
•>:-tude. but also about last week's 
.✓.increase in interest rales, which 
some claimed demonstrated the 
.. need for increased Government 
^ intervention in the lending insti- 
tutions such as building societies 
••• The Tribunites attacked almost 
all the alternatives spelt out by 
.. Mr. Healev nn Sunday for con- 
trolling inflation. 

Repeatedly emphasising the 
. : .,smiliarities between official 
Labour Party policies and those 
. -.of the TUC. the Tribunites re- 
.. pealed that the Labour Party was 
.. against an incomes policy of 5 
per cent and in favour of a rc* 
” turn to free collective bargain- 
, . ing. 

They also claimed that Ihrc 
monetary policies which Mr 
Healey sa *d would have to be 
adopted if there was a wages eic- 
?; plosion would create further un- 
‘ ' employment and do nothing io 
bring down innation. 

He urged MPs to recognise the Despite pressure 

the merger negotiations 

importance of moving away from Tory benches. Mr. Varley refused Peugeot Citroen.. ' 

-s? -sra&ssr 

*£ at “a r 

wdt,] n,eed„g r um,°e!nploye n r“" i ■«% ,%£; Smite 

previous offer of a 5 P® r ^cent . pompany has bad 13 nronths: .'and suspension eqxxlpmeztL 

basic pay increase and a 6 per gjve us a pro per craft grade 1 '. -'hove been called lo a meeting. 
" nl through productivity jand ^ have not done it* 1 ;-, ijy Mr. Ken Cure, secretary of 

was improved. j SQme of vtbe ; - l i£jn e £ r ,tte Btnnlngham East . district 

Defiance J workers at Dunstable, lnctudlnfi ’ itmmWtm oL Uie Ama^am^ed 

- c' -«u-w -•» ' 1 machine and bar. setters "an a Engineering 

- - Since theb. however, reports of.} u, oae working on special. in*aJ-.. : The. committee bas already 
- strike- breaking have mounted * nn y. instfurled tbe men lo return 

breaking have mounted j a tions, took strike action yeste* ^ instructed the men lo return 

and the union suffered from , support oT £e*BttMinne a - to* york and pursue tbelr claim- 

weekend publicity about arrests’p or [ workers ' - through the normal protirtfurel 

on picket lines. Mr. Royaioa) A meeting' of all tbe ptaotV The national executive of the: 
Maddox, 22-year-old son of theUkUled men, though, recoil &.UEW Vs expected lo add Us. 
general secretary, was arrested » mended thev return to wort hy authority today to the pressure 
yesterday as more than 60 - 7.30 this morning. ~ . . . . for an end to lhe dispute. Tn, 
demonstrators jostled with about: About 550 workers at *•*»«*»» of a c,al ™ 

50 policemen on a picket Iiue., he . Kirkby. Merseyside ’ and ' °* an 30 »*r cent. . ‘ ’ 

outside an Ipswich bakery. . Southampton plants of AC Detco. -. ■ BL Cars ha.^: made it dear ' 
The federation, representing ; the car components company, that the 'current u critfcaf ” 
_^ ov ^ McDougall and | which, like Vauxhall.- -is ; a financial position of the cpiii- 
AJlled Bakeries, claimed yesier- : General Motors’ subsidiary; are jwnv will make impossible any 
day that the pasl three days had 1 striking in support of the- Elles^ aWrd beyond the Goiern- 
seen a significant increase in the 1 mere. Port workers,-. ’.bur- -the meat's 5 per cent pay. guideline, 
number of union members I larger group at the AC.Delco . Unrest is thought -to- b<? 
returning to work in defiance! plant at Dunstable seem unlikely widespread amobr the 3 , 5 <W» 
of the union. About 3.000 were tto come ouL - ■ . . 1 workers at Drews Lane because 

said to nave returned to bakeries! -'v ' 

a>vard beyond the Govern- 
ment's 5 per cent pay. guideline. 

Unrest is thought - to - b? 
widespread amohg- tbe 3,500 
workers at Drews Lane because 

Out in response to -tbe company.. 
pay package which offers the • 
prospect, under, a retttetf pro- 
ductivity ~ 'deaL- ^ 

increases of around^ fW'a‘ 
week.. Mr. Cure has asked ■ 
offictals (com other unlocK. at . 
tbe factory to attend - today ’ft- 
meeting. Mauagemeiri hasaixo 
.been asked to stapd'.hy^ 

The 5 per cent jiay "differ - 
from November I this year Js . . 
being tied to acceptance;, by.- / 

the. unions of about 
voluntary . redundanriw , to 7 
finance moves towards artfieveO- 
- ment of pay parity^— tha skme . ^ 
wage for the. same: job-roVer . 
the next 12 moritfek- - ?•%;• 

Shop stewdrds at Longb ridge,’ ~. 
Birmingham, Wherp JL360 jobs : 
are threatened, and Canley, .* . 
Coventry, with 500 rcdttnfian- ; 
cies. have Already MdiCijted- - 
oppositien. The redahdhncy 
terms offered are fir short of 
those offered to the. 3,000- dtp* .;. 
ployees declared redundqnf at 
Speke, Liverpool, earlier' -Ujls .. 
year, but toe . company i*’;/ 
expected to .experience .-little ' 
difficulty Jp: r -achJevhtg-i' fhe . .' 
planned Jobs shake-out. : 

BL’s crash; course at Drews 
JUae, Page 

:,«ain 7! - 

,• Gets if 


7 - (Ittob.BDmUc-lxn- 

Mr. John Smith fright), who is replacing Mr. Edmund Dell as Trade Secretary, belpg .welcomed 
• lo the department by Sir Leo Piatzky. Permanent Secretary, yesterday;; > 



TVH • MtoKSTk’'-* 



‘Silkin’s dilheriflg 
hitting fishermen’ 

compared with about 1.500 before | 
the weekend. .. j 

The union, however, hasi 
strongly denied that the strike is ! 
losing impetus. . j 

Mr. Maddox also claimed yes-i 
lerday that pay agreements j 
affecting workers .in four - 1 
pendent bakeries demonstrated ! 
the success of the action. -' 
Employers, however, accused! 
the union of “clutching at| 
straws.** They said since the: 
bakeries were not part' of . Uie ,' 

in«v ' nn_nn 1 



over pay 


federation’s working agreement, | DELEGATES representing-' implemented. Thp tompgny had -Seme gises'diriiitm' depots twrr' ; 
the .pay rises of £ 6-£8 were the L850 wluie-collarfslaff^ in . offered tu : move (owarrls a .'tom-.'already imposed iL work-tc-riilfi 

irrplpvant fn iHb riicmita OuvnonV -sacal riiviainn- mnn • -J ", • sljsj o’-' - ^T' l. ■ 

, ri5tfS t or were iHc i-o-u wime-couar? ; sian m onereo tu ; move towards a tom-, already, imposed -A work-td-rulfi. ' 
irrelevant to the dispute. [British Oxygen’s gase^ division mon anniversary, linked to a job and overiliAe bain In protest at • 
The Transport and General ! *“1 be recommended.' on Thurs- evaUiathur exercise - and orb; -the oav orooosats: - 


THE .■‘DITHERING" of Mr. A r present 24 vessels were 
John Silkln. Minister of Agricul- using the purse-setninx . method 
lure and Fisheries, is threaten- of trawling off South Devon and 

The Transport and General;*™ oe recommended on Thurs- evakiatnm exercise and pro^ the pay proposats: • : 

Workers' Union confirmed yes- 1 » reject com part proposals ductfylt^. scheme. ' Senior shop. ste-ward-P^otia- 

terday that its members i on a move toward a couunun While wllai- staff are- one of tors representing thfr^drivers 
employed by flour fillers : pa L^ anniversary date. - three /• groups in fiOC's gases have been, in Close craSW with 

been instructed not to deliver - . *“ e staff, bave^oeen operating division- v.-hkh are, in some form their -opposite numheSSgf, thp . 
»o bakeries involved in the a policy non-yb-operalion over of^ dispute .with the' company. . enmpahy-t^ Trthshleld ^^jlaae 
dispute. " the issue for/ the past three .* Fay ^fresbfca lions - 'for & 000 ' division. ■ jtr^l'Kwtthrj&hlT^inSr. 

- - ! weeks. If the delegates accept driversfiad gSej lindcr handlers and supervisory irhiips^ 'l??^:' 

Amhlllanpp man : lheir ne ff oU * lors recommenda- reyume oh Thursday after rejee- : This. has heent' designed . 
rXlllUUldULC luCU : lion, further, industrial action, in- Uan-.aK^nass ihieeliiiKS of the anfi-ehsurEHtha^e gehecrtlisvcl - 
, • | j eluding timpjday strikes, will be company's; “ ffhal ~ guideline- of settlement fat the gases diyl.- ; 

return 10 WOrK consiaerect- ■ : breaching offer'ors?-9 pc r cerit. ^inn Jiihnuar workers is reflectad • 

. Two grades. of the white collar .If BOG'refuses to . make any in deals for* the rest of BOC's 
ulaoLUYV Jv. -AMBULANCES | staff have an October an i versa ry .significant- iinproV'ement to the 20,000-strong workforce.’' 

were hark nn ^he rnuH ypet v i iiom ,.,U()u tk n tknwi mMt .%fr ' _ r • • ^ . — 

Ambulance men 

iure ana risneries. is inreaien- ot irawnng un noum uevun ana __ , • 1 . eluding oni^day strikes, wnll be compahycj 

ing the livelihoods of mackerel Cornwall, and niorc were on the r^lUm tO WOrK .| corKiaerei : breaching- c 

fishermen off the coast of South way. -There were also 15 large ... . cr ., '„.. 0 C*. Two grades of the white collar 

Devon and Cornwall. Mr. Robert freezer trawlers. 24: -visiting .ir ^ S -AMBULANg ES , staff have an October aniversary 
Hicks (C.. Bodmio). claimed in trawlers and 25 factory 'ships. hack on the road yesterday j date, while the three most senior 

the Commons. Some of thesa faetery vessels 5lElcr a wee _“‘ ,on 8 absence as -grades are due lo settle the fol- 

He tried unsuccessfully to get, were capable of processing more returned to normal work- tovring July. 

an emergency debate on the than' 100 tonnes of fish a- day. m i. for a fw^week trial penod. The unions, which include the 
“invasion" of the inshore area There was a risk of' collision th® service shot over a dispute Transport and General, General 
by fishermen from other parts between these larger vessels and ano ' Jl Bedford *nd Municipal and the Associa- 

of the UK. who. he said, were some of the smaller inshore ones; a^ulances. which crews claim Son of Scientific. Technical and 

supplying Russian factory ships and a risk of pollution from the ai ? unsa fe because of loose Managerial Staff, have been 
anchored nearby. dumping of fl«h at sea. wheel-nuts. More tests are being I seeking a common October date. 

A large number of fishermen Repeated and urgent rep.resen- done °. n the vehic, «- and la . th . e ; Negotiations over the problem 

w-ere back on the road yesterday 1 date, while the three most senior offer.- a.. Reconvened 7 meeting of A similar '8$4Tper- cent offer- 
after a week-long absence as -grades are due lo settle the fol- the . manual workers' shop has also been rejected bw union 
crews returned 10 normal work- towing July. ~ _ stewards wiH -oSnsiderVindiutrlal negotiators representiTvg ' the 

“gwr a two-week trial penod. The unions, which include the action throughout the company, gases division's industry staff 
The service shut over a dispute Transport and General, General . 

about the use of Bedford and Municipal and the Associa- rwSA' - ’ ■ m, '''•’••• • ^ 

ambulances, which crews claim tion of Scientific. Technical and r |?iMi : Ar 4 ' -I ¥*_. A. 

are unsafe because of loose Managerial Staff, have been .'.I IffflPS lfiUrll wi lldl C 

wheel-nuts. More tests are being I seeking a common October date. ' ■ ' “ J v Aff**lxk/ l+J 

jfrom Scotland have been work- tations had been made to tndivi- r V eanlira ® men unwilling to drive J broke down last week after dls- 
ing in tbe traditional West dual Ministers and to Mr. r James 016111 wlU not be f o ro ®d to do so. 1 agreement on how it could be 

Country mackerel grounds, since Callaghan, the Prime Minister. 

Mr. Silkln announced a ban on 

Country - ' MPs 

Coast of Scotland last July 
** The situation is urgent.** Mr. 

off ihe West interested organisations.;^ 

Bui still no rlecisinri had been 
announced ahont the - need to 

Hicks said. “It must not be extend the limit fxr faandliners 

allowed to dctenuratc. nor must 
it be allowed tu become- ugly." 
The economy of Cornwall was 

and small craft from three to 
si\ miles ••• ‘ 

.4 quota SL-heine oased on the 

Civil servants may take 
court action over ballots 

wary on reforms 



THE TIMES' National Union of Yesterday's .Nijj-. • .fijeeting, 
.luurnatBLs ^chapel ( offire w hith covered 290 journalists on 

narrowly based. Entire consul w-ngih of vease's hjd been. intro- j BRITAIN'S biggest civil service ion geographically widespread or tts ffi&mhwrszidMo sign mauage- bur not.’ tbe 3i/n3 ay... Times. 

brghcb t Testerday instructed all The Times and t&e.supplemenis, 
its members not- lo siun mausoK- «... • 


communities were being put at duced. 

I risk while rhe Minister dithered enforcing 

oroblem of I union. 

remained. I Service? Association. 

Public ton large 

meat jiroWsais for industrial declared Biat. the iime-scaie for 

- • o- . . . jvr ■■ - . . . — — „ in.* * iuk tiai(r-aLPi 6 1 UI 

The union last week received ''KlatiOTUf. reforms while these the company's ufforrs \o achieve 

."‘i . 7 Mr- 1 . 

over ihe question of evtendine More fi«h were now being' taken receive j court injunction this a 1 otter from solicitors rep resen 1 - were tlie subject- of . negotiation. Uie industriaL relatione reforms'.' 

1 11 0 I n-cnnrp 1 1 1 M 1 1 uTlrl romilotinn j- I ■ .Bn k. . _ p .a . at U' 1 r 11 . 1 nh pfimtvitiv ' av • ' * J - *. 1 . 

m, c t h^ hor f.«d m ‘'h; nd .h r : ?u te^ ir ^ 

iv/sJlu • ' ‘ 2 allowed under landiag. and to have individual ballots for 

\tinvp li' Ih# r... .. _ lr 3 n * 1 -'h 1 Pnient quulas. - Iheir local ■ branches in the 

•! lur T . of ... Tl,erc *>' '>>11 n.t cheek by union’s elections. 

week rrom members deiermmed jps a member of its Newcastle T 

10 havp lnriividual hs.iinu fnr i-cnlral branch, asking Mr. Len . At - . a ^wo-boirr 

ihe mackerel srock .5 ii heinv Ministry nfTi^iaS.i an Soviet and 

their local - branches 
union’s elections. 

■ was *' imrea-soriabfe'l hut . indi- . 
rr meetinK ihe rated the journalists’ ■willingness . 

•flflKl \ Kilt nrt tn «L. - 

'-jnn . ... 

V '4i('P;, • __ 

, he Lever and Mr. Ken Thomas, ihe ‘ hap.eL; .also decided that no to meet the maa-iritehtent- and 
union’s president and general member. should sign nr agree to discuss the proposals.' - 
secretary, to instruct the branch *“>' ri^cnixnco t which introduced .General secretaries uf TUC 

.len D ardi-ed. Thi? k a national other vessels as 1 . lije iininiim s , 1 C3 “- L ‘“ uve . Vka; ' lo hold a ballot for the branch's i»UD .hist. .terms and conditions of priming industry Tuitions ffiet ’ 

consideration.^ out merely 3 West or fish actually taken on .board .u rn r f f d wh(!n * vote. It said a High- Court cinploymfertt any. ^ matters covered yesterday id review Tunes Newa- 

Country one. . and processed • : cunsUtutatan otreurred injunction would be served to by selective negotiation through papers’ position. 

and processed 

Campaign to bring back 
nurses into NHS 

Th rin ^uu l n laSt f 0 ^ tiie mlo do so if they the-. union- : Lusi Kriiiav the -ufatiagement- v 

r “‘ n * pu ^ ,c,y rco ^ Det | refused. y nmes Newspapers h JS warned im-i Datiohai teLtet^ of ihe 

division^ deeP pollUC ‘ ,, Tlie Newcastle member later pulilicatiun National Graphical AisociptioH 

' withdrew the request, but of The Ttimes. the Sunday Times for the first time slnre Jiily to 

Individual branches will begin another member from Uie same and thc lhree Times supplement discuss pruposats for the 'intro--- 

voting for the 50 or more candi- branch has taken it up. ' end of this month duclion of n -- ; npw-t x h p njq-» v . 

dates standing for the 26 execu- All Newcastle members or the unle'sjjil obtains agreement from coinposkig ioqu>,--- • h—— 

trve seats on November 27. The Association. including Uion ' 1 the.twipns on means, of inipruv- ' These will be i'unkidered' J -hy ’ ' 
branches were Instructed to hold from the Central branch, will efficiency. ‘ Hie XGA' -national couneii Von’' 

mass meetings to decide their hold a. mass meeting on die issue The^company has lost product Thursday.'' with -feaders ot thfe- 

vote. except those which were 00 Friday tioh-.-uf -alradst I2m copies- of its union- raeetijia --the- company"- ; 

puhiicaUpns .Una year. . agaih the folio wine ^ ^Tr- 

ine union's 



rut- rm- r o\-iTt>vT • . , , , , , .- ma . Ss meetings to decide their hold a mass meeting on die issue 

, THfc GOVERNMENT i* to launch umbrella all the nrganjfatinns v ot®. except those which were on Friday 
a campaign 10 bring hack nurses responsible for lhe -education. 

SUSdESLK kSS SeJ: mfd»i n 4 a "nd re *™1ir^!l^ S: 
! -L*i2=rf 

* 1 ■ 

.The total number of nursing 

isz '"ut "he srtr« ‘asa 


Women ‘losing ground’ 

in battle for equal pay 

union-'- ' meeting . • . thg - • coolpahy" 
asiiixl lhe. folio winy day. ' 

\ . • <1 11 

He estimated that bectiliv of n, Gerartl Van«iu*' -a L.on. r. » . , . - . - =. s 

the inject inn -of an extra £4flm < C r7aUve snoke.mirnn heahh P ^i°,-„ W S me f * s n0t ^ , a * a J* "OpportMUwi to col ihp 
into the NHS. announced in Hip. ^ id l Lre P ^ f-iS?«*te^bte ftandstili. bui is regressing. Lady higher-paid and irudmonalh 
Rudqet. 9.000 Jobs «ould be avail- pnvicty on both sides ortiffSou» 5 owe ,' ^ epul > chairman of the male jobs?** 
able. about the BiH There winter tha? Equal Opportunities Commission. Any further progress |terh;« ps 

Mr KnnaU was soeakinc on the lhe care of uaiientc umilH suffer. *® l<1 yesterday. would come only from the imnie- 

j PROGRESS TOWARDS' equal ihetr payroll? and sivirs 

force early TV closure 

Qri'i: «v. '■ 

Simpson warmly welcomes the 
American Express Card. 

Mr. Ennals "as speaking on the lhe care of patients would suffer. 
second reading of the Nurses. However, the Conservatives 1 
1 Mid wives and Health Visitors recognised that the nurse* wanted mgs 
Bill. This will bring under one lhe BUL men 

»es to gel the BY..RAUL1NF CLARK, LABOUR STAFF . 

nd traditionally . / . - .*" 

TALKS' between BBC television The 4UU technicians, abnut HW ’. 
progress perhaps iiurtagemem -.^qd -tcchmctans rtf yBam work thc«e shifts io any 

All the best traditions are upheld at Simpson-. Piccadillv. where 
shopping is niaJc easiest with the American R\pres.% Gird -ihe 
Ganl that lew you shop in style, travel in style, ciirenain in style- 
jri-ahe round tlie world. 

Two ot 1 he host : yen' warm, chunky cardigan wit h Joiihle rhic loiess 
fnr .1 "onerous collar, in HwT- shedand wool.:' 

Si 2 es* 3 *?- 4 b.iti pepper hi ow n <»i green marl 

ribbed inti-s her land wool - (rcgNn 

pullover in camel or hi tie. Sir t-s 3 R--M.j£l ^-QO. 

Pay blacklist pledge 

ld ,> estePd *i' would come only from the imple- l.i<f night failed to avert -uidhv unc dav artoammvt.n, . . 

"Wumeo’s gross hcmrly-earn- mentation of the Se?rDiscmnina- irtaTWlofi' whtefr T threaten employees who are " ’"’ 
gb rose from 63.1 per cent of Don Act she said. disrupt: late programmes front asklnc for hicreasod wv-ueiter- v 

'“SP.'s 1970 to 75.1 percent In 4. • • midnight- V; - - lilty io narrow ibu Rap 'beiwcen - 

I97b. BuL they rose by only. 0.4 ^r3Il ufllOinS technicians have impose* themselves apd like woTkefff'iii ' 

per cent i Q 1977 and have - ® an avedunc , ban. iri protest ai iodepeideiu companies.- - 

dropped lo H .8 per cent in 1978.“ nlQ n C OniHWfl poor o f >pi* and tewJ technicians corse within 

she said m Manchester. r . . - FFY JVU pav^ iginpaged -WiLh. rates ui- the-eftginee riiig-t ^im^i 

One reason for this, she said, h* Midual di«m . utitepeffdeotv 7 television . cunt- 1 Ora cafecorv. coveri n a camera. - - 

could be that pay awards lo 

plans opposed 

By Michael Dixon, 

« ° U * STA* SS. “ a „7 S}^? .* «?« M SSSSSS 

ssssr «ss3S^:-« 

SSS 2 f« removed frenMrt 

when they conform to Govern- or lhe Exchequer, confluaed tn percentage figure stops lomen. TeiJhlfs ‘m^Furlhw^dHtehpr S!? 1 ? -■ 

ment policy was givt-n by Mr. a Commons wnuen reply tfiai he who do not have mule colleagues Education. e ^ er ^^h^Rhst^pf.nihe- SftfiPiipjjs 

Joel Baraell. Chief Secretary l o' proposes to publish .ai.Grwn with whom to. compare I heir ay. The umon. which i.s the Lie 

the Treasury, in rhe Commons. Paper, selling ou. from u«n* the Equal. Pay A<i to ge t repreWnting tec5ni?S 

■•-Whenever companies. in ment s approach, rn S«» * more equitable income. willvge teachers, was ' totally 

breach of pay policy, reach fhc denate 0.1 the European tJr^ il that incomes pollen* opposed 10 the scheme - ^d Mr ove? 

coat- 'JOra category. coy_erina ca mera.- 


v refi^extands' rooghly ■ 

1.750 - a; year -t& X7j500 at 

^Ehe- techmcaits ar^ m«mberg 

■■ Whenever companies. in ment s approach, in advance 01 
breach of pay policy, reach f hr debate on llin ’European 

acceptable setilemenis. dis- Monetary System, which b»Jb-»'r ^rn used bv cm p I ny p r« ak .T art .Manseli. ’ vice-chatniiai 

creupnary action cca*c> and the. *ield Utcc Ctis month, , 

an excuse fur not 

; ^sm-r-^asassr or E3 

Wt.-:.. .trpalifpeW’v ^wder.-. , the-- - . "Oji- 

v . ^ 'f- 

< - 7 - '"f 
.h- .--ft 

■ yot . 
* - > • 


i v rA 

: * Vp-. 
* 4 * l . ' . 
Vi *: i'.j 

; * ; . 



n__» - 

.■ ■■= -oVi *>-. 


•: /“/ i 9 * # 3 

* P 

'■ •■>• •• . ' • ' 

■ ‘ -. 7 - ' . . ! . . ‘ -i«euL 

Yarn strengths increased 

work in France 

FLYWHEEL development ha? 
taken a new turn, with work 
carried out in France by Societ* 

Aerospatiale, which aims at mak- 
ing very high r.p-nt. but light- 
v eight units into “maids of ail 
work " which can be used as 
prime movers or as supplemen- 
tary power sources in many 

The idea of using flywheel*: tu 
store kinetic energy is not new. 
hut in this instance, the carbon 
tihre-rvin forced wheels are spun 
up to 100,000 r.p.m. by small 
elect ric motors. As ike wheels 
would l?r placed in an evacuated 
enclosure and are supported vir- 
tu., jlv frii-i um-free on magnetic 
bfjrinas. they can coa-erve their 
momentum over * ery long 

T.* ia:> the stup'd energy, the 
when I i.- rcciD necled to the 
niijTnr which miliaily runs n up 
t.i .-peeil. l"ii in 'Jus ta*'*' ihr* 
imiior ails -j» genera wr u> 
j; rod* tee a current. 

Kfliciencl-a in .the region »if 
flit ;>er cent are I’ljimcd — losses 
heiny .iiinbuk.d almost entuely 

Lu the upcratjnn .‘it the motor in 
both modes of working. 

Dei elopers— rwhu diew on 


Gets into 
the dirty 

satellite technology— belie-.* ,j liir 
the compactness of the unit ami 
its case of application will oven 
up many areas or use. ll could 
be applied to power smoothing 
where this is essential in operate 
instruments, computer.*, etc.. :.nd 
also in areas where rhe prtaurv 
supply fluctuates violent!:. 

it is also suggested as a stnr,.-i- 
medium for power derived fmjn 
solar panels or wind eystem^ :■.* 
well as for domestic criuipuir-ni 
of various type:*. 

Where end power 

wheels such a.* i hoe i-uuld 
used to supplement lii- 
when it is desired I" »pci.<it- 
units that require large nnmum* 
or power for brief m ai>_ 
inaciiini 1 tur*ls> ;ire .• ea-c in ;»nini. 
Much more fanciful i* h... 
addition of -m.-ii unit* i-i i #-?» ■ 
pquipineut «if a L«<r *o th.ii ojipi.” 
obtained when li.«vel!iiie >1 
hiil or bra kin.- enn be ,n.ired .■ n-l 
o*ed fur hiD-clinioing 

•M the mruneni. •Ie'f|<.jnii.-n; 
work is centred in the ••*in*ii-M.-. 
lion I'f .< wheel abl*: :u 
ion kWh. 

StC Aerosi •« ,\7 . rd 

.t'lmininrpnc; . 757 SJ Pan/, 
id France. 


" ;V .^;: : S0d;K 



& : 

•y • . 5K? Rr.t 

:Ws8$m : z- mt-wr- 

•* *** * *.-* 

■m ■ 

■ V*=' : ^ 

IWiuatrr (‘mounter Packaging has introduced 
rhi* fully aiihunatic rilling machine for 
l*rrg;i|l hag-in-liux p;ick*. I p to lion gall"ii< 
per hour can he handled. Perga II hag-in-hov 
parks which consist of u plastic laminated 
him has; in :i currugnled box. arc used tor 
a wide variety of liquid and semi-liquid 
product* and different lypes of liner 
con*tnicij«n are used lo provide barrier 


properties enabling extended storage r»r 
products, that are sensitive in oxygon am! 
■•Liier gases. The filtinu machine carries «uu 
automatic rie-cappintt and re <MT)) ,i n? ,,f i in- 
packs during the fill'll? ■iperalion. For 
nia\/nium productivity if is in 

rvnjinicflnn with an automatic top and 
boliuoi case sealer. 

<r » i:r: mKi.E'»’T ;.■•:• n niiuiiier 
uf ;ie-.. ".i;.s- i..f spisinina terctile 
/am* h..vf been lniroduced. 
Tno*i if these ni tne ripen -end 
type and largely directed kiwards 
rusiiin-ijiK! jams. \uv am-ihor 
svsienv }r^* !iccn developed in 

U. 5 . by I.eestm 'lornoraiion 
tWarwich. R I. 02887. U.S.i 

illeri “ Lovcrspun " u is in- 
tended fur spinning high qualif. 
worsted lyi>e yarn* of longer 
s.ajile than with conventional 
Collin frame*. Th- concept ii. 
very s'mpic. A ruvinc of sliver 
i* fed : brutish □ j'.:andsrri ihrt-e 
roller drafting sysscui where it 
is reduced m thickne/s When 
i ni; .*iiv»T emerges from i he 
Iron: roller.* it i mined Islely 
'•nivrcd inio she. ccrsre of a 
hol!»v. spindle through which it 


'.'n liic I ■••I tow .--pindie t.s 
uii.iunted :• spool of very line 
monofilament synthetic yarn 
■•■hicii rotr.e* wiiii !h» <pmdl<*. 
As 1 1 rou. ie* s.i [he lilainenf 
ii crapped around me aitenuated 

sliver and Liu- jive? il euhesror. 
.mil _ strength. Emerging from 
the ba*e .if ;iie hollow >pir.:i 
the wrapped *liver is on 
i Iriverspun yarn and ini? !•■ 
colleclcd on a -] liis dieesc 

Tiie final package i> aj»i irvr- 
ciably bigger 'than can be pro- 
duced on classical nnc-spinnine 
machines ^nd ii i h claimed lhal 
in production, the number of 
end breaks compared wiih r:n r : 
smnnm: is about -0 p**r cent 

loss. Labour content per pound 
i* a!?o sijiiuj ^ 0 -“o per cent kws 
and fa a> energy is eoneci red 
i he American.? rep'or: e.ivincs f<f 
heiv.ecn ;mii :in per cent com- 
pared with earlier rystrms. 

In teriiu m' cost uf jiroc'tu.-'.mn 
savings of i>r:.ievn 7;p and hip 
per piuiml. arc being claimed, 
vhilc yarn strengths are 
increased b> much a* 1««> per 
mil and i; i* also possible :>• 
spin .* i Lli co.iTsi-} ools :i)iin ■•■) 
ring *pinmng inaclime? 


for tomorrow's 


Fabric drying equipment 


- T COST of remnuns dirt and 
. e\sr present in factories 
and streets, has became a heavy 
financial burden to coninanics 
and local auihuritie^. Dust mn- 
irul. too. when uncrating inude 
f. o-t ones or crowded city areas, 
adds further stress to cleaning 

Said to overcome many of the 
problems- inherent in conven- 
tional mechanical sweepers and 
offering lo dra^ticaliy cut tlcan- 
ing i -list? in industrial and 
council liters, is a ridc-on section 
j» weeper railed inr. Trcnip L pru- 
rittced and developed by Melfold 
F.neincering. Sumn. Ely. Cambs. 
CEiti ‘JR I. < Ely 7iS75l». 

This uses the vatuum system 
tniost sweepers m this size are 
usually thp brush, pick-up lypei 
which in said to give a better 
sianrlaul of cJcanhncss on 
uneven surfaces, and a liish 
decree of tnancou’.Tabtlily which 
enable* the operator to sweep 
ric.-if into a 9u de-.Tce interna! 

inner where much of the ctcbns 

With regaid lo dust <ori:oS. 
• onvcntional fin radon s> *tcm- 
have proved nut only Jr. in- 
expensive but unusable m wet 
weather. The company it**, 
therefore. d«. j ve!opert and paicn- 
ted a water red n.u latum s> n 
which is incorporated in the 
sweeper. This is said to • o*i 
virtually nothing to run. « - 
lively controls carbon black du-i 
at U05 microns diameter t 
instance, and is able o* .••• 
uperated in the wrl. 

Less water 

a nidhnin •. lilumo head, using up 
-'. 00*1 g,iJloas per hour uf 
.leaning fluid. 

As ii is made entirely of 
‘Trade 316 siainles* steel and 
.* p.‘c i n I PTFE < pul.v let rail uu roc- 
tlicnci. it i« pariicularly -tiii • 
aide !ur use where coatamination 
iannrn be tolerated. *uch a^ :n 
datne.*. inev. cries, and ny food- 
stuff ?. pharniaccutical and cheri.:- 



applications and cn overt existing 
programs and data has#. Afier 
delivery custom el’s will be able 
to use the facilities in enu junc- 
tion with their own hardware to 
speed up Ibe development of new 
applications ur take advantage 
of i he centre's largi? choice of 
peripheral equipment and soft- 
ware tor " onc-olT " jobs testing. 

The machines, a 202*3 jnd a 
ST'i. lo be joined later by a 
PD Pi I /A I and a VAX 11 T$0. 
will also be available ai back up 

The centre if 273 Toiienbam 
* '.■ i u t Read. London WI iUl-637 

This i • lily, used n'.er a 
simple i'-Tuiirml p.Miupis the user 
in whatever job i* being dur.e — 
diems' siaicinents and reports — 
elicit i/statf data entry, working 
out fees, preparing :.nd pnntnu 
so that it i* not necessary to have 
specialist njff 

The dc^iopiucnt work -.•-a* 
done by Software Sohitiun*. a 
nev.iv farmed for;.. huu.-c 
oper.i’lny froiii S 7 Loti.* Lane 
London TCI. bi-iWd 3371 


ir.XTILIv drying *'qu.|»nn-ni of 
.• ne- deiigu ha*. h«*n (le» elopcri 
!■;■ Gate* Textile Maclun»- t'mii. 
nan - . U/ld .'dill Lain*. Lnie-u-i 
Tel.’ 05*03 20061 1 

In npe rati on u -ill i-jiifiuiu' 
-nine 2 . IXIU III*/ hour Of r-iejin .«l 
toij p.'s.) and ran be warmed i:;* 
tr as bub- a* 25 minute/ at v. hitii 
time it will be read; i*j recen ■' 
fabric which it v ill dr;, it*, an 
annus-pheri 1 ::1 12" decree*. 

This n*-.v turn can h.iDdln 
either one or i*vu pieces of 
tubular knitted fabric ai a time. 

The operating -speed will 
depend on the character of the 
labric lie:ng dried, the fibre con- 
ten* and the smounl of moisture 
in m. Will) the iif.v machine ii 

1; 3l>*i Jio-*lbl* w In [i<i- II fin - ill" 
ing ■» *iii.'iv !>p.<-|. uf upt*ne.| 

Vr.iM d l:iiii;r. ... ihai veithtn :• 
dyclu.Usi- u can i-i.. u*ed inr 
ii* r i '.In :. , r.*ulcil iip- m |ir> ».!in. 

Special «!ieni:i.u h.** 

cron t>. *en?-,ii[i cunHol and 
".hen handlinv. *ay. kniu-il 
stripe.* ilicr- pruvisieu 
•juidc lliu L' i ni it the umciiiii- 
and dry ii v.iih the ^irif.e iull; 
align"*] ,-o Hum any disloruun t* 
avoided Wish precise tension 
contrul it i* uossilik* even iu re«-d 
fahru* ihmi'gh " >ih an ■.>■.►* rfeed 
so iliat an; bulbing that ts io tak- 
place in;. ing can occur wiiivmr. 
trouble and in the mail mum. 


SAIL' TO i.e riper ia.l;. foil. 

in situations where it :s 

sarv to conserve waiT xru! 
keep the ainnunt of cinucnt pr«.. 
dur-^d at inw Icvvm. ix .- '."’i 
cleaning device from P;n-**x 
Engineering Services nf Maiden- 
head, F.erks. (0628 23411* 

This is a luw-vnUiiiH* v**r ?:■*■: 
of the company's 21SS " T.j.t " 
rotating head for cleaning tanV*. 
?l>ray-dricr«. road and r.ui :a:'. 
ers. etc., up lu 68 feet dia n*.*.-.*r 
or length. ? 

Tiie unit can &!*o g-cd 

WITH AX eye more "fi 
in.' couimercial ciniiuMni: 
narli'M iiian it*- tradni'inal 0E.M 
a.»U iiid’.ir trial cisi-jinor*. Dijilal 
Equipiucp; Co ni ni* ay h.*s tcrrp.d 
•i .-••ir-iucr centre .*■ Tottcnltatti 
I’.i-tr; id London 

li !*iii'.ha*:5**s. ho*'.ov?r :ns: 
liter** is nn imcni'on of moving 
iqii* the l'ure;.i:v hn? nc;. 4 :*n i 
’he «cntr».* is no: s’* »r lh:.t 
p*ir:»'«i*. The cumr-.njri .n-ral'od 
; !.c:r ".ill jirtnibri'y '••) used for 
•i».*;i <n*-ti-aiiun t and bench- 

Rut the* vi!! .,;«•. :■ r 
availahU' in rust‘,n;cr* .«•■, 
before -'.cliv-ry cf -he':- •i"n 
hdr'lwa* - .' they -vil! hr- ;.blc !> 
/anil: arise ihcm/eh •:*? v* ; »n 

cy item i.por:. ;'*••*.:«. ccv-.' 1 r .-?.■• 


Hi'iMLV q'jal'fi***!. and f. u :*.!. pro- 
f visional sia- u:.erj :uj in a 
(•■:•>; !ex hu'-inaci environment 
rued a *o '‘.iiiJtcat:*J net hod of 
..•'arming, m la'v.v.Tic ar.d cuntrol. 
Su*. y " fur. r •■•■uiniants have been 
relatively '>!' v. t*> ■.■Kke use of 
duL: p:*.icj% 4 : ny for ih-ir own 
;u;ro-..fc: Though prompt to re- 
commend their application by 

-. iSeo; : 

TRAMS designale*- a new : i;:**' 
re-ording sv*»cm developed by 
nc.-Titnianij for nr.jfe/?ioR:i!* ::i 
.*'.;« and r.mninc on ihe 
r!'*n».y"c!l Marl; III I ' it) e- sharing 

.MEETl*.’*- •*»*•: •-.. ringly siringon; 
European nr., .eg mat in n<. wiiicn 
decree uspr -v.-d fir/ rc.-;M:.;v >• 
for ;■■•!*.: dr.i— I, i -»►•.* li*C<l In 
«eal dic- nj ( * ..m- i-alled-Ar 
flame C. ? 1r i :*• dm Arm* Adn;**tv« 
Tapc=. S'-.f-; Hoad. II* ini-. 
S»iuth:*»ni* ! : n. Hunts Su-t 8VT. 
tOSO 3S4 31 ii, 

This !V*'Ui retardant tar-c 
said to offer similar iicrformam-e 
charars-ri*:.-?* ».*■ ibc ojr.ipany's 
existing rtit/i*. cumluneil wilh 
fire r*.*s*<:.ince and self- 
estinsui.-htn.: haine pcrfunnance. 

It ha- ..n aluminium coloured 
vinyl-cc." .-*j ci'Jtii uackipp c*u:i- 
;»ined •-••n .)H inch thick sy n- 

Timur ri:!.i*r cased adhesive. 

ifL'IDINC. textile fabrics in 
various processes can of'en bo 
-oniolhiTV.' -»f a problem. When .• 
kni!t*d cloth, for exatnule. is pm 
under tension i; will tend :<> cur! 
at The O'Jjos Tnis can nuke C"n- 
ir»:l difficult. A n miner of d:ITi*r* 
ent iccnniqucs are n«?cd !•» nver- 
i"im; lhls and of p.*n a s-l* •.•dye 
u e curler will : »t* u-»*i|. Th'i is 
normoily a jv-:r ••: spiral!;, t'.uicu 
r.ihoi-r n»H«*rs r.vuiw and 

lira**, out :!»■/ curl in l!u* f:mric 
vhich is :hen ic<i to * chain 
Carry inr cither mn, or clip* 
.••hich retain the cloth :r. .. fully 
opened condition 

Another .im'r«*ach h.t- iieen 
e'olvHl in the United Stales: me 
Taitdcmaiic selvedge decuricr. 
futili by Tandem atic Inc. iRouti 
1. F.'i% 5tt I. Cannons Omp 
i i round Rr.^d. Spartanburg. S.C 
29362 1 . It is completely free of 
niovinp parts. The obviuit* .id- 
vantage of the new riectirlcr i.» 
ili?t it is virtually maintcnancc- 

The principle i* CKircmd - - 
simple. A ps-ir of pla'cs 
niuiin led jiioic Mid hc« 0 '-*. i I'ii' 
doth and mi Hies.’ plates -ire 
uuSiiiiinL'd a sit:c.* or vertical 
oars that pre-s into liv- fr.iviv 
and inicruiL"ii — .«Ji eacn uLi’.it. 
i hu.*c from ai."* .■ prcs-ing 
tv.ecn the- .-puce.- i.-f those cum mg 
front i/clnw. in liii.* 'vay too ra - 
re i- riritii'. he id .imi :: i.- 
pulkd ihruir-M in,- sprina-iuad-.-d 
1 1 rales *•■ There ;• a icndcnc* i-r 
the maierial m -iirejd oi'.n mi. I 
an; enrhne i.- :;i once rc , ii , i*-' ,, .i. 

T indfina'.ic »leenrlcr* ere 

!TI »nli'lv H*fd ID til'.- Uoiied 
Stale* v here i ii'-; .<iv b-.'.ng 
mounted uit niac’vne* -u«;ii :•* 
stcnlers. lammaiiny i r, a eri. 
.xh/jring i lachines. screen ;:rji"- 
ing machines and ii :■ r.o'i" 
worth'- tha ! w:?ii :he r 

spreader it :* ji*o pov;; ! '•* *o 

Mn!- ii in ■• llh wefl -iva.i '.r.-n- 
ing C'.jiu .men 1 v n ■■;*.• g.-n’.ie . 
*»ry jiiisi trv c.»nlro'- .* Mr-, d. 

l. "» l.'l.i'Tii *N S'i lUR.r-'i.. a *' 
liven unpin! i-uece-T* fully for k •’ 
fir.-T time iu coiiiimioo.* ejs-m' 

,:i ;i deveKipnieiil programm" 

liL'iv. e"n -\SF\. wiio di.o.-lo:."d 
li'o iL*chnii|iic miiially fur ■!•*; ii-- 

i vt-uieie uf s'ev! '.iu/tii;. in 
furnace .ipd i.idlc furiVire up** :-.■•- 

I i.iii*. mid I!.i,niiiirv».'i- Sudit'.' '.wi - 
iir.iIij -1 . 

Til-- i [iwii.i:.- s.i'. “!■ ."I 

i* for u;!l"! pn<due::i>n and i- 
--rirrer. in.-lali-d !.i-i \ r-: r a-- 
jM i'i.ruu-fl '."iih '.-a-eili.n: r/ i-.' 

* I* >n 1 1 ra ii ■ •: i - ■-.■otinv. i- :i f . • 

■•*. ilol; ii-eil ;ri iv,:»n; roiir.t. i* 

and in or- pi-tn;* an- I ■« -i :i i i> 

*1 tilled de-'.u:.. 'ih-- 

lire iiidu*'r: 

'.•rVetir.g i'iu'i ■ i r? r.i bie .-I-. . :i ■ 

s )."> o'er :r:ifliT:* , .i'l 
niejh.jd.*. a!?.« !u* ;.-ri. :..• 

i-ih'.'l-gm • ]' i :■ 1 1 : pr-blei i .. 

e'i>'.'et:illv •.■here 'm.'n-:r?nc 
sle'.'i* or- enni'.-ru'.-'!. 

Ie.|iieii.,n .siirrmc a •■■m:.. '. 
fill many *.f ilu-H* i>roh!ums 1 
uiakt"- continimi's ea-iing a tijor- 
aiir.'cnvi* nrnpo^iiiun sliil. 

When in® eunitnuoiis strand .i 
lio'j.'ij Me-:! eincrgei r roi:i * I.e 
mould .i>- former, it .-.Iread, i -<- • 
skin or shell jii.'in l i: • e; l we •■*: i 
•■■it- and ihre- ccnlr.-icirt'B iIii -1 
whii< ;ii- 1 1 ■ iv [i .*:*!! in to- 
liquid plia.-r. Fi** to- .- * i r .• *- 
goni.-rai-j "l-el v.iiugn*') i ■ 

field, v. iiieii : • !*• •• !n ■.'•-* mo - ein*’"l ! • 
in the kouid eor". Tn, ; inc.viis 
Till: ■ a.x tin- *ir.inil foiiduic-. l !. ■ 
I'nnid «tee| i om/Tiing i* ni'-’ . .! 
j-mind ' igi.. roil -I ■- i.-; i ii* - fii-!«! 

ASE'X di'-:* n oja-rare s a: 

m. jin* fri'M'ifn'-.’ urn I e-iu .' 
!><■* !Ti •!.*! "—■I in ;>.*■■ r.iiU- -r 

*o|.' «■; i " if -.ran !. or op 

:»nrsii' wo of a iuii'-'-i b %, i i 
gra.n lire • * • i :.' . •. 

.1 * •• • :t • ■rl'-’l*'. blr* r.-.jM"", on -7i gT i.'i 

*: • ;.i • '.o- .-.• i ! 

..'■re.,'.,. ; di"* ■ 

: n I •■«Ti!*-*"i ii— re ■. 

r. Ii: : ! * ‘-I _■ i" i n'ici-.i • 

.ir- r-',: • r.:- <1 an .1 : * ..n* 1 

• i< •• d ; nr po*-ibi* 

T i>. ■.•.i;i:n> 1 1 ■•* >1 • 1 > • - .,• I 

T'.si ;.d l >• i**.-i :•■ •'■•• ••■.ri 

. i- i-ti •■arryiTi : •>i- ■■n r. I • |ur rel.e. ■— . . 
,* ■!"• .•!>•( - 

l»V'*i ir'"-.; ASE *. 1 ! i. •V.i'.p". 

?! ■!'•-■■. striipi. i.-pjo 

.vi.".. ni 

PC WELL DLTFR V ; \FO».LUT O.'NTK*. l!*-/. : :;i- 

better quafilv of Kr«? by .xolvinc : hu i.o!iutior it*:* C, TnivTnr. 

and IndvstP.- worlrkvtde. 

ForE-xaiTiplf*. tJv*C Lvr.*u>,;nv :.-.Co"rv';fii;r ;•! L",i is>!.C« ,- .. ; inLu^ij 

N%.*ria. M'^ifibi»>b t >n^r:ci‘?!M jV'U'nsoi' rv*? •.■•; .*.*.- r .v c-!!t "iiimond 

riKp.35.2i 5'ipi* v. Ai't*-' oVditag-.-mf-ii!: p-c*i:-i:i. ■ r- - b:Ln_: di; * -••* '•>} rcr in 

f.drvi p.ift 5 o i * bf * .vori .1 

FOPoiluiionConiro! i.-s also a tun>k £ *v i • '.ih inK*maiior.'ii 

e^ChrrK'nce of wj b?r and •irffiuent t^aurwin: ; •! •• •;r-'-‘*. Air ;-,•;•! u.:rion con i.o! if 
tiffi! r. tost f*xem addition toot if IK tor ser.-ii *.•■ 

Directors and representative of fbeConiji.^rv v. iil l:»t uvjilableto discuss 
our activities at fhet»V7 a ntl E N p< X G N •= \ hii *iNoi' 

fml 1 sr 


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Flight 11 confinues on to^icwOrleaos. 
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a nwi* 7 " ’ ? ’ i 

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Visit our stand number C 6 a.l thetYVT and liMP'.X’Of’i eshibUion. N'LL. 
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:.*r — 


The Management Page 

Financial ' Times 1 Tuesday. ■ 


AT first meeting, timsrpne 
Medici <eems a most unlikely 
choice to head Montedison — 
Italy’s most controversial cor- 
poration which in recent years 
has earned itself the dubious 
reputation of making and un- 
making presidents. 

Indeed, when the 7 f -year-old 
former Christian Democrat 
senator was nominated some 15 
mnnihs ago as chairman of the 
Milan chemical and textiles 
conglomerate, his surprise 
appointment was met with a 
good deal of cynicism. As a 
former agriculture and industry 
minister, as well as an e.\- 
fnreign secreiary. he is perhaps 
best known to Italians in general 
for his sartorial elegance, his 
Panama hat and his walking 

Mr. Medici's appointment was 
interpreted as a compromise in 
the face of the seemingly un- 
breakable deadlock between the 
financially troubled group's 
private and public shareholders 
and the disagreement between 
political party leaders over who 
should succeed the retiring and 
highly controversial chairman 
of Montedison. Dr. Eugenio 
Cefis. But perhaps more than 
a compromise, it reflected the 
decision of the main political 
forces to wash their hands, for 
the time being at least, of the 
entire and increasingly 
explosive problems of the 
financially troubled group. 

In his brief period as chair- 
man. Sig. Medici, who. on the 
whole, has sought to keep him- 
self out of the headlines, has 
tried to defuse the Montedison 
affair. He has partially suc- 
ceeded in large measure as a 
result of the apparent indiffer- 
ence shown towards the com- 
pany of the political forces. In 
turn this has enabled the group 
to put together at last a financial 
and structural reorganisation 
programme to pull Montedison, 
with more than LS.OOObn of 
accumulated debts and losses 
last year close on LfiOObn. out 
of the doldrums. 

The financial part of the pro- 
gramme involves a capital 
increase operation unprece- 
dented in Italian corporate 
history. The parent company's 
capital to he raised by a 
four for three rights issue (with 
the nominal value of the new 
share; of LI 75 each* from 
Ll52.5bn to L355.7bn and sub- 
sequently to some L530hn 
through a LI 75 bn hnnd issue. 

At the same time. Montedfsnn 
is to sell some of its fixed assets 
in its profitable financial and 
insurance sector, its hydrn- 
elertrical plants and perhaps its 
stake in a Spanish subsidiary 
to raise additional funds. .Also 
it will revalue the hook value 
of other assets, including its 
natural gas fields in the 
Adriatic, to cover its continuing 
substantial operating losses. As 
regards the .structural re- 
organisation this wili mainly 
affect the group’* heavy loss- 
making synthetic fibres activities 
which are to be incorporated 
and rationalised in a separate 

Medici and the Arabs: 
for a 


new concern called Sniafibre. 

While there have so far been 
few signs of the rights issue 
being subscribed by Mont- 
edison'? army of small private 
shareholders, who account for 
some 25 per cent of the com- 
pany's base capital with the 
remaining 75 per cent controlled 
by large private and public 
shareholder?, a combination of 
factors is expected to guarantee 
the operation. 

In thr face of the expected 
reluctance of small shareholders 
in invest again in a company 
which has seen its share prire 
drop dramatically from LI .000 
in a present level averaging 
LI80 and which has not paid 
a dividend sincp 1974. Medio- 
banca. the State-controlled 
medium-term credit institute, is 
offering a series of conditions 
to persuade these small share- 
holders eventually to pump 
fresh savings into Ihe group. 
A minimal deposit of some L40 
will allow these shareholders to 
retain therr rights to subscribe 
for as long as two years. In 
the meantime. Mediobanca and 
a group of leading Italian banks 
heavily exposed in Montedison, 
will guarantee the issue in 
order to avoid the prospect of 
heavy debt write-offs in the 
event of the company’s financial 
collapse. Not that the political 
Forces could allow such a col- 
lapse in view of the social 
repercussions this would entail. 

IViih the exception of Bastugi. 
the Rome-based financial com- 
pany. Montedison’s other large 
shareholders are expected to 
fake up their share of the capital 

The most significant aspect 
of the operation is the decision 
of the Paris-based Banque Arabe 
Internationale et dTnvestisse- 
ment to buy on behalF of so 
far unknown private Saudi 
Arabian interests, a 10 per cent 
equity stake in Montedison, so 
becoming one of the companv's 
single largest shareholders. This 
has clearly given the chemical 
conglomerate much needed 
credibility — and eventually 
much needed credit — both on 
the domestic and international 
markets. The d**al. which Is 
understood to have been worked 
out by Montedison's deputy 
chairman. Mario Schimbemi. 
and the Mediobanca managing 
director. Enrico Cuccia (who. 
incidentally, played a major 
part in the celebrated £250m 
deal between Fiat and Libvat. 
also includes the setting up of 
a trading company jointly 
controlled by Montedison and 
the Saudi financial interests. 


(bh lire) 








Profit (Loss) 








1975 1974 1977 


(bn lira) 


Base petrochemicals 1,27? 
Plastics 929 

Agrochemicals 384 

Industrial chemicals 400 
Pharmaceutical J55 

Fibres and textiles 454 
Retailing 740 

Electronics 58 

Electrical engineering 74 
Painr, glass and other 
activities 14t 

Utilities 119 

Foreign trading co's 342 
Miscellaneous IDS 

Intergroup sales (992) 

Consolidated total 4,815 

has no longer been possible for 
the Christian Democrat party 
lb maintain-., its overwhelming 
hold on the state sector,, nor 
has rhe party wanted to be too 
closely identified in public' "at 
least with groups like Montedi- 
son. The recent share-out of 
the chairs of a number of major 
commercial and savings hanks 
and special credit institutes is 
a case in .point with thp 
Socialists, the Communists, the 
Republicans all getting their 
„ . slice of the cake. These days,. 
tMtson. has traditionally been the political parties are turn ing 
at the forefront of public atten- their attention to the nomina- 
tion. From the beginning, the tlon of crucial appointments at 
company was the fruit of the the top of Italy's main state 
industrial strategy of the long- aiding companies, 
riibng Chnstian Democrai partj-. while the Christian Demo- 

which wanted, at a time of in- crats are likely jo retain control 

Communist electoral 0 f t h e giant holding. Institute 
JJ' t0 . conso ] ldat ? ,ts P° wer per la Ricustruaione Industrials 
1" *1. «“ e Mrtwniw the fmj) . the chairmanship ofSe 
5 hanking system, while state hydrocarbon agency. Ente 

Cash-based profit- 
sharing will stay 
the most 

m uiuruMmon agency, ante schemes aonroved under the non on ipe ^roupas mat it con-. . 

sarded as a private rompanv Naz!ona ' e Idrocarburl (END.-jsjjgyg Finance Act will become fuses the ; distinction between 
fcaruea a* a private company, expected to eo to a £nriaii«» _ „u„ D m and labour fhn«sw - 


Giuseppe Medici — trying to 
defuse the Montedison affair. 

Indeed, most analysts here 
suggest that it is this pan of 
the venture which most 
attracted the Saudi Arabians, 
although for a relative modest 
LoObn they have also bought 
a major voice In the world's 
seventh largest chemical con- 
glomerate with an established 
presence in a series of impor- 
tant international markets. 
About 40 per cent of Mont- 
edison’s current annual turnover 
of some La .000 bn is made up 
of exports. 

Equally significant are re- 
ports that West 'German in- 
terests have also been buying 
Montedison shares in recent 
weeks. This is partly inter- 
preted as straightforward spe- 
culation on the part of foreign 
buyers who can pick up shares 
on the Italian Bourse at de- 
pressed levels with the possi- 
bility of a longer term recovery. 
However, for some time there 
has been increasing evidence of 
concern by other international 
chemical operators, which 
clearly view the steady de- 
terioration of Montedison's 
financial and structural position 
as inevitably leading to greater 
public control of the company, 
thus threatening the interna- 
tional market. 

The immediate result of the 
new Saudi shareholders and the 
intervention of other foreign 
buyers will be to reinforce the 

private character of the group 
and. at the end of the year, a 
new controlling shareholding 
syndicate will be chosen on 
which the Saudi interests will 
be represented. In theory at 
least, however. Montedison's 
syndicate will retain its 50/50 
mixed private-public nature. 
The Saudis are also expected to 
have representatives on the 
company board and their pre- 
sence is likely to dictate to 
some extent the future manage- 
ment structure of the s r °up. 

It is perhaps no coincidence 
that a banker from Kuwait, 
whose bank also holds a stake 
in the Banque Arabe Interna- 
tionale et dlnvestisseraeiiL 
recently remarked that the 
main trouble with Montedison 
has been its management and 
that an improvement in this 
area could induce other possible 
foreign investors to consider 
turning to the chemical group. 

This is perhaps one of the 
most serious aspects or rhe 
steady deterioration in recent 
years not only of; Montedison 
but also the country's entire 
parastatal industrial system, one 
sf the backbones; of the -Italian 
economy and which has also 
served as a rnjidel for Britain'? 
National Enterprise board. But 
Montedison.^i nee it was set up 
13 years ago after the merger 
of two old-established Italian 
companies. Montecatmi and 

sarded as a private company. expecte d to go to a Socialist. 
!" 11 effec ii ve, y Giorgio Mazzanti. who is also 

to |?nS? f nv he rS£' IC SBCl0r ‘ chairnian the holding com- 
mit t de *x kefos manage- pany which groups together all 
nient, MnntecUsnn increasingly state’s intmwcia in ir*'!* 

became identified with the power 5 “ ln M ° nt - 

struggles nor only between the sonse the - 

™ im» bet be- 

' onfl,c inS factions tura ] specialist, out of aarieraic 

Democrats A^th? sa^me" ““g™™ 

s^“j ff .n"sass^ ■SfTdSasa s 

political forces, to invest in the I'rnm SL iJSt- 

depressed South tror " the be S innm S ■&*? 

. ... .. appointment appeared, a ihakey 

Coupled wilIi mounting shift solution to- enable the 

f^ C,a Uf 5Ses ^ and accumu ; Political forces to buy time on 
^ efets *. 016 . Parastatal the controversial Montedison 
groups have increasingly faced affair . However, if to some hk 
internal management revolts as chairmanship still seems Tiem- 
a consequence of the secretive compromise, it is likefv 

and elitist style of top state to be a lasting one. None ot the 

FEW MAJOR employers are issue tfie shares ol the parent 
likely to adopt the employee company ia whichever couptry- 
ahare ownership type of profit this may be based." says.- the 
-sharing promoted by the SIM. . 

Government through this year's in. addition, the BIM has 
Finance Acl found that some companies con- 

- ’This is the main conclusion sider such schemes too 
reached in a study of employee complicated to administer while 
financial participation just others felt • that employees 
completed by the British Insti- already received sufficient 
tute of Management. benefits and rtnauqsrtliott. 

: *It is unlikely that deferred “Some individuals are alto 
I share-based profit-sharing opposed to financial partieipa- 
'schemes approved under the tion on the grounds that it con-. 

i- . ct wi]1 become fuses the ; distinction between 

very common,” gays the BIM. capital and labour, thereby 
“Cash-based profit sharing will threatening our present «o- 
conlinue to be the most papular nomlc system. Changes in the 
scheme, whilst executive share- tax system..--, will make . tin 
Option incentive schemes difference to -these individuals.” 
appear to be dying out. A .survey , conducted by. the 

“ Political support for BJM of fi22 companies showed - 
employee financial participation that 246 (40 per cent) have 
has increased, but unions some form.;" of : profit-sharing 
remain hostile or indifferent. scheme in operation while '54- 
Financial participation will con- per cent have never introduced 
tinue to be more common in a scheme. The. remaining; 6 -per 
the U.S. and in some northern cent have introduced,- sutfi . 
European countries.'' arrangements but have ‘how 

This report has been prepared abandoned them. ?-•••• •- 
at a significant time. For some The main type of profit j&ar- 
months companies have been jng in operation, is a distri- 
considering whether to design bution scheme TVbicfr'iias heed 
employee share-holding schemes adopted by 72 per C£»t-o£ .tii6 
to gain the tax advantages which 246 companies. - 

were put into the Finance Act Most of the companies 
as a result of the Liberal Party's operating cash handouts pay a - 
political pact with the Gorern- bonus Out of pre-tai Iprefita. 
meat. based on a fixed peroMitagei' <£[■' 

The Inland Revenue has a on a sliding ' scale.- or' ©BlThe" 

managers, who effectively con- poetical f orce “ s seem to want at - . In -“? Revenue has a on a sliding scald, or oh-lThe 
trolled all major decision ?h« nartSSS? tn 1 spe . clal “W* 11 ' discretion of mahagemenL Sdm4\ 

making and who furthermore t v, e whn . p T} VJ .a n rini> «rr.w^»if at i 0ns C0 ^P an,es wanting companies require n thr^ritciW - 
became so closely identified with feore to te ^ch^l before 

™f r tn,s tax the niere are any hapdouts and tfi4 

Bpi report casts doubt on 0 f the bonus is usually- brk 
whether the Liberal ■JPartyV porti oMte to an emplqype’a: 
initiative is likely to have a salary nr length of .service, ^’.i' 
widespread impact on Qpjy a minority of cbmiiaaies 

consult and communicate with 
The BIM acknowledges that i^eir employees on fbe intrddne- 
some companies wUl introduce tion of a scheme, and tbdn. only 
schemes but points out that the ro inform them that ’a -deefsihn 
proposals are outside the scope has be en taken. SharefioMen. 

«!,w.- n f t,0na IS H d and 0t ^ e ^- however are nbonally-consulted -- 
publicly owned concerns and before a scheme is introduced 
of unquoted companies such as and expert -advice is also takeh. 
private businesses. Subsidiaries Employee ' Fiiumctqt Particiw- 
of large companies arc also tlon. Birr Peter 
excluded if they do not have Moncpemenf^ Survey Report N*. . 
separate quotations, unless their BIM .rdundation, Mcnoflc- 
parent company implements a merit House. Porker -Street 
scheme. “This may not be an "WCS. Price £2Q. ' "■■■■. 

attractive idea to foreign multi- • V. 

nationals which would have to .. JOaLR. Elljott 

rxiirv ient f edwi \ h 

i hat 11,65 Si * > sssrssj.-# 

generally became known as limited margin of manoeU vre he 
so and sos man. This led to nncea«pc , n rp ;_ e nrm 
a general pollution of a so-stem J ate c h a ‘,4cter of the erouti ^Hp 



Se,". SSn SSS 

management ranks of Stale or 5 r tI ^5’ 

semJ-State corporations. hanvit^c^f w,, t I,D f n * as of t1 ^ 

vo- ««« - . . banking system to intervene in 

opr 1 fA-prf Cert f»h c i l “ ses have support of companies in dirt 
allho »eh to a great financial difficulties, have cer- 
fh^ Bnt % th ? Se - are result of tainly played a major part in 
?* political evnlu- helping Montedison put together 

„. le f laSl Te l >earS - 3 financial rescue package. \ 

The balance of power has now The bin ouecrinn ie 

al^ntent^ t »r-» C °i* l,T 2IS* , r StS lh ® S3me consen s i| s will arisejj 

Government The rS nrnon " ,he Poetical forces and 
»otemment. The Christian the union g t enable, the 

of rnajorstnuctiirai . overt- 
sectors pRe 

aftermath °of he h ‘ aul in *** actors jfke the 

and Jhp recession rht n'n.nrfii cl ? emicaI and fibres ^industry 

no ins recession. Trip nnsncisi \i*jthnnt u-hiph 

breaking point 1 " 5 ' life,ine 10 nke Mont^- 

""■w» « ir. Kurtjs: 

of anythinc more than words. 


ITU'O NEW BOOKS — and one 
ro-issue — from the Institute nf 
Personnel Management's pub- 
lishing stable. Politics and 
Personnel Management and 
Outline History. 196n-7fi <£5>. 
by Winifred Marks, charts the 
the rise of personnel manage- 
ment over the past 16 years. 

Personnel Management. I9I.\ 

J9K" i£5». by Mary Niven. Hrs. 
puMished in 1967. has been 
re-i.«su?rl as a enmpanion volume 
to Marks' book. 

Influencing Organisational 
| * hangr- — the role «»f the Person 
nel Spoi-jaiist. b> Charle 
Margerisnn. is a guide foi 
| Personnel managers and train 
ir.g specialists m developing 
skills to become effective in 
: management and organisation 
| development. 

Tin? books are available from 
Hie Institute of Personnel 
Management, at Central House, 
tipper Woburn Place. London 



■. .Message? cad be. Delivered iasie-r 
and oh eii per wit k . C AS £. ' 

' .c 6 mmuriicai!ortssys^ms..To sidd 
dew the-.. CASE 'Elecu'onic 
C cSn her/p you ,r con? : :, r 
CASE today. 

^.Tothe Holders of 


8 %% Guarantee^ Debentures Due December lo, 

logeLher Wlfll accjucd 


3 765 

0Z 15 --- 30 - 36 39 S4 55 ~ M 


863 23fiS 11263 J2 U 3 1416* 16363 IWBo 17665 I6C65 I63M 

. Y 9S 


mmsl isii 


ON OCTOBER l‘:’i it \va.< in- 
advertently slated that Mcttuy 
Coiiipany. the ioy> group, is a 
subsidiary nf Di>b>.*n Park 
1 Industries. Mettyy i? an inde- 
pendent. publicly qunied com- 
pany and has only trading 
j connections with Dobson Park. 

Da led: November IL 1978 



prftvI * usIrcal1 ^ for^fcwptioi* have not»yrt 

® b “ 3:M 3 == 3 6264.7154 7136 .7383 9394 95B7 MSi* IMW. .*^^3 

A single lift for m.v. ‘Craftsman’ 

Five hundred tons is the lifting capacity of the m.v. 

It is the greatest lifting capacity of any liner vessel under 
the British flag. 

This vessel forms part of the Harrison Line Fleet which 
has a total of seven ships built and equipped for the 
carriage of heavy lifts. 

All are available for specialised assignments, often 
travelling to parts of the globe off traditional liner 
Toutes to carry out a single job - such as transportin'* a 
massive transformer. 

Heavy lift vessels, container ships, bulk carriers and 
conventional liner vessels all play an important pan in 
the modem Harrison Line fleet. 

But a shipping line is built from more than ships. 
Harrison people are hand picked and hiphlv 
experienced. Those on land are backed by modern 
aids, such as computers for the all-important 

documentation. Unlike the elephant, Harrisons is 
the largest of its kind. 

Bur, with the finest ships, skilled personnel and a 
tradition ofI25 years of caring for cargo, Harrison 
one of the finest shipping lines today. 

L^TT-v. 1 





Harrison Line 


Thos &, Jjs. Harrison Lra. Mersev Chambers, Lr-irpc-ol L7 3UF ' 
Tact & Jas, Harrison Ltd, 15 Devonshire So, London EC-M 4HA 


■ * - *■* » 

iTo r^ni.0 carin London, . 

Bristol. Southampton.',. 
Manchester. Glasgow. . 
Edinburgh, Birmingha m . 

.Gatwick Heathrow, 

•- - v ; <.Brighton. V . 

01-848 3031 

Or your travel agen t. 

- • ■ v’-cr ’ o.- « h>, 

. Dc yr*, J,nc.7whaf I('s I io-havrvoiirprnr' {s»Wsg£?^.- 
> «whd?3to 

“"W'tewsTSMBi srveswu bulb 

conhm^us morHtorir^^icj aA^nce hrek'.'a-nin^, •, - f- ~y 

' m ^ P^jxnunce atcomnetihve {BEBs:Cleapi>^. • ’ . 

Stoofyope^l sopbtsliiated cohlraiSbfe*.. 

tor rugged wvwftvnerx* Systensdeti^ tbi^; 

- - — •-v,wsniuuT»nwjaB: 1- 

1 $. 


The Financial Times 

^ ask on first experiencing a 
ride m the CX,have the manufacturers of 

other cars Been doing for the past 20 years ? 

,; Jt would appear they have merely played 

oia engineermg 
introduced a whole 


-important areas 

- ■ - Take»for example, the unique self-levelling 

hydropneumatic suspension. 

No amount of money can purchase a more 
comfortable suspension than absorbs all 
unexpected road shocks so that no matter how 
rough the surface may be, the ride in the CXwill be 

- Nor will heavy loads affect its performance 

in any way.The suspension automatically adjusts 
so that the car body is always travelling at a constant 

VariPower steering is also uniquely Citroen. 

; Vifor parking and at low speeds the steering 
' is finger light and power-returns to a straight line 
position immediately the steering wheel is released. 

* — j. <■ ■ » "»• 

bwer steer- 

ing grows progressively firmer, increasing road ‘feel 3 
for safer driving. 

VariPower steering also prevents wheels 
being deflected by loose stones or uneven surfaces. 
Even when driving on a motorway in strong cross 
winds deviation from a straight line is negligible. 

In the case of a tyre blowout at,say,70mph, 
the combination of Citroeris hydropneumatic 
suspension andViriPower steering would main- 
tain directional stability which would keep the car 
safely under control. Even when braking. 

A selection of the 16 models in the CX range 


CX2000 102 109mph £4966.65 

CX 2000 Super 102 109mph £5199.48 

CX 2400 Super (5 speed) 115 112mph £5813.73 

CX 2500 Diesel Super(5 speed) 75 97mph £6040.71 
CX 2400 Pallas (5 speed) 115 112mph £6398.73 

CX 2400 Pallas (C-matic) 115 lllmph £6582.42 

CX 2400 Pallas Injection (C-matic)128 112mph £6997.77 
CX 2400 GTi Injection (5 speed) 128 118mph £6979.05 

CX 2400 Safari Estate 115 109mph £5971.68 

CX 2500 Diesel Safari Estate 75 90mph £6315.66 
CX 2400 Familiale 115 109mph £6081.66 

CX Prestige Injection (C-matic) 128 112mph £9254.70 

There are 16 models in the CX range. All 
offer the advanced engineering and design that 
combine to make the CX one of the safest, most 
comfortable cars you can buy 

And at the end of the day what more could 
you ask from a car /%irn/Nrki w 

than those very things? CITROEN ^ CX. 

88 SUB 





i : -: r ;• . ; r -'-V ;-c x 

t vjtnajicial Jliines-- 


A DELUSION that has gained LEC debt position can only be 
surprisingly wide currency is on a case by case basis. But 
that though the OECD nations together payment on principle 
may be bogged down in slow and interest of the six on their 
rates of growth, developing existing Euromarket debt will 
nations will continue to move rise on the present amortization 
ahead at a fast dip. It is a schedule from S2bn last year to 
delusion because much of the Sijibn in 1979 t54.1bn on the 
c n f (Wclnnip'' nations in 19*6 amortisation schedule), to 
notching up higher growth S6-2bn in 1981 ($2.3bn on the 
i d it. a j.^ce i !.<; Hu. i on cries u.ii and ® 7 . 4 bn io 

been based on their fast expan- 1992 (S-on). 
sion of manufactured exports. * n assessing their ability to 
This manoeuvre becomes increas- meet these obligations and 
ingiy difficult with a prolonged finance new requirements Amex 
slowdown in the west and more projects that their export earn- 
vociferotis protectionist lobbies. in S s grow by 17-18 per cent 

in value terms in 1979 and 1980 
Qtrotoinr (assuming 10 per cent inflation) 

Oil at t eg j* In spile or this they are still 

The optimistic view of a con- likely to require about S3.5bn In 
tinuing fast jog among the high gross Euroborrowings over the 
fliers oF the third world has been post two years for debt refinaoc- 
most consistently put forward by ing alone to spread out the 
the World Bank which also has bunching of repayments, 
as a centre piece of its develop* Amex sees market conditions 
ment strategy that ambitiously for borrowers as becoming Jess 
growing nations must base their favourable in 1979. Banks’ 
expansion on export-based indus- willingness to lend to LDCs 
tries. would depend on the individual 

The Bank has toned down some relations with particular LDCs. 
of its- ■ optimism in 'its recent Bui most crucial to the financial 
review of World development position of the six would be the 
prospects because of the pro- pace of growth of industrial 
ternionist noises in the west, economies and the impact on 
But it still presents a fairly rosy LDC export growth, 
picture — of comfort to inter- In practice export perforra- 
national bankers who since 1973 ance by the six LDCs has turned 
have lent developing nations the out in the first six months of this 
money that has enabled them to year far less favourably than 
maintain fast growth rates. It allowed for in the Amex calcula- 
is also of comfort to manuFac- tions. Korea’s export earnings 
turers of capital equipment in were up 21 per cent over the 
the industrialised countries who same period in 1977 in value 
have found markets in develop- terms, but Brazil's actually 
ing nations— and now. possibly in dropped. the Philippines’ 
China — to offset their depressed remained flat and Peru continues 
sales in the West. with its problems. 

One of the few commercial * 
banking institutions to dissent AffSTCSSlVC . 
from this chorus of reassurance _ ■ ■ „ , 

has been Amex Bank. In a . ^ : SSIn f P r ^jP ects 1 , ln 5f u , p 
recent issue of its Bank Review ,n . li 197 ^ 80 though the signals 
it noted that borrowing by still show amber) Korea and 
non-oil Ic-ss developing countries Hong Kong have demonstrated 
(LDCs) on the Euromarkets was U»»t with aggressive marketing 
likely to more than double this and ra P‘ d switches m production 
year to S35hn from 314bn in it is possible to dodge protec- 
1977. It went on: “Despite 11011,31 barriers in the West or 
iodividual countries, both lower Japan. . 

and- middle income, facing severe But the first six months figures 
debt problems, the overall d ° sussest that either the LDCs 
picture is one of flooding confl- (and these six in particular) are 
dence. Such confidence is in going to have to switch their 
stark contrast to a general world investments into projects that 
economic picture of massive will earn them fast returns in 
uncertainty, revolving round foreign exchange receipts — thus 
dollar capital flows and rising exacerbating the risk of further 
interest rates. It Is hard to clashes with industrial wed coun- 
justify and unlikely to last" tries worried about the vulner- 
Amex has a good point. ability of their own manufactur- 

The article in tbe review took ing sectors. Or else there will 
the six non-oil LDCs whose have to be far more serious con- 
outstanding debts of S62bn as slderation of way s of providing 
of the end of last year account long term finance through official 
for nearly three-quarters of or commercial cbannels to help 
the Euromarket borrowing — cany LDCs over the potentially 
Argentina. Brazil, Korea, Mexico, difficult years ahead in ways that 
Peru and the Philippines. They will benefit both them and the 
are a disparate lot and in tbe depressed capital goods indus- 
last resort any assessment of the tries of tbe west 1 

THE FOKTHCOMDJG Video is relatively easier to operate- DnxSmres and ^ reject Lflwn-so that ere evenly;: fadUtieson.a more 

Trade exhibition, which opra's tria"'a''in^®‘”replw al,le tM ^ strong .aram* yfch- leasing sahjert-^su*. as pn>- md^^d^cr^e 

* *“ 1 h v iinrmTHwnnHSlvl nnnr television hapfesTnund la likewise finite - ssnnmlnt* nmoramme siase .wi tuts_.£uufc proceaure 

tMsmoni at Lnndnn’a ' t * T«. the "nconsckwslj) .iwor . telcvisioii background is likewise, quite dicing a complete . programme- 

Sif hXm, IS “P -* 1 - CD *! B T l Sten * programmes.. .Moving pictures soft and of a high key, pastel 3E,t the proposed move to * Jg 

SSlSln 1 ? yth , J,as ansen *“£ have become pan .of .our cul- colour. Confronted by a corn- new HQ-^ d a range of 

8 to. 3 *™ 1 * 0 15 ^coming a simpler to use than B\m, ^ heritage regardless of pany spokesman, lit so that the Sirem^nfa arise - .bnlfiMce.possr-* — ■ 

^Hnnfi U ^^ S ^d»rf ; ri 11 ! c 5 eaperil } .production costs and formal education: “- 1 — ^yesrewdeiritOT^^ 'Traditionally, tbe • - 'dis- - 

SSL SJ JEftSS for mymwc ofprb- ^ heritage has - establifihed ^ fte structure' cafe anurbidi of the- film I"™* yideo 



signs that video is becoming a simpler 


applications. Not only is the grammes made by lnes ' 
much-publicised videocassette perienced and often untalented 
on show, but so too are member* of the staff. Fto t ,r0 ' 
cameras, editing equipment and duction is necessarily 3 111070 
a range of ancillary gear— often ponderous process, more dis- 
of considerable technical sop his- ciplined and dependent on a 
tication. Most of it comes from variety of professional back-up 
Japan, where the total output services. - 
has increased tenfold in the 
period 1974-78. 

producer -.ought 

M «£■£' USTnS ZZZr "^presented" with" such . to..* 

might be forgiven, for. feeling a situation would turn the task *J®S55S 
FILM AND VIDEO that this doesn't have the samei-into a much more painstaking 

comfortable - and honest ataids- 'Operation than is. regrettably JS^‘'«S2S " 
phere of the telly. . Wmm for video producers'- - 

That same t^ang..he^ there is the research Into Si-^tT - ’ 

broadcast television ls>81«py;:^e subject-tfnd questions such " v 

J -• that it remains --as:- « who is going to see the. ^Perxence and : talent._ Tbe first . - 

stinB.' i Not : onlyJ ^hn?” “what do you want StvVSlS • 

nfesRiflttflr liaha «. than +hprr» Mi ji 3 hd there are plenty_ of Ummng ■ ■ 


its own grammar, instinctively presented . so 

More' British companies are recognised by the viewer, but. visually interesting. ' .. 

therefore investing in expensive rarely accessible to tfie practi- does the professional'. neWs- -fo achieve?” Then there is a 3110 m 1 ? 76 are piraty or training , 

A question that no one seems video production facilities, tioner without some training reader remain static in his or scrint. which’* packages the in- courses - availame . v to . help 

to ask Is "why video?” The Whereas once it was confined experience. Even that her chair without bobbing formation argument and motiya- ( deta^s cap be obtamed freup, 
16mm. film has been arojind as to institutions like Shell and hypothetical recording of a about, but probably ;=has arbiat- ■ tion in an interesting way witfr : I 

an industrial tool for over 40 ’IBM, with highly qualified staff, studio talk can easily offend^he ter face than does "the .wurks i some scod6 for pace,^ variety' ^and^ ^ Committee, tiie. British 4 - Kine*. 

years, but business interest in more companies are n° w instincts' of the audience. The manager. inmact- '. matpgrapn,: .Sound -.and Tete- . . 

that medium has never reached becoming involved and spending . wa y the . . person -is ■ posi- In a similar studio STtuation^ - The other main problem area vision Society, victoria 

the proportions that would ex- something up to six figures on ttoned within the camera frame other dimensions are addedrhy for the DIY video producer is : House, Vernon Pace, London .. 

cite investors and entre- typical installations without a j s important enough: if not the professional but- often "the editing and finishing stages WC1B 4DJ).. The talent -islp- .. 

preneurs. The reasons for the company audio-visual tradition centred in a compositional neglected by the DIY producer the post production work. that short supply; the best is- us ually ' 

boom in video are partly con- to backup the investment with balance, then it is disturbing if —such as ‘music. On BBC^tw-'is necessary (or should be working for theBBO or.iTv 

using semi-profession aJ pro- on _ the speaker also calls for follows.' - When' Insert-materiaf material to inject a : natural pos^ilitite. ^ ^ aid f >. 

ment and publicity machines of __ _ _ _ 

companies like Sony, Philips, du'cers may reasonable skill that "the do-it-yourself pro- is used, it will be accompanied rhythm** and variety of interest pany : comm un/tsatio a. y But .it . 

Matsushita, JVC and National enougb—especially if tbe end ducer can rarely muster. Most by sound effects that heighten But to do the job properly also conceals, in __ its 4j>J*arent: . LJ 

Panasonic. The 16mm. film in-, re^t ^ sharp , loud and clear, broadcast television viewers, the effect . . v’-. ,on video requires expensive simplicity, hasty 

dustry never had supporters of g ut ^ of ^ public conditioned to the News at Ten Yet the studio speaker. 'talk- facilities, and often it gets dis- can be more costiy for the end ' ’ : 

that breadth and magnitude. 

^ wi _ r _ e cquuy ror ine.enfl : ■ 

wili‘*reMgnise”"\mcori5cioiisly, or BBC’s bulletins,' receive their ing to camera- is -only missive treatment Yet-in film product, than the-mon pP] I 

Additionally, however, video poorly written newspapers or information from talking heads p lest of situations. Unleash the production, tbe editing process on it ^ 

Guest and sou have another 
winner in David’s City 




TOBY BALDING, whose Kings- surprise If David’s City does anniversary. .. 

clere-based brother, Ian- the trick for them on this occas- “ The Blue Riband bf the Turf," c 0 - t"*** "*««■» Kowt ortai* credit i 

concluded a particularly disap- sion. . to use Benjamin • Disraeli's 

pointing season with several David’s Cityv a consistent famous phrase, deserves a worthy 

winners (including Centurion in though now rather one-paced bi-centennial celebration. To this 

c*rt» by tetaobMw or n a» ■odl cm® 



the Cesarewitcb). "saddles Misty David Jack eight-year-old,’ also end, the exhibition will not be ° <HJSE1 nli w Srtto« ^ 52 * flL i 

simply a gallery of paintings of i 

Time for the opener at Folke- has little to beat and can achieve . . ^ , 

stone today rather than take the his first win of the season with famous horsek riders and owners, 
three-year-old to Ludlow. a victory over the inexperienced but also a vivid evocation of this 

I believe mat the tip is worth Doon RJver, to whom be will be great unofficial holiday, 
taking. Misty Time found little conceding only 9 lbs. Paintings, engravings, draw- 

Tlwr, 7-30 The Talcs of. Hoffmann I 

perfj. "Enormously offset lre.“ Cy. 

Frl. 7.00 The Thieving. Magpie.; MM 
baKDnr seats avail, tar all per**- from 
* 10.00 an tfay of pwf, 

UVMARKtT. 01 -930 MU.'EiSS. 0.00. 
mSs! wSTs.SO. sat*. 4.S0 *Ad 8.00. 
Maw. '"^„ A .. DtNE McE WAN 





or Noel Coward . 


_ . HER MAJ1STV-S. CC 01-930 660S. 

Lack of any worthwhile rain Ing?. cartoons, sculptures, photo- covent garden, ce. :5 * 9 *' 7 JO o*if mitya h "boy^' 

in the south and Midlands over graphs, pamphlets, ephemera of cc^rdencharge ww.r - « nUND 

the past couple of months con- all sorts will be used to re-create Ton-t. a JfH ths?. _2ar NONE^sun^ 

... IMtAIRfcS . .. •' 4 

iy i ui/ 

. iMBffWrMf-^a^rwVSW"- 

TeL booking* acMptetf.: -Malbr - 

cdrtls. RwauranL»C(i.-0l-«tB241«t “ 


CrediJ^Vsijgg 'T3S*' «W£". 

— _ . nFins-ir Ai 
by Brian Click. ‘A- MOM 
i URGE YOU To SEE: v . 
E-S*. 8-00. W«L~ J .Ofl SSL 


tinues to badly affect turn-outs, the atmosphere of -the unique 
Fast-ground specialists such as occasion. 

Divinity should find little diffi- The exhibition, sponsored by 
culty in picking up further useful Coiitts,'. the ' Financial Times, 

^ prizes while the conations last. Mo«t and Chandon, and So the by 
at^N^i^Tas P t aC tlme F iS^S! The Fred Winter- trained Parke Beraet. ^bSild ensure h | sapler*s wells tm4atW8L' Wwrr, 

ifth«S?TZ Divinity-one of only 24 runners worthwhile visit to the Royal) a-cj . 

7joo VAfrfcilBO; ■ 


Tomor. 7.30 Mayertlng. Sat. St -7. Sa . 

Thv SleepinD 8muT)>, . Man. • 7JSPj 
Serenade. -A Month {n-ttia.- -Coral 

Facade. - GS AmpW seats evaM.- Ter , 

parts, from ID a.m. m-'mrarvfMft'f. 

KING'S ROAD JfHEATRj. 01-352 71188: 

. 2.30 and 4.00. 



; Frew Dec ljOKr. io. 

although he is undoubtedly not AcademT of Arts 

a top flight young hurdler, he for 4l } h# K ^“ toe 1 2*J“ H £r ,k F T e Acadea| y . of . Arts - 
will not need to be to beat poor 

opposition depleted through th* do r.? lu ^! e ’ (‘^lowin*, his 
withdrawal of Limit Up. who ran len * t £5 1 Wolverhampton victory 

Last- ■ wraek. Toi^*ST*fi5lr: & > Sat: 

SEMELE. Tomor. A FrWay RiNALDO. 
Nov. 21 ts Dec. 16: - LMetn; Centtm- 
poniy Dance. 


1 take him to complete a quick 

over Charlton Fox. 

At Ludlow, where, just six more 

double witb a win over Bally te* 6 the field than at Folkestone, 
Seal, a Newmarket opponent, Co-Partner ought to have no 
rated the chief danger by Bald- Problems improving an impres- 
ing. si ve track record in the Corvedale 

A year ago trainer Walter Chase. 

Guest and his jockey son, Joe, From April 5 to July 1, next 
combined to land the Biddenden year, the Royal Academy of Arts 
Selling Hurdle through Comes is to commemorate "Derby Day. 1 " 
Spring. So it will come as no as the race reaches its 200th 


1.00 — Misty Time 
1^0— David's City*** 

2.00— — Toareen - 

2.30— Divinity** 

3.00— Old Saint . 

3.30 — Beehad 

'LYRIC THEATRE. CC. 01-437 S6B». 
evs. a.oorw xoo.-s.L SXia8.30. 


by Eduardo da Filippo " 
YEARS." Sunday Tima. 

THEATRES r 3 -.: 

. • MAT FAIR. G2S 303*. Ever. S-OO. MaL 

I ADCLPHI THEATRE. CC. 01_B3« 7811. . 5.30 and 8.30. WH. MaL 3JJO 



Evening* at 7-30. , , 

s. Thursday. 3.00. Saturdays. ^4.00- 
An Enchanting New Musical - ■ 






1.00 — Space Song 

3.00— Co-Partner* " 
3^0 — Regency Wood 

01-49 X 3051. 



Th* Times . L . ti : | .Vrom Dec. 18. Dlv. 10.30. X30 and 4.00 

Evening News. :‘ *l 


SPECTACULAR."-- >. t.- - 1 NATIONAL THEATRE.' 328 2282 

□all* THegtanb. *'• ■ I ouvren rouen TmdaM TJ o, 

Credit Card Bookings 01-838. 701 T.. Tomonw. zSs * 'f"XO THE DOUBLE 


Frl." Nov. 1 o ^t ;u. wJBj HlwTVlTjt:- Tie ^ - 

6. 8:45 rant 5uoi 'New. frn_r arid 7 S® 

niwVaB winH- T ‘•^r- . r - . ■ -I. 

Dally 2 end bl45; PrH*r €iu fia.- 
R educed ... 

a. ■ 

XTRAND^ 0i*nSf48C0r ‘ £venWBo.8«; ■ ---• 

Mar. Tftgrt." S.tW.’ Sffts: S.30 j 

. NO SEC PtiASfr^iL.V-.Vl' 

.4lflK-MW- .V. 


ST. MARTIN'S: tCr - 01-830 r . 

EvSL.-a^M.-.MbUngwr Tubs:' 

5. 00 -and. S . 00 *• ' 

LC&TMft P mHCTTT-C^, ' 

■■ AGATHA CKMSTTESirt: > ‘3 

. 28UI.Y-EAR 

p— . 

■TT— ’ 

lALBERY. 836 3878. CC. bk*JB36 1.071-3,. 
Front 8.30 am. Party rated Mom.. Tuts.. 
Frl. 7.4S ran. Thi 


We«L and Frl. 7.4S ran. Tun*, and Sat.- 


DEAL ER by Gong rave. 

LYTTELTON . r proscenium sxagei; . ionu 
7^t% Jtesr jxtet nrev.7 Tomorrow at _ 
<law orlte opening) BETRAYAL new play, 
b* Pinter.' ‘ 

cottesloc (Entail auditorium}; - Tonight 
A Tomorrow at 8 THE WORLD TURNED 


' DY/f 

upside DOYfN by K elth Dewburot from 
ptSr HUr* 

t Indicates programme In 
black and white 

with ROY/ HUDO 

Extra Christmas -Mats. Book Now. 

ChrlRortvir H«r* book 
•MdtaMe fo»- dimwi). 

(pertuuM. not 

BBC 1 

8J8 am For Schools. Colleges. 

12.45 pm News. 1.00 Pebble Mill. 

1.45 How Do You Do? 24)0 You 
And Me. 2.14 For Schools. Colleges. 
.1-20 Pobo! Y Cm 3^3 Regional 
News for England (except 
London). 3J>5 Play School. 4JS0 
Deputy Dawg. 4.25 Jackanory. 
4.40 Screen Test. 5.05 John 
Craven's Newsround. 5.10 Tbe 
Record Breakers. 

reiwrtolre. Tonight. Thins, 7.0. tomor- 
2-00 8 7J0. Middleton & Rowlev'f THE 

CHANGELING. -Seta the puli** sktoolng" 

nt IIirm. fStudraw atandby £1}. With; 

AS YOU LIKE IT fFrl. Sat. m « «i. RSC i 

alio M THE WAREHOUSE (see under W». I 



540 News. Wales — 10.05-10-30 am I Ysgolion. H.I5 Late News. Power without Glory, ms an Rrfloc- . . 

“cSSKbS? ( H ndon and 555^:20 Wales Today. 6^0 \\2S The 01 J Grey Whistle. Teat. GtamrtMi Lai* NUfat 1 ^^«.pwYcn 1 ...B36,’«04_._ infp B38 S332.t 0, ™~i^5t 

_ ^ouui-£j3st only). ucuorw. 4.111 poddi y Cwm «■ as ___ pi-noj-,.-. /i> A „ 

8J20 Nationwide. (cyfres). 7A0-K10 David Essex M.lfi a™ Closedown (Reading). RRANiru 

R50 Davia Essex (London and rwirmt ' ^lar^T 131 ] i 45 ^ tJIf! LONDON L2Q ran This la Your Right, uo War's 

. South-East only). SSSSS ?i w.i J 1 * 48 NeWS a “ d Ml Cnwwdg, too Grenada 

7J» James Burke’s Connections. WeaUier Ior WaJes - 540 am Schools Programmes. *jo Enunatiaie Farm, tjjo 

8-lO JXalIas. Scotland— 9^8-958 am For Chorlton and the Wheebes. ^ M “ ld - ambassadors cc qi ase htt 

9.00 News. Schools. 5^5-&20 Reporting Scot- P“i Rainbow. 12^0 Treasures “ ^ ^KSb%oo!%. zStsJF m 

525 Play For Today. land. 650 Tom and Jeny. 655- in Store. LOO News plus FT Index. HTV - a „ 

10.40 .-Tonight. 7J0 Ballad Folk. 9.25 Return to Thames News. .4-30 Crown ua pm Report west Headlines, us geralo flood" 

lL2ff Roads To Conflict Lilybank. 10.15 Tuesday Night Court 2.00 After Noon. 1 2.25 Report Wale* Headlines, zae Honatparty. ,n tJSIE* ISfJ£ ER 

It 4 5 Westher/Regional News. 10AO Return to Lily bank. 11 JO £^8- 3 JO Heart toHeart X50 » c "»«vad«. Report weaa. *js agathachristie 0 

All Wglons as BBC-1 except at ?“<!„ » ,Conffict UBS News, The Su U u,a«i. LM^ Gat It Kru™*«S’ J 

Weather for Scotland. Together. ^4.4a Magpie.. 9.1 5 iln code r. iapollo. cc. 01-437 2663 . ewk. b.oo. 

HTV Cymru /Wales-As HTV General “aul^daneman^lana mqiuik' 

-JWPi: t2MJS ram Penawdau Newvddfcu I -stSSEfiL MaRR,s 

6.00 Thames at 6. r ; 

6J25 Help! 

6^5 Crossroads. 

7.00 Botanic Man. ' . 

7.30 Charlie’s Angels. 

&30 The Upchat Connection. 

9J90 Fallen Hero. 

10.00 News at Ten. 

10 JO Travels with a Donkey. 

11 JO Lou Grant 

Many exttOpnt chap seats all 3 theatres 
day '81 oerr. Car-park. Restaurant 928 
2033 l. Credit card bookings .028 3052.. 

. __ . — ! B8» SBtfes, 

Enosame^Kraops Last Tape 
Tues-tto sun.^tit Nov. 26 73Q_p»Jl- 
NO PERFS TtaoT_ Tomor. * Thure. 

• Jtlno Box Office far letall*. 

■ Ex t en ded by public demand. . 

OLD VIC. it- _ 928 7516 


■ TotUy. We0. 7-30 

the following times: — 



Derek .Jacobi's Easy -and virile siith 
Or tty." ' Standard. *- ERerai Atlnns 
“WtethiB Phydcal HuftHty." P. Times; 
"A gem Pf a per f ormance from Robert 
Robert Eddban . . . Michael Dcnhon. 

John S»vtdent and Brenda 'Bruce sweep 

Northern Ireland — 3fi3-335 pm El Ssvflj s FarB1 ' 
'Northern Ireland News. 5^5-6^0 lNew,s ' 

up the laushd. . Guardian. 

.. . FrL 7.30-'- - - 

Eileen Atkins _ ■ superb VHrtk" T 


ACROSS 8 A JL or P.M. it denotes a short 

1 Form of language or turn of _ holiday <4-3) 
expression (6, 2, 6> 9 Glares at chimney top on 

10 Price of a rib (5) . board (61 

11 Bet South African province is Type of growth that's always 

still to be delivered (9) immature (9) 

12 Pipe while going round *• Lad with it coming up gets a 

thoroughfare (7) bandy greeting but It could 

13 Dried about two pounds but b f dangerous j n the main 
k bored (7) 

li Save about a pound for a *8 Restless but I'm the one 
drudge (5) receiving treatment (9) 

16 Tin? Yes tin could produce 1® Nothing _ left in spike to 
concentration (9) „ extend (•) 

19 Gave a gift to the editor (9) - 1 Laugh at some French travel 

20 Swift but quiet in attack (5) ( B >. , 

Bound to be grateful (7) 23 It is legal m .Catholic Italy 

Vessel that's not so heavy (7) (5l 

Band or box followed by *7 i« asertionatc and performs 
soldiers (9) „ »■>□“* thr<?e initially f5) 

Alter notice about people (5) 26 Serious and deadly place (5) 
BoanI eastern ship going 50LUTJ0N TO PUZZLE 

round desolate area_and be No. 3.821 

rightly served (3, 4, 7) 

Scene Around Six. 6J0-7JS0 
Children and Their Music. 11.45 
News and Weather for Northern 

England— -5-55-6-20 pm Look 
East (Norwich): Look North 
(Leeds. Manchester. Newcastle): 
Midlands Today (Birmingham); 
Points West (Bristol); South 

excopi: L2M2S ran Penawdan Newyddton 
V Dydd 4.2B489 GoeUa. 8804L15 V 
Dydd. UL38 Dim Oad HedtUw. 

World la Action. U Moyniban. 

HTV West— Ax HTV Genernl Serrirel 
ncept: IMJe pm Report West Hesd- 
llnes. *054ja Report West 

»enr funny, gmt entertainment." 

* Very 

Times.- Robert- EdtfKon " tarlMarrr-teSte. 

.Guardian. - v 
- Bat- 2.30 - and 7J0 „ , 

Derek. dw«W m IVANOV-- 
Cbekhow's comady wire Clive Arrfnair, 
Brenda' Brace, -Micliael Detdaoir. Louise 
Purnell. 1 Jolra .Savwent. jjage WVmartL. 
.“Jraows t ' 

ARTS THEATRE. 01-836 2132. 

SCOTTISH M Tmrt? p unen’ s 

US pm News and Road and Weather. - - ■ *** It-" Sunday Tlmb. 

3J5 Dodo the Space Kid. 5JB Crossroads. Monday fa jnmnMw 8-30. FrkJay .and 
<lOQ Scotland Today. 6J0 What's Vonr Saturday 7.00 and 9.15 

Problem? 780 E^nraerdale Farm. 

triumph." D. .-TjtaeqnHi. 
R. rotor ns Nov" 21 1 

THE RIVALS return* floe. 

By pcwalar. demand there will be 6 extra I 

7,M i 

wSl U ncM Il:pt0 ?2 : . ^ ^ ose: Derrick /Gilbert Late Can. O I’ro-Celobrtty "snooker ASTORIA theatre. CC. Charing eras* 

.South West (Plymouth). reads a poem, by' Robert Rl £ t L 734 <Z _ B1 ■ Mon^inur. b.oo am. 

E^st i Norwich) Spot On! Midlands Herrick. SOUTHERN best'musiSU’of ^he'year 15 

iGinnnioh.mi TO- \Tnr4L A tv m a n . » 1 tB __ c. , oc.31 MUsILAL Ur THE YEAH 

PALACE. CC.^ 01-437 6834. 

MraL-Thur*. B.OO Fri. and Sat 6 and. 880 
try Tim Rice and Andrew Uoyd-WcMnr. 

Captain Nemo. SJO Crossroads. 888 



Dnr By Day iDcJudlns Southspon. 78 S|cambridgc. cc m hik enu u 
Enmerdale Fann. lua Southern Nero | tL^'oSS: kSV* * -tf'SaR I pauadoim. 

(Birmingham) Action.' IB; North All IB/V Regions as London U8 ran southern News. 288 Hmtse- 
( Leeds) Lifelines: North East except at the following times.-— tJany - ^ Dndase# Adventures of 
(Newcastle) Tuesday North; North 

West (Manchester) Sit Thi Deawn; ANGLIA .- 

South (Southampton) Cusden On ijs ran AnsHa News. 2JB 'Bmatpaity. Extra. 1388 pro-CeJebrtty Snooker. in tombi 

Location; Southwest (Plymouth) 680 About Anziu. ran The Rolf Harris _____ Mating black African musical 

Peninsula; West (Bristol) Day . iwj Th^ sireeu re sanyraiKasco. TTtTVETEES ^t « ooTS 1 m Newv 

OuL. l2 ^ s * m ct,apler and Vetafr am n» Good Word foil owed by Dinner and toojirfee sera evsd incl 

North East Nero Headlines. U8 pm Tr ,.^ J .. POURTH GREAT year 

nnrt re A TV Nonb East Nero and Lookaraund. 505 TRAHSFlra THEATRE 

DDL Z us pm ATV KeeHtat .« TV Bunch. «.M Northern Ufe. 

KWO am Working for Safety. Ns X, P S|“ M “'«»«' _ cc. oi-ass go 56 

11-00 Play School (As BBC-l at Fa^a.^ Vam’ialS UM EWlogoe - ' 

3-30 , Concert: Alex Web* and hffi band. 1286 

23D pm The Engineers. SomethlM DlffcrcnL 

3.00 Propaganda With Facts. 

X30 The Lirini; City. 

5.00 Open University. 

PALLADIUM. — CC!" 01.437 " 7373.' 
TottMM . 780 • Wed.. Thori. b.oo. 






- CC 01-437 
far .One. Week 

5p«rfil Giiens: JACK PARNEU. 




JO...Tu«- *"d Thiir* 8. 00. Wnd. 
2 pert*- . Frl.. Sat. G.T5. 8 AS. 


Red. prk* pros, from Dec. 12. 

PALLADIUM; - -CC. . 01-437 7373. 

.^SA^'Y^RljE 5 *- 19 " 

. at.',** Merry^ Wl dow^Twa n fcgr (n 

RORnn? • Headlines. 505 Cartoon. 500 Crossroads. 

__ Rmu, *8° He porta. BJ5 The Mary Tyler Mnore 

TUB pm _ Border NewK Shoti-. 780 Fapm. TJO Pantanr 

I -2D ran Lunch limp. 4J3 Ulster News I COMEDY, cc. 01-930 2S7S. Evga. b.i 

oo. I 

t5.49 Laurel and Hardy Show- s** jams Qwest™ 888 iookaroond 7 jf.£"JES!S!. B Farm - 7J0 F “ ,My 

Tuesday. L,laM - UJ ° 

Fantasy Island. 11-30 trtUi Gina. WCCTWLDn 

1289 Border KCre Summary- W 1 Vr AKU 

1287 ora Gim Hooey bun 1 * Birthdays. 

CHAIVTVFr -• IJ0 '' p8r '* ,3rd News Headlines. 5LZ5 Mr. . . - 

''^^an2^'lata”|^3S E fo7?.'E^ 0 M«.?ThS e,, i l FriViffiJ' "CWUBIU.V. 
^Ttats On Where. 5.15 **"■ M88 Westward Lale News. U-» Pro- 1 ^‘5 M,Jo. " T?Te MOST^mLARious Crgdlt 

Rreorr at Six. 788 TreMUre.Hunt: Celehrtfy 'simoker. "lUIl'am World* ‘in | «-AY “ WP “'YEAro;" nn pi , riaoiira A ?lS^ I •^4:'^' -S.'S® _ _*_!£ Alr-cOnd. 


2 Incite one crowd to follow 
this month (9) 

5 French and English articles 
take exercises but are not 
suitable (5) 

4 Painter putting Oriental title 
on rota (9) 

5 Destined to produce thick 
edition (5.) 

6 Senior citizen living Id con- 
tinental board-house? (9) 

7 Praise anticipated id next 
Olympics (5) 

£KH3»S0Q • EiGSgEB 
Q fl_Q H Q fij 

case: “County HospitaL" 

5-53 New? on 2 Headlines. 

6.00 In The Making. 

6.20 ** Digamc." 

6.43 Mid-Eveninc Ne^-s. 

640 Empire Road. 

!w Thi o^'chraa =" » 

Darwin. liU am World In Action. Com' VHB k'CID R* P 

9.10 Wodehoose Playhouse. tacmairefi ra Previsions uetmokut/dwa. _ catena ar nJws s S rairndar 

0A0 Man AUve. GRAMPIAN - "" ^ Nws SJ * Calendar 

10^0 Britain v. Australia Ruqhy *-Z5 am Firsi 
League fhighlighta of first SSSSATtSS 
two Tests). Rauuiio Man 7.38 Faruaar 

Thure. 3.00. Sau. 5. 15 ami -fl TQ 
it. T!?. powerful fcnulp ecrlrip seen 
In LonHcrn this vear."' Observer. 




EROTIC" S. Tim. 

- TLI* 


■ Prev i a** December tv ra 7.38. 

PHOENIX.- THEATRE. CC. 01-856 .229*. 
EVPS.' Wed, 

.3.00. Sal. 5-0 rfftd 880. 



NHSHT and day 
A _N* w play - by tom STOPPARD 
.'--Directed bv PETER WOOD. 

From 8.30 am 437 ‘4508. 

838 1071. Evgs. B80. Frl. 

GLOO joo 
MIctu- 1 Hatting, 

” A D L AU CM TE r‘. r. W '™ 

— ( 7 Worffs W» meote.- Fin. Times. " There 

TALK . OF THE JOWNt CC". j&Tsi- Sttft . . " 
AlMPndlHiiiMiL - .-rraj^:^rj)B^rc8)M|f ; 

v - : '"4 





_as motor* :■ 

TH K- y*. i* t *• • 


VICTORIA fAUtt e^-,-828'-', 4755-8. 
Bros. 7,30.' Mau. Wed: irap Stti 2XS. 


5HEILA' -NAl^QCr s ; ■-*:-■ 

eir-«: ?■ .• 


rt.r-.T • - 
C - : -• ' - 


ss: ?:•“ ...-i 
c rri 

yvA REHO Usc." OnaM. 
snraeeswMrev-. CMKgknp. - Searte ..available. 

■S5bey^ r <^*S^- 1 ' S ^“ ar,r ^ 

w c-fwwy v Lifim . OUT ■ , ■ NffHE. - * 

COMES TROUBLBI AOV^JBcbA jklpvywta;... .' . 


WESTMINSTER, . ZCCi «RF-834 0283= 

1 j^v.i 


IN.S7WlY n 

WESThmarER THEATRE. - BM =*283i : 

“MwAT.” itutfN PAUL 
rlimv ~ J r.T^m P<ltVj ; T w,do<:gd 

tSSn- opraw. .-Novr -ja. . . ; : . 

Tlckcts: C2. U. £4. Book Me— 

'Ow.--UmnM . 

c c - - 0 T -9 50 BS9 


rOPTNS MON. 11 DtC. Motf-EH- 2.1S » 

W " ■ - 

WtZARD or OZ - .1 .n - 

•? - SMtB Ora-ftl i m - . . -r-. 

Sun. and 6.00 *ml- 8.00 
-' PAUL RAYMOND orearatts 

_ : L MODERN 7 ER/ 

“Trtft re _ eaorecedented-. 


31-838' 3028. ICC 

Ekga. 838 ln71. rrom 8 JO .im Mon.- 
i. Frl. Jw 

Thera- E-OO 

' CWR 

... 5.1 3 and BJO. 


VERY FUNNY/- IveoJnp.Hrwa. 

' ccrawdv 

Marr O'MaOev'S'unash-hf. _ 

, _ ■ - ONCJ8 A CATHOLIC-. - - . 

SuprwM cpmedr pn .ssx and mttnloa.~ l 

romrtr er M«* and 

Dattv Tdeerbeh. ■ 

LAUGHTEK1 "^Guardi* it-. 

YOUNG V»C.= - 978 6393. ’ Today 2.M.- 
Tonwr.. Frl. 7. SB HAMLET..-- -TtMit. 

Thur 730 RICHARu- ill' rani OF 
Shakespeare trilogy- ACnQK- MAN. 


ABC. 7 *2. ShaHeshuir. Are. 856.884?.. 
Sep.jarh. ALL SEATS BKW.E 
1 :■ HATH Wl THE NILE. lAT./r Wfc.' 
aiO Sen.J^20. 5.20. 8.20. r ‘ 

- -- - Wk. 



and Sun. -2.00. fi.00. 83O. 

c ftS5 u, .J?i*?fL : Wfc. CaiwdWi vtBjijJ.J 

!«*> ■ ■ «s ; BoaiDTL 


TRACK STEREO. Pfbga, 2jp. 7J50.«8v, . 

> Ci 

247m UU8 ran BBC Welsh SympbaUV Urchesira. presrammo mnra 630 News. BJ8 The **mingv &.TO. fn. sat. 8 15 and a.ooi 
part 1 1 S 1 . IBB \>m IBS The Ana FYter Hudson fihow >S>. 780 N'ero. 7.05 nH -i2 H .L ’r^.. 

Worldwide. L2S P-BC Welsh SJ, pan 3 The Arehers. 72B Tho Roraf fa El Dorado: " bS fcnSSiiaM^Yta? - ^ MaH - 

(Cl 1 in m.m P. ri ■m'ff RrfOtAl Sir r.nnflrou fonbeitn'e ,C «r. 


(5) Stereophonic broadcast 

__ * r, „ , ‘S'. 2.1D Tiluslr ar~S» "c reva e’Sl Bristol Sir 

5.00 pm As Radio — 7.BD Dave Lt* ljj HsrHn- nnmnt — " " " — 1 

ram *M Simon Baiei. XLM Paal ^iwi "xi? ejn 

KSTTiLe^PM 1 tSt^JB^M I, 5 ’ SLIS Jan Today I Si. 585 floowrord SJS Wearhor 10J» The World TMIshti 1 

Sirtto ^ 188? sJJSSSl i.ns'ioto 5^ *»»■ WO News. MEAT. Home: iDJO Hra Jason EsWanraioo of QitanJ 

DUCHESS. .8_3S was. M«I. io J 

Geoffrey .Tarknnn's DUzrUnagp 

Credit wro;flOoHtnBa 836 1071..’- 
Rtabmrd arafae" tin TaHrer m •: 

Christmas imtlners Dec. 18-jan. -13. 

Tram. 880 Sown Bales. U.J0 Paul gi?0«lB S TrSJ^fnd“«MSS» D ' “d?teS *°- UKE V ^ BKS 

Peel fSi mo^oa ara As Radio =. & rg£mh “ JS| 

1 OlOn ond vntr "S. ^ -'-«=wii ir: i/etu- - - unr riirancud World Tor I phi. 1U0 Today 

MWlm and Vttr rbc Snnrtiony OrchesWi- . Wri 1 n PartwineTif. 1U0 News. 

^SJO^poPnws Smranarjr. 5.03 Tony BBC Radio London 

Brandon ISi mchnUmt 605 T*au« far Geots Kaiser fulk W A'*! 7 ? 1 oui '' mwimvii 

Eves. 8 p.ra. Frl. and 

.. "IS BUSS. 1 ’ Observer. 
Michael Frayn'* funniest play. 

CC. 01-838 5132 PWT MCE aDWA*t> , CC ■ 01-437 8877. 

S«. S.30 and 8.30.' - >**■ J **1 

CLAWC t- a. 1 . a; CWM sne tm- 
T«*rabam- Court lid.; rub<0. rfU6 :«SiO. 
u Jjja - A- ores*.- - Children mamortc*:- - 
lerBlehartf 4d>nrcMVATefGSHlP-~aomf 

J^taendj iejMgft a* STSYIE (aA>. 

Pn>B*. ., - 3 jU. S 057- «."a« 

C v5?S o rii.£S?‘?£J Street Wl. • apo 37 ST'. 
Y °U-UhLgHgO AT. ms APRAI 


by . Tire Wee l ira Andrew LloetUVabber. 

'Directed bv ffareld Prince,. 

PRINCE OT WAWS. 01-930 868i,.Cnwft 

caitf -bqeWniBt -IM . <7M6. - i^hnR^ run 

_ FO,tTUN |' "2 s “M- Ere- 8. Tnur,. 3 

Tbouraii. 7J2 T^nrw«K3m“'5) T^naini Easlln'. *»JJ0 EBC so. D*rr f: BH»U«w 206tn and B43 VHF Murrra Paelow E . 

82? Rscfaff Bon«fa and Pans* for *Si. The Prelude. »30 Tttc T rio- Mown An Radio 3. ft JO Rush Hour. murder at ■TOE^icjwiage. n 
Thought. WMW Jimmy YOWIB 'S». 5*.! at L ‘b ll^ HinrTrn^l1hJ^a*«l «8o LorMon Mr®, um om Can In. fourth GREAT YEAR. 

1U5 pm Waagowrs’ Walk. I2J0 Wp pis5c '’ / S*. Name -Hun.- KU — — 

Murray's Ouen Hnusp inchidinK 1.43 U - 50 ‘ 1JJ5 T omshfs Sdioben Sms f S». Urti. 3 Pop. I UMro- ' T-30 Rla<* Londpnm. Garrick, cc. bm. ami. E«a. iooI^.*^ r 
Snorts Desk. 2 M Dart} Hamflion W RADIO 4 3 W - la , T : J? teht A®P- , sn». $3* nSS%J?®- 

Indndlu* 2.45 and 3 « Sports Dcak. 4.M . .. viTF A UEL" ,to fc *' F"* W"ifr OU ILL|y iii ija. .'LEyin'* lay 

WaRponras’ Walk. 4,45 Sports Desk. L50 431m. ITflm. 2ffim ana VHP Question Tinra from ih» Roue* of D€AT«r»4r • I «9W*_-'Ciire!*rK. .roy 

John Dmut fS* tncJndHw Sports D«k- _ 6 ^® am _^>'ero Rrlpfhia. P arndn g Commons. LSMDnc: As Radio 2. 

before .Now: Yprlu. Mon. to ThDr.- 8,00 
Fri- and - Sat - _-8-QQ- rare a. as . alan 
, a rcjcao^ NSito ra rat 

“If you do ltat J aw Bft roe me.t* a Exp. 
^' A^' Nitf.dtur TTbftitre Dtriductlpn.,. ... 

ftu*S Sports Desk. 7J»2 On the Thin*. Re« Today, ft.38 Todar. Manriim- Londftn Rroadractinir 

IS). 7J8 Folk ^ presM» camUfUioF far me n 3 y.- T-tiLwi mw i^nuon oroancasung 

croflera in concert. (S>. «.(K TocalAV Ji9*rk Kero and . 26,n,, '7. 1,m a ”"_ 9 ‘ 

a*. „ 1-3 VHF 

S.» ran Mnnrnw Musk 4.08 AM: mm- 

Niaht Is Gala rtbrirt tS\ 9JO Among ?•« Thmiahi far the ’ 

Voor SourmirF 'SI. 4J5 Sports Desk. 

18-02 Vpnefa Club. 1183 Termis: Bmwon J® 5 
and HedaeR Tnamanwnr. 1183 Brian Br| iain 
llarthpv inrroduen Rmind MldnJeht, 

indndinc 12.00 News. 2.00-24)3 am News - -- ■ — — ■— _ --- 

JSi^’TJWS'BBTwSi Cap**® 1 Radio 

, _ ^ 194m anil 95^ ITTF 

u» am Greham Dene*e Brcakr«-« Shov 


A New Thriller directed ■» 
Sunday Tslegraph: 

01-734 "» H6. 
«. 5JW.- 8JW. 



■’ DAZ 2 UWTj. Stan. *• MOSTVCtNiC- 
MAGtCAL-.* Timet Ul^Sm. . “ 

• NOW - uuat At. meipt. . , 



BneNi ' niHWnl;' .Film at 2-00 Ceoe 
'-SondMO, 6.30 >«t^r-. 7 * 

° gCT - fgr-TlSD rays: M no, -pel. am*, all 

I^SW- MO Sun.: ENfl Lite . S&ew •; 

OOFon . Hayrnprii^t. - "15311 'wt n 
hmifiiuff^’ S,Wi 

...Bf09».- .D*T-. doors wen. ? W <-48- /*5- . . “ 

RADIO 3 <«m, Stereo &VW 

MS am Weather. 780 News. T45 news. UO The world At One- ‘ *- 3 ® 


_J1lL . n,l f 11 hp teiffNNcfw ■ laughter- , - . _ . 
malmr-ln London D. T it -"An irmiutbiv^oflapHT 
enlwanie awijng " Sunday TlfaS * j ' 

m-na ISR3 
Ooen Sun, 

Ovemnv_‘E?._ jWW Nero. M$ MornliW Archers. L«S Woman's ,'- S ' k ,V?° Tlr 'S' lifif Etere j GRE bnwicm theatrm. oi-asa T 7 *n 

WW M 2£r- ,S * » ** Scott IS'. T.00 Evenings 8 . 00 . Mat. Sal. 2.30. Unrii 

Conran i Si. Q88 News. 9JJ5 TWs Waek'w 2.ML2W New*. 2.C UfleiT. - - _. ■ 

Cnraposer: Hommel <5'. 980 Plaiasong 380 N«rs jj» Queafana-w ™ rT™* Lntuinn Todwv isi 739 Br-an Wolff's 
and tfw RJ** of Enrepaaji Mnsic i6>. Jiirtster live from the Emin of Conations. Open Una «F'. 988 KlePy Hftrfie'n Tour 
io 55 Tdrtroii wind Quinfa* Concert. 3.W Vatmr Fsir ip t-a fir hel'cht MmW wwMpy vkn i* Mike 
Mrt l ISi I N Kwn Tk* APIS v-itt Fradertc Harhetl 4 JS ftm Smith * Lare no* «s> 380 am Cancan 

(talk). UJO Concert, pan }- Schbeaharx. LOO FM: Neva MajffixtK. ifl wuaar, Johnson'* Nlaht Flteht IS); 

nw. rs. 

Burk#. Sown 

Stegw iif# ; Bwhurir David 

Tfre ttiit Saur-Gosraif Mofticai— 

4aiHKtiire. Jeremy irons. 

David RoM>- | ROYAL - COURT. TSD TM5._ Orams Toirt: 

far Oreld PpwnSII 
"A thararical covb." Tlnu. a 

-.7 Sabs. 7 ? vs. Mon - Sat; 1 $ r 

. • • -by. 

•^KINB* . . 

MOO^FfE-lDftr . 

PDWCt ^AflLES^itms.- Sg. ,457 *L«.- 
Waterian dorovreayras -me^KASr aP^: - 
X j fiea . Pf*r> l 74q.. 3,.t& . 5-55- fcs6r. v . 
■«ait' 3-HL >-3K-8:3S.V'L«e SIM--T ri-.r 
and Sat sux'Uiw. uco-.Bar . 

f8WN>T-MR2. : «l 

tiD.,,ProBV 1.JQS. k*» 
Shaft? -.vT- i; - 1 -' 

P sir' ^ 

Mr - Ur-' ML • -■ - i-tS 



•> » -T-. - '• 

• ‘•3X. , r.;^* * .i? . 

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:i^^^Ii^:TUe^f ; • ; 2?OTenl!e^. 14,1978 

,r.i v 

Tuesday November 14 1978 

Sj| : | 







Since the revolution of 1974 Portugal 
has sought to strengthen its, ties with the EEC. It 
is now firmly committed to the European ideal and regards membership of 
the Community as an essential means of consolidating democracy. 

m TT-T’‘: treated— as an integral part of 

1/ Europe. hence partnership in 

j tf I - • NATO and membership of 

nf-- ' " ' EFTA! ~Onei of the first acts 

r after the revolution of 1374 was 
i to seek to strengthen existing 

T f '» "ties-, with' th&' EEC.' However, 

t %i/," ; -T V-fJLX JL •• ~. ; ‘ -formal application tb join the 
. -s -.'-***- y ;7V_:y“7firie was -hot -made tin til two 

« ' -i years' •' lateV' and 'nhly ’ after 

• • J , • President . Ernies had managed 

‘ ' to Seer Goverimient away from 

' the militpi^y into the hands of 
•.- 1 a civilian administration- The 

- 1 . -f .; l / . real drive for EEC roemberehip 

f% I ~|*T 1% V • eaine from tbesatialist Govern- 
11 I.XV- : .U ' • : . . ment of Sr,.l£ario Soares, who 
V - '’with' “his international socialist 

-• • background saw this as the w'ay 

By Robert Graham • t0 bM f“ rtu ^ to the main- 

J ^ stream of. European politics, so 

prinTfirai aporoW preventing either a return of 
PORTUGAL S ..^APPROACH: _to ^ ^ la > ^ early days 

ioinipg _the Europ^ tom- ^ ^ revolution, orre version 
mumty has been 4S*snnmgto t ^ dictatordiib* ' ' 
direct The complexities and 10 • 

disruptions of ; substantial'. .. Whatever . reservations the 
Changes in 'trade, fis ca l and European Commission might 
social policy, to say nothing of have about the impact of three 
the impact on the praseirt" , cpn-.. new', members on tiie Co in- 
stitution of Community laws and muni ty' s' institutions, it has 
practice, have all been subordin-r/exfdfdtly accepted the. political 
a ted to one. - overriding . con- argument as the prime reason 
sideration. Portugal; regard formraAership- Tn its opinion 
membership- of 'the Community gfvenin June fhe Gommission 
as an essential ineans oC coo- states ..•..nneqttivdcalJy: “The 
sol {dating democracy. The same Conmumity-fiannot-leave Portu- 
consideratidn applies. equally, togal ■ out -of-tfae process of 
the other two applicants, Greece European' jptegratjpn The 
and Spain; 7= : ^ resulting disappeintnient would 
Just because '-Portugal has be politically very grave and the 
such' an overtly political mofi-' scarce 1 of seribus .•dlfl&ulties. 
vation, this doe^ not call iir,1^acc^BOOf;P 
question itBr COinmkmenj .to the set-.its face - firmly: -towards 
European^ ideaL^ilnlllcfrSpaiu' : Eiiftjpe; almost t^'so as^etp^- 
under ^Franco ( lPbrtugak_under; craey. 'was res'ioml^'ca^;. o% 
Salazar • • behaved-— and - • vast strengthen. the.Eurojiean id eat” 



Within Portugal reservations 
about joining the Community 
have come from both the Com- 
munist Party, which dominates 
the trade union movement, and 
the extreme Right But the 
strictly orthodox views of. the 
communists have been less 
strident of late, and .most 
observers believe - that the 
Government has a fairly free 
hand to negotiate. The hesi- 
tancy and suspicion towards the 
Community so evident in 
Britain ij» largely absent in 


Negotiations are being 
approached in a non-partisan 
atmosphere. A nine-man com- 
mission has been set up to con- 
duct negotiations, headed by 
Sr. Vitor Constancio, vice- 
governor of the Central Bank 
and a former Finance Minister. 
Sr. Constancio refused to serve 
as minister under the recent, 
short-lived Nobre da Costa 
Government or whatever new 
administration may be formed, 
but was willing to act as chief 
negotiator in the role of a 
senior civil servant. It is hoped 
that this should free negotia- 
tions from The seemingly 
inevitable ructions of Portu- 
guese politics, and, ' given Sr. 
Consrancio's . : forceful per- 
sonality. the Portuguese position 
is likely to be largely shaped 
by him.,. Although the negotia- 
tions opened .'last.' month in 
Luxembourg, they will not begin 
in' eirhesr until December/ 

January. Formal accession is 
not expected before 1983. 

Portugal does not want a 
globalisation of negotiations to 
include the other two appli- 
cants. and this seems to have 
been accepted- at the outset by 
all involved. The timing of the 
three countries' applications has 
been different and their trade 
relations with the Community 
are dissimilar. As a member 
of EFTA Portugal was particu.- 
largly affected-Jjy.Tthe.. entry of 
Britain and “Denmark into lire 
EEC. These • two countries 
absorbed a quarter of Portu- 
guese exports, and in order 
to secure continued access to 
these markets Portugal pro- 
posed a renegotiation of its posi- 
tion. which resulted in the trade 
agreement of July, 1973 — still 
the basis of Portugal's trade 
relationship with the Com- 
munity. Under the terms of this 
agreement and subsequent 
revisions, duties by 198Q will 
apply to only .20 per cent' of 
EFTA and EEC imports (which 
account for about 41 per cent of 
total imports). 

If this reduction of Portugal's 
tariff barriers works, then by 
1980 Portugal could claim to 
be applying the equivalent of 
only 30 per cent of the duties 
effective back in 1972. For 
balance -of -payments reasons 
Portugal is still applying an 
import surcharge scheme. Also 
to protect its own agriculture 
l Portugal imports twice as 
much agricultural goods as it 
expons)- it gives no concessions 
to the Community. The Com- 

munity for its part has scrapped 
ah. tariffs on Portuguese indus- 
trial goods. Portugal in Fact is 
the least pro -ei-iinni st-mtnded 
of the three applicants. 
Although Oils is obviously a 
point in its favour, it will not 
lessen the problems involved in 
Community membership. 

The Commis-itio warns bluntly 
that in its opinion " political 
considerations must not. how- 
ever. be .■allowed to obscure the 
ecoiwinic dunciilties.'’ These 
difficulties stem from the 

country's lack of natural 
resources, small population and 
comparative poverty. When 

viewed against the rest of the 
Community per capita income 
is well below the European 
average, even that of the new 
applicants. Portugal's per 
capita income stands at $1,504 
against $2,390 for Greece and 
$^394 for Spain. Current 
Portuguese production is equiva- 
lent to only 1 per cent of the 
Nine.*s GDP. By Community 
standards the 28 per cent- of the 
population involved in agricul- 
ture is high. especially as it 
accounts' for only 12 per cent 
of GDP. Within i he coumry 
Ihere are substantial disparities 
of wealth between the regions, 
industry, being concentrated in 
a small coastal strip between 
Braga. and Seiubal. The coun- 
try's level of development is 
symbolised by the high number 
of eraigi^nts. some 6OU.O0O of 
whom are- working inside the 

Portugal's?- industrial base 
relies heavily on traditional 

sectors like textiles; while 
agriculture is dogged by 
inefficii:ncy. unsuitecl cultures 
and political disputes over land 
ownership. The vulnerability 
of both industry and agriculture 
arc examined separately else- 
where in this survey. Here it 
is important merely to 
emphasise that these weak- 
nesses do not exist in isolation. 
They are compounded by the 
general disruptions caused by 
the revolution and the abrupt 
end to rhe colonial era that 
witnessed a massive influx of 
refugees from Angola and 
Mozambique — a combination of 
events which swelled unemploy- 
ment. negatively affected pro- 
duction and investment confid- 
ence aud which created a surge 
in consumption that was 
immediately reflected in serious 
strains on the balance of pay- 
ments. The net effect has been 
to produce the most precarious 
economy in Europe, only now 
just beginning to move down 
the path of stabilisation under 
the firm tutelage of the IMF. 


As a counterpart for financial 
aid. the IMF insisted on tough 
credit controls, higher interest 
rates and further escudo depre- 
ciation to halt inflation and 
improve the balance of pay- 
ments. whose deficit earlier this 
year had reached an unaccept- 
able P per cent of GDP. With 
some exceptions in public sector 
credit, the IMF guidelines are 

heing observed. By next March 
ihc enrrem account deficit 
should be reduced to Slbn. But 
IMF tutelage is only a short- 
term expedient and. moreover, 
deflationary- Portugal on the 
other hand, if it is to approach 
closer lo the Community level 
of development, must sustain 
a high average growth rare in 
the coming years This chal- 
lenge for a structurally weak 
economy will cast ultimately the 
biggest cloud over the accession 

Growth this year will be about 
3 5 per cent, with inflation run- 
ning at 20-21 per cent. Much 
simplified the problem is as 
follows: to sustain 3 per cent 
growth Portugal will need some 
Slbn in external assistance 
annually. Even that will not 
really be high enough to bring 
Portugal closer to its European 
partners in the foreseeable 
future. Yet higher growth will 
merely aggravate the balance of 
payments problem, and if higher 
growth is sought existinc bar- 
riers to domestic and foreign 
investment confidence will have 
to disappear. These will only 
disappear nnce the restrictive 
lahmir laws are altered, com- 
pensation payments for national- 
ised sectors resolved and pro- 
hibitions on capital movements 
relaxed. Such inherent diffi- 
culties of managing future 
growth must he seen in tandem, 
too. with the delicate task of 
fixing a satisfactory transition 
period. This will be particu- 
larly acme in rhe agricultural 
sector, where Portugal's food- 

stuffs imports will increase t» 
be only partially offset by higher 
prices for such items as wme 
and tomato concentrate. 

Just how high a price 
Portugal will have to pay is 
still unclear. But it would be 
mistaken to put too much 
emphasis on the problems 
because there are substantial 
gains in sight, quite apart from 
the main political one. The 
prospect of impending EEC 
membership should act as a 
catalyst for ail sorts of 
improvements in the efficiency 
of the administration, starting 
it is hoped with a centralised 
and regular flow of accurate 
statistics. Membership also 
promises to focus on a more 
rational approach to Portugal's 
regional disparities- 

More exciting is the prospect 
of attracting European industry 
to establish itself in Portugal, 
offering as it does the lowest 
industrial overheads in Europe. 
Here a major unknown is how 
Portugal and Spain will conic to 
regard each other as the same 
Iberian market Until now these 
two neighbours have, chosen to 
ignore joint economic potential 
through a mixture of protec- 
tionism and historic rivalry. 
Logically the two countries 
should view each other as be: 
longing to the same market in 
the future, and this could have 
enormous implications for the 
development of the border 
region between the two coun- 
tries. ai present the most back- 
ward and neglected area of ihe 
Iberian Peninsula. 


95/119 Rua do Cbmercio,' 
TELEX 12 191 — ARIEB P 
13 370 — ARIEBP 
TEL: 36 03 



230. Av. da Liberdade 
TELEX’ i: 675 — ARIEB P 
' TEL: 55 52 48 
55 75 76 




Telex: SS 69 50 — ARIEB G 
Tel: raX 606 96 27 , 





You know half the world. W? will introduce 
you to the- other half! 
We are the Funrio rle Fomento tie Exporiacdo 
- • [Portuguese Exports Promotion Board i 
and our purpose is making 
people get in touch with one another... 

International importers 
and Portuguese exporters. 

"You already know ‘h" hor^stv of our methods. ' 
Now. take a look at the Portuguese dynamics on 
the ey pur- business. • 

V\e ere an Industrie:!!: ‘ competitive. 

ready to expo 1 1 1 1 am here over the wend. 
Get si'; touch us and iet us know vvhdL 
you would liht to huv. vYe v.iii toil 
you who is wiil'O'J to 5 C!l. 


We know everyone you would like to meet! 

Fundo de Fomento do Exportacao (Portuguese Exports Promotion Board 5 ds Outubro. 101 
Telf. 730103 — Telex FEXPOR — 16493 — Lisboa 1 — PORTUGAL — ir. United Kingdom: 
Portuguese Government Trade Office — Portland House — Stag Place - Londo'-- S.VY. 1 E 5 B H 
Telex 91S039 FEXPOR — Tc-leph. 8343903 4 5 Unitec i- .'■‘priori 


p- i-s-- ■ . '-v V 

m: .:• ; ■ 



tj"- V . 



Together we will cross the goal-line 

BANKING HAS been one of the Thus on nationalisation the nership between the BfeUo 
sectors most affecied by the State also acquired some 2,000 Group, Deutsche r R^n K - -and 
1974 revolution as all domestic* companies in the private sector. Morgan Guaranty.' -iThe '^iiaa- 
ally owned banks were national- Exception was, made for the cial community' fefils-that .T^o 
ised. The Portuguese operations, three foreign owned banks, who well respected' and lelrtfrely 
of the three foreign banks— . were really marginal to the conservative internaOoruU: hanfc.' 
Banco do Brasil. Bolsa and overall picture -since their j n g forces would not-hav^gdne 
Credit Lyonnais— were left: un- presence was historic and was ahead with this venture -jio' 
touched. But the State took concerned primarily with finan- matter how small, involving^ 
effective control of over 95 per crag trade with their respective best known private ’ briSraSs 
cent of all banking, making countries. There is no sugges- family in PortueaL wMuuit- 
PortugaJ l the European country tion that the clock now be put some Y son of indicatita£ fra® 
in which the State exerted the ai *- • the authorities of ' greater 

greatest banking control. In Frapce and Italy after all liberalisation to follow: MDM' 

Under the present conditions P 0001 ?* 1 banking institu- canfl0t 0 f course either ■ take.- 
accession to the EEC does ^° ns 3re stale controlled. How- fltnds or make loans ^ It ~g 
present several important prob- acco “ 1 ™odation will have act as a catalyst— ofEering aivicd 
lems which essentially relate to J® ?f Ki ?? ade . t0 ? et . l 7 UJld l J e on investment projects, prepare 
the way in w.hich the existing , on i ^ Principle on the studies and help in arranging 

constitution has enshrined the ^tsbhshment of banks. fj nan ce. Although only- opera 

principle of State conrrol ! of t ^ er ® 15 a , cerTain tional for two months 

‘■on this issue will be in the' Government - ■fsg&'jJMifoljr 
• medium or long term. alloiir; immediate realisation of ' 

. assets in liquid fom.'5^as^evea 
■. ! Some . see the issue, oi com- use of bmids^aS^collaferal 
pensation for the nationalised foT loans. for- new'^h^st- 

-banks as; -a potential source of men! will hav^to l» coadi tional. 
'Conflict with Brussels. But this- ftW .. conformity:: 1 w^thf^^exEathw 

'Conflict with Brussels. But this •' conformity;: 1 witliKi^exSsting 
■Jssue is . likely to have been i»redif ce il tng K>.- - ; Thesh' fo-g ' 
; defused long before . serious eurrentljr tightly: coatroi le^.^by 
negotiations begin. The <5ovenr- the'lKF ienerof frrtenL'tttitialiy 
. intent has been moviDg slowly -valid. ; until 

forward - With the mechanics of a Im ri^' rerriha fnly 
compensation. Before the year. foreseeable •Tdfdre'so 

. end the claims of all the share- j on g- as Portugal’s bsimice 7 of 
. holders are expected to have payments and -inflation remains 
been classified on computer and number one- economic 
the first bonds issued in lieu, problem. . 

The reel problem witbttr com- ■ Robert. Gja&am 

pensatory bonds is that the 

ue .Jiaic wmiKl . Ul ■. .. . ’ UUIleU 2 Hi lwo mi mmt 

*?* le A c ** ctors U * e banking. 51^55 reports_an encouraging iwnme 


uihe yi uujciua uccu - . . . , , , , - ii uiu uic .uj jraie sector. - inn i 

not be exaggerated. So much cat ™S a genuine need fdr sdefi 

^ OU U1UU1 , . . * LdUIIK d KCUUJ 

has changed in the atmosphere ^ 0US ^i motlve ® r an institution. 

SINCE 1864 

Even if the existingjawSiWeie 


H?ad OHicc 

Rh * Ccmrfr oa-Wet*! 56 ?*Bl (PPCi 
Cab^-Ulfunarjo --feie, 1137 • J2 133 - 1 ? S76 - 13 30s 

Psaresentar*? •» Ottca mUK. 

1- J AtKhurch Yard 

London EOtN 7BH /TuHjoh 'T**f»afT2T7 

SE3 e * „‘£ “-P -01 to'aHenate'the Lnt"e ” ^vee if the 
the pasf few months that exist nalionaI financial community chaD S ed ,r is arguable jvhteth^r- 

i 5 SS maxwell ^ .*• reve.uUonar,- '$& 3 Em 

d ppear long before accession. Government wishes tn ? f u » banking presence, Break- 

These problems also lend to reserve its position .and not ln £ 'nto retail banking would be 
be emphasised by the private commit itself to any fund a- difficu, t if not costly. However* 
sector which has a vested in- mental change in the existing ,on S er term considerations pidy 
terest in uyrag to reduce the situation, it can invoke the be differen t. Some ejleteows 
area of State involvement in princlnles of Articip 12 ? of fhP were ™ sed last March: whteh 
the economy and which uses the 522*3 Rome^ Twf aSicTe Citihank ' announ «d ffhat : it 
prospect of entry into the EEC ac&jrdmg to Portugal’s ' chief w H uld establish a represMtatree 
as a means of showing that negotiator Sr Viror Constanrm office in Lisbon, this being. seen 
existing legislatio^ls out of step Ss ouitf cleiriT thif as ” indication ; of interest; 

with the Brussels commitment fembfr will J>t prevail on tne ![ n ” t a fU ,? ,r LS f ^^ ^ 
to a marhet economy. ]aws * property « member ta » t .the ami 




Constitution . .that ratification by Parliament • Portu^lf Ul incoe “ 1, ■*“ 

Tha ... '• '-of the treaty of accession auto- ^ 

fhJt S cSS °“ ays .Magically implies acceptance of *«■ 

.SfJLn S K n H e « ^ rales which:- in turn Capital -- 

bv law. The law governing this SSf'f^ ^,'5** i Wh,C ^ ar ! ' The other , area. wl^re Po 
was promulgated 8 on Jufy 8. Sp ^iv fi 11 ^ banking practice is; in 

1977 and defined those sectors d fi ^ conflict with the' ^EC: Is <rcer 

reserved for State enterprise as P th» legislation on capital flows.-. As 

armaments, oil refining, iron therei nowaSiw" part ° f itS eff^toprotectlhe 

and steel, base petrochemicals. S the mS economy and .prevMit-. ,- a 

fertilisers, cement and banking ^5u^- ds?d aTd th m deterj0ratI0 " » > the^alance - of 
and insurance DOr L - -T, •• an T. , at payments, the Government, has 

inburance. stich revision will occur before introduced <tfrincent nttil on 

It is the principle of the 19S0 when full negotiations ^orei^n 

right of establishment that is at with the EEC are due to begin, investment for instance.' aciord- 
stake and the problem is both Already some steps have been Se law of AmSI^ 77 
one of changing the constitution taken to “ liberalise ” the su SectTo^rt^olWi 
and changing the law to meet Government's attitude- towards repatriation of brrt&s 

EEC requirements. ^vate finnueial iusmuaou. ? h ?EE C Tnta 

Within the country the role ^f n nr accession stated, * % all -these 

of the batiks is- stiitini* emotive d ® fc £° sta nT1 Go ^SL ' arrangements will need" to - be 
issue, thoughi.mucb less so than “J 1 !^ ^ a ^ on ^° f adapted to conform .tfith Com 

it was. The I* commercial banks ® f muntty rules, barticulariv as 

itates Yet equally he ar“ues revolution ^ a ' toreig* .bank 

^ad. sought to Be present-ill 

The other. area. where Po 

- mi VGBK' 

prior to nationalisation were thiT^ regards ^ free Movement oi 

deeply myblved in all aspects ^ntinliedbvthelateS cnpital " During/a recent semi 

of the etfonomv and in manv WIU ne conunuea dj me latest nma .: E< ,j t,. 

U..I., rcguiaic uic wwuusiiuieih ui 

wnro investment companies and the ; -J 55. 5 

of the eiJonomy and in many 
instances were the chief-share- 
holders in major industrial bold- 

will be continued by the latest 
administration without any 
change of emphasis. The regu- 

nar organised by the Banco 
Portugues do Atlantico several 

■ . Afcchurch Va-d : 

• , - ’ LQMDO-v, EC4i\i 7BH 
TsL-dl* 2835555 " 
■' V, ■ 7 e!e;c-SS 7 St®' 

277 Pcik Avenui- • 
. oi;Y. - idOIS " 

Tei _8Sg:899Q ' 
lefEx 066 7/4 ' 

::A* f 

e : 

^ r -.*■ , ‘ 

I*. ~ •" 

Ria AaifiaiSS 
Tel 353421-386954 
Telex 12206 

. Ay. f ranc isco ' ns Aire n ds ■ 
Edflicio GurOu )ve2 -ZarcrA 
.Mi5Z2dnt'na-ioca[G.' . 

'si .?■?—- 
Vi.x 25 "i: 



-i‘7" *. * I . ' • 



inss. j ney were tne mam 3 ;” e " le d the need for Drivate alleviate the existing restrlc 
e-onnmm force m the country. J2K1.™ “5 d Jr.SIf ! tions: without callfn/fnr their 

It is our job to help 
the foreign investor in Portugal 

investment companies, acting in ^ons; without c allin g for their 
many respects as merchant imnie diate removal. These sug- 
banks, to fulfil a genuine «esSons included a decentral- 
vacuum for medium and longer * sa 1i° a the decision making 
term finance created by nation a- process in foreign exchange 
lisation. • matters, facilities for Portu- 

On nationalisation the bank- sues® exporters and importers 
rag system was primarily t0 engage in forward txans- 

utilised to service the much sactions to minimise currency 
enlarged public sector. The risks and rationalisation of the 

banks went through consider- existing multitude of laws. 

able internal upheavals as Sr. Vitor Constancio says in 
vigorous trade unionism in- this respect: "It is unrealistic 
sisied on supervision of to think that given our present 
management. Management has balance of payments problem 


‘iKr v ■ 



settled down in the past year we can envisage a liberalisation 
to a more orderly pattern, of capita] movements, especially 

Nevertheless, the inevitable as regards the direction of 
••hureaucratisation” of manage- outflows of capital. We think 

ment that resulted with state it is a problem. But even in the 
takeover has left its mark and Treaty of Rome there are cer- 

encouragement of private sec- tain safeguard clauses 
rar investment continues to member states which foresee 

suffer as a result. 

these kind of situations and 

We have a firm in Portugal, and we 
recently signed export contracts that, 
make it imperative for u.s to increase 
the capital of this firm ... 

Moreover, the moment has come 
for us to study the setting up in Portu- 
gal of the activities of another com- 
pany in our group.- Who should we 
deal with about such matters? 

The Foreign Investment Institute. £ 
has just been created by the Porru?;:; 
guese Government. if '■ 

Its job is to promote and to support . 
direct investment in Portugal, and \i 
is the only body competent -to advisfe . 

Do you want to invest, or to iri- . . 
crease your direct investment in Por- .. 
tugal? Do you want to increase the' 1 
capital of your firm? Do you want to 1 
study a special contract with special - 
direct and indirect advantages for a. 
large priority investment? 

One of the most significant make it possible, as member 
new developments in this states have done in the past to 
respect was the establishment implement capital control. He 
during the summer of a finan- therefore maintains that until 
cial services company in antici- Portugal’s balance of payments 
pation of the new investment problem is resolved, the posi 
company regulations. The com- tion cannot be altered. In other 
pany. MDM, is an equal part- woTds any substantive change 




SL;:d c . 

Institute de Investimento Estrangefro 

Promotion and Public 

Relations Depaiitment 

\ ,^gT To Foreign 
— * Investment 
^ Institute 

Av. datiberdade, 258&° a 

Please send ms., free of charge.^ 
Code for Foreign Investment in PartugaC * 

Av. da Liberdade. 258 - 3 .° — Lisboa 2 
Tel. 5 80 57— 56 2814 ^ 

Apartado 2 1 1 76 ^ ^ 

Name ... 
Address . 

4 T I 1 i j I K 

41 «n 

. ! m v ■ y (■. \ 

i * r * 


-51 A i 


»7« d 

i,-' V^2r .*' 

'j • -J^ 

./ ‘ . .;'.*. . 

»■,.**■'' ' J7 

•tf «2 f ■ 

"' ^'m.: 


•' : «'» r i.V.'i; : , y- «2- ■ ' J~V?? ' 

_v ■ ''fishermen landing their catch at Cascais 

perate need for 
iailln reform 

; ^"T? ..jT-;- 77“-. 7.-. *'.-’■ I--. ;-.■.. _■£; ■.■'•'.• v .y\ f :- -•v. •■/ 




f»; Z • and eajpythe confidence of 
one’s dicnts;... 

S'-: ; ..? tFo pf- this It fe' : necessary to 
fV^JkayevJa- modern shipyard 
':V* ; accHratiety-V.- designed;, and 
r V : located -;• to 7 have advanced 
-V v tecfrnofogy consisterit' and 
: r - ^ highly qualified Jaboar to 
B-J-V 7 fulfil ^strictly. ; the :agreed 
L : : •; ■. . ; -'termsi-;;. ' ■ 7- V •:- 'f . - ,; . ; •'. ■•". • 

7 7 ' from Setenave ’s shipyard we 
have delivered' millions- of 
•; :,-3L6nhage : to satisfied clients. 

- 7 : 7 J So ft’s easy for setenave" to 
7 -7 ’ build, or to repair ships. ■ 

\ Z tS‘Sh ? >« ^ I exp / e&,e “ Jli . eu The Ministry of Agriculture 

' ?“ w, , de ? read v V 16 ,ndlscrim * believes that increased produc- 

3 mate land grabs by peasants, in ti7ity in ^ southern region 
T^gon are tmapible of addition to tne “official- W4Mjld bt thieved rhmn~h 
nationalisations. Radical politi- <n Jj, er more mana-eable unlff 
change was not accompanied em^oying ?ab^u ^ Such a 
^om^ r gtv^^^rrcb: ; .TO The' mjmfunffias vitb^-tbeir bv -anv significant technical n ,„„ r?,. L : a 

• - *“?' '.We .of eows,fiw ch^ens-£nd iiprovwnem. private estates gj“ Jeliew bSl p^ed“b? an 
;••*.: V; vegetable patcfi, as ou£ ministry were supplanted by communist a^o^ Parliampm Lr 
: . J»ert!«ga}& AvigrarisnL .sector. official recently puL'-it. -cabiot controlled collectives, who from hav5 ° h^Pn^k-pri ir 
remains ffiyided-between; north even begin J ip:thlDK > of feeding the outset suffered from a lack , . ,X°h v FFr‘ *«!?., i * b 
i ad soiithjSO different that: they v the country, Jerjlqne compete 0 f consistent -organisational 

could _ r alippst : .be two Separate -with the. faiinCTs^ the EEC. ^policy or economic goals. The bill is the first Govern- 

••! ^— ■»- ;"^7 7 ~-V’ •: -f-'j- V A -.'? ill Ironically the collectives have m ^nj-i°spired effon to bi-pass 

'•'..-•“-1 -.-7 -'V -’7 - ;Y'^' .. r inherited- some of the defficien- POjf& the agrarian sector. 

: .• .- 7 f :7 ' ■ ■ . cies of the landlords *hey over- preseminstead a cohered 

: . , • . threw. They rely on, a large directed towards tecb- 

. .It rr IO ETACV iai: 111 h workforce., and concentrate on mc “ “nprovem.ent The social 

7 j1; vO CrldY. I WJjUILU farming single crops, such as ^ Political situation in the 

v An>iy\ DCTIA I D OLH OO - wheat or tomatoes. The -eollec- south remains delicate. however. 

,7;: ; URTO ntPAIn oHlra... fives are alsb slow on invest- ™ e V™ 3 ** 1 Portuguese consti- 

= .V.l .. ment; . large ■• amounts of ^P^on recognises the legitimacy 

. %■?. si*>*r'- anr i Ininv^fiMs <vinfiHpnr» of government credit distributed **?« collectiv es, it -also em> 

V & . ana «njpy tne <JOnTldence OT over the last two years has been ^ agrarian reform 

;v: .7 j'j'.'v'-.jOnfi S CilentS:. .. ' poured not into the land.. but should onJy be carried out with 

- ■ ■: -ii' ■"• ••••-■»-. . ■- ■ . - -• : into the vrazp oackets of the the full collaboration of the 

^ tfor:: this It ls : necessary to ^ ^ * workers. 

i Z-V - ff Vr A ^e.'i;a- modern shipyard Clearer agrarian reform aimed . Dr. Vitor Constoncio, the 

77'.. aCCHrafely- .. designed and not only at solving the complex mi ef nT^v rt rp^ S H v i L eg ^ a ; 

located * to * have advanced issue of ownership rights but 2^* ^ y de ? ,e l ^ at 

v ■ • • • . ^ :- j also at exploiting the land's lull h xisted any contradiction 

, -r • >• technology;., consistent and productive capabilities is desper- s 2****} «• 

:/ • 7 ■•--.highly- qua! cfied Jabodr to ately. needed in Portugal. The )Ti * L a ??^ rd 1 5 lp J 1,d , ‘ te 

' ■ : -••• - .fulfil ^stelccW the a? reed task, however, is far from easy. 35 .-^. em ^ r of 

- ' - fulfil. - Strictly, the agreeo Indeed .Portuguese officials in- T real ? °. f 

terms,-: , 7- • . volved to negotiations for future ® 0 “ e . d ? es n°t prevail on rndi- 

' ^inawflV eKinvawl wp entry into the Community are H.-^ aJ J G * cnerr ' ment . P° llc y .with 

■ ■ ^ hrom ^et^ave^ssnipyara we Vdnheroed that Brussels may fail t0 ownersmp rights,” 

- v; have del Iver^d - mi I Irons . of ; to grasp the. extent to which he *= ,d : . . . 

" T.-tcinnape to ;Satfsfied - clients. political and social considera- ^ 1 n .® fi0 P®. 3 ® 033,1 016 com * 

'iv--. . !; * 6 V ' r 1 . tions should condition the haste aunats will be swung round 

7 1. _ So ;4t-.$ easy for setenave to With which major trans forma- eventually to a more con- 

. ■ , -7 build. or to repair ships. ‘ tions fn tiie agrarian sector are C“ lai0r r at finide on agrarian re- 

7 “ applied' form - Government has already 

r 'j::-7 X- : • 7 . .7 ' .. In the north, the small and Sf. d ® rt ^ear that it has no 

medium sizedfarmers remain as collectives, 

conservative and traditional in ^ ™ l 7,“°^ 
them political views as in tier no1 * 5 * state within the state." 

farming methods. Government 
attempts at "breaking up the T pmclafinn 
patchwork of miniscule estates : 

by extending a system of volun- As in the north, however 
Ury co-operatives are too often wor kers on the coUectives fear 
dimmssed by the northerners as tb e results of.a restructuring In 
a -dangerous form of state inter- their, sector. They know that 
ventioiU; smeumg far too much p resen t Government legislation 
of -socialism. . will, mean less employment on 

Nevertheless,, as the central the land, and they are not Will- 
Government moves increasingly ing to become emigrants again 
away'ffom -the Left and towards as happened in the days of the 

{ the Centre. there are signs of a dictatorship.. • 

slight softening in attitudes. Against this background, it is 
^ JL a. - '' 50106 70 >Q°° . private farmers, not hard to see the real need for 

dT* QTfln smallholders ahd also a handful a transitional period for agrictil- 

B-^wB flQ VV of former Latijundistas are ture once Portugal enters the 

Fctalflimc Mawaifi de Setlibal grouped within the Confedera- EEC. Official opinion on- 

™ offiMioToesfiotS! tipit - of Portuguese Farmers Portugal's application recognises 

- Tele*: 13143 p.o. Bo\ 135- Sehibal- Portugal (CAP). In l975 CAP formed as “ an increase in the better | 

an essentially- political pressure returns from agricultural pro- 
“ / ........ group to defend the north duction ... will entail a reduc- 

■ against what -was seen as the tion in the farming population 

.... . _ threat of a Communist push for conditional upon the alternative 

power. - job opportunities. . . . " . 

in ’recent months CAP has Time is needed for the 
^ significantly toned down r® inili- changes in the agrarian sector 
rant image and- has concentra- to be fully complemented, by 
| ted more fully on ffie tedmical development in industry. Time 
r art gg^d^-.. m aspects of agriculture. Having is needed for the study and 

u jj. ‘ m had several meetings with EEC application of alternative cul* 

m agrl caltnr al experts. CAP offi- tures that could help diversify 
® dais appear more disposed to- “ monocnlture ” fanning in 
' A K wards, collaborating with a south. Time is needed for 

St JL ^ « rationalisation of farming in. the establishment of irrigation 

ml- M M /if-jlV Jx n In return for collaboration, SSHS 1 * ' t0 ma ^ e the -land 

H - SxJj'vA ■ ■ j J Hi 1 CAP expects a fairer- distrilm- ^osether more, productive. 

VM& • fcjf Hwl § tion -of Government credit J™® - ® needed for 

I 3 Which, -it feels, has been PortugaI - t0 . develop the nece&- 

B squandered by the “ privileged *' cr 8Mijsatioa and market 
f/> TT>mii n i <j -r; m collectives inthe 2 help 

■j S^m~) , frfr | ‘ r TT | ^ "" lated that of the Es Sibn worth Jimmy Boms 

Of emergency Goverament credit • Liabon. Correspondent 



Estafeiros Navais de Setubal 

Tef. 06520101, 06S20I51 ' , 

Telex: 13143 P. O. Box 135 - Setubal - Portugal 

. ^^jvroCUKEjj^f^CU^iniE.-cotmtties'vritfr the only common The south is equally proble- distributed in the Agrarian, 

.pv 'bead*, bfeihg . that of their matical. In stark contrast to the sector since 1975, Es6.5bo 
7fi^;ia^Europe7-: AWibugh ai - inefficiency.' 7The north, which north- the region is characterised wem t0 ^ expr0 pWated sector 

^ mo«o??W c hoSi" a Sv°f„m'd “ *•«*- CAP recognises, 

itioff te emplTO’^tn. the agra nan total agncuttiiral jyodiiction, is part of the huge estates or Wuri- however, that even with more 
: «g or; Porrogri te rron.pable pf characterBe.t lsT o w 5 lch listed in Gm^rnmem credit, may of Ihe 

• " 7 P^ 0ts - Portugal before the military small farmers will still fear the 

. m^nlfundlas,” the majority or cmm 7 Anrj , .,= ,074 3 ernuvniimPM nf lparino 1 Vif»ir 

the most d^agipg coo^ntiuEmS; W hich arc less U.CI. 5 0 aacs. C °>'P of April 2o. 1*74. ~~g-~ S 

B ^°y of ^ rfotl. are less A h^PlltPPiwiTl offered guarantees of alterna- 

.,drf citi-£ oqdstdff^; acconct fe.. T han .10,. acres,- having been ^WovIllceiMlI tive emplovment 

ffom during the Salazar regime the In the s^uth, agrarian reform 
;generhtion. S ouU, was noted for the is still potentially the most 
vi^r'S dfAgriicnltiite officials absenteeism of the landlords, a explosive factor in Portuguese 

of lack of investment and the ser- potitics. Only last month, com- 
north vile state of agricultural munist-led peasants and riot 
the regi^^natural’' for worker?, the worst paid in the police clashed following the 
.productivity , : m pre- whole of Europe. Small wonder first attempt by a Portuguese 
^ : risel^ti , P5e>k | nd7df; , faTm pro- that when a group of young Government for over a year to 

tpe cqu^.^iu^ ney sr . e^eo-,, dp( ^. which. ^rtusal-ls forced army officers succeeded • in return some of the collectives 
ence 3McessaEV' -economic- . L . 

WJ, -w* U£a 

'■ i -vv -v 1 

Vi ... k .. . ;7---(^W'S 

fc ". 7 7- j yr - 

IK r» 

fci.: ; \Z '■ ,.t J 



born in the unique Bcuro Region, in north eastern Portugal, 

lovingly aged and shipped from Oporto, 

strictly guaranteed by the Institute* do Vinho do Porto, 


« v 

*•-. •. economic. independence.- .of the country-r- ■ '■■■Zhir ' ; 
gp'M v ; - : .tecu- on.- thtTalional' deveiepmen.t 

777. ?^is:huiran ; anb;niaterj3l fe5ources.77 

e nTc^ba I an cc ; ol dri ! ere n t : ;fa ciors 
L-* : . ..;::L7"7 h ri'cprnbjnp .fovvards the safce'iirn. ? 7i vfi'f&'lnZy. /. 

-V. , j' We jr& QULMiGAl. ' ;■'••. .'.y 

.7}, 7 '-.••’■;■* v an'ehtefpfis.e:wUh a vast- range el 3clfvjtiei l 7s’7.;^7v- 
/77;7 esseotiail',; With. a vocation: for che>nica'is7;'77 : '7- 
;7- : 7’. : .V Cur -company •v.-as^bo’rn. >7 •'! a-.. ' ; '*V; 

..7^- ‘ -.7- :~;’J V m • .-^Tiprgec- of, Af>' CfJ ! A CO. PORT (j G 0 ES: ~ 7- 

pat; HJA- jt-rATi fibril 77: 

TftAJpS'ti E'POHT iJG AL-' 7 ' 

!, r 7 7'7v : : : -^7; u 

h at’ t ook's’jh tad.' -;k7 - ; 7 
.p«igned : - on'-intcrndtidaal.tin'esT--' 

1 rorn a fd dferen t e c o n cm ic 'a ppro ach. 

''7/^77777^'^ < 7'': 


nillMIEFi DE PaRTUCHI^efeVr' 


I--- • f 

••; financial Times Tuesday 'NevemfeeF- 




IjJVER SINCE a group of and political oppression Ural tbat way. The oil- crisis in 197&js-- practical terms- shifted vtpj a -fW;; .member Stile.-: "^uld 
adventurers left the Portuguese existed during the- Salazarist dramatically ended the hitherto^little from the days of the dicta- make a mockery of;one of the 

Today; we take great- through die 70 s and J 80 s to 

pleasure in bidding a very "Good expand production capacity; 
morning 5 to our sister company; ivhich guarantees the benefits of 
G.G. Wlcanders Lda, in Seixai a future growth and prosperity. 

. Bomdia 3 5eixal! 

The event is special, because The Wlcanders Group has 

it enables us to offer greetings grown thro ug hout Europe since 

to the people who contribute Key it was first established in 

adventurers left the Portuguese existed during the- Salazarist dramatically ended the hitherto^little from the days of the dicta.- make a; mockery of ‘(riie of the 
mainland over four centuries regime, lack of opportunity at benevolent attitude towards-im-, torahip. If they dd not openly, basic precepts of thfr-BSC: 'the 

ago in search of land, spices, and home, and the -political risk migration,, forcing governments .encourage it. they ;are certamly heed for development towards 

gold, Portugal has been referred involved in complaining about in the more develop^ Eiiro- ’.in nohurry to dissuade it. The full, economic, and-' political 

to as a country of emigrants, it pressed the unemployed pean countries;re> v attractiofi of immigrant remit* unity within Europe^ ^ 

Emigration has developed orer labourer =and. or. political out- consider the liberal, attitudes:offahx:es as a source of finance for la the - 
the years becoming particularly cast Into looking, like his fore- the past- . i- _ --cbtmiiy^ 'crippled •• lisXaiioe^^E^mlidsi^^.. 

dements to Wlcanders Group 

Seixal is the production heart 
ofWicanders Cork Division. 

A daily consumption of over 60 
tonnes of cork raw material is 
destined to produce a variety of 
products for industry, in addition 
to Cork-oPIast® the worlds 

Sweden in 1868. 

pronounced in this century when fathers, towards the land, of- with reason they nowloQfc^-P^™ 61115 deficit rera& ve&fo.-iajake- 
between 1950 and 1973 an opportunity- . -warily at the possifilUtyV oT^ttong today as it did under ^radicate the aega£ve^xnWpru' 

estimated 215 per eent of the In. the '60s, opportunity was greater emigration in -countries' Salazar. . - of - 

total Portuguese population left to be found la the European snch as Portugal, where .tte- v irhe- official opinion from, development : ..fffesU Gew 
home. Nowhere has this pattern democracies. of the EEC member newly born democracy- .has not Brussels’ tends towards playing 

proved more problematical m states, .who were then expert- been accompanied by aojr iuK-down the lssue of labour. .. .. 

recent years than within the endng -an economic boom, stantial economic .'.^pro^:^ view is that 

boundanes of the EEC. Immigrants, regardless of m8 nts. For the Portugu^i.Mmimmity’s own experience. of : *»j. 

The EEC presently harbours whether or not they came from workers in need of work; ; the, the subject shows: that migra- ^PlQymfenfr . . 
some 589.000 Portuguese imjml- w ? t J in the EEC were welcomed tendency . towards : • lbokligltoiy movements vary accorifing throU *^'*? K ??^^ 
grants and theoretically. Portu- wth open . arms - abroad remains. ”£ Afiy-the prospects offered by the : Sochian effort wuul4ha^-T8£f; 

gal once a full member of the In fact, his problems have 'labour market of the host- backing of the4?oihiaftjuSiM;^ftt 

EEC, would benefit from the V/UjCUCU heen compounded ih/fhfc la^t ; 'cbunlry."‘ Nevertheless, -^t-^Niadu^Teswir^ ih^ftf - “ ' 


most luxurious cork flooring. 

Bead Office: 446.01 Alvangen, Sweden. 

England ; Maxwdl Way, Grawfefc Sosas. 

Denmark : \likparkcnWl, 3740 Skerriunde. 
Fi n land : Runebergsgatan 19A, SE0O100, 

Hdsingfors 10. 

Norway : Eilat Sundts Gate, Oslo 2. 

Germany z Rtgenbe r gast ra ssC 14, 4Du£sddotf 12. 
France : 48/50, Rue Albert; 75015 Paris. 

EEC, would benefit from the V/WJCV.ICU fc een compounded Lri jV Qi^ ia^t : 'c6unlry."' Nevertheless, 

Treaty of Rome's provisions on * t _ ot the two years by . the sudden 'jnfiui:; recognises the -dangers involved ^ European '-;sddal 

labour. These allow for the -j ore / orward i 00 jdii« £m-o- of nearly half a million remers-Jn- an unrestricted circulation Would help- pro.ttufe>;vbeaHoaa]^ 
unrestricted movement ' of neans objected to theurirestric- from the African coloijie*- 'Portuguese workers -' siri<* training.^ 
workers in and out of member £ WQr t e ™ further strain on an already- 'j*-- -there “may -be a spontaneore- opportunities;-^ “ 

states. Tbe_ EEC however, from . outs j de ^ It stricted labour market -\:; -;jT-^wement of labour despite the those 'tess^de? 

The strength of the Wlcanders Norwa >' 5 sundts Gate, Oslo > 

i . ,7 T - 7 , r- Germany: R«enberaastrassft 14, 4Du£sekkxf 

Group combines the skills of Irmce : 48/50, RjeAIbert, 75015 Paris, 

marketing with inventive technical : 22SES$£I££^ 

expertise to produce quality pon^i : nm^i. 
products for world markets. . SStijTp2i a .' AU4trU * Bri?ium 

Our positive commitment in Nevv ZcabDd ‘ u ' SA - 

; : ; V I Europe was originally the result nient- . 

be amo'np the iLlL Jin* it was imagined that the 7 per cent: more recently 

|oe among the issues neetuog ; • -For her.p^rt. 


— o new skills but also reach great- credit squeeze is threatening -to, “tT”" - , every eff orr" to - ritetrucfitfftdier. 

A compromise agreement will er heights of .political aware- freeze investment, .TprbvokBV 'lOr. Vitor'Con'stancio.-who is economy, and 
need to based on, a realisation ness while abroad. His eventual bankruptcies, and add to tfi& heading Portugal's EEC.-nego-.' sen! limited ^atp'Sctiyi : fOfQ«^ 
by both Portuguese and EEC return to the country of origin present unemployment . ; rate’ -pt- tiating team, has said that 

officials of particular changed would therefore be a major 15 per cent, already the hig&fest : Is prepared to show. ?• flesi-_both Potiug'ai.an5'^u^i' 
socio-economic circumstances contribution to the country’s in Europe. I . bility ' on the . labour - issue, . r^main^d 

Portuguese emigration to economic and political develop- Ironically the atti^tiide '-ol though he will expect. a sihailar 3^aj:d : tb";^e1^S^ 

of the economic misdeveiopment 

Portugal's new “ derTlocrad^^ , , , attitude to be ; adopted; by.' stiiJ; 

Things did -not -quite workout leaders towards emigra'ti"oh.:has 1 .BrusseIs. Indications are. that sides. consIff«^bleLtotJS^p 

'^ 'fhe two sides may have aliready individual pfrqin. 

Looking towards 

- „ . # 
1 * 

1 . 

1- • S '•* ';V d 

found common ground in tecdg-' 1 apply. tHefr^pWP 
nising the, need far a transf- tiofnis oti P< 
tional period, which woujii before the 
fallow for some give and .take full member, 

on the issue. . . Mn FraneeL 

The most likely solution ipresent somo VtjtfSKp&Biz 
-Would have commissiOB- . agree- - vnakers. tha.:-Gi ^ ' 
ing : to the lifting of any dis- recently threatene^r-jo.:tpughcit 
erminatory measures against its '-immigzoi&UTiM^^^.l^^r 
Portuguese workers already • fhert aft 
resident in EEC member states, -agreements >- feetweea ,-JPortu^ 
In . return, the • .Portuguese a nc | certain': ESS nreBibe^^tesp* 

- . government would^agree, du^ -sucft^ Frene^ma-^ ' 

... -:v;'inff an initial penod of say jive ^ rWell-heCnfe 

“DURING THE dictatorship, either . jp Guinea Bissau or for example, has virt^ sUp*^^ 

my generation used to look to- Mozambique where the Portu- planted an agxeemehf * f an v ^w -^labnar - p 5‘ V f teI ? 

wards Europe as a reference guese Government settled more last year with the Russians.-; ho adralf the- bld 

point from which we could com- amicably with single more Portgual’s cooperation treaty an^allt aroord?M to the^SSat F e / 
pare our situation. And that was cohesive tiberatlon movements, with Angola la sinular%t^^"^‘;j^ broken.-FOT.the-mojOTnt^hw^: 

important in creating a Euro- undisturbed by tribal factors, meat already exists with Miw*^ . jg* ■. ™ n “ J IT1 P“ a . “* ■ ever. they^ &adi^TM'iaofef 

pean consciousness among many Portugal was in . fact among bique) is the beginning qfc si roe nosi wunuy. v - hopinfc^Hee Bnai ^ j ^-SSkC 4 .? 

intellectual groups in Portugal the last European countries to similar kind of relationshipwlth ' Underlying such a compro- the problem oi 'litttir W " 

before 1974. Officialdom at that formally establish . full diplo- South West Africa. Strtiiger ra ^e would be an awarendss oh be exaceH)ate3' i ^^fuilSer. 

time tended to look towards m atic relations with Dr. Neto's links, however, will be depend-; bDth s ! des X*»t- a permanent 'pegotiations^-are' ‘ 

Africa, and as -a- fraction we Government, and even this ent on a solution to a restriction of; . Portuguebe -^ay.'. - 

Banco de Fomento Nacional 


We are a Development Bank operating in Portugal since 
1959 in the field of medium and long term financing of econo- 
mic projects mainly of an industrial nature. 

For our investment credit operations we use in addition to 
internally generated funds a wide range of external resources 
including loans from international financial institutions such 
as the World Bank and the European Investment Bank and 
credit lines from many public and private foreign banks. 

Our Board of Management also acts in Portugal as the 
Executive Commission of the EFTA Fund for the Industrial 
Development of Portugal. 

We are thus in a position to provide full appraisal and fi- 
nancing of projects submitted to us by companies located in 
Portugal in accordance with the guidelines and rules laid 
down in the Code of Foreign Investment and keeping in mind 
the country’s economic development interests. 

In addition, we offer our experience and services to fo- 
reign entrepreneurs interested fn entering into joint-venture 
arrangements with Portuguese industrialists with a view to 
setting up new factories in Portugal of expanding or moderni- 
zing existing plants. 

Towards this end we are in a position: 

— to supply information on economic and financial aspects 
of investments in Portugal; 

— to establish an effective liaison with Public Administra- 
tion bodies and other entities intervening in the join-ventu- 
re process; 

— to establish contacts, In the capacity of intermediary, with 
Portuguese entrepreneurs and industrialists. 

If you decide to invest in the Portuguese Industry, namely 
in the form of joint-venture, do not fail to contact. 

looked towards Europe.”- formalised “friendship” did not 
So answered Dr. Vitor maintain itself. 

Constancio. toe man in charge Against this background it is 
of Portugal's neaftiations with easier t0 understand that a new 
the EEC, when, I asked, him an d significant chapter in 
I recently what/made him a Portugal’s relations with its 
1 “European” If i s perhaps the E ™ er colonies took 

clearest sign/ of the changing p . ,ac ® ear J y t * ,ls summer. The 
times in Portugal that Dr. signing oU general co-operatiqn 

Constancio 'and others of that *«•» in t Bls “ u J^ ter 
“generation” are again looking ^c meetjng between President 
towards Africa. Fur the links Ramalho Eaxies o f Portugal and 
they wish to forge with what P resJ dent Agostinho Neto of 
are now Portugal’s former c^ ^rtugal for the 

African colonies are no longer Jrst tune m the mould of bndgfr 
presented as an opposition to p^ eiI p!^2klnp U AfH«. 
Europe but as a complement to ^fndsb i^bSSIef^uga] 

Only Guinea among Angola now appmtm to point 

Portugal's former colonies, is a i „ a !“ e . r ?‘" d European 

ainnotm-n »» th. t nn ,o AnmeaM,’ polusv towards Africa based on 



! EEC, one* Portugal has become 

tio 8 n at ° Now ^more ' MM S Md 
uon. Now. more than ever assistaoce , e..-u •- — 

before, however, the Community 

iecapino t!iV» a ran minnri appears to have mUch greater 

ehaoces of success ■ than the 

exists to draw Angola and nntnonnlctJ^ cnnrnonh 

“ iau more antaeonistlr 

!2SS!P5' , !B,J?.ra52 recommended by 



r,L f To' h nower d bl^jS flU Tb C ;' aril? Orti 

of the two power blocks. Th^ a Pm^tnoi 

rote that Portugal can play in 
this respect is implicitly 

Significantly Portugal 
herself conspicuously 

Twnnnlspd P fn l ihp rnnimifflinn^ absent from the five nations 
i meeting arranged by the French 

linn for appUca ’ President jn Paris last June 

U °it ha«;hJ2n^I?d '»ndnnt with where he attempted to set up 
It has been said, ancLnot with- Eurooean-badsed “ Pan- 

out certain justification, tbat ?£Ttan force 

Europe until now has 31 As far as Eur^e is concerned 
lacked a coherent policy towards ^ Portuguese approach 

Z Tt* appears Hf“rogether P more 
was this ™.°re manifest than in consistent with the Community's 
the ^mediate penod rareound- appareyit prindp i B oC commit- 
mg the Portuguese withdrawal raent t0 ^ fm of peaceful 

from its colonies. 

democratic progress in Africa. 

Rua Mouzinho da Sliveira, 26 • Usbon-1 • PORTUGAL 
Telef. 56 10 71 • Telex; 1381 FOBANC P 


Individual countries within It is sigI1 ifi ran t that 

the Community, for example. summit meeting in Bissau 
failed to agree as to whe ther was masterminded by President 
or not to recognise the MFLA in L U j S Cabral of Guinea Bissau. 
Angola as the legitimate govern- only former African colony 
ment While some Western t0 h a ve established major links 
powers went ahead and offered with the Western world. 

Dr. Neto almost immediate dip- j n an important sense Guinea 
lomatic recognition, others Bissau is an example of the posi- 
either held back or openly sup- tive results that can be achieved 
P°rt e£ i MPLA's rivals. . through closer contacts between 

The lack of coherence was Africa and Europe. Over the last 
manifest in the chaotic negotia- two years, Portugal has been 
tions leading up to the. indepen- particularly prominent in its 
deuce of Angola, during which technical and economic aid to 
the three “liberatiohr groups the former colony. The Portu- 1 
were shuffled and aggravated to guese doctors, teachers, and 
the point of incompatability by technicians now living there 
Portugal's head of Government are proving an effective counter- 
at the time. General Antonio de balance to the Soviet and Cuban 
Spinola. /■ .. presence in the area. A recent 

I Independence negotiations fishing agreement between 
I did not prove so complicated Portgugal and Guinea Bissau, 

american blend 







-j,.; . 

- .. 

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■d iss-'M 

: ■■ 

& d - 

-■ tiT2- O 

'■ - - 

fn;-*-. ; • 

ssz -r . 
c :rrr 

ricic- ;- 
bi v- 

fesr;: K .. 



f*ss ’■ 

.1. . 

^ "::r 

av ?. - 
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' will 

■ A jfisWijING. ^ wflgR takfe i ~'*rWp.are not K nocking at the nationalised petrochemical com- jn July) and the failure of the 
hold of ddor^irthe' EEC empty-handed, pany, CNP, is only one of Government to compensate 

trial ist whenever ; hfe gets dp’^-TlMHe^are- companies in Portu- a series of grandiose private concerns which were 
tit disfUMin g the 'j aU SopIica- -gaJSyhich' have weathered crises schemes going on at the nationalised in 3974 and 1975. 
tiore «6iPwiiB^s'BBC'':ih^i?r;and ; iin{»rtalnttes precisely be- complex. Sines was bom Significantly, the Confedera- 
hqrnhip^' tear j- is that caase. they vere , conceived on a in the 1960s before' the oil tion of Portuguese Industry 

Brussels may tak^ fMVgra^fid -Enrapcan sca le. So ran aPor- crisis and before Portugal lost (CIP) greeted the Commission's 
the- desperate - need - - for- ;i' a ' tuguese ..GoKenunent advertise- its overseas empire. Over opinion on Portugal’s appliea- 

• thorough -0” r - a . J®** ago. 10.000 workers have already tion in May by saying that 

tuguese lhdtMl 37 , WittKnit fh^;Portug^’sV -siuprepamng and been involved in building initial Portugal’s present legislation 
raHng into account T^the xiature , shipbuilding yards at Lisnave plant and a deepwater port. A was in direct contradiction to 

• of B.optugaTs- pr«ffl3t-4tale > ;i>f one of the conservative estimate puts total the country’s participation in a 

development. ’^wp examples ofrthat kind of Government investment in the future market economy. 

Portoguese todtiatty-ia almost ’scale. Siuprepairing < occupies project at around $3bn. PortuEal’s Dresent union 

totally «rate^-»1*ce in the Portu- U is difficult in a European st £5S?te jS^SUed" « 

which from: a Europejn. per'- P^Pective to justify the inconsistent with future raem- 

' spec* ve WouM seein^to haveno- ”**>*<7 of such a scheme. bership. The Confederation of 

pan^oplay.mtte&^^ce^.th^^rai^S total e^ort^n- especially when the petro- Portugese Workers (Inter- 
Portugal has-. Joined: ^ to^ahd^loya a workforce of chemicals industry is suffering sindical). which claims to speak 

• mnnity. Thp p^entyparaffox augjmdjr ■ ' world-wide recession. Yet at for over 8 0 per cent of Portu- 

Ues m t^,iact tha^these same -^^her^ain the thougfat of CM>. even more than in most guese Labour, is heavily con- 
sectore, fmra. th& viewuit^f n^re EEC mem^rsiup for Portuguese companies, manage- trolled, by the Portuguese Com- 
the Portuguese, have ^ t 2£ ? v 2 l . r d jji ment insists that Portugal is a munist Party— the only Portu- 

' within the ejxttftany laterals of cloud,. Earlier this year the special case. guese political party which has 

their positive .CPlrtribhtipp to/EEC s Council of Ministers The com pany‘s own research shown itself virulently opposed 
the balance of 'payments and Ksupd a senes of directives con- bas predicted a substantial to the EEC 
their:caj»acftrtO;^^empioy- cenung shipbtiHdmg and ship- growth in loca , consumption of ’ . ar „ ( , vn _. 

inent. ^ " repairing which envisaged a 50 niasti-..- n ver the next dpcade The^e problems are expected 

Textiles, "f or example; accinmt per . cent rednotion of capacity cnp’s aim therefore is lo cator ?° be ironed °“ f before Portugal 
for almost' a fifth-' of Portugal’s and a firm control of govern- fu j ly * f Portugal's plastics becomes a full member. Corn- 
total ^jDdustriakproductio'n..The ment suhsidiw within the Com- j“ d J * C throufih utilisa?on of P^au°n for State takeovers 
sector employs ovct 200 , 090 ;:*. mimity by 19^. There would the - stXm cracker and con- ha i alr ** d * be !" se "°“! ,y ““ 
25 percent of total etaproyment be nothing to ; stop the Minis- se quenSy sav” Portugal a con- sldered b 7 ¥ ^° 

. inFortugirese. indnstry. . Tex- .ters frpnr extending the same siderabl y sum ia foreign ^^Labou ? fran t '"tim’Scicfal is! 
tiles, account for SO per cent of protectionist Policies to Portu- exchange annually . in the 

^ I ' V- - medium terra CNP expects to ™ *3T 

^^^tr^Expah'd . a “ »- 

Es 30bn of textile gpodstfai* - _ ^ - - ■ _ balance of payments. . . . . . 

-year, an increase of iuftird, on' Bt^far^rom restraining its However sSong the argument .Perhaps the most hopeful 
.1977. . . . >w. ! activities lasnave J s prepanng for , itifl ^ ^ major sign that investment may be 

• Nevertheless, froih the Brtta- to : expand, investing • nearly secto „ ,, b above Lisbon on the way back in Portugal is 

sels end of the EEC -negotia- ^20in in new equipment to cope ' d BrusseIs ctn. see eye t0 eve the Renault project currently 

turns' there . would- seem to LJ be„ wi* an estimated 30 per cent Qn ^ d f industries ne «otiated at Government 

little room for' encouragement increase' ^in overall ^ sales. The t h i p „, t rhe . e el of level. This involves an esti- 

Tfie tertile indtistry thrcm^ioufthought of . reducing its labour ievelonment needed if it is to mated “vestment of FFr lbn, 

the Goounimity . has been-de^ force..wh?tt national unemploy- ° urviv ? a me mber of the and ^ creation of 7 -°°° new 
pressed for over - four ybazs, a JnMtc is", already . running at 15 c f , mmiin ity jobs. Renault will build a 

fact ‘ that‘ bas : not - gone u 3 ^ -^ <^f . r ^em«Ins ;tbo great a r hi * ' text therp k a need 300,000-unit engine plant using 

BoOMd-.* Porterai; - ; :$m ■ • r g SffS 1 ™-( a f s "” e » P» “ nt loral “"«*«• « 

The 1972 fEpe trade agree- Equally pn*Iematical within ^ hi h h ’ ]ow t0 weU as a component manu 

meat which Portugal 1 signed , the cahtestcof Portugal’s future aDD p ar jn p orluEa i ever since facturio S P Iaflt - 
with the EECjrat considarable entry into the Community are nnlMf . a i , nor i,. of the Until now Portugal s motor 

restrictions on , Portuguese 7 ter-_ two ^sectors- : of ’.Portuguese } ti „ t h '_ nk _ ' L industry has been restricted to 

tile exports, and since jthen in- industry which are ina balf-wa/ Certain maior factors cont i nU e assemb] y- T^ Renault project 

dividual . countries, motably,: stage of devdopmaot and which { dissuade both the foreign and promises t0 inte S rate Portugal 

Britain. IiOTe. tntroduced e^ doses of n at ion^1^nv^or The^Sclude fuUy int0 the E^ropeaen mar- 

suffer quota: systems tomrotecf: Govenmient. money:;- =.: • SJ^ent labour law! Se Sck of keL To ^ extent 11 is P erha P s 
their own" textile^ ^ in&stries'' - '^e futurfe^ : ^ Guidelines and overall nlannine the S!Qgle iargest token of “ n 

from Ptirtugw^e Imports- ;: v - r- steel stni awaitsvthe'lpperation | or industry (p or tu<*al P is «till fidence hi Portugal's industrial 
Such limitations', are cfearly-^ ^of arnational steri platf ftrst pub- wj1honT a medium-lerm Dlan future since before the 

foten* «hrXse Of "IS "'• OIuUon - 

particularly «dien their tectilesi jilaff were ever put mtt^ : practice Socialist-Conservative alliance J.B 

are meeting- -TOtte :a favourable; , ft vjiouid see .the equivalent of . 

responsef rorn’individu^ huyei^sdmie'fTOOin of-Goverament- — v- • •• - 

within Ooi6nnuuty^6uh^^ ^gtfihg'; d : MSingr ati&: -'A 

’ Portug^Va® 0 ^^^®*? 8 ^ ShTxeftoeneS -- in -- order- frSly 'fo M 1 T f (,/j 

Portugal's 1 - •: 5 (S^bIe^ x vv * 

we^.di4wn '3E^ft%2S'^na£ries TniDeral deposits.- - 

with BritaiE^' W : '• The ODavigiion Plan^rawu up_ CONTINUED FROM PREVIOUS PAGE 

Gertniny'- thfr-Teatifitg' buyers! by the-" European .lEommTsydnn, of economic and financial dif- Government on the other have 

* We have he^:^?erely.*it ;by-Jioweymr, :i! epvisag^a consider-. | e j en (.g 5 W hi c h exist between been involved in a dispute over 

the restrictions T^ich" :1iie^EC : slimming ..<a, ; ^ie European Portugal and its former colonies, the mine’s assets (the mine was 

has Imposed om ^ with rfegartlr'sbsel -uidustry - mid certainly The differences embrace the once ranked as the sixth most 
to tire textile Snam&Z silfrDi: leaves . •.very.-.. httle rebm for nationalised banking; system important diamond producer in 
/Wtor Constancibi "_^trl 3 igal' 6 , expansion in that sector. Offi- both in Angola and Mozambique, the world). The Portuguese Gov- 
cfaief EEC-i^gotigtOT. rerently. c.ials at Portugal's national steel which has left a number of eminent has frozen 58m worth 

Clearly a lot qthard bargain- company, Siderugia NacionaL fonner private Portuguese of the mine’s assets in Portugal 
ing vnll have to^ake place on cominent ..wtii scarcely con- hanks without ■■ compensation, and has been trying to force 


its fullest capabnities.' A JBrst meat’s first approaches to co-operation is the as yet un- assets. 

rh’-^flibatf ‘dixectioh would ^Brussels. ’‘Are we to assume resolved issue of compensation Atm*,, 

appear 'to'b^the ratiortalisati^ that' we are Europe’s for. .Portuguese financial f , vt ,f S F hpr(i arp ~ncon«^i'v 

of the hundreds ot small textile vasails?” asked one of Side- guarantees on various Angolan 
'ConceTTBjj ' mb -at the xugia’s top managers recently, projects. 

mpflieni^ ^;struggdng:- : to .-j-einaiii^ : ^ The same feeling of insecurity Finally there is the und ,fJ ^“i ns ’ Among these 

nmffHhb' .iThan. uranM nprvarlpK PfTTT 31 ial 7 ^ ETeat iwmnrtant isciio nf P^rtnenioca P er napS tOC most important IS 

mpfiieitt istrug^ing:- : to remain ^ . The same feehng of insecurity Finally there is the i, - Among mese 

profttabfe . -There, would , also, pervades Portgual’s great important issue of Portuguese f^I h n P / Ah ^* 
appoac-tivha.a, groiyiQg empha- “.w'hite hope” the huge Sines interests in the Angolan dia- . tm . e . 
sisd^qu^tyTgfher than quail- complex on the border of the mpnd mine, Diamang. For over Teiu B ees suii u^g in r’ortu- 
tity in 'Mder' to deal with the Algarve and the Alentejo. two years the Portuguese cor- ga .’ . A “°fi® t “ er just under a 
growing jSompetitipn^fTOih the The building ■ of a steam porate and small shareholders ™v 10 !\ Portu Sde*e settlers and 

- cracker v . : by Portugal's on the one side and the Angolan ■" estimated to have 

1 : ■ -• •" : — : — fled the fonner colonies follow- 

the largest and the most experienced 

r>\XCC repair yard in tlie world 
f- handling over 25 million tons 
every: year y ' 


tvorkxs - Service agreements vitb 

T^ekpmrJsecObS^Jocke - 

aniUkfrc eiifsofans^ 

#&*o£m** -frv^f Rg«| 



p o box =i:s-re^ iawLSNAve -nseat - pchtugal' 

—fled the former colonies follow- 
ing independence. The sudden 
influx into Portugal of such a 
number over the' last two years 
has put severe . strains on the 
Portuguese economy. The Por- 
tuguese Government has spent 
an estimated Es.50bn in creating 
job opportunities, and bousing 
facilities for the majority of the 
** retorjiados The integration 
has not been entirely successful; 
given . Portugal’s limited econ 
omic resources and its badly 
structured industry and agricul- 
ture. With unemployment Tun- 
ning at around 15 per cent and 
an already acute housing short- 
age the “African problem” has 
simply aggravated the situa- 

That Portugal's former 
colonies may in the future be- 
come a more substantial vent 
for Portugal's surplus labour is 
a possibility that has not gone 
unnoticed by EEC officials- 
Portuguese emigration” (see 
elsewhere in this Survey) is 
one of the more troubling 
issues facing both the EEC and 
Portuguese negotiating teams. 

Equally the fact that the 
former colonies may in the 
future have the potential to 
absorb some Portuguese ex- 
ports. which have failed to find 
the necessary outlets elsewhere 
in the world, will be looked on 
kindly by Brussels. 

As far as Portuguese officials 
are concerned, however, the 
problem oF trade ' 'with the 
former colonies is not as clear- 
cut as it might at first appear. 
Traditional Portuguese exports 
to Africa, such as textiles and 
wine, are precisely those that 
would be harder hit once 
Angola and Mozambique had 
entered the Lome convention. 

It will be up to tiie Com- 
munity to ensure that once 
Angola and Mozambique have 
been brought into the European 
camp, . Portugal’s efforts in 
making .that possible will- not 
go unrewarded; 

iW-i, u£° 










Head office - Rua Aurea -28 - Lisbon-Portuga! • 



A solution for pressing problems — strength and know-how to apply to 
a complete technology — research, planning and control. 

We know where we stand and what means we have to achieve our 

We are aware of the role we must play in economic and social fields. 
A publicly-owned company, we see ourselves as a link in the chain that 
goes from the public sector to the private one, and feel highly responsible 
for man's quality of life and environment. 

We know we must grow, back up our plastics industry and administrate 
responsibly and intelligently the national and foreign credits we obtained. 
We, the Petrochemical Complex, are going to produce HDPE, LDPE, 
Polypropylene, Vinylchloride Monomer. PVC, Acrylonitrile, Benzene, 
Butadiene, Styrene, Polystyrene and.SBR. 

Rua da Artilharla Urn, 

79, 7° - Lisbon 

Telephone: 65 60 71 
Telex: 18429 CNPLIS P 

*«! *■< » i 

ft r a ga n CB * 


1 1 U * i i i 

0 5i I I 

--■ ■ > 

t w 

CdMfoSranoo £ 

. JSu** 




The Lisnave Alfredo da Silva dock 

USBONl*l5^ tB ^° * 



Businessmen should always 
be well informed 

our foreign and business promotion 
departments are prepared and 
willing to help you 

do consult us 




Rua do Ouro. 110. 

Teleph. 361321 • Telex 12692 


Praca D. Joao 1 
Teleph. 27971 - Telex 22720 


73009,5/7 Rue Atiber 
Teleph. 073.2465 - Telex 220475 

2, .Wall Street * N. Y- 10005 
Teleph. 212/577.7440 * Telex 428339 

The view fi 

t \ - 

K« r * « 

f S -P 



i.l i 

1 TFTE OPENING in Luxembourg negotiations with -Madrid can valuable role an underpinning further behind unless it" is institutions and- policies are in ' ^nlargeihent process, 
last month of formal negotia- be expected to begin by the the cohesion of the NATO treated as a special case. This changed, the next enlargement Whether ^.e-e^p(Udate countries 

tinns with Portugal on its followi ng autumn. alliance. Moreover, memories of may mean that the EEC will could provoke severe disorders ^ wi»-l«rtic%ne ifr the scheme 

application to join the EEC Alter some initial hesitation Greece's’ period under the have to disregard its policy of and eVen paralysis ' ; ‘ ^ ^aiiw > ^j;.seBh,\opd may 

take^ the Cnmmunirv a <ta«e the Community has welcomed colonels and the turbulent up- scrupulously avoiding in each 0ne 0 f the most sensitive dep «g re * 

■■ * all three applications, primarily beavals which followed the fall set of membership negotiations questions' is whether the de- pre- 
further alon e the apparently on political grounds. In Greece’s of Caetano regime in any arrangement which could cfsion-malting mechanisms ixj- .pared i^rtO ; make,.;. aifafla We -to 

irrevocable course towards its case 0 f course eventual full Portugal remain fresh in the sot a precedent for .those, to the Council of ministers should stren^en-v th^; . candfdjie^ 

next enlargement. Though hard membership was explicitly minds of’ many EEC govern- follow. If Pnrtpgal Were to be be adapted to. permit wider* econonu^l -V. .1^. .. t. 

bargaining on tbe exact terras envisaged in its 1961 associa- “onts. outright rejection of offered membership tin terms application ■ of- majority voting. In the -bommissiQn’g -view-, 
of Portuguese entrv is jiot due tion agreement with the'EEG. latest membership applica- no more generqus than .these Most of the smaller EEC meni- lafgesCaifr Wd.tD.’ .the applicants 
to hpoin until after the turn nT But the Athens’ Government has .i™ 8 was feared, likely to be available, fo Spain. bers favour such a' move, and will .be.necessftiy if the EEC is 

® „ a . relied heavfly on another .argu- “P set -- the delicate political it would clearly, enter the EEC it has also been supported by to 'adhlew.l^y. progress tosjinh 

the year -—and win probably ment which & appUc . balance, wside the candidate - at a.- major disadvantage. . . the Commission. But it is the edistah* ijtttfuU 

last about three years — the able t0 p ortu - ga i and Spain — countries. -j^'e Com miss top .is also" keen opposed by the bigger coun- economic ^ortary. jiaion. 

last abuut three years the ab i e t 0 Portugal and Spain. — k ^ 

principle of its eventual acces- namely that membership of the that' the EEC^shwdd "beiiiT as tries. particularly Britain aod-But - Gen^p|B^,y:'whtoh". i^uld 

sion already appears established Community, with its vaunted AnolvciC won as possible "an .economic France. '''bleb see ic as a threat have tb prqjtfde the bulk b£jthe 

beyond question. attachment to political stability development programme . inten- to nanomU sovereignty. i^uweSy-' -S^ .;shtfwri;,iittl<? 

The same can he said for a » d the rule of law. will pro- A less charitable analysis is tied to prepare" Portugal for : ‘ desire ^sd.f^to ^onthVntt^imd 

Greece, which has been engaged ® sohd safeguard that although most EEC accession. The need for pre- Tlofflp . ■ its officials itive.apcentjy yoked 

in membership negotiations Greece? newly democratised Governments were aware that membership aid is not disputed . misgivjngSR^tiout>;thc 


raer. The Commission has pro- which place a-^bish priority on Commission proposed a special finanred. 
raised also to publish its formal the maintenaitc-c of Western “ p re- membership ” status for . The Nine wPntPoi 
opinion on Spams application .European secixk:ty-nnd believe Greece in.. 1976 the idea was avoid investment ih t 
early next year, and formal that the EEC cap play a shot down by the Council of like steel, shipbuildine 

ZrWni KStTS? the ftthdanental^. principles 
Community. , Dec 



has just completed 


to promote its export lines. The refinery is part 
of one of the most modern and highly 
specialised industrial complexes in the world. 

With an annual capacity for processing 10 million 
tons of crude oil, the new refinery is the high spot of 
Portugal’s afready|long experience in the oil industry. 

was managed or co~managed by 

<^3LPi PETROGAL lisboa 

Ministers after angry represen- tiles where there is already is still spent on agriculture. 

tations from Athens. It was surplus capacity in the EEC, ecflnotnicaLiy weaker EEC mem* “ en ’ draw Tip ..a widp- 
apparently easier to say “Yes” but have so far suggested few bers -would dike' the budget to ranging assessment L of the cod- 
to the principle of enlargement other sectors which would be become s more effective cftinpel s€ ^ u ® 0Ces ^enlm^ement tm all 
and to leave to later the diffi- appropriaie for long-term de- for th^tran^er Df resoarcgs. so- aspects tof-tfre Co ym u n ityr An 
cult decisions on precisely how ve.lopment. ,They may have to as to -offset the effect of the exercise o f this kaxd could pro- 
it should be done. accept that if Portugal is ro stricter -disciplines to which the EJ2C with a general 

Onlv now are the Nine heein. becon,e economically selfrsuffi- their ’.entry Into tbe planned framework, for its deliberations 
nine tc. address *themsefves cieat m the lons ™ n ' enc0 ' ,ra S* European Monetary System wI ^ h not at present 

S rcctl v to W^of the more its e ^ on w, ‘ «■ would subject them. Just now. thp only for^ 

uirii-u.v to some oi ine more q B j ri , sorne material sacrifices ju cast that can be made with, any 

fundamental issues mvolved. thelr parL " MC ftCeS '°? uenced certain^ is that the enlarged 

But most governments feel con- v the expectation that once en- EEC is likelv to be a -verv dif- 

strained by ■ domestic worries Beyond the specific problems largement has occurred they f eren t animdl frora the current 
over low economic growth, high posed by Portugal’s prospective will have to face stiff competi- one< u bae yet to be seen 
unemployment and the troubled membership lies a - ranae of tinn from Greece, Portugal and whether its' - members will be 
state of a number of older broader questions about bow a Spain for grants from the EEC able to control the pattern of 
industrial sectors. It is not sur- I'-i-member EEC will operate, regional and social fnnds. change or will allow themselves 
prising therefore that their Many of the six original mem- Similarly, advocates of the EMS to be swept along by it. 
attention has often tended to bt * rs believe that it has func- are pressing to have it Ih opera- - ' -••• 

focus more on ways of defend- tinned less well since Britain, tion as soon as possible, fearing finv A* Torinnioroc 

ing vulnerable national Denmark 2 =d Ireland entered that it could be delayed in- vxuj uc -j.unquicres* 

interests than on the more far- * n and ^ ar that unless its definitely if it became caught up Common Market Corresponderif 

seing exercise of trj-ing to , I ~ * ‘ ' ' 

ensure that a bigger Com- . .. 

raunity will function as effoc- .. 

lively as possible for all its ... V* •. 

m ™ nne sense Ponugal's appli- 5^1961,3 VOlUffle OfabOllt 

cation presents less daunting _ _ |[T|f - . 

problems than those of the H Hffl fir - 

other two candidates. Spain in 11 i fl.fl Hfl-lfl m 

particular is likely to be a 

formidable competitor in the - -'f / 

field of Mediterranean products 

rj^SfC'SSS was managed orco-managcd fay "i 

should be subject to minimum ^ 

prices in a 12-membcr Com- 
munity. Italy on the other hand 
wants the EEC to- extend to 

these items an intervention _ . ......... _• 

scheme comparable to those for fg mm-n rrmw Bite nmm —* ^ ^ 

rrs Xy Ly^nDouraeoise 

of creating new surpluses. HmM __ . 

Moreover. Spanish industry is - - . . . 

SIK for Portuguese borronwers . - ; ■ 

including car manufacturing. /’-■-■ • ': v ?£ S. 

Ponugal. by contrast, is r . 

heartly dependent on imported FI IPDRnunc 

food and is expected to provide caj wdwto ■ --- r^r 

a modest new market for some Banco de Fomento Nactonal ^ ' UA 1 3.000.000* 1963/1973 - 

• m ’ISM’ 

retarded, and the one sector in Companhia Unido Fabr. ....... UA 5,000,000 1966/1976 - 

which it has enjoyed any sigiu- ij Fabril;. • . . UA 5,000,000 15^67/1977 ... 

Scant export success — ■’textiles nidro hk-clrica do Caiffldo ; - UA 5,000,000 1 968/1980' ■ . -vt. . 

—is now subject to strict EEC b.A. CoMcession.Tria da Re£ina?5d di Petr6!eos UA 5,000,000 \ 961/1978 : - 1 r.: -- 

import quotas. Though these b A ConcMsionaria da Reftnaofo de Petrdleos UA 5,000,000 1 1962/1978 rC • 

will presumably be lifted after S.A. Conccssionarra da'Reftna<£o de Petroleos UA 6,000,000 '1966/1976' ' 

ento'- the Portuguese are being 5A Conc^iioiuria da RefinacA) dc Pcfrdleos " UA 1 4,000,000 J967/J977' V ' ’ 

making any further large-scale niDAi aamc - ' • ; : ‘ - vs ;' ’ ’ 

investment for fear of a ggra vat- tunuLU/MN5 ' . . i.j ; ^r. 

ins the crisis in the Nine's own Z ", ^ ‘ ■ 7~ ' ■ — ~~~ .T r -‘ 

■textile industries. ™ nco ° e C omcnf0 NacidnaJ US$ 40,000,000 "• 1976/ 1 98T' .“ :: 

...... n .. „ „ Banco de Fomento Nactonal - USS 60,000,000* "1977/1983 ’ 

tic ftodu"t US (CDPr^u a 7 to Correi^eTolecomunleasOesdePorlugal USI50;000;000. :1S7g/f984^^ : ’ 

only oi?c per Im If the In, I” gffi ^ ... . . .. . USS10.000.0M 1978/1984 ; . f/ . 

for the Nine, the country's entry Publ.cEnlily , US5 -1 0, 000,000; _1978/.1984 . 

is unlikely to have much direct 1 1 ■ 

economic impact on other mem- co-managed .oi. other stead- mswged '■■■■.: -.. jr ‘_.- 

bers. But its backwardness— -r ": ' '' 

GDP per head is less than one- -- - . . . . . *.v:. 

third of the present EEC ■ •.. - ; ’ ’ . ' • 4 -• 

average and only two-thirds that - ’- T " 

of Ireland, currently the poorest 
mem her— -will widen further the 
disparities in economic per- 
formance that are often blamed 
for impeding integration in the 
existing Coramumty. 

The Commission i«; concerned : -l" 5 - - j.- ‘ 

that Portugal will fail even -. • - • ----- 

for Portuguese boiromvers 


Banco de Fomento Nacional 
Brisa - Auto-Esiradas de Portugal 
C.ompanhia Unido Fabril' . .. .. 

Companhia Unido Fabril;. 

Hidro FU.tiric .1 do Cauado ; - ' v. 

S.A. Concessionary da RefinacSS tfePetrfileos 
b A. Conccssionaria da Reftnac4^ Pefrdleos 
S.A. Conccssionarra da;Reftna<^o de Petroleos 
5 A. Concession jria da Befina£Jo dc Pcfrdleos 

UA 13.000,000' 
UA 15,000,000" 
UA 5,000,000 
UA 5,000,000 
UA 5,000,000 
UA 5;Q00,QQ0 
UA 5,000,000 
UA 6,000,000 
UA 14,OOOjDO0 

' 1974/1989" 
. 1961/1978'- 

euroloans :: 

Banco de Fomento Nacrdnal' 

Banco de Fomcnro (Nacional 
Correios e TdecomunicacOes dfi Portugal 
Public Entity .' - 

Public Entity '’r.r - :" . 

co-managed. oiiolfters (esd-mawged 

US$ 40,000,000 - 1976/ 1 98T- :“ r. 
USS60,000,000* "1977/1 963 v-. ■ 
U5S 50,000,000 l :1. 978/7984 : 

USS- 10, 006,000' 1978/1984--- 
' US5 10,000,000^ -11978/1984 V!;/ 

Kredifetbank S A Luxembourgedise .. 
43, Boulevard Royal. L - Luxdrribotird' 
Tel. 47971 - Telex 34lSV’ 

-■a : 4 ^o 

W, ■ 0? E 

I- 'c.-k-jlk'i. ? t ■ 

14 1978 

Metropolitan Opera, New York 


and Reynolds 1 The Bartered Bride 



motion; and done ; The .'^eilii'bition is lii three 
light , .airy facility:.' partei^Oainsborough as drairebts- 
,edffle' So the nnfi'. 7 azid printmaker In' unkiml 
is IVortbcdte„ { soirie® -eon tr asC to Reyno Id s as draughts- 
of Sif -vijjsltpsf- nian;?.tbeJt. a demonstration of 
in --JLaifer V. of British 

fiadittg ^etially the inezzb- 

his ' nepbew'Dupant ' rioters, •ISiVtijft interpretation .or 
1 Bight bf candle- J-primarjly '.Reypoltiy .portraits: 
' on the shimmering ; and: fatter Reynolds as collector 
vie dress' of . a. whole' of ■ Did Master Drawings. It is 
iinJME - .pf ^jDueen once- again -drawn entirely from 
' This' " 'T qriaIily the Museum's- own rich reserves. 

1 i-atfe :->Mnaacal' and I jersonaily am more grate- 

tf vf™» 

melody:- improvise sttK'R. -than far. _ the - more ambi- 
.theud. beauSuDy tioiis; lo^ .exhibitions that are 
t equally beautifully staged here? T Tom tune, to time, 
jng? Even &ougli A -atotfe, the ncbest 

in. tbe-.wprjtf, is; becoming m exit- 
ed foV toe bwn^ a'.ahly- hot more, , but les* aeces- 
J perhmner, he could ^Me; to a the,^^^ visitor m 
. ranspose -the tnusic -tf- ti* needs -of- seeurtiy- and <*on- 
ility into the niedium - bucome - ever mere 

•hallc TlnlikV bis ereat tfgOWll*. ^ iTfle 1 ) onl >' wa X ■ the 
nolds he loved to draw' '-general public, '-can. sample It- Is 
SfiftS S through:- . changing exhibitions. 
™ ^ " Tor Conservation-: again forbids 

IsmuRJ tte ^«ch1bitibn permai^nt; display of perishable 
- £* - Jrj “ drawings -and watercolours, and 

fAi nfSSd Sen-to disW ^hat the stock 

Bri^sh lSseuin i6oH5ist ^ ,bf ;1? V6ry difflcu,t - The 
*■ mt '^i x B t 3 S£SSK' -series- idi' modern catalogues of 

^ d,fa te^,«2 -Britiste ■; drawings for example 
nuirauranoOr- in.., tp have gm into the dol- 

tij .Pi ** ■.",'iSS drums familiar to ail museums. 

3cally aeceptkhle^U^t.- catsiogue-Eatigue: the first and 

gnow j 0 fa on j y volume- ter appear was 

jf and^peered.. We ^qK- _ pu ^ isbed iS years ago. That 

'^SSSSTI^Sf^SE-irtf '*•“« on * witil thel8 * h and ,7th 


and briBf_»ertle of- flocks 

f choolchildren basy '• on 

3 ls with yrarir .sheets. . 


This eighteenth; century selec- 
tion is therefore, all the more 


welcome, and so is the fact that 
» includes prints. This is 
pother symptom of' reviving 
L?v? I ? 5t , m -& rints - Ihe neglect of 
5J*j5 b sinrt the war became at 
iinies almost scandalous, until a 
SJUP'* Of years ago an in-es'm- 
t’ble lady from Boston. Eleanor 
~? yr *» came over and inside six 
monihs called .the print-rooms 
of museums in Britain to order. 
Jv' h ’ ch done, bbe returned to' 
Boston. The mezzotints 9hown 
♦if r . e are '. brilliant examples of 
that particular technique at its 
®o* s *' a " d it is a technique in 
wnicn the major British expo- 
nents have never been surpassed, 
un the continent, it became 
Known as u la maniere snglaise." 
while Reynolds i s -reported as 
saimg that he vested his trust 
m his own immortality on 
James McArdell’.s .engravings oE 
his work rather than on the 
paintings themselves, so liable to 
deterioration. Loss of interest in 
mezzotints followed Inevitably 
on the development, of . photo- 
mechanical processes of repro- 
duction. but also to an extent on 
the number or poor, worn im- 
pressions in circulation. 'Mezzo- 
tinted plates wear much more 
quickly than line engraved ones. 

The spectacular quality of ihe 
British Museum holdings Df 
prooF impressions brings home 
the aptitude of the mezzotint to 
convey not only the composition 
of an oil painting but a remark- 
able black-aDd-white equivalent 
of the texture and richness of 
oil colours and substance. 
Superbly decorative in their 
elegance, some of them are 
indeed more satisfactory than 
their originals, as the latter now- 
are, owing to Reynolds's 
notorious use of impermanent 
colours. Gainsborough, on the 
other hand, linear and lyrical, 
did not translate well into 
mezzotint terms, 'so dependent 
on contrast of light and shade: 
his own soft-ground etching and 
acquatint techniques, however, 
managed to capture- on the 
metal plate the swift freshness 
of his drawing with almost no 
loss of spontaneity. 

Reynolds's own drawings are 
not shown In such depth (they 
are rare anyway) and some oF 
them are almost bruising in 
quality compared with Gains- 
borough — hasty, rather than 
swift, aides-memoire noted with 
out* delight. It is all the stranger 
in the light of the passion for 
Old Master drawings shown here 
in ihe selection from his own 

The catalogue is to be saluted 
—the cost (£355 paperback) 
acceptable in the light or new 
assessments notably in The intro- 
duction to the section on 

Whitla Hall, Belfast 

: After * S«?od sUrt to the 
'. seasotL ihe Tawhduser 

revival -'awTlhcn tbe B8w produe- 

ramarkabit* h “' a 7°** ' *' “iSES* ? ^ P^duceV^a 

remarkably. Jn that by Antony ^ as wrong-beaded 

Griffiths to the mewoliot, a WjJJpfWfflB ^ own terms, lei 
positive contribution- to our • composer's-as dis- 

uncertain know edge of producr f«” n s- -and Ineffective as its 
lion and publication methods. „ C V prbdu ctions of Les Vtprcx 
and of the relationship belween • . 4 ^ 0 . Rigaicilo. and 

painters and their engravers. and it, revivals of 

The Painls and Drawings Lo forefl del ,. desiino and F.q 
G allery - opens inio the Oriental. Giocondd;^^ bBen - -Ml these 
one, where another anthology . wei e staged by -I oh n Dealer — the 
again- drawn from the Museum's 1 same mam who. in the Met’s 
hidden treaGures has beem^aiu. The Carmeliieis, an d Billp 
mounted (likewise till January ! and the- English Xational's 
14 ». The title. "Myth and ! Oecils showed- himself >q potenL 
Ceremony in Islamic Painting,’* j aslute •> sensitive, jeSi 

may seem at points of rather I rntl ^ T .-^i B-.pgdducer. 
tangential relevance, but fair! jiayt^if^iDexier's notion that 
enough just as excuse toi when .-'.atito? a 19th-century 
assemble such a marvellous 0 p er a hfsrfit^ task must be strip 
array, opened by an astonishing I away a p audience's preconcep- 
celebralion of the .Archangel ; tjons an< j destroy the commonly- 
Gabriel proceeding in brisk ' hcid view . 0 f the opera concerned, 
triumph, clear pillar-box red ! But the cotftmonly-held view uf a 
with azure wings, from left to r famous work is likely to be the 
right, blasting his horn. He-; r j g ht one, if not the whole truth, 
comes from Baghdad, late Hth j The Aida triumph scene that 
century, heralding a seqeunce Verdi composed : .s noi primarily 
that 1 ends with 19th century a minister shady representation 
miniature condensed or ported ! of _ priest-ridden. caMe-ridden 
versions of those Qajar paint-ntss{ SDciet> -* s morally shabby celebra- 

now so valued in the Near East: 
fairly ferocious dignataries lurk- 
ing within thickets of heard 
under sliced top hats. As so 
often, the oriental version of 
Western themes will fascinate 
the noD-spe cial 1st observer — like 

tion. The camp scenes of Forza 
are not primarily in indictment 
of war. There are elements of 
truth In Dexter's perceptions; 
but instead of enriching the 
audience's - perceptions. be 
impoverishes the rich, possibly 

the 17tli century Moghal version [ equivocat, effects intended b%- the 
of the Storm on the Sea of J? mDQser ’ 

Galilee, translated fairly faith-; N J on ' e needs telling that 
fully from a Western engraving Baripred Binde is ^ ^ 

but mounted m a dazzling gr t I folk operetta: there can 

border of traditional Islam ,c i hard|v ^ 3 morJern prod , lcer 
animal and foliage luxunanre. j who n0< begun hy noting that 
After that, a rather larger-scalc. jt d ^ rea | p, ?Q p| e j n rea i 
exqu 151 tf study For a female Pnr- tJut Marenka is the 

trait, profile: shadowed alongside I ^ 0 f en Ual victim of a mercenary 

ni, Mona 1 contract, Jeulk a villager unjustly 

nn the allure of a Moghul Mona . w : cn _ c< _,«d and K»cai •• -Bvep" 

?. u I.T ea "„?:,"! r ! abte to do |r,3t harm ro prjjlrt 
lives. On the contrary, what prob- 
ably does need stressing today is 
that the opera is also a bigb- 
spirited, tender, picturesque, and 
adorable work. Smetana himself 
may have been reacting against 
adulation too solemn and provid- 
ing a corrective when, at the 

r _ 100th Prague performance, he 

nearest equivalent in British art 'described it as “a plaything.” 
is the Elizabethan miniature — in j composed simply to prove that 
the Frere Gallery in Washington ■. 
there is in fact a portrait of a A „ ■ 1 m C ^ 

17th century Moghul potentate. A rTC flPWQ 1H nriPl 
sitting amongst admirers.! / jJ-tO llvVVO 111 Lfl Iwl . . # 
amongst whom is James I of' . .. 

USSR mhStu^Sd taSSnS i 

pntirplv fll pucp in tho pYOfir* TbC3lr6*. OD DcClIH DP f O. 1 HP 

able formal informality of a 1 cast— the.Academy Theatre Com- 

has noted on it. surely correctly, 
that the painter “ must have been 
a man accustomed to see fine 

This show is in sheer contrast 
to its neighbour in its brilliance 
of clear shadowless colour, 
defined by the purest, 
unimpassioned profiling l-ine. Its 

he wan not a heavy Wagnerian 
but- could be as' tight as 

The Met Bride plays on a 
largely bare stage against a blue 
backcloth with a fringe of slits 
to allow' entrances through it. 
(The designer' is Svobuda.) 
Dexter would be left with a 
coocert performance had he not 
invented wbat looks like a 
beginner's bright ideas: during 
Marenka's and Jenik'a first 
scene, one or the other is atop 
a teetering stepladder: in 
Marenka's scene with Vasek she 
darts about gathering eggs. There 
arc also passages of sheer 
perversity: the polka is a diver- 
tissement on a completely bare 
stage; the furiant — that 
exuberant outburst when the 
girls pour into the tavern — is 
staged as squabble between 
flighty waiters; Jenik and Kecal 
make their deal eorom choro. 

Perhaps the show should be 
lauded for consistency. Casting 
and translation are equally odd. 
Destion. Gadski. Maria Mliller, 
Fletbbcrg. and Novotna form the 
line of Met Marenkas: now 
Teresa Stratas plays her as bard 
little shrew, and she sounds 
small and pinched. A s Jenik, 
Nicolai Gedda sounds un- 
roinantic. and be enacts a blonde, 
Vasek- 1 ike booby. Vasek is Jon 
Vickers — a Parsifal circled by 
little boys instead of flower- 
maidens — Holy Fool or incipient 
Peter Grimes? Martti Tairela 
barks his way sternly though 
Kecal s patter without showing a 
trace of humour throughout the 
evening — and in incomprehen- 
sible accents. 

The new translation is by Tony 
Harnson. Little of it can be 
beard, and it's not really the 
singer's fault (except in the case 
of Talrela). It's awkward for 
one translator to criticise the 
work of another, so let me just 
suggest that Mr, Harrison 
evidently does not share my 
beliefs that an English version 
should attempt (li to use 
audibly intelligible syntax, ti!) 
to render the sense or the 
original, and (3) to fit the music 
without making difficulties for 
the singers. 

Examples, culled from the 
newly-printed libretto when the 
words are inaudible in the 

theatre: (!) "Feari day's feast 
day”— the car cannot tp|j“ whether 
the .9 is pJuraJ. possessive, or, a s 
here, an elided "1>“: ‘'Women 
workers, husbands boozers.” (-> 
Jenik - s ‘"Though a mother -is □ 
blessing, a cruel siepmother's 
nothing but curse"— Rosa New- 
mareb's rendering is Uiih literal 
and 'ingable — is turned into 
“Hnnip's Moravia, farm and 
but- here 1 >:k-cp in the 
straw.” (2 and 3i Jlureiika's 
lovely threefold “I want to live 
faithful forever" becomes “My 
fife's ail finished nnw”— emotion 
altered, sustained notes in short 
i'.s (‘■fee-neeshed" ). and the con- 
sunanl cluster xhdn sputtering 
through the snionih cadence. 

The opening lines — they mean 
“ Why not be happy. Since God 
gives us health " — provide a 
good pointer. Xewmareh has 
“ Come, then let us ail !.<• merry./ 
Since God gives us health today 
which is nearly literal, though 
11 then " in ■ traoslalorese. Joan 

Cross and Eric Crnzier's "Now's 
the time For Fun and laughter./ 
V-'c. have earned a holiday ” 
comes over clearly. Harrison, 
cxjiaoding ihe repealed first line, 
gives us: “ Sliil got .slrengUj.iu 
face the wor.o with./Well-brewH 
beer to heal a thirst with'./We’vp 
all earned this holiday '—and 
•* weevil earned the solid A" 
unless th** chorus 'adopts an 
exaggerated slaccaio. 

Un Ihe firs! nigh). Jam?* 
Levines conducting was high- 
spi riled, hut ruthlessly so. The 
players, especially the wood- 
winds. did noi have rime to enjoy 
the marvellous music That 
Smetana has written for them. 
But Levine’s first nighls arc often 
driven ton hard. There were 
signs that he loved the score — 
hnw could anyone not love it? — 
and would relax into teading a 
performance tender as well as 
brilliant. Thon. with a new cast, 
new scenery, and a new transla- 
tion, it might .be very enjoyable. 

Upstairs and later at the Dublin 
Festival where the production 
was seen for one week in 

Gabriella di Vergy 


cnntemnnrarv- Persian draw in<* currently playing a British 

such as that* of Abd AJlah Khan ! ihe^^aft^ta^s 

Ozbek, comfortably seated there i Com P“£; J *1!” 
about 1590. eating a watermelon.* hSrirl D JlfhiltVnS 

».;«u oravplv rlplicatp r^iish I South Africa before pirifasrking 

with graveiv delicate reiiso. I on a new tour or African venues. 


Frailer For My Lktughter, by 
Thomas Babe, transfers to tbe 
Royal Court, onening tonight, 
Tuesday. It was first produced 
in August in the Theatre 

The Arts Council has approved 
ten jazz bursaries of between 
£350 and 1750. These were 
chosen by the j& 2 z sub-committee 
of the Council’s Music Panel from 
a tolal of over 70 applications. 

Among the leading musicians 
granted bursaries are irumpeler 
Harry Beckett, saxist Loi Coxhill, 
trumpeter Digby Fairweather, 
bassist Barrie Guy. pianist 
Howard Riley and reedmen Alan 
Wakenian and Trevor Watts. 

Teresa and Nicola! Gedda 


Every, dassky • recital, 
eaeb one bnls* latest journey 
of discover^ ad venture ia 
the land op . pisnd, ; .has a 
special, marfm® ^nd^ef. tUs- 
tinguishing P e - The burthen 
of his adltre on Sunday 
afternoon, fme returned to 
again andi- and. elaborated 
in as manferent lights, -was 
the flowihdMrite Ilnel . . 

-It madf nyxsi: insistent 
aupeararief bifi -p.ecformanee 
of the 2 «lpih i Preii^es— we 
have heaif er >assky -fllay the 
Treludes pst half sl do?eu 
times to pn during the last 
decade.- | each time they 
emerge faculously ... new.- 
Thinted. Saoushti re-heara. 
The opef-C major Prelude 
was - p$d tiuiic slowly, 
drawn. I with ..the same 
breadth! tenderness as- the 
foUowii«ninor. The y .majbr 
wtsiiee »d no 
iiitToduIin one; sentence ip 
the .lor* minor., sting . slpw 
end cljin a- single' IsreB^h- 
Melodif everywhere were 
• shape dfatiy- propelled by- 
ghbstl? fi: the two in depend-, 
pnfvflof the F sharp Pre- 
lude. furinc quiet and sad:, 
the ®or picoce a radiant 
shm; iimph. with a sting of 

melaf in its ,ine; the 
p^iuiB& F*. mafor, a) marvel 
of da aTtd subtle . colouring,' 

delivered like the stanza of a 
song, hatted on an E flat 
question-mark- . • . 

- ■ There were fine things in his 
Beethoven Appassionato sonata 
—diot least :iis glittering momen- 
tum. the scrupulous attention to 
details of phrasing, the rich play 
of^ colour in contrasting washes, 
blocks’ and. layers. ; But it was in 
song-Kke -■ miniature That the 
recjlat . exceiled; . six- pieces by 
Alessandro-. Scarlatti. -. magical 
’ exercised in jw-o-inanual harpsi- 
chord; - playing, often - quite 
naughtily . registered, on the 
modern -pianp; and Bach's B flat 
minor Prelude and Fugue, wholly 
pianistic in. 'their laie-roman.tic 
colouring, hut wholly convincing, 
ihe Fugue grave and serious, its 
stiypto very flrand. • 

After . the Chopi n — a contrast 
that only briefly Jarred with the 
fierce D .ihiuo'r resonance; still 
.lingering; of the last Prelude— 
Cherkassky gave Richard Rodney 
Bennett’s : Short and crisply 
written- Five Studies, and then, 
for a finale, a splendid account, 
vividly humorous, or Liszt's 
Hungarian Rhapsody No. 13. Bnt 
the real' finale - was a pair of 
encores: aptly.- the Schumann- 
Liszl Widmung in full and 
glorious voice, and a last song 
without words, the C sharp minor 
Waltz of Chopin, perfectly 
turned". ’ 

The Belfast Festival at Queen's 
University usually presents, as 
one event among many in a 
programme bewildering for its 
range and variety, the. concert 
performance of some long- 
forgotten opera. Tb : s year the 
treasure exhumed was Gabriel !a 
di Verffy, a work by Donize*ti 
receiving, at least in this parti- 
cular form, its World premiere. 
Donizetti originally set Tottoia's 
text" in 1826, - apparently for his 
own .amusement' as he had no 
coiriBrssion for the work. Twelve 
years ‘later, needing an opera for 
the.ojiexiing of the season at the 
San Carlo in Naples, he re^ 
worked . the score of GabridJa 
entirely, incorporating sections 
from several other of his operas, 
notably Maria di Rudenz and 
Ugo conte di Parigi. 

For Various reasons this ver- 
sion of Gabrieffa was not per- 
formed at the time either, though 
some. of- the music found its way 
into Adelin. In 1S69. more than 
two .decades after. the composer's 
death: . Gabriella di Veray was 
officially premiered at the San 
Carlo) though the score used was 
in fact a pastiche drawn from 
various source*, some of them 
non : operatic. Recently a manu- 
script: copy of the 3S3S verrion 
was. discovered fn the Sterling 
l ibrary of London University- by 
Patric Schmid, and formed the 
basw’.of the ;perfmnance given 
by Opera Rara.ln Belfast- 

Tbe plot has the triaogular 
outline familiar from many other 
Italian .operas of the period: 
Gabriella, mistakenly believing 
her r lover Raoul to be dead, is 
forced into marriage with FayeL 
On Raoul’s return be is chailen- 

Festival Hall 

ged to a duel and killed by Fayel. 
who presents a casket containing 
the bleeding heart of h&r beloved 
to Gabriella; she dies of horror 
and shock. The music, despite 
its multifarious origins, has sur- 
prising stylistic unity, reflecting 
Donizetti's mature. post-Lucia 
manner of composition. A flne 
soprano/baritone duet for 
Gabriella and Fayel in the first 
art combines new material with 
music from Maria di Rudenz. The 
rousing second-act finale is 
mostly new but borrows a sec- 
tion from Pia deToIcmurk while 
the even more rigorous tenor/ 
baritone duet for. Raoul and 
Fayel leading To their duel dates 
partly from the 1S26 version. 

In concert performances - of 
opera the conductor bears 
special responsibility for bind- 
ing individual numbers into a 
valid dramatic whole. Aluh 
Francis, who has launched and 
guided many of Opera Rara's 
discoveries, kept the pulse of 
the mu3ic flowing strongly, while 
his feeling for rhythm was a 
great asset iD the cabalettas with 
which the piece is plentifully 
supplied. Gabriella was sung by 
La Verne Williams who. though 
a throat infection forced her to 
pace the long first act very care- 
fully. did ample justice to the 
heroine's extended death scene. 
Maurice Arthur sang sturdily as 
Raoul, while Christian du Plessis 
created a convincing character 
as the villainous Fayel. Roderick 
Earle (King Filippo), Joan 
Davies (Alnieide) and Julian 
Farrell (Armando) made the 
best of limited opportunities. 
The Ulster Orchestra and the 
Northern Ireland Opera Trust 
Chorus worked hard- 

| Hever Prize Award- 

Mahler’s Seventh 


liner nf the 1979. His- 
Heyer. sponsored - QJ 
tbriSovel "Prize in memory 
of fettfe Hever. sponsored 
jflufjy The Bod ley Head. 
Trash'd- . Publishers (Corgi 
Uotfnd the Heyer Estate, and 
wall, 500' m ihe winner, is 
th&list Norab Lofts for her 
nejoy oj the Butterfly. 

fianuscript was subtnlttPd 

nipie pseudonym of D. B. 

Ferguson and the author on 2'’ 
revealed her Teal name once the 
decision of the judges had been 

ma d r - • - 

- Day of the Butterfly is tne 
story' of a young girl’s nse -jo 
wealth from the fringes of tne 
Vfctorian underworld. It wuioe 
published in. hardback by The 
Bodley Head on March -?■ „ l9< .?• 
and in paperback by Corgi Books 
one year later.. 

14 Old Bona screot, London, W-l 
Wopiiww: Dt^M T408 
Cables!. Coliuchi. London 
- Telex: 3W536 


Jctures from the grand tour 

^ atisa Jrstr? 


'until 16 DeceniDer. , 

Mcm-Frl 1M Sat'lM 

The cycle. of the Mahler odd- 
numbered symphonies by Lonn 
Jlaazel and the Pbilhartnonia 

was taken a step, nearer comple- 
tion , on Sunday with the 
mysterious, marvellous Seventh. 
The- .symphony; has not yet 
J suffered the intense over- 
: exposure to which the otbers are 
j currently prey, probably because 
j of the nine it is the most diffi- 
cult to pin down, in atmosphere, 
and. in' balance of its five very 
different movements. 

Except for one or two rather 
mean-sounding passages for high 
violins, the Philharmonia account 
of the work was impressively 
well : played— Mr. JUaazel's skill 
in controlling large orchestral 
forces has often been remarked 
before, and was. evident once 
again. He -laid out the score 
cleanly; there .was. an always 
functional understanding . of the 
tempo proper to the. character 
and .the. shape .of- each ' of - the 
movements. Nothing lazy and 
hasty niarted'.tbe performance. 
And yet. to iny ears, it was un- 
commonly plain, lacking for most 

of its course the qualities- of 
•specific colouring (was Mahler’s 
mastery in finding for each 
movement of: a large symphony 
its own definite atmospheric 
colouring ever greater than in 
this work? i or Free delight in its 
myriad picturesque sound inven- 

The second of The - two “ Night 
Music* 1 movements, the Andante 
amoroso, summed up the 
approach. 1 longed for the con- 
ductor to - treat each of its 
instrumental components more 
lovingly, lo render into warmer 
softer colours its extraordinary 
fusion of bucolic good humour 
and romance, yet. in point of 
clarity, balance, and purposeful 
forward movement, I could 
hardly fault his direction of -it 
The. fifth (and' final), movement 
usually causes- most . of the 
listener's problems with the 
work . Strangely.- it was Mr. 
■Maazel’s most striking success, 
not the galumphing romp ft has 
sometimes seemed but a well- 
ordered Rondo rich in incident, 
a holiday movement in C' major 
with more - than a touch of 
Wagner's Johannistag about it. 

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Telegrams: Fbnadmo. London PS4- Tries: 886341/2, 883897 
Telephono: 01-348 WOO 

Tuesday November 14 1978 


THE PACE at which China has from power for advocating the 
stepped out of its self imposed greater use of western tech* 
isolation and into a central nology, is an old man in a burry 
place in world affairs has in- who believes that only by con- 
critably aroused some fears in tinually prodding and pressing 
the west. A good many of them his countrymen can he achieve 
are misplaced. It is premature results. Nat for nothing is he 
as yet, for instance, to be referred to as - the pragmatist " 
worried that in providing China among China’s leaders. In the 
with sophisticated modem tech- past such attempts at a rapid 
nntogy we are helping to transformation of the country 
promote the growth of a major have either been ignored or 
military and industrial power ended in disaster, 
that we will later come to regret, ll'gsfcrn fears 
On most criteria China is still J 

a nation in the early stages of The same picture of a nation 
development. This is nonethe- over-extended is apparent in 
less an issue of concern to the foreign affairs and defence. 
Russians and one which has Parallel with the headlong dash 
come to the fore over the sale for industrialisation, China has 
of arms to China. In abandon- stepped up its campaign against 
mg its opposition last week to the Soviet Union and is embark- 
sales of militarv eq moment to tog nn a l ar §e programme to 
China by NATO allies, the modernise its armed forces. 
United States has taken the Through Chairman Hua Kuo- 
ser.sibie view that a China whose feng's visits to Yugoslavia and 
economic and trading policies Romania this summer, it has 
are becoming increasinaly provo>?a lively carried its chal- 
eTwincii with the west is dif- iengc to the Soviet Union into 
ferent from the China nr ten what the Russians regard as 
y^ars ago. The west ha? an 'heir sphere of influence. Fear- 
interesi in pmmotine such links f ll l ft f being encircled by the 
and thus in co-operating with it. Russians it has embarked on a 
r . » . movement to outflank them by 

imei nat strains extending its influence in South 

The real worry about China as East .Asia, the Middle East and 
it emerges from its shell is that Africa. 

it is taking on too much and in On the West’s part, there is 
too short a time both at home again the same temptation to 
"L WI .V h believe that the Chinese know 

strains th^f could surfaced foi ^hat they are about. Almost cer- 
the potential strains in its rela- tain *J’’ tois 1S t°° generous a 
other nu>? There has judgment Alter years of isola- 
rightly been scepticism in the Mon iheir knowledge of the out- 
west as to whether China can side world is limited as is their 
achieve the massively ambitious capacity to judge the repercus- 

ha '' e ™J W been set sions of their actions. In 

cultural nrnduction^nd ^whether l0T . '“'J"". ,h ‘ , 5’ h «« 

u i« sensible to move at such a CGr ' a,nl 3 r helped press the 
hectic pace against the back- regime further into the Rus- 
2 round of China’s poor infra- slims' camp, 
structure. Nobody knows the While China remained cut off 
impact within China— a country from the world, the West’s 

. $ trong str ^? k . of interest in how it managed its 
'enophobia — of so many foreign i„ r<TQ i 

delegations travel line in the *£ ajr * * a# Uryely academic. 

■ ountry or of so manv Chinese The raore clnseljr 11 15 involved 
being sent abroad to studv. with western economies, the 
If such Tears have largely more the West, has to lose from 
been put aside in the west, it is a repetition of the type of con- 
hecause there is a touching vulsion* that marked the 
belief that somebody in Peking Cultural Revolution. At the 
ha, added up the sums in same time the more active 
China's rapid drive for modern i- China’s foreign policy, the 
B a*ion and weighed the social greater the anxiety in the West 
and political implication* This that China treads with caution, 
is almost certainly mistaken. The West has nothing Id gain! 

Vice Premier Tong Hsian- from precipitate Chinese action 
peng. the architect r.f tin.* that triggered off a Slno-Soriel 
present policy twice dismissed conflict or a war in Indochina. 

Iran’s economy 

. : Financial ' Times Tuesday November 

to earth with a 


V- 3-v . 


HERE have been few more are run by a li-merobcr let alone longer term invest* ■ 
ironical scenes in the past western consortium (in which meat The combination of the 

week in Tehran than the BP has a 40 per cent share and cutback _ in oil production — 

queues of people, either in cars Shell 14 per . cenli. known nearly 70 per cent of Iran’s 

or on foot, carrying plastic abroad as Iran Oil Participants, energy comes from this source 


Krafrwerk Union Of 
many near Bushiie 

containers outside 


— and the lack of funds lias 

petrol The nnnimnm domestic -- , . . 

stations, patrolled by the army, qu irements. leaving nothing for meant that on average mdustry 
tor tempers inevitably ran high, exports and includin' crude for ,s working at between half and 
Tehran is after all capital of refining are 850,000 b/d. But two-thirds capacity, 
one of the worlds biggest were no more oil to be pro- The strikes have taken their 
producers of crude oil. The duced this month and nest, toll in another way. In the 
petrol crisis has eased since, income could fall to SUS 17bn. hopes of heading them off and 
and it was partly self-created, in general terms so far the im- preventing them from becoming 
for Tehran is reacted much as mediate effects have been con- the political protests they 

Britons did in the winter of fined to the postponement of are now, the Govern- 

3— -With panic. At the height new exploration, and production ment tried to satisfy the 
of the apparent shortage as is being restricted to the easiest workers’ demands. It has 

many as -00 cars could be wells so as to avoid danger. been estimated that pay and 

counted outside petrol stations u is apparently the solemn benefit increases in the private 



WAT-2 Kzngan-Astara -gasline: 

Gas gathering project in Khnzemn fields and secondary recovery 
programme; - . 

Oil fields exploration and development (slightly field back by 
strikes); - 

Nine power stations; 

• Ssr Cheshmeft copper plant (almost complete for fal«t«r coppers 
money allocated for development to produce pure copper); 

Tehran Airports; 

Electricity transmission iinw. . .. _ 

Framatome of 

Darkoui, south -of ; 

s=s.i{«aC54* • 



Steel projects (perhaps slowed to concentrate on domestic taoier 
than export demand); .. 

Refineries: second Isfahan, refinery to go ahead for Internal demand: 

Bandar Shah pur on stream next year. 

in some parts of the capitaL j n tent* of" the'^ew I wa p pn in te d sector amount to a 12.5 per cent “HjtBACK ■ ~ “ 

Jni S iff rJSfSSl drama f C ' military Government under rise, and this will cost between mfhrtnichB. WpiirdiaMi; 

ally that Iran s economy is far General Gholam Roza Azhari. lOObn and I50bn nals <£?24m 

more vulnerable than the the chief ^ to ^gtore and £1.09bn) this year, 

billions earned from oil would order and to hand Government The budget deficit, already 
have suggested: and that its b ac j< t0 civilians. But to most large, is bound to increase still 
rulers had never established a observers this already looks further. To try to cover this 
proper order of priorities. increasingly • unlikely — if vio- the Government printed in 
Iran’s economy has been done lence continues in the streets. September and October oObn 
lasting damage by the past and as long as the opposition rials in cotes to compensate for 
months’ civil disturbance and factions are hopelessly divided the withdrawal of funds from 

Nuclear projects— only four out of 24: „ 

Highways: motorways reduced in size, concentration on reco«r 
roads and essential Sides with ports; 

In the steel sector, # 
sion of . .the Soriet-buig 
at Isfahan U o 

could well bg' ,pi®lbn| ^ 

the Government ■ 

comparative merits. ■ 

mbneyby impo.rtil^ st 
is expensive- to -prodn 
against conthiaing v 
project which Would 
the izidustrial base 
country. . .- But -the;; 
targets are - way 
planned 1 — 600 , 000 ' 

against 2 m v tonnes/: 

The project for. tip: 
duction at Sar 'Qjeshm 
Kerman, is yery.'.pesari 
piece and.'bisr' ihe.^pd 
year wiU be capable^oF 

yj--*. ■ 

,wN,wa **™«.wren puroi , , , ... Oja,,.) year wiu oe capaoie 

7 elecommun teattons p ro g r amm e (especially o rtwting sate mre ^ blister coppeh at 

MARGINAL * • 145.000 toniras/year. 

Tehran Metro: work started do first line o# 2-7 kilometres; under dtecussionS;: .W 

Shahesrim PaMeri-^new town in north Tehran. -weH leatf to Ihis .pTdJ 

' " ' ' stretched, ' is 'the'? questi 

Loans and 

banks. Inflation which accord- 
ing to the somewhat dubious 
consumer price index compiled 
by the Central Bank had been 
gradually declining to 7.3 per 

Electrification of railways; 
Kalmgas LNG plant; 
Abadan aromatics plant;. ■ 
Abadan tuboH plant. 

building a smelter, for. (hj 
duction of pure j copper, 
money has -been allocater 
such, additional v consider 
as the wc£l£ 
may resuitf'i^..ffrfsy^ .^Eb 

cent a year in August-September j ng ^ where there is- an overlap ject— assuming a 30 per eent 0W n ways Ibe delays in 
(mainly because of falls in the hA _. ™rin.r ri«v«i»rtir rate of inflation—wriU have furlhB i. cniiiDlicatibhs iri 

strikes. The effects of the oil or under arrest 
cutback and strikes radiated 
into every linked sphere of the 
economy, affecting revenue, 
transport, industry, foreign 
confidence. the budgetary 
deficit and inflation. It has 
forced od the government a 
wholesale reappraisal of almost deteriorate 

all projects, and of its economic f rom oi j , , . A IU . ... 

strategy, with the long term jected £ 2o!rbn mi fo r 975^79 H ‘ to P° wer a0d shortages’ of staple markets, the emphasis will be ^y ^au those of escalating case, the-'bTOj^' wa& orii 

effect 01 making it more of a S17bn . oa ^ basis of the consumer goods, if stoppages put more on the. former than The pro ject -has stocks of due to 

fh Q E t S tt rn « cnU, l try ra . th , er equivalent to a two months drop co ° tmue pD1 ^f the latter with the result that steel from jjje Ahwaz steel mill and cost i hut ;it 

uh a f. in oil exports, non-oil exports customs Jt co “ ld 500,1 some projects will be developed sufficient for several months in £0^ $2bQ. ^j^ : a J £^iiit 

which the Shah attempted to wU , also t0 WL wiaile ^out 30 per cent a year . . . 7 S of a fortnight’s strike at has incr^S^ befe-ti* 

graft on in one rush of spend- imports ^ ^ expected l0 according to a consensus of tn 0 :. * v Se mhl hut cSSms striked on obtain flxed^cedcimfram 

mg. western technology and de dine to some $18bn from a estimates. Perhaps in the short Thus projects In the oil and “f v — ^ «, nSH .>h» A J -w»w%*L'-.--s'4«r£r 

industries. projected “ ’ “ “ 

The desperate uncertainty of account deficit -- . 

the political situation is expected of about $3bn. Anti- on its foreign exchange and 

likely to deter virtually all cipated levels of loans and 

some $18bn from a estimates. Perhaps in the short Thus projects ta the oU ! and m. ^ 

521 bn, a current J™ ^ “ not ^ y ^ l0ng tion and strikes at the- port of get in fut*n& ..Hntil.sUdf 

leficit might be t0 Government is to draw term 29bn gas gathering pro- shahpur on . the Gulf as there : it-: 

_w — — on its foreign exchange smd ject in the Kbuzestan fields, the (the eBtruiee for 80 per-cent country, anKthfe^,Gwernlae«|§ 
SJJL desalting plants (shorn Of a of imported materials) together has made pftm'itx f^fe 

investment — foreign* and credits is also likely to be hit. quite substantial at about $10bn. fev elements) ang H3AT 2— the ^ oil shortages at Shiraz the econamy^— lr-'H ~ ^EH 
*"1 ^ is f oura ^ while the political uncertainty reconsiderite* economic^riorU second P'P eUn , e te , affecting lorries distributing Otherwise 3ncSr^gmes^ 3 

banks from lending. Givep even persists. Iran most b e regarded 
the most optimistic of ealeu- as a; 
lations, Iran is in for two or SUC h 
three years of poverty, com- ^ een 
pared, that is. with the heady 6e | v _. 
years of spectacular growth ;hev- 

between 1574 and 1976 fuelled amounting toTs much as 10 per 2 y ur ‘ L jaaIa T r .J>.hanf-£,mami in 
by the leap in oil revenues 0 f ** local banks' liquid SeP ten to er - Tuitiaily the former 

-1._ ,«-o « i_ t ceni meal oanF.s liquia acfcpd Fnr mnet mamr nm. 

market, can suffer from political 
events. The pipeline is being 

after the 1973 Arab-I?raeii war. assets and j, ave transferred in ^ a( ! P™* constructed in three sectors, the 

But if there is something to he private capital about 5i.5bn jects t0 be extended ' and n - w first from Kansan to near 

first from Kansan to near 

retrieved From the^ dire ^re the enrof iune. T^ank ° n ^ 1° Isfahan by ^iPEaL a sui; 

circumstances -it is .that during “5 S? MJETT 

1980. is severely endangered, opposition. (0-4 he ^inutoct^S: • 

pality. , HoSajat^rBuch 5 7otheiw4T 
_ - projects as.tfe^xpansijim trf tht^ 

Detence sysua.mme - 

.. .. of . super higwaysOare-’iikely tc*-% * " 

• he' cut: 

• " ' Tn- Jti' - 



the Iranian. 

j^parti-y T- 

age rates 
back in line 

THE RISE n[ 2 per cent in sharp fall in inflation, and the 
mortgage rates announced at more alert of them have 
the end of last week seem to be switched to financing the exces- 
regarded by most observers as sive public sector borrowing 
deplorable, and by the building requirement through national 
societies themselves as purely savings. In Lbis rather back 
temporary. Both views are. to handed way the Government 
put it mildly, arguable. Ii helps may also have helped to relieve 
to put an end to a regime where the financial pressure caused by 
mortgage rates have been lit* Id its own policies by dictating to 
down, largely for political rea- the building societies — another 
sons, with results which have example of the way in which 
injured both the depositors — fiscal excess actually damages 
The great mass of low income economic growth. 

“P" ,he lwus ,‘"S If any progress is lo he made 

' ,s ,™ re with housing policy during the 

then to hope that rales, having next credj , cycle thf G *, m 

st la^t been raised to a possioly ...m k^.-c ***■,*. 

. ... possibly ment win have to decide 

realistic level, will now he kept whethe r it is more interested 

ere ‘ manipulating the cost of bous- 

ThfO motives ing finance, or is more sensibly 

t-, ► . concerned with the most con 

hJ L Lt. 1 r 15 ■ t 7 lc ’ structive use of the sums avail 

i f0r ,nter ' in an unconstrained 

l e ™Z ^ sw,e “ es market The whole history of 

affairs m the past scar. The Britis h policy towards home 

demonstrates that 

most important, it can hardly ownpr chi n 

nnl it ^n'c i t h ^ USU ^* there is no shortage of potential 

r m r rt ' demand: home ownership is ihe 
™ l £ Cy highest priority of most 

also the p^ces indices? It was cou ' ,1 “' 11 ,Mmis tbat 

time an effort is made to reduce 

the cost of ownership, the only 

also argued, howet’er. that 

sudden increase in mortgage — 77”-' 7' V- *" v 

lending would simply drive up f resuit ** l ° d , f,Ve . Up the pn f f 
house prices without stimulating for . S,,|, PL increases the 
building, so that it would be cap, ? , H SU I ! , ^ W ?" C b . Can be 
reasonable to control the rate man .j e ^ h - v tie taco™* which 
of STOW til Of lending. would-be buyers are willing to 

Since lead limes in the build- devote 10 P urclia »e. The rapid 

ing industry are Ions, a case 

rise in prices this year has 
f-ou Id indeed he made for build- been a matter of catch- 

ing up a reserve of loanable in = V p restoring the normal 
funds earmarked for new ecu- relation between house prices 
smiction, but this is not what and but toe speed of 

was done. The societies were toe adjustment would have been 
simply asked to limit their more seemly had the societies 
lending. They consequently been paying competitive rales 
took no action when the flow °f interest. 

of new savings abated, so that _ 

bv now the restraint on lending e 

is self-imposed. The funds are Prices have for the moment 
not there. reached a level which has 

The final result has favoured restored the incentive for 
r.obody except existing mortgage developers to build, but for the 
holders, who already enjoy more moment building is depressed 
than adequate financial privi- by the evident scarcity of funds-, 
leges. House prices were not If this whole cycle is not to be 
checked, for the good reason repeated, the societies . should 
that they have more to do with be allowed to charge whatever 
incomes and interest rates than rate is needed to finance the 
with -the total sums available, demand for house loans. If the 
Construction, which revived Government ic politically 
only marginally, has now fallen worried about the level of rates 
back to the point where ■ the which results, it should respond 
forecast level of completions —to the benefit of industrial as 
hext year msy weR be as poor well as of housing investment — 
in the slump year of 1977. with fiscal policies which will 
Savers have continued ip suffer produce a bezer balanced credit 
capital erosion, despite the market. 

* r, — of Italy’s ENT: the 

this coming period. Iran's central bank 'has recently ini- ™;" r J*J: 2Ur£‘5Ti ra ' * second as far as Qom.-by a 

economists may be able to po^ ceilinss of SHO.'iW) per nm . r ® , ST ?°j rt akin§ *** consortium of Iranian, Folish 

eradicate mosr of the politically person every six months.) In "r de *7^ en - ^ and French companies, and-. the - — ~ — 

dangerous distortions and s i )0 rL even if the outflow of Plajin,n 2 an d Budget Office^ and fina j Sect j 0 n by a Soviet com- are undergoing extensive chail- so hlfnded ine' nf 

illusions and enable the is^ ^steLned an overa) 1 W- WHliate Bros, .Inter- ge*.as a result of the; ausrerrty - 

economy eventually to reach a balance of payments deficit For Souar’^Teh n sint-mber nationaland mEG are in charge imposed on the - 

more natural level. 1978-79 is likely of between o U KJu««i2 n »JI!!L of procurement, inspection and first is ^defence which absorbed 

At the heart of Iran’s $3hn and S4bn. 
economic problems is the catas- Iran's economy has also 
trophic drop in oil production, racked by a vast range 
Up to October 2. daily produc- strikes not just confined to 

tion this jc^r had ateraged crucial oil sector, but affecting successor would suck to tne new ““^uou uj& uummucui a . oa „ 0 _ luomidn 

b fc/7 1 - /4a th- rr rJSiJ* pUbUc serviLC!i - rail and - air rao " realistic criteria for policy of slowing down projects ( iwACs)^£ wstfo^SStol * * 8ce ^^ ^ocial side t>/d in the Iranian transport, telecommunications, sending projects. ^ costs were put at S3bn (of and+lso less 

month ending October 22). In- civil servant s and schools. Bank Fjrst> project not essen- which the line itself cost SS hist S^fifih ter aS:raft 

come for this year was expected Melli has been badly hit and is tiaI to the running of the SI.75bn). But it is an indication now b^ nurchased with a — 

to reach SUS 20.7bn. However therefore unable to provide cm2ntr y is likely to be post- of how costs can escalate that savtng—though little of it in the *4 eir ' 

- r i - k/a As a result much of the social welfare (imposing of IGAT-2’s costs is §1.25bn. and 
to an average of o/d. on jndustTia! sector has been necessity cut-backs elsewhere as this 
some days reaching only two- affected and is unable to obtain to provide the cash). Third in exposed 
thirds of that. These oil fields finance for current operations those industries, such as refin- pressures, the costs of the pro- $40bn— two 


L'-I a VUJia Ad _ AJ * .. tatent 

is proportion will be more from 24 umts te four—an over- technology, an®i ^e4 for > K-. 
ied to inflationary 311 saving of between $35bn and substantial re^v^Hl^reT- w: 

being ; built by projects. 


Passing up the 
pie in the sky 

one has gone to IATA or is resuscitate Britain’s own police it in turns to slate the little box 
going.” Why not? ** I was structure. ** Your client is pie-eyed before 

afraid you would ask’that.” came The phrase panda car appar- he even starts.’’ accused one 
the answer. Th^j-.' spokesman entl.v came from the comment Despite the presence of a road 
LYTA. you could say. has then stressed liow the company uf one police mechanic on being safety officer and the author of 
become *a salesman’s dream, “was extremely active with the told to paint a police car: a book called The Truth About 
Some years ago the annual airlines day by day, week by *• Have you heard the latest Breath Tests to extol the box’ 
meetings of the Internationa] week," that this had been crazy idea of the Chief's ? They virtues, the discussion had 
Air Transport Association were Famboroush year and that it look like wretched pandas/’ fieiy tone, helped perhaps by 
known brusquely to turn away had dealt with many gatherings. This is only one of the anec- Alcocheck’s dispensing of the 
manufacturers' representatives. But the spokesman added rue- dotes which St Johnston, who necessary preliminaries for t 
But now time’s have changed, fully: ’’Not to be present at has just published his auto- meaningful test But even out 
The Third World’s voice is any major gathering may biography, has to tell of his side the confines of this lunch 
increasingly heard in the organ- obviously bo a missed oppor- experiences which included time discussion, the box and its 
sation and many of the beads tunity. I cannot deny that. " terms as chief constable of ilk seem to have few friends 
of smaller airlines not merely j was t 0 ] d that the company Oxfordshire, Durham and despite claims that it is v«ry 
expect to see manufacturers but is very active in Romania and Lancashire. accurate if used correctly, am* 

themselves come to the meetings Japan with its Ills and h3s His more controversial role no more encourages excessive 
to discuss business. sales teams all over the world was when he became HM Chief king than a specdometei 

Geneva's bars and restaurants for it* model 146 feeder-liner. Inspector of Constabulary for encourages speeding, 
are now rejoicing in this fact. It is also to enter the Airbus England and Wales and was The R.A.C. was worried about 
as are the U.S. manufacturers, consirtium on January l and asked to see through the re- drivers being “lulled into a false 
The latter lias been wining and thuughi that Airbus might be grouping of Britain's 126 police sense of security.” The Depart 

dining big and small, from at Geneva this" week. In lact, forces into the present 41. nient of Transport pointed oui 

three-plane lines to the presi- Airbus is absent. Never a shy man, he tells me that alchohoi was only gradually 

dents of some of the biggest while i tiia t he told Roy Jenkins that absorbed into the blood. Half ar 

airlines in the world. Even McDonnel-Dnutint' npor-rai hc would like to be considered hour after the test, and perhaps 

members of IATA's own execu- Electric do rhp!r r’pnpva rounds 35 Commissioner of the Metro- * and tonic later, the alcoho’ 

tire comraittc. have been f^thef Brit ! I ftrT P olita n Police in the mid-1960s, level could well be 10 or 20 pei 
sported on the arms of the cuousfy abren^ia^I^orw* In fact hc p t SSed T" ^ ^ hlgher ' 

Americans at this week s meet- This firm loJd Rjc that it undcr . was too old when the post only at the Home Office was 

_ . . . . . .. stood the main purpose of the became vacant and Sir Robert there some support foi 

But where oh where.^had the UTA nieetin; , s discuss M{irk was appointed iu 1972. machines, but uf a quite differ 

bonny British gone. The fare structure’s and that »t had Now he admits that bis know- ent kind. It is evaluating the 

answer, sadly, was nowhere, not considered it “ appropriate ” i* out of date hut corn- results from testing three differ- 

Britisn Aerospace tell me that ll( attend \.>tt vear** “ I ran- ments dryly on Marks’ attacks 

it haS “ nn oririanpa fhif n n i- " . i j__,: i:*. ... 

.. . „ - _. VAl , w . » . . ent U.S. devices costing- about 

no evidence that any- not angwe . r . it ^ not oiir stvlc." vn toe dedine of police pro- £1.000 each which measure 
spokesman told me. Might tection: “It is probable that he alcohol levels to a high degree 

changing style hel pexportsV i has overstated the case.’ 

asked. '* I don’t know. We will 

have to think about it.” 

Battle of the box 

Mark two 

of accuracy. If the 1976 Blenner 
Hassell report is implemented 
these will eventually seal the 
fate of the 50,000 motorists who 
are prosecuted each year. At 

The .season of mists and heavy 'resent it can take up to 12 
drinkin ^approaches, and with months for the medical evidence 
It is rarely remembered that it an eye to the Christmas spend- r ° be assembled, but if the 
was the British police who “ re- ing spree the firm Alcocheck machine is given rada status an 

suscitated ” the police forces of yesterday mounted a timely offending driver could find him- 

liberated Europe in post-war attack on the consciousness of ^ * D : court Sven before his 
days. Even less known is that the Fourth Estate. The Swedish hangover has worn off- 
the man in charge of that opera- devise • it markets is a small ' 
tion was also responsible for black box which lights up red. 

such UK innovations as radar amber or green when breathed a ■ 

traps, panda cars, personal into by the would-be drinking Ull 001111113110 

police radios, underwater police driver. At around £40 it is Swa pJnned tQ ^ eoaf of a 

and “women policemen.” That claimed to be the cheapest re- riolm-plavtnn busker in a K*ne_ 
at least is the claim of Sir Eric usable test. ™ ,U1 piaymg Dn£Ker ln a Kenfr 

St Johnston. But while he says 

that bis European activities me, bur at the “lunchtime dis- 
were ~ great fun ” he seems to cussion " arranged by the com- 

t, . „ . ington street: “ Playing here by 

It sounded fa.rly moccuous to specis , ^ wst ^tple el» 

have had a tougher task in the pany I was startled by the hun 
late 19605 when he set out to it generated. Two A.A. nien took 


. t TOTE. . ' 

> ■’ n r ,r- : : - - • 


The Lothian Region, with Edlnburghat tahea|^^Jy^. 
hasaformldable roll call of satisfied industrial costort/ijo ;V ^ 

Industrial estates owned by the Lothian Regional 
are now 178 thriving companies With 12,000 «nptoy£ i 
Outstanding among the reasons for the sucfcesj&^- V ’; 

R^ion’s industrial estates Is the quality of iothiartlal^5^'i:;f ...:v . 

playback we receive from employers leaves us hi no 4;V . 

Lothian labour Is very highly regardedj indeed. - 5S^3s3v>.‘}..’-i;fepC;^.. . 

• • Our access to good road, air, rail and sea comm 
Is rivalled only by our access to commercial money. - r 
is one of Europe’s foremost funding and Investment - 

L. . Forthe businessman whocan'twalr ^7^’*' > 

For the businessman who-can- 

available 22 fully-serviced industrial sites’, 10 mpderrif^gj, j; ■ , t 

and 13 of the latest warehouses. All ready for 6ccupaii^§^:; v -' i. : 
Fly up and see us sometime. Soon. ' ^ 

' If you want to know morebefore you take off, cai^l^’X 
Or write to: V_ - '{ 

R.l. Shanks, Industrial DevefopmentM^^i- 
Lothian Region Development Airthorit^xJ:: v 
18 St Giles Street, Edinburgh EHIIPT.. 

*>nd ( 


' : ’ ‘ r < ! ■ 1 «.■ 

pui , v 

,'.w. Tr.--.-V . \ V. _ 

: ”v ~ ^ •_ .^.^v ~ ■ j 1 ‘•r "V" ;«• 

‘.ri I:.- - .si 

course for BL at Drews Lane 


S 5 APPROAt^^*^- TOp rtbeT twjilnflDHM tt SU F*el 
■ "■typr icdiis^ jaiUtodoraisto Systems were : forced back to 
Od iir reJatioiri-nL Britaln r leok5 without any gain 

- . >^bat after strike which, at 

■«** ?*&*«?«> 

and ills mahaaement team. ixrtal:.. stoppage, by toolmakers. 
. t>he face .stofc£!>jr SLSgLEven U»; present 5 per cent 

1 'nixsers' al a BL‘conipbtients , ta c " pay. o0'er. has been tied neatly 

: WB. -which ^^Irhadyn^Iisd^into a- . total 1 ; package which 
- ^iAustrn3|(nirfe: -earxi^senihly- involves- productivity .improve- 
1. . — “L»3*““ nf more 

> i. -6o‘ r ; | Srrtk e r“. ~- 'ffP- Tt» : ■ V. istiPngth of Mr. 

■ ^ jared. V. ■ ' '.-.. .„;/ vs t'^cfwara&’^preoent ' negotiating 

-■ bs/ the positjoir-'dern'es.-. less perhaps 

t .ract^ ^v^g^^o lqMfed ^S.i jjpm the weapons at his dis- 
~ • antf 'wgr^:^ia5ted ~niy~tiT eTpneqT .- fhah^ from . the ciictim- 
^wt pTOgrarhinft.fbr- d trebling - tinder which he took 
~ ^lur of the highiy ^snceossml: fWml By November last year 
. ^^gcr Jtoyer^antl Lander-Itover;^ obvfpns tbat the ambi- 
'- *:' els; .^Oie* pnce^or^ Board ^Qu^'expahsioTi \strategy drawn 
'■ ■ r°*o val ofTtiiev , project ,j s an ^ j^y Lord : Ryder after the 
’ y^rtaldng:- 1 EronfrY work ers r b . ^oUapsaC' of / British Leyland in 

- t:‘ate .^TJouhle shift , system 1973 was in. tatters. - F^ro spec! s of 

• ‘ ^ the' sp jt of ,wot)p^ pTSPrtbe cars divisimi retaining its 

bfc; 'he- ^o per cent share of the UK 

O Krted high : level of '.profita- market add an' annual output 

\- „ j>y.. .. -1- -~i_ -' : /'■ _ of 1.2m vehicles had receded, 

" ?i e datiroatf has pat oiiJy not just as the result of labour 
i n atT^mal ^hhimf headers and : problems but ; because of the 
3ft stewards ;4h’at -these must - Ia{* o l new models, and of 
. jp? a dramatic, improvement ”" poor • management 1 and under:. 
JKerformanc^but has made it .Investment during the previous 
-ter Ih# the- Board wo'uld not: decade. 

■ teir ^ 'yi- --£300m tra nche ^ . of,- por the. Labour •Government, 
serijineht money- ncxr May anxious to distance itself from 

- it was Con^nced-wt^cts . the Ryder Plaii which it had 
jfld be commercialiy.’ viable; previously bathed, a. manage- 

- W thi&i of 'wlfhhiddtng fa- atmt reorganisation presented 
1 ■- Tinent isgiven credibility- by ideal • opportunity for a 

• jvf act -Mr r . Edvrardes stuck, vx change in . -direction. The 
L: : ,«-,woEd- “ chopping £&2m- difficulty in' finding an execu- 
.-JtifT-; ' capital . ..spending ^ votive". ' with'- the : 'seniority to 

■ i&nd. Bathga te? shoulder .. the-, unenviable . task 

» tfvrtng .'.a- recent ..damaging of British- -Leyland gave the 
; . <£e» . ....... •..•.* ■ rv-T>. ^- r “- ^advantage. to-Mr. Edwardea in 

j "e/ithin the. rears group -^'n^oflatlng: for himself the 

i t: • - - • -'... . 

terms and necessary freedom of 
action for unpopular decisions. 

Perhaps his most significant 
gain was to free the company 
from the "good behaviour” 
clauses under which the release 
Of state finance was conditional 
upon performance. Once broad 
.programmes . have been given 
approval by the National 
Enterprise Board and Parlia- 
! n £ nt ’ u * s f,>r Bie BL board to 
take the commercial decisions. 

The chairman’s position is also 
enhanced by the fact that the 
(aovenunent can detect political 
advantage in taking a strong 
line on Leyland: the continued 
failure of the state-owDed con- 
cern to take advantage of its 
oppo rtunities, has eroded public 
sympathy for the -workforce, 
and increased -support for pay 

Perhaps the best indication of 
the commercial freedom that 
Mr. Edwardes has won for him- 
self was the decision to dose 
the Speke assembly plant on 
Merseyside, with the loss of 
-3.000 jobs. Such a move in an 
area of high unemployment and 
of traditional support for the 
Labour Party was regarded as 
unthinkable by a number of 
Mr. Edwardes’ advisers. 

Few shop stewards believe Mr. 
Edwardes would now meet with 
any government interference in 
closure proposals. The trade 
unions within a state-owned 
company find themselves con- 
fronted by an employer who 
can not only threaten an invest- 
ment freeze and a cut in jobs 
but can also draw authority 
from the Government in sup- 
port of his 5 per cent pay offer. 

. It is against this negotiating 
background that the walk-out 
by 3,500 at Drews Lane should 

be viewed. The dispute repre- 
sents, admittedly in an extreme 
form, the issues confronting 
Mr. Edwardes in raising UK 
productivity levels to those of 
continental competitors: the 
problem of the wildcat strike 
and the legacy of slipshod work 

Management presented the 
broad details of its proposed 
pay den! to sbop stewards at 
10 am more titan a week ago. 
By 3 pm the same day. and 
before any explanation or the 
benefits on offer to the work- 
force had been possible, a some- 
what confused mass meeting 
voted tu walk out next day. 

The reason why the Drews 
Lane men ‘•walked” at a time 
when the big plants like Long- 
bridge and Cowley were pre- 
pared to consider the company's 
offer owes something to tradi- 
tion. Because of its strategic role 
as a supplier of a wide range 
of components, particularly 
suspension and steering systems, 
the factory has always exerted 
considerable muscle at Austin- 
Morris. Within days of the last 
big strike there in 1974. manage- 
ment conceded the workers’ 

There was a clear, if some- 
what naive belief among some 
Drews Lane stewards that Mr. 
Edwardes was susceptible -to 
pressure. The fact that the 
stoppage has had such an 
immediate impact upon produc- 
tion is in large measure due 
to stock shortages following 
a series of disputes during the 
past two months. 

Production workers at Drews 
Lane found that under the 
"measured day work” system 
of payment introduced 10 years 
ago, it was possible to perform 

the allotted tasks comfortably 
within the eight hour day and 
go home anything between a 
few min utes to three hours 

In recent weeks management 
has cracked down on abuses of 
rbe system and it i-laims that 
the plant was working “almosi 
normally" before the walkout. 
The fact the* such practices 
existed., however, is u serious 
indictment of the way succes- 
sive BL. managements have 
operated the day work system. 

In theory, industrial engi- 
neers— -better known as " the 
rim p and motion men "—carry 
out an objective measurement 
of how long operations should 
take and payment is made 
accordingly.' Dl practice, how- 
ever’ shop stewards Tend to 
intervene and haggle about the 
price for the job much us 
under the eld piece-work system 
of payment The faci that some 
groups of workers were able to 
complete their duties up tc» 
three hours before the end nf 
the day is an indication of bow 
far weak managements were 
prepared to compromise about 
standards in a plant known to 
be crucial to production 

Mr. Edwardes ha> warned the 
workers that a strike lasting 
half as long as the current six- 
week stoppage at Ford Motor 
could put a large part of the 
car operations beyund re- 
covery.” .' Hopes of ending the 
Drews Lane dispute must rest 
with the leadership of the 
Amalgamated Union of Engi- 
neering Workers: the Birming- 
ham Blast District Committee 
has already instructed the men 
to return to work. Failure to 
get official backing for the dis- 
pute is bound to increase unrest 

among those members who felt 
the walkout precipitate. Col- 
lapse of the Drews Lane strike 
would hp a serious blow to the 
militants and make it very diffi- 
cult for shop stewards at plants 
like Lun-bridge and Cowley — 
who have adopted a more cir- 
cumspect response to the com- 
pany pay offer— to stage similar 

The length of lhe stoppage 
will he crucial to the damage 
inflicted upon the company. 

Jaguar. Rover. Triumph (JRT) 
is less dependent upon Drews 
Lane and may not be affected 
Tur another week or so. Many 
dealers report that BL stocks are 
currently higher than for several 
years and that the dispute, pro- 
vided it is settled quickly should 
cause no .serious problems. The 
principal BL fear is that publi- 
city surrounding the strike will 
damage confidence among custo- 
mers and distributors which is 
already fragile. 

Most groups 

Management must hope that 
any disruption will be confined 
to Drews Lane because the pay 
package on offer is tailored to 
meet the aspirations of most 
groups of workers. In addition 
to the 5 per cent annual wage 
increase, most employees will 
also receive " parity ” payments 
back-aaied to the beginning of 
thi* month. The programme to 
achieve parity — the same wage 
for lhe same job regardless of 
plant — by November i next year 
must be self - financing and the 
company is therefore seeking 
7,000 voluntary redundancies. 

For Drews Lane the 5 per 
cent plus a parity payment 
would mean an immediate in- 
crease for production workers 

uf nearly £3 a week 10 £79.95. 
and for skilled men a rise of 

£8.50 to £85. The benefits avail- 
able to skilled workers under 
the parity programme should 
do . much to erode support for 
the militant campaign led by 
Mr. Roy Fraser and his unofficial 
Toolmakers’ Committee. At 
Longbridge and Cowley, plants 
with large toolrooms, skilled 
men wili gel an immediate 
increase of around £10 a week. 

Much public attention has 
focused upon the militant noises 
from stewards at Cowley and 
Longbridge in pursuit of 
demands for increases well over 
30 per cenL But as they are 
twn of the lower paid plants, 
they stand to gain ri«es for 
production workers nf around £8 
a week. Nor will the top rate 
factories, sueh as Jaguar and 
Triumph, at Coventry, lose out: 
the company 5 proposed new 
five-grade pay structure should 
ensure additional increases of 
around £2 a Week fur many 

Details- of where voluntary 
redundancies will be required 
and how performance must be 
improved in order to finance 
parity are now being circulated 
within plants. Mr. Bill McLean. 
BL cars employee relations 
director, bas stated firmly: “We 
want to pay. more but any 
increase has to be earned. But 
we make no apology for tlvaL” 

There , is likely to be no 
shortage of volunteers rn leave. 
The problem, as Leyland dis- 
covered in the -past, is how to 
get the workers who remain to 

Letters to the Editor 

A market for 
teel tubes 

<m lhe Projects Manager 
_ tpak Industries 
"ir. — I have been most 



i «m the Projects Manager 
. ipofe Industries 
I Mr. — I . have been most . in- 
J *ued to read in -Engineering; 
f iay ( November r61 .how -the 
n and Steel Trades Confedera- 
1 n considers the planned expatt 
.n by Natural Gas Tubes OT its 
>e making capacity- in : 'South 
ties to be a threat vto tits 
-nibers’- jobs at the British 
1 ?ei Corporation's tube works ar 
:-;by.. Mr. Homewood, a-tepre- 
lative of the 1STC. claims that 
. Corby plant is only working 
, ! 35 per cent of capacity, ^ean- 
’ tile BSC is estimated to supply. 
' r per cent uf the -market for 
fc es with the ■'remaining 
•t terial coming fronj abroad. -'. 
I Tie reason, for niy. interest , in 
i » matter is simply .that at the . 
running of Augustus. the, first, 
* ration in building a hfiW.-fae- 
if we and our steel work, con- 
: trtor set out to purchase die 
i?l we required. v I, though 
• iibly not our -contractor, was . 
. tie what surprised to fradthatr 
C could not supply. All .the 
; j^turai steel tubes’ that.; we 
'uired off the shelf from its 
» bteremployed plant.-, ; we : were ' 
. ced to purchase timr 220mm 
: meter tube from stockholders 

-Rurally at a ' premium price, 
i le lire were unable Ao -satisfy 

E elativeiy modest require: 
for ' 168m m/f diameter 
inti tub«£.-frou*7any swati-.. 
jurce. Wfr.aretthus forced, 
t aefirb- threelffloniiB-uunti “ 
oils 'more of -2b& -material,: 
he result Ahat'.qiifcplcsady . 
building programme ' fs 
d by at Jpast‘«is weeks, 
a. time when the Govern- . 
is . presSTng r Ahdi6try.‘ to 5> 
t new plant ahd buildings 
. it incredible that there , 
, 4iu be any delay whatsoever 

4 retaining common steel jsec- 
■s from- our nationalised steeU 
:_4tary; While ' tuir coB tractor- 

J r achitects believe .that !the 
t onn el with whom we. deal. at 
iy are doing ' everything 
tin their power in he helpful 
..j po Id nevertheless be interest- 
;to hear from Mh. Homewood- 
‘ ’a representative with some 
■ ority from BSG- Corby why- 
should be any delay in 
, i-ery at an.. 7 . V", ' 

• Scbumann r - . 

: yak Industries. 

. iien Way.. . 

, ;h Lytta Industrial. Estate, 
Lynn. Norfolk . 

.favour- of • lhe proposal -that 
xpUdtozs* shall no longer have 
monopoly of ^property conveyanc- 
ing: ". • 

g. s. D.tijiv.oif;. : 

14, ■ Hariep: Streep- WX. ‘ , . - 

Closed. :j i: 

.From Mr. if. Greener 
'Sir,— Might X. challenge the 
autement byAJr 5. P. Best. (Nov. 
thatL unlike the trade ttni.ous 

“ therTeirned 'professtdns do. not ] 
operate closed shops and" the 
ranks are open to any of.Jthe 
requisite character, and ability 
(Whose) . fitness to practice is 
acknowledged.” As he admits, this 
“ fitness” is determined by very 
many years <if study and the pas- 
-sing of -very Arduous and demand- 
ihg examination^. Wtot he does 
-pot add is that-in many profes- 
--siohs. as in my own as a member 
of ..the ; Institute "of Chartered 
Accountants, continual member- 
ship is absolutely dependent on 
the : payment of very high annual 
■subscriptions. • 

. D has- always seemed, to me to 
be' totally, unreasonable .and a 
-quite, serious denial of the demo- 
cratic . r principle (Mr. Best's 
^Freedom under the Law”) that 
having satisfied examiners of 
oneY proficiency in T a defined 
.field and. paid the entrance fee 
-demanded ;ih addition to the 
annual subscriptions, those who. 
like .myself,, use the knowledge 
-acquired in training in areas out- 
-side those Occupied by practising 
accountants. . cannot •• use the 
letters de»gnating recognition <»f 
proficiency unless wc continue 
to pay out large suras of money 
annually to a governing body 
: whose sendices.we do not require. 
If 1 do: not. pay up. by. a certain 
date, in any year. 1 shall be 
“struck bff‘7 Irrespective of 
whether, or not I have committed 
any bffetiee in breach of profes- 
sional duties. -If this state of 
affairs from 
the -“closed shop”. to which Mr. 
Best objects it ' can only be 
achieved by semantic gymnastics 
to whtcb- few could honestly 

Michaet Greener 
9. Tfomilly Park. ■' 

Barry. S. Glam. . 

^reeddm under 
fie Jaw- 

> Air. -&~Wol1 

E -The -^ie?ter. from ^Vtr; Best, 
an. . cfejhe- ..British . Legal 
itkw '^November 9),. is 
ite restfeg. ; 'Tr am stir? most 
seouldjairee -with^hlni- i» 
ajctilSr.of; • his- remarks 
freed^m. undel; the ^wr, 
tie -ari^, three small points 
i‘ like- to-make. 

IdwTcff the. craft .guild 
a goto! thing is questioa- 
CraEt' guilds were bigger 
monopolies . and 
ly iprttected by members 
guihL. Although there is 
:empt to’* prevent com- 
1 monopolies forming m 
& the , forming of . trade 
monopolies is encouraged 
te Is 'continually- bearing 
are too many small 
& tinions and there should 
py be- one or two big ones. 
Sinity^from the general law 
alleges trade unions 
jkss' la . 'Surely part-, of, that 
M*a!. Iw. a.- paradox which 
”nly teiesplved by a chapge 

wn the .tone of Mr. Best's 
»k=L .r askraati lhat ’he and 

■British ' Legal .. Association 
■; rainpai|ned -strongly in 

No seat at 
the cinema 

From Mr..-D. Hdwson 
- Sir.— Nigel Andrews, in his 
article (November 10 1 on the 
London Film Festival, suggests 
several films ^ Which he labels as 
“■ required viewing. ’’—I only wish 
-it were -possible to view them. 

I have been a member of the 
National Film Theatre for very 
many years but in 1976 and 19* f 
did not manage to purebasi one 
ticket for any film of my choice 
at the festival even' though i 
asked for single tickets at a wide 
selection of films. 

This yea?, being a very great 
fan of Borowczyk, I thought J 
would be clever and ensure at 
least one ticket by only asking 
for a single seat at his film 
“Behind Convent Walls — for 
the third year running my cheque 
was returned With a polite regret 
notice. How can “required 
viewing** be implemented. 

D. L. Howson: 

The Bungalow. ■ 

3S, Oakhouse Road. 

Bexleyheaih, Kent. 

Above average 

From Mr. B. Cple 
■ Sir, — Fortunately the. employ- 
ment-problem is not as hopeless 

as Mr. Lisney (Not. 9) fears. An 
excess of job openings suitable 
only for above averagely intelli- 
gent people would perhaps be a 
problem, but is unlikeTy to exist. 
. “Skilled labour” does not 
necessarily need high intelli- 
gence. Indeed, “intelligence” is 
not usefully treated as a single 
characteristic, any more than 
“skill ” is. Skills are acquired by 
learning and practice: this needs 
motivation and application 
father than intelligence. 

The way to provide motivation 
is lo.set the. people free, to allow 
the market to .operate by increas- 
ing the differentials between 
Skilled and . unskilled labour. 
Reduce government interference 
in the market, .end the monopoly 
power o£ trade unions, and we 
may not need job creation 
schemes or a four-day week. 

B. A. Cole, . 

“ Drake Wood.' 9 Devon&iire Are, 
Amersham. Bucks. . 

Transport in 

From the Leader. 

Greater London Council 

Sir,— It seems a little surpris- 
ing that Nigel Seyinef (November 
9) in . calling again for a 
balanced transport programme 
for London should ignore that 
(in the plimiing stages at least) 
it now. exists. : 

He- does mx -much- like tbe rail 

tunnel proposal for Woolwich or 
the. completion of the Jubilee 
Line through' ..docklands; he even 
questions whether the first car. 
stand bn Its own, although I can 
assure him that it does — in terms 
of ' planning: transportation, and 
finance. - • • •• 

What- be -mfsses is that the 
Greater -Loudon Council’s road 
and . industrial assistance pro- 
gramme over' the next 15 years 
amounts- to Ei.lbn and the public 
transport programme (excluding 
the Jubilee.Line) to a little less. 
This strikes me at least as -being 
a reasonable balance. . 

The reads programme includes 
many of the improvements in 
docklands that he puts forward. 
What if dofes not and will not 
do is to cater for massive inner 
city road building (at motorway 
standards, perhaps?) which I 
suspeel is what he wants to see. 

If the Jubilee Line is taken 
nut of docklands strategy the 
whole {plan falls apart, years of 
work are wasted, and millions 
go down, the drain. 1 am not 
prepared to . allow people who 
can discern, only the 1 individual 
strands and not the partem of 
The whole thread to' sabotage the 
greatest social and economic 
opportunity London bas ever bad 
in modern' .tubes; .7 will therefore 
continue to oppose the “ roads 
at' all costs” brigade. 

Horace Cutler. 

County' Hall,. SEi. 

— surely quite inequitable, and 

A solation is certainly required 
to these problems. 

J. E. Donovan. 

“Sr. Joseph's” 

55. Molesey Park Rond. 

East Molesey, Surrey. 



From Mr R. B ankes Jones 
Sir.— Michael Brown l Novem- 
ber 10 > and other? on the subject 
of pension transfers might find 
tbs followiae actual examples of 
interot. One person worked 
eieht tears for an industrial con- 
cern: another some three and a 
half years for a nationalised 
industry. Both were around the 
age of 30 and a bit apart in 
salary. Simultaneous transfers 
to the same private sector fund 
would secure one year two 
months' back service to the eight 
year person and four and 3 
half years’ back service to the 
three and a half year oersoo. • 
The ' difference (unknown' to 
the individuals) looks usly at the 
receiving end. but is entirely due 
to wide divergence of urovision 
at the exporting ends. Tt could 
he that in equity (not for uni-, 
fnnnity) the industrial concern is 
mean and should do more: and 
that the nationalised concern can 
afford too mneb and should do 

Tt M. Pankes-Jfin*?. 

T54. P«*l<*tr«n Porfc. 

East Sheen. SW'1-1. 

Thirlmere and 

From .)lr. A. Huplies 
Sir.— Mr- R. Camplin (Nov- 
ember 10) refers to the rights of 
“lovers of the Lake District” in 
his plea for recreational facili- 
ties on and around the lakes of 
Tbirlmere and Haweswater. - 
I wonder if he fully appre- 
ciates how all the facilities, such 
as car parks, roundabouts, lay- 
bys. garases. toilets, snack bats, 
souvenir shops, caravan sites and 
litter bins, would automatically 
proliferate if the two large and 
centrallv situated lakes were to 
be made available In the way 
he 'ugeests. 

Far too many people seem to 
proclaim themselves as “lovers 
of the Lake District ” while, 
albeit unwittingly, constantly 
eliminating the natural life, 
sishts and sounds of this beauti- 
ful oari of England. 

A. N.-E Hughes. . 

.VvipiH Bee. 

Windermere. Cumbria. 


Mr. Leh Murray, Trades Union 
Congress general secretary-, and 
rest of negotiating six. report to 
TUC economic committee on the 
protracted . series of talks with 
Ministers on prices, pay and infla- 
tion— to be followed by special 
meeting of TUC general council. 

Balance of payments current 
account and overseas trade figures 
for October. 

Portuguese President General 
Eanes arrives“in UK on Stare Visit. 

President Daniel arap Moi of 
Kenya on vsit to France — talks 
with President Valery Giscard 

.Second day ••*f European 
Central Bankers meeting. Basle. 

Mrs. Margaret Thatcher. Con- 

Today’s Events 

servative leader, visits Institute 
of Indian Culture. Castlctow'n 
Road. W.14. 

Regent Street illuminations to 
be switched on by Pripce Charles. 

Mr. Sunai Sonod.i. Japanese- 
Foreign Minister, visits Prague. 

King Has.^n of Morocco begins 
ruo -day Stale Visit to Washing- 

Organisation for Economic Co- 
operation and Development high- 
level meeting in Paris of develop- 
ment assistance- committee. 

Lord Mayor of London attends 
Court nf Alderman at Guildhall. 


Hou>e uf Commons: Motions on 
EEC dcouments on enlargement 
of the Community, ttm display and 
pricing of foodstuffs and on 
groundwater pollution. 

House of Lords: F.lei-tricity 
(Scotland) Eill (consolidated 
measure) second reading. Legal 
Aid 1 Financial Conditions! Regu- 
lations 1378. Legal Advice and 
Assistance (Financial Conditions) 
(No. 2) Regulations 197S. Legal 
Advice and Assistance (Scotland) 
(Financial Conditions) (\’o. 2) 
Regulations IflTS. Legal Aid 
(Srotland) (Financial Conditions) 
Regulations 19TS. Debate on when 

•tSMca .t.-.llIT'kid 

produce the same volume of 
vehicles. The company will 

monitor progress and hnpes in 
be able to make the parity pay- 
ment before Christmas. Many 
shop stewards do nut share 
management's confidence and 
are pointing out to workers that 
tempting as the pay package 
might he. it is conditional upon 
a level of performance yet to 
be achieved. 

The prospect of slifl higher 
earnings has been held out by 
the company under its proposed 
incentive scheme. This could 
yield up to £15 a week fnr a 2ft 
per cent improvement in per- 
formance. But the price man- 
agement is demanding for the 
deal seems likely t** prove too 
high for shop stewards in their 
present mood. The company is 
saying that if there is parity in 
pay then- should al?i« be parity 
in effort: industrial engineer-, 
should be allowed to begin to 
standardise work measurement 
throughout all 36 factories. 

At the inoracnT. a* at Drews 
Lane, standards van- widely 
between factories. Many shop 
stewards believe that once 
industrial engineers are allowed 

the proposed degree of auth- 
ority. their own ability to haggle 
about the speed of the job will 
lie lust and with it their power. 
Mr. Edwardes and his team arc- 
taking » tough line, hut they 
are aware That They are only just 
beginning rn approach The fun- 
damental obstacles In improved 
productivity in the British car 

the Govern menl proposes to re- 
equip the Queen's Flight with 
modern aircraft. 

Select Committee: Joint Com- 
mittee on Statutory Instruments 
(Room 4. 4.15 pmt. 

Final dividends: JCEG. Smiths 
Indust rie*. Interim dividends: 
Advance Laundries. Arhuibnot 
Latham Holdings. Control Seruri- 
riov .lohn Foster and Son. HAT 
Group. Land Securities Invest- 
ment LCP Holdings. Sketchier. 
W. 11 Smith and Son. Young'.-, 

Armstrong Equipment. Waldorf 
Hotel. WC. 12 Lockwoods Food?. 
Long Sutton Spalding. 12. Stod- 
dard, Elderalte, 12. 

If bonking is a serv ice business, 
then ft should be on service that 
you judge a bank. 

Bank of Boston .House. 5 Cheapside. E.C2 

Froik'Mr* J. Donovan 

Sir.— A further slaht to the 
problem pf transfers og pensions. 
An employee, may become redun- 
dant;. and there may be no com- 
pany to -receive his funds. If he 
is an. older man he may not find 
employment, nr he may not be 
able to secure . pensionable ■ em- 
ployment Or he may set up 
on his Own. • 

If he should .die before retire- 
m gnrage,' or before making a 
transfer, or unable to make a 
transfer,- his beneficiaries will 
receive the shock that only pan 
of the transfer value falls into 
his estate. . The previous em- 
ployer will Teeetve a quite un- 
expected return of "benefits ” 

Symmetry of 

From Mr. J. Richardson. 

Sir. — If pay policy is to be 
“ enforced ” by the application 
of some kind of government 
sanction on the employer, it is 
clear that the ultimate sufferer 
from sueh punishment is the 
ordinary shareholder. - -I do not 
suggest that he has any special 
ground for complaint about this 
— “his” management must do 
its best for him in conditions as 
they are, and if continued pro- 
duction with sanctions is the 
better option, then management 
is entitled to choose it Even a 
collective bargain, however, has 
to have two sides to it Why Is 
there, no corresponding penalty 
on union funds when their man- 
agements break the same guide- 
line? Symmetry of obligation is. 
after alL the name of the game 
m-another context. 

J. P. Richardson. 

Humphrey's End, Rectory Lone, 
Stevenage. Hens. 

We’ve spent 56 years in the City, building an organisation to 
cater for the toughest judge of all: the financial professional. 

That’s why The Bank of Bostons account officers prefer long 
instead of short-term relationships. Why they stay with their accounts 
longer than their counterparts at other banks. 

Why we have an exchange specialist based on the dealing 
floor devoted exclusively to keeping corporate customers abreast of 

Why our Iwo hundred people in London aim at the highest 
standards (if you give the best service, you've got the best bank). 

And it works. 

Our dealers have put us among the top banks in making 
markets in all major trading currencies. 

And six out of the top ten companies in the 
prestigious The Times One Thousand ’ are our customers. 

Do you put a premium on service too? 

We look forward to meeting you. 

BosfonJTie bank for 
financial professi 



toikof Baton Hotee J Cwjpsw^usndon EOP2DEiTy: 01-236228^. Also ofc31 Lowndes Strwl. Belgravia Lty-dc- 23 5 

AKMMK* AUSTWIA MH4MA3; BC.MA- 3 «A3» - CHAM& !S*NDL30f.*re:CAf - e«L*' r. pi-i'T. aco - - * ZWS ;C'v3j 

- RAN; JAPAN. SsANCG. 1‘JVBWbOtT.O: .V-I-VlC; S-l-.r.-.V; \tM£ , 





Improved trend continues 
in Unilever’s third quarter 

CU passes £100m 
as underwriting losses cut 

-Financial j|l) 

■ ■ - - .... 

A REDUCTION ft £ 21 . 2m in 
underwriting losses and an 
advance of £8.4tn in investment 
income were the two main -factors 
•n lifting the. pre-tax profits of 
Commercial Union Assurance by 

TAXABLE '; PROFIT was up pastfew Jeaniin 


£169.777 at' £2,003.548 for the sl»c product and 
months to the end of September. rather _ 

over 50 per cent in the first nine 

THE IMPROVING trend which Using expenditure, total North profits show an increase or 31 per months of 1978 The pre-la* figure 
became apparent at Unilever in America results were below the cent to 181.2m while for the nine for , he ^ r - ac hed 1101 Ira 

National Starch months they come out 8 per cent t nP iHp rnr- 

l innliifloH frnm sluiari at fit? 1m tnlit ac tn 1 .1/1 COItipHred With IBB.ilH 'Of IOP COT 

quarter gain of 1.1 per cent. 
Together these rises have offset 
the downturn in the initial 
quarter leaving the taxable 
balance for the first nine months 
S per rent higher at £4fi7.6m. 

In Europe results from the 
edible fats, frozen products and 
detergents businesses were again 
well up on the corresponding 
quarter, the directors report. 

In Che face of poor demand 
toilet preparation results were 
lower than in 1077. On the 
industrial side results from 
chemicals showed an improve- 
ment, but paper plastics and 
packaging were lower. Animal 
feeds 'did well. 

Partly reflecting heavy ariver- 

m America results were below 
the second quarter nr 1B7S ha09/< quarter. 

continued in the third quarter, figures have been included from ahead at £J12.1m— split as to Ltd . 

Total pre-tax profits in the third Auguat 15, making a worthwhile 1110.4m (£l09.8m) and SV responding period last year and 

quarter are ahead bv is per cent contribution. £101.7m (JES5.9m). Earnings per the £99.8m for’ the whole of 1977. 

tn £lT1.2m and follow a second- , ^ J S| ll “ pi “ l are SU “" d a ‘ 371p 'Vorld-,vide ; premium income 

achieved good results. Associates Unilever Limited and Unilever ° ver period showed a decline 

continue to make a satisfactory XV have declared interim divi- of 3 per cent in sterling terms to 

contribution but less favourable dends of 8.52p f7 : 54p) and £S50.4m. But allowing Tor changas 

economic conditions in Nigeria Florins 3.40 (same) respectively. in exchanse rales, ihe underlying 

are beginning to show their The weakening or the pound f 81 *^ 10 , >lr 

effect against the euilder gives rise to = rowth was 4 per cent. Mr* Jack 

Elsewhere overseas sales and lhe higher payment for Ltd Emms, chief executive, pointed 

profits continued to be very good . Th? balance of .Lid's 197S out, however, that this rise was 

with significant contributions interim, amounting to 3.32p per below the taxed of 10 

from detergents, edible fats and ^are. and the deferred balance f th 6 

of 1977 and earlier dividends luc * c “ r - 

iflTS and the future looks good improvement In ihpeogam 
at Nonvest Holst, the. directors .The -group .-3*Qljj$sc£i — w .. 

state. Though concerned, -about -- : . 

certain aspects of the national acquisitions yhjch dteifra s.adifc-..- 5 
economy they are confident that tion^ product and- tasn^et ^ifcap^ 
the companv'-s present momentum he adds. . ;:i:/ ' . 

will enable them to meet -life Asfcnjficant conm&UOTttnt&e - 
challenses ahead. ; ;. company's -profit, growth- 

The civil englheering and build- £0.92nv to a pretax.. 

The upturn -in consumer spending in Europe that was 
noticeable in the second quarter at t'nilver has continued into 
the third, but trading in the U.S. was depressed as a result of 
a major advertising campaign in the detergent* and toiletries 
product. The new terms have been announced for the agreed 

takeover of John Hags as hy Dawson lnt and these are more * "rnntractine^criiup. "which To Intbe-year-to-Jius^jS^:^ : 
favourable to Dawson than the original .terms which were . ijlotember acquired McGregor' its 1 perforraaiic* jti ©teri£q)E " ■' .■ 

Group, a heavy civil engineering ket& 

MnMm lam vear lifted profit LEUKin). out . at tetat.^ 

effectively blacked by' the abortive bid for’ Dawson by Wro! 
Baird. Lex also takes a look at Commercial Union which; has., 
produced third quarter results with an underwriting profit 
helped by an improvement in most territories. 

year were leading to a continued 
Improvement In underwriting 
results, particularly in the motor 
account. Providing there was not 
repat of the dreadful fourth 

per cent q uarter resuUs of last year, the 
account in Holland should show 

Lake and 

^I'omb'med^xternal sales in the amounting to 25.54p ner share In the third quarter there was anappreciable improvement over 
third quarter showed an increase making * total of SR-SSp per an underwriting profit of £3 9m ld jM^ C Ju“c h .ffg ' n ™^ cc a ep ^« t 

of k Der cent to £2 49bn— of this share, will be paid, when erreum- and the overall Joss for the nine Although there was a modest ....... 

increase about 6 per cent arose stances permit. An additional months was reduced to £0.4m. {SSS^mlSrh?,- THE JALMEDTATE outlook forttae £1.131.703 

from greater volume. Total sales ° trill be paid on December compared with £21 Jim. The U.S. with " -srec! foundry companies ;ai Lake 

ror the first nine months emerged 22 in respect of part of the 1977 had a good third quarter experi- t *S "nmD^t^n cSeciVuv 

final reflecting the lower tax rate, ence and moved Into an overall I “ nse competition cspeciauy 

6 per cent better at £726bn. 

concern, last year liftrf profit , 

from £3. 23m to a record £o.lfim. . from slSjOwn -%ci-_ rrr ^ aBr ., 1 - 
Turnorer for the first hatf reported October 18;- 
reached £3SJSSm (£40.48m). The Trad ihg profit up r ; 
tax charge was £1 j»i^4d_ to £L75fn wasvspKi. • - 

CJE934.4981 leaving' earnings' per plant £885.000 f£S22.000)Yfi^^^ -v 
25n share ahead at HHp f9-?p) Inff £79LOOO f £432.00©^^^^^ - . 
ba-ic nr »J2p fRin> fully dUuted. a ctl viti ei £7&,m iSS3M ^ i 
The. h»f interim dnrtaend . is Wene ’. derived" as-' 
raised to l.5972r» fl.452p» aiidirosts Wes'ern Europe, Ttoia 33 r 
£tAfi.v>4 f£i32L0nl. A totalof Eastern FjirapeoaodfLfai^., 

4JSi.ip was nald for 3977-28. : ^ elsewhere. '• 

After an extnnrdin!*^ credit nr net .dividend ' vVtl^ V {debit jnon.fpfil the lifted- !o l:ZiQp ■’ ;; 

aitrih|it?hle h»ian«i» was higher at share and the i?roup^:ts4?J > n rr ifn^' i 

1729 135K * . •• to make a' rights- -issufe Mr' 1 *** 

£3^2in. - ■ ; 

Since^ June ^ ' ” 

Third quarter attributable 

See Lex 

C. E. Heath expands 20% to 
£6.54m for six months 

* n ‘ and Elliot is improving with the ® COmnient 

o..u .uuvwi m.«u ^ _ . r ? r prospect or more substantial Nnrwest Holst’a interim profits are ^ ■ 

profit situation of £J 4m. while the bus,n ® ss - Th ^ * bre8k ' orders. Also the. valve industry, ahead bv a modest 9 oer cent The. 

UK showed a profit of £ 3 m. The f ven P°* ,tlon ' n the third quarter which has been operating at a wet weather slowed down the "lint and Equipment*. ?-> v 
Netherlands recorded the worst *9 r Canada and the account con- i ow level for some years, shows parth moving activities, but the 
trading position with a loss over 10 show a 8013,1 profit, signs of improvement !and in- upturn in the oropertv market led 

the nine months of ISm hut this T “ ere vvere improved results Tor creased overseas orders _are ,ex- tn higher profits in thw division, 
was 25 per- cent lower than In most olher territories and the peeled says Mr. Peter LaJre; the Property development now 

1977. A complete turnrounicl -was .. 
recorded for the rest of the world J* 1 ® Unde ^ n a u ? 1 ® r ,? re 

accounts, for about a tenth of 
turnover against less than 7 per 
cent last year. Overseas activities 
are limited and there is only one 
contract of any Importance. Noi> 

PRE-TAX profits of C. E. Henlh 
and Company rose by 20 1 per 
cent from £5.44 m in £i5.54m fnr 
the six months ended Sepl ember 
30. I97S. follow ina an advance Tor 
the whole of the previous jt-ar to 
a peak £I4.8'Jm. 

Mr. F. R. D. Holland, chairman, 
stales that while the group has 
to operate in more difficult condi- 
tions. with the weakening of ihe 
U.S. dollar and the overcapacity 
in the world insurance markets, 
there are still ?ood prospects fur 
reasonable growth for 1978/79. 

After tax fur the 
£3.4m <£2.S3mi and 
£7.000 i £80.000) thp profit came 
out ahead at £3.1 3m against 
£2.53 m. Earnings are shown ns 
10 7p |S8pi per 20 p share, and 
the interim dividend is increased 
from 1.452p to l.621p net. Also 
announced is an additional divi- 
dend of n.n.WSp Tor 1977 7S on 
the reduction in ACT — Iasi year's 
final payment wag 5.4290C>p. 

So ihe adverse share on lop of the 

l. : .S. dollars, 

movement of the dollar against interim dividend of 1.35 to be paid 
the pound in the group's first six on November 21. 
months has clipped back a pos- 


■n,D not . ie- •> ono-1 a flour .mill and. grain- silos 

v ; f. 

The net 
{ 3.49I4p I 
ported October in ; 


sible 21 per cent rise In brokins 
incomes {.if exchange rales had 
remained unchanged year on 
year* to 13 per cent. Adverse cur- 
rency movements on the under- 
writing side — principally rhe 
movement of the Australian 

dollar— reduced revenues hy THE DIRECTORS of Rothschild 

£179.000. But broking incomes investment Trust announce an 

have not only been affected bv interim dividend of 2p net per 
currency movements. Depressed so P share against 1.5p last time. 

RIT puts 
interim up 

marine and aviation results for- chairman. 

with a'profit^cS £3.Km contpaxed SnSmunt isrioS aMheend nf throughout "the*' yda^grou^^es 
with a loss of £7 Jlnt. The only he account i* closed at the end of MW £JSMm ( n S j25w) aid tax- 

territory to sJip back was Aus- *“!'’■ .„ 

Kg 't*** mo ‘ ed ,nl ° a ,0SS improv e en,em S investment 

second UdUon - income reflecting the growth in 

The company reporl.s that the funds available for investment, 

U.S; situation has been achieved including those arising from 

despite the worst weather for improved underwriting results. During the period ihe factory H«».-o|nnnient and the ’company's 
five years. The third quarter was Investment income totalled of Clef Services International SA 

profitable especially ihe property £J05.2m against £95.8m fur the was sold, producing a surpUur or prr» wa y. urn wim m me - , cjoworo 

classes. However, there was a same period in 19/ 1 . .After allow- ifiy.OOO which has been Jatgely UK Is. still the backbone of the 1 B 

warning that the market was i«K for the changes «n exchange applied to the reduction of "over- ernun and here trading fs : xteadi!y l l °-7 

tinsr— the current work load^ ’ 5iK?3 

dividend --IS' 3^987p 

per 2-m share— as re- J’ r ' ou btes in that court trv there has , 

not been any nrobieras. for the ““ .g2J2£3&d!i£zi 

^. v ^?i ,m :l n LL n . in tbe 

and He» d crest Jrrvestmttijs^ 

n »vM|niiiiirrii «inu hit tu'HpaiiT a . +rv*7 -.if— -Try 

financial exnnsure is very small 
aiwffajf. Civil engineering in the 

becoming increasingly compel!- rates, the rights issue of 1977 sea* bank borrowing. Year end improving — the current work load 

Overall ^ ,camljjiied- profl t,qfT 

period or Premium rates in the marine mar- costing £442.199 i £284,842 ) . 
minorities K et havc , hit the group's commls- 

a h houclT^holdfng 'up^well^are figures lor i"he 197S/79 year will problem over rising crime rates 
hecoming more competitive. 1,01 . be 

five and the downturn in under- and the acquisition of Estates total bank loans and overdraft . stretches a vear ahead, 

writing wus still expected next House Investment. Trust, the amounted to £816,000. (£943.000) profits co 

year. underlying growth in investment and funds showed a net outflow this year wui a nr«i umc iwur t«#*wara 

In the UK the motor account ,ncome ^ slightly higher at I of £315.900 (£147,000).-. butiaii from McGregor for six . 

• ln - the ratitor account per cent. The solvency margin . , . , . • .. . , mnn *h« Ar S 7 n the «hxres stand The dQreetore state ihat ;t 

is still just managing to keep remains about the 32 per cent a nmfexsional valuation ^»f land months. At s/p tne snares siana _ ... 

A. professional valuation -ofjand monrnft ai a/p rne snares stana - _ 

id buildings indicated £lim ea- on a •protective Rally diluted p/b bradtoie - ; • 

profitable, but the domestic house- leve i pertaining at the time of « n d buildings indicated OXm.9X- a * a P iSd vleld ai 3 w cent but K»*fc trading 

nnlrflur aPMnni Sc ct ill in .9 Incq- -t-u*. - NMC nvpr Knnlc valiia Itfhlnh hoe vl ■l-n WflQ yiria O-o oev CcHU UU.L kunirtwf . V 

holder account is still in a loss- the' rig his issue, 
making situation. There is a 

Although the company's interim 
r the I97S/79 year will 

published until next affecting this account and warn- 



cess over book value, which, has 
been taken into the accounts. 
Plant and machinery was Tmt at 

remain buoyant,; prospects^ 

rhe current DoT Investigation is ^1^'" . 
bound to affect sentiment 197 ^ 4 ® are < !nco 

S:S mwuii* 




fill HI 




Brok^raa* 1 


ln\<*it. inounif iiu-.t-m 




« 1.12 

3 Q<6 


2 24* 


Fe« and ov rmilnj i-oni. 



♦UndenronnK ornllt 



lnvifftRwni in*. . ini«iv«i 






firhpr noiTHiina in*.vm^ 



Ou^rai'np oiofii 


i 4Gs 

tniemn o»id . 



othrr inc.. *uiB< , naw . 



ProfH before tax 





Minoniy Jnirroxii 




7 172 


main!” lo »he ylowor income as -99p 
7row*h: Heath v<y tha; exnen<es 
in fact are in line ui’h bud’iel. 

But il»“ 20 per cent rise in taxable 
nro.'iis; rmpr much lo the n n ar 
fourfold increase in nnerating 
Income derived from higher yields 
on mvpifmpnK and a 
Liiih<'i;ion of sroun cash. Heath 
«houM make £t7.5m f r»r ihe year 
(including about £730.000 first 
rime contribution from Groune . ? re . 

9 comment 

Rothschild Investment Trust’s net 
asset value al November 7 was 
around IOp bisher than brokers’ 
w-TiU- portfolio models were suagesting 

and the net interim dividend is 
raised hy u third. The dividend 
increase may largely reflect a 
balanced spread between 

the company. Bui it was empha- 
sised that no rate increases are" 
contemplated on building insur- 
ance. The other accounts re- 
mained buoyant, 

Mr. Emms reported that a loss 
in Holland was expected. How- 
ever the rate, (increases imple- 
mented at the beginning of the 




Premium Income 


Mri:«mvni Income . .. 

. 105.2 

93 9 

Life proRls 

M S 


Underwrliiuz loss ■ 

• M 

2> 6 

Loan Inii-reil 

14 3 


ProfR. before tux 



Tax and nururliie* ... 


?a 7 

Ann tinea hie ; . 


-K D 

Earn1na< p^t ■.hare ... . 

. 1.7 20n 

1.1 4*3 

Shareholders’ funis 

. . ffrtKm 

£51 5m 

value of £I.5m. • 

Turnover and profit was split 
as to engineering. £1 1.63m 
(£1 1.44m) and 
and foundry 
£ 1.23m 

and £387,000 f£12;C0Q) 
ry £7.201 • (fflt&n)- /and 
lll.Jlm). ’ 

Wm. Boulton 
starts well 


Against a' farecast- of: = '' .... 

the year, tbe divictend fpr-^ V- u- ; -' 
period is 2 . 6 p aet ; per IOp e s-? v ** rf 

with a .final, -payment 
Earnings -pet^share are ’^howtint. f - ' ‘ 
being. 4,92p r - •- and . •' ” 

diluted- . .. - V.-J V- - . ~f'r 
Tar^for - the year was' - 

See Lex 

In the second half). o n interim and final payments but 

that basis the shares at 25flo 
-land on a prnsnpctive p-'e of 8.6. 
and yield, assuming a miai divi 

there should be room for a fair 
increase for the year as a whole. 
Even after rising 4p to 191 p the 

increase of about 15 per shares stand on a discount of 36 

enr. 3.4 per cent. Thev are likely 
o more in line with sector. 

The are up's underwriting opera 

The major proportion nf insur- 
ance broking is contributed b> 
the UK companies, Mr. Holland 
explains, and ahhoush income is 
up. the progress has not been 
uniform across the croup. The 
North American operation is 
showing healthy growth bin ihe 
marine company's results reflect 
the problems affecting the marine 
insurance market. 

major contributor was Australia, 
w here satisfactory progress is 
being made. 


per cent to asset value, against 28 
per cent for the sector as a whole, 
and yield an above-average 3.5 per 
cent on a historic basis. But the 
market ha« tended to worry about 
the realisable value or RlTs un- 
listed investments, and ii s un- 
usual portfolio makes it an un- 
likely candidate for. say. a pension 
fund tn take over. Any re-ralina 
will depend on what answers the 
full interim figures, due in 
December, give In questions about 

by as n 

may have overprovided 
mch as £lm 

. Aji "encouraging jsfaf't' To r . 

Compensation of £13.000 was current year Jias been made by wJfh an additional' £8. 112 Jnr -prioclii 1 ' 

paid to a director for loss of Winiam Boulf on Group with sales years. ' ind-. thfepe.' was :siii--e*trai.v ■ -'' r ~ 
office. and order books at higher levels UirdlnBry. debit -erfr £9*266;? 

Meeting. AValdorf HoteL WC, on than fnr the same period of 1977- amount irefalifed was SB6&&: 

L __ r. — <. 197S, Mr. Denis Fahey, the, chair- ' The ^-grpuj^x^'f activiti^ _ are.v-J _ - . 

man, states. concentjBjted'i. <m ■ snooker iaUes~ 

He attributes this better position- and -^•■J^e■'-'^■maraJftwct^r , e. 
to thp c omnsnv’s efforts over the upholstered ftiriiiture; '-^ 

December S. at boon. 


. Date^Corre*- 
Current . . ’ «f - spooding 

Brs-ant Holding-, the West 
Midlands building and properly 
group, may hove over-estimated 
the £2.6m provision for losses on 
a Saudi Arabian military contract 
by 8< much a- £lm. Mr. A. C 
Bryant, the chairman, admitted 

He was commenting on a quah- 

year ended .May 31. 1-°7S, dropped which led to the resignation __ . 

from £2.06m to fO.tflm. In his Mr. Eric Gould, managing director Eixwiek-Hopper 
annual statement Mr. Bryant says of C. Bryant.and Son. were mainly Harrisons A- Cu 

of a local tialuro 

Clydesdale Inv,, 


of Cope Sportswear int. 





. May 28 . 0.6 / 
..lanJ'S^,,* 1.55 
JanrS . .0.09 
Feb. I . • O.A .; 



iii- 1 ”- 


r Ia*t 


,3 ear 



1.9 . • 


i r 

. — «• • 


2.68 .- 

. - 2.4 

1 - . 

■ - 


i :i:-r 

the direclor.s considered it 
prudent to make ample provision says, 
to take account for any adverse 

He said yesterday that ihe 
directors expected no further expatriate 

says. They included communtca- Intpula **Ist int 4 i r i* r ■ ~ - 3S-4 •* 

lions difiiciiltie- with the outside Nowest Holst .*. int. L.19. Jan. 8--. .T.45,- LH- ; 4.58 

world and prolonged delays over K- J. ill ley • .. 1.0 .• Jan. If — ' v — • 

getting work • permits for Roths^blld fnr. InL 2 - Dec. 23 • L3 / •V’:.* . • 7. * . 

the overall dividend, about what ficatinn in the annual report and provision for losses on this con- personnel. 

■ r hoind Hnnn u‘ lh Ihn nmenorle nf * it . ! ... . . - _ 1 .. n 

Pakistani and 

Brycnurt is being done with the proceeds of accounts which slates that tract, which was expected to be 

• comment 

About a half of C_ E. Heath's 
insurance hrnkerage income is in 

Shareholders of _ „„„ „„ v „ 

Investment* yesterday voted in the Mannum sale, beyond the auditorl 'Touche "Rnssanif Co. 'are complp(ed""by" "*JuTy. r ' “i'fl79. ‘“The 
favour of a resolution lo put the share slakes already taken in unable to satisfy themsehes company has guaranteed a per- 

company into voluntary liquida- Godfrey Davis and Royal whether or not £lm of this pro- formancc bond of just over £Im 

l ‘® n * T ” e liquidator. Mr. M. C. VVorcesier, and about how much vision is required. in connection with the completion 

Bird., is proposing a first capital nf the trust's assets will be kept Mainly because of this provision of ihe -Saudi contract, 

distribution of I2j»p per ordinary outside rhe UK. the group s pre-tax profir for ihe The problems over the contract. 

UK Seccombe Marshall, 
Unilever Lid. 

3.3 Jan. 2.. - 

int 8.52 Dcc.'22 

. v - int. Tls.3 40 Dec. 21 

( /ncorporoted in the Republic of South Africa) 

Address by the Chairman, Mr. Ian Greig, at the 
Annual General Meeting held on November 13, 197& 

Ladies and Gentlemen, since the lasc annual general 
meeting our Company has changed its name from 
Bisnopsgace Platinum Limited to Impafa Platinjm 
Holdings Limited ilmplars). it has increased »:s 
share capital substantial!/ and has acquired the 
entire share capital of impala Platinum Limited, 
{here have been major changes in the composition 
of the board of directors, there has been a change 
in Secretaries and at the end of this meeting there 
will be a change in Auditors. Finall/. m tne course 
of all these rearrangements of our affairs, there 
has also been a change in the chairmanship of the 
Company which is why I am presiding at this 
meeting instead of Mr. K. C: Whyte. 

These changes and the recent hectic state of 
the platinum market call for some comment 

I am glad that it proved possible to consolidate 
the effective equity interests of the different share- 
holders in impala Platinum Limited into a single 
company instead of their being divided, as was 
formerly the case, between shareholders having a 
direct interesr in rhe Company and those having 
only an indirect interest through their holdings in 
Bishopsgate Platinum. All shareholders are now on 
all-fours with each other and through their holdings 
in Implats have an equitable interest not only .n 
dividends declared by Impala Platinum but also in 
the earnings and assets of that company. Because 
of ics broader base I would expect Implats to carry 
a somewhat better market rating than was formerly 
the case with Bishopsgare Platinum Impala 
Platinum riself will continue to be the principal 
operating company within the group and rhe new 
arrangements will not in. any way affect ics con- 
tractual or other obligations to its customers or 
providers of loan finance. 

elusion of this meeting. Messrs Cooper 8 Lybrand 
will be appointed Auditors to the Company One 
is sorry at this ending of a long connection between 
rhe Company and Peat. Marwick. Mitchell & Co. 
and Vaughan. Key & Payne but it was an inevitable 
consequence of the reconstruction. 

Platinum Market 

Directorate and Administration 

It seemed desirable that the boards of directors 

of Implats and Impala Platinum should be identical 
and accordingly during the year under review 
Messrs. R. C. Boveli. G. V. Cooper. A. G. Joynt. 
E, Pavirr. A. T. Shadforth. P. j. van Rooy and 
K. H. Wallis were appointed to rhe Board of 
Implats and on August 30. 1478, Messrs S. K. C 
Whyte. P. T Clark. R. A. Wheeler and R. J. K. 
Winkler resigned as directors. These latter gentle- 
men had ail rendered sterling service ro the Com- 
pany and l would like to record our appreciation 
and Eracitude. In particular.' _Mr. Whyte. had been 
chairman of Bijhopsgate Platinum from its inten- 
tion and also played a major part in the develop- 
ment of Impala Platinum. 

For administrative reasons, in view 0 f >he ricte 
relation between Implats and Impala Platinum, it 
was also desirable that both companies should have 
the same Secretaries and rhe same Auditors, this 
situation was accepted without hesitation by 
Messrs. Vaughan. Key & Payne who resigned as 
Secretaries to the Company in favour of Union 
Corporation Limited and by Peat. Marwick. Mitcneli 
8 Co who immediately signified that they would 
not seek reappointment as Auditor* a: the con. 

In my Statement of September 12. 1978. as 
chairman of Impala Platinum. I pointed out tha: 
from September 1977 there had been increasing 
firmness in the platinum marker so that at the 
date oF the statement the producer price stood at 
S250 per ounce and platinum waj being traded cn 
the free market at 5261 per ounce. From rhen until 
the end of October there was a continued, almost 
frenetic, upward movement in the price on the 
free market and on the futures market so that 
on October 31. against a producer price of S260 
per ounce, platinum was trading on the free 
market at an ali-time high of 5393 per ounce and 
on the same day. on tne New York Mercantile 
Exchange, the highest trade for the spot month of 
January 1979 was S390 per ounce. During rhis 
period the volume of trading on che New York 
Mercantile Exchange was exceptionally high, 
amounting on occasions co over 4.000 contracts per 
day. equivalent ro over 200.000 ounces 

I do nor believe, as has been suggested from 
time :o time, that this dramatic rise in prices was 
the result of a shortage of supply in relation to 
a major increase in demand by end-users and 
fabricators. I beiie/e it stemmed largely from the 
persistent and growing weakness of the U.S dollar 
and the constant flight by investors and speculators 
out of dollars and dollar equities into commodities, 
including platinum, in an endeavour to maintain 
the value of their savings in real terms. This belief 
is borne out by the fact tha: following the 
announcement by the US. Administration that it 
was taking serious steps :o defend the U.S. dollar, 
prices moved sharply downwards. There has been 
considerable fluctuation since then but on Friday 
iast rhe closing settlement price on the New York 
Mercantile Exchange for the spot month of 
January 1 979 was S3 17 and this morning physical 
metal is trading on the free market at SJ23 per 


Once people are satisfied that the dollar is 
realistically valued, or is under-valued, in reUtian 
to the strength of rhe U.S. economy and in 
relation to other currencies, the former trend is 
likely to be reversed with a substantial movement 
out of commodities, including platinum, back into 
dollars, a process which would be encouraged by 
the present high level of interest rates in rhe 
U.5.A. Thus wc could well see a further decline 
in prices for platinum on the free market and on 
the New York Mercantile Exchange. 

Platinum Supply and Demand 

believe *fHa> "sappily 'and consumption in rhe tradi- 
tional sectors flf. the platinum industry are more 
or less in balance, partly as a result of an improve- 
ment in demand and partly as a result of a 
reduction in supply of which the main cause has 
been a reduction in sales oi U.S.S.R. platinum co 
the West, chough the recent [apan import statistics 
suggest that the flow of platinum of U.S.S.R. origin 
to Japan is increasing again. But che supply/demand 
situation has been obscured by rhe vigorous 

intrusion into the market of a new buyer, namely 
the investor/specuiaror. who has been bidding 

against the traditional consumers to acquire 
platinum as a hedge. Were rhis metal to be 

released to the market f believe much of the 

present rightness m rhe supply/demand equation 
would be eased. The platinum producers have no 
obligation to provide metal on favourable terms 
to meet the demand of investors or speculators, 
particularly as rhis metal is liable to be thrown 
back on. to rhe market ar rhe first sign of a 
recession in industrial demand. However, it is in 
their long-term interests to ensure that platinum 
is available for industrial users and manufacturers 
of jewellery. If 1 am wrong in my assessment of 
the present supply /demand situation and there is 
already a. real shortage of platinum in rhe world 
or if one is likely to develop in the relatively near 
furure. and this docs seem possible, then rhe 
South African producers, as che only primary 
producers in the world, should expand production 
ro meet the requirements of genuine end-users 
and fabricators provided-— and this is an important 
proviso— they can do so with confidence of being 
able :o achieve a worthwhile return on tho capital 
which they will have to invest. 

Unless they do so platinum will not maintain 
its present role as a metal of fundamental import- 
ance in a number of industrial applications and as 
a metal for jewellery in japan and elsewhere. If 
end-users and fabricators are starved of material 
or are forced to buy make-up metal on the free 
market at exorbitant prices they will redouble 
their present research efforts co finding substitutes 
for platinum or means of using less platinum in 
their existing applications. The chances of research 
continuing for new usages for platinum would also 
be substantially diminished. 

This question of matching production to demand 
U under constant review by Ihe senior executives 
of Impala Platinum and by the board. Minor 
adjustments in the rate of production, within the 
limits of present mine and refinery capacity, can 
be made relatively easily and quickly— within a 
matter of weeks or months. But the lead time 
for any worthwhile increase in production which 
requires an expansion of mine and rrfinrry capacity 
rs three to four years and rhe eapiral requirement: 
for -his are a formidable deierrenr a;ain$- making 
quick decision* because of th« present state of the 
platinum .market. 

In 1976 and 1977 the Supply © f platinum ro rh- 
Fre* World was ir. excess of demand. Today I 


November 13» 1973. 

, m mi 

7.fi4»’ . <J2.44fY 

Mr. Bryant 'says the problems UnMeTif .NV int. "PIs.340 Dee.2l 3.40,- • -ri- " JJ.56--V- - 

have produced "stresses and Dividends shown pence per share net except' wberef otherwise stated, 
strains nn the Board. 1 * and (hat Equivalent after alkmlng. -for scrip. jssH^' .i^On ^pitel 
Mr. Go old’s resignation M was in Increased by rights and/or acquisition, issues. tJfrcludes D.oSGSSp Tor 
the best interests of the com- 1^77^78. ^Includes 0-12#4p for t97t r 78. 5 Qoxnj*a)“ed witli prospectus • . 
pany." Future Saudi contracts forecast efi_3.5p.' ||.Tp reduce^ ^disfiartty.? African. . cent?. Cti 

«Hi have to be considered very throiighouL .'ftlncludes additional. 0. lip.- . Vli.r : JS »=oj| 

A director. Mr. R. H. D. 

Hankins, claimed that Mardiwie! 

Holdings, the building, civil 
engineer ins arnd public works con- 
tractor. was at some stage during 
ihe financial year considering 
opening bid talk.s with Bryant. As 
a result Bryant derided to appoint 
Robert Fleming and Cn. as its new 
financial advisers to avoid 
-ituaiion where both companies 
had the same merchant bank— Hill 

The accounts recall «hal on 
April 20 C Bryant and three 
rnrmer directors of that company 
were, convicted on corruption 
charges. The company was fined 
[0.26m together with courl costs. 
In addition, the qroup paid !he 
defence costs of (wo hnldins com-: 
pany directors, a subsidiary com- 
pany director and a former 
direcior. all amounting in £0A7m 
n hich has been charecrj against 
extraordinary credits of ICi.fifim. 

The balance-sheet show*- a small 
ncrease in reserves frnm £4. 99m 
to IS iKm while deferred tax i.s up 
from I4.S4m in £.Y13m. Stork and 
work in progress has dropped 
from £i».1«m lo ES 6m. .Net 
borrowings have been reduced 
from £6 38 in in 13 81m. rnuipared 
with .shareholders’ funds of 

If you have £5,000 or more to invest for a fixed : 
period of 3 months or longer, telephone bur 
Treasury Department on 01-623 411 T or . 
.01-623 6744 for up-to-the-minute competitive •• 
fnterest rates, interest is paid without- ,L ' 
deduction of tax at source. 

North Centra! 

• Limited ‘ -- 

Bankers • • '/•..V. . . • 

Treasury Dept., 31 Lombard St., London EC3V 9BD. Telex: 884335. 

V ’ 


Furniture .Hire 

The following are extracts from the 
statement of the Chairman and Managing 
Director, Mr. John Delaney . 

The profitability for the yearended 
30th June 1978 has been a record.fof the 
Company. As in the past, increased 
profits arise from the greater 'actiyityjn 
our furniture hire division. Alsp». there 
has been a further increase iii ouf -- 

and, with this In mind, have' acquired^ ' , 
suitable property on Western^ ifepbe.. 
This warehouse is conveniently Joc4ted- 

to Wembley Conference Centre^ 
television studios, and of course the :v 
major London exhibition iiaHs.’ • ‘S’ 



The restoration of Camderi.- 
Furniture Hire’s modern contemporary 
stock has continued during theyear.---. 
and, with the range of sophisticated 
contemporary furniture we purchased, 
this Company has certainly playddtfe 
part in the increased profits of the. 
furniture hire division. 

, Old Times Furnishing CdhipaiSy : -V 
naS during the year establi shed ad V -:: 
exceilentpicture ga I le ryco rn pri s i 
mainly painiin gs. in riilf datBd.17 to950.- ' 
These were originally purchased wj th ; . 
the repertory and amate ur theatres Jn . ;': “• 

theatre is showing a very lively interest* 
in this stock. These pictures a reaver/' 
good investment and we will, of course, 

. continue to- enfargeihe stock. 


As l have already intimated, we ' 
will have s.ome additional expenses tels * 
Th.„:ui M L .... year iothe opening of.the new’ London! 

Th e p ilot sch e me we earned out i n • warehoiis e. However, the profitability 4. 

ihestar „nH th. hl~* h- ~«~« of.the Gfirtipftrt(,Sr.^Saf l&t 3 

current financial year isweiHn advanced 
of the srmfjar periotf I^yeati v ;; - > V ~ 

• I- yrc yui I IbU uui I 

Manchester and the North has proved 
so successful we have decided to . 
re-establish C.F.H, in ihe Londonarea - .- 

Net Assets per share 
Net Earnings 

Dividends per ordinary shsre(hef)- 

• v :i: v: 1978 j; 

:* C: • - 283p^. ? 

. •••• ; *t ■: 

- -T- . ~ — r 

•V r ‘£’v' 

14 1978 

-jus ;S f j 

jea H & G over 
at six months 

, • . with — 

- mcroJTCr ahead: Jixmj '.fltSin’^Mala^atti-.Ptantaiions (Holdings) I Z _ I — » 

., gfc$©!tre, T^t^;^^J4te^£-an3i^aC^?^rOf th* period* by BOARD MEETINGS 

-.. ST? tifas-a-recor^ ;&33jm z: ...^ : other acgwsiw^ . • , 

-^^Sy4sey^p6, ^ie:'?fraiZCiaft'^rt^s6<Jfl' - treports - profits Of dates' Ai companies haw notified Derltend STampTiw .... Dee. 13 

, state* that a«OtiITtS.*w;s^ieVtlHid £21 J^ of £9,829,000 Esrj, an „‘ “°“ I r 1 'L m eeunp l0 the St«* Evans Of Uvd* ...~ Not. ii 

» SS, J: : ^-ss-i *SJK2 ESa 1 ^."r= = SEl 

' ilferCasgfl level >at tradin g IS aaaotmtgd -ffl. £3fl2m. _ svaiiaM* Official indication* are not Hoe Ans Developments _ NOT. Sfc 

: nolntaioed- 'and *h# W - fionSdoot • The Hfftflrcs reflect the merger imT.^L* ^ J 6 , w * >llher *itvid«*nds arv huudd cahw nov. 22 

- t(at this nwtnentum.»ifi*ooti3ttue. ^^ ij^^for 'tbo whole' of the sho^n t !L p *' a * iv *? m }*»* ^ • ?® T - 17 

. gWSlc.tottCT-^tf.-Of ^ • : ;..«x;iniMtfto:«hd the takeovers of ***S£m!' b *** mn '* !* £*£"* MiUaads tatem* . Not.u 

• fcftew ventnresrin. the -nssnafas* Majayaishn^KWitatloiis (Holdings 1 today Menu* investment Trust ...... .".1’..’. notIc? 

are of l8dies* adsuipwe«-aiwl Jo entf -Hfircrqs invesrraent Trust ' au i r,, "*‘--wvante um,jn«». Artmtb- £U*ir.aM>o poc s 

etailina jot -iKniaefaoId^'t®*^^^.: with, effect from February this w ' J -«'»uuo. commercial Ban* of the fffjy 1 * _ 1 , •>.“ 1 ' ^ 

Ty --Ii’ -• • - . . ut Ea*t. Control tvunhn Rioh«- rotliniaTiB International .«ov. 23 

entered irtfo-dwtng thfe , earner year. • - - v p . v pivt-stmvw Trus: hat crauo^u’p lSSh Rcon,sb and universal invests. ... not. 30 

, • art of the j&? , L. the V" r,l,e? ^‘Stment t™ j' k n*£J£ Tt*w Sforvs Nov. 22 

. . atJsfactorJly^Jie.addt ^ . origJnaJ. ^^§60°^ apd CrosfieM Nonhem aotd«mii»s sxeicivit-y. w S^?I^ ,0 ' 0r — not. it 

. ‘After tai «r -£USj«ra'^gS&8T:g?TOtl ^RWed taxable profit Up ^ SmUhs Industries. Youns B ™^.nhe«> Xov , 7 

. : ^mOOOJbr from earn- ?3S 'ZvXr..~ZTZZ Not! a 

• tt-Ofit enmft OtttrHt £I3lA)ireOSO- _ n«Sr per- £1 -Hiare 01 22 6p. It cm..*.- • Kvlacr tntinsulcF .Dec. 5 

~ ^.te-A with ao3i)^^.eari3- was egtfotetej tp' May that for lBterimv- Ftm ^ E OATES SuoiUsh and MufcantOe Invest. ... Nov. is 

eanungs Black Antlw N ^ 2l |^ ah ^esunem Trust ............ Nov.M 

. ' ie Jntei?ntdfedejjd.iS-efii«tivfetyiadJjw^.'^|or\ -the ^.acquisitions D-v< ' fcodfreji not. is ■■ w ■■ Riw^iii" ' .’ not 17 

' aised ito-ff eo^OlR)^.- wouldT^xa«..w?en. equlv^lent to ~ 

• *st . y ear'&^filBal , wag- aja adjusted - - 4*tL . Thg. jmb fished pre-tax p ro fi t 

:-'SS35SSWv? p . - m £23 : 17m a*! other divisions of H and C and so has not yet been aWe to 
.= ... ■-.•v, -,:;. -f -v-. -?c - half -rear now s:illsfaclor > figures, the provide comparable figures 

-• P 'r, n 1 - ^ 1 d rectors comment. against u-hich to judge the latest 

&CCC6SllW^5.. rlu : ':i dmaend Ls 6 K ,^L er minorities of £1,754.000 performance. For what it is worth 

- =\i- i±: •'.■$■ V ; /.^i»st^-''£ 2 ^ 8 in, eonipared with ^t^ibu table surplus emerged at earrung^s per share of 21 . Op are 

J ™ l & Z £L ulg'gg SSX^r 

it , • nndlair perio& r 6t-1977-78^ ,, . vaited-in Malays during 1076 and {f™ ance vllJ ^ Included at tuU Zrtlll ik 

~’.. 'NOTICE IS HEREBY GIVEN .tint Sie^ thpfi mocnaic distiibu- 
rion (including eqpalisarioh payiocnr wbwe -applicable) for the 
«'■. period ended 27th Septemte, 1978. totalled UJS. 41JS4 cents 
• w . GROSS per ^sh^/ Cteeamt wrihotdjn^ eqk* outside Jersey • 

. ha ve been deducted together wuh' die managementfee. 

,;v COUPON Nd-. ^at theietexrfrDJ. Si.M cents per . 

; share is ^y^ie imh^i^Biar!l5^ NdNnanbcDr» 1978. . 

- Coupons should^ he .detadied Eom SbAre Certificates and 
^• presented for pavmept it the office of any of the Paying : : 

• Agents: named below and fcft for Arce days {or. examination. 

. i: Coupon- listing fortiUL may . be qbtSpcd from, the Paying 
/ " Agents. Xo^Mnerit pf cbopons xvip^^dje^^United Kingdom. 

•• '; must be made by an Anthonsed Dcposttarv- - . 

' L COPIES OF THE BI-ANNUAL REp^RT for the period : 
ended 27th Scpttinber, ig78 are no\Y-avaDaMe to shar eholders 
Y 71 at the offices named below. 1.. ■ _■ . 

^ parcteytrKit lut*pi«lina4 inC.Tfc Bd^kaqi wut. -Ba^ayaftialcSaaKWfi} - 

- "P.O. BoiEB. "• ■ .- •• ‘au^sraaio. C 

39/41 BionAtoMt. - „- • . CwpantiH^.D. Sw fiB - - • RPJ. Bn Ha l » ' 

St Heku.Jum . . . . . .kaatacMlapna," ' ./J^ GnaM-ftat ; 

. . CHABB ELIS LANDS. fiBHB/ ' ". Mpiqbt£WR.\ ...V 

' I" ft Bek W Dm. : '• -'- ' ■ • •*- : •' ' '• .' . ' *«W «»t * ' - • 

JFB looking forward 
to prosperous future 

39/41 BiobA Street - ~ ' 

St Hrker.Jvtsr- . 


!'■ GsekSaniDeya, ■ -V 
''* JMhbJum*>Nk. 2S. - ' 
"V Jakarta, ■“ ■ . 


; Brak el Maura. - 
f finndar* Kotfi-Co. «X?.r. 
;. futbox 1B&, . ’ .. -iu* 
i HwmwadaBBft.r ' 

.■ AumndaaPC. ■ . 
totem s t l— IBeakal . 

Sh a^eta is-wryi 

DBS Baildiiig. '._ 

_ StaatDO Wbt. 


/Mr.MNagadn, " . 
BBHBT ' ---;■ 

. Bfwea ttflei i i« w ma Hu • 
i UiXOTi b au i ^ SJL. ■* 

' . ftnuAtfuie S2BS. 

. 2 Bnfemf Rural.-.- ' • 


'.. i_- ^ i - ■ -!\?}r . : 

AastffNft SReWliwIflWl 
r WL Box 1B98, WaJHactte. 




01-1 nygu mi !,•.'•• . 
swuamAND.,. - r ..‘ 

. MMMBattWarf, .y^J 
SwvMm. Is,-, .%•. 

- M3 ReptMk Street /. - ’ i?- 
.Vito.iuiTA. ..,;;^- 

’ -• ' ~'r! 

■.‘♦A; Box 71. , -■ •.?• 

AaftMereAy, , ■••■ 

.tapuanehabwea: - 


SooriDaa SoreiMtBkot. 
SeroadPaor. . - 
— •M linfcanl Smt 


. nrcantana> 
'. inytoriaAKiadbyais 

BY KEEPING a tight control over 
costs and openlrria with the best 
rquipmr i nt available, Johnson and 
Firth Brown can look forward to 
a prosperous future, says Sir. J. M. 
Clay, the chairman. 

The company has now ^com- 
pleted its offer for Weston-Evans. 
The final terms involve the issue 
of 5.65m JFB ordinary shares and 
paymenr of £4 17m in cash. The 
enmpany bad. earlier, bought 
0.47m shares in Weston-Evans for 
£0.76m cash. 

• Based on the group’s latest 
balance sheot. the agreements for 
the purchase of Glossop Super- 
alloys at Ausust 3. the balance 
sheet of Weston-Evans at March 
3L and taking account of the 
acquisition of Aurora shares and 
the sales of - MircncU Snraers 
shares. U 10 combined balance 
sheet of JFB at June 30. 1978. 
would have shown capital 
empioved rtiHrcinally lower, from 
an ac’iud £127. 75m 1 £102 20m ) to 
m&uStn:, ■ -■• 

‘Also— with the previous year's 
actual figures in parentheses— 
bank balanios and cash at 
£783:000 comp ire with ar. actual 
£3.6Sm (£4800001. short-term in- 
vestments of iFTS 000 cmnpare 
with an actual £t05m fnilj and 
bank overdrafts of £?.73m mm- 
pare with an actual 13.37 m 
(D 2.02ml. 

As reported September. 15. the 
stoud's taxable profit Improved to 
£>25fim l £li ''2m3 on tumdyer o! 
£22fl.7m (£200 3m) and the net 
dividend i^ effectively raised to 
£75B3p 14UB21D1. 

On a current cost ba^is alone, 
the Hyde guidelines, profit would 



A final dividend of Up net per 
25o share for— shareholders of 
ClvdesdaJe Investment Company 
lifts the total -for the September 
30. 197S year from 1.675p to Up 
Also announced is a 0.7n (O.flpl 
net interim payment for the 
current year. 

Revenue for the 1977-7S year 
came out ahead at ZAllm. against 
£I.7m before ft "tax-- charge"'©! 
£SS'5 3n5 ( £874.350). 

REPORT 1978-79 



Net Bfokferage income 
Net Underwriting incofne 
Operating prof it 
Net profit attributable 
Earnings per share 

Six months to 30th September Year to 31 st March 









- £’ooa 








Total ornuo orofit before tax Is E6.538.000 fl 977—25,442,000), an Increase of 20.1 %. An interim 
d MtieW 1 -Slp^^are net^Tbe paid on 4th January 1979. This Is equivalent to 2-42 p 
citSb M 977 -- 22 p 0 rt»s) and in addition there will be paid a supplementary dividend of 
0 05098D «, sTkSb ini^pwt of the year 1977/78 to make good the shortfall on the final 
SiSfKSTtta Son in the rate of fcCT.1l Is <ba ‘ntention of the Board to take 
Stase of the Dividends Act 1978 at the time of the final dnridend. 

n „ r Insurance broklna Income was £8.80 million, which is an increase of 13.2%, the major 

by the companies based In the UK where the Group is showinfl 

a good advance on last year. ; • , 

Tta Grouo's underwriting operations after expenses have contributed £2,248 t 000-an 
IS?™*/* of ^ ta.1 % Satisfactoryprograss Is being made by both our underwriting agencies and 

in Australia. Prospects forUoyd’s underwriting are that the 
due to be closed, on 31st December 1978, will mark a 

profitable underwriting. 

— *>n»»" WIOT ' rjux iiouAKa CMnm 

Copies of tlie full Interim Report sra'awnabte fron; the Socreiasy, C. E Heath & Ca Umhati. 
Cut»ert Heath House, 15M54 Minortee, London EC3N iNft. Telaphone: 01*^882488 


. AND 



Though . If 1 ® Political clunato 
remains uflsteble Guildhall Pro- 
perty ' Company should show 
steady fffpgress in the current 
year with taxable profit advanc- 
ing to a record or snme Xtflo.non. 
Mr. Lesile H. Smith, the chairman, 

The company has nnly two 
properties racam. one of 4.000 
sq ft is espet-ted to be ler shortly 
after renovation and the other is 
being refurbished and subdivided 
into four -units totalling 17,003 
sq ft of Which one is let and nego- 
tiations are in hand for two 

The sale, of the company’s resi- 
dential properties was completed 
id September last year and. with 

part of the sum realised, two good 
freehold , commercial properties 
have already been acquired and 
the directors continue lo loo); for 
further suitable property invest- 
ments the chairman adds. 

Tie rent roll and rents receiv- 
able were little changed at 

£720,323 (£718.006) for the year 
to June 80, 197S. due to the sale 
of the residential interests which 
meant rent attributable to this 
source was cut lb less than a 

However lhe disposal produced 
a reduction in property out- 
goings and other related costs 
and pre-tax profit emerged 
£87.593 ahead at f632528-as re- 
ported October 20. The net iota! 

dividend id raised to 2.69p 
1 2. 104 on) ptr 23p share. 

Contracts for capital expendi- 
ture at year end amounted to 
£150.000, ana working capital was 
up I570.S4U (£205.448). 

At October 19 this year. AJJnar# 
London Properties, or which Mr. 
Smith is also chairman, held 2.4m 
shares: Chaue Charity, of which 
Ouildhall Property director Mr. A. 
Ramsay Hacic is a member of the 
management council, held Im 
shares and Barings Nominees 

Meeting. Winchester House. EC, 
ou December 5 at noon. 

This* advertisement i 3 issued in compliaiLce teiih the 
requirements of the CouxtCti of The Stocie Exchange. 


Placing of 3,500.000 10} per cent. Cumulative Preference 
Shares of £1 each at par 

Application has been made to tbe Council of The Stock 
Exchange for the 3.500.000 10i per cent Cumulative Preference 
Shares, in the capital of the company to be admitted to the 
Official List 

In accordance with the requirements of the Council of The 
Stock Exchange 350,000 Preference shares are available m 
the market on the date of pnbiication of this advertisement 

Particulars are available in Ae Extel Statistical Service snd 
copies may be obtained during usual business hours on any 
weekday (Saturdays excepted) up to and including 38th 
November 1978 from:— 


32 St. Mary at Hill, 

• London EC-3. 


Salisbury House, GRUMKAR & CO., 

Loudon Wall. 1 Moorgate, 

London EC2. London EC2. 

14th November 1978. 

, - Stance will be included at full T^oull 

T\ .The interim dKTdrt .^ Veptxd probably be ?air to douWe up^e 

’ %n from -5p^p /net tjot £1 -yiN year taiwArch SI, 197S. They hftlf ^ an ,j n ™ npr -hare tn 

tare, and ;ttftrr is^n :addjtKmaI. feU short of *c previous year’s 9 Comment e« some KS Sf the r^ yL^s 

■ • ,2 rs , W 0 if dd la fi^^reemorthr^f 'iots ’ 5 11 is impossible to make much outturn. This would give eps of 

- Serim s^S. VrSJ&K* unc^T^S 

.. . . . . -" Plania'ien? and Harcros Invest- shares yield 7 per cent assuming 

• ^ .• ..... . .. 1 ment Tnj.-t plus the huge merger the maximum permitted dividend 

: * with Harrisons. Malaysian Estates increase. r ... .. . 

The Directors of Unilever announce the results for the 
third quarter and for the first nine months of 1978, and 
the interim Ordinaiy dividends in respect of 1978, 

have been cut to £4.3m by addi- 
tional cost of sales of £3.6m and 
extra depreciation of £7. 3m offset 
bv a gearing adjustment of 
£2. 9m. 

'A geographical analysis of sales 
and trading profit, which was 
marginally down -£lo.l4m 
(£13.44m). shows with £000s 
omitted: UK £182.018 and £13 444; 
rest of Europe £24,613 and £695: 
North America £10.856 and £264: 
and elsewhere £12.235 and £702! 
Direct UK exoorts were up from 
£30.9m to £4im. 

Because of the inconvenience 
caused to the group's financial 
staff the company's year end is 
being changed to September, 
beginning in 1979. 

It is proposed to increase 
authori red share capital by £2m 
to £37m, which will increase the 
margin of unissued and 
unreserved caoitai. after the 
Weston-Evans deal, to £2.41m. 

COMBINED RESULTS (£ millions) 

Third Quarter 

increase J 



( Decrease ) 



+ 9% 




— Limited 



— N.V. 








f-lon-recurrins items 

Concern share of associated companies* 



profit before taxation 



income from trade investments 






interest on loan capital 

1.2 - 


Other interest 

Nine Months 
1978 1977 

7,259 6.628 

increase / 
( Decrease ) 
4- 6% 
















171.2 144.9 

(73.6) (64.0) 


. OO.O) 












7 "(5.2) 



“ / 80.7 















Taxation on profit of the year: 

Parent companies and their 
Associated companies 
Taxation adjustments previous years : 

Parent companies and their 

Associated companies .. .... 

Outside interests and preference dividends— - - 
Outside interests I" 

Preference dividends , | 

‘.Total concern profit attributable to ordinary/ . 

\ capitals rates of exchange ruling 31/12/77 
Difference arising on recalculation of 1 978 results 
at end September 1 978 rates of exchange 

467.6 433.1 




( 2 . 1 ) 








211.5 195.7 


— Limited 

- N.V. 

Earnings per 25p of capita! 


195.7'' -;■+■ 8% 





57.10 p 

52.6Sp + 8% 

Exchange Rates 

As has bean our practice the results for the quarter and the first nine months and the comparative figures f :r 1 377 have been calculated ar * 

comparable rates of exchange. These are based on £1=FI.4.36=U55 1.91. which were the closing rates c-f 1 977. Total Concern profit attributable j 
to ordinary capital for the current quarter and the first nine months has also bean recalculated at the rates of exchange current at the end cf 
September 1 978 being based on £1«= Ff. 4.1 7= L1SS 1.96. 


(n the third quarter of 1 978 total sales value was 
9% higher than m the eorresponoing quarter or 
1 977. Of this about 6% arose from increased 

In Europe results from the edible fats, frozen 
products and detergents businesses were again 
well above those of the corresponding quarter of 
lastyear.The to:iet preparations businesses faced 
poor demand; results for the quarter were lower 
than in 1 977. In our industrial businesses results 
from chemicals showed an improvement but 
those of paper, plastics and packaging were 
lower than in the same, quarter of 1977.Animal 
feeds did well. 

In North America total results were below thoss 
of the corresponding 1 377 quarter, party 
because of neevy advertising expenditure for the 

introduction o: new products by Lever Brothers. 

National Starch figures have been included as 
from 1 5:h August. 1978, making a worthwhile 
contribution safes and operating profit though 
there were higher interest charges which diose 
principally from the loan to finance the . 


The UAG fniemailonefgroiiD cnee agatn 
achieved gooo results. Whilst associated 
companies continued to make a satisfactory 
contribution. i«s favourable economic 
conditions i.n Nigeria are beginning to show 
their effect on our businesses. Sales and profits 
in other overseas countries continued to be very 
good, with sigruffcaht contributians'from 
detergents, edible fats end toilet preparations. 


The Boards today declared interim dividends in - 
respect of 1 978 on the Ordinary capitals at the 
following rates which are equivalent m value at 
today's rate of exchange in terms of the 
Eaualisalion Agreement between the two 


per 25p Ordinary share 8.52p (1 977 :7.64p) 

per FI. 20 Ordinary capital 

FI. 3.40 (1 977 : FI. 3.40) 

In the esse cf N.V. the interim dividend will be 
paio on 21st December, 197E. 

Of LIMiTED's interim dividend, an amount of 
5.20p per share will te paid on 22nd December, 
“ 978 to shareholders registered on £th 
December. 1378. 

N.V.’s interim dividend is equivalent to th* 
interim dividend for 1 977. The weakening of. the 
£ sterling against the guilder gives riss to a 
higher interim dividend in LIMITED. 

The balance of LIMITED*s 1 978 interim dividend, 
amounting to 3.32p per snare, and the deferred! 
balance of 1977 and earlier dividends amounting 
to 25.54p per share making a total of 2B.86p per 
share, will be paid, when circumstances permit 

to holders of Ordinary capita! now in issue 
regisifrec a: the time of payment. 

Fc’the purpose of equalising LIMlTED's and M.V.'s 
divider. :? unoer the Agreement, the Advance 
Corporation Taxir respect of any dividend paid 
bv LIMITED n« to be treated as pan r.f jhe 
oivicerd. “"’e figures r.c-v announced for 
LIMITED'; 1578 ir;enn di.icend ar.d The 

do( 6rr qfi ps(2P.:e of 1 and earl'er dividends ' 
have been calculates c. re re to me current 
rate or Advance Co:pora»'or, Tar (33767ths) : if 
the rare n changed before payment of these 
divisenss '-as b; en completed, the figures will ba 
adjusted accordingly one: z further announcement 
made. The 1 £77 mtsnm dividend of 7.6-iD 
shown above was calculated at me then rate of 
34/66:hs. j 

The rwc-iution of the members a: LIMITED'* 
Annus! net a! Meeting on tho 'i7ir, May. ' 973 

required the final dividend in respa:: of 1 977 c-f 
1 2.1 9p cs. snare declared by mat resolution to 
be adjuttss tire D Sectors in the event of a 

Change n -.he rate of Acivan co C orp oration T s y. , 
Since" ;--:n :h?r 2 rc of Ao/ence Corocration Tax 
for the -car beginning the bth Apr;!. 1 978 nas 
been freed at 23/67:ns. If this rats had teen 
deter m n-:d prior to the pgvmoni or 7.24p per 
share ir. respect 0 l that di /idenc on the 30:- 
May. 1?73 the payment would have been 7.H5p 
per shcre. A further ceymer.t of 0.1 1 p per share 
will therefore be made or. the 22nd December, i 
1 978 1 :. sr.areholdei * registered on the Bih A 

December. 1978. ‘'(5* 

13th November. 1S7B • 

Unilever Quarterly Results are reprinted in leaflet form. 

Ifyou wish to be included In the mailing list for these leaflets please write to : 
Information Division, P-0. Box 63, Unilever House, London EC4P 4BQ. 

Bryant Holdings 


Profit before exceptional item and taxation £3.24m 
compared with £2.66m last year. 

Exceptional item of £2.63m being provision against 
investment in Saudi Arabia. 

^ Gross, final dividend 2.3p per share (2.1 p last year) — 
maximum permissible. 

it Homes and property continue to be the main 
profitable activities. Cash position very 
satisfactory with borrowings reduced by £3m from 
previous year. 

Market value of large land bank substantially in 
excess of balance sheet figure. 

it Reserves increased by development surplus of 
£1 .38m additional to trading profit. 

^ Satisfactory results anticipated for current year. 


New Dawson offer vain 
Haggas at some £25m 



Year ended May 31 


Profit before exceptional item 
and taxation 

Exceptional item 

Extraordinary items 
(Deficit) /Profit after taxation 
Ordinary Dividend 
Earnings per share 

















Copies of the Report and Accounts may be obtained from the Secretary, 
Cranmore House, Cranmore Boulevard, Shirley,- Solihull, West Midlands B90 4SD. 

•Vc 7 .'- '. T. ■ '7 

Dawson International. the 
luxury yams and knitwear sroup. 
yesterday un celled a revised 
agreed £24-&ra cash and share 
offer for John Haggas. the York- 
shire yam spinner, which it hopes 
will put an end to a triangular 
takeover melee -that becan two 
months ago and included a bid 
for Dawson by William Baird, its 
major shareholder. 

Dawson is now issuing five of 
its shares (before adjusting for 
the scrip issue) for e\«?ry nine 
Hangas shares compared with two 
for three under the first scheme. 
An unchanged lOOp cash «•* also 
being paid for each Haggas 
share. . . 

William Baird intervened, to 
prevent the previous merger 
being completed because it felt 
the proposals favoured Haggas 
shareholders, It Ls not known, 
how Baird wifi react to the latest 
offer but Mr. Stanley Field. Baird's 
chairman and a director of 
Dawson, was notified of the pro- 
posals last Friday. - Mr. Donald 
Par. his alternate on the Dawson 
Board, attended yesterday's meet- 
ing which ratified the new offer. 
There is no Indication that he 
either opposed the new terms or 
obstained from voting. 

Mr. Alan Smith, Dawson’s chair- 
man said that he was not antici- 
pating any opposition to the 
revised terms. "Had Eaird been 
going to oppose them, it would 
have said so today,” he said. 

Based on a price before suspen- 
sion of 179p for -Dawson, the 
latest offer values -Hacgas shares 
at 199jp compared with the price 
of 2Q5p under the original pro- 
posals. Haggas is forecasting a 
full year pre-tax profit of not less 
than £4 -8m which gives a fully 
taxed prospective exit p 'e of 10.8. 
Haggas 's balance sheet includes 
112.4m of gilts. If this is stripped 
out and the interest earned 
deducted from the pre-tax profits, 
the exit p/e is S.6. 

Under the offer, Haggas share- 
holders will receive 10 ordinary 

Dawson shares f equivalent to" five 
Dawson shares prior to the scrip 
issue) and' £9 cash for every nine 
Haggas shares they own. Members 
of the Haggas family, who own 
5.823,720 shares, have agreed to 
forego Dawson dividends declared 
before April 1. 1980. Remaining 
shareholders will not get the 
Dawson - interim, payable in 
January, but the new shares will 
rank part passu with existing 
shares in all other respects. 
Haggas shareholders are entitled 
to the Haggas final dividend which 
is payable on November 27. 

Irrevocable acceptances have 
been given covering 50:54 per cent 
oE the Haggas capital and the 
Board of Haggas, together with 
Singer and Friedlander, its finan- 
cial advisers, are recommending 
that shareholders accept 
See Lex 


Jenih, the private Jersey invest- 
ment group which bought a 61.7 
per cent stake in Wm Mowat from 
the directors, announced yester- 
day that its obligatory offer for 
the remaining shares bad closed 
without revealing whether it had 
received acceptances from any 
other shareholders. 

Already Mowat's board is 
changing to reflect the new 
ownership, and a rights issue is 
planned for a few weeks time. 


EMI (Australia) which is 60 per 
cent owned by the British group, 
has purchased from New South 
Wales Printing Company, a sub- 
sidiary of Smith and Lane Hold- 
ings. the plastic card manufac- 
turing business known as Master- 
card Manufacturers. The cash 
consideration was £128,000. 

Mastercard Manufacturers is 
the largest plastic card manufac- 
turer hi Australia, and the 
purchase will assist the early 
introduction into the Australian 
market of the “watermark” 

The City 


IAL is an organisationjjpon which, in some 
measure, a great many of- the worlds institutions rely: 
for many different reasons. 

Data communications is a case in point; a field in 
which IAL is a world leader. 

Lloyds Underwriters, for example, utilize IAL data 
transmission equipment in their day-to-day dealings. 

As do most of Britain's clearing banks; and various 
other financial organisations that the British refer to 
when they talk of 'the City' 

in all aspects of communication IAL is an 
innovator: its track record is brilliant. Police an 
emergency services in the United Kingdom ana 

Canada, and vehicle fleets in the United States and 
Belgium,, use a revolutionary computer-based IAL system. 

IAL communications serve the oil industry, and the 
great international construction companies. They serve 
defence ministries and, more and more, provide nations 
with the sophisticated telecommunications services 
essential for economic development 

In aviation technical services the IAL capability is 
total. Unique. Its superiority, in terms of efficiency, cost 
effective operation arid-sheer professionalism, 
unquestioned. Airlines worldwide avail themselves of 
IAL sen/ices, and seventy-five airports across four 
continents. Not to mention. numerous off-shore 
helicopter platforms and the airstrips in remote 
exploration areas which depend on IAL beacons as 
navigation aids. 

Aviation, industry, commerce, banking finance, 
transport, public utilities, governments, IAL serves them 
ail -and more; reliably, dependably, brilliantly. Can IAL 
serve you? 

DIAL IAL For further information of IAL products 
and services telephone 01-574 2411 or write IAL, Aeradio 
House. Haves Road. Southall; Middlesex, England 
UB2 5NJ. Telex: 24114. Cables: INTAERIO Southall. 

! secure magnetics system Tor 
i credit cards developed at ESIFs 
• central research, laboratories! . 


: Share dealings in Talbex' and 
■ Hoskins and' Horton were 
i suspended yesterday pending an 
I announcement which is expected 
; to he made in the next two to 
. three days. 

1 Talbex has been _:widely 
expected to bid. for .the 
Birmingham- based hospital equip- 
i ment supplier ever slot* 

: shareholders . authorised the 
: proposed takeover - at the 
i company's recent controversial 

For 10 days talks are known to 
have been at si. advanced stage 
but neither side was prepared to 
comment yesterday." • 

Talbex was suspended at 15p r 
Hoskins and Horton at lfSp. - 



Standard Chartered Batik has 
taken a further step lit its pro? 
posed $372 m acquisition of TTxrfeix. 
Bancorp, the sixth largCst bank in 

The application for the- acquisi- 
tion has been accepted by the. 
Federal Reserve Bank of : San 
Francisco, the local arm of. the 
supervisory authority.- - It still 
faces the hurdle of gaining 
authorisation from : the ^Federal 
Reserve Governors in' Washington. 


The revised offer by Combea 
Group for Orme Developments 
has been accepted in respect '.'-of 
16,784,971 Orme shares (9L3 per 
cent). The balance. .w2t- be 
acquired compulsorily. - 

In consequence,. Comben has 
ceased to be a subsidiary -of 
Carlton. Industries which now 
owns 49.1 per cent of Comben. 
Carlton h 5L 9 per cent 1 owned 
by Hawker Siddetey Group; , ; 


Sir Douglas (Hague has resigned 
as a non-executive director 2of 
of Plantation Holdings. The group 
is currently the subject 1 of- a bid 
by Multi-Purpose Holdings and 
Sir Douglas would - normally, have 
resigned after completion of the 
take-over. ■ / 

But, since he is abroad, it would 
have been Inconvenient . for .him 
to put bis name to documents 
relating to the bid, so he ' has 
resigned now. 


Moss Engineering Group: Britan- 
nic Assurance Co has.' increased 
its holding in the company 1 to 
iOO.OOO ordinary shares (10-35 per 
cent). .-. - ’ 

Stewart and Wight: Mr. M. B. 
Conn, director, now . has ;an 
interest in 12,941 ordinary shares 




mm i s 

— ^ Mi 


■rrir , i ; 

f i » ¥ 

x r -i 1 1 ■ i cfrT; »pJaaHBm 

> > rl > gQT 


The Board announces estimated 
profits for the 9 months ta 30th. 

£62. 5m (1977 £46.0 hl)' After 

9 months W\. ^ . ■ ?. 


Investment income 
Life profits 

Underwriting result • i - 

(table below) 

Loan interest 

Taxation and minorities 

V months to";. *8 tWratBa. W i •< . -il 

JOChSeptlTO ^OdtS««,lV5Vi.. " 8 

lEstfaaata 'EstSjnane KMUtwl' : . r 

fin- £m : ^ 

. - 859.4, V. 8^5^572^':: ; g 

, 19J6 '-. ■>' ■% 

. (0,4) . mix 3\' 

(145) : • f 

/ ioii : V 

(38.6) ;^Q.7y 

J. E. WHJettfL director, ^purchased v- ■ . . v. -* 

Tra.-aon: Mr. EAKNTNGS PER SHAKE IS^Op 13.46p 
W. M. Dra vers, director, has dls- . 

Of 60.000 deferred ordinary SHAREHOUiERS’ FDNDS 

Inter City Investment Group: 'JL • . ' , • • i 

Mr. J. Harris, chairman, now has UNDERWRITING RESULT"’ 


United Kingdom 
United States • 



L 4 


1 ( 8 , 0 > 


£m ' £at v~ 1 

-CL2 - <u- 



*• ' • 

>*•>>. ' " 'A 

; - r 

•v; 7?'- 

a beneflclal interest in 1,173^12 
ordinary shares (12.6 per cent). 

Winter-bottom Trust: Equity 
Law Life Assurance Society has 

acquired a further 25.000 ordinary pansria ' - . 03 ; (J2 flT., 

shares thereby increasing its ...' V/q MJrfc'WlSftV 

holding to 1,490,000 shares (31 per . Netherlands (8.0> (lV.4h. 

ce ? t> ' » c* .. .. . . , -Remainder: • 3.6 (7.2^> (7.4) 

General Stockholders Invest- • r-. :-:**:- • • 

fment Trust: klr. W. J. R. Govett, /n/l . /«7T 

director, disposed of 300,000 (0*41 . (4L6t- 3 - 

ordinary shares on November 8, ■ .... . 

1978. nTAfe- • "J I- - '.,. \; 

Investment Trust Corporation: ^OVSS ; •' 

^ acquir ^ d a a) Hie "results for the 9 months to 30th Sept.Hi^er;1977 
and a r furt^°3L5« preference have been restated to reflect the change, madeat tbe 

3^n.660 P oT S d!n^ X res h ( o7 .1 endof.1977, in the Company^ accountfe^ ixdicy-for, 

per cent) and 2,135,466 preference ' deferrea taxation. ; 

sl, FSu‘». 1 /R, P S.“ s " t) - Ferroson b) The results of the Company’s overseas -operaiiotis 
industrial Holdings has boughi ' have^ as usual, been converted at rates of exchange 

i?’To6p"'S!L-id e r nd P imrrea'i *p prevailing at the close of the periods repdried above 

holding to 654.857 shares (25.75 which were.' ’> r . 

from'wglre United States ; . 1.97 1.74 . ' 1J32 

croft, the textile and building A ust r a lia - 1.70* 1.58 ~ .""1.67 . 

^DavM Sfacon and Son Holdings' Canada 2.34 LS7 ,2.10 

Davis Investments (Jersey) has - Netherlands 4.13 4.3Q ' -4.35' 

disposed of its entire interest of • ... ,1 ■. . 

no.000 shares (7^6 per cent). World-wide premium income m sternng. «arms- 

shows a. reduction of 3%. After allowing for cltanges iii 

Expansion at rates of 03£change the growth in premium incomes' j«js 

Paterson ^ the United Kingdom the uude^vwit3ng.|mpix)!vei■ , 

_ . meat : continues with profitable eiq>erifince.nm, rilost 

Z/Ochoms dasses'<rf business. '' *• /* J : ■ 

once again, the inrrease in The- United States had a prrifitable third'^quart^ri ; 
operating profit and the subsun- particularly in the property classes, and ther^jslihow:; 
pate rsorTiochotiis in 1977.78 ^ 331 underwriting profit for the year to. date. 
come largely from the group’s tory- operating ratio -for 9 months 1978- wafr J 99.4%^- ‘ 

(1977 101.2%) compared with 100:3% at.Eih(^i 
bis annual report. However, there are signs that the market is becoming 

have^b^come cm* increaringly competitive. ;rpl~ 

the voiunie of business of the In. Australia, despite a moderate improvement'this : 

?o m hS^f quarter, trading conditions are still un.satiisfact(^;jyhh . 

their products and in particular .intense competition especially for fire . business. C?mada- 
ihe S cha!raSn tS sSl de 111 NU;eria ’ * produced a break-even result during the last, qufflier.: . 
For the year ended Sla v St and COUtlOUeS to show a SZnall profit.; ? - '- V 

. ip^the Netherlands there' is' a -cbn tfnnirig twt jHave* 
ment M-lmderwriting results compared Vwith^ 
as rate increases favourably affect -the esperie^cej-.'f 
particularly of the motor account r A ; - ■ ‘ . - 

-"There have been improved underwrifeng residtSTfor' 
most territories in the Rest of the Worldand ' 

.. -.®08E !\ 

a , 

, ;i?pso! 

1J32 . 
: 1.67 

Notes/;' ) Ztr ^\; 

a) The "results for the 9 months to 30th Sept«ifcr;1977 . . . 

have been restated to. reflect the change, made at the .'. .^a,. .. 
end of. 1977, in the Company’s accoun tfeg policyTor l ' ' 

• deferred taxation. ; 

b) The results of the Company's overseas operatiems *•*- .. 

- have, as usual, been converted at rates of eischahgB^ ‘ ; 

prevailing at the close of the periods repdried above .; -V^., , 
which were: ‘ : - • ; - J: •; ' 

. ' . United States . 1.97. . .. . 1.74 .L- !IJ92 

Australia - 1.T0' 1.58' -1.67,: - c 

• Canada . 2.34 . LS7 1 ^2.10 _ ^ 

-Netherlands 4.13 ;4.^. -v '.4.35 ' l 'GSF( 

. World-wide premium income in steriii^L tems _ W. 
shows a reduction of 3%. After allowing for changes in ... ' 
rates -of exchange the growth in premium incomes' y®s . " w 

4%. ■ 'rtiy*- ;.; vt I'p.n 

In the United Kingdom the underwriting ^improve* ' 
meat continues with ’ profitable •- experience^tii / meat • - 
classes of business. " - • .^’.c . 

The- United States had a profitable -third^arteri, 
particularly in the property classes, and. there is-nowT 
an underwriting profit for the year to. date. Ihd'rietn- . >^4 j : 
tory operating ratio -for 9 months 197S- was'99.4%^ ‘ - s; 
(1977 101.2%) compared with 100.3 % at.^'ihc^tiisLi 
However, there are signs that the market Is becoming ' 
increasingly competitive. . . ' ■; ~ 

In. Australia, despite a moderate improvement'thiS : 

#.u*»i 4 nr -■ L — ' •- . 



r-Jf-tr . 
VI; '-v 

For the year ended Slay 31 
197S. group turnover increased 
from £l40m to 1214m and pre-tax 
profit was up to £I9.4Sm against 
118.27m. Operating profit rose 
6 per cent to £]5.59ro. 

In the current year, all areas 
of group operations show a fur- 
ther increase in turnover, but due 
lo the continued rise in costs and 
pressures on margins, returns so 

JMWOIMW VM Uiai hlllo, IClUiUb fin j . _ ,, 1 • . v * * •*•** « V . .. . • . 

far received show profits to be aviation results, also included Tfoderthis h v ^ 
&ame S pcrJod Ujst'le^ for ^ reflect ;a proportion of the.;profit expected feir thAl976.;. ^n 0 ',- 

The issue or sha>es by Thermo- underwriting year when it is closed at the end oL19f8- . .^'i ;; n '*. 
Ntotta. “iSSf'Sft, Inv^tment income -shows an Ino-ease of . jlJ%v 

reduction in group interest from which reflects the Krcwth in funds available lw* invet- V ' .„!% Jj, 
™ScS™" nt comp“tSd“"i 1 SI “fflt, indudmg ft(»e. ^isisg from 

year, says Me. zochonis. writing, results. After aUowmg-far changes ' e 

4 at^ooa Manchester ’ December exchange, the acquisition of Estat^ House -Invesfment : . •;%'» 

Tnist Limited and the'“broceeds : ^f 


Aviation and Communications & 
Systems and Services ■“ worldwide *8t* 


Shareholders in NevTnaa Indns- 
trics approved the acquisition of 
Avdel Interuat tonal at an extra', 
ordinary general meeting yester- 

Therefore an application has 
been made to the Stock Exchange 
for a listing of the preference 
shares lo be issued by way of a 
placing and for the new ordinary 
shares lo be . issued by way of 


*m c u 

Assurance J 

!:>:■* ♦ i £rC 1 1 1 v '-3t‘ 


^y^[<K~ember r 14 1978,- 

V V fiSSOLUtX0^'' fc'URr Tj«riaWetf SJwf jrtf ■ severe- -practical 

:^»n : whM BBL .as- a 

..\ ‘ -y**fg <iw«w*efc*b«' "a slgr . ferelgn:cenu«ny can do to. bridge 
"‘ 'iflirtilEfegwnrsNff'^ ?i'-‘-* .'■ 

nd -TWpdnioos *\ ,ef: efttpl bJ¥e& W> ■!& Jfiflffr -oBtiJS responsible ior 
- 1 i&anJPlWrtstJoiJS: /zSttftfefr ^^iSsomir permit of ihe country’s 

■ ’ d by Sir Humphrey- PrideaoSivtea. estates. " The. chairman says 

‘'•’■wirman. sttortfily-rwEes hoMera.ti^- the, preijp is- able to- operate 
i- «x reject iL V. -'-= v . 0 w)th Uto 'consent 

■ „r in a letter. TO. i^l(3crs-§icJtirt»lr-_ of . tiJe-jTKiian^gpv^^eTit and the 

- vMr^lates ^lat' yw^'tibard-taPy joca^conttntrdity:. “It islraprac-, 

■ ■ . Tdo rses the aim :oP^nq>rowaf £eajjfo:-fffiv us'.to ■ breakaway on 
^ alras ’ ^^<*at#HSSnS .w^teB'ttd-lsdopsfillenr- tine of our own 3 

Aetes m India; -bhcd&'-feete that ’ The -chairman- points out that 
/ i‘:ie • adoption- 'of Pie jresdation /ifrge ratesliave been increased 
*' . - miTfT htTtntiftprcfetf -«™- fadfe*. -iaftrimr UteTOT- TO tine 30, 1978, 

■ ; : sn ’< that-' its -acbleye^ntA fe;-by .b^^ 7 per cent- and -18 per 

- ■ "jriilvi: the board* eotitpol.' ¥.. » cent t according ; td . -region and. 
' -. -in' a lwigthy- ■'■ =.; ajft tMhtv -ifr& ’•• fabdfactrafyf v agree m e nt s. Also 

iVrman* [ board ! ' I* : esP^J.t^; >¥\ Bro»P estates hi 

in aware 5 *? IteNrS '^fietwde* UW^KpO ' riumsa* medical and 
^'ie E«tig sISiMJards jfc ^ a luge-and 

'■odtihlng fea 3? ?t^I 7 ' j ^ irt ff' r i?l ft y tlT ^T i:: H^ 0 i |g ihgrSTMP»^e hddS- In 1978-79 
^ - eirtanr^MSy.^ B^/ho md&g^^g^bUg^^^^ that such 

r epdfi<j;jaiy ^ - *• '•'.' . ry-A;{ ’ ' ’ * 

■ ’ Interim jdivtifctfid <sf .$^84p L p^^hle pn'_1 2\h ' . 
** D$<^bfcr T9781o*fcgre^ctoSbDYBgtefer at 
-. - tom November 5976 - -• •; rSi^^yr.-. • 
•profife itiTCLKl Jticfte®od-tjy l4J&aTfd.o*6F$ea$ by 
QwiaH. toal.pKtffts . Mf 0f» lax up . by 20%. 

* Anottrer : $a^sfadory~^r artficipated:; : . • 

'■Majpr acqui^iJOTtof building maintenance 

cofTwafiy ^^Sj^. - ■ v ' .--•' ■ - -••• v _ 

Unaudited results, for ^ vi«ek$ to 2nd July 1978 

.v. J ■;.. ■•'■ -'• - : j 'J.-.';' As J. : v \.'. First ' ■'.-" First :- . ' * 

-/ : - - '•.. . .. ‘ ■- *-Tr" w'-v-l.M . ?-.-. • il- Hplf - Half - . : Year 
' -I •■;v: L .v : ri , :-:.f.''\o 1078 -; 1977 ' -1977 


*npauv L 

. -- -.- 

“ ■*-- 

Group Tumdver. ; 
Groupprofit before- .- 
taxation .' 

T axaflpn^-Ll-bl;. V 

Minority interests 

Extraordfnaiy;iteiTVS ’ ^ — 

Available to - • ••• - 
' Ordinary auntooBw: 1 ::!! Y 
Dividends, - r. ,-J - 1T . -. -342 

■". “•.£lhbt»irtds : . “' 

24.867 23.670 • ^45.391 

• ! .1:370- .- 97?' ^ /2 r 176 
■;• 361 - . _365‘ ' .470 

198 . : 140 4; ' 302. 

1 611 - 467. ; -1,404 

47 • 32 - ;V- ~ ' ■ ~90 

V 564 - - 435 - 1,3 14 

. Special is tslnbqUdinfl, cl eanlngamjmainlen- . 
- ance, airport and transport cleaning, city 
'£ leanlng,janit©tfai supplies, timber ^-esann— - 
.... tion. industrial catering, Unen Wre. tTospiitaf. , . 

• healthcare and seourlty senrices. ■■'•'. . .^..■;..:, -,l- ^. 

! IW2 ,,ur " win amount to 
| 24.9m (fl.S3m). 

u," annual Staiemenv. Sir 
Arv,T P r rey reports ' a capital 
"Peniliture Programme over the 
"r* 1 Jbjee years amounting to 
some £62m. ITiere are also capital 
resources- earmarked for 
expansion by acquisition. ' 

The chairman says 'that the 
groups cash position is strong 
ana lie sees no threat In the 
snort- i.erm to the group’s ability. 
io expand but lie feels some 
concern ar the longer term 
prospects for the food Industry as. 
a ''hole if margins do not 
. improve. 

i The chairman says that it is 
too early to make a forecast, for 
the current year. The movement 
of tea prices is . unpredictable 
whfle the supply and demand 
"position remains in such a 
delicate balance; and the tea 
price is the single most 
important factor influencing . 

in The year ended. June ' 30. 
t978 group profit before Interest 
showed a reduction from 
£57.18m to £48.99m. Within ‘these 
figures the contribution by tea. 
coffee and other -food products 
was down from £32.-73ra to.£23.84ra 
while plantations were. unchanged 
at 120.6m . f£20.3tm>.. A. 

geographical analysis reveals that 
profits from UK and Ireland were 

down from £22.99m to 115.43m: 

. Group profit before tax came 
through at £44.7 m f£49.3nri. On 
a current cost basis under, the 
Hyde guidelines the pre-tax profit 
Is shown at £47.9m (£16.1m), after 
cost of sales adjustment credit 
£10.6m i £4 1.8m debit), deprecia- 
tion £B.5i» (£7.3m1-and searing 
dehit £0.9m <£lo.6m credit).' 

Criiicisinc the Price Cominission 
report, the chairman says that it 
took some ID months to produce 
at suhstant ial cost: hasry 
accent nnce Of its conclusions by 
the Secrelary of State paralysed 
the marker without any benefit 
10 the cnn<mmer; and the price of 
tea today U exactly what'it would 
have been if the exercise bad 
never taken place. 

Net liquid funds at the year-end 
stood at £7.59m (£1483m net bank 
borrowings). Total borrowinRs 
showed a reduction from £115.9m 
to £90.33m. 

Meetinc London Press Centre, 
EC. December S at 11:30 am. 


Chving to a last minute technical 
matter, the 1977.78. annual .report 
and accounts of .Central and Dis- 
trict Properties, a Wfioll’y^owned 
subsidiarj" of Tontr .and City Pro- 
perties, hare been delayed • 

The accounts, which were to 
have been posted during the six 
months period following the 
March 24 year-end. are now- 
expected lo be released in about 
10 days. 




Hoppcr arc warned that there 
could be a shortfall in profits this 
year on the £l.0om achieved in 
1977-78. although in the Oral ball 
of the- current year they are up 
from- £330JWO to £45 J. 000. 

The director*, explain that a 
shortfall could arise unless 
demand for agricultural 
machinery shows a marked upturn 
in the final half. Nevertheless, all 
companies are in excellent shape 
and able lo lake advantage of any 
upturn in market conditions 
Agricultural and engineering 
divisions both had a successful 
half-year. Despite a recession in 
agricultural machinery. Turnover 
has been maintained at last year's 
levels but at somewhat lower 

Business has been brisk in both 
bicycle companies. Turnover and 
profits arc also being maintained 
at Picador Engineering. 

With the rights issue in June, 
the. directors forecast a minimum 
dividend of 04)9p net per 5p share. 
They have declared an interim of 
0.45p (0.4p) and expect to recom- 
mend a final of 0.54p (0.5p). 

Half-; ear 
18r» 1977 

iekjo iron 

Tnrnover ;.i76 5.«2 

PrtlU ...._ 4SI 305 

Tuaiion 117 B$ 

Net profit rtu 252 

Extrswo. debit ■_ *1B — 

AraQabk- K4 • M2 

Dividends 1J3 . 72 

Retained »] lie 

t Closure costs of Purdue Construction, 
which ceased invflng in xtay. 

. In the absence: of available 
-figures, the comparative . for the 
half-year to July Si. 1977. has not 
been adjusted to reflect the 
results Of B. H. Brown and Falcon 
Cycles, acquired during last year. 
The tax charge has. however, 
been restated to reflect the 
chance in treatment or deferred 


Thomas Titling .is- buying a 
Kent based- industrial cleaning 
equipment maker, in .a: deal worth 
£22 m. 

CImex - International. which 
operates from Kent will get 1.87m 
•Tilling shares. Cimex had total 
sales of £5^m in the year to 
March and made pre-tax profits of 
£474.000. Its products, which are 
exported to Europe, the UB. and 
the Middle East, will be incor- 
porated in' Tilllng's engineering 
sector which includes companies 
already involved In industrial 



Rooiberg plans 
new smelter 



i a ^ a of the Gold Fields Of South Africa • 

■ ID TIH 8$) Q TV51T*V V1PW (TIT producer 3 "in South Africa, his 

1 ■Il iJmM. >3 ff J f lV Tf announced plans to construct a*; 

M. g/ tin smelter at its mine in the 1 

Northern Transvaal, reports ’’ 

-g , O a Richard Rolfe from Johannesburg. 

^ Estimated to cost Rl.Sm 

TlIM 9 imini Tll^lPPv (£L.0Sm) in todays money terms, 

WwMwM m/ ill Iflll Blilvvu “ • the smelter will be operational by 

JT • - MT end-1979. The Board said in its ■ 

statement yesterday that '. 

BY KENNETH MARSTON. MINING EDITOR Rooiberg-s existing cash resources 

are sufficient to finance the 

• . ■ smeltcx construction and "to 

A WARNING that " we could well But they will only do this, he Smelting. But they are still allow for a further substantial • 

see a further decline in platinum says, if they are confident of regarded as unsatisfactory .and increase jn the dividend to be-' 

prices on the free market ” is being able to achieve a worth- insufficient to justify a resump- declared next month.” 

given by Mr. Ian Greig. chairman while return on the capital which tion of quarterly dividends. The bulk of Rooiberg’s output 

of South Afirea s Impala Platinum they will have to invest. It is Net earnings for the September consists of gravity concentrates - 

Holdings (formerly Bishopsgate vitally important for the industry quarter amount . to C396S.0D0, and initially only these will be . 

Platinum). - The current “ fixed ” to keep its consumer customers making C$S.69m <£1.6m) for the smelted, yielding about 1.900-2,000 

producer _pr iCe >or platinum adequately supplied but Mr. Greig first nine months, or 36 cents a tonnes of high grade tin metal - 

charged by Mpaia and its rival adds that the lead time for any share, the total including C&25m per year, but provision will also : 

Rustenbnxg Piauimm Mines Is a major increase in production is (C$2-52m after minority interest) be made for output of flotation ; 

hlghest-ever ?3SD per ounce while three to four years and the capi- of unrealised exchange gains, concentrates to be treated as well 

the price on.-tne free market Is tal requirements “ are a formid- Earnings for the first nine months at a later stage. Most of the tin . 

$317. having come back from a able deterrent against making -of 1977 were C$5m before credit- marketed in South Africa, 
record 5398 on October 31.. quick decisions because of the jog a gain of C$52.S6m Dividends have built up in . 

Mr Greig believe? that the present state of the platinum on the sale of the potash divisson recent years thanks to the boom ; 

recent advance In free market market/’ assets. in tin prices and reached 135 

platinum price*— which have come Meanwhile. Jmpala is declaring * n n.w? ,«K? 

up from ,5M1 when his previous an unchanged first quarterly dlvi- MINING BRIEFS AmIvSs arc b fookm 3 V a 

chairman s review was nude on dend at the rate of 4 cents *2 3 d) Analysts are looking for a -w 

Sepu^r 12 — reflects a flight of for ihe cum ?m 10 month financial CDHZ,HC R,0T " ,7 ° «*«^vsi4-Srt cents _ (114.8 pi total. Tlie shares 
money out of the weakening period w \uausi SI In it T,mab dT '* ac prot » 0, -' l0n ror Stoner si.M »t Rl« yield a prospective ll.S per 

dollar into platinums and other Ei-Thops^e Sim form, the ,UUJJes ,Se * ,ren * b *= r * lonu ^ 1 - cem on *»>■ ba3ls ' 

commodities ratner than a major company paid the equivalent of 

increase in consumer demand for ts .4 cents on its new capital for *• 1 l i* 

the predous metal. lhe pasr vear l0 June 30 Xhe Mn flpfin il MPFllJI I PhJltP5 

He therefore argues that when shares were 1 70p yesterday. •ilaWvllUllVllllii vlHIlV’O 

people- are satisfied thal the , • 11 

roiatiin u ro'the decided upturn at uranium delay 

the^forraer AT NOR AND A ^ , A , h diSp1 ^ ° r frus ^ ati0Q F t C h oun . c J* negouaung body for 1 

trend is likely to he reversed with 1 about the cautious execudoD of the Aboriginals, about terms and 

issers. m cm prices and reached 135 

cents in 1977. while an 80 cents 

AfTTVnVfi KPrCPC interim has been paid in 1978. 

wlLNuiu Analysts are looking for a 200 

conzihc riotinto MALAYSIA— Sri cents (114.Sp» total. Tlie shares 

decided upturn 

Pancontinental chafes 
at uraniuin delay 

to other currencies; L the former AT NORANDA ™ . A .^ disp1 ^ ° r frus ^ ati0Q e , c K oun 4 c j?- negouaiing body for ' 

trend is likely to he reversed with ^ about the cautious execuboD of the Aboriginals, about terms and 

a substantial movement out of Noranda Mines, the Canadian . Australian Government's conditions for Jabiluka develop- 

commodities. Including platinum, minerals group, has accompanied development policy, Mr. ment. 

back into dollars, a process which the announcement of a sharp To °y the chairman of ftn- u Noting that the NLC had had 

would be encouraged bv the upturn in third quarter earnings continental Mining, yesterday quite a traumanc experience' 

□resent 'high level of interest with a promising prediction for warned. If iVe are not more with the Banger negotiations, he 

rates in the U.S. ” the final quarter. vigorous and expeditious than in said: “When they are ready to 

rates m i ' ... the. past, we will miss the boaL 1 ^ 'negotiate, w-e will be happy to talk 

He says that supply and demand Helped by higher prices and Excessive delays were a godsend to them.” 
of platinumln the Western World the lower value of the Canadian t0 Australia's competitors, he told Behind this resen ed expression 

are more or less in balance, partly dollar, earnings for the three annua j Australian Northern of Intent is presumably the fact - 

that these 'supnliei arc increasing profiis for the first nine months particularly those developing the Jabtiuka. fearing infringement or 
again., Ah^rtlease to the market pf the year were CgO.ora Canadian discoveries. sacred sites. This opposition 

of metal- held :n investment- 1 34.9m l. compared with Pancontlnental. with Getty OH, forced the Government to with- 
speculative bands would upset the lR c hrst three quarters last owns Jabiluka deposit, the draw permission for the building 
demand-supply balance. year. largest in the Northern Territory, of an important access road to " 

Solar, the South African plati- Although a strike began at where most’ of Australia’s known Jabiluka. 
num producers have reacted to Mines Gas pc early in October, uranium deposits are situated: In Mr. Grey said that the environ- 
the market trend by raising Noranda stated that the fourth recent months, development has mental impact study on Jabiluka, 
prices rather than by increasing quarter outlook is “ relatively been held up because of Abort- an essential prerequisite of de- 

production. Mr. Greig says that promising and considerably ginal reservations about a royalty velopment, will be released 

if his reading of the market better than was thought likely agreement for the Ranger project towards the end of the year. Pan- 

situation is wrong and a real three months ago." 0 f peko-Wallsend and EZ Indus- continental shares have recentlv 

shortage of the metal exists, or ... Third-quarter net earnings are tries. been depressed, partly reflecting 

is about to develop, the South also announced by the Anglo Mr. Grey said that Pancdn- concern about development pros- 
African mines should expand pro- American Corporation group's tlnental bad no plans just yet to pects but yesterday they were 2op 
duction. Canadian Hudson Bay Mining and approach the Northern Land up at 900p. 

1 for the sb: months ended 30th June 1978 





■ "Coraprising:. , - - _ . " , 

. : v- Operating Surplus 

' iovcstraentTncome-: — .... — : 

— ■ AssociatedLCompanj cs„_ — . — — 

• c JnteresiFayabig^ - . .. .. — 


'Taxation'^ — — : i : 



good ideas. 

As you can plainly see 

Cily lasting reports 
on third quarter 1978 results 










. ;6Q 


. -jqmsioons ot wtajayaiam ruuuauuua ixu«uuib»; . — — ■ — — — — - • — — 

other Companies have become rither °^a®ooated Conqsanies of - 

Sd£lSed. TheresuItsofSese Companies have b«ai mdu^^thcabove Group reaifts for 
- (Key became subsidiary or associated Companies with the Suma tra 

ir^fnf which interim figures are not available and no 

Howeravin the statutory accounts for the full year to 3Jst Decanbcr 1978 London 
^hSvrinfc dealt with as an associated Company and the propotttm of its results wffl be 

rates ruling at 30th June 1978. 

3- TaxatUm comprises the following: 

tJJC less double taxauonrelief 

Associated Companies 


SSSS^SSSS, statement an_analy$is of the 

risspective profit contributions by the principal divisions of die Group. It is 
analysis- wifi bfe. included as usual rn.the results for the full - 

year and in future interim statements. , ■ ' y 

: In ifecendy pubHsbed Report and Awwp te.^ of 
H^pTlvS^ Istates LbnM 

Sey^tlw short of ^ Previous year’s figure, 

pardcitoiy during the Januaiy/March quarter of ly fo . 

C 1 r Timiw division which suffered from thinner margins 

pra^ed^atisfactory figures. 


Gty Investing Company’s revenues 
and earnings in the third quarter of 
1978 were a record. Again, all the 
company’s principal operations con- 
tributed to this progress. 


Earnings of City’s insurance opera- 
tions increased substantially, reflect- 
ing improved property-casualty un- 
derwriting results, further growth in 
portfolio investment income and 
continued improvement in life in- 
surance results. 

City’s housing activities showed fur- • 
ther profit growth on increased unit 
volume of single-family homes and 
on higher mobile home shipments. 

City’s* worldwide manufacturing op- 
erations continued to progress with- 
particularly- strong profit perform- 
ance in magazine printing and in 
containers and plastic products in 
Belgium and the United Kingdom. 

Gt/s budget motel chain, with 247 
motels nationwide, continued its 
outstanding earnings growth, re- 
flecting record occupancy. 

Major jrojects in Cit/s capital in- 
vestment program are nearing com- 
pletion as planned. Production has 
started at the new air-conditioning 
plant atMilledgeville, Georgia. New 
printing presses are being installed 


September 30, 

Net Income 

Primary Net Income Per Share 2 

Net Income Per Share — 

Assuming Full Dilution 2 

September 30, 


Net Income 

Primary Net Income Per Share 2 

Net Income Per Share- 
Assuming Full Dilution 2 

0 i To reflect cerium reclassifications made during 197K. reve- 
nues for 1977 have been reflated and reduced by $1,933,000 far 

1 he third quarter and 54,696,000 far lhe nine months with no 
effect on net income. Results for the-lhird quarter and nine 
months ended September 30. 1977. have been resisted to give 
elicct to adoption nf Statements of Financial Accounting 
Standard* No?. 13 and 1 9. requiring capiializauon of certain 
lease obligations and the use ol a form of successful efloris 
method of jccouniing for oil and gas investments. As a rr>uh. 
net income restated and retroactively increased hv 

at the expanded rotogravure plant at 
Salem, Illinois. ..Thirty new, motels, 
will have been opened by year-end. 


Based on results to date and order 
backlogs in manufacturing and 



1977 1 

- S812.409,000 

















$9 16.900 and S3.7I6.000. respectively. For the same respective 
periods, primary nei income per share increased by $.04 and 
$.17 and net income per share - assuming lull dilution - 
increased by S.02 and S. Ifl. 

*" 2 ' Average primary -hares were 2 2. 680. ODD. 2 2. 1 -5.000, 
22.680.000 and 2l.«2r.OOO far the third quarter and nine 
months ended September 30. 197S and 1977. Average shares - 
assuming lull dilutnm - were 37.124.000. 56.57l.u00, 
37. J 24.000 and 3b.371.0U0 far the same respective pcrinJ-.. 

housing, 1978 is expected to be a 
jrecordyear for City Investing. . 

To learn more about City Investing, 
contact Jerome Hanan, Vice-Presi- 
dent, City Investing S.A., Stock* 
erstrasse 38. Zurich, Switzerland. 

i^rifeDivideiid 6,5p per share. 

c City Investing 


Financial' Times Tuesday-: 





Justice Department files 
suit against United Tech 



NEW YORK, Nov. 13. 

Sales and 
at Bendix 

Dart surprises 
with formal 

B y Stewart Fleming 

NEW YORK. Nov. 13. 

UNITED TECHNOLOGIES' SI bn to block Occidental Petroleum's 1 United is a significant manufac- 
uiove to acquire Carrier Cor- proposed acquisition of Head turer of control devices used to 
poralinn today fell foul of the Corporation, and both cases operate such systems. 

Department of Justice's deter* reflect the anti-trust division's The department went on to 
’A LAWSUIT which could prove minaiion to counter the trend anxiety about the acceleration in suggest that the acquisition 

n.'inni» lama n.m ’"erqer activity this. year. - 

United s reaction this morning wo0,d al J° w reciprocal dealings, 
drew attention to the Depart- by combining Carrier, which 

ment's stated determination to purchases about 371m a year in 
test the limits of the anti-trust electric motors, with United, 

laws, revealed in testimony to a 
Senate sub committee at the end 
of July. 

This suggested to many 
observers that after a decade of 
relative quiesence. the Depart- 
ment was returning to the mili- 
tant anti-merger posture which 
prevailed in the middle 1960s. 

which is one of the country’s 
leading sellers of magnet wire 
used in these motors. Arguing 
that this could lessen competition 
in the magnet wire industry, the 
department also claims that a 
merger would entrench Carrier's 
leading position in the heating 

.ro be i landmark case in U.S. awards increasingly Jarge con- merger activity this. year, 
takeover law goes on trial here glomerate mergers, 
today, when Sun Company's On the day that United cum- 
acqu»>ition from institutional mencetl its S476m tender offer 
investors uf 34 per cent of for 49 per cent uf Carrier's 
hospital products group Becton common stock, the Justice 
•Dickinson earlier this year faces Department filed a civil anri- 
its first legal challenge. trust suit against the acquisition 

Tn January. Sun paid S290m tn in a federal district court in 
•two dozen institutional investors Syracuse. New York. The move 
for the shares in a private will be greatly welcomed by 
transaction. Carrier, which is vigorously try- 

; Immediately, the move was ins ward off, the merger and 

SiW» °^i^ Ut i^ 55 -«I«“ 1 56 e 30 ^ ‘ In its Syracuse filing, the and -air conditioning markets and 

'lender offer fm annther f nmL? The Government is seeking a department has spelled out some thus eliminate competition. 
mu .i kp mat } e enuallv to* all preliminary injunction to prevent of the areas in which a United- United has .grown substantially 
Jbi reholdew Thp U i ’ Sseeii United from completing its S2S Carrier merger could be art!- through acquisition over the past 
ii>s and Exchar-e Commission a share tender offer until the competitive. The complaint eight years id a bid to reduce its 
'Ihw-h is ZllPnoinu thp Sim full anti-trust suit is heard. The argues that Carrier is a leading dependence on Government con- 
mo- e contends that* the share Department of Justice filed a maker of heating and air con- tracts for the manufacture of jet 
purchases constituted a tender similar suit last month, trying ditioning systems, and that engines and helicopters. 

offer. Sun is expected to argue — — . 

•that the move does not fall foul 
of U.S securities laws hecause 
it was not a tender offer. 

The must re leva nr legislation 
is the 196S Williams Acl which 
does not define precisely what a 
lender offer is. and the case is 
expected to result in the Courts 
taking a view on huw broadly 
this term can lie defined. 

The ease has considerable 
significance for takeover 
tactics in the U.S., since if the 
Sun arrangement with Beclnn- 
Dickinson" institutional inves- 
tors is upheld, then companies 
will became much more vulner- 
able to unwanted takeover bids. 


SOUTUFXELDS, Nov.. 13. 1ND 4to WW* *Sfo£SZ 

RISE of M per cent to Angles : 

•** — *" its S225m tender offer -forP.-rB.- s “ cc Snb to. the' in; Indianapolis- 

Mallory, only three days, after JSJJJL/ of a -tender offer restrained Mallory Md^stock- 
announcing its proposals^ and' premium is dose to 50 per holders from resorting--© J -Qiesa 

before the Mallory : : board" has : cenr " above Mallory’s recent local - 

Beech Aircraft set for record 


ZURICH. Nov. 13. 

THE FISCAL year ended on the strongest financial position is put at some S750m. as corn- 
Sepi. SO. will prove to have been in its history’ and expects the pared with S489m for fiscal 1977. 
the sixth consecutive record year current 1978/79 fiscal period to .Among Beech's divisions, all of 
Mr both sales and earnings of show new record results. which are claimed by Mr. 

Beech Aircraft Corporation, of Beech Aircraft, whose consol i- Neuburger to have enjoyed 

Wicbiia. Mr. Michael G. Neu- dated turnover showed a rise of beaitby growth, the greatest 
burger. Senior Vice-president. 26 per cent over the first three growth was booked in the field 

mid financial analysts in Zurich, quarters of the past business of international sales, which it 

The company, which specialises year, reports " dramatic " in- is expected will exceed those for 
in ihe building «r light aircraft creases in orders in hand. For the 1977 fiscal period by about 
uf the ” becchcrnft ” type, is in fiscal 1978. total backlog value 50 per cent. 





Third quarter 


1977 [ Fourth Quarter 



Fourth Quarter 



Third quarter 




5 ! 









544 6m 

186 2m 

Net pro firs 


1.9m I Net profits 

41 .Sm 


Net profits 



Net profits ... 

.. . 1.1m 


Net per share... 


0.66 Net per share... 



Net per share... 



Net per share 



Nine months 

( Year 


Nine me«hs 



137.3m ■ Revenue 

2 . 1 Sbn 






.. 418.2m 


Net profits 


5.2m ! Nei profits 



Net profits 



Net profits ... 



Net per share... 


1.62 j Net per share... 


2 48 

Net per share... 


3 5S 

Net per share 







Third quarter 


1977 I Third quarter 



Third quarter 



Second quarter 




CS | 








ISO. 2 m 

— Revenue 

403. 2ni 







28 lm 

vet profits . ... 


11 Dm Net profits 



Net profits 



Net profits .... 



Net per ‘hare... 

0 78 

0.60 . Net per share... 


0.43; Net per share... 

0 39 


Net per share. 



Nine rnoitihs 

, Nine manlhi 

Nine months 

Six irumltu 



322.4m 1 Revenue 





Nei profits 


15.6m , Net orofiis 



Net profits 



Net profits .... 

.. 17.61m 


Net per share . 


0.79 Net per share .. 



Net per share... 



Net per share 








Fourth Quarter 


1^77 j Third quarter 



Third quarter 



Third quarter 





56.Sm Revenue 

20 m 






.. 197.5m 


Net profits 

2.9 m 

2.Sm Net profits 


4SS 000 

N'el profits 



Net profits ... 

5 3m 


N«u nor share... 


0.50 Net per share... 



Nei per share. .. 


01 1 

Net per share. 



1 Nine niqnUu 


Nine manilu 

. - 



270.4m ; Revenue 

57 3m 






./ 599.7m 

528 lm 

Xet profits 


15.2m • Net profits 



Net profits 


2 9m 

Net prnfiLs .... 

IS 3m 

15 9m 

Net per share... 


2.70 Net per share . 


2.27 i 

Net per share .. 



Net per share'. 

2 73 


Dalgety Finance Limited 
guaranteed by 

Dalgety Limited 

U.S.$1 25,000,000 

10 year loan facility 

arranged by . . . 

Lazard Brothers & Co., Limited 

provided by 

Bank of Montreal 
Bank of New South Wales 
Banque Nationale de Paris Limited 
Barclays Bank International Limited 
Deutsche Bank A.G., London Branch 
Lazard Brothers & Co., Limited 
Lloyds Bank Internationa! Limited 
Midland Bank Limited 

The Northern Trust Company 
Swiss Bank Corporation 
Toronto Dominion Bank 

Agent Bank: 

Lazard Brothers & Co., Limited 


5129.6m in net earnings for 
the year to September 30 at 
Bendix Corporation, the anto 
and aerospace and forest 
products group, reflected a 
similar Increase in sales, 
which totalled S3.63bo. Share 
earnings moved up from 
$529 to $5.74. 

The final quarter produced 
net earnings of S29.3m or 
SI. 29, against S27.4m or 31-23. 
on sales increased by 14.5 
per cent to 3945.5m. 

Net earnings for both 
periods were Increased by 
one cent a share by a gain on 
the French subsidiary’s sale 
or a substantial share of Us 
interest in its Ducellier unit, 
partly offset by provision for 
loss on the sale of Bendix 
Home Systems. 

Bendix expects earnings to 
be favourably affected by its 
investment In Asarco in 
fiscal 1979, when it will begin 
accounting for that investment 
by the equity method. 

It bought 4.3m shares or 
about 18.4 per cent of Asarco's 
outstanding common last 

Bendix also said its aero- 
space-electronics and forest 
products businesses accounted 
for most of its increase in net 
for the fiscal year ended lsat 


GM outlook 

General Motors Corporation 
expects record sales and earn- 
ings in both Canada and the 
U.S. this year. Mr. Thomas A. 
Murphy, the chairman, said In 
a speech prepared for the 
Canadian Club. Last year, the 
company bad net earnings of 
$322 bn or SI 1.62 a share, 
reports Reuter from Toronto. 

Tbc car giant has not alien'd 
its sales prediction for eiiher 
the Canadian or (he U.S. auto 
Industry, said Mr. Murphy. 

Can del Oil ahead 

The western Canada oil and 
gas producer Candel Oil earned 
CSaJftn lU.S-SS-9in) or CS1.40 
a share In nine months against 
05.2m or C$1.20. on revenues 
of C$22m (U.S.526ni) against 
(-S20m. Capital spending was 
250 per cent up, mainly due to 
gas. exploration In the 
Elmworth deep basin of 
Alberta and development of 
the Buchan Field, writes our 
Montreal correspondent 

Harvester spending 

international Harvester plans 
ils Capital improved pro- 
jects totalling $82. Sin at 17 or 
its plants, Reuter reports from 
Chicago. The largest projects 
arc new material handling and 
storage facilities to cost $23 m 
at the Springfield. Ohio Iruck 
plant and Slim at the Mem- 
phis Colton Picker plant. 

Allstate increase 

Allstate Insurance, a unit of 
Sears Roebuck, is raising ils 
car insurance rales in Illinois 
by 9.4 per cent. AP-DJ reports 
from Northbrook. Allstate said 
i mini ion has increased the cost 
of claims so that higher prices 
are needed to keep the com- 
pany's underwriting results in 
the Mask in the forthroming 
year. Allai ale’s last increase 
amounted to 2.6 per cent in 
August, 1976. 

Aquitaine advance 

Aquitaine of Canada, the 
French-eon l rolled western oil 
company, earned CSlO^ra or 50 
cents a shvre in the third 
quarter of 1978, against C5S.9m 
or 42 cents in the correspond- 
ing period last year, on oil and 
gas sales of CS34m, against 
CS33m. our Montreal corres- 
pondent writes. Nine-month 
earnings totalled C$29.7m or 
C$1.58 a share against C$24 .9m 
or SI. 16 a share on sales of 
CSIOlm against C$88m 

Sugar suits settled 

Hunt International Resources' 
subsidiary Great Western 
Sugar Company has agreed to 
settle all but a few of the 
private antitrust actions pend- 
ing against it in California for 
total cash payment uf $9.4m, 
Reuter reports from Dallas. 
The settlement provides that 
Great Western will make three 
cash payments to the plaintiffs 
of approximate!}* S3m each on 
December 6. 1978, November 
30, 1979. and November 30, 
1980 along with interest on 
the deferred instalments. The 
actions settled were filed 
between 1974 and 1977 by 
representatives of industrial, 
grocery and wholesale pur- 
chasers of refined sugar In the 
Midwest and West 

Ivaco acquisition 

The fast-growing Quebec and 
Ontario steel products and 
fastener manufacturer Ivaco 
Industries plans to buy an un- 
disclosed number of new 
shares of National Wire Pro- 
ducts. of Baltimore, Maryland, 
in the U.S.. writes Robert 
Glbliens from Montreal. 

However, Ivaco will have a 
.substantial majority of the 
American company's shares, 
Ivaco confirmed. The present 
National Wire management 
will remain. National makes 
wire fabric and block mesh 
used in building products' and 
has annual sales of about 
$4 7m. 

Seven-up approval 

The Foreign Investment 
Review Agency approved a 
plan hy PM1 Incorporation, a 
wholly-owned unit of Philip 
Morris, to buy control or 
Seven -Up Canada, of Toronto, 
Reuter reports from Ortowa. 
The agency also approved a 
plan by a unit of Dana Corpora* 

ever, expressed an oplbto^ martca price. ' mantt [ac- 

The speed, with whidh Dart is 

the acquisition 

sales Of S34_ra cont ; retaining the right to: Jennu^.'" 



believed to have, .surprised' t E a lareer more tti«eiBu><» -- ■ - u-. lW - • 

Mallory which will have nothing L y which drew its SLfiba sales the offe^if ^ - 
to say on the matter until after SS^year from housewares, pack- 
its directors meet tomonwit.. By. aging • products, giftwares .and 
share tender oharmaceuticals. _ . . 

starting the $46 a 

offer today, Dan is pressing Dart said last Thursday that and A ' ' 
ahead without first sounding out its tender offer might not be WPeated 
Mallory directors on their pos- made if it could not secure a district court 
sible attitudes. Since the direc- court order setting aside, on _ con- A 4>peajs has 1101 

Stiuic diuiuuca. oiuwc. Lite uiret- CtHlTl VJiuci — • — . . A 

tors hold close to 20 per cent stitutionai grounds, state take- an injunction. 

Optimistic outlook 

MR. ROY ANDERSON, chairman pany’s non-L-1011 TriStar busi- 

’ NEW YORK. Noyr^- f : . : 

'■ Mr. william R. Wilson, senior- ! 

of Lockheed, considers that- his ye^^roughlffiU^en ISSSSV J» 

earlier estimate Ah at 1978 earn- prose ram meV on a S30^foHow-od cpn^S ; 

ings would, be fairlv compar- -SthttthMi TriStar Were' $l3bn-' the Saudi ' Are bian air .defence^ 
able - to'$3.7La ° nd sa i es were Sll.Sbn - 
share is '“somewhat conserve Expenditures for moderawa- completed 
live." tion and expansion of facilities The com OH^hopes aHe 

The . company .* recently should increase oyer the next. ■ 
reported earnings for.. the^ nine five years. Spending this P^sfMe 'pr^iK^ii , 

months ended September 24- of will be about S60m. .. ; • .50; cargo st refeehed; vWr. 1 >. . 

$51.0. [Deluding a gain on .the Shareholders' equity,, which .sion or 

sale of the Hollywood-Btrrbank was S266m in September. shouM- which has -attracted. lnterestV-:^ 
Airport of SIS.Sm, ■ equal or exceed Lockheed’s total from freight, camers. sucfi^as~r : 5 

Over the next five years/ earn- debt during 1980. Currently, its Tiger international. 
ings and sales ■ from .the com- debt is about $433m. Reuter • ; i 


First Chicago to float 


capital rnarKei trpm ivovemoer treaamg water as u tries Indicalea terms' 

22 lo 2/ through a group of adjust to the new; environment -Jr ,,V- i ^ 
banks led by Credit . Suisse, but with a slight easing of the trullet i^gue , liicluae- a jnatiinty 

— ■ - - - 9ecohdarymart^v^re d««rlfediiiii 

again. Most_ jjy dealers -as friendly - but .-qnifiLi 
by an average prices move", '"-up fractional^ 

15-vear maturity and . a coupon afford to smile 
of 3J percent. prices moved up 

First Chicago thus, follows in. of ’■ percent. . where changed IhJliln 1 - trading, i.'.fij 

the footsteps of the handful of In the Deutsche-Mark sector Conditions in ' thc domestTc ' iJ 
other U.S. hanks which, ‘.have the Capital Markets Sab-Commit- market continued the. ' 

issued Swiss franc-denominated tee. meeting to set the calendar ment that started, last. Friday..., § 

bonds in the past few.- months. - of new issues for the month fo The Bundesbank was able' to’self ? 

The dollar sector was quiet come, was expected to settle for DM 50m woratVpfv domestic 

yesterday with the volume of a figure of DM l.2bn bonds, yesterday.' fX ‘‘ 


The list shows.'the 200 latest international bond issues for, which an adequate secondary marfou , 
exists. For further details of these or other bonds see the complete list of Earobontf prices published 
on the second Monday of each month. V Closing prices on.' November;?©- -*^j5 


Change an 



A«* Aid. SJ S? 

Australia S.43 S3 US 

Australia 5« M 75 

Beatrice Foods 7* S3 XM 

CEG\ S{ SJ - SB 

CEO A 0 03 25 

CECA 9i 9S 25 

CNT 9 93 75 

Canada S 93 251 

Canada F.M S3 250 

Canada 31 99 2S0 

Canada 9 S3 • 4*0 

Canada 9i 99 350 

Canadair 8j S3 71 

Dominion Brldfic L'O. 9 S6 25 

FIE SI S3 109 

KIB 9t 9S 125 

EIB 91 99 100 

Rlsam .liiiland 9 S3 25 

EkiDnnHnallS 9 S6 50 

Finland Si S3 ISO 

Finland 9 SS 109 

Issued Bid Offer day week Yield 
25 95J 951 0 +04 9.% 

Hospital O 5 9 St ... 
fti'l Hnanre 9! 98 .. 
ltd Finanw B? 99 .. 
f C. Penney SS S3 ... 
Mac Blocfli-l 91 93 . 
YZ Dev. Fin. SJ SI .. 
vz Dev. Kin. S{ s:, , , 

\‘ai. W**st. 9 Sil 

Vi-v.icmndland 01 90 
vnrd Inv Bk y: « .. 
Xnnws Komm. 9; 9$ 

Norway II vj 

N'urH'jy Sr S3 

Ocetdenial ST S3 

tint Hrdru s; S3 .. . 

Filiebec Hydro 9r B3 . 

9i 9S 

UK S' 93 

UK Si S3 

































































98 . 




+M . 









1MV +■* +01 946 
942 +82 -+1 4846 
+01.= +®# M-2® 
+04 +BJ 9.64 
+94 +04 1-W 
0 + 02 9.70 

+01. +X# 
0 0 
+W +12 
+02 +04 
+81 '+« 











97* +05 
95# +04 
941 +0i 
911 +0* 
972- +M 
9*2 +04 
93! +05 
932 +K 
9*2 +04 
97 +0* 

97 . . 0 . 
97.’ +04 

+U 1043 
+01 942 

—84 9.87 
+0# 9-72 

+14 UL3I 
+0* 1041 
-01 XL33 
+02, 9J* 
+3* 9 JO 

+11 9,98 

+U 9.77 
+U 9.70 
+11 9.71 

+03 94* 

+0i 941 
+0# 9.71 

-01 -+0i 9.*4 

+-S5 +01 144* 

. Cbknwraa 

YEH STRAIGHTS " '• Issued JBM. Hirer day week VM 
Asian Dev. Sk. 02 88 IS 98# . .981 0 -04 SJI5 

Australia 0:8 BO •— ,50 -01 -04 ,-*a 

BFCEOA-.W ...+.. 30- 962 CJ -W -0E .;«» 'r 

' Kurodma OjUlft i—i M - 904' -W -8# -01 *& ’■ A 

mdarit'Cr-W 2S. TO.'-OI#- -M tH TM- v?i 

•Norway 3.7 83 ^ .. 25 .103#. 104* 

Oslo, city orsB so ......... is 904 «s, -+i+«ja, **5 -. * 

S.VCF.M M .... 28 914 99 +8i 1 fc» 

Sweden 84 90 : • «a 9M : 97 - --«4 ~*M 


951 +02 +12 
972 8 +« 

984 0 +U- 

9*4 9 >B 

97! +91 +02 

' Change on 






Rank Cl'S Hold. 7t* AS 
AUIO Cote Bum. 7 98 EUA 
Copenbaien 7 93 EUA _ 
Mnladd Ind. Bk. 7 93 EUA 
Komtn_ Inst. 74 95 EUA.. 

Panama 81 93 EUA 

SDR Vrance 7 93 EUA ... 
Algemeoe Bfc. 64 83 FI ... 

Brazil -71 83 F] .... : 

CKE MrsJco 71 B3 F| . . 

EIB 7i S3 FI 

Ned-v. Mlddenb. 84 S3 n 
Mew Zealand fil W FI .... 

Xorw*y «*-«; n 

OKB R4 83 FI : 

ETBW -tS-FKr . 

RAT 6 88 LuxFr .-. 250- 

Bayer Lux. 8 86 LuxFr 258 

EIB 7i 9S LuxFr 2 58 

Finland l. Fd. .98 LuxFr 250 
Norway 71 n LuxFr .. .. 250 
Renmiti 7J 89 LuxFr .. .. 503 
SnJtTiv Kin. s S3 LuxFr . 580 
Swedisti I. Bk. 9 S8 LnxEr 583 
Clrlcorn O 5 Flic 10 OT t 20 
Fln-iiu h for Ind ID so * 12 

r,Mtt,.ini-r Hid BV 11 S3 I 10 
Oranlrbonm 10! 90 X .'. . 15 

WhiUirrad !0t 9D £ 15 

dranseea > . 

Issued B hr Offer day .wreck Yield 
12 * 9*1 - 98 -U. *84 U2* 

962 9W +02 +(«. 7J# ' 
9ii -07S +1# +1J yXB 
9M.9W+04 +0t 745 
TO '.984'' ■■ 8: +M L79 
9» . 064 +» +W7 W0 
07i 982 -81 -84 
934 941 +« +94 747 

Mi- TOt- 0 +81.-848 

97 TO-+84+M M* 

94# 951 9 +02 .138 

952 96| +04 +01 749 

952 9M B +04 748- 

Mi .954 .0- .+« 

9ZS 03) -01 +01 • 748 
08 98* O' +8t.M43:- 

95 06 +04 O . 8.79 

M2 014- - O 
95# 064 -84 0 

952 9*1 -8* -0i - 

. 9*4 .97 1 O .0 U8 

96 9T=7+H. +84 »» : - 
«ai 901 , 

992 lt»k —04. “W 0-0 - 
832 844 +H +04 «47 

83 ' 824 +S4 ; +8|;i34f- 
Mi SSI -+0* +04 1345 
82) 833' +« : +01.1M7-- 

•83.- CU «• +04 .1539 

















NOTES Spread Bid Offer Cdwa-CLepn Cjiild 

Issued Bid oner du weak Yield 
+81.-8#. 7J6 
6- -O . 636 
+0y +02.^5.74 
+02 +K 6-22 
— — 5.78 

+02 +04 T.90 

CFXA t HH ■■ 150 97J 975 . • MS 

Canada 41 S3 *90 971 08) 0 : +« 548 

Chasi- Mauhnuan O S 693 1U 1022 1024 +82 - - O 5-7« 

Araunrlnc SS ..... 

Asian Develop. Bk. 5* S3 

Australia 6 S8 

Austria 53 90 

Ranh America 54 90 































rominerrhanV Inf. WAV 
I'cntmirrbank Int. XW 5* 180 193 

Hopentiaaen City <6 90 ... 75 952 

council or Europe 6* 190 «l 

FIB d B0 300 97| 

Elf Aquitaine 5J-S8 100 93] 

IBJ C 84 ■ IBB 973 

Indonesia 7 84 100 97) 

Kobe. City or s: so 100 

l.tetu Scrvicos dc Etct. .. ISO 

+K -1 24« 

St +H- -« 5-78 
0611 607. 






101 ) zou 

971 90 

Mexico -0 85 200 «Si 9H 

Mitsubishi Poiro 5! So ... 1BO TIOLi iMt 

xinnen stc^i SI 85 U0 Ulj 102) 

NorncB Kama 8 &n 100 99* IN 

Norway 41 W 250 9bi 9*1 

\onreslan Hid. Bk. 6 90 . 125 98) 99 

Petroled Brazil 7 88 100 981 992. 

Philippines G3 85 100 954 951 

PK Banket) 31 ft* 100 9M WJ 

Oucbcc. Province of 8 90, 150 S5: 9*2 

ffauraruukki Or 53 88 

Rieob *3 

Spain * •« .... 

Statoll 6 88 

Trnodhcitn. ClfT Of S! 
UDS Croup 3.’ 83 .. 

Venezuela 64 90 


50 9T1 901 

30 tlOOl U1 
280 96J 9*2 

1M 995 1002 

35 954 95Z 

*5 9*J 972 

150 99£ 552 

-—22 •— 15 
+.0). “04 
"+B* -04. 
.+«* i-S,' 
+01 +04 
-02 —82 
.0 -Ot 
+02 -« 

— U -02 
-8) . +04 
-0* -01 
+01 +04 
0 -1 
+01 - 0> 
+04 +0i. 
+02 . • 
+02 -04 - 
+tt -02 ■- 
O. .-•! . 

+oi -or 
+W -0) 

0 —2 
8 .+82 . 
t.M “1 

Chouse on 



















6 JO 

.59 . 

; 972 





Anv.-rican Express S3 .... 02 

-Arab IntL BanK 516 5 83 . B t 
Banco Nac. Anwo*. MS S3 02 
Banft Hxndlwy Mn 8S ..' H" 

Ban lr Of -Toluro Mai «S : . 02 

Banaue Warms M3? 83 ... 01 

Bq. EXT. d-Ahj. M8J73 &4 04 

Eknie. Ext. dAlg. ?.Hj S3 M 
Bque. Indo el Suet *15) . 04 

Bq. Int. Afr. Dec. M8J S3 04 

CCCE Mo 23 98 04 

CCF M3J 03 . 01. 

Chaw Man.'O/S M5i'4X.. 02' 

Cnedli National M3} 88 ... 01 

Cnialunlirn U6 S8 01 

Ishikan-a lima TJ52 S3 fli 

Uuhllaudia M7 73 83 ... l 

LTCB Japan tiif S5 ' 01 

Midland [nil M3* 93 U 

Mat. West. M3} W .' B1 
Nippon Crow M5l S3 U 

OKB W3» 38 ... . w 

OITshore Minnie S6 02 

SFTE MS -33 M . 

Braridard Chari. M5J «J .. 1»- 
Sundsrallsbanhn) MB 85. 04' 

Old. Orerseas Bfc.' *16 S3 01 
CONVERTIBLE . . Cnv. Cbt. 

BONDS . date price Bid 

99*^ 20/4 102 .' 10.11 
961 'ft/1 

9*£ -31A 98 . 0 .» 
9r "Z5m-+5* 9 J0: 
97- W4 Wi »»■■' 
981 15 /IX 0 • 9 JO- 
971 -9/a n 9J» 
961- . 3/5 +328 . iX2»: 

m-wi ■«. «»- 

994 12/L,. 95-' 1 9ifl 

9*4. 964'- JO-.a'MI ,MJ 
991 99* '3/5 1ZT- 1133 

' 97 27/T 9J1-.9J5. 

07J 11/1 9J9 9J7 

972 15/11 .Ts. — ■ 
98j 27/4 .321 UJ* 
9«i »n . TO TOtt 
-011 f/S Vtl* 3*2 

972 20 /l 9.M 932_ 








97 - 97i 23/12 .-93Kf- 9-58 - 

98 >982 

W .991; 18« 183fc;»g 
971 97J 19 A 
98 - 984 5«:-10J9-*Mf. 
9**- .9*1 W2. . SW .*» ; 
9*1: 964 .«M.18J*1|5 .. 
982 991 4/5 H 31 I2J4 T 

■ > CBi 
Offer day Frem 







Acesa 32 SS 

ArlbcrE Tunnel 4 83 . 

A sea 3f fti 

Chase Manhattan A 03 

CVRD V. 30 

Cound! of Europe 4* 

RankamrriM 32 83 80 

RNDE 6 SS 71 

Denmark 4} 9o 100 

r'enraarfc-Mflnsofe' Bank 80 

EIB « 93 100 

Eqraiom *2 W 88 

F. L. Smidth ^ 89 2S 

Finland 93 89 

C.ZB *• 83 ;...» 100 

HUti-Uecbensrctti 4f ...... 25 

ICI Fin. NV *} 89 U0 

Malayma t} 90 80 

Manitoba 4 93 100 

Now BmnwicDr. EPC 31 JB 0 

Nowue 4 93 70 

Nnrgrb Komro 4j 90 108 

OKB 4 93 

•v Nokia 3 M 

Bare 4' +; 

Sandvlk 4 50 

Seas 4! S9 .. ... „ ... 
Vocsr-Alplne 4* W . 
Veralbers Kraft 4 M 
Vienna * 03 
World Bank 41 90 . 

laved Bid Offer day wtek Vreld 
<0 105 1854 +02 +02, . 4-57 

MJ 1001 -0* +W 
9S «t +02 +01 
103 M3J 41 +U 

MZ 1820 fl +1 

M02 M01 -«4 +dl 
U21 U23-' -0* +12 
1032 UB +« +12 
1002 10K -oy +0J 
1014 10U -"01 +1. 


UU 1024 
102* 103 
105 105* 

4932 103J 

mi 1004 
Ulj 102 

mo uai 

M22 103 




:‘o . 





+02 +a 

-04 +0B 
+01 0 
- 9' +1 
100* +U +03. 
102* +82’ +1 


30 1014 1014 +01 +1 

85 noi uni - — • — 
is U0i 10«Z +81 +14 

MO 102 U2J 0 : +I- 
» 100S lPU +02“ +01 
15 JTO IBM +0*. ,*13 
258 MX* 1112 0 +0) 




3.9* - 













3.95 ' 


Asil-S 5: 03 ...... 9/78 628 

Raker Ini. Kin. 5* 83 1/79 34 

Bools a; Sr- ... . 2/79 .20*: 

COca-Cola BfittHns SJ ant- 9 

TlO-YiriiOdO o: S3 fe'TI lffl 

Novo Indusrl 7 S9 4/79 ■ 259 

Tinas Jni." Air. 7* D3 .. _* 4.77- UJS' 

Thorn Int. Fin,. 7 88 U/7B "3A7 
Tyco InL Fin. 8J B8 . 9/78 .’* » 1 
Tyco Int. -Fla. 5 S* 5/78 -'-6L5 
Asab/ Opdea] 3r. DM'-l'.IZm' 58 «■; 

Casio Comp. 3J S3 DM . tt/W Ml 
tanalyrs*- » dm : Jam 989- 

• Juscfl o* 6< Dm •; — xm uit 

. Koraehtroku 34 SS DU ..U2 

Mantdal Food 5* 'DM -... 2/79 0833 •! 

Mlimra Man: S! M DU . 01/73 ; 854 
Nippon AIT. -99 88 DlTV.JZ/JB. - 588 
Nippon Shiapan 31 S34.-... 8/7* . 738 
Nissan Diesel 3* W _ 2 m 477 
oirmpas Optical 3* 85 DU 2/n 703 

Rio* 3* SS DM ,._:OIV*0. m 

Sanfcvo T.lcrffio 31 DJI „ */7» BH 
Sanyo Electric S4 DM ......U/78 295 

SriP* -Stores 31 88 DM 4/78 J275 
Stanley mertric-8* DM U'W £23 
Trto-XMwood S+.w DU.. 1I/7S . 711 

• Na tn/oanarion a raflj hle~-p>v vhws 1 d 8y. T c prttjt. 

“ Only ohe mirhet maJcer sonpfled a-iiriM. -i- 

. Straloht Hwidj-. -Tte yjdd f* The yleW to. mteaptiOfHIf.***. ~ . 
mi(tDrJce: J ihe\.ajnotBrt, issued is - tn miBMag vt arnatr-’/ 
unlia exem ■for- Yen bonds^rhene- 1ft hKUooSi' Chxt^e -- 
on wook=Channn -over prfee a week Barnet . vv 
Flearinp Rate Hom*; Derwnntrtauyi lit HoUara unfeafi oA« v r 
6lse iMicaled-. M^MInfitumj comcn. C ctafe =Daw prrL , j 
WHipon he^aates effecd^ vp.' Spread “Unriin atMTe jdxAnportb A.- 
offered rate tor US. doUara- C.cws=T3M-carr®u. okki/Sj* ' : 
C.Tkt=Tfte currant, yield. , ' • - \ - ^ • . . - 

Convertible bonds; Dcnomlnaied in Solars . - . 

hwlieati'il, chg. dar-sCItaapc'flii dyv, dateaJrfratddte'.’:.V : ’J? 
far conrempp into .share*. s . orjee. ^ H annual , a?' caai*of 

-band piv'*trtnv-e*j>ra55ed hi- {WetWrWflhw y-rf. 

«wr rare l»wl at tone:. -ErcmsFerepiqage pPrtWi WT d/^Be'-' : - 
current -effeenre. price ttf. e er juirutg . shares- Vtft cba aaatf / * -•*. 
over the mwt Tea^^fee di; ^ ^ r 

O TkFTUwnrt 0 Y "Thnest kOi.'TTO.^ SenwdperiimA'trijto/.' •«« 
nr in pan In -any * — • 
consent . Data attpyl 

Ml* 1824 -—84 : TSt 

. m : to +61' .in 

894 981 .'+81'— 3 J* . 

'- 82* ' 834-7+81 
1*W UL .rU, AW- 
901- 924 S-2 - 

W 82 '—rug 

TO ' 9* "+84^*L» '. 
; W .95 -+«* a4i.= 

• 71 ' 73 -+0iK&» 

.-V 901 .941. +01 . 


«<I :r 10S| ■ +*1 T3JB - 
: 973 9SA -81. Wff 
TO : w -+tt;:nJ tr- 
uss 10*2- VM 12A3 
922 ■ 932 - -0*1 298 
TO- 95B 0 7 "3J; 

-122* mi -2* ,-UJ 
M* : 97 -807 XJff 

to 98i 

MB ltEB- +«. M 3 * : 
1191 12H. -8L lit .. 
.-TO 95* 8 

-USi lie -Jt -l« 
971" 984' ■ T5 -; 

.924 93 -ST «A- 


■' vV. V ' . 

T?ie^5f Ng^citer 14 1978 

?_■/,'« VO ' .'* MARMGED3Y 






Yrtrwgfflwgflftcom - 
1 . wt^ationalumitsi 







AU3TimJAi»b»m2B4LAND " 

. ,JBftNCT^GBC3UFaimro n . . ■ . . 


BAftK^BRfTgHOXUMHA ■ . ;■ \- 


■ ■ UMmso.. v.- ; . 


. JWTfflNATONAljaA.- 



NEWvDRtodsocr-.. . •- ■ • .-: 

•' THE MffSLtfSANK. L TD.'- - ^ • 



. : . TWTB^NAJTONALJ UWBTg).NAS 5 «i ; I " 

SEKffffFY FACTO BANK- j--- ^ 


LWTFffiVHGWtABANK * i- ■ V. 




banco oe la nacion Argentina, 











V-_w ?• _ 







m . - * • 

v U.S. 560.000.000 





U.S. $60,000,000 















9* NOVEMBER 1973 



u.s. $ 50 , 000,000 


































80th OCTOBER 1 978 

Sin NOVEMBER 1 978 


UBS forecasts setback 
over 10% for full year 

on full 





ZURICH. Nov. 13. 

Union Bank of Switzerland will 
this year be -more than 10 per 
cent under 1977 figures, accord- 
ing to managing director Dr. 
Robert Hoizach. This decline, 
resulting from a fail in income 
and a simultaneous increase in 
costs, would mean that operating 
profits would also be over 10 
per cent below budgeted levels. 
Budgeting for next year would 
be “ extremely cautious." be 

In 1977. UBS net profits rose 
by 13.7 per cent to SFr 226m 
f 5163m), and total assets by 6.6 
per cent to SFr 56.12bn. The 
bank's operating earnings for the 

third quarter and first nine 
months this year were over 10 
per cent below last year's 

Dr. Holzach drew attention 
particularly to the drop in 
interest margins, which he said 
was not likely to be reversed by 
tbc end of the year. Rank 
interest rales were able to be 
adjusted only with a time lag 
after decreases in active interest. 
No marked upswing in margins 
was likely nest year. 

The managing director. Dr. 
Nikolaus Sean, said that the 
bank did not foresee any increase 
in its share capital next year. 
However, two conversion issues 
would be made to cover the 

redemption of maturing bonds, 
and two new -money bond would 
be issues floated. 

With regard to the planned 
sum to be raised on the Swiss] 
capital market by the U.S., Dr.] 
Sena said that this was likely j 
la be a "relatively targe 
amount " of short- and medium- ; 
term paper. The "National Bank ] 
would, however, probably act to' 
prevent too great an influence: 
on domestic interest rates. This. ! 
he indicated, might mean that I 
short-term issues with two to : 
three year maturities could bei 
placed by way of banks and. 
medium-term share of up to five 
years offered directly to the ' 
public. 1 

year profits 

Aerospace groups await a lead 

By Our Own Correspondent 


watch company, Allgemcitio 
Schweizerische Uhreninduslrie 
AG (ASUAG), views the 
present financial vear "more 
pessimistically " than 1977-78, 
when it raised net profits from 
SwFr 4m to SwFr 5m ( SC. 1 mi- 
lt is paying an unchanged 
S per cent dividend for the past 
year to Jnne 30, which saw a 
rise in group turnover of 12.3 
per cent to SwFr 1.17bn. 

Group operations in the first 
half of calendar 1978 showed 
an improvement on autumn of 
last year. However, business 
began to show a downturn in 
May and June, and the group 
has recently been reporting its 
concern at the level of orders 
since then. 


BONN. Nov. 13. 

WITH BRITAIN'S re-entry into 
the European Airbus consortium, 
the West German aerospace 
industry has seen its most 
important immediate concern 
satisfactorily resolved, and is 
now turning its full attention to 
an issue that may take even 
more time, patience and skilful 
negotiation — its own future 

It now looks unlikely that the 
long-discussed merger of the 
industry's two largest companies. 
Messerschmitt - Boelkow ■ Blohm 
OfBBi and Vereinigte Flugtech- 
nlsche-AVerke-Fokkcr is going to 
take place this year. The Bonn 
Governments co-ordinator for 
the industry. Slate Secretary 
Herr Marion Gruener of the 
Economics Ministry, may there- 
fore need to be patient some 
time longer before his objective 
of a “ national industry ” with 
the single voice of its British or 
French counterparts can be put 
in place. 

Behind what appears at the 
official level to be a deadlock, 
however, there are some sien? 
that the talks between the two 
compares and the Government 
may be slowly starting to clear 
some of the obstacles to a 
merger out of toe way. As a 
result, some knowledgable people 
in the industry are now hoping 
that Herr Gruener will give a 
fresh lead when he appears 
before the Bundestag - * I Lower 
House of Parliament"! Budget 
Committee larer this month to 
request supplementary funds for 
the Airbus programme. 


The main change in recent 
months .'is that all Dartres are 
now reported to agree that VFW- 
Fokkcr. hailed as a pioneering 
cross-frontier merger a decade 
ago. will have to be unscrambled 

The group’s own policy is still 
officially in favour of keeping the 
two sides together. But some 
observers are expecting next 
month's meeting of the super 
visor* board to vote in favour of 
returning Fokker to its Dutch 
shareholders and VFW to its 
German ones. 

Moreover, the new Dutch ton 
management is known to have 
its eyes on hilarerai co-operation 
with DassauJt-Brequet of France 
in a series of deals which would 
be crowned bv joint development 
of the Fokker F2B — perhaps with 
Rolls-Royce contributinc its 
RB-432 engine if the British 
goremment could be persuaded 
to plough in development 

On the German side, however, 
there has for several vears been 
suspicion of the Dutch half of 
the partnership, and increasing 
agreement that this particular 
irritant could be removed if the 
talks with MBB were confined to 
arrans'ng a merger only with 
the VFW half of the srnup. 

While there, may still be some 
cause for regretting the nrohable 
ending of the transnational 
experiment it is likely that some 
cross-frontier co-operation and 
sub-contracting will continue ad 
hoc — though the recent hesita- 
tions in the Netherlands over 
joining in the Airbus programme 
make this less than a certain**-. 

Even without having to involve 
the Dutch in a "large solution." 
the bringing together or MBB 
and VFW promises to be ex- 
tremely delicate. What Herr 
Gruener and his officials have 
been hoping to see from a 
merger I* a rationalisation of the 
industry at the works level, with 
smaller and less economical 
U.-ilities closed down and the 
workforce reduced if need be. 
This view has heen broadly 
shared by MBB. which has been 

holding out not for a merger 
but for a takeover of VFW’s 
more viable plants such as its 
big Bremen factories, with the 
government picking up the bill 
and the political responsibility 
for closing down what it does! 
not want to buy. I 

Herr Gruener’s strategy. I 
dictated by Bonn's advocacy of : 
the market economy, has been) 
to let MBB and VFW get on with 
fixing the terms of their fusion. 
Despite new rop management in 
both companies, this approach 
has brought no agreement yet. 
VFW-Fokker has been attempt- 
ing to hold out for something 
better than what it regards as 
capitulation to IfBBs terms- 

The components division, 
headed by the Nenrchatel-based 
Ebauehes SA, is faced with 
considerable difficulties and is 
trying to arrange a reduction 
in operations with the trade 

Berlin plant closure 


In theory, it should be easy 
for Bonn to lean on VFW- 
Fokker a little, for last Dec- 
ember if rescued the group with 
a 1 financial package carrying 
tonsb conditions, after it was 
obl’aed to abandon the commer- 
cially unsuccessful VFW 614 
short-haul jet airliner. In 
practice. Herr Gruener has 
seemed loath to use this lever, 
and It may now be even harder 
for him to reach for it. 

For what has complicated the 
entire situation In recent months 
has been the involvement of 
state governments in both MBR's 
and VFW-Fokker? affairs. The 
Bavarian and Hamburg govern-, 
ments between th^m have some 
43 per cent of MBB. a major; 
employer in both Munich and 
Hamburg, while Bremen last 
August acquired control ovp- a 
26 4 per cent «t3ke in VFW- 
Fokker. This will- give rhe three 
States most directly concerned a 
right of veto in any new blue, 
print for the industry that might 
involve the loss of jobs. 

THE WEST German elec- 
tronics concern Loewe-Opta 
will close its West Berlin 
factory because it cannot 
compete with Japanese manu- 
facturers, Reuter reports from 
West Berlin. 

Five hundred workers will 
lose their . jabs when the 
factory, "which makes radios 
and parts for television sets, 
closes in mid-1979. 

A city government official 
said the. company had turned 
down its proposals for saving 
the factory because it was 
losing so much, money. 

: THE European Options Exchange 
(EOE) expects to list three 
! French slocks later this month, 
i Their names will probably be 
announced this week. Dr. Bert 
, Scholten. the EOE's managing 
.■director, said in an interview 
with the Financial Times. 

Late last week, the Bank of 
France gave its permission' for 
. French residents to trade options 
in foreign shares on markets 
i abroad: previously, the country's 
; foreign exchange controls pre- 
sented this. But French rari- 
j dents are still unable to trade 
! French share options on foreign 
I markets, such as Amsterdam or 
| Chicago, though non-residents 
jmav do so. 

The EOE is. meanwhile, still 
, talking with the West. German 
monetary and banking authori- 
ties in the hope of creating 
conditions favourable to German 
banks taking part in dealing. 
The EOE hopes for a break- 
through within a few months. 

A delegation from Hong Kong 
Is due to visit Amsterdam next 
month to discuss the listing -of 
options in Hong Kong stocks. 
This follows a visit by EOE 
officiate to the colony in October. 
A number of the EOE’s mem- 
bers have offices In Hong Kong, 
while one of Lbe largest broking 
houses, Sun Hung Kai Securities, 
has become a public order 
member of tbe EOE. 

-Members of the iwn ■ is technically ready . to - Tte EOE j 

*« *»<! trade “pots.”, tat we i wU £>t uses w nmive aoa iraae jiuu>,. . ; mawiboriT 

Germany fear we will take until after the expiry or the next .^embers, jumsm^nu 
away the market in the raider- series in January.” Dr. Scholten "Jo call on its serfices.for.a s^dl . 
lying shares.* 1 Dr. Scholten safd. said. Tbe listing of French tee. . ■ .- . ^ .■ 

" But the clearing will take place options later this month ana the The EQE has. not yet^ecuted . 
in the country where the stock normally busy, month or Decern- whether to.introdace-airejtsones 
is quoted and stocks would not her would make the introduction of the three listed 
be handled in Amsterdam, of “puts” difficult before early when- the .next, series/. expires 
- ' - ' ' ■ - ■ - — ■ laier this month-.. It did not-lpfea. 

“ Members of the stock exchanges in France and Germany fear <juce a new 
we will, take away the market In the underlying shares. But ^ EOE lias Sophn? : t£§|£ 
the clearing will take place in the country where the stock is Britisb Petroleum, 
quoted, and stocks would not be handled in Amsterdam, unless G enera j. Electric, thoagfcT' *. ?? 
a client actually requests delivery.” (Dr. Bert Scholten, .|> a j|y fr»rim g ; y ajamea ri j£rg 

managing director of the EOE) occasionally exceeded 3,0® coa- 

— - * — — — tracts, but the BOB- is still rioh* 

unless a client actually requests next year. The EOE also wants way from its original estimate f - 
delivery.” The EOE' plans, to to make sure that its members a break-evened 
deal in French and eventually and the public are well-informed tracts. “The- break-even ptirart* 
German stocks during the bourse about “put” trading before this now lower than. 7,000;contraBSi'' ! 
opening hours in the respective is launched. due to tbe.restxict&in3 : _th|.i£(^ •• 

couniries. - • , . The EOE is changing, fts kasputw If? jteopmb'r 

Tbe exchange would like to approach to publicising its - 

see a market for U.R '.stocks fn tions. “The job of explaining - 

Amsterdam, though, since] these onUona to the public was being range of tiie^ EQEte r mghafefciaenC.- 
are traded" on tbe " Americas done by. analysts, who could put ^ 

markets for the most part when it over to people on their own:' ^Tou -. aon.r ■■ . 

Amsterdam is closed. The BOE , level but not to the general we would start. tn make.'proa^; \- 

is, therefore, dependent for up- public." Dr. Scholten said. Even Immediately or - that- txie -stock •••"" 
to-date prices on those -estab- some of the EOE’s own members exchange would withdraw; Itssap. : 
lished in telephone trading. • were not aware of all the pos- port?” Dr.- Scholt^' ! aBked,f;^ffe,- v 
Tbe EOE originally hoped to siblllties. The large number of capLtaL tarostrart;!* rtjttt 4SJBV; 
Introduce “put” trading— cqq-' options which were allowed to was ]FI T2-5m - • (56-1 ny.7 >wafl a- v 1 
ferring the right to sell shares-- expire on the last expi ry date pny a te ; stoat; j Bfek gfcv: *<MgcBfc r : 
alongside the present facility fbr showed that clients had not beqn estonateg .tbg '-MJEte-Ioss^; »f... t 

“calT" trading— conferring .the sufficiently informed about the 

right to buy — last month. “ The. -possibility of selling- earlier. - a week. . ■ .;.^4 - 

| Kansas City 
] Power & Light 
I raises $50m 

Dunlop Australia expects Dividend : 

higher profits this year 


DUNLOP AUSTRALIA expects turn, but Sir Robert said be. 

By Our Euromarkets Staff 

payments m 
IDB group ) 


would stop short of quantifying! 

BFG to sell ho Win 2 

MERRILL LYNCH International to it£ P rofit . B >■ f^ur- short of qU “ tifs E SEVERAL SU&IDIARIkT^^ 

Bank is arranging a S50m short- r ^ nt year above the ASTTm . However jj e added that. sales the . Israel ptsoouat 

term Eurodollar loan for the (US.S19.7m) recorded m 1977^78, and earnings, of the rubber, tex- counts . 

dnnhiP-A rated Kansas citv the chairman. S ,r Robert Black- tiles and industrial products dt^ared ’anterlm/dlvHletHl^ f® .- 

?ower and S2t CoZ^y wood said in Melbourne. ■ 1 greup in the first quarter were 

Power and uigM company. Shareholders have approved ahead of those for the same of lDB w^H W.’an .nnchan^ . 

Tbis_ marks a relatively rare ^ terms 0 f ", a Capital period last year. .. 4 .• 

BANK FUER Gemennwirts- 
chafl AG (BFG) Is selling all 
but 5 per rent of its boldines 
in the Frankfort based Bank- 
bans Koch/Lauteren to the 
private bank Schroeder, Muen- 
chmeyer. Hengst. Renter 
reports from Frankfurt. 

. SMH. with offices in Ham- 
burg. Frankfurt and Offenbach, 
will hold the remaining 95 per 
cent In Koch Lame re n. effec- 
tire from January l. 

The spokesman said Koch 
Lauleren. • wtiji an annnal 
business volume In the region 
of DM 108m ,(S53.2m). no 
(oncer fils into BRG's portfolio. 

£03*31 Bank jqf Canada was 
negotiating a /slake In Koch 
Lauteren. huf the talks were 
unsuccessful, the spokesman 
said. > 

Sower and L^bt Co^uy ^ wood said in Melbourne. “ ^up iTthefiStt quarter were 

P °S m^ re™ rare Jhareh^dera ^ app^g J^ad 0^ those • for the name . 

excursion by a U.S. utility Into re t arn which wiU give l£em The directors regarded the which is w be.the, ffnaFi : 

the Euromarkets for funds. three SO cents shrikes for every capital return as the start of a 

The lB-month syndicated loan mo AS1 .00 shares, plus 25 cents new growth phase and with a emt in. I9 7?F.;:-. y. 
will carry a spread of 3 per cent cash for each share held before greater borrowing capacity. TM^mve«m^- wupany^js 
over interbank rates. The bor- the reconstruction. : - • Dunlop would be in a strong by - --tne^. Bams 


rower aparentiy found that a Sir Robert said C't if Dunlop position to undertake growth io Holding Company,. the- pareoti a 
sfaort-terxn Eurodollar credit was held profit at AS17m ihe earning the long-term advantage of thfr diWQPnt. jgpmjk U. te- jh- 

sfaort-tenn Eurodollar credit was held profit at A§1 7m the earning the long-term advantage of disco un^ grp up. 

cwnpeoitive with a U.S. loan rate would ■ rise from- 1S.2" per shareholders. Dunlop of" the Tpl v«! in mdtisnal j n yemgegt% . 
based on the current banking cent to 24.5 per cent.- The. profit UK bolds slightly mare than 10- as weu ^as the granwng oi nWnS]; 

I prime rate. was expected to better this re- per cent of Dunlop Australia. v* ^ . Di scou n t, Bank., ityjd . r, 

Anglo American subsidiaries 
show little progress so far 

via the Discount. Bank, tb. load..-,, 
authorial, industrial conae^.: 
and -cooperatives: \U also- man - 
ages - a Tmmh pr <if trust; -fumit 
Additmcaliy Jt irevCTts^ijq : 
ance. shipping; serrides. and pro" 
perty, but 

menti of 

larged ii^-techmrfOgy ; :indt*. 
cries, such. as. ti»J^nm>grdqp.. 
(various type*, of ««4 Boshc?) 

--~F3, „ 


M . 


. AH these Bonds have been sold. This annocncenient ^?peais as a matter o£ record only. 


October 12, 2978 



ANGLO AMERICAN'S two listed improvement in profits r is fore- Marina da Gama in Cape ‘Town. Another EDB. sab&utia ttffi* 
property companies, Anglo cast for the secowl-half. The Though the * marina achieved Property ahd Building GoapWr : 
American Properties (Amapropi Board has recorded that the safes of R1.2m for the period, lie iron,- vrilt also^ay ■ SO'-par-e^- • 
and Sorec. tbe latter acquired recent decline in interest rates directors have concluded that bonus' jsbares -<25, per - 
through the takeover of the will help matters./ original fend costs exceed market .1877) In/addKiaD ^ to. 

Schlesinger insurance and pro- Sorec last paid a dividend. in value and. have therefore made cenr ca^i dma«w, w^kr fne 
perty interests, continue their 1976 and with the shares at 8Qc provision '., for a permanent I sraei Davelopm^it ®oa Matt- ., 
attempts to achieve an even keel ahead of the figures, against their decline in -the value of the land gage Bank wail ray-.?*-per ceat;.. 
in the face of continuing develop- 1977 low of 47c hopes were ente» The total loss is therefore :Up- caM ^ Cunehimg^d)* - :Wmie 
meat programmes and adverse tained that the group had turned from R0.5m : f-to R4.3m and no broua rat e w^ - be ggoea to ;fK - 
marker conditions. With gross the corner. A more cautious significant trading improvement ‘PS_, cso4: ^® ni '?& BW I 56 ®*]®*] 
assets employed of over KWOm, approach, however, suggests that is expected - in the second -six A®?** . ' ' . ,i" ; ]'. ,i : . 

the two companies between them Sorec may need some time to months. The Board says- ifiafnb ‘ ' . ' ]/■: • ■' 1 ] . 

achieved negligible returns in recover fully, but that by the dividend is expected this year p* q nAro pp ry . : 

the six months to September 30. 1980s, with virtually no n ew from, Isipingn • property- Invest- 
Sorec's pre-tax profits fell from office building taking place in menfs," which owns an industrial £ =; r ‘"' r 

R0.9m to R0.6m (SO.Tra) for the most of the South African cities, township near Durban, and which ^ , . 

period, and after tax and outside its portfolio of prime high rise has paid 'a .dividend for the past THE S ingapore Stock Exc hang e 
shareholders' interests net Income buildings should come into its few years. Amaprop itself has has announced - tbat wRfc- effort - 
was down from R0.6m to R0.4m. own. never- paid a dividend, and has [from November pat- . 

Earnings per share sell from 5c Amaprop extended its pre-tax arrears of several, year&'on the back Its aftemoan todfitesessioa ; 
to 4c, and the dividend has been loss for the six months to end- preference shares. At 20c, tbe by half an ’ hour, “to rSi irqau 
passed Tbe year-end has been September from R0.3m to R0.4ra ordinary shares have expert- ! 1430" to 163fi, loot tlibttfi la.^ pbioa 
changed to March 31 to coincide and provided R-3.7m against the enced speculative interest from j of the present UfiOjloJffiOft bout; 
with Amaprop s. and a marginal loss on one major investment, the time to time. I Reuter reports -from Singapore: ‘ 


‘■V -. . r - 


(Municipal Financing Company) 

15-000,000 European Units of Account 

7 j / 2% 1978-1993 Bonds 


* . V. ■■ "i • :** 

Banks give way under new pressure 

" •• 


atuj> ' 

•7 !?sw-r: 


— V ... 


%Z~1sy£- ■ 7‘" 

Svenska Handelsbariken Kredietbank S A. Luxembourgeoise 

PKbanken Skandirtaviska Ensfcflda B an ken Gotabanken 

Algemene Bank Nederland N.V. Deutsche Girozentrale - Deutsche Kommunalbank 

TOstdeutsdieXandeshaDk Girozentrale 

WO SHARP rises in interest and dirigiste policies Is at stake. With the key 90-day Euro- so far ffifo year" 
rates here over the past two Official concern appears to have currency deposit rate now at domestic" deman du which . h®s 
weeks — taking the banks' prime bee n mounilng rapldlv in recent about, li.75 per cent, Oie in- helped to push the '.Trade- defijatt. 
lendinc rate ud from 6 ner rent weeks over the outflow of funds centive for a further flow of to 'a record HKSfibtt (USf$128hh) 

rn Refiner rent— renrccenr more f ^ ni ? HonR Kon!! ' lhe we3kn ess funds out of the Hong Kong in the first nine moatiis.- and 
to S.75 per cent represent more 0 f the colony's currency and the dollar and into the U.S. dollar, (along with -currefley r outflow* 
than simply a reaction to rate manifest overheating in certain or other "currencies is as great as and heavy purchaser of gold via" 
increases in the U.S. and else- sectors of the economy. " ever. - Ev?.n. though no - official tht UB.: dollar) 'seen-' the "Hit 

where. Against this background- and figures are available to quantify dollar fall bv 115 per .bent thir 

They reflect behind-the-scenes the failure of the banking this . outflow, officials are con- year cm an Index basis. - - V- . . 
moves by the Government to system to boost interest rates cent ed "about it and Citibank a large component: bf" this 
wrest some control over interest • "" - domestic demand ’'itf '^Mounted 

sY-^UR-p - 


rates from the private bank „ _ 

cartel which has traditionally ° ne of Hie worrying aspects of Hong Kong s cheap money 

determined them. 

domestic demand ' ' isT^aecoanted 
for by construction. "Bank loans , 
to this sector, were .'a .substantial . 

policy so far this year is Its impact on .domestic demand, which f aclor behind the. dramatic rise'.. 

AJLAmes&Co. Amsterd am -Rotterifem Bank NX Aad re s en s B ank A/S Arab Enance C or por ati on S-A.I. Banca Commerdale IteKana 

Since the Financial Secretary, hajj helped to push up the trade deficit to-* rerord HKSSbn in j n u, money supi%-^ip 29.7?per 

Bancadel Gottardo Banco Ambrosiano Bank Brnsset lambett N.V. Bank Gntzvrillei; Knrz- Bxmgener (Overseas) 

Banked Helsinki Ltd. Bankers 'Ir att^ ernatiotial Banque Fran^ise dn CotmaerCE listerienr Banqne Generaie dn Lnxembtnng SA. 
Basque derindochineetde Suez Banqne Internatiooale a Luxembourg SA. BanqoelppaSA. Banqne loms-Dreyfus 

Baaquc National e de Paris Baaque de Paris et des Pays-Bas Banguc de lTTnion Enropeenne JL Albert de Bare* Ca N.V. 

Bayemche Landesbank Girozentrale BayerischeVereinsbank Bergen Bank Berliner Handels- und Frankfurter Bank 

Blyth Eastman Dillon & Co. Caisse des Depots et Consignations Caisse Privee-Banque Central e Rabobank Chase Manhattan 

Banco Ambrosiano 

Bank Brussel Lambert 

Mr. Philip H addon-Cave. hinted the first nine months and seen the Hong Kong dollar fail by cent at the end of September 
a couple of months ago that me 1L5 per cent this year - over a year 'previously on tie 

Government might have to resort ... narimn-r met 

to something firmer than "moral 

narrower Ti43. Kasis; and ^..SOA. 
per cent" on t&e-broader."5I2 hasht/." 

suasion over the hanks to voluntarily in tine with external estimates a net placement of Demand on- the constrnctiW 1 
influence rates— in the absence movements and with the need HK$3i.76bn abroad between April sector, which his "sbownMtwSfitr 
of a central bank to determine t a temper the property market and August of this year. a 20 per cent rfce'ta ihe : vaflie 

Blyth Eastman Dillon & Co. Caisse des Depots et Consignations Caisse Frivee-Banque Central e Rabobank Chase Manhattan 

Inura^ioa] Lcnrr J . [litflixil 

Christiania Bank og Kreditkasse Citicorp International Group Commerzbank Corapagm'e Mon&asqne aeBanqne Continental RankS A. 

AVti nsneljvon: 

Copenhagen Handels bank Credit Agricole (C.>,.CA-) Credit Comroertialdc France Credit General Credk Industrie! d'Alsaceet de Lorraine 

S_\. de Bir.;je 

Credit Indnstricl et Conuncrtial Credit Lyonnais Credit 5 nisse First Boston Daiwa Europe N.Y. Den Dansfee Bank 

Ueuiad »:-'i.Usie«bli^ 

DenDarskeProvinsbankA/S Den norskc Credit bank Deutsche Bank DGBank Dewaav & Assodes Internationa! 

Ak>ica^nei;»d!^s UtosKic GeruumdufautoJ: ' S coca. Ai^r..n, e . 

DresdnCr Bank European Banking Com pony First Chicago GenoseenschaftUcbe 21entralbank AG - Vienna 

Alicogeien^rt; * Umii-si * unoim 

Antony Gibfas Holdir^s Ltd. Gcoaemrale und Bank der Bsterreicbischen Sparkassen Golf Finance Company Hambros Bank 

A Vrirr rj wrH— haft linLWd 

R. Henriqnes ;r. Bank HfilSanrad&Co. KansaUijnOsake-Pankki Klrimrart. Benson 

_Atalecliiab UnutAi limited 

KredietbankNA^ Krediethank (Suisse) SA. K uhn T/v4i T>hrre n B rn f he w Tntpm arinnal TarnW hanlf jlriilerang « TTnlcrorn - Gitpaentrale ■ 

Henre the suddenness and the major U.S. dollar suDPort a R biit" the major domestic factor behind the concealed infla- 

onlnm?. 00 nrWiriiof US diMrount rateVo ^9 rate'wias'abouT il.5 per cent, fleeted in the iirflation rate, of 
economic onnciples and the omwhimw to pot cent t u. u pav .. ahmir « 

ber 1. which directly raised the 015 November 9. the. interbank -at present- and "wbifiii.i^notr-re- 

ra“-arir«5WK i=,s; 

1 i money In Hong Kong, parti:, the cost-of^ng -index.- v : Coik . 

np"r r ^oni ICe r!hif«,!ei« ri frt 0 . 10 '7 5 cularly . For the property sector, struct ion cosis- are' prbteably*rnn- 
per cent, obviously forced the R a nkv T averaxe liouiditv it nine at fivr.timisg that rats. -df 

Mamfactmers Hanover MemUIynrit International &Gt Morean Grenfell & Co. Mwgan Stanlev International 

li jmtrd ^ Uaiiied Uihcd 

ISfederiandsriie hfiddenstandsbank N.\^ Nederlandse Credktijank The rsSkko C(X, (Europe) Ltd. Nomura Europe NX 

Natddentscbe landcsfaank G iimeirtr a le Jvonltc Bank Orion Bank yghanlom Tn terw ar i nnal (T nv ymhm wg) SA 

Umfard lim'fei! ” 

Fhstipankki Priy a th a nkep Saudi Arabian Tit w s fnH»nr Tnr. fj ca iw ll f ia yian Bank • J. Henry Schroder & Co. 

Skandinavkka En s fcfl da Banfcen (Lnxen&onrg) SJL Smith Barney. Harris Upham & Co. Societe Bancaire Barclays (SnifflC) SA- 

ifira n |fU. uUxi 

Sod^td Enropeenne dc Banque SOQ&e Gdoeralc Societe Generaie Alsatienoe de Banqne SocJete Gcnorale de S»A. 

Society S&uanaisedeBanque Sparbaakernas. Bank Sundsvallibanken. Svenska HandelsbankenSA Swiss Bank Corporation (Oerseas) 


Union Bank of Finland Ltd. Union de Banques Arobes et Europeenaes-U^A^ J.Vontobel & Co- S.G. Miarburg & Co. Ltd- 

5oeag .\tjii; a n _ 

' Yfiflxams, Giyn & Co. TCx hJ Gu ndy ykmaichi Tnw»fimti f wwil ^Fnrnpgj Zentralsjdrkasse dcr Gemriode wien 

BosdpanHd Rivathan hen Saudi Arabian L 

Sb n i l ira i rklRi Rwlcilib Hankow fLaxethboorg) SLA. 
Soti&£ Enropeenne dc Banque Sod&e Gdneralc 

Nordic Bank 


yghanfamlnternati nnal (T ny pmhn my) SA. 

Provide free 
intematsonai telephone 
links for yourdients 
from major cities in . 
and Ireland. 

days later. 

I Even so thp 1 tnnim b'utid 'unevenly through the the Honq' Konjt mterest - 

!" a» Itai. Kong pr'nie ISIS '.fiSiStl 

N^a.rTw-V.’S.wbS 25L? 3ZF& 

c Sly s „gs«“ si 'the S& iSSSFC & 6*to£-.Z£SL 

la'y- Llffiie’ %%££ " S* *202^2* tt&SSS&SSSt' 

a? binta To mnlTe S. KP82 JSSTTmtat 

S5. 1 o a v"or MfraS. ost .b#i p»?-05r 

There is rtiU a. two point gap 'gSSi- *f}' 

mere is sou a two point gap -of,*,™,*,™-, 'C«* 

between U.S. and Hong Kong hight.-and cailmoney markelx -SSttB 

lending rates, but of even more forced up rates to reconl M, ■ 


icnaing raies. out ot even more ia xecara • 

fiSSfiftL 11 “* SSilPaLf ft- win 

p m =ricai 

between the new Hong Kong maintain high tiquidity ^in afitid- ^ ^mnA wrS vex 
deposit rates, agreed on thesaml "PUtion of .Chinese New’ Year JT ThSvSrlr 

Union Bank of Finland Ltd. rates, agreea on me same ^ uuu «bw rear of Ailhiirf Tha ta^ 

day as the prime rise, and Euro- monetary demand -> major ? hSi^^!r«SyE - " 

dollar and Asiadollar deposit donaad to^' — rate5 tS Sqm s 

U-S-dupasiirateu.Haiig h;£. .Mjkjrtfi in 

Kong’s new deposit rates (effec- unlikely to ..decline until next ont it ■ vao" oofntn*fc 

live, like the prime change, from Februury at least .The. Mass. Hiwrtwg prnmiiiiTi 

- _ , -f WMi. -the. Mass, hipgfaig "an wnTHnig -.-'- 

iNovemher 91 are 6.i5 per cent Transit- Railway ; ChrporalioiB 

for the 12-month money. 5^5 per also a net takei of fimds in : the tors ‘ — imerm ftites^and 
cent for six months, and 4 5 per money market. ]tTtev : - are m&mkfritr 

wnt for three months, seven Tbe more. wonting aspect 1 ef tbar reaBftaHdh-TKirott® iiaaHF ' 
days, call and savings deposits. Hoag Koog's. cheap money policyl ba,t^'bink : ri¥rteL ,i 


■ \ . j ."- ' ’■ 




| Earnings up 

ains boost profit! 

r m first 

: k - NIPPON STEELj tfte -syorM’s cent in- because of 

' - 7* Jargest steelow^exr 1 today,: ere- productibu cost ‘.redactions .-in 
' '.ported aa .fgprhMMehifai n& - are& «xcft as energy consump- 
•jrofit for .'the - $eptemSqc--30.' „«*ich amounted, to 

' year,- and said JEaf “ ft - .Y^Sbn ^ver costs In the prior. 

VV ■' * 'Twouid bare sfcowor rlbssAnit; Arajf-yiar- The company esti- 
^ for foreign cxchange' gains ajKl mated .Its' foreign exchange 
- . ' -apedaV'-rfactors. " The :. gatns Jn. tlje .half at ; Y20^bn 

''company muxed jite* interim-- -ms tl»e appreciation of the yen 
^diridend f©r^ the ii«(nM!r'j«ar ^lia'de' bnpflrts. Jess' costly, com- w 
i : ' rin ■ a ; nW,< nn- = . pared , wft& jaiH*_ for all last around 

A -'-dainty over the' SeCbntf :half of : ; fiscal >»■ of . wound Y33*bn. racm , u 
- 'theyear. ■ - '■.v'-j ii • - - -pyerall sales were down 3 

s$siir ,swss ' r 

• • period last ; year!--' - Pretax "■ - JP^btotioiv- of steel In the 

TOKVO. No*. 13. 

tons compared with 15.2:4a 

« e pr4oT bajf - which 
ended in March. The company's 
annual capacity is put at 47m 
inns, or well above the average 
«m tons it is currently pro- 
ducing. i( has presented to its 
labour unton plans to reduce 
capacity by 1080. when demand 

is expected to be running at 
around o2-36m tons at its 

facilities, it plans to. take out 
of service two coking coal fur- 
n **® 5 - one electric furnace, 
while shutting down five mills 
and consolidating certain types 
or production at other steel- 

The Improvement in net 
profit can also be attributed In 
part to an Increased contribu- 
tion from domestic steel price 
increases, which in most cases 
were impossible io enforce in 



;j - ... - .■ ; •= ■ -op^r a ** w S' ; yiaa-rat 324 par- - - half -year' amounted to 1 5.67 6m 

x; makers see new peaks 

| By Jam** Forth 

i SYDNEY. Nov. 13. 

! AUSTRALIA'S international 
the previous term. Higher ! transport group. Thomas Nation- 
export prices are also aiding ; wide Transport, raised its profit 
its current performance. ! bv i 5 ,fi per cent in the Aral 

for. Daiso Jmai. vice-presi-1 nil arter of the current year, from 
dent, expressed cautious opti- .* 4S4S7m hicsami 

mLsm here, saying that oel i Aa4-an to . - 01 J 

profit will improve somewhat ! the chairman, Mr. E . Millar told 
In the latter half of this year ‘ shareholders today at the annual 
ir shipments of 'steel and the ! meeting in Sydney. Mr. Millar 
exchange rate maintain current J ^ ^, at the increase in che 


liberating profit w»« greater. but currency movements con- 
tinued to go against the group. 

Revenue for Lite quarter rose 
. 7 per ceoo, from_ ASl'27.5tn to 
jASl36J»ni fU.S.jilaTm). However. 

tWo: ®?n 30 th Ced 99 per cent of ejf P° r t s w 20 6 per cent, with borb current i bw fl quSer included AS75m 

.camera manWs^ureia, ^Nippon ^ TO.54ta Yen- so meeting impact of and net. profits at Y5.6bn <i?p ' from the toss m a kin? US. sub- 

TOKYO. Nor. 13. 

/Koga^. .and and YMSbn on s^es the yen appreciation 40 pe7cem YMbn T up “’o ; sldtary Acme Fast Fright, which 

• * S £ a o P x p * n order 10 «»* with decun. percent? ° tUp ‘° ! h!?drince been *>. d . On a cum- 

i: * 2~Li ^Sesote the^n a8 JnDreciation 102 e ? pon Profitability, bow- Meanwhile. Ricoh, the maker 1 parable basis., group revenue rose 

.** ..• -^V-SSnTMK^Nfbpon th?«SipanyvSpom SSSed £L er ' °?* ™°ipany raised export of copiers and ntber business ! 25 per for t..* quarter, wlule 
• vJ. 5S iSTrent Kbn wS ? f s ,Q i£ fc l S 20(1 European machines, as well as cameras Australian turn ov.. r r w between 

• ' ' ' '^n^flS^Sed^corrCTt f or47 ^per cen t of the ™«*ets. The company benefited has also announced tS h : 15 Per ce«t and JO per cent, will. 

: gff-r^r 47 ’^miss 's: ^ sr jtss gns gsrs.?-. “ 4 »• 

xoods ° f can,eras “ d opticil1 This comes with a rise of j Mr! Millar said that TNT today 
. , - 6 - 5 Per rent «n after-tax profits ; W as in a stronger position than 

For tlie current six months, for the first half, tn 
ending nest March. Nippon <S19.Smi. 
hogaku expects a further gain same pe.., 

anoreHarlSn ls ho,din S i,s interim J iudmiuy which were producing 

di ^ ,dei i d at lhe Previous Y3.75. 1 good profits. "We have many 

at a P recort S Y^m are Q^ f ii eC Der -m j ,COh 5 ,ntenm ’'■>« rf, se by ; operations which are about to 
pin? w-?rh rt ( - i y^n?' nrnRic , per wnt to V97.04bn. • oroduce sub^aaiially higher 

net L nr!!fltf fSolbmt backed by favourable profits." he added. 

Del profits aiiSO at record level*, sales of cooier in^rhinpc tuhioVi i ** , 

of Y4.Sbn (up 35 per cent) and accounted for 65 «. n t i The chairman disclosed that 

Y2.5bn (up 43.3 per centl. tola! “a e res ror 2: ! -»-.?• .a?.- w 

izt »„ s m & 

SUSS of -i»» WrtYiBLTlS.'Sr'JS; " p ' r “ * 7 «"■ 

.. . • . - . aQ^ : ormimNTS limited 

r- -1 Royal Exchairge A've^ London .EC3V 3LU. TeJ : Q1-2S3- 1X01. 
. Index Guide as at November 7, 1078 (Base: 100 at 14.1.77) 

FV Clive Fixed Interest Capital 128.99 - 

t Clive T’teecTkfterest 'Income' ; . :. .X .. . 1 13.S9 


lT\u "■ 

U H !>;. ALLEJ^HARVEY 7 * ROSS lnvestment management ltd. 
: 45 Corplullc, Ijoqdpn EC3V 3PB. TeL: 01-823 6314. . . 

. Index Guide as- at November 9 1978 


100.01 . 

Capital Fixed. Interest Portfolio 
Income T^xea Interest Portfolio 

X 4 ‘ - . 




"S i- 


m ■ T**( 

/% • m -V 


?f6!£l€E OF^JBDEM3P3ION 
fdtheWider 5 of 

J. Lyons & Company 

-; feSJpercent. ; 

■ 3NOTICE IS HBRESY GIVEN that J. "Lyons A.Goitv-' 
paity^ ^limittdX“thdC^ntt»ny' l )lMs deapd to.-Aflceip:(m 
)4th LJedfrmber, 1978 {“ifie Redemption Date M >aIl of ihe " 
-outstanding Bonds representing the Company's ,8J per . - 
-.cent.- Loan 1986 pursuant to Ihe provisions of the 
denture dated as of ;8th. pebruar)\ 1971 iiei ween J.'Ljons 
dtCompany Limitraiand Marine Midland Bank (formerly „ 

^*WL lajtfl 4 #<«i | Avi.wui(WMt 4 v%l- ■" 

yj-uuuuyu -i>w wi auw w i wi w* v. _ 

The Redem)kK>nj[^.teshidJ fo 14th December, 1 978: 
'/■' i ITie 1 Red«nijtiqn Price shall be 103 per cent, of jlie 
... prtncipaKainount of ,fl»; Bonds to .be redeemed, 

* • ti®ethcr;.lyith accrued interest to the date.fned for 
zedemptidn. - • ' 

. . :pri the'Redemption Date, , the Redemption Price 
■■’ ‘ . shalT become due payable Cm each such Bond 

. and interest idiBre(m sMl--eease to accn*e-on and 
'. after saiji dale ;. r -. 

Payment of ffie Bonds wDI be made upon presentation 
and surrender <rf such Bonds with 1st March, 1979 and 
subsequent coupons attached af : 

the Company’s Paying Agent in New York 
Marine Midland Bank, Corporate Trust Oper- 
ations, T40 Broatiway-lTth Floor, New York, 

^ New YorifiV: ' .- T - . •'. . 

; or', at theoptiofrof the holder, at any of the principal 
offices of the following paying Agents in Europe : — 
j- .Algeniebe Bank Nederland N.V. in Amsterdam, 

' T . Sodete Gencrale deBanque in Brussels, 

V; Commerzbank AktiengeSellscbaft in Frankfurt/ 

Banqne Internationale a Luxembourg in Lux- 
cmbtftirg^and ' •" . 1 

. Union Ifenk of Switzerland in Zurich. 

Payment at thfe Paying Agents in Europe .will be made in 
United Statfes Dollars by cheque drawn on a bank in New 
York, New York, or by transfer to a United States 
Dofiar acoMinj 'miiirtiihed by .the payee, with a bank in 
Y prW'JievvY oik. - 

14th. November, 1978 
J, Lyons & Company Limited. 

Tit- -• — 

Y3.72bn ■ twelve months a^o. The group no 
from Y2.94bn m the ) longer h»d any operatiuns in- 

, tu - - reflex 0 f t h e lota j turnover. Thp appre- • Mr.MiUar said that the sale of 

InL l K m QK D L S r riation in fhe yen resulted in a! Acme Freight had substantially 
Y?5?hn fsrSmf 6 p ?Li* ^ l n l? Y, - 28bn exchange loss sip, n . ! reduced operatiun 3 in rhe U.S. 

« an - ne ,' n,,n ? Ironi ihe comoam's dollar "Tho! sale should nvi be taken 

W,e p l v!i-» cenL based exports (45 per veni of the 3^ any indication that we have 

on sales °f Y42 -3bn (OiSSm,. up , mail, bit ih.* wi more nr lw:l«« ^tth in the U.S. or that 

^rnimtLt r f 0 r "A «r a rho offsel b - v ^ effects of mass we have withdrawn from thal 

tnta 0 | U Mii f0 4 ^ tenl 0f the produetion and rationalisation very large, and m our view. 

. • • • measures. important area of operations We 

T„f . Production cost was for the current six months, still have some small transport 

rpduced substantially by the Picob faces a setback in export? operations in America and will 

enect of mass productinn. 0 f copier machines, under the '■ continue to seek opportunities 
supported by strong «aies effect of the yen : appreciation. . I ti become more heavili involved 

Minolta's exports accounted for which, however, can he covered! in such operations in the future.” 
„ <fc per , CS fc .4 w f (J he tntal ,urn ' il beliewd by stronger' domes-! ReFeFring to th** ’roup's North 

contracted in the yen. to cope sales tn reach Y194hn. iip 13 per ' Trans Yreighl Lines Air Millar 
with the ven appreciation, cent, and current and net profits said ^ a po-ii J^romnbuSwI 
S fu 1? ^ 'I S .- a,e l^ r J he f“ r ; to^rosPCCtiveJy YIn.Thn tup L profits was looked fo! IS 
March at Y 

fljr f ! ndin L,„ ne ^ 'H 7 per ***> and Y7 - 7bn ^PP ; 1878T9. TFL lost ASl.4m last year 
Sobn. for a gam of _4 per centi. 1 but this was after severe weaiher 

and a “disastrous" longshore- 
men's strike The strike alone 
cost the group about A$3.6ni 

Kimet oversubscription 


THE OFFER of 2.5m shares ia rtf an 



lhe Johaanesburc Darling and Hodgson, the eon- 
company whose main slr “5 lion group, in 1973 

Competition wa« increasing on 

the North Atlantic service, but 

1 new container vessels chartered 

mHii.i rial from the. par;)*, owned sub- 

mduanal com pan? •mce wdtars< Rul ^ hip v t shou , d gjve 

it a significant competitive 

asset is us holding of 50 per cent °J r Si\em?TJ iV ^n I TNT S has 

of Metro fash and Carry, the E^k. P 2S£.rSSl^ 

bal m chanT n r , Z { » MdmR of about 30 per cent, 
fast-growing- food distributor, has iiSv. but ihe W met boird ^ ! Cf>min ' , * d 10 »*P?"4 and its prrv 

amacted R64:n of subscriptions believed to favour a compact 
from the public and. with the share register, which P 

I Stability was aond and increasing 



■Extra:* frerp The Gulf Bantu's 
Annual Report.Figures ift 
U-S.S eo‘j-.#sfer,:. 

Ku.vasp \ 

a • ; c c -j 

ai 31-12-77. 

£238 M 

1856 4 M 

74 ' . 75 7c» !• 



74 75 76 77 



The Bank That Knows The Market 

Te !?'■*: Kuwait 201 5 iDealinp Fcnrr.') A 2753 ( Ccrr^s c-.nd-Ti’.s) 
Teieonpr.e: ot-246 2£43 (Eurpcear. R*cres < ?ntat< .c. Oif* : ■= » 

The Board of Management of Akzo NV 
announces that on 14rh November 1978 the 
results for the Third quarter of 1978 were 

Copies eff this quarterly report may be 
obtained from the London Paying Aganti 

Barclays Eenk Limited 
Securities Services Department 
54 Lombard Street 
London EC3P 3AH 

Akzo Arnhem. 14th November 1378 

ll ° C l ^ at sman Jpplicatinns* h^ve'onlv 

3 ? owsubscribed. a minimal chance of success No 

•SL. first « B *L ISSU - P dale has W been announced fur 
P?pn Ih* 1 4 n^? rS AJ? 0t ? tr ' 11 of f,le tisting. hut ucsuccessiii! 

. A m erit 3 n pro- applicants' refund cheques will 
nSto mSJ. 0 * p ql ; ' u P nn ^ in a . nd ^ posted at the end r,f (hist week. 
2},™ ™- “* "tine a welcome move which reduces 

dumps, and , s ^ flr St new issue lo= s „f interest to Lhe public. 

FIRB aims to help 


THE^ AUSTRALIAN Govern- Mr. Dean is in London on a 
raenrs Foreign Investment brief visit prior to joining ? 
Review Board was designed to high level mission in New York 
n **rnot hinder, overseas aimed at explaining -he work- 
tny estate nu Mr. Ronald Dean, inas of the F.I.R.B. and to 
bead. , of the Australian assure leading U.S. corporations 
Treasury s Foreign Investment that overseas inrestmpnf ls 
division and executive member heing enenuragert by the present 
of the r.LILB. said in London Australian Government. A 
yesterday. similar mission will go to Tokyo 

His .comment came only weeks later this vear. . ... : i t- 

ajter the Australian Treasurer. He would not be .drttvn ^fnto 
Mr. John. Howard, on hoard a discussion nf the reasons 
adyice,- had rejected a £20.5tn behind the Brooke Bond rejec- 
takeover offer by Brooke Bond tion 'out said he was surprised 
Liebig for Bushel is Investments, that the company had said it 
the country's largest tea com- did not fully understand the 
party, on the grounds that it Australian requirements when 
"would be .contrary lo the it made its first application. 

national' interest!. " 

k : 

Alt of these seomtkshooe been sold. 
Tbtranrtowtcafi&t! Gppt£t7$ os tt-.fMttgf of ftcord ortfy. 


Societe des Maisons Phenix 
Common stock 

American Express Bank 

Imwmrinngl Group 

Assisted by 

Societe Sequanaise de Banqae 

American Express International Banking Corporarion 
hi. . .^Gompagnie Gfeerale des Eaux IH International 

f Union des Assurances de Tans 

L. . 


September 2S* 1973 

There are plenty of oppor- 
tunities for people »o talk to 
m.~ Mr. Dean said. "They can 
talk at a very early stage in the 
negotiations and as often, as they, 
like. We had lengthy discus- 
sions with Brooke Bond.” 

He said that since April. 1978! 
when the hoard wa? established 
and September. 1978. almost 
3.000 applications have been con- 
sidered. The bulk have been 
approved. Of the remainder, 841 
were approved with certain con- 
ditions attached and 19 were 
rejected outright. A further 95 
proposals were lorispd but with- 
drawn lor various reasons 
including a number because the 
companies involved indicated the 
requirements con'ld not be met 
There are _ no specific rules 
regarding investment in indus- 
trial stocks. Each case is treated 
on its merits. The test Is rather 
subjective in that the investors 
have to satisfy the board that 
there are considerable benefits 
which will flow from the j?ivin n 
up of Australian ownership. . * 
Benefits which the board seeks 
are fresh capital expenditure in 
Australia by the acquired sub- 
sidiary. introduction of new 
technology, opening up of new 
markets and giving the Austra- 
lian company access to overseas 
markets, creation of more jobs 
and providing the Australian 
company with stronger manage- 

In the case of resource pro- 
jects. investors must satisfy a 
specific guideline of 50 per cent 
Australian equity in the case of 
most new projecls and 73 per 
cent local equity in the - case of 

new uranium invest mems. There 
is some flexibility in that a pro- 
posal will be considered if. the 
investors outline plans to gjve 
Australians a 75 per cent or 30 
per cem (depending on the -pro- 
ject) stake. 

Overseas investment has 
played a significant Vnle in the 
development of Australian in 
dustry. agriculture and resources. 

This announcement appears as a matter of record on,'/. 

Bank Handlowy wWarszawie SA 

US $220^000^)00 MediumTemi Loan 

with the funding and payment guarantee of 
Export Credits Guarantee Department 

US $ 70 , 000 , 000 MediumlennEurodoIlarLoan 

'. Arranged by 

Barclays Bank International Limited 

And provided by 

Bank of Scotland 

Barclays Bank International 


Clydesdale Bank 

International Westminster Bank 


Lloyds Bank International 


Midland Bank Limited 

Morgan Grenfell & Co 


The Royal Bank of Scotland 

• Limited 

Williams & Glyn’s Bank Limited 

For The Ursus Tractor Development Project 

.. A 



Financial.: Tne^ay-- 


light from Thornaby-on-Tees 


vnd».«?trv t ». w has «u<-h 

impcrtaof stake on Britain's 
roads that there is R certain 
Gallic logic about the latest 
French investment in the UK. 
inaugurated lar«t week at 
Thornabv on Tees, near Middles- 
brough. in Cleveland 
In p ] 37.470 so ft Factor Y th® 

fait rTnvins French cnrepanv 
Fstitiean will be prnducms 
street lirhhnr rnlunin 1 — °r 
lamp .standard? a? they iis^d i" 
be kn.nurn — piijiirin- that, al* 
these Kenaultt. Peugeot* and 
Citrnens «n Bntish road? will 

hgre a better rfianrp of hems 

lit on then - way u-|th the help 
of a .French product 
Fetitlean. whose new factorr 
was open°d by Mr William 
Fndsers. .Srrretarv for Trans- 
port, is yet another French post, 
war >ndiL«tr>ai phenomenon — a 
company which has come fr°m 
nowhere to world =ra I p in only 
'‘ears Jts founder M. 
Daniel Fetitipan started «elimr 
bicycles after tbp war. later 
fwitch°d to making them, anrf 
with the evper jenre he had 
pain c d in Forming metal rfori^ert 
to manufacture a novel tvpe of 
lighting column u&inr »h c °t 

steel rather than i-«nventi n nal 
=fp«=l tijb^s. or mni'rote 

The process, which ha; re. 
am.rerl the development of hir. 
rer and higher pre-.;e;. invoh 
fojdjria sertjnns Ilf sheet steel 
to form a mans' sided hnljnn- 

til\>c The t nrnpani prewo^ 
in MiHijlojhrnijrh and France 
are capable of folding sheet lip 
•to 75 metres ions' and if a taller 

column is ream red th»s c^p b E 

obtained by simply slotting 
polEr m*n ou e another. 

Ths company's product u 
lirhtsr. easier to transport and 
itioro erect than its rivals, v-ith a 
price somewhere between the 
rooie expensive concrete pro- 
duct and the less expensive 
tubular steel. Its roam advan- 
tage. however, is its greater 
;afetv. Whereas a glancing 
blow asainst concrete nr 
tubular ?tep| wiji do neither 
car nor passengers any sood. 
'he?? steel columns of 3mm or 
4min thickness will bend on im- 
part like broken daffodils. 

Export growth 

?mc® 1957 when his first 
r??;t came into operation, xt. 
Petit jean'p company ha? in- 
rrcsipd turnover to FFr 350m 
ff-iitni. and now- claim? 
the world‘s biggest manufac- 
turer of fighting columns, or 

I'andplahres. as the French call 
them fn France the company 
ha: to per cent of the market, 
and in Britain it has secured 
70 por rent by divert exports 
from Franrg. including an e«ti- 
mjtcri half nf mo tor wav instal- 
lation- M. Pehtiean s pole* 
and mi;tj are in fart tp ho 
?een all around the world Fil- 
znni.' arriving by ntsht rn 

Mecca Will 2 B t their first 

rhmp :e = of th° holv places 
under th« illumination of lights 
.sir pended fr«m the French 
r<rmp»n" j pole* 

Rut while Petit jean * c-roni+h 
ha; not been unusual it* choice 
nf the tjtt fop jtc ftr*t manufac- 
turing unit a wav from its main 

base in Troyes. 1C*0 miles south 
east of Fane, is perhaps sur- 
prising French companies have 
never been in the vanguard of 
overseas investment and have 
tended to regard Britain, with 
its reputation for difficult indus- 
trial relations, as one of the 
last places to risk capital. 

The credit for persuading the 

company to bring possibly as 
many as 20n jobs in the long 
term to the ^nrth East goes 
largely »o M. Faul C-olay, an 
Anglophil? Frenchman r^sidont 
in Britain for 25 years, the last 
10 of them with Pptitiean as 
its Lcndon-based director in 
charge nf sales to the Bntish 

While the claims of Germany 
as a second manufacturing base 
were strong M. Golav was able 
to persuade M. P B htjean. still 
very much the dominant patron 
that Britain had a number of 
advantages To the first place 
Britain happens to be a very 
rood market for lighting 
columns. Compared with France 
or even Germany. Britain is 
much more built up. and b* 1 - 
caure town; are very often close 
to each other th» gaps tend to 
he filled in with street lighting 

Th° Ml with it? 4fl miles nf 
continuous lighting is probably 
a world record of it? land, 
according tn xj. Gnlay. and there 
are other British lighting first? 
If. anywhere in Europe. there 
is a birger area lighting scheme 
— clusters of high intensity 
light? on a sin ale verv high 
mast — than to Gta<- 20 V', M. 

Golav ha? ref tn hear n f »t 
For this scheme Petition sup- 

plied 112 masts 35 metres high 
There is also tiSE prospect of 
renewed growth in the UK 
market which has been affected 
since the oil crisis four years 
ago by cuts m. public expen- 
diture on roadhuildin* Though 
motorway budding V- unlikely 
to regain its previous peaks, 
a number of motorway lighting 
schemes are going ahead The 
company is also hoping to 
benefit from the switch which 
the Post Office will be making 
in the 1980s from wood to steel 
telephone poles; creating a 
large and continum? n^ w 
market. Petitjean ha:- won an 
initial order in the UK t,J -. for 
a new design of electricity 
pylon. A- single or H-shaped 
structure, it has 'already been 
introduced in France Mid 
could eventually change the 
appearance of the countryside 
by replacing.' the lattice towers 
which now- support bish voltage 
power lines. 

The sire of the UK market, 
which was after all already be- 
ing successfully penetrated by 
exports from franc 0 , was not 
the clincher .however An 
important attraction was the 
worldwide role pi a red hv 
British cons ultin '? enrmeers. 
The establishment of a British 
manufacturing base was seen 
as important in setting the 
company's products specified in 
some of the mamr con'rai-t? 
fnr which UK consultint eugin- 
eers are responsible in the: 
Middle East. Africa and Asia. 

TFiHj these opportunities 12 
mind both in Bntain and over- 

seas. Petitjeas's rbove into UK 
; manufacturing is going to be 
■ bold. -1 The French plant, which 
[ employs about 1J00 people. 

. can produce . 5,000 columns a 
. day and its British sister will 
1 build up within a few years 
to around 1.000 columns a day. 

Plant capacity 

The policy of the company. 
H. Golay points out- has always 
been one of investment well 
ahead of demand. Export orders 
when they come, can be ver* 
targe so the UK plant will have 
the capacity to meet them, and 
it will also be in a position to 
back up the French plant when 
it has a big order to deliver. 

The company has also con- 
sciously sought to concentrate 
its strength on the business it 
knows best — folding sheet steel 
into columns. It has’ resisted the 
temptation of moving into other 
street furniture such as bollards, 
crash harriers, and traffic signs, 
and has eschewed 9 move into 
lighting equipment itself, where 
it would be competing with the 
big companies it has to work 
with Wherp n ha? expanded >t 
has been almost entirely . into 
close! v allied fields, such as 
pylons, antennae maste. and 

ft is a scale of operation and < 
single-mindednes 1 ? which sug- : 
vests the somewhat fragmented > 
GK industrv could be in for a 1 
blast of very keen competition. > 
The UK mdus tr- ronsiste of 1 
about a . dozen companies 1 
which the most important are < 
the British Steel Corporation ! 

’ and Concrete Utilities, with 
: BICC. Hem Co l. Fabrics*, and 
1 Ahairis a iso in the field. Para- 
. dwncally. the BSC makes cob-' 
i Crete as wen as tubular sheet 
columns, and also supplies smal- 
i ler comparues with tube, while 
Concrete Utilities 'is 'in sheet: 
and tubular steel as well as con-| 
crete. The Thorn -Group, a; 
major manufacturer of .light-! 
ing carried on the columnfi. aiso j 
has a stake through its Metel 
Developments subsidiary, which 
makes arummiam columns.^ 

It remains a puzzle to m. 
Golay that companies should be 
still making concrete or tubular 
steel at all. and for safety rea- 
sons alone he 15 convrriced the 
sheet column will-', take "over. 
Roughly 10 per cent of road 
fatalities, he points out. are 1 
caused by impact with -street 
lighting columns. 

Despite his confidence iii. the 
Fetitiiean product hnwever/the 
move to • Middlesbrough -r& 
mams an act of -fa>th. and^M; 
Golay admits hfe now has to 
show his colleagues how success- 
ful it can he As a long time 
resident who believes he under- 
stand* British ways he is hnpe- 
fui Co-operation - with ' the 
unions in setting up the plant 
has been very good and. he has 
hopfi impreepeH with the .level 
of skills he has been able -to 
attract. '' T a™ sure we nan 
enua! the French company in 
efficiency "The British . hare 
riDveinpcr) a =en;e. of ingenuity 
because they do not Tike doing 
it the hard way, -This vrfll 
enable u* to compete and still 
have 3 tea break." he says:. 




will be increased from ; v. 

11^% to 12i% per annum fof 
balances in their bookson sii 
after 14th November," 19ZB 
and until further npticev.^.' 

monies subject to seven days 
notice of withdrawal will ; 
increase from 8i°/a to:iG%:|5 
per annum. . : : " 

NatWest announces .-.matt', 
with effect from Tuesday, 
14th November, 1978. 
its Base Rate is increased 
from 1 1 i % to 1 2± % , . : : :T 
per annum. ,; : ; A 

The basic Deposit and 
Sa vings Account Tates 
will be increased from V 
S$% to 10% per annuro;- 



Its no longer aquestion of whether your 
company can afford to fly you on Concorde. 

ITs whether it can afford not to. 

L Prestige apart, Concorde’s 
& phenomenal time savings to New "fork, 

^ Mthshington and Bahrain can make all the 
BP difference to the success of your business trip. 
W And, wherever you go on business, be sure 

to take along the American Express Card. 

Its international status and acceptance 

K ides the security and convenience 

you need to make any trip 

if'. You can use it, world-wide, 

to pay your bills in fine hotels, 
Restaurants and shops. 

Or to hire a ca% with no 
posit, from most international 
>hire firms. 

And, of course,to buy that 
icorde ticket. 

• For details of British Airways 

Concorde flights,call in at your Travel Agent or 
Britis&Airways Shop. 

ami ounce that from 14th : NdVembef^ 1^78 
their base, rate is changed ' 

from 111% to 124%p.a 

100 Leadenhall Street London EC3 A 3 AD ' : . . ’ 

Id be lost without half 

Sandy takes down h @r boss’? dictation . 

• accurately, then types tt out from her braille & 

• shorthand. Good speeds, good..pagelayoiit': 7 .i • 

’ . Sandy says tnere's^ ^ nothing special abcart 

-tpar-and she's right The-fact thatshe^s blind 

mak^ very little difference tohere/ffc/ertcvc’ - ! 

, 9°* her job on ability. And, her- . :■ ■%, 

ability won her promotion to personal secretary 
in an important Post Office department Thaife ; 
tiis point. The RNIB trained Sandy at its^ 
Commercial College, arid any firm that - ' 
employs a qualified blind person wHi beii^t - 
Jam the demanding and prof^sibnal framing - 
that we at the RNIB provide. - 

• ^ Slffhapprtfr ^ an employai; thfrifert .' 
.over We l! be pleased to hear from. you.- 

Over and above that the RNIB needs"; - / 
yoor help, through-legacies anddonatiorisjtb ■' 
enable usto train others likeSandy, . 

Financial Times Tuesdav November 14 1978 


Currency; Monev arid' Gold' Markets 

Dollar steady in 
quiet trading 


I .W. ]i 

Trad inq m yesterday s frixeiph 
exchance market wak ,?i. a 
generally low level, with little in 
the way nr fresfi " new's -to 
influence doalincs. Tire dollar 
probably received - much te;** 
support than in the past week or 
two and since, 'trading va$ so 
thin, there was hardly jany .need, 
^ome selling or the V.S.. unit 
became apparent during early 
afternoon 'but — intervention by 
the Fed pushed ft to its best 
levels for the day- around mid- 
afternoon. However towards the 
close the dollar -again Tjegan lb 
fall away ana closed very little 
changed from Friday'* levels. 

£•*14 WVnTjRiGowe^* 1 I " ■ 

'' * ' i ' ' 1 1978! 


Against the Swiss franc U 
finished at SwFr l.tiZGd from 
SwFr 1.6233. having touched 
SwFr 1.6383 during the day. 
-Similarly the D-mark touched 
DM 1.SA25 before closing at 
D.M I-88n0 compared with’ DM 
1.SS45 on Friday 

Using Morgan Guaranty figures 
at noon in New York-, the dollar's 
trade weighted average deprecia- 
tion narrowed slightly to ff.S-per 
cent from R.B per cent. Using 
Bank of England figures, its 
index - was unchanged -at S3.2. . . 

Sterling resisted the .various 
currency trends during the day 
and after opening at 62 . 1 . its. 
trade weighted index rose slightly 
to 62.2 at noon where it stayed 
for the closing calculation, un- 
changed from Friday. Against the 
dollar, sterling opened at S 1.9630 
and briefly touched S1.9RH0 before 
settling back tn SI.P6gU-lJUJ7:i. 
where most of the day'* busine $ 
was seen. With the Fed support- 
ing the dollar it fell to' 81.3650 

. li«. , foi*c clrtstnn at SI 1.9675. a 
Irisx of just 10 points. Against the 
D-mark, the pound cased slightly 
to* DM' 3.707,1 against DM 3 7100 

-FRANKFURT —The dollar was 
little changed at yesterday's 
fixing from Friday's 'level, at 
D.M J.SS7U compared with 
DM 1 6873. There was no inter- 
vention by the Bundesbank, the 
first time that this has happened 
since curly November - and this 
tended to reflect Lhe rather dull 
conditions prevailing . in the 
market . In early trading the 
dollar touched DM 1.SP271. but 3! 
this level met with some profit 
taking and cased back to trade 
mainly around us fixing level Tor 
■must or the session, in later 

trading the Bundesbank- may have 
given a small amount of support 
la maintain the dollar rale which 
was quoted at DM I .SM1U. slightly 
t>[T the afternoon hfgh of 


PARIS — Yesterday’s fixing nr 

FFr 4.3075 was slightly firmer 
than the previous fixing or 

FFr 4.3010 for the dollar. By the 
end of business, the L'.S. unit was 
trading at FFr 4 3«77. with appar 
ently liUle or no intervention by; 
lhe authorities. Against other; 
European currencic- the franc; 
was a little weaker ai DM 2—S-40 : 
from DM 2 2733 asinlnsi lhe D- 
nmrk und SwFr 2.»rJ2;> compared 
with SwFr 2.G410 in term of the 
Swiss Crane. Sterling jmproved 
somewhat to FFr S.4730 

AMSTERDAM— The dollar was 
fixed ai FI 2.03.™ against FI 2.040H 
previously; Trading has tended 
■In be quiet with dealers citing, 
the next meeting of European 
officials on thp proposed' 
European Monel ary System start- 
ing on December 4. as being ilte; 
main factor likely tu affect dollar i 
movements. I 

MILAN-- In quit* i tra.Img the 
dollar was fixed at LS:!*.7n agalnsi ; 
I-S3S.S0 previously. The Bank oT. 
Italy was reported" tn have sold; 
around half of the S13m traded! 
at the fixing. j 

TOKYO — Trading was generally! 
calm with the dollar showing a ; 
slight sain against the jen lo 
close at YISS.S. compared w ith j 
Friday's close of Y188.10. Recent; 
intervention by central banks' in ‘ 
support or the dollar, has made ! 
many people unwilling to be left ! 
short, while on lhe other hand I; j 
in - a creed that the- U-S. unn re-; 
quires a further confidence bno*t 
in order to stimulate any fresh' 
demand. ' ' J 

)»(£ Urn "a 
' *8 • t- i 

IllJtWIl % )•■" TIlTf* Ih'ialllr .1 

9‘r Lseno IJW5 

6B-JHI 54.50 


ae.r»-'sB ?s 
i is. 40- i«o oo l.kb J 

9.36-9.'. 0 - 
a. *2.9.50 
8.5 l-S.-aS 

21.06 21.25 
S.iaij-J -u 

!. ft, BO -2.50 76 
51.00-50. 10 
IS3.40- iss^sj 

а. Mi.3.(6, 

8.454 3.47, 

27. 17-27.72 

б. 18^5.26; 

. 0.654>.53>'.|im 

a- 15 •••!«>' 

3; -2, i-i ]■«>■ 
30- ISO 

.Mljii-U- . 

Joiei": »■*' 


15.6 % ■ V-im 
4-3 -.-.pni 

- |',i’ 

.2.99 l.»l-l.2l*:.|'ir 
3 12 ■2.l0 l.i»6'-.pii- 
suo ;-'i. 
-4.13 35-20 .. |>ni S r i, »W ■it** 
10.53 ID'-*’ I'f fii 
- 1 1.04 17lf-3a0<-. -iia 

- 12.05 *20-520 .-.MIN 

— 1.82 M*. Jin . . 

0.81 l;*-ftr pin- 2 'li-. 

5J85 11; n; i»h 
4.57 3.-74 ovf. r j u 
12.79. II. I lO.By ( III 
4.41 *0-30 ■«•■ yn. 
la. 13 lf.-lO. 


3 5i 

5 9a 

— 13.40 | 
1 1 82 I 
14.08 I 

BeUian rate -i, tor eorwertiMe tranvs. Six-mouth luruard dollar 2.33-2 2sc uni 
I Financial franc j9ni-j9.4». : i'J-m«in:h -t.3i-4.3je oni 


November' u 


Spec ML 



' ' One month ».a. • Thret moiuhs al. 

Metal casting techniques were introduced into 
Japan aroun'd^OO'BC. and by.750 AD this tech- ' 
•ndlogy made possible the casting' of the 250 ton - 
Great Buddha in.'Nara. Japan^Wh^n Kubota 
started in the casting business some 8S“years 
ago. it was with the technology developed over 
.many centuries. Oyer. the yeats -Kubota. has -.-. ■ 
refined and developed new and more efficient 
ways to cast, like our centrifugal cast steel for 
Cargo oil pipe that resists corrosion caused by 
crude oil and sea 'water. 

Kubota also custom makes. reformer tubes for 
many complex purposes. The advanced centrif- 
ugal casting method- is also employed to make 
Suction rolt shells for paper mills. The controllable 

stainless steei pitch propellers on many ships are 

made by opr revolutionary D PM prdcess.and we -. 

■ made a 30 metric ton one-piece pump case for • 
a nu'ctearjjower plant Kubota guarantees strict . 

adherence to your specifications as well as the 

ASME code. Kubota's stringent quality control 
-system assures- you of quality products. Fpr more , 
information regarding Kubota castings write. . 


Please wise Kubora. Utd .. ' : , - 

London OtHce. ti tg Hanover Street. LonJ 1 ?" i-7iR 9H=.J.K. 

PftOne 01-K'6-84?1~ 4 Ten,*' £83^55 KUBOTA G 

Athens Off ice: 30 ram or OsMber SWee: FikU^ei- «ie«.GrWC* 

Ftionc. 6825646, 6630805 :Weii;eia 2 eiKBTGB ''!■ 

>.amrt li X' ’ 
! Gulldi-r 
Oclelan t r 
'. TlDnlvh JCr 

• D-Murl'. . 
Purr. tNc 
llnan. Hu 
Lira ’ 
-4rTi;n. hr 
Kr.-Mi-h l-r 

: J-"-tdl 5 li Hr 

• >.->! 

. MKU -14 'ii.ll 
! S'.vlvs hr 
I -• r s 







78 .87-72. M 





133.55-188 SO 

U.7858- 11 JHB0 






■U 05-4* 415 
318.40-334 J8 
4.31 70 -4. 31 45 - 
US. 65-138. 75 

; MM 06 c pm 
, 8JM.«c pm 
i 5-2 c pm 
; 1.75-2 JSorpOis 
U32-L.26P* pm 
. J5-130C di» 

30- 55c dis . 

' 140-2. TOliredi* 

1 0 . 10-0 30ar«d Is 

I. 30-1. 20c pm 
0J5-0 65o»c am 

' L7S-lJ>5v am 
, 5.754. iSbm pm 

J, 14-1. 45c dm 

-1 .63 
■ 27715 

SJ»-e.23c. pm 
U5-1.75C pm 
21-lTc pm 

. 5JS-5.75«Tvd,i 
3.43- 3. 07 pi pm 
1 30- 500c di« ' - 
U8-280C dip 

3 J5- 3.05c pm 
l.7O-L50orc pm 

4 J3-4J37 pm 
lS.O-UJaro pm 
1.64-4J5C pm 

' IUk por Canadian S 



Hm>«mbev lo . 

Special Edrapcan 
Drawing -Unlt'af ! 
■ Iglils Account 

Navember 13 

Baalr Of Morgan 
England Cuaramy 
Index changes ' 


US. dollar 
caaadua 'dMIor 
Austrian ncfiULo* 
F.'isUn tram- 
lianiih fc toiler 
D-u:<- hr-Marb 
Fri-n?!! tranc 
i t, 


\orweiian brqiwr 
P«s’.a . . , 

svrdnii kroner ‘ 
Sivixs franc 



1- 5*712 
. 13.8219 



2- SZ072 

2B .247 

84 7145 

L.S dollar 
. Canadian dollar 
■ Aiiarnan Nihillin? 

1 B..-\aian fra nr 
! Dautsli broil** 

1 n*uu.-h.- Mark . 

! SviSi irasw 

• HuiJd-.-r 

• trtni.Ii Iran, 

Lira . .. • 


Bajvd on iradr 
Wpchmsiun a<jrv< 
• B.ick- o! England 

* 2.21 
' 14123 

' U4.16 
. UU8 
1*7 J7 
123 J1 

l - 4 j ‘ 
• -17J 
* 15.1 
+ 6.7 
+ 94.8 
+ 20.0 
+ 51.4 

wofshted dioi’cvi from 
nii-ni tViN-mb'. r. 1971 


Ni>r, 1 j 

. . .£ ; 
Viiii- liaioN 


Aii*tml(x llulicr... 

rinlind Mar* La 

Bmrll fnirptni 

i.i reek Unn-'hiiM..... 
H<-n*' Knna Oi-llsr.. 

Imu Kt*i i 

Kiivhii LllnanKD .' 
t.iiwnl.,air][ Kmur 
lUlw'll l>ni]6i-.. . 
Vr« iCtMlnnd L*>,||pr 
— *a * ,*] i \raliin llijkul. 


Tuuili All kno KmipI 

1.7080-1.713 j 
38 44-38.64 
71.5x7-73 2=6 
: 9.40-9.42 

4.29 =0-4. 5 100 
6 4t»-6.Sb 
4.27 1« 4.28^, 
1.6979 1.7239 

5.969 J. 3.97 10 
18.56. 19.65 
36.35-37. 35 
0.27 la-0.27 IB 
39.50 20.62 
0.9410 0.9*45 
2. 1750-3.1', 6° 

IU4TW.. . . 
Vri-.-iiini . . 
Drnnmri.. . . . 


fiermjiD.r . . 
Inii .. . . 


\>l nennnd-. 


■?i«iin . . 

wiiki Inn-1. 

L nilt- i Snir- . 

Tna^r.lai-VN. .. . 



10-20 10.35 
6610 1680 
370 380 
9.82 9 92 

1411*- 145>j 
1 97 1.98 
4]1 43l; 

Ral» irtN»r mr 4rc>nnus i« »r»» rai» 


Nov j; 

P.nili.i jMcriin^- L..h. l*i 

at J<UM>ne.f t *11 French full Mm»- Frail* 

: U 111 U 1 (ji/ii'iei 

1 lu tan L*ra 

Lam-ta IMIer [Rei Man Fun 

1. 1.V67 

n .08 



s 200 





1 .>. Rui lop 

o.boa 1 


lc3 4 


I. 27 



1 173 

Q.ETO U.7 31 



t.i 84 

u.t- 3 




13. 6 

Jirxipe-e Yen 1 •'* 

l:.o9B 5.307 

10 00 



8.r 34 

10 81 

44 50 



r-enen From: I.* 

1.181 ■£■: 25 


4 37.7 

K : 


4. ,30 


4 .. 24 

t 8 56 

.■>wi« From- 

0.al3 O.eiS 








1* 14 

I *iiii h 1 • hi in*. 1 

0.-50 0.-91 


9Z 54 





u.-> .6 


lieu" n Lin 1 j 

O.m 6 l H*5 






d.- 28 

lu u 

1 398 



0,434 0 073 

s 1.507 



1 7i6 

1 7 6 

7 15.0 



he tffan Frail.- f •' 

1.723 0 388 

; ■ fr>87- 


14 5? 

6 8^-9 





» a . W ■ A a 4a 



L mm. 1 In 11 

fa nl Uri in*i- 


Sot. IJ . 

"inhin t Uu mi 

Ik. .mi i.iuieii 1 

• Ul -Itl , 

-aria" F rmtu 


rt-uo Fran. 

II" INI* l.ll- 

5 ,*■■* » 

IM*.*— • 1 -■ 

r-suun i*no.. . ■ 

1210-13 • 9-S 10 

T.'afcii i 

n® -U* 

qi, • 

12 ,6 

• dav's n.iiiijr 

ui|-«*i* ; ~ 


: s • • 

1 : i 

i 1* 

14 16 

H i 

-17» F-. 

Mnnth . . .. ..... 

J4««L4. . 10 -- 

9i-. I0-i 

7»7., , 


2-', C'3 

141® I3lj 

lUv, 11., 

1 Ore* mom ha. 

141. 145, us, n: a 


-*4 • 

afa . la 

5-, 3 

3 It 

iOj, ;l-.£ 

1-1 M 

Mi in-eih^ 

iai 4 . n r . 2*>' . 


7's ■ 


fa ‘a 

a-.* *■-*. 

■ ■ 1 

15‘-, 1*7, ' 

U-j 12 


'Jne earn 

141, 14i, 115s ,Z- 3 

iLfa I Li, 


7 ■* 


10 s ir* B ■ 

6 7 

ll-i i*.; 

41 j 

s V » 

, i : 

-■ i : ; v 

Th>’ miioMii.a, iMnunxi- rij*.-* ■r-r- cnjui-d for Lundna dollar wrlficain of deno wt. on<* m"n:ii ipjO-19-8 p r *.+n” :hr^- mnnfiis m-r :rn:. m* mnii.7 
li T+llJfU p»-r *.-;ni: im- j-«a i 1 1 .tui-li.rv w.r vein 

Lons-M-rm Eurodollar depo'.liv; Two jtars III, II p-:r i- nr ihr-i- v-ai> Hii.lOf P^r i»n:; four j'-ir* l» -ID* 'i-r r.*-. year* H.-IW n-r ^:n: 

rjt-.-s. r-non-u-rm rates a tah lnr. »:,*rlir.«i. L.S dullars an-1 Canadian dollar*. iuo--lu' vail inr tfmid-rs .nut S'»i« rranv-i l^ian raws for .lo« ns ri:* 



Travellers Cheques 

ni>n:njl i io«nn* | 
In S-nygp.i 


European rates decline 


Interest rales were generally 
easier in- Europe; bur reniffinert 
under some pressure in the L' S.. 
as lhe First National Bank of 
Chicago led the way in more 
expensive credit bj’ raisine its 
prime lending rare to 11 per eeni 
from 101 por i-enl. Federal funds 
were shyluly firmer in ojrly trad- 
ing. risihs to 34 per veni from 
per cent at Uic same .tune on 

Cundi lions ;n Eti mpr pointed 
towards a ennimued -reduction in 
rates howoier. with rail- money 
in Amsterdam and Bms-els fail- 
ing. wink 1 tliv Belgian • National 
Rank red need short *iri-m hnnd 
r.ues oni;i.* again In Farj's the 
Dank of France cui' il i pu»chdie 
rale for first rnieyory pa|K-r - by 
} ner cent t>> ; ; i>er v»*ni_ Jpoduig 
to sugeesi mns Ihai a TaTl. in. com- 
mereial hank lu>c rules from lhe 
present level nr S.OO. per cent is 

PAIUb — L- bII moricj was un- 
changed at 7 per'cenr. while fixed 
period rales were mostly easier. 


One-month funds eased to H<-7 

per cent Troni K{f.-7 r per cent: 
fhrcc-mnnih money was unchan- 
ged ai 7 t i -7,'. per cent: sK-ntonth 
fell tn 7 i-7! per cent from 7 -cij-T f \ 
per rem. and ui-monih to S^.-Si* 
per cent from Si-SJ tier cent. 

AMSTERDAM — Call money 
eased Ir, 7;-Si per cenr from S-5I 
per L-Clii : hiii nne'inmiUi ro-sr.' 10 
K -!S1 per coni fmm Tj-7 per cent: 
and ihree-mnnlh lo Ss-Fj per cent 
Irom 7--s: jier ci-m Technical 
sUuriagcs. are cx peeled to develop 
:n the ntouey market nier the 
ne\l few- months as t.i.\ payments 
TaJ I due. 

BRUSSELS — Belgian interest 
rales cmirmucd lo decline, reflect- 
ing Uu- easing el pressure on the 
Belgian fr.nii- in the European 
currency snake. Short-term Bel- 
«*■■:!» Tii*a*ury nrtilicatcs rates 
"ere cut again, making the f mirth 
reduvlinn m the last six trading 
days. One-month and . tw n- month 
cL-rtilicaies were love red. n.23 per 
icnl. lu H.--7 per cdU. and three- 
monili bunds were cut by lhe 



same- annum r. to ■* per ceni. • 

Deposit rote* for the Belgian franc 
[commercial i were generally 
steady, although one-month funri«' 
eased to Hl-U-J per cent. Three-: 
month money nnj tinchaneed at ‘ 

94-tfs per cent, and six-month and t»'>kl imprmed hj 42 f an ounce 
li-month remained at Si-Si peri' n l; i** London bullion market 
cent. j yesterday :o clo--8 at ««ki-210!. 

| Trading -j- at .i genera lij low 

I-RANK1-LRI — Lall money rose ' 
to 1.S-2.H per cent in interbank 

trading yesterday, from n.y-1.0 '.er ;he mornmj m *gnn |o The aff-r 
cent n n Friday Before the week- noon fixing showed n slight 

end the Bundesbank announced ; 

a ri>e nl DM I .dim in ds currency • 

reserves duiing the fir-r week of; 

November . This compares w ith an 1 f«-—- tw- 
in create Ol DM l.Tbn in the last 
week of Uciober. and a rise of • 

DM -S.obn for ili> v. hoie of thxi i 
month. Tlieso large increases have 
been caused by ihe juniorities . Au*n *-« <■ 
intervention lo support the dollar ( 
in the foreign exi-hange market. J '..l! I'.' 
which i*;«s ie-ikeri through to [iro- 
ducc 'er- liquid conditions in 
the domestic mor.ej market. 

Short -term fixed period rates were 

The accepted name for money. Worldwide. 

* A n>vw»r of o’-r . i F = \ r,-rup. 

World Value of the Pound 

The table below gives the those of foreign currencies to the sterling area other than fP’» based on US. dollar parities 
laie>i avaiiahle rate* id exchange which they art* tied Scheduled Territories; ik) and tJOtna; sterling dollar rate; 

Tor the pound aeaiost vanmn Exchange in the UK and most Scheduled Territory; (oj nffieltil l f\ k ] bankers’ rate: {Bas) basic 
currencies cm November 1 3. 197S. nf the countries listed i* offictaliy rate; tFi free rale; <Ti tourist { a,e »* ‘ pn V commercial rate; 
in -.pine cases rate*- are nominal, cuiili tilled and thp rates shown ra | C - f n c ) nnn-commercial rale; i Cn ' P° nver ti h te rale; (fn) 
Market rale.s arc the ..verauc of shoiMd m.t h« taken -s heme , n .a.) n o« available; [Aj approx!- "sJarJ fibetua liens have been 

|p- el and ^fier (ipening ai S2IIR-| rates hjie heen calculated irnm 
aOJ-I. ihe m?ia! was fixed during 

«d «N,n S im 1 ;: -•» » *«. mm 

1.^- ■" ■ SUSS TSS,!® 

Ahhreviaunnx tSi member of (evCi exchance certificate rate: dusini! rates uri .the dates shown. 

Fiar? a:id Locsl Unit 

* D-- 05_- 
'.04. m 
i OV I 
'.Or. 10 
ClCa 304 


Alsnaaistan vuiwm 


-;o.. :o« 
»o. T . .oa, 
►.os sn 

i 1 f 3*2 


g*u*- , i73 

i-: i I- 

l 03 no 


-• 1-47 
g;0. 41. 

■si I f ill. 
iliOi. 05. 
s-ai- • r 

l-o il, 
s53 el 
L40-; I 

Large assistance 

Iu1h-|,»I I..IM. 



3a lixinas 

l!h>l- -||.., -I,, -a 

IInmuii. -T-. . 

ii«ihh- ... i-.: 

I. Inr I, ..I.—,- . 

Rank of England Minimum 
Lending Rale 12! per cenr 
(since November 3. J972| . 
Trading was rather ncryou.s 411 
ihe London money market yo^b-r. 
day ax dealer* waned - l« 'x«>+ 
whether lhe <ithcr t-learrng hanks 
would follow National IVo-inwn- 
stcr in lifting base lending .-ih.- 
hv 1 per ren! lo 12 j per rent 
Other moves arc vonfidcuily 
expected hui ihr girm-ial loci 
remains in dnolu 
Shot l -term fixed period inter*-! 


rales remained )i< 111 hut longer 
'1 itiii rotes 1 ended 10 decline, 
iroidmr "In a more pronounced 
re- c« -cd yield turn 

Large sale* *if gill edged slock 
he Tore ihc week-end w.i- lhe 
major I act or behind a sfi.iririge 
»if day- in-day moni>. and ihe 
market was also f.-iu-d iviili a 
small monthly a.Jjusinieni . of 
special deposits and .* 'iiiiill rive 
in i.ho nuie firciil.iii-m 

These 01 1 r weighed fairlv large 
surplus liaianccs cairic-d loixsaid 

by lhe banks and » ■■ ery 
number of ir-i maiurinfe' Treasury 

Tm*iiI a -sis :a me gaeu im ihc 
markei wav large, with ihe 
nut hunt lux buying a Isr-ge amount 
•if Treasury bills from lhe div 
ct 1 u 111 houses and a small ti'imber 
of loin I authority bill. 

I he lii/Use* paid up *0 !2: per 
■•ent For sevuted vail loans hui 
closing balances were taken a: 
7-S per cc m 

> 1 . 

■ kij'i" 
fc.g — 

-2 IS-2 1 1 
•MOS .-ilO, 
--e i-65 

sV 0 . T V 

r.O nil.. 


■»5£ .• ICC 

l ‘Dll Od- 
VS5 43 
V/3 . 2S, 
*iS al 


s iSTi'.i 
v 1 - 0 - :-a 
'-a Its 


•.•.eakenmg :o VL’i»y. I >.* before 
iDg W srd, ihe clo-e 

In P .iris ihe TJ 1 kiio b;.r •», 
fixed j: FK- Jn.iow ismii.U per 
ouuctM cornp-jred vnh FFr 2 *.i.lim 
iS21I».J4i m ;!i,- morning and 
FFr 29 H«» on Friday 


in Frank in-: ne 12 ; kilo bjr 
was fixed dm i«.7:;o 1 vgny rj 
per nuncvi f impared -.- ;;h 
DM 1 1’. < :*U * V- 1 i».o 1 jinv. 10 u -i> 




f-em ■ 

I IJ. 

Iln,. 1 1 

r-i 1 > 

1 III! 
j Hula- 



I .’Ik 


I'rvin-h F nn' 

S|a,l|lstl I'C'.-m 

l.i ' hum 

h t»iriiwii > 

\r. |«n» Kiw Ik* 
\i , -1 j-hIhiii S 
l'..mig. K- 
I Ml- II 



Lih 1 inii.*.* Si' 

I. I nL>: 

H s 

’ ,K. I Fr»m 

Valiw ol 
11 Sterling 

ID 080 

; 551 



5 4156 


PiiCB and Local Unit 

Ynluc ol 
£ Sterling 

■ liPH - 

fejl,\ pi mi. I 

Kill 1 ci 

Lu’i I 

•■* . Kiiii-i|<mi' Bi 

1 ■ 1 II 1111 I'HSJIIM 





' Falkland Is. 

! S ‘ 

1 Fur- I- 

: t in 1-. . 

■ t'lllilfil-l . •. 
T Fi-jihs. 

I I r.l "l 1 |i, 1 1 ■ 



I*n»is1i hi 

Klji V 
Kivii-'li Kin in 
1 ,l..l. Finn- 

Hi 4B.94 
- J- >82.58 
I liD.7>jD0 
T* I.4U00 
il*« 4.0784 


10 :-?9 

7 810 

8 4U75 

Place and Loral Unit 


' V«iu« ol 
£ Siertinfl 

PLkce and Local Unit 

• Value nf 
; £ sterling- 

Lin-liL'ii-tn .. sitii- Kmm- 
1 LiiiniUiiuy . Ijix Fimit 



thiuunur ^ 

•• • 5.87 


IF. 1 1 

111 l.-'ll’. » 
«ui Pc** 

1 .-. 



II.. 1 'i 

M.J9'- k ; . 

■ f’i ,f ■uipiin.. . 

. Ijshi F'raiii 



I Cr. P". . Is. 

. I..FM*. fnuii- 


139 *5 



1. .F'.A 1'uiiii- 

*26 ‘ fa 

[>,B*iil-ln *-. 



- 11* 92.05 ] 

Ger iu.iut 

• Karl 

■ liners 

3 ,'or& 


m, fa ! 

| *ii i nn:*i|i 

! 11m,i srhi.-Merl. 

j /o r 3 

1.9870 i 


1 iiil.ciHai .K' 

. 1 Mali m JL 


1 i-i:i«-n I - . 

AuM - Ui'llar 


1 nisi) 

1 . r\«H m . . 



• 1 r«* a ril«i||ii.. 

1 11111-11 Km IH I 


lin-IM'lH i~ 

F l nn Mann S 


■ ■-inil"i"ii;s 

[,»ai F'laui- 


| w S 


'•lialnuiii.'n. . 

Ifi i.U." a 1 

1 8670 

I Maoao PmUi-» 

! MuJcini ... . Pi iriuj; ‘•-et* 

j 'UlKgt-r l![l. Uli Priiil- i 

j \ImLsh 1 KivmcIpi ■ 

j VlHlMIrla l>i.. MIIICBlI 

[ IImMIi-mIs.iSi Vfal 

[ Unli |f|i. . Mall Pis in- 

. Slalu i.-i . . Mairw L 

j Mbit limi'ii' .. DmhI Ftkii' - 

| Mimnlniiiit 1 Iu^iiUii . 

I Msiiriilup iSi. II IIiijii+ 1 

I UOMis. Mi>\l..nll I’isii 

Mli|iiL-li-li.. . l.K.A. fnuir 

Mid mm. 

J qmiK">ia . 

• Hisi-emu.. 

. Fneiu-Ji F 13 * 111 - 

K. I.nrri'icini S 

Uv4aiii>>Hiue . Mi*, bwwtu 

n a\ F -»«i" 

Cameron Rn 1 F *. In*' 

• HUB" II- II S 

S|imui-1* IW:* 

1! 572 
’£0 Ou 

llllrM Pel- 

iiii.s* Mi--* 



i)« 1**6 



Nauru Is. . Aim. ln-llur 

4e|Mi .X c ilui+e ' 

X«llitTiun.l«.. l.nil.lfr 

J Xdii. Viil'lrr. AnliUuUi (ml 1*1. 

; ^ri-iuu 

j", >./. [l.Jtar 

• .Xhnms'i** I .-nl. 4 »i 1 

| Vidl'I M|.. . . I .F.I. 1‘riu.- 

'M||sriM.~,. Xaini 
\**«»ni \ir*. hriH* 

iu. 00 r 


423 fa 






• 8:4675- 
11.726 ‘ 
423 fa 

'.‘■•3. 7353- 1 1 

■ 7.70isyj 

1 /Qsb 
. 3.6203 
1 8547 

l TvVtu- 1 tww 3 - 

*!*:£**• ■ t rpiTJan 


Vt. !i 

I*- 'in;- 
ru i*i 1311 - 
■ ■1 -irii'»il 

. l"ler'i*nF 

•!■■)« si's ‘ 

l.sJH X >11 ,1 
ls.n. 1 . 

Him i|.4 

• ■.umwm 
lie,. - 11 - 

t"s. . Ul.l 


1 ~*f* «Uli 

C 1 - 

L'^rrfa ^ 

IJ- •■w't 

■•e-j r 4 1 

M I-|. 


f*r.-n- K,'. 

Fur. is 


S. 6 TS 

LI--*«HU>7» .... 


7 13 


1 1 . 


. 1 


t .lava ,ivi . 


lie- 12 &, 






’1 .lavs M 






7 .b*7i nun*.-*.. 


12-1? . 


i>n* monte .... 


12 lj l2fa 


12:?. 12', - 








D»•;ou!. , Rj'r 


] to m*-niLr*.. 

U.. .12 . 


12 1 

12 Jj 



12;, 12-.- 

te , 

1 "0 

16r*e nr-i.vh... 


12. - 12- - 

12 12- 

12 K 





1 a 

12U- 12" 



I2: ? -12» 



13. -- 


> me rn 'iiih-. 

LI 1 1 -1 

111 lL'In 

te 1 - : 



11., 1 1 

11 ...-12L, 

II' 12-. 

12 12: . . 



ten lUin 




*\ HIM. 



►r*r ' I--' 



I.... 1 . I. 

■ .y a. 

!c*rji:iiiil.l l iib:> 

h ■ -J ul nr * >i Jr 

!•)■ Umiiiia 

l 65 

'■ FI K > 

9 ,1 

? 30li 
139 45 

1 1 "ll-,.ir» 


'■.nn 75.46 

■ r .uu . 56.33 

Iceland S 

1 hi.-ria 

616 24 

5(1 lb 

llli'w ■** • 

Ill-l l:i*)-*e 

lh. -’floor = B . 

1 o5S7 

1 fiiinllr'lll 


U 16.305 

Nun . . 



ilnmn Millnii 

Irmi * iniHiii 


DEAD Kntni . 187.86 


pher'ffi— .. K-i aritJiesnS 5.5168 

6 *. Hdeim bi. Hfk-u» 1 : l.u 

Srt.-tj |,,| a-.. v . E- ( farilif.ieBn b . 5.5158 ' 

SI- Pierre C. P. A. Kn»u*- 423fa 

Si.VImwni.S, Ji. i mlM^an S bJIM 

Tsai+ailnr HI I'.il-.u . 492 

-hi mh* 1 A in '. . f.'.s. .« 1.8670 

f«n Msrin**.. Imtlim lii*- l.f <9 25 

sim*i T" n+ 1‘jjse. Kh'Iu).' 90.4b 

•bnirilAivhia . Him ' bil 

»«Ni*wt.. L'.F.A. Pimi,v 425. fa 

jfei rtnfll+s., . S. Kij)M-f ‘ I 4 . 3 a 

sIvnile'iir-A Iaiiit a.n- 

.'-uu;apnr*; '' ! l. ri!r) C a|. l rv 5 4 2800 

S*>I*>>ii** >»i. .iii.iii |». 5 11 , 

-4.HNBII Nn>. .. s.,,,, sliiMIng . 12.382 

sUi. MUcimSj UbihI 1.7108 

rf.- W. Airw-au 

Terrliorie- 1 S 1 -". A l.'amr 1.7109 

s-l*' 11 Ffawia 188.46 

")+n. purls in 

Xi+Ili Alrli.n. Pn>riA 
{ >rl r»UlkM |S.|>. I.. Rtifm 
J siulnn H|r. . "u<hiii E 
[ "iiiHoain ..S (. nlhU-r 
I suarltaiiil i."i E-i jmii'uitui 
| smalt'll .. , . 

. .s* It wlanfl. . rnrJ~»Tii*ni. 

| r.\na . . ... ■*\rln C • 

Taiwan W* t ■In Hit 

r«***M*IUI .".I. ThIi. " 1 i,.|ll|. 


I . 

I’Lst. ltl,|M- 


| l'a|Hia>.r,.. si hi 110 

18 4226,^) 
I 9670 


•IM Il'.a 



1 . 1'. I. t roll.- 
, -. -F.A. I rails' 

»i iM.s-H' ' 
1 11 1 .hi 1 IV 

*23 St 
• Ms 63 4a 

a. 2326 
F 78.36 

r. . ;0.S0 
■1 17 33 
s 3156 

I 3B/0 

I ln»-i 

• lis.Ii |(..p .Li 

l-rai-l .. . . 


1 1 i»ri I i«ii*i 

Jamaica >S' 



' Kampuchea I'il-i 
ii ’ h'eiUM 1^' . h«.-il* 


. I»iai-i a 

l .K. V. t ibi.L 
, 4miui|>.i* I *!■ I Inr 

3. ■** 

ti'piaii Uiiirr ' Xlll 

h.< r-M r"l ' . 
huoait .."Tin 


[ 3 - 1 -niimi . 

I .~ ir... .. . 

1 ;■ 





h'luMii Li|ii» 
hip k-ll I’.I 
LjS •* 1 11 — * 1 ! 

):rs-aii l.'an.l 
I.1*S ■ 1*11 4 
l.ll'l Ml' Pina 

I O0 
4.2 iis 
1.72 16. SI 
652. 51 

■ t*»rs K uiM . 

1 y v v- u U). 

| *-i YvuiN') 
j Peru ..' . . 
j ISulippinc*. . 
J Plti-alral*.*^ 

J Holann 


| IVnuaisl 

1 P.irt Timur 
, MrliiL-ips Is.- 
; Fiiert'.' Wm>- 

| (jarv iro 

1 liL-unI'.-n . .. 

: lie il*; la ... 

' l.'linleiw 

. 24b 64 

2 j. Vtnini Muir* 1 A.Q.67I7 
14.482 - 

New Z**iiui4$ 1.8547 


F*h. IVw. 

1 43 "Urinii! 


H|i»*:. KsojiI'J 
1 iiuur bstuilS 
Pa*e. Imcudu 
l .*>. b 

VaUr Itvel - 

Ffl-lll-ll I UIK 
i:in>i(.->u!> > 

1 1C m 182.23 
'» iTiaa^a 






jl'IiiilwTrt. . Halit 
i l*i)! , i Ifi*.. . I..K. i mn>.‘ . 
IT.iAjp* I». i\' Hk'nh&ii 
1 |>lindi*i« «>.i. Irin. \ r.-jl wiur. 

lTuni>u* . .. riinir.lnii Dinar 

]Ti|ri>i-\ .. ..Turkish Ln a 
j 1 urk«i * 

l Tuvalu . .Vital till Ian 8 . 

Uganda *S- - Lg. Mull mu ■ 
Culled States l'.. -j. Uk.iUir 

L'n<KuaV , I ruj-lon '|Vn 
Lld.A I'Kmis. I.. A K.Lnrlianr 
L.h.n.H. .... j cl-ij Lris- 
l ..per V. Ilia... L.K.A. Pmuc 
Vatican. ..'. . riailan Ur*: ' 
Venezuela HoIIvbi 

VieUwm ; Hung, 

.CTrg’inD.C.9. I-.S. DciUar- • 

Apn n*!-.- sSemeop Tala 
Yemen ...... Itviiv • 


ZavtlUta... ... . Knauba ' 

. 159.43 
58.4880 -<p 
A 0.7868 
382 -OB 




• A 7.7205 
•i* 70.812 

' 0-7, 

14 44 
• 8070 

' ImiiilS 2b 
nfn. 15.13 
■ 7.55 
'| 1.40 

8.45 . 

» ! oi 42M1 
t‘ ri4.nai.ji 

'f 1.9870 


; s m 
-135 • 

Lo,-.*; .im’ijr:'" «•»* Si.-r .• ■ . . » . . . ... -n *«.■>-. • n-:. •• •riis'« •■*-. .-)> .j,,; * iivf 

r i---« .-.nrru.'.ilv thra-.i i'-irs p-.r *.n*. lour U‘ i . p. r . •.»: in- i-ir 

4;- 611 m'-~ iur prim- p-ipur r.u) in. r-'.- fur roiir-in.*u>i) u.irl. i.i]:* ; .‘J - L! - 1 o pt.-: 

sporuMPinl-. j.!!in<'rj|«s Jor 1.1 -mu.vri Tr.-a-ur* Kills S ■ ll; v ■! I i i|s .-s-r ciur .ml - 
: : Z-i-i D'-r .AcsroiimMi'j rj:- wr .in---ni>m:n nauK sw.i-. l^-rS'is sjr.'.nt 
nui.lh 3'r onr-inonib -rad* n:U.s iTj j.-r <- i;i. :-i-n ru«r.:Ii n-r . 

Plnanci* House Base Rates *pnMi;.n->i| h- F uu-" < *|*uis _ -.1 pr. 

□oaojii Rales -i-w *ni*;; '-iiihe ar s-i.-i •**,*■• 'Isr.i • i ,--r ClNring Bank 

Traasury Bills; A. era*-- saitdi-r i **i -i.t.iiun: <i w.i- 1* r mi.i 

* lo'-ttf'.'-r-rm. .0 j. a.;:ftor.:i mi ' 1 :^- 4 -. 
1 *4 P>.-r l<iii s 1 '. ',' 1 ; 

c.;n:. lour-mor.'.': :r.*j- a. ,> p.r . ;n: 
O-mijr.lh - - 1 ’ 1 ■ t T • .si" 'Jl.'.r 

I*- «A-n7*>Tr»Jt per 1 .. .v *V 

■ ji :*1 a. -a fnr*'--mmv- 3 . ■ • :i: 

' «*!'■+.*> T : I'*:; Cleanrij UanV 

Sana Rales r vr lei.tir.w III-;;* u»,- ie.-,- 


* : f .1 u«-4. 

I Sill* Disl-q'ab: ?.»:• 



7 13 Ti 


Alrr- . 

siir- ■ 

-ri 01 :h - hr 1.. 1 
Inrii'u ,-l) \.r: n 

or Fron. I: %-|ii. 

"or pn' 

- Liniiiiiiiui* 

F n-ii' h w 
"f| *1 Alrj. . 

' n- r,;.; , ».) ml ,,nu- irmi 

rank |. 

ra'-s aiam.-ii huost^r. 

** Rh«*- is Hi* TruNWrF tnZrki-r, .. «rt- 

»rerf]-d -. ... - ' - 

ri Rale is nn« 'has«H,ui»'- Fjrbdiu i l.i _ - 
ihi- 4n||ar . ... .. 

"■ Nwe line effioial rale. ' ' ' 




Latest indicators 





for director 

’f.; ; 

HERE a^atn i? the Jobs 
Column's tlinue-yearly table of 
salary indicators, compiled from 
the survey published by Reward 
iJ. Mill Street. Stone Stafford- 
shire ST to SB A — telephone 07S 
583 4554 f. The table's fisures, 
which with one exception relate 
only to people aged 33 to 
37. are based on roughly 
2J00 managers and specialists 
who registered in the four 
month* ended with September 
a» job-candidates with the 
Government-sponsored Pro- 
fessional and Executive Recruil- 
ment agency. 

The left-hand batch of figures 
relates io all candidates in the 
particular category, whether 
they had a paper "qualification" 
nr not. The right-haud batch 
covers only those deemed pro- 
fessionally qualified. The com- 
parative figures in brackets 
->how the positions of candidates 
in iht* corresponding Tour- 
munth penud nr 1977. 

If each category % candidates 
were ranked hy salary, iht* 
person a quarier way up would 
he paid ill*" lower qua rule 
figure: the one m the middle 
the median: and the person i 
quarter way down ihr upper 
quart! It’. 

for comparison, employees 
of international ur hig national 
concerns should add 10.5 per 
cent to the table's figures: those 
in ’* regionals" employing 200 
to 1,000 should add 10.5 per 
cent: the rest should add 5 per 
cent to compensate for time lag. 

All in sample 

Professionally qualified only 

Aj?e sroup 33.J7 

Lower quartile 


(1977) - 

Upper quartHe 

Lower quartil* 



Upper quartile 



£ £ 

£ £ 




£ 1 

£ •* £ 

General manager* 



8,000 (6.500) 

10.000 (8050) 





11,750. (8337) 

Admin, managers 



4.425 (4.300) 

5.575 (4.900) 

— . 




•-r- — . 

Company secretaries 



6,500 ( 5,875) 

6.600 (7.575) 





6.500 (837) 




5.500 ( 5.000) 

6.900 ( 6000) 





7.450' (7,212) 

Cost accountants 

Management services 



5,350 ( 54)00) 

6.800 ( 5.750) 





73W0 ■ (6,225) 

ir computer manage r» 



6,500 (6J25) 

7.550 (7.W0) 





- (7,150) 

Systems analysts 



6.000 ( 5,150) 

7.850 (5,800) 








4,750 (4.400) 

6.000 (4,900) 





O & M/work study officers 



4.850 ( 4.200) 

5J500 (4.775) 





5i77S (4300) 

Personnel executives 



5,700 (4,700) 

6.687 (5.525) 


( 4.7 00) 



8^50 (6,050) 

Training executives 



5.550 (4J25) 

6.450 (5500) 





7J25 — 

P-R. executives 



4,000 (4JOO) 

4JOO (5^25) 





5337 . - 

Marketing managers 



6.750 (5,700) 

8,000 (6.900) 





- 8.000 ( 7.437) 

Sales managers 



6JJ00 ( 5.100) 

6.975 (6^)00) 





• -7300 - — 

Sales office managers 



4^50 (4,000) 

5.000 (4550) 

— - 



— ■ 

Sales representatives 



4.350 (3,775) 

5,500 (4^00) 





3,750 — 

Technical sales representatives 



4075 (4,000) • 

5.000 ( 4.687) 





— ' • 

Retail management 

Production managers — 



4.425 ( 4,000) 

5.287 (4.975) 

“ “ 


Production managers — ■ 



5JOO (4,825) 

6.025 ( 5500) 





6.700 ; (6,500) 




5.000 ( 4.500) 

5.950 (5.500) 





63T2 ( 6.775) 

Production- engineers 



4.800 ( 4.500) 

S.6S0 (5,000) 





■ 5^50- '-(1650) 

Mechanical engineers/ 



5.750 ( 4,600) 

6.625 (5.200) 




(4.850) - 

6.900 (5^00) 

Electrical engineers 



5.100 (4,500) 

6.300 ( 5.500) 





7350' (5JS0) 

Quality control engineers 



4.9 SO (4.1 SO) . 

5.500 ( 4.7Q0) 





6350- (SJ37) 




4050 (3.950) 

4.962 (4.512) 





S.600 ( 5^)00 ) 

Civil engineers 



5.125 (4,800) 

6.175 (5JOO) 





6.687 (6300) 

Engineering technician! 



4.700 ( 4,000) 

5,412 (4500) 





5375 (4300) 

Quantity surveyors 



4.800 ( 52100) 

5.450 ( 5.950) 





.- — — 




5.000 (4.400) 

6.300 (5,000) 





6i550- (5337) 




5JOO (4,550) 

5.600 (5.275) 





— f 

*■ Physicists 



4,725 (4.400) 

5.712 (5J50) 

4.200 ' 




--- S32S ' 1 -'- —V 

Distribution executive! 



5.000 (4050) 

6.000 ( 5.000) 






Purchasing executives 

Age group 31-35. 



4.7T5 (4050) 

6.075 (5.000) 





. 6300 (5300) 

— ■ - 1 * .- — | advertising. 

Rank £ 

y-. *. / 0 

Mr. Leslie Bond, director of marj^of %/ 

nersonnel and corporate.jelatlons CO. ' JUijBniaaen, fias 

STSe RANK OMANESMCICW* /apstoiiUe^sec^aixrSj^^^^^ . . 

has been appointed to Uifl board. • S . v : 

Mr. Bond,- who joined Rank, a year- j 2 ' ' 

ago. ^been a ; m«nbe^ho ^ - 

managing •'operations of . 

cotmrnneo and has orextil T^ ^ lT p Ayr ^ v * .. 

ponsibUity for ^S exeOirive^uUes.^u^^^-; ■ 

advertising pu0 a : 'non-eXeciiiiTe- . 

market research and purcaasuifi. . 

say vise* is ffi f*>^$SSp| € ■■ 

ver. vice-chancellor the Cranfield - y.v. 

Institute or Technology and a- : jlf r? CUiorhSi^BMtf^^Kj^ ... ■:=. " 

director of Delta -Mela! J - - joins been. 

the division board as - a . non-'- marketing oF-ltie 
executive director. Mr. BiU 0)1- CRAFT . C0ME*AKiV^ 
man also moves on fo that division AiijDohriell Do^gJaM'j^ 
board as executive chairman of succeeding -Mr.* RaiiOt 

British -Elect final Repairs fohow-. who.wUl-«ticaeaji^jal 
iris the retirement Of iHf. rpuip. Conrad wiUbe'respoxisfb 
Boms. Mr- Harry Warner co . n l'. Douglas ^martetio&aggis 
i innn< managing atrector -o* eivir^nfi-onvWmnArMvirO* 

components division uncu ine era |j res jgent .. . .- 
of this year. Mr Braqe £ u rope;' '-Atijar: 

becomes production director or g ast> >tr. (), wwt&'irKFhl 
Midland Electric Manufacturing,. n - c ^ ■prejdrt'dht'.-'^dSiJiie^si^^ 


monflT^ Mr. Eugene“ Knift Joins That Mr; 

5 a , director responsible for group . jomj : .wA%ntgF^p 
oversea-. manufacturing activities has bee 

and^Lr. Tom Smith wtll be in OU^ur JbmMgL^^^Snr - 

charce of a newly-foirmed' MEM of Mr. AD T }" 

diSn-MEM Panels; v and 1 

Systems Mr. Tom RetUy .has been 
made 'man a cine director of BiU director and, 

Svitchnar due to the dnpendinc group for- personal Oasta#-^ *. ... 

retirement of Mr. Bernard Massey.- . ■ ‘ .. _ 1 '‘..V, j£ . ' : ' . . 

3i r. j:x -i?._i^W h«s saS*; • " : 

Does £25,000 
more or less 

interest you? 

Exceptional opportunities exist at several levels in a new but 
fast-expanding gilt edged department of leading London 
Stockbrokers. Excellent salaries and profit-sharing advantages 
are available with the prospect of partnership in due course for 
suitable applicants. These are positions providing considerable 
challenge and income potential. Enquiries invited in strictest 
confidence to Box A0539, Financial Times, 

3 0, Cannon Street. EC4P 4BY. 


International Holding S.A. Luxembourg /. 

seeks the appointment of 


For its Head Office located in Luxembourg 
Salary' and terms of appointment competitive 

Experienced in banking operations for 1-3 years, five of which at least, 
in. leading position. Please send applications with c.v. and experience 
certificates by 25.1 1.7S to; 



LOWE AND BRynwre V* - ap po; -•;•••■ 
made Mr. Michael -Denny ra «'V£* f'rfOVEMEipr " ; 

ing director rc “ r ber of.'the'J^lfiqty - 

Goodman sales director. ... -ST*??, 

Mr 31 O. Rich haV been Mr'. '-R.ATi jUadigaS- 
nnnninied snies -director of .3WJUinted ; a defmty' chaiftsao^S 
WELLMAN ENEFCO, a' subsidiary LONZLVC . -l > WHMX01 i -. r . 

of We ilman Jtechanlcal Engineer- AUSptAtHA. gndrMr;**. 
j ne ■ . -. has becomes mrechn-. Atfrsggg* y~ • 

1 b ‘ ■*■ • • gan •• baa '-beieb'a director -^7^^ 

barlow RAND has appointed company amoe^;- IflfiSi . 
!th? Wlow-mT “our J full Liebelt- is 0«.»t > “ 

riireciors. .Mr. D. E. * Cooper, - Australian- ilimng ahd . Stoqffe^ .. v 
electrical and. general engineer-. dep.yo*: ch^^^[iu , Jl 



Principal itecountant 

Up to £9,984 plus allowances 

A professionally qualified accountant is required by the 
Accouniant General’s Department for secondment io the 
Central Transport Organisation. 

The successful candidate will be responsible lor ensuring that 
the Organisation operates within a iramework of adequate 
financial control and sound public accountability. Specific duties 
will include control ol income and expenditure, preparation of 
annual estimates and the improvement of financial and 
accounting procedures. 

Applicants should have a minimum of three years posf- 
qualihcanon experience, wlnta experience in a road transport 
organisation would be advantageous. 

Salary includes a substantial tax dree allowance paid under 
Britain s Overseas Aid Programme and basic salary attracts 25% 
tax-tree gratuity. 

Benefits include free passages, generous paid leave, children's 
holiday visit passages and education allowance*, subsidised 
housmo. appointment grant and interest-free car Joan. 

The terms on which civil and public servanrs ma\ be released if 
selected lor appointment will be subject to agreement with their 
present employers. 

For full details and application form write quolinq MC 410 ’FF. 

Banque de la Societe Financiere Eilrope 

Multinational ConsortiumBank 

Multinational Consortiunyl 
Located in Paris / 

i» looking fur / 




to invreafi- the inslituiiunal «»les fnive of its 
expanding: Eurobond Depurunenc. 


- Fivl'i-itthly ajji-il uvi wi.i n ’JG and :.U. the 

vmuliiiali- -Imuld haw ;i ^..hhJ kn-rwludge and 
niiiifii-umilinjr «f iniontatiimal llnanvial and 
vapiial market - a.- as at least l wo wars- of 

io.penen-1* in the field uf inir-niatiuna! bonds. 

- Fiuen-’.v in Knd;.-'u and v.v.rkin^ kimu ledgi- «»f 
I’lviii li mu* :» niiN. any aiir|iti«t|i; t l !an>niage iike 
* ientitot nr 1 >uli;h wi»uld be an a.—* 

Thi- • lud!»T.uin^.'u*i' i'.|"l i at itTi<"t j\ ■ . ->mpen- 
?ati«m ami jrnml ran*«-r uppuruinMii -. 

Afijiiiculion-. diving lull d--iaii- -in : i!:eath.T.5 
nnd «-ar'-r !■> daiv. will bf ia-ld In i| ; .- -i.*-ji;tr>i 
i-onr)il-;m-r- nr.d sb> « .'id l •. ■ •: ( t i ■■ M :. K. T'« -rlcwitz. 
Manager. Banqta: S. I- i: -re 

Ei:ropwnn«' --W m- .!»- !-t !-■:» ■ -.. 7-‘.i m <•_; |»arif. 



U.K. business development officer for London 
Brandi. The position involves managing existing 
corporate relationships plus identifying and 
developing new opportunities with U.K. hased 
companies and subsidiaries of U.S..irnultinationals. 
The successful applicant will have complete credit 
training, a strong knowledge of international cor- 
porate finance and a proven record of successful 
corporate business development. An M.B.A. is 

Please send full curriculum vitae to: 

Box A.6538. 

Financial Times. 

Bracken House. 10. Caunon Street. 
London. EC4P 4BY. 

stainless steel manufacture: -. mV. .= Ian ' Ferguson • 

remainlns managing director of>ponjled' roiin ag er , - . . 

the Middelhurg -Steel and Alloys -vieeaf' of ^-AKCLAUSVUffiffine^ ' 
^roup: Mr. A. A. Sea ley. continues . GROUP. . - : i . :i¥Vr-:»gj 5 — • 

as a director of Rand Stines and ‘ \ 

head of the coal section: and Mr.- - ; . ‘ -£:~.r 

D. T. Watt, who remains, a Mr^.. J.- Russell Kmg.-:- gta^wgj . ... 

director of Rand Mines and head manager 

of the gold and uranium mining F AICM E KS' CO-OPERATIVE 'JSS&i - 

sec Lion • ERATIUNS.^- wiD te • reSttt^ 

* - -.t; November-'^ BC’TWG 

Sir. John A. Penney has joined weded by Mr- I. 1v. Kenrfa^ 

Ferranti- as general manager assistant genefafqaa?iMgr..trMy 
of the microwave division of ame rate. Mr, Ipsel!. 

FERJLLNT1 ELECTRONICS. . relinoutshjng^ittc^ or h&; 

* directorships, bill remain. ■ • 

Mr. Krir S. GAhVM h» 

appointed a director of the * ru,ls 4En»P«-t . /. • ^ -^i 

AURORA -HOLDLNGS - • group- • — . l ’ ' 

board. Since JH72 he has been ih e Board of'-: CGJtBKH> li- 

cfiaTnhan of the COLTNE§S KXGl J SH : STpORES 
i GROUP whictu:in.l9i/. because . u -created <n~ ttew . title - ; ~ ^ ^ 

"wholly -owned subsidiary - oF director of the a 

Aurora Holdings. Other Board xtise the status gt#. 4 .. 

changes of the company are: Mr. of certain senior clireptoia tf ^a '■ 

D.,?0t. G. Mavies to be chief . s (diaries who have-idade^WP ^ &. 5 -= l 

executive of Aurora s steel contribution to the group's % i . 

division. Mr. R. Co*, formerly U pie speciaiist retailing 
deputy, managing director of Tbe first appointmen^as.^-:;, L . . . 
Qsbom Steds. a unit of Aurora s .date director are:. 31^ L ..,. 

-steel division, has been made WeoTf AcHiot: executive* -a»d# ; §j ■ . 

-maimemg director Mr: L- G. K . -B.; Bbbcbck. • fdepufy dg| P J 

Kuncimico. previously deputy P rAri,riv P v rif 4 ifte Jfl*esFiashfej:5: 

•«»' -->iwi:iwwjiuera. nuicn w ai-so ... • ' - ictra-AV f'i-sf 1 nrrTf^^ .. 

H’Wirn Aurora's steel division. He ^ V 

was chief executive. Lindley PRDVn)E 5 FE-^:^QClETY. ^ T ^; «■ 

Steels.-: . appointed V v i s ■ 

. - -. .★ general 'xnanag«-U) -succeed m 

,i- .- , , , ■ .ir w ct^ni- uhfr rnrirn^ frhin.lDri:^.^. 

mens division, 
tirement of Mr 

dsion. following, the re" manager 

of Mr. J. Parker. Coates.- who'. has- cbKf c-.^. 

■* .. manager -im-jestments:.i./ana 


Mr. IV. IL Holland .has been mem ter of princgj^ 

appointed operations director;-' executive .since -^^TCh : th is -.y L- : -. 

u^iauuiis uirecior.- T • -*v. -jy.- t 

manufacturing. of LYONS J° i ned .VAIP ih 194L .... ■ ;> KJS 7 

BAKER Y . ; 

nii nun:; or ur? 

must spiti? on. or wnl by nosr 10 . the I 

Mr. R. G.. 


tline has- 

•' In ih' HIGH COURT Ol .If. STICE 1 •* h , u 

Ghun.-r> Div.Mno Conipam Cmiri. In '• *5""®" 1 M 'S ° 7®"* Mfc 

h- 1Ur:.-r af -t.OPHEK •Pl.L'IIBIXtT * , ?' ** Hi - P-r^on ->r 

HEATING 1 LIMITED xui n ih,- .Matter ! J* "17 2"' - , " d . asWr-AS ot The 

M Tho Cwwuu.1 A..-I m t 1 t^. r m d JVy? ■' ; ,1!n, ' rt y ll,t ’ « rS4,,, i 

.\v,th:e iv HFREnv iiivK*. nut x ' '.I , 1 N ur l , h “ r * 0 l'--' ,T< ' r ' ,f an *! 

Associates r 

The Crown Agents lor Oversea Governments and 
Administrations. Recruit me nr Division 

■I Mill! k 1 — cuu.o 1 m _____ 

i remains an independent He will aiso hdcorhd ..ihanagl^i 4 
cy. director of Maiiltm (Butchcpfc. ,. ' 

* a . subsidiary, and-wHt''- repoif; 

r -zKieftnl uffici- miiui- ji »'0 c; Si. J Vu. iHri.viy jpp, 

*.I iry Siroc; IV.Jforil. lliill-Vrv J In lb.- IIIGII i'i" Ht ny 1 1 . *T:t"E 

M'tvham. and Thai Ui- > 31.1 Poll lion |< . ■ luneen Om.-un Compnm-t Couri. Ja 

-llri-t-li-d la bi- heanl far.: lb..- ilonri . iL- MlHi-r ot II. A. I KbTIfp -RETAIL*' 

-inn? i\ th- Rajal G-nirii o’ Jns:i.-.v ! LIMITED jiiJ in itn- Mm-’r ot The 



Tin’ foil.'-'- in; Aii- required for evt-rwaj pruj^rie. ag>.-d 
|nvfi-i abiy under -HI. o 

.Media nicai Engineer with project management « 
experience. S 

Ni’SUliatur with I cjualifieaiiun. u 

:: Chartered Accountants or Economist* preferably » 
with merchant banking and negotiating {{ 
experience. « 

Marketing Executive with admini>lralive and J* 
negotiating experience. « 

Chemical Engineer with experience in the oil " 
industry. (l 

Agronomist « 

1 1 will lip .«n .id'Mnl.i :r For chh<IH.iip« tn h«ivp prcvi?u« o 
mp|-s«;iN experience .ind addiuonaj ipidlificatiun- including 
language?- Hood '■□Janes wtll be paid »n the rigbl person 
fyr each calegury. o , 

Appt? * n confidence wllh curriculum liiae. 10 Thr Sc err- «■ 
Tarv, Gulf Development to. Lid.. I2X Park Lane, London. *' 

wiv 3 ae. ;; 



a Financial Times publication would like to appoint 
a Year Book Editin' for its com pan ion year books. 
The successful applicant will be responsible for the 
production and editorial content of all books 
produced as well as commissioning new titles. 

A knowledge of publishing and a keen. interest in 
personal finance arc essential. The most suitable 
individual is likely to be a journalist already 
involved in the field of personal finance! 

A competitive salary will be paid commensurate 
with age and experience. 

"inn? 3i th- Rinat v-.nirii a' Jn»:i.-.>. ! LIMITED jnj in him Mm.-r ol Tte : 
. -^rrjntl 1 ondan U'ui\ *1.1.. nr i!»'- :*nh . Cvinpinici \-.i hm-s 
■ lay uf Novi-mlvr 1!17» .. 11.1 jn> . NOTICI-" 1-i H'.'RERV i.!V£*: ihj» 1 
■ 1 - cgninbulurv n! ill - -a.I Gnnipjnv , K-irli.m fur id.- Winding un nl :h- aU'jr'*- 
•I- iirou-. iu -.upDori .,r uo- im- ih^ nul. n« ■ " I'vniparo br ih<- Hl^n C.jun <rf j 
<-F .ill '.Inli-r OH IV >iiil Pi-UlHH n.3T JiMliy HI* u:i III” glh -Ij- n| Vol'emth-T 
■ipp^ar 31 ih-- 1 of 'i.-.-iniis in w:r«.iii • iViS. Di‘ in ill.- s ji-i «"uait (q- 
u- hy UIN ..nuns. I inr ih.u aurp.jsi- jnl I'Al.MLi: ANU IIARVKV I.I.M1TEI* whow 
J L-uUJ- ur lh- Pi. 1:11011 11 III I|-| furnish, fl ivsis'tT.-il oili.-t li SIIUJI.- y 43 NVnr 
h> iIil- niidi-rsuijLd n. jny cri-dnor nr , .Vonii Uua<1 Ijin.lim ,\"| &rr>. M hiijnsat-- 
■ uTuribuiury ui ih.- said <.uini) 3 oy r.-tiuirina TuU^ix-oulsih and Coulriiiqiii-r. a Crntl’or 
- 11 . h •:niv on payrui-ui «i th.- reKUiaicd \ ul Ihr jbuvi.-iijni.-ii Our/ ianj and ifuii 
.h-r*. fur lh-; ^.> u'.i_ Ik 3jM Pcimun i- H'.r. l^-.I iu ho hrarl 

Kit. I n / IV \l.U-.h Its-ror- -h..- Hour «iriinj ,n ;ii- rojjJ 

Mr, M. IL Burgess Jins n*->ignpri 'ihe. -ffirertor' rcapopstbte- lot 
as u direct nr and rnm pa ny see- meal -opera lions:-' v L -j. 

/■ if II <lclaiL< 0 / ijmtr rsifcncucc should 
boson i«>: 

The Editor 

Greystokt* Place. Fetter Lane. London EC4A IND 







£8,000 + + + 


Lectureship jn Accountancy 

S r B l0 lfj!l- CI iJ ,,ha ■"’ c "«era»iw Iu tcaen- 
* n . c In riseartn in fhc ji«i of 

This li'jdinJ rump j rtf :u Hi- rr-jMinj 
indiisiry ha* a iiimnur uumirm:iii v Inr 
a qiLaliili-rj Aci.siuniani .is 1113 * 1:1 j-in.- in 
r«iel- Wlili four .lyuainic p. riuiuiny 
asfi nu-iill 4 '->nr!iit iiMmirr ha.t- 
g round j vu 'v-:; U-: i.ivn,'.,.-j jil 
j.pvvK n» :Hi- i.‘ 0 riipjn> -• inie-ri. ’ io"i 1 
inVicroiif pro-lu" d.ii-uun' *r.i i-hroi.: 

1 • T.ov.-in- r? i-i* .-’ll" •' H 

Ttf. 1 - ,r - 

i'l.<V>- n-i - 

Churchill Prr«?nnel 
« »insulianK 

r,:5 ' !jrt n •" me areas ol 

*‘ ld hn - ,,y :« vc imitcvl to 
ar . ,ne -nbane ooiltlon. which wb 
’JS'L. ^ HI during thr current 
tfCdavir. c year. 

* lilrv i :-* le 'S « E7754 

i ™' 1 r yiGWi. Wild initial Dlacing 

SSSL -'!;'* 1 «M*iiiea*ians and e.. 
d i urn, r Supcvannuaiion 14 under U55 
l* 1 H mujlisn o' FSSUl. * grant 
1°' , . $.1 ejcocnjci to Dundee 15 

Near Liverpool Street require 
with 1 0 ‘ Level or C^.E. 1 in 
English and Maths, 

This is a Career position with full 
training, excellent salary plus 
Bonus and L/Vs. 

Write, giving ogr, educational and 
any previous employment rfetaff in 
(onfitenze to Bo* A. 6 534, FInaneiol 
Times, 10, CotiMn Street, London. 
EC*P 4&1 . 0 ' shone 0I-42S S7BB 
lor «« appointment. 

Dublin vi.hml bv IrdJnO 4 Urgest 
mavacna-tni pr. consultancv. njnfig 
client, anon? the major comnanies and 
institutions involved hi banking, uncst- 
ment. rndustr* . o«n«ntanev. enerov and 
oh-shor-r exclaratwa. Enpvrlene* 
mu.ifo in PR. roornjlnn* or related 
attilvtie*. The |Ob W,H 00 demanding, 
the work stnnultzlnp and the orosaects 
good. Apply MO. Murray Consultants 
Ltd.. 14. ciioe Road. Dublin 4. 

: .1 U:I|.| Conn m ■Hun--.-, h’rjud. i.on'lnn UD.i 

I .’.vi Sir. .- | -'LL. nu Ihv f llh <l.iy .if Dei •IiiIi.t 153 

I.uikI-.xi El.'a\ ■'•l'-’ ] a’i'I 3 ltv crcrtl'.nr >,r i-iinirilni|.irv uf the 

M i I- Bll f.'n I -aid uimpauy <li-'juo% | U .uupgrr.ur 

SullMiun. lur iU>- I*, lilioinr i uppu«: Ihr nlahuu; u| .•■■ i_ij- Ur un "Ihi- 

\VII-;- Mil pervn. II hn miiprii ro ' 'f'i fl,,||,1 vu mar a|.p<*-jr ai th- turn: 

ar ih.- Ii-anni: uf ill.- >jl -1 Huiirlan n Ul ' rstm ur U* bw COKWel.. 

niusi vn. un. ur jend hy pnsi io. Hi- 1 , ‘ n ' t ■* uuPT or ihc 

jhui.--njm.-d mu io in umms uf hi -, ™Ulo n mil bi- furni^d by llnr muter* 
.n.i'iiMuii >u ''i The iiiia:*"!' ihum J,1J cr>f«li!or gr I'OiimbUlOTT 

:h. iidin*' jrM jijriri-i, ..r i|i.- parboil, ur. M in " rmuirnu Mwh.cwv 

li .1 hrin ih. iiani.- and i.l<lr>nt ol ih.- . U I 'B'' !■ juliu-.| iburuc Tur 

Iirm an.l mu -if h.- <i*mal Dj- rJu- puncun i w * V v i-,,., 

•if linn ur ms ur itrelr -.oliuior >if any. j tdii-dii . 

.md mtnr ih- -vrvod. ur if pound must I 

i.. tm hy ugcf „| surf in tin 1 un** *•« I Ko . a ' 1 ' 

n.H-h iin .iliuse-nami'd uni l*i. r itun ; snuiliend u:i h.-:,. 

rernr i..lucL n -li' jii-muu.i uf in- I , 

■Mih Jai .» X MV-.-mUnr IS7- ' SM - ,3 -* lei .u.'OS i 

-. _ huliclinr-i lur rh- ■ 

-• -• ■ 1 'Tb. — An> JVr iun » hq inland) Vij 

. , mpniar on ift.- hvarnu ul ill- w;rf PefiiUm- 

...» ur li.e d'ur: >i.ri.. On. or -.cii .1 hi /i U sl in. tnc- 

In ■li- linjH OILUT '.'t liNTJU. | ‘ lim t ‘ |l3r,,,, ‘ 1 " or,c, ‘ ! » 'irllins Of _ IMS 
rhann-ry Limsion Lonipani-rs ij..iir>. Iu 'J! 1 * T,r, ' , n so lu <!*■ Tin. noKcu nuisr stale 
Ih. Maii-r or TOWRP Vlii'JH Sli.AL niim '* ""I'I .iditr-aa ul I In- p.-rJon. or. 
SERVICES? I.IMITVlIi .|ii.l in ui- Mj-i-t . ■' ' 1r "' :h “ nd,,ll ‘ -'H nddn-as ol . irm 
I or m, CuiniMni. , .lei. iS 4 i. I,r '1 J,, “ h '-' -lulled by |he oerum 

• MiTlCF Is Eir.rrBV r.IVC.V *liur u ,!r J irni or . 111,1 ,,r 'b'-'lr -uliilior *i| JOF.I 

f.V Sent to you eve: 
. 1 C News Letter 
[>Tpr you toacLfor 
l - r Take a; 

/,v; ■ investment - 

■ P-ilii.iU I«r in.- '-ViiiUiu-j un oi ih. auu-r- n,u 1 3 ’ . h ; : or u posted.- ..mihl 

. mmed C.imoanr by the Hub Court ul J;' nl ny . piKf "• ’“HiwiiS nmy >d 
■Ins i ui.- mi* nu ih- -mil day o: i.iciob-r [* l,vn in '' abov.-nained nm later than 


15i k . i,ru»>-iii.-il iu ihu -aid Coun hy w L . u ^_ 11 r t hp af L.rnonn ot'ibe 

I viyfNf. & marten limited uho*- ■‘ ,i “ j> nf Dawniiwr jots 
' r<-ci iien-il i. siiu.iiu .it t. Koiuiurd ; 

! Eoa«l. L.mdon El.l tLIl Rulidon, U«r- : 

. fUaius and rhaj th- apld fflUDtfn is. _ 

: ‘lireen.'d ig be beard b.dure the Cdttri ' CLUBS 
| ‘Win* al lh 1 .- S.ival Conns ul Junilct, 1 
•strand. London WCi\ on ihu iTih i 
..lay oi Nav.-mlier 7C7J-. and any ero-Iltor , - w - 

■r yiulrJlul-ry of lh. *.»,d ‘ Cdmpjny ' tyfJSJ' fK 3 ."" 1 -7 s4 0552-' A j* 
l<-«irnus in Minnori nr nnM^> rh/* mfiltMc * eiaa. th.-. m .c U <' M SvvctffCifUK 

t .y'' •£ rr o«'* 1 ti»ij« car. -» OK* lied 
*:*r- rn ? Un 
C ’ D1 * U .'J -Its "'tm apa’ir*. 
••rile.n.aa y,* p- :u-a* 

... *■* -sesw r„ Bum. 

. Jj * r, e»** Refcrae »■ 


Pe r *0nJ , t an <j* relevant tuei'orouno. 
wr’h 40 me sale- ability Not neces* 
-.jnir oualihrd eccounun*. Sdlir -1 »nd 
'ee-. Cfl 000 * r- Trl Ot-~SS 

Sill Wrw s*#" CO"»l* , M"t*. 

cnriRSe** vacanciis »*■ 

Cet*. 1 * 'fin C»’*ers Ove-teu <AC. 30 
St. Man > Reid. London. S.EJS. 


If vow move tail i"d lelephon* Pat 
or pjfKia Oh 01-730 30»5 to r-c.»r 
» *'ce mr.tanoft » » -.hamaagne 
‘.ifo?-ii»t on sa-ty r* "SCCJETA&. jo 
argan.iatian pf friehOIy SoadwiL. non- 
do> i oca i and -eliawus. th ** '’•"O’-'S* 1 •** 
-iiny «»-i«i •<e,3iri»‘ **° -• 3 •au* 

• e«.»l a-d rw'tu'al 

I •(••virnils III Wippon nr oppos- iht malflnB ! Floor Shows.' 10^S. “z. 4 S?nd ‘TSspjS 
; "7 an 1 »r.lnr on thy muI Petition may 1 miKie of johnny HMtsmnh a n«wh' 
i > 1 PD-" .i r a: th- time of li-arlnu. m person ' cmcotiF bo npan Sfrei-t i'mjnn "viV'i" 
or by Ids ciun*.,!. Tor that and' NEW STRIPT^sI'f^mr^ow^' 
.1 foiiv ui i he Pennon ii'rM be Inrnmb-d ; •• as you ukeit ■■ - ". 

’■y Hi- iindi.TMsn-d ?o any cieditor or i J.V' 3 i 5° Midiugnt and T am- 

■-uiilriliuiiirr uf III.? i,ji (1 ecrupalir feoulrlim ' Mon ' Pr ' c, OS«d Saturday. Ol -437 6 ^ 53 - 

_ '-uu'riiiunirr ur tf»» sjin ecmpaiir reoulrliiu 
‘-"'h "i.iv ,.;i paytii.-ir m tin; regulated 
vhjrgL- iwr Mi-: w.-ini- 

KR.inV \ V. U.LER. 

•“. Hi -ui o.iir 
I - 1 : *»ir t 


i -jud'in ci:*\ ;t>s I ^ ww""^ i 


•-i..r -*r* f-r .fm P-Tjan-r C6 000.00D BIIB. isaun d*t* 13.1 f. 78. 

Vr.TE -.n- r.rvm, ,(l fcnd- ■" nli^***- *M eU 

!»■> m ih. v ,w. ...j n.... u -jrian, _ .ocilled^ cha.OOO.oeia »ruj there 

umu on tie suruu of u» aud' Potman j ar* a £l<ijQfiElVoM ■ifu'Sib^ruiTn'?. ■ ^ 1 

* ncmoiar 

1 _ C1S00 For 

« L^Ph»Mtnvoire<orX28L00/£iaJXI 

I ^Mfei _ _ . - 

. (BLOCK LtnffiSPt£ASQ 

| - - ■ r' 



1 M; '.Prop... 



i ;j 8Ccpyrte-;:; ; :' _ 

/^^a , ‘h?diiy c ?prb{essiona] w 'renowned 

‘ ' "••■ - AkJ 


,. ang 

; ^capUaL Thus incrw&g'ffi 

-Aid erfictojBj^ of 

modern ^e^tcoUec^oo^ botfrfoiheU'K. and 

. - ^ t T , . : '. . 

’■ ^ TTpteiiiv- professional i-sarvicd > ,jun by 
chB/^ea -^ountarl^ . ® T&dblef ’4 tailor- 
rr^de;fepQerfph p r pgrd r n triesv fprlndiyidvial 
clients. 4s Experienced, fwlly- topi ried r coQec - 

Contact in strictest con fidence,for_ 

Commercial Collection & . 

Business Information ' i ' - 1‘ 

. : A- Bl Badenoch, A.CA- IXW* Clark, A.CA. 

CreditAid limited 

4 N«vu Bridge Street torrfon ECW6AA.T«d: 01-3537722. 


For pri^a^^'cdis&p&^s ^with high _ liquidity “and 
risk of forced distributions at high’ tax rates. Fully 
.approved and totally ' secure method. No risk, 
just write your narhe ; ph'c 6 n 3 pany letterbeacting and 
gpsf to usjoday for details. .The facility is limited. 
(We regret no telephone, enquiries can he accepted-) 
v. Jjtahaggug director.;-' 

AekrilljCarr & Partners limited - 

Trfcanv House; ^fagley Roa(L BiritUngbam BIB 8TP 


9 obtain executive tMrectorship Sn well estlb^sbed ebiqp^ny 
nguged actively in leisure Industry ’ '; . 

ccent ekpahaiori opportudttyt‘eqiiir£s.n&w inyeshnent capital 
£ £200,000. Fylly -secured. Profit $b*tring and emoluments by 
rrangement. Please-writ* wltbV currleuloip. vitae ] a first 
isiance to: ■ • •- •'•' ‘ j. - ' 

. The Se&etary.Bo? QZ&ty ..." . ; ' . 

Financud Tmes, Ifl Gumzo«Sfreei, BC4P 4BY 


FOR CQDNT RY‘ ClUB ihi LANCASH] fcE . •. ' -• . 

a include 6 iquasli [."courts, restaurants. bar* elt. .Situ Wl’ ..3$ 
tres of .prime Green Behysite with planning perij utiionr-Wt 
equjr* a wrtner. with, expert Lse h tbd leisure industry entTWho,^. 

prepared to inv**j between CTW.OpWaSOiKKl VI 

Writr Box 62090, Fihandaf TlhnirtO^apnanilr^ £C4fi itffi ^ 


* . to - - — . •••'. 


ate for OK. & Continental 

. .• furepe • --v 

■ St90 :...i y«r. 

l SI0C 6 months 

\r. .$50 3 month* /' 

iVJible in dollars dr equlvfideht 
In local curreritjr 
Hflhrery by let . Air Freight 
spin New York every tininess 
• . day. . 

Other area rates on request); 
wd order with: payment .to: ‘ 
.International Press Centre : 

76 Shoe Lane “ 

.V- London, BCd. England:. 

~ "Attn.: Hr.-R/ Sftrp ! 

^p avaH^fe qtf huger mw 

inpnds throughout Europe, 

- • ASK -FOR IT 

itu«nc;a .• 

Aft E Y00 IN VOGUE ? 

kWh*" wtifcur-an opere- 
/raiPeyorft- to s worn. imJepcD- 
denw Js. to yosue. 

The-yeicue 1 ‘6nwV »i+ a rMMfnlsrd forc<> ] 
W~.-rte seeped and supply -techniques or ; 
nrodpei murtceOn*. Rrora po|*-mtal marker ! 
IdenriUcaiian 'come#: the ability lo seek i 
out; and 8m) predoer exclusives, rhvsc- 
la -iwq. 'dem^ai} the botW'r.jj oi a pro- i 
fesstouaj and profltaiHe network of Inde- i 
peadam dlawAmilpo- j 

OnTBMly uir brlpmest star ts -wcvriis. ! 
Na. .not eoprractor/lnxtaUfed security but , 
the hueat electronic, teeimolopj channelled | 
iaiij Toir wji. easy to openio detector' ' 
alarm p red pets [or the home and business 
markets. Onr exlstme w»lvnrt fe belrta 
Stretched by ^hwr demand, m need mart 

..Fori the esithUsbad operation there are 
[high margiae. product and Bales cratouu 
pod promotional program raes. 

Write - with -releTanr detail » the 
Uarheung Dinactpr ... 

Vewte Sacurlty Service* Ltd 

Duchy Choartwre-. 

Ctorvnce Street. Manchester MS 4DW. 


v— : , SCOTLAND 
r ‘ojdaWe ';Mp-quajitr Book Deha 
iwioiis- gwupmss. - vyew *«T h*« 
Jtkmt COUyttiofi £40.000 w«ekiy> 
i ' FfineJpoit en/r filew. 

— . . should write to: 



hd Court Houw. OU Court Place 
l .lUeA^tus Lond»W* SPD ' 

Growing chain oT more than 2G 
detail- specialty stores (womens’ 
clothing, etc.) wich annua! sales 
■of SJ5.000.000 Jocaced wlrhin 75 
! mile radius of New York City. 
Highly profitable. Seek inquiries 
from principals only who could 
acquire for cash. 

Write Boa F.1060. Financial T tmej, 

- -JO. dortooit Street, tCFF 4B V 



r> . tuMfteuil 1u<\d% lot 

1 -liquid ating rejtonihly short term 
igirtf .optnciiov. Gresur London 
•lCJ^l»rted .Com »!«"!?»** in eon* 
anae.'SiVih’ ■ •. >. ■»' ■ 

. r iCF^LDNlD&Jtf)- LID. . . 
r -*Oy&oi.-7W. (5w*tid wS >>N r 


‘b-ng -tn taptqre opporcvnititi to 
ifc - with :SbutlWro. JM Central 
1 * tri a dfiied- of .impending, vitit 
■toqn . ID-YOth "Naxaraha' ’ Vt; ,n ; 
■emiant hitiui 4 with 25 vaari' 
TkJjia! and markrang exparienca- ip 
hnquirin to: 

Bor C7V03. rliwnrW.TInm 

Jfl'CflMon Street. K 4 P «r . .. 


First class fully secured liquid 
investment yielding pa. 
for-disposal — 04.000 
VVrite Box CLTTOO . 
fllnene/a/ fimes 
. JO Cannon Street. tC4P 4BY 


wit io uk« cm one oi perhapt i*d 
.<e :B^recuaatopi. . Specialist. jp. #U 
t«l*i. inj«8r». fp.-tdm;. Kco'mting. 
'niutrauoH and - cor pat ate o ganiu* 
Hi work . Egtpenencwl rocovanr 
oUnmne aad rMtnicmr<na- 
• ' APiUr to eonlldenee to 
Jor G287T; Financial r'wai 
•,'fl Conaoa Str»H r EC4P 4»r 


• « Prime and Secondary 
Shop Investments also purchased 
' throughout the UK ? Agents. retained 
a: Settler. FCA 


47 Peter Street- Manchester M2 MU 
Tel: 041- AS* 2510 



i f ‘ READY MADE. £83 ' 


YlltSSlCO. fcEr,«r<i> YION5 LTD- 
-•'- ■30 City Rwd. Ed % 
.fff-428 5«d.‘5. 7 Jfr f . 9934 



FgcLory reconditioned and guarimetd 
. hr. IBM. Buy- save up to 40 per ernt 
Lease 3 years from £3.20 weekly 
Pent from- 1 29 per month 

Phone: 01-641 2365 

ip-r WH9USAU itmu.LRS >;e- 

'4 -a. Sales Aucnt iComnitsuori oni*i 
'3* awahifstiad - cornicanon m, she: 
! w iU?SS. S, MlCr London areas. Wr ie 
t .C2902 Financial Times. IB van- 
i Suaft*..^C4b *btc 

WIEK FOR adores* S' *nqne 
Gomoinv.f utes - 
T 4V f -vfVtfr r Prfsri^c PW 

Ol-Bim TWOS- Fort*. P& 11725 

\J2***. Bl'tineu 0»hrff"a/i<l r^'iKtg 
itoev Dhpie Iraoex TtMinq. 58 
4TK3M..*. fto.— BJ06T3 

MO 1 e 


Up to £1001100 available far 
' . . transaction. 

. . *Na Endowment Assurance 


Commercial Funds also available. 

ivVf 4 e Bo* G2JBZ, 'Ftooiidfli T'tiiei 
10 Connon Street , £C4f 

inrvfSTMSNT OPKlRiUMirv. comwn* ■ 
[ modern Ireebow lactorv to o« 

rrnien at 427-000 oer aonust **'»" SI 
Vmi Winn 1 "*»W Olten tor witoto, 

I Ji shat«...Wi» i 

[ T-me».._ie Cf'W *sr 

j n, •• PENNY 6HXM "-CUt®e— M4"Ttllr 
adrue t>" to- ahere. te »«""« i 

fl-ta.i* A PAEE C 9 »y tfi2-- 

j. nbmeeto Swptt. London EC2M 7AY. 

If you arc a shareholder in ah established and 
growing company and you, or your company, 
require between ^50,000 and ,000,000 for any 
purpose, ring David Wills, Charterhouse Development. 
- Investing in medium size companies as 
rai nority shareholders has been our exclusive 
busi rjess foe over forty years. We are prepared to 
invest in both quoted and unquoted companies 
currently making over £50,000 per annum 
pre tax profits. 


Charterhouse Devdopqient, 1 Paternoster Row, Sl Pauls, 
London EOlM 7DK. Telephone 01-2-IS 3Sb/t. 

Peter Whitfield and Bob Tanner 

have earmarked £2,000,000 for investment in private 
companies which they would expect to float on 
the London Stock Market within the next two years. 
This will be particularly attractive to: 

II) Managing Directors wishing to buy control 
of their companies. 

t2) Private companies which are not large 
enough to float On their own. 

Minimum profits £100,000 pre-tax -and -the 
London area. 

Write Box G.2812. Financial Times; 

10. Cannon Street. EC4P 4BY. 

Do you have a 

Development Land Tax problem? 


Reply in confidence to: . 

Master Investments Limited 
P.O. Box No. 334 

Your French Connection 

Wane to step-up your business in France? 

English busmewnan, French Naranil. 4u«ti<w4 engmetr, -«h mgh»« retorencts 
and wide contrecttoas. 20 - year*' practical n»p-l«*«l mpariaflcc Mlw/nurtn- 
Ing /manage rnctR/idibln, with French Indtrrtrits and-govirnintne, Mambar Bntih 
Chamber o I Commerce in P»ri*. 

Offers hlgWy p«non»l and indi*idu*l i*r*ie« to British firm*. Ind«»*nd*nt. 
unbiased. cbeflOenoal. 

Can obtain informacton. supervise, probtom-solve. ft* eontracn. etc. Art wo 
not words I Further details available upon request. 

Michel Kelton, B. En^. M. Eng- M; Bus. A dm. 

18 Avtnu* des Champs Eiysees, 7SD08 Pap's, Franc* 

’■ . ;. Tdi (010 331) 713 7820 Tele*: U8492F 


' Each, issue q< Ntwiweeft 

“ New Products and Processes " 
Newkietu/ ' . epori* u.i 75 iu i bit Ql 
ON ntbsv; MU.IMI1S »»« prodmu Worn 
tfou nd tor- world: includes complete 
informatom on availability For matiu- 
Fac Curing, edies. licencing. A one-year 
subscription" (. 13 issues plus annuli 
Index /In JliK U^. 5100. And if the 
first , mbe - down' I deliver ehe kind o> 
ideas wWeh.ean mean wbscannal new 
business. APpbrcunttiw For your ecie- 
pony, sin PIT write cancel on year 
bill and keep the issue with our 
corepliapim. To subscribe o r get oiwe 
information; write today to: 

. . NPP. Nevsvuk House 

i MO*-! 

Wei I Hfippo' Street. Slough 5LI UKS 
, - England 



Manufacture!' seeks companies 
or products .for purchase or 
•-J-. •. -M!cance ; 

Will also -tack inventors with 
' .good ideas. 

- Write Box G.29tM, 

■■' -Hnanciat Tines. . 

10. Canrjon Street. EC4P ^B*Y. 




Find out bow 
you can profit 

01-262 4074 


For funner Information contact: 
K. Dean, 

Breeds Place, Hastings, * ' 
E. Sussex. 

Tel: 0424-430824 

limjtEb companies 

Frsm.CSF. FormAtlon U.K. and 

JAdodieg: Hie of Man. Liberia, 

. and An (ii Ilia 

Contact; CCji. Ltd.. 3 Prospect Hill 
Doujlin, lore— Tel: Dougiu lDb2*f 
27731:- TatoXi*6279BD Ba’ion G 


ConsuRanf in mergers, parti- 
cipations* .or assoetatipns 

between French and foreign 

RJEJtt,*.' (jars. SL F. Sahuc) 
3, me Jebbe-Duvai — 

. T50J5 PAWS 
Tel. 2*9.77 J9 



7e tom and-., com pan it* of sound 
h nanci it - standing are limited :o io- m 
a censor sluin' iu produce England s 
first "l^i file F wei'sern". — a som- 
mwclatlv. t proreiw. film supjecr *<th 
uiwverpgl appeal. £15.000 developmens 
finzqce reu nred immedlstr'y. . 

! “ TEL: 01-4Q* 0158 


Old established profitable com- 
pany in East Anglia manufactur- 
ing and selling unique 
products in UK and major over- 
seas markets would like to meet 
with other Herb or Health Fpod 
Trade companies wishing id 
merge or co-pperaie in market*, 

Write Box G2B99, Financial Time* 
fO Cannon Street. EC4P IBT 

SEfcMNG * 


Wt cm acquire, set up, adjust to 
your special requirement!, and ‘keep 
wash over a company of yaur awn. 
Specislites In coni' a I and oberetioq* 


Irseei Managetnant Consultants 
105 Rivarraud Court. SWfi 35 B 
Ot-736 25«5 


Established «»?ort sgtney ypecittising 
in last moving consumer nofi-du'iblcs 
to Nigeria now expanding slang the 
Cos it. v/auid ne Interested to hear 
from UK tnannfae lure's wishing u 
develop their sates to this ires. 

Write f» confidence with tull 
rf-rmfr in 


3«l B-pnore-i ild. loi'd*-. IQY 


This ca&li voucher 

entit ie* your company 
to an immediate 

75% CASH 

— r — — — - S£iwv:oa« ywa; j 

Cash flow problems?Then cash this! 

Nqed Cash Now? You've got it right there on your 
books! Confidential Invoice Discounting Ltd gives you 
75% cash against invoices — pionevyou can put to work 
today. Our invoice discounting system is entirely 
confidently- > our clients remain totally unaware of its 
existence. For the full facts post this voucher now or 
.phone Us direct 


. KIT""? ongra° n Ntoroo. Telex: 87383. 

AlBO f « Card ^ f ' Leeds, London. Manchester. 

A subsidiary of International Factors Limited. 



Over 400 sets -in itbck 
. . . ..IkYA-TOOkVA 

Buy viiefp from the uuuufaetiifere 
. wtUv fitly jftar*sales tttoa 

V .01-986 8231 
. Telex i 897784 

CONtA>*Uff ot German menu 
Ijflure. SO tttiu oanj-ihr Straddle Car- 
rier •‘rCBtoO’leiv ■ • w*ttr uvarauintaii* 
oueriieo. isr> j ti H'ywer, kited witli 
ISQ Locks >o|e to Handle 20 ‘x so it 
Bnd -40. II Tonidineis. Hours noKco :o 
d4to...5.ZBi. .Pr«_ J,l< 0fl0. Liat sij-i 
* uoon rcaoul. Trade and noort enquirias 
«re s 'bO)vd, .PoiivpriM arrenaed rtpna- 
wtoe- i art* reduuion on bulk a art Hairs. 

F n# n 5 #.^''iile*d. girmnisham font' L>n ■ 
. inn* L«.. *•> Hemi Road. 5alt(t» S 
fi.iillrwh4jn._BP *OU; T»r. 0£1-i29. 
5?<4'5 . 7»l« 337832. 




rttnlM. Rubber Tyred. Canvas Shoes. 
Gtavs- Shertlna. Rllbbtr RedManintt 
Caroui Weaviiis. PUdUo Batpinv tuid 
Pnr.unj aiylor any other consuawr 
SfHSJs indttsirifS. Ntw.or rscuwfiuonu!! 
(Obi-hines consnfered. u> . an keen 
Oujrrs. no io an j' diti-inn:. o! anrifttoS 
a 1 uiinututive prict-h- 
D<*:a:i* atodin :u Kr H*rr:»oR. IS 
Pollard Sirp»-;. llaneh.-cer \u .’AE. 
T>1 lkH.2n3K’' 

FOWC urr TRUCKS?- We rtr «i i« 4C i 
S8 . u r r1 md chines .tn entv(4f Irgoi 
. Bt'Eanghim Fore lift Tr.jti. Ltd.. Sin. . 
Ie» U t&u. T-, nJl.ja? 

ssaara. Tele* 35T052. 


Leading constmetion company in North Yemen now 
diversifying into trading activities, would like to 
represent Yemen manufacturers of quality building 
products gnd construction equipment. The company 
Is very well established and has excellent contacts 
with leading consultants and architects. It also has 
offices and facilities in all important cities of north 
Yemen. Interested manufacturing parties are 
requested to send their current catalogues, price list 
and where practical a sample of their product to: — 

S.K.C. LTD. (Trading Division). 

C/o Caspian Shipping Services Lid.. 

2, The Broadway, London W13 0NG. (01-579 5197) 


Central America 

' Main Assets: Political Stability and Economic Growth 

Investment opportunities in Commerce. Industry. Asroinrl-u^lry 
and Steal Estate. Investigate possibilities bi joining first VJP 
trip, departiag London 13 Lb January. 1979. 

For more details contact ; 

Mr. Ekhart Peter. PresidanL TECNO. S.A.. 

European Representauve uffic-e. 18S Brompton Read, 
London SW* l HQ - Tel: 0J-5S4 32«3 . Telex: ^S6S8 


Profitable inanufacturing/retail group T/O Eom ?eeh £300.000 
(secured) to finance Lhe purchase and lease back (with ootioa 
to repprebaae.) of n Head Office warehouse/ Factory in South 
London.- As the property has high potential the borrowers are 
prepared to agree attractive lending terms. 

Interested parties please contact Bor G2S78 
■ Ffuancinl Times. W Co uu on .Street. EC4P 4BY 


Very ununnl trtniaiion. e«*rtaUy for limned tale (Javelopment of Mobile Home 
Part and fiec Vehicle PL- . . . vuiluy and lime mlniinum for immediate income 
and nrofiia. TOR S^I.E prime aireu next to fcnit OImiuv Vwtl '<00 mts 
fruni Huiel entrance and t-boppina Center) on two main arterial wads. Art-ij 
rfjnMiiii- 1 ' uilh DtmCv'x *> BUhtm EPi’.OI program aud ICC • Luinlli Va» Mil- 
U-m H'lluams htqrg pn"Wl ‘5.7 km aunw aUmy iplth ctp utotfih nl aver 4 $f 0 
Priced at « MDlton includnu: lech asslManiv mr wniim and idanmnR permit; 
rtoxKlUle nrrsm wp-nvivun .Couriesj- 10 mrious brov-re. 

Apple (PS Ing Dr Gtotglo VoyatUI*. rla della FARNESINA SOB. ROMA ITALY. 


The Lake Shore Ranch 
take Berry ess* Napa County 

»1.5tn. Term ixaiiaatoT -Traoes eon- 
lidarld. No resirittlona to ’oreian 
■nveatorc 1 mile oi 'aL> iwt i «0o 
ap-es ol qeoiw naliioq terrain. Mlpnl- 
Bcent lake « ley, t. Nieeit treed. Ranch 
hoir-e ranch n»td quarter* barn* 

1 •« tiuure San E -anclKu FeatioiHU 
ttMv tnonk Si 0 m potential orofit H 
Minted into ranch dub operation 
■as 2nd Street. Kacrenrmto 
California 95*14 


(BIB) 442 B8BB. I91« 444 9997 
T*le» 377 33’ 

Conrtei* tr* broker* 



Ex-Cktirnifn and Managing Director 
ol three public campiqlaa ia now 
irailfble co avsit: and adviia as • 
Consulunt or non-EKeCutjva 0>*cttor. 
Strong Packgrpund In' engineering, 
m jrfceting and p-oduet design. Much 
axpanence in valuing, buying and 
ttHing of puaineuet. 

Write 6e« C2366 
Financial T/maa 
fO Cannon Street. EC4P 4fiV 


tn* iaitow.Hk CwuiKamei 

with unusual names: 

'Hr WtonincK lid — ti aoo 

• UP LTD. — £1.000 

BIG uRANGE LTD. — £1.000 
i|S APPLE »LTD. — £1,000 


LTD. — Cl .000 

•IJCRY Wlf'NrR LTQ _ £1.080 
— £5.000 

Please reply co R. D. Hamblin 
IDl Wellingborough Road 
Rinhden. Northants 



If a dynamic and expand »m markei. 
Opponiiniuea are'excillnit and rewards 
aubftanilal. bui toe Inexperienced can 
Rnd succtsa elusive. For speclallti 
adrlcc and assisunce. backed by 
proven Ci'jr expertise combined n-ilb 
an Iniunaie kuowledse of toe Arab 
irarld. consult. 

Canard House 

n Lead eon ail street. B.C.J. 

Tel: Ol-ates 2Bb2 teNte: 


Arab! in Londa.r trawl o* uxi. Run 
1 fall colour ad. to a Wm end cam 
In Arabit (and/o- EngHil|f for LESS 
TH*N 20p per eeek Inc. arework, 
production and raniladon. 

IBS Brompton R«L, London SW3 
Telephone 01-584 1272/3/4 
or 01-584 4552 



preferably agreed 
Pleuc w.'iii m ionfidenke to the 

comptnyt ld*iMri 

Boa CZB10. Fiiofieinl Time* 

10 Cnnnon Street. EC4P dfly 


Since I9TS tp»t quality >utnpa have 
incraaied in value over dOO'i. Mtnr 
at aur dirno hire made 'ariknes. 
ProjpKtive invastOft with over 11,008 
to invert cenucc ut lor brochure. 

5c. Manm-ic-G'ind Securltiet, 

71. Baker Street. London, W.f. 

935 3168- 

£15,000 PER ANNUM 

If you tit present ' y running a sutccas- 
ful buuncis which take) up little of 
your Dine, you may be suitable lor 
this opportunity. Our cllenu are a 
major public company and do not 
require any Investment on your port. 
Picon write Bo* G2909 
Financial rime) 

10 Cannon Strnl, EC4P 4S1 


We forecast the dollar turn, 
around and our readers are 22f"o 
richer. Our other recommenda- 
tions are up 32 %. 

Wfin for Item copy: 

A5C. Froderibibcrggode 5, Bo* I7F, 
1005 Copenhagen K, Dcnnurk. 
Tele*: 15959 


British DUimeiiman resident ban 
Francisco will plan /run your new or 
proposed U.S. operation, fust com- 
pleting three year medical marketing 
ungnment including appointment of 
distributor!, etc. Available New Tear. 
Would consider capital participation. 
Meet U.S. or UK. 

Write Boa G.Zbff. Flnentlel T-tnu, 
10. Connor Street. ECdA <87. 


Continuing Executive Programme 
A Programme for Busy Managers 

The Continuing Executive Programme comprises four full-time 
residential session* totalling six weeks and spread between Febryary 
to December 1979. 

It covers a comprehensive range oi management subjects, arranged 
according to individual needs. The Programme will aJio deal with 
problems brought bjr the 25 participants from their jobs. T*ie 
School's resources are available to participants throughout the year. 
The Programme wil! appeal particularly to the busy manager whose 
job responsibilities make it impossible for him to spare more -han 
a week or so a***y from his company at any one time. Fee. 
including'residencte, 0.300.' 

The London Business School was Founded in 1965 with government 
and business support to provide a "centre of excellence" for 
management studies. The .teaching and research faculty number 90 
and more than 1.200 managers attend programmes each year. 
Brethtire and further detail t arei/sNc from: r __i__ 

Miij Sue Coin. C£F kagt»t;iii9n I LXHTQQn 

London S. hw 1 

S'llitii fiijr# 1 Ffl 

London NW! *5A - **l 9>.242 SAW 



! School 



is seeking patents • and/or • licences bringing 
actual progress in: 

• Peripheral equipment for switching 

• Radiocommunication; 

• Telefacsimile: 

• and. more generally, any promising 
electronic appliance or technology. 

' Please write to: 

Cabinet LAPERROUSAZ. Ingenienr-conseil 
10 , rue du Tr£sor, F 75004 Paris 



Loog-testabllsfaed Spanish company well-known in (he trade 
wishes lo sell al! or major interest in their business 








3 acres Freehold lam}. Efey access by road, railway and Jqeks 
Only Principals nerrt »t>pl> 

Write Bnx G SUM. Financial Times 10. Cannon Si reel. EC4P 4EY. 


Re: Irish Board Mills Limited (in Receivership) 

This long-established plant, manufacturing for domestic and expo rT 
markets, comprises a fully equipped hardboard mill, warehousing 
and office accommodation situated on a sire of about 25 acres. 

A highly skilled and experienced workforce of 180 persons is 

The Receiver and Manager is offering For sale the assets of the 
company including stocks of raw materials, parts, and finished goods 
if required. 

For brochure apply lo. 

W. M. McCann, F.CA„ Craig Gardner & Co., Chartered Accountants 
Gardner House. Ballsbridge. Dublin 4. Ireland 
Tel. (01) 684411. Telex 4349. 


for sale as a going concern. 

Skilled work force. 

Good plant and room for 

Profitable — Well-established 
Principals only please write 
Box G.2897. Financial Times. 
10. Cannon Street. EC4P 4BY. 



Scots-owned private company 
for sale as going concern 
Merchant Converters 1936 

Write Bo* G290A, Financial runes 
10. Cannon Street, ECaP-VBr 

Swiss Comp. (AG) 

mublishcd in liitt. iiok nan-4-:n> ?. 
for sale md. paid-up capital and *■. r. 

Presen! owner of fearer shares Duien. 
Enquiries smelly confidential under 
Box G 2S97. Financial Times l» 
Cannon Sirpei F.C4P «RY 




Excellent Repair Facilities. 
SmaUJsh fleet, good poienUaL 
Principals only write 
B«s tv.3fcw. Financin Tunes, 

IS. Cannon Street. EC4P SBY. 

Auction of 


45 Christchurch Road 
Ease Cliff, Bournemouth 

Thu iinauuiiiu lAUChtd _ii*racotr 
property, fully modermied and Uite- 
•ullj. detigned -v>ch Fire Certificate in 
this prime mam read pot, non. Uxury 
owners t f: 2 fed fin. ntreuive gvtit 
iccommodrtton and public room). 
co:Fiaii e>r with 'tfiiuran- end rui. 
dentist licence 21 bsd-oomi. ample 
bash & «a. tome en mice. M-gt car 
pare and gardens ■bout j acre. 77 
-ea.- >ne Auction dace: 

TUESD-V ^ih DclEMBF.R 197# 
fiT nijBFi-s no-si 

Hotel Deportment 
Borough Chamfers, Rr Vale Rood, 
Bournemouth. 0202 13491 

BOURN?" i'T r AT J FM 


Private Investors Have 
£100,000 to £300.000 
Available for the Purchase of a 
Manufacturing Company 

Anything considered but a Midlands based opera- 
tion producing • volume items in nietaJ for the 
Motor Industry would be particularly interesting. 

Write, giving brief details of the company, its products 
am} recent performance to- 

Box G2SJO, Financial Timav. 10 Cannon Street. EC-fP 4 BY 


Substantial Group of Private Companies wishes 
to acquire profitable businesses operating in 
Services and Manufacturing Industries 

All replies will be treated in the strictest of 
confidence and should be marked for the personal 
attention of the Chairman. Bo.n G.2887, Financial 
Times. 10, Cannon Street, EC4P 4BY. 


W( Wl»h M Mi f for ounctvei or our shunts. ■ wid» ring* of Compmiel. 
If you own i profits bit butlmu eirning £50.000 nee p.a.. conuet us 
lmiri«4ittei)r. Spccii raquircmcnu: M*«ul«turers, Importers, Fictwi, Whoie- 
siitrs of ElKirooics; BikcticjI or Fsic* Goods: Cwnjeittd Board or Ba*ss: 
Food: Clf Acctssorlct: D l.T.j Aitshto $ Blthreom Furn-tgre — Builders 
Hrrehsnts. F*ctors £ WhaifUlan oi nMt preducti — 5«rvn;t InduiWirt. 

7T Baker Street, London W1 01-935 3168 


( 1 ) Controlling interest or out- 
right purchase of small/medium 
financial and commercial ser- 
vices company. Management 
able to continue if required. 
(2i Interest in portfolio manage- 
ment company. 

D«ta>fi m confldcnee toi 
f** C290J Financial Times 
10 Connor. 5lr*?t. £C<P if.r 


We are seeking to acquire a 
business in the above field to 
merge with our own lon£- 
estabiished company. Please 
apply Managing Director: 

P- J. & j. R. SMITH LTD. 
415, Kirkstall Road 
Leeds LS4 2QD 
Telephone 0S32 631541 



require si ji a I li 4h public r r np- 
erii company for “lin.-m 
inirod notion « reciprocated i r 
strict confidence UVfic: 

Bor. (i?fap. Financial ’ time < 
10 Cannon SircM. IM-IP 4tt\ 


■:lose cowAnr with 
Wf'tr Bbv G? 371. fiwumiaf 
tO Ccnr.jn Stmt. £C*r r 




Dow falls 15 on inflation worries 


lv, ~ TTI 

INVESTMENT DOLLAR A Budget Bureau official said Phillips Petroleum's 4S per cent 

PREMIUM ihe Administration now fears that stake in Pacific for $573m. Medusa 

S2J8I) (q £1— 821% tWi%) nil prices may rise 10 per cent rose 51 to Crane, has agreed 
Effective S 1.9670 38% (58;%) l»l e1 ' this year. Previously, to pay '$50 in cash and'debentureg 
THE FACE of further douress- -Administration officials had looked instead* of -just' debentures for 
^ inflation news" inSSSn- Fo . r 3 boosl somewhere -m the o lo each Medusa- -shorre. " 

?iTm"h, PrS Rale". 10 Mr Cenl ranM ' THE .«IERIC.W SEMarkel Value 

attempt of the past few sessions. Tnppms off the day's depres-jing Index weakened 2.16 to 14L23 on 
suffered its hiieesi setback for ni'ws bitckcround, the U.S. Com- increased volume of 3Jiin shares 
nearly two weeks yesterday in mcrcc Department reported late (2.25m V 
moderate activity " in the session that retail sales fell Volume leader Resurb" Intcr- 

The Dow Jones Industrial <>-' 0 r cent in October, following u national "A" receded 7? to 327; 
Average fell 13.(18 to 792.01 and rise of O.H per cent in .September, and Golden Nugget S2 to 3141. 
the NYSE AH Common Index re- General Motors receded 2? to r , 
treated 89 cents to Sol. $3. while s.141 ill active trading despite a Lanada 
declines predominated over gains f r , recast of record 1978 protits. .. , . . , • , c . 

by 1.2911 to 275. Turnover picked i. ; ,. sS week, the company cut its „ Markets retained a firming ten- 

... .in ni<_ r I.... 1 . ’ *. . * ... ridnw luetorrfnr in falrlv Brtiv# 

Blue Chips were particularly 

Mima 8B/.6ii8»i?. 

i : 7wB7 * ft ts r.n wSt 

its liiceest setback for ni-v.s background, the li.S. Cora- increased volume of 3.27m shares J'j 1 *® JJJj* « nd H ,SJ}itu»ian3 , - Pr0peru ®t u S0 p S? ted ? te S 
to weeks yesterday in mcrcc Department reported late 1233ml. hardened on moUtutionaJ osses. with Hong Kong Land 

activity. in the session that retail sales fell Volume leader Resurb Inter- bu .E°°- . reoortin* ™ sing £°. ^L nis “} HJO&SO, Sun 

w* .trtn«< indiioi-iai ii..i nr cent in October, following :i national “A" receded 7A to 327; Nippon Steel, after r P •» Hung Kai Properties So cents to 



up to 2f).96m shares from Jast year-end dividend, whidi some r®i^»r»a Cl hv Estate featured with a nse of 

,d Golden Nugget S2 A 9141. * SR gW 

Canada. yiKS mSLi P v^ to V237. 10 Hon |i c J| f ns ni f- k ^ " T^‘ 

Active fiinnni'i >,.< jppn for ciowtl HKS3 to HKS30. China Light 

Markets retained a firmins ten- Real EsfcS where Hciwa Real HK?L50 to HK$2o and Hong Kong Generate de Fobderfc. Arjonari. 

mw i-ectoprfar in falrlv jietive _ . wntry. _ .. . « : 

♦ uayv alga 

Mat™. EJf-AqnUaine, Generate des 
Eaus and Penanmya.'-.. 
Declining issues Included 

L° higher. 

Printings and downward course yesterday on Marseille, CEM, OreosoULoire and 
were generally lack of fresh buying interest, with Belton, 
export-orientated the Commerzbank index, after last ' 

ckeil support and Friday's 10.6 advance, coming ... ' 

nniunicatimi re- back 6.3 to 821.3. AllStraUa - • 

atsrahita Fi»~tw vs « V7RS Chemicals lost up to DM6, ted Markets were easier-inclined in 
n5™riSLj5! « c «S by Schering. while Engineerings generally slow trading. 1 ■ 

had Babcock and Linde, each ° However, selected* Resources 


1 l j t . 4 

l Vj_n 1 \'nP : Kov.' l-JCOVL 1 




i B pf^I '■ - —1 ‘.‘'-i.i 

!' 13 [ io-} s { a | 

,* T.-.l 

[ « .] Utb. to. 

;lndi«Lri»l«| 105.«j lO&JCEj 1MJB[ 105 AS 

) - 85.13} M JT } 5M2( ««■] 
(Ccmpooue | ; * . ' 



70&811 IWJt sue 
.tia/flk <6,*5} 

> 86.18 lOS^H 86.80 

• S OW) .i60) ; 

Boworth stated that the U.S. basic t'i.ijbny tost to Sit;. It has gained 2J to C$37. Total reported Machinery Manufacturers mostly 5 0C * ea «ll However, selected .'Rossi 

inflation rate has ncceleraied sub- , gained extension of ah .Atlantic oil finds from three, wells in the i osl sr0 und. do '*' n nr^o ® 1 ° c kh t n # b - 

stantialiy frani the 6 per cent city deadline to arrange financing gmorth area of A'herta. where .IESh-? 1 w.' 

Hp'umt'd previously, and that the a hotel/ casino there. Ram ad a the two are involved In joint drill- 
Administrat ion's anti-inflaGon pro- lrms s hed SI to SflJ and Bally ing ventures, 
gramme win produce “a pause in .tiannfacLurlng 4i to 3341. both in T 

active tradiny. AOKyO 

Krankiin Mint receded 81 to S5J. share ori 

our economic expansion. " He Mrtiw'iradVnu TokvO Last Friday's rally proved short- stake in NLxdort comparer, wenr nas oiscovered nyoraarpons. in 

added that unless inflation is ‘ ■' . . . e _, * lived, stocks resuming their sharp a modest DM 1 easier. Die Fortescue No. 2 w ^L ln the 

checked, monetary policy will I-rankitn Mini receded SI to so,. Share prices finished on ? slide across the board on heavy The Domestic Bond market was StraiL Beach Peteetom. 

continue to be tightened. Board lias disputed critical mixed note yesterday with rises selling and taking the Hang Seng mixed, registering gains of up to leases adjacent to jiie BHP 

The anti-inflalion programme reft'rences_ to Franklin in a tele- and falls evenly matched. Index down 3753 lo 537.16. 46 pfennigs and losses extending field, put on 4 cents to 58. cents, 

hit a <nag w hen the international vision programme on collecting. although the Nikkei-Dow Jones The fresh setback was largely jo 20 pfennigs. The Regulating Among Coal and-. Uranium 

Longshoremen’s Unin said Hint it Among the few bright spots. Average was 1054 higher at a self-fuelled, but with sentiment Authorities sold paper worth a issues. Coal and Allied -hardened 
does not intend U> comply with Perlite Petroleums jumped 85 t« new record closing peak of depressed by fears of another rise nominal DM24 2m, after DM 1 1.5n» -4 cents to AS4i70. Utah 5 cents -lo 

the wage price guideline*. *471. Pelrn-Canada has purchased 3.973.37. Trading was fairly in Interest rates and also bv the sales last Friday. Mark Foreign AS3.83. Pan continental 30 ’cants 

Hong Kong 

down DM4. Electricals and stocks gamed groan d. with BHP 
Motors recorded declines ranging providing, the main -- feature. } • 
to about DM2, as in Daimler and advancing another 10 cents to! 

Siemens. Volkswagen, after news ASSJ20 in response , to " tbe| ^ S 
that U would probably take a company's announcement, that- it 
stake in NLxdorf Computer, were has discovered hydrocarbons in 
a modest DM l easier. the Fortescue No, 2 well., In the 

The Domestic Bond market was StraiL Beach Petritam, 

t .f 

' S.13 ; SAW ■_ 

| ! ■ p L ■ t Bgff 

Loans were steady. to AS! 1.10 and Queensland -ftBaes 

5 cents to AS3-20- The Ranger 
!>__• uranium prospect partners; 

Jr aria however, finished weaker, . with 

Prices on the Paris Stock * * JULSF* JP- 

Exchange moved irregularly in a i^ 0 ^ r d ^ 

quiet session in the absence of larly 10l ' er al asam 

mw YORK 

V-.-il Lai. al 

A- 1 kO 

Acrnt Uie * Ci £6 

\lf I.MlK-l . . .. 2s 

.WJinA'iiiiiin.iini 32 

tl«iH 44 

Anrt, i.n Hum... lb 
\ii«ebeuv h.i>« 16 

Ai!te< l.'l|*TTIUH . 31 
Allied St™*..... 'tb 

A Ni- ». h«lu,fr . Z9 

OHX 43 

Imiitiii Ur,j.. . 26 

Antfr. Alrilnr .. ! i2 
»m«r. Binnii*. . • 4 1 
Inter. Wrr«i'1.Ti>l. J ?5 

Amw. '. - »n i6 

Anier. L raiumi- . £4 

A mer. Ili <t . 1 •*. . | 
AmifP. KKI.IVmi 21 
A raw. Kv|.r«-.» . ] 41 

Arrwr. j 

A liter. Mnrr ... 
Ante*. Nnv. tim. 
Aoi^r. .*|<|i‘t>M 
A-iitr.». . . 
Au.-r.rel. A l u 


AUF ! 

AMP ] 

Amptv . 

Aalipu^er H 1 1 v'n . j 


A.S.A ; 


A«um . .. 
A*btnnd». ... 
AH. Kciiiteirt.... 
Auto I«te l’if. . 



A‘..u Hp.h»iil- 1 *.. 
«iii. i..«i Km*r.. 
y«nc*?r Pimm .. . 
liHflk A Irene*. ■ 
Runlicr* Ir. 1.1, 


Raster 'lrnTcaul. 


ttell A Rowell.... 


Itent;i»e Con& - B' 
Jtetliiebem Steel, 
flluctt & Decker.. 

Uoiw? Cascade.... 


Born Warner.. .. 
TJuniil lot. ... 

Hms-jin 'A' ... . • 

Brut' *1 Mw« . .. 

B Pfi- A Onr K. . 17- i 

Bpx-k-'avtrliu-.. 28' i 

]lrun**n.'k IS l.i 

Bn.*yn» line... . lbi-j 

B j..'.mWajcli M . 6 'h 

Jjii'linsUou Mhn. 38 1 r 

BurriiKb 71 1„ 

Lantr^K'lltMUiL...' 33 
I'vnflini] Pcl-iIIi--. lyij 
i. aual Caadolph.,' 93i 

Carnation ' 287a 

turner ADeneni ll%a 
tirti-rUinim,.. 1 16 It 
tBterpillarTr«L-Li' 55r> 

Lite-...- 62>v 

tinUHsei'iwif. ' 41 ia 
IVnttal A ».W... : 141,- 

Ut-itunlml 171i 

Le^ns Air-mil.. 3812 
f 1 m i upion Inter.. 19 
Mwulmilvii 29' i 
LllUDMi Bt.NV 47te 
t hi.ve6n*li z2 

0>ea»>v Sv-i ^1 ,.. . 26 i H 

LUiKlrtBriils'... 04 

tin t 'lei. . 10 


I. il l>. . . . *4‘. 

( liter -■■MU I.. Oi' 
IMi lll'eM.litt.. l4S 
l'.(W«IHl I. till . >61; 

t rj' MIM . . . MO>i 

I, "file fiiln 171’ 
l-.lii'i* A.Liimii. U'i 
i <411<I1I<M tin-.. . 15'; 

t>.inml.i>i Bi.:i. 157; 
t .’’t .■.•■I \ii. lb'., 

l./iiibuMi.'n him r 5 

t . hi it ii-ii. -ii Ivi 9: s 

l.'lil'rill Mini. Lain 

'Hirilik. :Biv 

1 ./milter S'.'iviii-. 9'.’ 

• .■■ni I. i:c In/. .. j5u 

liiiiiw. . 

t...|i fuli-<.u V I .. 22', 

1.. -U II. . .. 22 '.;, 

i 'iK.i- j4 .a 

t ni-um-:* V>2'i 

t-.iii>He<imi *.117 . 28 V 

t.'II’llielllHi Hi.. fc7>, 

1.. ,ni":eiiii: le. J4’i 

U-iin-l I ImI a. . 29 

loin- . 4I>; 





' b.'R 


2b : i 

32 it 



45 ia 


15 1; 


16 j, 


31 is 


23 tj 





26 h 


j 2 »i 


47 b j 






e . 4 




21 Jr 





27 ij 




33 1; 




3 1 ■« 






16 1 . J 




I2 >a 


26 'h 


23 ii 


19v i 




12 1 



13. » 








4Vt . 

32 te 




34 v 



231a • 


33 'i 

34. a 

21i, . 


39 u 


43 SB 







35 .'i, 


51 m 



16 te 




241 ? ; 




291 -• • 






3 Mi 



17. i 





lb»-: : 


L-iriilHL' 1 
V l*i." I •ii'rn'i !• ■ 

I'-n-kei' Nstl 1 

■ r. u 11 -lei lei* 
Lullin’ m- kniun , 
l uiiiri W n;hi.. , 


L'111 Imlii-In*' 


IHfl M-aill 


Il*iit'|»\ Intel 
IMiml hilif’ii... 
Uiam.-.nil lumi’L 

IMiph-iie I 


I II Jill". 1 W-.!| .. . 
U. u r: I.-T|.n .. 

fl'r.” I. hi-iiii .jii. 


L'ree . . 
uiir- i*'.. . . 

Katie I’uvU- i.. 
Ta*-l Ah line- . . 

-I.’iin-. Iteutii-r.. 25>4 
■li.linton .l.’iinx'ii 73 
l.'lilh-n Li’llln.i . >3 

Mauulwelui 28 
K. Mai l i.n... ... 23 jf 

Ivaljer Vniilllil'iii 33 
kilsrr liii'HMtin <* 

Kauei Mwi • 80^1 

Kay 11>]! i3-'i 

Kt-n 43 Ui 

Ki-i. I,* Waller 29 U 

Kiuil^-r.y Oart.. 43 j, 

K.^.)tera Zu>i 

Knilt 44 1, 

KincCi tv Si >3 

Ijwbbmi I nuir.. all; 

U.i'iivui s3 

Lifttiv On. tom.. Sr5's 

liL-il’-n ; 49;* 

llcv nr.iiia Metal,. 29'. 4 
KetnuMc It. J....! 56U 
liien‘*..ii Menv | a2 
K'vknell later... -*3 
tlotun A Hau , 32V; 

i.'o.ul L'.iivb : &0i. 

KTK 1 

llini loya ' 

| llV’ier svtltm....i 
I catena 1 rime:.. 
St. 4i< Mlueiai,. 

I Si. Ktui- Hbt*r...! 

W,.Mnofxji JS'a 

W'YIV 3-1 

Xen*\_ 521'; 

^IllUl.... •. l'i 

Zenith Uali.i lain 


L S I .79 j S 

t,.>. Wldav hills., 6.04 .. 

_ ,J . Paris 

IS'a 18Js 

3te . 4 

521" . S3 js 
• lU 1 lBSji 
li-So . 14 

;93-. i93,. ; 





r«nwa 'issdeiLwit 1^86 

quiet session in tne absi 
any market-affecting news. 

Ashton Mining rallied- 2 cents ! T0R0JTT0 Ccropiwite 

d 10 S 4 cents, but its senior partner 

Banks. Chemicals. Metals and .u n Achmn riigmnnrf 


eanss. teLiemicais. iHBia., a..u ^ , he diamond Mature, 

Mores mo\ed\w\ er. as did Food^. CRA _ eased 3 cents to-AOXL^.. 

frrtTTc TJT 


although Cereals were unchanged 8a ' nk of N5W mse cents' lo 
after announcing increased sales AS6 . S0i b ut other Banks drifted 
for the first nine months of the i ower . • . 

I 6aoto Fe lints i 30-, 

b. Li. J. ■>., 

bi Pa», 'm. In- 

Lmei '.•iiKIfir.. 



lllUe.IlNIll. . .. 



Knv-n. . . . 

taiii.-hii.t i.imeii 
Lhfl l. Tl. 

, rtresl-'Iie Tin . 
f »l. Aal. L'.nloii, 
rLex! i h ii 

; I'.illCkuU' 

riorl.m f%.« ifi... 


Llp^ei t Lifteip. . 


Liil>>n Iii.Ihm.. .. 
Drhliwl Arrcr'u 
1/ 'Cellar luilil'l. 

I, *na Iiihd'I Liu ! 

L. ii n- was Lnii-i .. 


Lucky >i.ii .. 

L k>;Y‘iiii^l mu . 

Mm: 11 man 

Mhl-V If. H 

Mils. Hiinu'cr .. 



, Marine Uulirn.l 

> Mai^bali H«iH . 

I Mm lui'f.i ! 

CM Sun JiMlr 1 

| -vlilil. Bre'lii!i.: 
■Schiuuil«*n:tr ... 1 


oooil Hiiuei 

■>u>i n 11 1 a 

ri.-ij-iiler Liuu.lai : 

20 J« i SO.'s 


root 11. 

Koramoai Men... 


rmikilD M.n>i . 

rre*:CH,t M'.nrn 
Bnirhrul ....^ 
luyiA I nils 

llat Dep«.^I* ,r »-' 

IK' A 


MuLh imie'i IXiu 
AliKjrai' Ulli 



Uhitjii LiiuHj... 
'Iwj* Pttn.iiduni 

M*.i 11 

Mtua MiuicA.Mn 

Momi Carp 


Mui^an 4. F. 


Murpbt Uil 

> lOltcv ; 


Suiiotitt Van... 

yvr. '>nu;[iw. ' 17'. j 

reauram zs'i 

1 1 1*: 

lIvS'M... >Olj 

bKIM'y 35 

Shell (.Hi i 2 1 , 

Shell Inw^purt.. 45 

>umal 42 

D|[iii>'«i(iil 32 

simplicity Kit . J 8-» 

J^njtLT l4ll 

smith I liter...... .i 42', 

-imlb K line t4i 4 

Wiimi .3 

J’.’lll Inln-.i u 30 ' l 

*Suuih«m (.ni. Ii’' «i4 1 j 
■>niriie»w 1 1>... .. ; 14 
ItliD. >*t. her. ; allj 
■>uitheiu Pwilfi 1:712 
3oullien>K«Li<wii 45U 

1 nil IN I 'a pei 

Vsnn_-n Imc# . . 
\iKl<nny site ... 


BiinVnr Modlrxjy 
Uaab .Vivi!oii» 
daw Ke-ourcin.. 
Bell leieiilmne. 

tflJK Vdlley Id- 1. 


Engineerings and Electricals 
were mixed, with Thomson-Brandt 
3.0 lower at FFr 245it despite 
hteher first nine-months sales. 


dP. C4ru>ta.. .. 


driiwi.. .i 

.-anilten Uiri<> . 
-4iw.1n ttemeni. 
.•mill N W Lrni 
.an.liupUk C.iui 
Jnrmriiy IiiHu-I.. 
Lnn. hn-ilte.... 
j«L Hpu;iltt: Ini. 

I Jan. Super U l .. 
.dninii O' Keel r 
•**lar Aiberto* 

hleher first nine-months sales. Market recorded narrow mixed M . J *5^ 
Motors. Constructions. Rubbers movements. . Denmark r j c®- 1 - 

and Oils were on the whole x n Dutch Internal ionais, tin!- France mi 78.6 

maratnalfy higher at the close. lever, after rising Ell to FU19 v 

Among stocks gamine ground in Bourse hours, were quoted up e * rmB7lT1 i u 

were Bail Equipment, Chargeurs to FI120.50 afterwards on dew's of g»ite w a a* 

Reunis. Sanpiquef, Peugeot- higher third-quarter results. 

AostraJlaiV 62B.2S 4BJ3 ‘ f’ 

Belgium t?v 9132 98J6 1 10U6 -gl.« Sweden ' «!3SLSl^ 

Beteimn (•' 33-si: 98-56 < IQUS w-w Sweden ts 

I i pJ/q : QlOrb) 

Denmark <“i £3.72 OM UJb.OM^ SwitierliW 

ft^ce mi: ^ ~ 

Germanymi 82 L50 ■ 827.60 j VAX 709 A 1970. M ttenj 
1 ■ j . itiy.ipj ' <17,6) Uoramerciaii 


1 mtU' 

bMaK Dee. laas. 99 Antscotiim . 
19m. « ffcnm Seret. Sirttai/7^ 
UHimieraftle (uimuu-.itQ; 

atroen, Weber, Talcs dc Luzenac, State Loans were little chanadd Ro ug Kong ! b 57 .is ■ & 75 a»}to 7.76] hoa 

-. .... ” •. • rt*V 1' <4/B» (Bin 

: IlrIt i'm 70^0 7ajB3rBLia>.l 00.46- 

CT nllanA ()$): £34j &3<S I flit 76.0' JleW SE Vim, 

! <11*174,41 WC8M.' rfMaofM'WaBfa 

Roag Kong D57.16 -67&A39 1707.75 3®KA helm toflosmsi tnri &, r » 
^ I !■ .#**. i ftJMti Conwranoo.- tt O na v a iii< lile. 

Laly i'.f» 70^0 j 7QJ95 f tfi24a>. 00.46- .. „„ 

ipan u.. uLM j.MUs'^ lS& " 

Meludf ? premium. Belplaa diridcDds BGron^dl? “??*>?' 4fWfrnli|Ml^fl|'5'| 

are after withholding ms. scrip and'er rights Issue - A Wter toS — = — — BojUen 

♦ DM j0 denom. unless oihervrlsc sLalod. iaso&. th : , ux rreel h FYancS ■ Indndlna Indices uui Ductules (*U »a*c ealues'Kfflnaila-. Inns; aifla» 

yields based on n-:( dividends plus tax. Vnllac di*. p Noe. o Shore split. «D<v 10,1 exccpi NYSE AH Gammon —ad Genenl Motors SB.70B .- -8*.'.^/" 

• Pu 300 denoni. unless cnhemise siatsd. and yield exclude medal ranoem.' t IndW Sishdarda and Poors— 19 and ■■ lerwte Colgate. . Pabmflive^ ; i^-.^£ 

4b DKr 1D0 den am. unless otherwise staled, cared *uv. u Unofficial tradings v Mlnorirr 3m— l.oov. the last turned based no Central * S- West- 327 J»'- -jq- 

■0 SirFr aOJ denom. and Bearer shares holders only, o Merger petxlins. * AnJ-od- ( Kadurttnc Bonds. X«w fiWafftuls. Boeing , .w;Ma - & ^ 

unless ulhenriMi; stared. r YM denom. * Bid. 5 Traded. X Seller. . ’ Assumed. 940B industrials- 40 Uttttues. 49 KUtsndr -UAL ZOlnOQ ~ 29f\ ni. 

unless otherwise wait'd- tf Price at nme rrEx nshu. xd Ex divtdend: «Ex and 20 'hamport. ' V Ssnme? AU Oromarv. Sears Jloelmqk . 1*8^D0..'. : is* ' 

or suspension, a Florins. 0 SchUUnns. scrip issue, xa Ex afl. . a Interim since li Hehuao SB 31/12MS. “ Ooenlusoo SS Esiiy Mfc. S^ T8XSa} - '~Ml 

c Cents, d Dividend aber pending nshis increased. --L’ . .i/i/B *+ Pamn Kw»» 19a. bCn m «oyc a . Ford Motor — a a iy-'f .o> 

xsitbmiHi • tBi* 

38<a I 4VJ'j/ 

i'u'l UaotUue «4 
Ipein HilUAi — . 15'. b 

■aperrv Ifuui 4 ] 

a-iullA ! St7la 

^ Hmifl ! So U 

abLUnLaniiimlii 1 44 Ji 
S in. Ull Inauuia 1 49 
ai»i. th» Onio. 36 

27 la i 2s 

ttnU 45U 

■>Wuft L'beml »l_: HU 

».A.r it , 

'iiinneti 43 

Ovn.Aintfr.l o v. . V ■ • 

Lr.A.l.X i S.i 

i ten. •. elite 14 It 

Lien. L'vnainK-... 68 1. 
ten. Kiwi mu- *t6.j 

ijen. a l 

ijeintfai Mill*. . 29 

■ieiieml 41’HOre.. 54 ' i 

Lien. Pul-. UtK- lilt 

ben. signal 26o 

ben. lel.Etert... 26iy 
ben. Tire. . ... zb '« 

bcllfc*>. 4aa 

lif.-rsa PnciiW... 25 

bn^uurve 23-ii 

Getty Oil 37 1 .. 

>m. Dwiliere.'.. 

>«. SeiiK-te |n*l.* 
Amsimiuii M* 5e>... 


>eiiiinc l mu... 
.V«< fc-m-litnil K. 
>« i tn-tmnn le 
Ma^xia Moiiatvk 
Vuu-ara DUrfie..,. 
v. U In-Juiinee.. 

It3ii i Suwims Uruie. . 

i7l, Sludttekei 

14 ij SuOCit. 


19t j 

14 1 ■ i^'hmonioi 

29,-. leHionte.. .. 
4 ^ji, leiamie .. 

DB>4 ***'■- 


. hi«uiin..._ 24^1 

j>-imnoj... • i3 


-Duiumer Cuts....' lb 'a 
.Vwefctt UeaK.yin.-e? :.Uu 

-i stain 10 

cte«i UewH ' VI 

LteniM.’u Mnirt.. 80. "i 

UomeMiues c5 

L«i«ne lieinxetin 75'.; 
lAuniniou brt.'iut t. 7I* 

Jumiw..™ .-Ii® 

Juponl.._..._ In 

I'a-wnVe.Nwk*- 42 
Amt Motor Lan. 75 

. 1 nm •* Panic Rmra* ion . b I Wi wiyn i Ford ■‘Motor — : ;- r t 74 ,«uy.y 


\-llanre ' crsich 

ien«rar.. — - 

42oa ' 45 
dll* 52S* 

< isnL V el' a an tie^- v l 12 1 

NuiiolkiW eiiern 2,2i| 

'ortb .Nat.Uar. . 
.Nihil. DUUte Pwi 
niiMmt Ainiue- 
.'•111 nett Han.uri 
•N’.lluO Mm* jo,...! 
".uirtvtiliii Pevn.i 
t.'sliii .Mather... 

Cnilette t5 

Li.»li ich H. 1 .... i8 

i.ioud.vetir lire-..- 15 -i 

UouW. 26 >i 

VlnicO 1V.ll.> • 29»i 

lirt-Abantta-lei 1 6 
brt. Aortb lrr-n. S3 

brevLMUll.l ; 1 1 if, 

bun x W e-iet n.. 12 

bun A»ii 242a 

tLaliburtvn 611, 

da Qua Mining.. 31 
■iHitiiadilcaer... 14 L; 
tiairl- l.ornn .... - 29-’i 

rieni/H..f oob 

dyulwui 27 

Ulito MJsOU lB2a 

15^ i 16 
26U 1 262j 

| 161a S17 -'b 

j leniK’Pelrrneinr. 

[ lexn.v 

I lexA-iiiul 

I le.Mr Kitetem.... 

j Lkuj lliel'in 

I i?i*.- U ij A Otr.. 
lexar UltitdCb... ' 

luitej ln« 

Iinieit Mirrtjt. . . 

L'linkea ' 

liaue ' 

1 lancniencx . 


lmnl nluuJ _ 

intu-nai InLni...' 

■ it'eneos Sbipp.. 214 
UueusUouiuig... 27 5g 

l inn W. irhi A It. ... 1 65a 


•2is.-a !iS\ t 
19 ig Jsuik 
••4 54 

775,1 7olg 
26<a 4b 

■ 6i; : 19<4 
39 1 397j 

2Ste l mjii 
**6J» Hi 

36'<a ! Sb2, 

lol-j , lDte 

18L| . IBIj 
31<4 l »Hi 
215s - 31^4 

iuil Um (Jaunda..: £2 
daw'kevSi'l.Uui. 73* 
doi linger .. — 411# 

Homrf'u "A" 1 **lni 

Hu-l-?ri Bsv Mn«; SOU 

dutr-.'ii bat. ailsa 

di>iN.n '.ill 4 bite 43^1 

I.A.I lcJs 

l 351) 

initeM*' rBis 

I Uoj M I 18 

HASP. • 

Haver : 

doyer-Hviw. ; . _ 

Sayer-lerenu-ht ., 3ai4 — 3. 

Ui'*ilfu.NV'.-»TiK lab '. 

>JommcrzBan u„. .. 227.9 — U 

L'-ontiUummi ! 69 ,-0, 

Uaimier-Befu j 336.5 —3 

UeuufMB 253.5—3 

uemiin..- : 173 —3. 

Lteiil-.-oeSHnh.... 5U8.S— 1 

;ia.7fci 7.0 1 Ubinna : 

— a6 JUs-T*-' 0.7 j Uui Aipv«M Pnni! 

S - 1 w hiowl 4 • 

.-2 28.12 4.6 Knji Photo. J . 

4^4 ;-3.s as. i9 4.3 au*«buz;r“;;:j 

13B - — I — Houria Motor*. I 478 <— 1 f 18 

327.9 -U.4 '36^6. 6.8 Uou* pT^ljl.lSO ' 36 

69 ,-0.i: — , - t.itoh...; i 239 jv. i 12 

336.5 —3 128.121 4.2 Ito-Yokado,.... ! 1,770 rfl-io I 30 

I no • . ! ax 




3'tiCr*/ 1 .. _ 

ArAt. FouadatJod Invoat-J ' |L03 

A-V-L. \ >tL63 

Aurtltfco^..;.: • +a6« 

W »■$ *«:- ! i i AiLWaEl”!!! 

x. 7 .n«v - f' 6 : 3 i l tn 5 ?!l- A * U 'V.- ■•■■■■'2.890 - Barnb-ioCreakGoM 1 

kredttl*«n 1*4... *1: 

«0n0c BVxbo>KA --188 ' -OJS 
•tL73 .5 Storebtrad . aaj} { 

4tel iailWXIL 



5^?- s k “'S i KJn, * , uao !-io i 10 i 0.4 Bh» Mi 

£8 .'HfJ I 

fL43 MUDl *paxlt6BoLaul_^ UB4 -0 

} y-l'SM* fiw* «LJ544«0 .i A 
- a ^ Mte0pl ’ -1436- — O 
tl-Sa Mire . X^w^vmec. OJ» . 3.11. —O 
■ J.iis Ptodbto PEc_; 3.16 iJQ, 

Inda I2l; 

I ilia U.I ,\hI, l.r«r. Il 
lin'l'.i Hite- Lin*. 165^ 
Kmvn lte».* !&■« 
tetiiri Fin. •.'•irp.J 75, 

Uh.imw 'B ! 4.15 
JilenM'D Hieiai afcis 

Feruufoii- iota 

?lclnli:e. ^ <3ia 

Mt^re (.'urpii.... J 5 37g 

Drewinyr Honk ...! 343 — O.SiHS.I*: S.8 somaljm.. . 

Dvukeihofr Zeim.. 179 *S 1 9.3b 2.6 h.h.k, 

Uuieb..(1n.inB 234 -3 • Id .26 

L'oyrt 98 —1 14JM7 2 Maisuahita. !ml. J 

Harienvr 149 2.5 ,.io.iZ 5^ M lUtiWutii Hanh.' 

HiaK.-flsL...-. lrt.firO.1 ia/3 7. u MllaUt'Wbl Heavy I 

Hoe-rh 49.8—0.2 — ; — Mltaubi^bl tJorii.- 

'*s’i 7ih' — 1 l«!2.4 Hotwximmte coppor..—. 1 rut mui-i 

H iv b ‘vu'Kda. .896 ;-2 | lo 8.6 Ummbw rl.6« f „;-.J 

“f “ X KyoroAteremw.. -3.270 ;+20 l db 0.6 Broken fcflirProprteoirv-J, 

— 1 'W-« 721 Mateualuu lu.1. J 7u6 -5 1 KO U BH dnuth...!L.... -ZJ tl-36 

e Copper... 

Muunuin Staiehl 2.8o I 3.Hu 

I Uncuxliiin^r... ' 19 ii ! 1952 

Hi 1 " ic ITti-liani . 
I I jiHai Inn,.. . 
Il.jiiH»i*l.e .. •. 



ll.**! -te'n.. Aim-' 

1 1 > .■■ - 1 ..H i .Nyl.U' 

Uimi'Pn .7 Alim 
1 1 nil uii ih.t.'i — 
l.« . I jMii-I 

; IN \ 

lll-jeffii lialll... 

1 III In I 111 Mce< 

I 11.41 111’ 

Pacitic Gar. • d2 1 * 

rtcllrc UjthriiJi>.„‘ 2 u >4 
Pan P« r. A lig,. 19ae 
PSn Am Wool Air 6Tj 
Parker Hannifin. 24 j* 

HwUdv I dli 2 lag 

Poo. Pv.Jtl 2u 

Pen u\ .1. C 34 

Peiificoii . . 27 5g 

Pwpies llrui; lU 

Pev|n»^ba» .. a'2ii 
Pet...- l.i. 2 5 

I riloDUnental.J 17>a i 18 
IViiiin Oil A i.iai.; 4 la 45 

2b U . l'rn.iuOliA i.ia,.; 4 i 2 

195, l emit Century Fox. 261* 

7la Jli.A.L 1 291; 

34>i LA12LU ; 38 Vt 

21»i jlbl J Ibb 

2uLy TUoik-iei 411, 

3413 j l nueier ,M .. .. . 58li 

Auraivlit .Miiic_..{ oBig ; DS5, 

iVorceo Soeruy^.j la >2 J la 5 g 
Alii. Jelewm.^..! 351* ! 35 
OakuiMi Petr**®! 4.10| 4.10 
Paoiiic Copper M| 1.60 j 1.79 

tiatKiwr it*<z oj> miuuMbui HanJk. 280 • • 1U 

Hue-nsi...- — . la4.6 T 0.1 ,ia/a 7.w MllauMvbl Uatvyl 120 ! T 1 118 

h .iS' 8 ,-®- 2 . “ i Mltoubi^hl Corp. H 430 | I 13 

H.uien 1 167 —2 i 9.36 3.0 Mitsui £ Ca— • 299 ; _.! 14 

Kali uud Sal*. 1 136.5 —d.6 !l4.Mi 0.2 MitauLoubl 612 t—l ‘80 

Kar-unt. ; 3*7. i23.44| 3.b Aippro Uen*o-...1.58v» i IS 

Kaulliof 249.8 — 1~E 18.7/; 3.7 Mppon 1hinpajj_: 884 !— 80 ! 12 

hini-kijer D.MloO.I »n.o| .J - 1 - .7 Uwan Mown. ! 660 , 16 

K H L>. 196.6 -3.2 ;1B.78| 4.8 Pioneer. 1,490 48 

Ivrupp DM100..... 1.3 | I — i»u>u Mieliic. ) 271 14 

Lmrte j 278 I— * j 35 '4.5 -aohiaul Preiai.._; 968 +1 30 

LmenbrabDMKXrl.aSi —20 3a [8.2 tubchio .—..J 1.320 '—20 4U 

|j,iih. n « 00 Li* aic'.t . l.'.X! 1 ™ "r 

IO | L* Carbon Umte9 Brewery_..i 




LuiUsuim -j 

JlA.V r 

Manriesmann I 

.‘letaiiBe? —I 

2bJg ( Union Bane-tp.. 2bJg 

IV'kin h'nier. .. 



Plie'l 1 Li«bf 

I ' : 1 1 Jl.j el 1 IlH k,tr 

PL*|H(. Morir. . 
Pliiniji. Pei i'i' in 


I PitUi>i -IF 


1 Ple»iev U.I .ViMI 

70^ | ^ 
solo ■ r - V 

1 L moo lurl-vlr,,.. 
1 1. ni’-.u L<inmetv« ' 
j L in- -Il Ml. la .11.. 
j I UH.'U IWell ly... 

I- nil. HR 

I l.lllltM hmii t«. . 

'■I > *» VC'iIni . . 

! 1 ? Sl»* 

Fannie Peu-lentnl 55 it 
Pan. Can. Pet’m! a7 

Palm.' Svilg 

Peoine^ o. ' riia 
Plsoe Can. s; OpJ 1.84 
PiavifiUeie'opnil) 2b 
Pv'- - erCVry. ™r‘n ( 18 

Price. j B3 

■J"*i >|.. -Loraetsi. 1-36 

l.’ingn *.iis l«ij 

liWfl l..||li..URR. j 1017 

Hi., l 

I Ill pv. ..I faC-ddJn 

Atckerniann [ 

PrvusaaB DM 100. 
ithem Imt. Kiev- 1 


Men ient 


I ■ „K».vi u£*u . . . 


12 1 



IS. Ibl 


+ B.2 


t6 j 





— | 



— j 



26 i 





do 1 


— J.O 






— J.b 





291 , 


IB 1 



Kr< . 


4.5 -Jw.ij.ul Preial 1. ; 968 1+1 

8.2 rniaeMlo >1,320 —20 

a - 1 '"’OJ — J.L410 I+IU 

d.i luaha Marine — 259 [ + 2 
4.9 Caxcda Uhemmai. 455 1—3 

2.1 TDh >...,2.020 | + 10 

1.4 I'm jin 1 124 1 

— lukyo Marine — 1 624 \— 3 

- Lohyoflia-tPow'r. 1,040 f+10 

iorev 161 

1'mhiiwc'orp J33 

fny«» Motor 857 

344 :_i 
161 J + 4 

i 1 14 1 1-6 Oodicourn 

14 • 2.3 Uuteftffc-M.-ip.. I 

j - 1 ! a 9 1-6 - Lorat GnldSakift Am* ! 

!— I is I 0.6 rail — — [ 

—80 ! 12 J 0.7 denanie Umibm'.. 

I 16 ! 1-8 Cttrtata Aiwtaufa 

— SjJSiSSSl^^iz: 

+ 1 40 1.5 UMefUfipUfr 

'—20 3U OJh Sodeownir keaocnrre— . 

1+10 40 1.4 SJL tlixIinitnea ' 

1 + 2 11 2,1 Uea. Property Tru»t — ■ 

I — 3 la 1.6 HaiMwUy . . — 

1 + 10 40 0.7 w«*er 1 — 1 

1 10 ; 4.0 1CI Anatrelte 

1—3 11 IjO inwt-Ojppor — 

r+ 10 a 3.8 Jenmtws lnduables^— _. 

-1 18 L7 Jonea (Oavtd) 

+4 10 3.1 UsanawOti 

+ 2 10 3.7 Matala Hapliwarinn 

1*1 ■ 20 1,2 M <j rr *y T i* r v h»fn|« 

1 ^ r Lao L-+ 

- -pHSsm-'mn^sasm, .... 

-tens > .mi /y^imoa ' mupn ^ 

• •• • • Soon5K : ^.a^^TOBtro ^ 

JOHANNESBUkc^ • . . ' ' • 


-CJ&2 Anglo Amufcatt 438 , r-duNSJ*! a?: iI 'i <•, 

*6| Charter ConsoifebfisL 'Ana.' r,. 

-0,32 -u,. ^ ll 7„ l V . V .r4:g, j r. jwSfegPOfT.. -._ 

_nr» Kinross RSn^ 

6-40 -aioku 
Llgj “fo.1 

Suuro* Nuato Secunnea. lokyo 

*U3i _ ^ ya.32 -882 

Uynre lxnpuaas tl.62- MU« 

S»Rb 7J ta.6o j 


; ' Oil . 

! Priuo , + vr n«. iy 
. hr . — . Act , i 

I nil 

Min. 1'invuur-... . 
1 lui.. HBne*ici.. 
Ini.. MiuACbeu 
Jin ■. Muil iL.rtrt*. 

1 Inti. Pavel 

I I ill. Keel 1 her... 
till. In. i le-... 

1 l.nia Heel 

II. I in-! nut mil*., 
inn Uanei 

259 75 2bJ'j-. 

IV-lRIOl.l... . 

IVu.iiuv Klee 

1*1*0 Imlmlnei’. 
1'i.vlei bami'iv... 
Pur*, -rer. L'erl.. 

Puimna i 


VuilM I lay- 

IIivijI AiurrlvRu 

llmthenon ' 

'■'» A • 

I Kemilen ffuei_. 


| L - 1 evil 1 ml'. v".'. • 

; 1. 1 ' Iii.iu-lmv". . 

! t ll!J llll* Klrt l... 

. Myi-jiitell 
| Manjer-i.ieiiiiiii.. 
1 M urner- Lamuei-l . 
! I* vie- II lU'ivriJi 
; MVli -haicJ . . 

| M'eliiii ban ..n 

"eiwn V. Imw 

■ M l'i lei 11 I in. 

1 Utiiiurli:* Kiev 

; H«m» ... . . 

, **evyrlt*«j-er. 

! M <iir1iji>il 

j iVlntelun, Inn. 

William Cl- ■ 

I IVlKluUMM bint.. 

rn.e • + ...j lm-y.| 

AiiaM ;2.8U0 

dcrxeri ’-II" 8.&60 

• ■ fiil-D. ... HI. 

1’ |,>Ln- 

1 u*ns U- uni Op 


I ■U.'il be - 

I r.i >i- .e Urnr 

1 yyaiUi-: 11 iiainL.. 

H »I • 1 I nui>- 
y\ f|.;ni I , 

Mf.-uJ iKCMJ._. . 114.5-2 

U/..1P1, 2u 29.5x0 

ViKeniUnl* ll '.h-u- 371 -*3 

DILI i L'i. Mi.. ; 07.7 n-o, 

.1 innifujjh (PijaL 7b. B — O, 

i.iR-ntoiii 93.0 r 1, 

in .iuiM'eri mi K . k’.. 140 
Unlitiii* 1 i’ll m ■!* 72.1^0. 

H. 3 . 5 -1 1 S g.i BRUSSELS/LUXEMBOURG . SSSI^SSffigSss! 

( ; U“ . >Mknr('L«e. 

I >■!». 14 ! Priue ! + rr .. On xna 

I . hr . — » Otter Hsphnuum. : 

■ | _L Pumeei c-jiiL+Me • 

,\ii vi 2.2UG _ i _ | iLOL-kitLi Cotman .... 

n.i! ■+■.■! Ihf-Vd dcrxeri “II" 2.&60 t3 11 b : 4.5 *1. U.-aremlr—..-. • 

* Ceniein.. .1 .j 64 —6 1UU .' 8 6 xmlhhn.1 Mlnlito..; 

TTT — T — 1 1 - —, Cm-kwil* ' ull — J3 ! — !_ ‘lirma Kxpwmtlon 

At \| * ““ 4-9 ^ K ' J - : 8J - lu i l/ i v .4 £«•»««»- - • 

29. a -r 0.4 - — : - b-ecti.-a-eii 7.10J - 6 J v+au iol "d.teu*:..-.?- 

7 ‘ '8* *.7 ruMHJue A*i 3.u9flw -i!0 170 . b'b W'oaiem Munua (nOonum : 

TbB^B-i^sa 0-8. lnutvUm ... & .430 -20 lau J oil M'noiyortlwi-- j 

9s: 0 : La j’do j 6 :a {jSlXvu::.::.l»“ -.t 6 i & : & paw s -. . 

^2. 2’5 Hi* liken 2.750 *65 !l7U | 0 J£ Pnee 

tujo Somhvaal - — ■ ... , 

Jg-JS Gold Fields Sa 

tl.62- -9JH D g B eets . Deferred - 

"•63 . Bly ro o rM t al cfaT -i- — - 

Jf-®* East Rand Ply. 

i Frse State Caduld 
Tl%b5i 1-341 Pfes&iem Bread 
t0.1O . — President Stern 


--- - -S.ta.v_-; . 

.555* - 

. — Mao. .:--4 — — 


;ri543 t ...+ftg* 

: S3* : -+AC3. 
7 ao' 

; — -aso . 

— ,-2V40 ' - . . 
L-^arttaj- ;*r4». 

I 0 NAL 

114.5 -2.3 -ze 4.9 but- J.: 8o 

T 1 — : - fal-teti.ji ell 7.10J 

A sat. 7.7 ruMHJue Ant i.U91i) — nU 

90 i a.7 (j.H. lmur-Bm ... £.430 —20 

SZ-2 * V Z I L-H. fniHRBm ... s*430 
*6-8 -0.8 jABdh 5.8 Lievnen l.c 36 

^... ■ 

U'a,ti>aa:....T .... 

WeMem Munuu raO oentm i 
1V«»oii*i...i i 

UiiUmi 1 1’ll n> -le; 72.1-0.1 8b 1 7.2 1 fuiun.-vni..,- l.qSS 

KInti njr ... 2 /4 - 2 ! 2?.b Jf.u I . , 

KhhihN.' .Lteiriii 142.8 - 1.5 . o/.ol 5.4 I |' l 7'w*l*nh 7.840 

Curl --in ten H.n, ■ 70,8 tO.2 I 94JJ. 4.91 .. 'W'L' Sei«i».. l 0.150 

-65 !17U 
13 1+2 

i - --j Preirdq g Stern — ~ 

.J.35 SfCfometa 'J — .. .- 630 • {Bupft **™ricB ft 

H.iO '-QjEfj Welirom- '".ZZj ■ So >V ^:' * 

T2.8y>, ; Wen Driofanreni }\ 4340- . • 

ro.os !, Western HoMfass > 3&30 ' - ... 

*o.3o . : v>'e»»n»;i>eejr ti£0Q --sis *4, ' •* • 

Tljva . 3 J?> INSUn^lMISL 

Its eg! } aygL^r-”* ‘ v .:*-.c RTS 

1 CVa Inr e s une nts y , .’ > 0 ' +047' -. . 

• Pgffte Finance - .646' -941 -'<• 

' Awed. • ltaned. 
vew ««*- 

-40 eiwo 4.0 T" 

50 023-0.3 

Atriqne (huAVt.! 380 -* l» \J1.16 a.6 1 Federate VotfcnfarieBalngs^. 144 

n.LM. ,H. IcCi.. 

I III. MulllT lllll. ; 

Lll'tud'fti u ; cn tK-nna >3 300 .tS 

44» ! IQ «2 ?»*■.» -C.OOS ;-5 

110'A^Vft I afl a' a 7 lacliuii hied .....'4.705 i t 5 



r 73.90 

I .135.30 
P 150 

P. 161.00 
Y. 108. 90 







1.20 10 5.50 1.29.80 




3.30 IQ 4.40 


a .: 










2! «-5ei? 


3.70 ID 5 20 P.47 




6 i 

- -264 





VMS 1.50 









i 9.90 













F. 112.30 






2.90 K.25 



4 C.3Q 




1.20 4 1.90 




9 1*. 122.40 


















pm \i. \i 

A.B.X. Bunk 12'.'^ 

Allied Irish Banks Lid. 
.American Express Bk. 111^, 

Amro Bank 12!°;, 

A P Bank Lid 1LI% 

Henry Ansbacher 

Associates Can. Curp.... 12? T> 

Banco de Bilbao 11.?% 

Bank of Credit & Crave. 12 ? % 

Bank of Cyprus II'.^V 

Bank of SAW ll! l 7, 

Banque Beige Lid. ... lli'Ti 

Banque do Rhone 12 *¥i 

Barclays Bank 11 

Barnett Clirjs>tie Lid. .. 121^, 
Bremar Holdings Ltd. 12]% 
Brit. Bank of Mid. East 111% 

I Brown Shipley lll^ 

Canada Perm' t Trust... l'JI'.Ti 

Cayzor Lid ll!*°o 

Cedar Holdings 11'% Japhcl... ll?% 

Choulartons Ili% 

C. E. Coates 12?% 

Consolidated Credits... 12? % 

Co-operative Bank. ?Ili% 

Corinthian • Securities 111% 

Credit Lyonnais 1 1 '■ *Vi 

Duncan Lawny ’. 111% 

The Cyprus Popular B-krl lt?% 

Ea^il Trust 

English Transconi. 
First Nat. Fin. Corp. .. 
First Nat. Secs. Lid .. 

B Anton j Gibbs 

Greyhound Guaraniy. 

Grindlays Rank 

■I (hiinness Mahun 

BHambros Bank 

. m% 
11 % 
12 % 
12 % 
. ll?% 


. in% 

11 ;% 

■ Hill Samuel ^11?% 

C. Houre A- Co .... 7 11\% 

Julian S. Hodge 13’?% 

Honekon? & Shanghai 111% 
Industrial Bk. o£ Scot. 10 % 
Keyser Ullmann .• H'% 

Kn owsley & Co. Lid.... 131% 

Lloyds Bank HS% 

London Mervaniile 121% 
Edward ytunson & -Co. 121% 

Midland Bank il'% 

l Samuel .Montagu 1i;-% 

I Morgan Grenfell-' Hl% 

National Westminster 12?% 
Norwich General Trust 1!?% 

P. S. Ref sun it Co 11 J% 

Hossniinsivr ';L... 11 3% 

Royal Bk_ Canada Trust 11?% 
Schlcsinger Limited --- H?% 

E. S. Schwab 13?% 

Security Trust Co. Ltd. 121% 

Shenlcy Trust J1 °?i 

Standard Chartered Hi % 

Trade Dev. Bank H?% 

Trustee Savings Bank 11?% 
Twentieth Century Bk. 12i% 
United Bank of Kuwait 111% 
Whiles wav LaidJaw ... 12 % 
William.’, Jfc Glyu's ... ll‘% 
Yorkshire Bank 11*.% 

| MtinlKT-S Ol Ifr. AL'CPBllIU Hulkj-.-a 
Cunmilir,-. . 

J-'Jjy dcvo;.i|- *■ , l^UUHIh 'Ji'D'i'.'l.- 

- ... 

t-rtuy ' on .fliffi-* ,,f 1,11 ' 1I,IJ 
and undvr b 1 -. . up to £ti.Wi* . 
*-“i m^r £- j.dilih a:*:. 

‘Ii u’.,.r 11 ■'•M *' r - 

r'.-m-.r.-j -j. uo.-i’s J';. ' 

t 'swin ■ 

1 «u L.'ninwi'.li....' 
I’nlilli>Mj iPJAii.. ., 

I'lii'll* ili.lLi. 
if.’na«..|»\ ei'Pi.JOt; 
lu.‘Lwr», Ipl^yll.. . 1 

I,', .iiui.’t i i 


29.7 -0.4 ; 24 . 7.7 
136.0 -l.a ■ - . _ 
46.U —0.7 1 - ; - 
Ub.O 1 — 0.1 17 , 6.8 

b4.a - , - 

J63 ; ; AZSi; 7S3 

141.5'— O.b 1 - _ 

1-0.2 t U.I; 19^1 3.6 

'-5 ;170 ' 6*3 ->3,14» | 

|L?o I °" 5 U.U-.K.—-te-.-.: 491 ,'-l 
-4 bo i 6 7 1 1,006 1^.3 

[ b.7 lTtailBU0atf#u — . 44 3 ;+2 

VDiiti _.l 607 -+7 

(AftiilUm&Fi're- 141 : 

3 5.0K Bazaars. ;™ 

1 E22SE5- 



Kl-i m JJuiciii Piy , 122.2 t 0.7 'ii-tti b.9> Amanuium. 

Mm^DiHire 30 

'lv*liilirp'iovi. 6 
I.‘H,>Pa..-JJl4i.h is 

t ninsi it! P i . ' 11 

i 3 

6'e.i, cii. Hvpi-k! 41 

3 oa.ii. no 1 b.s 88 l.;.\' — - 1.610 T io r io f a.o — 

93.3 -2.2 ; 47<i 6.9 LU * G ri«> “ 3n a.1 

1*4 -I !«U.5 . Uj. Mire Cert ' 806 ;-a 28 8.7 5^2^, - 

119 -1 .4 \tJt 7.2- l *w 1„ 6*6 i4 3 ; 38 9.6 uShmo 

38.8+0.9 i +I.A - 1J2 • 5 -u 1 ** cflgS j + 5 I Its j 3.6 

411.5, + 2.71 34 4.b ! 8, ^"-n-.-- 1 .770 -5 10 8.8 S2S- 

, Kisnfter <(1c;,ruei -i 565 ; b +.m SSSIlr” 

&3^:_i^j_— j _ 

5m 9 / Prat ^ Ho Wines. IBS." ' -. : 

n * H 8 5 ® 111 ! ^ TioprrtSrf-'Ji'JOT- •» 

- .{if; Si j 


: is sus ui ; s n aagH^S — ■■■ ■ ■ ■ ; 

:iass^4is ill i is “Igasg^ a^»J-5? : 

isstrs ® 15 Sfc= : i ‘ ^ : 

j r 2 °j*am Ka g ai ^°- ! Sot*_|“ : 

I laimufti » Fr. 1^.1.410 *40 j?i-i i n ihdUmu^kno i £2a I VbH a-iS ®^ 50 &&&*&=** (WW j&T'S * at-- 

7ij 8.4 ! Nov«nlM*40. .. I--, p ercsBfe^, y fj. *" ■: 

.lii'icihlvnbpn... ■ 140 

Ltniisht, 8nnh... . 1251? 

b«.| Viutl(.-i.*i... . 146 ;. 

1 hnian4«iikfo.... 141 -t ij 

ilnaawki 327 —2 

lrnrpb|gr„ 55 ; 

lino- Icl.4n 11U .. .. 136 1, 

I !.> ’Ui'il H.’KrtL- 281 -^1 

y.inl I’M 1.^1 1781 ; T t ; 

N"»r> In-Jiifiri 11. i 210^. + li 4 

win-ini iris.— ! 116 * 

IViiarlniiS i 130lj - 

I'n> ,, iii>iaiik... 146U . . .. 

1 aon-ta: :Pr. *Ji..l3.350 | + vo 0b 
7 u ■ l»y WiitOn*.; 413 i+4 2b 
Vt , <dcinu.liBt C-UKiUM 256 {—3 (US 
M 'y I suiter Cl (Pr.l'jJj 310 1—8 1 14 
g'gjtfuhMir {Fr. 3 SLj.| 800 j— 2 1 10 

^jann^Bnk'Fr.liXq 350 +0 j 10 

J s«Wtlloi|Fp^50l 4.850 j + lOQi 4U 2.1 
„ 7 f liiHtiltany; 4.100 + 10 20 3.2 

« » sg s- a asr igfc'Mte m ij 

" J}-® U«hwr^_„ 1 .gas 1 1 — ■ _ Banes Samandor «ai '. 33 B . ' 

in o'o STOCKHOLM 1 '• Banco UrqnUo CLflflOW. - 323 ' ». 

1 1 ° > TOUtM V LW w-% 

S H ---. -.i „ 1 +• <ar | ore. ‘ n... i g«^_Z«teaaano. Z'Hr ■ 

3 g I 3urkrli I Ha 110.750 +tO 

p 7 i_ 

; Mnue |+-<ir I On-.'ri.i.^BaMa, ZwWgBino.+^. irt+; k &s; ■ 

* *-• 1 1 '- * «•" Banaualon - - ' -i - mo .+-,»^ r.7^fv. 

' Ba*ws AatfaLwchr i»- ' •-,+»-« 5 >. 

*5 *** 

w Owgafln? ; j; .’.JatiA’’ 48fl r,' 

li SS4PSS^.-^^8*2 >> v 

*•5 Bnni' me.Ttoio S* 1 * 5 ' TJS.-«S* ! Ws5 c ^i-’ 

■ Kionnr — 

5null.lteii-u.lfll.... 3681, -I;. 

riii+ri,i»_ — 


B. X ■ _ _ 


IJO 1 ^.v. - Ii 

PriL-B ; + or ; Uiv.;i J hi. | Bofare 

I w AD lKr,Wj-j 1931, 
!AltaUflU(Kt«W 142 L 
I AS BA (FriiO) — 81£ 
jASJre Copco (If r% 112 i 

HiitenW 48 f, 

112 • 

81^+l.Ot- 6 

112 ;+i Ah 

48 i _J. 4 

. U2 •- 

Lire j a Canto — .■! 183 

— ' ' O&idcaa.^— 4.^.) 220 [— 1 

~ _ BtectWB'iKrtCi 119 L... 

^ - HtwwjffffflyifiOil.iai 

loO 5.7 Tuf.eit 289 f+3 

AMt- «.i 38.5+0.5 

537 —2.5 1 

'Mil 3.651 i+la i 



!. J'.-*- 

Kr.'t *•" Baincuajon — : 
1 -* Banes ABdalticbt 

6 38 aC ■ — — 

} HSSa . hato 

— . *! - ..... T.V-,-Ste. 

f r 6rt »rfrqm»r.' 1» ■ -■ . s “7i£> 
s.“ PWoteas MW5 .+J3?;" 

if/ft j. Srrig. w 

: n b' SlHIlW * — — r j, — 1, ‘fni * - 43 * ■ . 1 "te/- 

••'Ml* t >1 

1 Lteiwi 

1 PI I .!Kuii>- 

Plunili ‘>p« 

; 0.. • 4.U in i« ViMxve 
1 10 3.9 

SOwHe?. •' 

■ ■•I 9?8 ' » : 80-8,6 navHUn*« , (K>cVJ 64 ; 8 17^9 JW+fnmM • - W.n 

. | 817 +17; _ UAtehulm j 57.8 ^ R, 

— ^-.K, . « 4 .«. i.» % ^ 

Z -73. a ; v 


by heavy 

Formula for 
New York 
(sugar price 


-V ”SeS ASE hlgii^tliat-.afi-uitfir- 

, '^g^fMS.35!?^ co ^ MO0lTIES “'tor . 

izotiatlng conference ; tnat-. 1 ; ••• : • ' _ .. 

!>HN ‘PRICES' ’tiiinbieH 00- the- Hfiwevp ;d‘ 

vettn&’hi-W? b««. *’ nrar , ket remains tonnes or more and this encour- 
iellino 'deDenri ne , rVou< * an d ?1 ™ch will aged further- selling. 

- on the, reaction in On the late kerb prices were U.S. Justice uepartment 

some 17 down on the closin':: alleged that It violated xnii- 

- tniM laws. Bui the New York 

Coffee and Sugar exchange. 

5E*. Wn. -jragg- ft™"* overnight. 

*3™: £8* h„Sr r s, “ cks 

Jower at si r 

gy Our Commodities Staff 
THE NEW YORK spot sugar 
price could be quoted again 
early next year. 

Publication of the price was 
suspended a year ago when the 
Justice department 


EEC threat to 


LME ware- levels, with the three month 1 . 

. ros £ far the first time quotation to £385. U.S. pru- — .. — — - 

..... iiE75dl5' _ a ' f . '' “}> e " e Sinninfi of August ducer. Bunker Hill, announced which calculates ihe prices, 

•in ^issues to bo negottated are ' bi in lhe ^ h l f weeks of successive it was cutting its dumesik- lead 

-SBtP tK"‘ -rik^in S^? s - , Stocks were up by a price by 1 cent in 3S cenu 

J- size qor-btfftec StteRT-eiaP^. ^ lonnes raising. Zinc prices were also lower. 

Udfceusetf -and «5* l “ mMQ fanne*. although warehouse stocks were 

to b^a factor' tr.nnJf , C, l mpart,s wi,h *82.975 down by 2.600 r 0 74.900 tonnes. 
■ uzbber Is .the' fij^t . commodity m encouraging speculative . sell- peak‘nr n <us'?n£ I ?" d _ the km^. s,lv ^r_._? ld, . nss 

.hout an existlngiioxeriiatiPiw*. Joe.;; • 

aotntm^ T th£. ’Staff ft- Of v iti 4 

W5.300 tonnes reached J 20,000 

.'eement to - redch tfre itufeftt £ -lit fact-lKo': market opened on The" 1 rfeSin! 1 * vMr ' " * ounces. 

N (egotiET^ : c^erert^^Cr^^'-^^npte^, Toptjwing a rise in line 

ounces to 21,4:10.000' 

and the Justice Department' 
hair now agreed on a formula 
for its future calculation. 

The agreement provides that 
I ho exchange "will establish 
rosters of Individuals know- 
ledgeable in raw- sugar trading 
h ho will be. randomly con- 
tacted on a daily basis to ohlain 

. in stocks was' in.# Reuter reported from Pario 

with market expectations that the International Wrought; Ibeir expert - opinion. Prn- 

_ _ riously the price resulted from 

i‘ons(iltatiops. .with a small 

>:^d^vawt-iai.iwPripaa4}aaTO : >»:«» io-m«i bS™r"iSf SSSi "rhi,"™™™™ «i!T™ "ff 'S'li u» 

W*SS“£ sSuK 1 *- *i a-src s srs 

jstw3»ta.d sss* ~“™ b 

* V there 6 was folL™ reVuri ng' To£i holdmw "o^TaST^!? mated ! ^ S" SMSd* ' V" 

i’in producing backed j Hlttf.; tfRte; husiBE, .support . i« r 0 £392.25 

’ .jxp'ort controls w 

.'. lad.Comirich* 


v i-_-- ;c- <■ ii.-iLL ";: ' - - i,- — ■ i “° *• tonne. As with the at 6.83m tonnes and consumption’ federal Register, 

rfepld the- -.-radah.. up. as -has other metal markets, lead opened at 7.14m. For the second half of j A 60-day period for possible 

nbjections to be raised is also 
required so (be system cannot 
comp into .effect before mld- 

^0» -^fae - past., ion a firmer note hut then lost 1973 the supply deficit 

o^.'Furiii: :-. 7.- ; ;'jn-was.np_t uptit^e three monlhs ground as * J 

is ex-, 

speculative peeled to narrow to 73.000. 

tonnes, but this will widen again' 

■ uu. .WUJUIUM. *',**—- . f - x ~ -^7? ■■., j,.^uu U ns heavv 

'he U.S. .favour® ■jr^.WfcOQO.i price 1 Ttad- below £7,500 selling came in 

. '.ie buffer stock .financed . by j that -sosw uS; baying interest The fall j n stocks was to 195.000 tonnes' Yn iho'firsf half January, 
df- confiilatiops- . fronr'wntEff?^ . T ?* I ? v c ? v ?T D f ° f ^^‘'bed as disappointing" b\ of 1979 before re versing to a Thp NeM 

*“ dealent who bad "hcei 28.00? lonncT ^rptus Tn th 

in both importloft- vand . prices, in late trading. ..... 

in both ^nportlo& : va 
. irOR* cpuneifSi... .- W-iiS , »; 

piedicimo a decline of 4,000 second six months of -next year. 

Indus chief 


Jliting sales 

-Our-Cornmodities -Staff- 


AMSTERDAM. Nov. 13. 

York Cocoa 
Exchange suspended its own 
spoi quotation miuntarily 
when Ibe shgar price .suit was 
filed, because it operated a 
similar system. It is expected 
that it will resume publication 
of this price under a procedure 
similar to that agreed for »ugar 
at about lhe same time. 

The International Sugar 
Organisation will consider 
changing the' calculation of its 
daily sugar price at its meeting 
on December 13 and 14. Under 
the International . Sugar Agree- 
ment the organisalion should 
use ’boUf :Wew York and 
London quotations in reaching 

TOE UNILEVER in*0jip. ho pe^ . There would also have been put 3t 83.4m tonnes against 
its. Euro port and Eritb. En 5 and. some extra pressure put on these 77.5m in 1977-78. 
soyabean ptanlwwm both' be hack facilities to help to make ur fnr World production of the other 
...... .. -otT -full stream -Tttfj week, -a-shorta*..* resulting from nil ?e ^ I seeds sh o^d inereaCe hx 

..BTWHITiire.culd be M»- group- seota™n said in Roller- indusLrb, „ UK »l,«u. 4 per cenTin n Km ." ones Oil 

Sdly. : ; mbfe _on _ Jhe_.UK . - . . Unileier’* Europoort plant is World said 

art within a 1 coup!eOj,yeaiy.|..tvV j b«>ijer breakdown at Euro- .believed tn be working at a round AJJ . . . . 

•ding to Mr. Mick Coburn. i T><»or? forced, a’ .fpree ;.maj cure,. half it> total canacitv. of 3,500 P Ad * n « llic carryover stocks ... 

igibg' director 'qfFindb'a OR. j-deciaratron J fonv November soya "tonnes of hcan? a djv' while the wm last year, total world supply , jf S daily pnee. Only the 
stantly related .dd codj-bat^f ideliveriaV. Jast wwk. wbije- ADY plant would norihallv use »f oilseeds for 1978-79 will reach • London price has been used 

i-’w-M—u 4- e-UK — M 500 loan dail v " the a record of almost 166in tonnes, ' for the past year. 

_ , es ‘ “* an increase nf more than 10m 

rfajor:.>r?hfera? - la the . l«al . around b0 ° lonnes ' the> 

aitipitly “sitnaljbn in Europe, due - .. 

ko the- short time during which- . ^ or d ’i,, {be 

rprodxtction :: i« interrupted- TIjnib.UKg-.basud.. weekly, pubhea- 
ae spokesman said. ' . ' ■ tIon : sald » expects world 

- Spokesman for Cargill . Soja Production of the ten major 
^dfilhe^ rasj^; IadU-Strh* /.gV .^d Cen tral Soya ^vds to i no ny 6 per cent 

rie '^but - -the xh a ehincry 'Utrecht - said.- ••their • soyabean ,0 154 .51 m tonnes in lhv l9rS- ( 9 
. -■ season, whicli bejan on October 

' IX THE view nf the EEC Com- 
[mission all obligations imposed 
'on pig producers to sell only to 
!» national marketing hoard or 

'through its agency have been 
: abolished by the EEC Treaty and 
•EEC regulation 2759/75 
i Tile Commission has asked the 

• European Cuurl to declare that 
all legislation enforcing such 

j obligations is inapplicable. 

In its observation^ submitted 
•to the European I'.oun m a dis- 
I pule between (hr Northern 
I Ireland f’ij Marketing Board and 
| Mr. Raymond Redmond, a pig 
] producer lease no S3/78). the 
Commission argues that the Pig 
Marketing Scheme, together with 
the Movement of Pigs Regula- 
tions. denies to producers inde- 
pendent access in any internal or 
external outlets. Producers could 
not even sell in an intervention 
agency should lhe Community 

• authorities decide to buy in 
; order to support prices. 

| Market prices in the Com- 
munity are rendered meaningless 
;for lhe producer whose prices 
lure determined by the Board on 
[ the basis of its estimates of its 
annual net income from sale of 

: The EEC ha-: already estab- 
lished a common policy for the 

• marketing of pigmeat within the 
i Community, and the Commission 
l relies on a previous ruling by the 
: European Court that “ nnee the 
: Community has legislated for the 

establishment or the common 
[organisation of Ihe market in a 
given sector, member states are 


under obligation to refrain from 
taking any measure which might 
undermine iL or create excep- 
tions to it.” 

Moreover, the Cummission 
argues that the Ulster sthenic is 
illegal and void because it has 
lhe same effect as a quantitative 
restriction on exports, prohibited 
hcLween member stales b> 
Article 34 of lhe EEC Treaty. 

The case now before ihe Euro- 
pean Court has ii* origin in 
events which were n-it considered 
of international importance \>hen 
they took place on .luminr;. 12, 
1977 in County Armagh. A police 
officer stopped a lurry with 75 
bacon pigs and lhe lorry driver 
was unable to produce a trans- 
port authorisation required by 
lhe Movement of Pigs Regula- 
tions (Nor I he i7i Ireland) 1972. 


The lurry and- the pigs were 
seized and proceedings were 
commenced before the resident 
magisLrate. The offence is 
punishable by a term uf iiiiprisnn- 
nu-nl not exceeding three months 
and/or a fine of up Jo i'L'iiij; iht- 
pigs may )«• fur fail. 

The Northern Ireland Pig 
Marketing Board pointed oui in 
its submission to ihe European 
Court that the Coninmniiy iiseif 
was almost certainly the nutentiai 
victim of a fraudulenl operation 
and asked whether rights under 
Community law can arise in 
favour of those who use such 
rights to defraud or aliempt tu 

defraud the Community— in the 
view of the Board ^iicki rights 
may only be invoked by those 
who “come with clean hands.” 

The UK Covernmem took, how- 
ever, a less negative attilude. It 
staled in its *ibs> rvjtions that 
adjust men is would have to he 
made in the rules of some 
marketing Boards in order to 
bring ihi-tn into line with the 
rcMiiiremenls uf Community law. 

Di^eussions wiih the Commis- 
sion have taken place with regard 
tn ihe Pij;.- Marki-iiue Ruaid. and 
there is little doubt ihat ihe rules 
regarding ihe movement of pigs 
is one iff the matters which may 
have li- he adjusted. But it 
raised ihe possibiliiv that the Pig 
Marketing Board may l*e viewed 
not as a national marketing 
.scheme but as a slate monopoly, 
in which case the UK would not 
have been requiied to bring the 
restriction !«■ an end before 
Ucceniher 31, 1977. 

The British liuvernmeni is of 
the view that the questions pul 
to the European Court by the 
magistrate raise issues oT very 
anvil complexity and importance 
Hi the UK and the Community as 
a whole. The court should there- 
fore confine itself to ihe inter- 
pretation of EEC law in relation 
to the Movement of Pigs 

In other words, the Govern- 
ment is hoping that the eoun 
could declare the Movement nf 
Pigs Regulation illegal without 
giving any ruling on the vahdiiy 
nf the pig marketing scheme. 

i~smailer, blue -whitsig is 
/able ' in., extreip ely Tirge 
-ffSes -dff" Die - yv^Ccpafit ! b t 
wifi. Since- . Brttain-Hpsi 
ff/ttf ice^ariffic ;othgr 
.pt xater fisHefiei. jL.^at-l 
■sof research . has been- ’done’ 
■*” -species -which-’ has -been- 

id fh'e ^ great btti6' hdpe” 
'“^British, fishing industry; - 
^absence of. suitable fillet- 

of 4.5m tonnes durin; 
seasons ended 1976-7 

the foui 

This . compares . with 


NEW YORK.' Not- 13. 

, The amount of areen coffee 
roa>led in the U.S. including 
an Coffee for soluble production, 

Jute flood 



Maize price rise predicted 

NEW DELHI. Nov. 13. 

FLOOD DAMAGE to the jute 
crop in Bengal will range from 
100.000 tu 250,000 bales, a former 
chairman of ‘ the Indian Jute 

. . — Mills Association llJM.M. Mr. 

a rincei'U'm-"Ybe~ Fludus < MaaMhriS ;i&*U i' Standfitili, but increase last season of; 16 per totalled an eAlmaiao \v> 1J[ J" Jjjowii Souri Lai M Bftta,loid the Econo- 
ipld au average annual rate I ,f!f m N SS "tfM Timi 

inference in of 2 3 per cent during the four ii, year, wrt* 

wilhli^iw.da^ysu------.^-*,. ...... seasons, ended I9«tc7i. __ an a fast Gordon Pa ion 

^rushing • sources .. saifethe g Oil World said soyabeans will Ratings in tin? week ended 
breakdowns are coincidental-and again-aceount for the larger part -November 4 were 45.3 per cent 
■steitt. 'frqpiUthe peak ), pru$hTng of tlie increase if .the Brazilian higher than in the comparable 
period- wbich-ru ns froua now untik crop-is L3.5m -tcumes-as expected, week last year. - - 

weekend. t beiwve- 

»e could have commercially' 
y prodnets- made Frpm'bi.ue 
ig . on . the.-frozeh . food 
. throughout- 4he world 

V a cnupleof" years." V,",, Eebtfttaryrt ' ; ■ - : - ^ Tota! world soyabean output is Reuter 

intes newspaper in Cal- 
culi a. 

Mr. Mehta said he hoped the! 
Government would soon import; 
400.000 hales' of quality fibre to 
ensure jute exports were not 


The U.S. Agriculture Depart- 
ment expects maize prices lo 
average S2.14 a hushel in the 
1979-80 crop year ending Septem- 
ber 30. I960, up frum $2 03 in 
the 197S-79 year, according to 
Howard Hjnri. economies direc- 
tor or the U.S. Agriculture 

Mr. Hjnrt and Stuart Eizenstat. 
the While Huuse Domestic 
Affairs Adviser, told separate 
Press briefings that the increase 
would he 1 per cent this crop 
year and 4.5 per cent in 1979-80, 
resulting in a two-year average 
rise of about 2.5 per cent. 

"Given large supplies and the 
potential increase in U.S. and 

world stocks, the expected price 
of feedgrains over lhe next 12 
months will nnt he appreciably 
different from the Iasi J2 
months.” Mr. Hjorl said. 

The 1979 feedgrain programme 
is designed lu lead to modus! 
increases in prices, he added. 

“ Livestock prices are suffi- 
ciently high so that the increased 
Teedgrain costs will not have any 
effect on the plans of producers 
to expand livestock production.'' 

He said about 50 per cent or 
the loial 1979 maize acreage 
would be included under the set- 
aside and diversion programmes, 
compared with 42 per cent this 

Mr. Hjort said the U.S. grain 


reserve programme offers 
adequate insurance against pos- 
sible adveisc '.veal her. 

The inability to export grain 
froui the , LLS. and r»j handle it 
in foreign countries presents a 
greater problem for world food 
sccuritv than inadequate sup- 
plies or production. 

He forecast that world coarse 
grain stocks will be 100 to 110m 
tonnes by the time the 1979 crons 
are ready for harvest next 
autumn, up frum S2m this year. 
Ahout 70 per cent of the world 
stock build-up in coarse grains 
over the ua»t two tears has taken 
place in the U.S. 


■ --lv 

i: i ; 


5l IVlETAtS 

HWvcveE sWajdinlTjfietal dcvlini.-d ibrouJlt- 

r In.; fit?' nn=H whh'-TSminoffsMOtp ^nrfjMherdaj;., umnlnJ an 17.705 and taitin* 


gw ptitIh r h. BOP d jtfi-r ^ninit atrid hedse 'ScnrtiB *bw4»- w 17^5 mt. the nromitu: Vxrh reflect M k 

GR— urety EMMseo. /log the vrtrt W 1738.5. In th«- aftwHMn . VOtt-i ^lIUw. charuM . uUttit and bull Si.trr was unrhaiiged tor spot drUterj 

bm und^rlnnc unppon on any <-ems wr pound, tub and siowmI Canb- 

dros and iftr jnarhei closed 10-Mp lowr Bean port. Price* [or Nov. 10: Dairr iM 
on the d»>. i7.M>: 15-dnv averase <S..2'. 


Pneo m tonnes unless o-n^rrtiw si at. 

edsedup lo 0BI reflecnnfr-^ # livuidabon which toiched -off st 
opentason Coatdx but the martsot Ailed sellinfc.' Tbr doivnium was mainly 
_ ^ W» -10 te fotUw ihreaih aM-lbrwM j»Knal to-ihc lack of nhysical d-mano a 

siop-loas ,n the l.dndon bo U ion mart:.;! yesitrday WHEAT 

u*J Uu- 

• T-i." jCm.. ' + or* - n.m. . , 

Ki at acini' I — ; • ■ t'noffley-J ,- 

-T-jTT-eJeU bdde. to dose at £75&^ .octjfto late fadwm incrcuscE in. tmur. «i rale*, hi the 
ytr 1 . -Jterb.- . Turnover iejKO lonncf. r - . arrcrtioon th'c market rvi .r.-rnd a snadc 

Amaleafnand ' Metal Tradinn. r. uorted m- £7.5tf0 on shun cim-nnz. '.ul lull afresh 

t JSD.S0p l : S. cent rauit aJcm; or ihe 
Sxuis- IcreK were: spo: jtg.nt.. down 0 7c: 
ihree-momb SM..V. up t.<V-: sis-raumh 
as*lk. up i .St-, amt i;-mnnih 9i. down 
l.V. Tho mt-ial openod at 3 *m.svj#t *«u 

V* i »Iw»Ih» 
M’pii. .“i—- 




dull and 



*IPV. SB. SB.a. DU. .0L Jl*..-.. W. u-'.u. .. . — 1 -. S. ». 

't three mom ns £761. .oil. . „. ~ . \ _ "o 1 - 7T r ...\. 11 , • 

a, * 745. 5-6 -6.2fr . T4« A -r-^76 -a j. • . . - hrehCrade- * - • ». r r . • 

■ Jlf 695 • -'Tn " ‘ t '"iSrJr. . ^v^-i 3 I?o : 2o- "S i; *»[ ife 

-,U«. hMI.Wtet ..over the weekend - ; 7 Mb ” -ZlC " 


Three month Lead 383-38 

afex Lhmted 01-351 3 
-riant LontJon-SWlO- 6BS, 

-f-'fTwBfree trading on conxraodlty fatnres. 

2;The commodity fpturesJ market for the janaller. investor. ' 





^ 9ip6reat Ruudl Street.' London WC1B 3QL; Tel: 01-636 48?5 
Shop hours MondAy-Friday : 9,30-6. Sazurday 10-1. 


Aa 'exhibition- until December 2nd. of administrative 
maps, harbour, plan* and sea charts, plans of military' 

' and -naval engagements, and: estate maps. 

' JH unrated catalogue jenc on request' £L50.. - 





U tlMITtD 

Si* BratuuMOKe Platinum Limited' 
nnmwaiea.ln the Reobbll: — ■ 
ggrth- Alri ta. 

“»«t (Sto. 21 o( . 4 cents per 
-AM (seen accused payable ,to 
repiMtred <i> the . .book* oi 
wtpwv gt^ih^-cJos* -ot business 

. Deceml 



— posted 

Qtbce and -tendon 
f OtBce-. oa or. about JWtn 
. be*. 1978.- .. . — • 

-- Res b ter of Members ot tbe 

• tr» will be_-ctoied from <lfb tO_ 

lUJflUiB. 19TB. lircituiw.'"' 

. pau -|rom the London 

.Jr-.Ofite will, receive the United 
y* 1 curreoev malvaicnt on 12th. 
- 5®--, iVth; or; me Rano »au»*. 

rf plvldandi, 

dt*Wei>d i* payable sublecc-tct. 
JA- "*lilch - tan he inspected at 
JeUtterod '^Office • or - London-. 

■ 9 we ol the Company 

.• . > LIMITED. 

- - " % --London Secretaries. 

- - L. W.", 

.. ."•'•• Princes "House 
B5 Gresham Street. 
^ London. £C2V TBS. 

* once: 

- Sttrvicw, 

VHouse, . ; 

■rtswark StrSit. ■- - r 

- rMT-ojSrr! ' :• V. -■ = ■■• 

JOVfchbcr. 1B7S.. 

i'aGNEW GALLERIES. 45, Old Bond St. 

W.I.- 01-629 61>6. ..DUTCH AND 

j COLLECTIONS. A Loan .Exhibition ir 
i aid of the i NatipiuK Trust lor.. Scolland 
. Until 8 December. Entrance tee BDp 
I Orlando Furies®- Until 15 December. 

\ Mon.-Fri. 9.30-5.30. Thurs. until 7. 

BROWSE A DARBY, 19. 'Cork St.. W.1 
ANTHONY LYTON. Recent Palnttnos and 
□raw hi ps. - 

; COLNAGHI, ia, OM Bond Street. London 
. W.l. .01-491 7*08. PICTUPtes /ROM 

l THE GRAND TOUR. 34, No* -16 Dec 
■ r Mon.FiT. 1p.00-6.0ff. Sats. 10-1. 

LgOLDSMIWS hall, Frttet Line. E.cT2 
' years of Hallmarks." Until _No*. 30th 
1 Free. . 1O.SD-5 : 0O daily, not Sundavs. 

1 MAAS "GALLERY. • Exhibition ot water- 
i colours, arawlnps and Oils by JOHN 
. -WARD. R.A.. at ISa. Clifford Street 
T New Bond -Street. W.1. Mon.-Frl. IO-S 
• r Until .November 24tJi.-‘ . 

i-MALL “ GALLERIES, JheTjiHrfs . W f. 
NEW ENGLISH ART CLUB. 1 Sis* £»«■«• 
Jaton.^Fei. 10-5. Sats. 4.0-1. Until 23 Nov. 
L Adm..20P. - 

iOMELL GALLERIES- Fine; British and 
42. Albemarle- Strebt. Piccadilly 

w. 1 . 


.Dally 10.00-6.00. Sbts. 10100-12.20 




- ‘ WITS r-EJftCO "1 

-. Si To LOAN I9B0 


Bond Street. W.1. 01-499 5487. 
SPORTING PRINTS. Mar *0-00rf ■ ^00. 
Closes NovMiMr 18. Sacs. IO.OO-12 -jO' 

tny MILES, E, .Du«B- Street. Sr. James s. 
ForBdtten Genius- An, .Exhibition of 
Landscaf -5- Gahe^v Houtc Monday to 
Erldav 10-S. ’ 

GALLERY, S A VC Marla Lane. 

uati— foB Ludsate Hlllj- ' 01-24B 5339- 

4«qnpt to-i become we against I oil and WaMKOjour PVigines. Seuipcmne, 
0» No. -5 -dated -15th November. Framed and Unframed Fine Art. 

UBSJWtM: n i- iS^tf :^r-1; n SS ,^ , n^r, E . d,tl0 ^ 

JWm^rof lB othff 9 n| t rrSclB ,l of 'stl5AN. SWALE'S.SALOM^ 

F icldhdurnfl 

® ^»-bw'n-m5Se.'D5J?Sl7!o7!ifGafteifi«-^"53 t Queen's Grove. N.W.E. 

iriifJL 3651 53 per coupon an 586 3fi0ff- 
Me -may tie 

^-Ij^e/pnnopa, amount Hr THACXEFUVYGALLBaY. u nrMWH Sr. 


. JtaaaeL.^* 

^K4P St i^ ,n t Ll " t 

w ember, ijjj. 

mjrinA. mrfrtarv arid Sport inp aoO topa- 
cr'phical prints a»d tamtinss and 3hips 

-TMf ‘ - 

>... . ■ 98.75 -J.15 80.0a 

■fa, i . 9J.25 -0.1a 02.30 

Ui, sJ2 0a —0.10 o*.6j 

Mh,.. 95.35 -J.Id 67.15 

.--lit BV.70 -ff.05 83.25 

Rusln-ss dnn, — Wheat: 

Jan. 90.5B-NI 21. Marvh 

W.;j-S.-.i-,. S.-PI. uil. u.l Sale*. nU. Iw- 
, _ ley: Xriv. mi j« Jup. *j.*s5.«s.33. 
29t 4|. +LB .Uan-b i.l Maj 8726057.16. Sirpl. 

+• f-8 .ss 23-10 23. Sales, uil. 

. HGCA— Avrraad spot 

|r»r Wi'h t-ndini Thur.-alaj- Noirmb^r 9. 

<9 5u. 5W — . 

LONDON— The marker was 
tfeaiurek-ss. rc-porls Raehe. 

iiynLe i»r r uilnt 

X»r. l>-f. 


AuMiamm .1 'itiT-lv'- 
— J.2I tirbkst W... i. 



* ,4f 



Not. 89TI5-6S.7-1. . 
S.VM-Wjta. Mar 

H«i'-li .. . 



Ifi liU-ei .. 

pri.-es I'-’*'" 

ll-ll-l. .... 

229.0- 51.0 
233-0 56. D 

237.0 40.0 

230.0 39.0 

230.0 38.0 

236.0 31.0 

237.0 33.0 

240.0 44.0 

2w0 8|i 

298 B5p~-0.15 £99.55) 

5U7 2)i T O.I 

12 322.9). +0-15 

. ... . . . :J_ Other milling wheal— SE 

r**b 7G8B-B0 -VS- .7600-20 -246. 

“> rjn 'u.ISS'm 15 

MwitafiJ :b2h3S '+S-.,' — . -nlr^' manths 7,i ■ :,0 w " o ;i|1 Ea '' E 6«ycr. seller, bu-.m-.-s 

■Xwfflti ~T . -SR**; ?*c £■“““■ ^-rh “r« w Midlands SE th.M. \W ct: Or. *»•>. M» ... . 

^ 7—* mniWaii »< s» too J969 9S Gotland Ts.Sfl. N Ireland -. UK March JVt". :;>45 -M.0-.Lr4.". 1: May n|i,«i nw w... 

months JUS. a. k.4. .9-3. 9.P. HJu. -9B.9. 9.s. tid.i. 7A- :i-.y.O-!,38.0. 4: July “Al.i -3 in* -in lie 

„ Forward priiV* I»r Ji-Iirery In Jan: inS.j. iitro-.isj-j <; iiu. 3M o. nil. tin C-nsIt. ......... 

- flA M Wheat ibr-ad' M Wheal tblhen nil: Du. 3»i.',0 :;«n.O , :6j.0-:W.1 0. 4: March A m.imh* 

- 0IJ50. Feed Wheal 67.30. Mallinc Barley .*r.u. riil.O. nil. nil: May SftS.r.. 17C0. ml. I'una-ieu-- 

rtf wiMfl ss - #0 - F - Midland.. *640. W Midlands 
ims Of W.9W ,- P c r .j6. ScoUand 93.:iO. 

Feed barley: SE 


Aliituiniiiiu U710 t?IO 

Five mirier. $1,180,20-10.0 M120 30 
lltfUMTi-e-li W H* i C73S.75 -1.25 L75B 
5 m.inih* -1-u .Im.-C760.75 . .1777.75 

» ush i hi h--ie 1-725.5 -3.25 C747.75 

.M.iMDth- .1,^ ,1 m. C748.5 -0.5 L'768.75 

«-*M Tiny $2 10. 12S . «224.87: 

iMil.w-h L-4Q5 - 3.0 C422.& 

3raii,nili« C392.25--2.5 C407 75 

Vii-lel ; ' ■; 

Krrr.MlrL^H-ll nil. .<1.72 SL.78 

1.82 190 

Sales; Nil <28 ■ lots ol 1.DO0 kc. 


Cloae • in under 
»al«5i. Micran 
H6.5-:i4t: 1 s: 

Platmuiu lr»v IV...-C142 

Free Market f 16 1.1 

Vil'-Ltiltrr iinlh.i. $133 18 

Moi’nimc Standard, cash 47.100. C.uBO. 

90. three tnonUu .'£7.G50>7‘ 40. W. iff. U5. - 
7600 . 7390, SO. 80.-50. 40. 43: 60 . 35. 60. 7n. 

'Kerb: StaibUurd. . three monUis nS70. 73. 

Afternoon: Standard, throe months i7.370. " Durlnp 

*». 3ff. 40. ;S0, 20. IB. 7300. 10. 0a. 730.V nWv«d blilhi-t die. 10 renewed i.uinmli<Jun --- . r - r! — ag an 

n 74 W. 8TI.-.70. 81). flfl. Kerb: Standard. . house . buyliiR before profii pared Mfl inc * .. 90 - 9Q " 1 ^ 

-■Ira towards the -end. or lhe day lor Ra JS2 . 
prices 10 close marginally above ihose of 
Fndaj-. reports Gill and Duflus L11I. 

featureless day cocoa pnees 

‘Swid' nil. M V heat < other ■ Pi 40. eepd 


-1.2 i'161.25 

>120 25 


... 298.85)- +U. 15 JOB 9,. 
L'7.610 -245.01:7 600 
L'7.505 -170.0 1:7.275 
S145.fl . . .. > 142.-4 

Gold rises; 
copper and 
cocoa rally 

. . AEW V«iRK. \0V. i.l. 

1*1 E'.loiS ME1A1.S ,-!os*d hmher nn 
, ■<ini„K%;on buyinu and short cover- 
:ji- jiind ruiiorns ot.-r ih. prospects nf 
Hu •■ailbpv or ih.. I.icypuan Israeli poat-t 
ufl-s. i:,.p,„ r and .-mua ralh-ri on trade 
ar.nrjj.- hiiymv and -.n-.-i.ub live stion 
■ y- rii:u Inf, snaar hin-ihi -l ,.n an easier 
ij.-i.- lull,,,. ina r.-in-uf d M-- a nla me add 
Ltdi'ba* r-puris. 

'17.7.1',,. March 
’-la- 17.7 liu. July 173.20. 
1. 1 7»i 45. Salf-s: 595 
-•iiirjcf De*. . 1 4S. Id- 146.23 
! ti..ili.I4> 7.7 <141.73-. May 
•ini;- mr-iwai. sepi. 
12- 00-12- M. Marui 120.00. 

Feb.: M When oil. Total salts -’1 W„i)Tiu„^a.04 t if.. S143 48 >142 47 

NEW ZEALAND CROSSBRED— Clo-if Zln. t-a-h L'350.75 — 2.75 Z360.5 


1 hr'-.- months- f7-.SK. 7 jOfl, 7490. .60. 

10. £0. 23. 20.-23. M. 

. LEAD— Lower on balunee alter on 
atti\> day's -iradtretu Intflatlr. lead moryd 
ahead joueblca f*W for forv-ard meiul on 
the early piu-marher rmecilns hopes ot 
a 4 090 tonnes plus' fid!- m -slocks. Huu - 
rver. itiL- tower. ihan rupe-.-ied redneiton 
in slocks -pMBipfetl -ajjaresslvi^-st-llhw 
Irani one pantcular quarter, thnuabi m - 
n-preienr a.-U.S. eomnnsskm House, and 
furvi-ard : material Ml sharply 10 CM on 
ihe mom frit kerb.." Jn rbe alr.-muon r-- 
neued seninp- from the name source saw 
ihe price LUi farther to the day's low 
nf KS5 on the late kerb. Turnoxcr 11.473 
lonnes. . 

(‘III ( 

YeMenla.v's + -,i 
'A . — ' 





. ... 2073.C 75.0 -6.0 
...... 21C9.D- 18.0 t3.D 

2093.0 60.0- 


2046.0-49.5 -0.25 

2020 0.42-0 —4.0 


tin onli-r litiy.-r. seller. *.il 

Dec. IS6-1V0 nil. oil: March IfG-lFC. nit. 

MGCA— Ld-.-aiinn ,-x I arm spot prices, m): May l?5-l'-: ml. n:i: Jn*y !>*■ »>2. mi. 
Other milling wheat: Lambndz^ 88. SO. nil; Dei 192-1SS nil. nil: D--i. 196- 
Feed barley: Cambridge 73-M. 192. n,]. r .il; .March imi-192 ml. ml: May 

Tbe L'K niAnelarv -■n-mclent for the | pc 1 92. nil. nil 
woiu heai nn I lie Ocic-b>r JO is espCL-ted I" 
remain uni.hanu-'d " 

lollawinx - tt£C. levies k’uI premiums in- 
effecllve for Voi.-mhcr 14 In anils or- 
acronnt per mnne. In nrder curreni levy 
plus Dec.. Jan. and t-Vh premiums i„uh 
PTotIouk in brack, is-. 

7B.3I1: ri-si nil ■'■'■I.' 

> in. -nth* £363.25- 2.0 C370.25 — 


I'M.ln.-ers >720 


t ••c-.niu 1 1‘liit, 8855) 


l-intt-l L’nule ,t,..j: 348 
Palm Malayan 5608„ 

MEAT COMMISSION— Arerace iafftock Seeds 
prices at represem aiive markets an t ,,).,• Fhitlip.. .. 

... November i;: C.B. Canle «f.29p per .x,v*Jie»n ,r..S.;„ 

'.runmoa wheal— kcl w 1-9 is-: ll.K. Sheep tas.Sp per 
rest nili. Rye— kK.ew dc.w G.R. Pisy *H 9p per 




15.0 S770 

-2.0 £320 


1-7.0 S275 


■ a. to. ■ - + ml + -•■ 
Uhk-U.1 ' ■ — '! Lm-fBcia ■ — 

Sales: 3354 14.8381 lots or 10 tonnes. 

International Cocoa Organisation >L S 
c-nis per pound 1. Daily price for Nov. lu 
179. ifi -177.001. lodmror prices Nov. 1.1 
I5c3a)- averaac 179.56 <170224,; 22-d« 

aceraae I76.:i4 , 173.76,. 


d^SS K |n' tafe 1 ' t Smm dS‘‘m ^rs^unr *-* r Tllhury - SL ' 0,t ' h k '^ '*** a -' ,: E,r ‘ hin ’ 1 ' 

three commission house wrllma. A weak New 

•• K f e 

tush- .'407^9 +1.25- 404-6 -3 

393.5-4 —1 . 3S2-.5 .^-2.5 

t-n'meni - AOB . .-+ 1 • *■ ." - 
’ _“J*4 — ^.’*®- 56 _2- : 

Mur nini:: -Cash" "r«S. B7. 97 J 

moQilis DW. 95 j, 93". 94. *). 92. 92.5. *3.5. Vorit market promprrd further lnsse* 
H. Kcrtj-. Thred months 1384. 83. 92. 9i. before trade suppon t-urinfi sieadied 
90.-99.5. 91. .'ATtL-nwon. Tbrer mombs £38l. '■allies ai ihe lu-.vs. Dr.-v,-: Rurnhani 
StJ. K. 9i5: 93. 94.'93.?, SS. >J_5 Kerb: Lambert reports. A quiet day ended with 
Thri-c miiTUhs E392IX, 9:;. JK- 7. 92. <n.fii j, the markei F20 in no lower irom I- rid ay. 
FS. , ?S. ST. SflL Dealers said that roast -r-* suit r.-maiDi-d 

ZINC— Lott . ground in- rynuxnby with '•’•‘.‘ABrawn in ihe physical markei and 
other meials. Forward metal held steady 1015 Prompted the easier »one. 
on 1 lu: pre-marker around Ihe rJrfS level 
hut rsme under Uphl pressure Iherafter 
which saw the mice dt-clme 10 LJtCi prior., 

S0.38. reel uii iSl.l'fl rest n»i. Barley— kK.l v. « — «.l • England and Wales— 
V7..72. n-si nil i.s.7.1.'. r, si nit), iiais— C^nle niuuhers no dninte, avers ce pru-e 

-HI it! real ml <>1.49. r-si Dll'-. Mai/c *8 Wo •■‘-e'rt-. Sheep numhere up 0.3 

toihcr than h ,- br:d t-‘t seedirifii— 79 08. kcr cent, ateraye urii.v ISlSp i-l.u<; 
rest nil .79 99.' r-« in'*. ftuckwhOai— l*ia nun, hen up 4.1 per cent, average resl ml 11 ™] re-1 ml,. Millet — Price *4.!ip i-n.f. Scotland— Cattle num- 
46.90. res 1 nil ,4«9P. r-*« nil'. Grain hors down 1:1.2 r^r eent. averute price 

sorthum— 77.53 r<vt ml -7795. refit nil». 76 (lip ■ +n.u'> Sheep dumber-; tip 2.9 

Floor lerh'w-Kb-.i: m raued wheat and nor cent, averue price lul.lp »-L7i: 
rye flour— 122. W> ilW-W'- N>"e fldur— Fia numbers ii|, 14-8 per cent, aterece 1 
U4.S pnee iH. r .p 1- 1.9- 

IMPORTED— Wheal: '’RWS No. 1 ft! SMITHFIELD 1 pence per pound,— Beef: 


COFFRK . t'l-^e +*,r 

on me 'late kerb of rws.S. 
Turnover 3ifl» tonnes. 

4! l«rtoiiue 







< m - -ih 1 is;.; 

- TfiHUF. .. 

I’ll ill .wr*! 

Dec- 194 3a. iranshipm-'ni r-vi cuast. 
African While Jan her. UK S 

Alton Yellow Jan -h-’ 1 *- BT " 3 UK Bar- 
ley: Enohfih feed £,ih T'-’t 1 . .53.110. Jan.- 
Mardi sn.nii. transhipno-ni east coast. 


'<+S- 1440-1445 -Iflf 1475-1448 "tT I 

— . 1 ■»-«•-■' Uan-h, .' Ia40-1343 -31.5 1375- l.-sa I u,,; * ‘ Uno# 

” Jfm.v.. 1290 1295 -34.5 1328 1287 ~ ~ ?_ 

350 5 1 -2 7S - 1*69-1275 -21.5 1292 117$ lT-ert„nnM 

' SEES": JiSSSlMS la53,MS INcmher.... 122 03 £2.3 -I.KHJUU1 

. remner..., 1 YZD- 1 L 45 -OZ.S - February : K 2 GO 72 . 8 — 1 - 15 - H 5 .IJ-ya.D 0 

April....: ii23 Id-iS.S -0.90 124.81-2358 

June -112 60 :3.1 • 1.DB.I23.10 

Aii^iirt 123 11-S3.5 -1-7D — 

tV-r.iUsr 112 M 2* 5 -1.0 J 

l*eyeiiit«er 121.05-25. D O-M .. — 

Sales: SO 029, Id's of 1D0 ronpei.'” 

U B Dark Nortli-'Tn Spring No. 2 14 per ouarien. Ki« ro *4.4. Pnreuuaricrs 
cent Nov. ss 7J. Dec tt.ii seller tranship- a9 n 

mem ,-ast - cod'd L‘.S Hard Winter 13! Veal: Dutch hmd-c and ends S2.U 
per ci-nt Du- MK-’Ji uu'^- d franshipmoJii. S*- u. 
east i-uasr. EEC u:i4u-»r,1 Maize: U.S. Lamb: English uiiall 49 n 10 5t.11. 
FTrnch u S unqi',it.--l I rench Nov. in-;, medium Sfl.u 10 34.«. heavy 4 *.ii iu. il.n 


Harley ; 

H-i-ne Fnmms... l'B2.3 —0.15 £83.65 


Freneh 3 Am £103 *0.5 £101 

When t 

A-. I Ite-t Sfimg £94.25' £92.55 

A--.2 HaullV inter £89.5,-- * 

Hiiciisl, .Milling 1 £92 -rO.5 £91* 

-hi|.„ienl £2.120 t6.0 £1.952 

tiiime Mnr £2,074 t- 6.0 £1929 

■liee Fuiure 

IA u £1.4425 - -24.5 £ 1.479.5 

.0 10 * -Men -A ’ Index.. 79.05.-'— O.l 76.3 

IIhMvi b tic- 61|- —1.5 61.25i> 

to "U C «| >Mani. £101 -Z.0 £111 

41 , -nk 1 «nri>4» Lit,,.. . ; 273 1 . 

~ Nominal, v sew crop, r Unquoted 

Scotch mrduitn 50. u 10 54 n. heavy 4«,0 10 n \oV.-Jan. n Sept. vf)«.-Nov. 

363.5 —2 

: E : : - C • 

560:1 2 

363-4 ’ —7fi 
351 . -2 

- * 7^33.5-4.5 

liuruins: Three months sin. kt. ni, «!. 

Kerb: Three monrhfr £W3, s:. at. 

Afternoon- Three motubs £3B5. fri. s:i 5. ‘■■'■bis Per pound 
Kero: Three mouths £363-5.. M, C a. isi. \rablea« 17J.M 
ALUMINIUM— Loyi^Broumt in fine wilh 
oLhor hav-iTKtals wub foru-ard metal 
■■jsinc back from ffiUfl m early tradiue n» 

Diuft-7 on lhe late kerb. ' Turnovtr 3,30u 

Bales: £.713 ,£.njt, lots pf 5 tonnes. 

ICO Indfurar prices for Nov. 9 , u.S. 

Colombia q atud 

- . KJ.5U-; umvushed 

Arahicas iSi.yi .samii; orher nnW 
Arabicas 149J3 n».S7<: Rohustas 1CA 
t®* s _ 146.30 i149.ihi>; Robusias !CA 1SW 
149.30 1 150.00). Daily inner 149.17 



51 U. Imported frozen .\£ 7'L.» 40 0 

Pirk: Enslisb. under tun In "7.0 lo 46.0. 
i«m JO in j-u id uiMfiu m :m.o to 

Grouse: Yuunf besi 1 S*i n |(, ‘i^u.O each. 

Partridges: Vouiu uon 1) 10 Jtrt.O each. 

CO VENT GARDEN , prices in siertiiu 
per package unless Mated'- — Imparted 
produce: Lemsns— Italuu: 179 '.70-, new 
crop 5.50-5.73: S. Africa it 4 01-7 06 
Cyprus: Trays 4.3v-a"d: Boses M4-m 
* 00-6.30. Oranges— S. African: Valencia 
Late £.MH 50. Spanish: Navellnas 'I.Tft- 
3.30. Salsomas— vSpanrj: Trays l.Sfl-tIJO. 
Grapefruk — Dominican- :i. *0-4.00: t'vpru-c- 
7.4LS.70: lira, 'il: -l-ifla 2.65-3.J5; I'.uhati: 
£.*a. Texas. Red Blush 5.50 Apples— 
Fnuieh- Golden Delicious £0-lh ;a £.49- 
J.». -44 210-JJil: 40-lh m itts/irs 4 30- jtuubli- pack Per pound o.<». Stark 
Crimson i!Mb 72 ].»0-2.PH. M 1.60. jumble 
pack approx, lo-lb 1.30-1. M. ftranuy 
smith £0-lh 72 2.40. S4 1.80 targe hoses 
inS'tAI 4.40-1 JO. Canadian; McIntosh 
Red* 2n-lh 70 9(H 2 7 0-2.90. 

Dec. xJan. u Dec. 
- Indicator prices. 

x Per 





r-f-m . _ p.iii. >ri^,r 
• — Unr.ffl-.-m- — 




LIVERPOOL COTTON— Snot and ship- 
ment saips lr. Lrventgol amoanrefl to 13s 
ronnes, ScattorM Opftrailons . in eoruun 


Pre«. TeaierdavV 
louitu. Close 

l'od. ! 1 

Fh>» ions 




• — ■ wvusuuns.ia certain Liert-nur 

rtonrbs.- —«?■ «01.5-2T — 6 Lmerican-prwr styles constituted the bulk ^'ec 1W.45M 5SmiO DS - S *W,5M8.M « 

- oT Ota offiake. Minor sropfflrt came in March... Ill 45 ll.EG 1 M.ea-ll-SMlJLSffll.BO 

African and comral American Qualities, May US.K ti.oflim.BO- 13-70,1 H.73.18J0 

W BU3H ' ' A Uf, ;i1S.5S-lfi.70.ll6.50-lB.B0 i m.68-18.!0 

o.-r, : 1 19.73-19 30. 119.ES- 19.60(121 JJLM.2S 

lift: 122 00-22.50' 12 l-IWL2J.4M2l.7S 

LONDON TEA AUCIMN- n,.,^.. «jSf 

■■-- - uruirc cnr.sp immiImI rg«« 

EASIER openuis oil the London physical 
nikrKOL Lmle interest at iower levels 
i-ldslne dull. Lewie and Peat reported 
the Malaysian codown price vss 2K t!36» 
kilo tbuyer. DtcemberL 

Cony- par pound. :sm 

nn nrPvloiK ntwifftefgi cV»a 
jtfornms: Three- monihs' IMS. D5. W s. 

M, 9j- Afternoon: Laie January fbdl , 

three months £604. 65. 04 j, 04. 1C. 02 3, 

12, Ot. 01.5. Kerb: Tlirpt momhg KOI. 600, declined ia juices though demand still 


.Vo. 1 





1 Cline ] 



n«e S1.5D-S7.70- 82.40-52.80, 61.80 


S°t« 13 1 .\ofT10 Month l))Ol Y awi sg,> 

260.98i 462.48 ; 264.00 i 233.34 
(Base: July 1. l»52=iwV 


$<»*■ Sot*. 10 Jl, - it I, 

3518.1 lii liT. ISieTr 1463 7 
tfeaw: SetKember' 18 . t«Si='iM>' ~ 


Dnir , S-.v. >..rT' Muiiiji 7 ’f«ir _ 

Ji-ttes , Li 1 10 ij<p gA,, 

“p* .... 393.01 394.31 383 16 364.54 
Fururfr.,a 88.79 i89.853fc2.B0 322.37 
(AveraKe'iWL , 25 - 26 = iU> ' 



li ' 10 

Mviiui 1 r« 7 
i “«*• ; nfi. 

■-•| i|p C-:-mmirld77,3 979.6 .974.5 819.6 

1 December si. !Mi=ino’) 


iiflsfaewry, Qnality loop fuamei; medium 
JISp tllTpir plain 7ft* iOSp). 


-h.-ri.M .v-JIiiip 
Cocoa — La- C. 
t:,..4u ,ir. 

S'W. 174 at. u 
Codec — ' , 

.I-..,-,-,.. -.tjrAh 
r.-> ,ii-i 

'2- Sal-* 1.41* 

Cooper— 71 iii-f | D^ l - 65.13 

I J»I H-I.v, March S7.SB. May 

«%. i’-. July OK h.7 s.-pi. ;,) 70. D, I- 72.00. 
Jai. 7.- 45. :.l.uvti 7.t.i,l. May 74 15. July 
S- pl 77 S3 
Colton— Ny. 2: liec ,.T «j. 7 4i >*{ Jo-, 
Mar.-h 7».:'.V70.4rt 1 71.13 1. J]gr 7US5. j'uly 
‘2 lU-72 211. lid. 1.7. In hid. De-., 
•March v. u3 Sale* 7.03V <9,830 •. 

Gold — X.n 21 - -.iiu ijng.iUi, d ( .- -jj •„ 
. -2iu2-A. Jan. K-h 21.i 2ft. April 
•2’!*.4» .lun,- .'2 :.fin. Auk. 227.IM. rici. 
2 2.-'ii fi- c 2:1, .Jn. r,-h 241 'Pi, April 
24i, iitf Juin- 2.7,1 7v. Auk. 233.40. 

Lard— I'Jiu-aKi 1101 aiiuiaM» 

• 23 III". \V pnm.- .>!■- am 2.i..7rt traded 
•27 7" irad.-d. 

Maize— D--. 2'-M, -220; -229:. March 
2 ;S-2 j*.. 1 Ms;. May 24.7-244:. Jui*- JUii- 
24'.. S> pi. 24.x. lief. 270 
■ r Platinum— Jan iLi.VA-JId.flft <» 

.ADrn .:I3 7 -i-.:i»..-,ii i.llHo,)-. .Inly 219 ;n. 
0.1 a.:ii. :i2!;:n. Jan. 3262W-:i26.;u. 

• April 120.An- 729 fn. July .iti.Mi4tl1.IA, 

Canadian grain prices for 

• November 13 are not available 
due tn n Rememberance Day 

-Silver — :.ut. .3:; ■ ;■(, ip ■ . p Ri ;r° n-i 

ml- I Hi,. 3 2 711. March -W.hv May 
_ I.ii: Til Juij- fill ,111 Sc III. ojfijc. D<-> . 
III Jan. h1u.;v. March MS.aO. May 
b'.9iii, Julv i-.9.«i. S-pI. .179 30. Randy 
H.irin.,11 -hiilhpn. ,\'.Y, 17».4V -7a,; lu- 
Soyabeans — Ni-v. r.7fi .or.P •- -Ian 
- '• .March ,,H4. -rJ-4 1 *.*•%: 1 ,\ja> ;oo- 
.7,-1 July TiiJ-ru... Ana. HM-H!i5. b,-pi. 074. 

! ',,11 id: . 

Soyabean Meal — f) L -,- is3.otM-45.Kn 
. I-#,. W-_. Jan ]*; il£77ii-. Mar>-h 
:-■ •H.II'.I May ]-,«.3il-]>; 00. July 15U.50- 
uu. A up. 1*,-, ,i,|.;sii j,i. .s\..p, 

. is-! "v, i'-im-ii-imj.jii. Do-, ifono. 

Soyabean Oil— D-c . 24 20-24 2(1 ,-24.l7i. 
.'an. 24 41-24.4.7 >24 :0- Marcb 24.83-24 79. 
.Mar 24 7-1* 24. ■ July 21. 43-21 SO Aua. 
.‘I.stl. Sent. 24 :0. IH-I. 24 Jit. D,-c 2S »)- 

J.; U. 

Sugar— \». j): Jjii. 

3 1 arch * -4-s 1,3 'Vila,. May s.S4 July 
N -’I S t-6 >Vdi 9 24. mi. 9. a-9..K>. Jan 
•t u-'* r'l. March 9 90-9 05. 

Tin— 7iHMHi 1 -1 7101111 asked 719 uO. 

723 li" - 

Wheal— U, c. rnT- SfiT’ -2C2. • March 
i-'-s - IM.,. May :i4.v:4.v. July .-I8i- 

.i'.n. St-fal. .7.S2-..S’:. Di-l -US hid 

31! c —ms per pom,,) - t-u arrhnus* 
iiii|--.'a vih- rwi'c si. 1 led. • «< per irov 

-mile- — '.Oi'-'IUIIc.- luls. • Chicago loos- 
p.-r l«fl Ihy— D- pi -,f Aj. pruea 
;-r.r 1-114 day Prim,- a ic'd 111 lob .\T bulk 

lank iars. i.cuis per -7-1-1 h bushel 01- 
.1,1. holts* 7 linn-bu'-ni-l lots ! per 

• r-' - . unlit".- f-ir 7v-n.: uiins nf 99 9 per 
c -m iiunfa ft-lircrcd MV. 1 Corns per 
ir,.} uiincc i-s-war- hoiiM-. -• New " £5 1 
lyiiiraoi 111 »s a short ton for bulk Iota 
u i ;nn shun loru dvlnvrcd fob cars 
fhicayn. Toledo. <=r. Louis ^nd Alltin. 

f.-iii-! r-r r.!> hushel in store. 
Cent' l*«r 24-lb bushel. - -r Cams mr 
44. lb bu»h--I i x-warihnus- , ti Ccllis per 
jiMu hu«hi"! cs-ware-huust-. l.noil-hushel 
!nl s ’• CC fi.-r While. 



Primary aluminium s locks 

JU ?; ■ grains asss sss iiMis «»«* ^ .«i»r . « *e ui^ 

DUNDES-Qiriu. Nov -Th-C. C. and T. LONDON FUTURES (GAFTLJ— The shipment White Wfiar d ‘ lU S' Mce was Apr-Jne 1 75.S5-75.40 7B.73-7fl.90 78.10-76 S5 Pni ^ k *! r st, ® J ^ 'Unprotusu-d . flOni) Primary Aluminium 
1’updt.t-. BWC^a. BTC I3M. MT ] P ad market opened to IDd higher on old mop Ascd at hfll.50 J.r-tiepi 77.B0.77.fi6 79.00-79J5' 7g.t0-77.B0 ■"'*?"*: S ?|?iL. C0<, h £!^J'? 5 - w, ‘ ««t!inab |n-titUlC flF.Ali totalled ■’,211.000 

BTD £-© G. wd r . -AnirctU'B. BWB S546 uhear— irade wa* again fairly thin, wheat Sales: 1.3S1 14.099- tou 0? 50 lonnes. ^ -iO-Ci 90. ,.,nnp- •<[ lhr , - n d uf ■spnle-mhrii- 

R,! ' •* BTC ^wa?8A.TrsK us am " rm '-••xrjir ».. h u.nn^ 

tex.iJSrJ’-Xr l!l " wid - f Au;i,sl »“• 

sssnsszs ss&sjsi u 2£22r aj*su-« ** aaiLS?' 1 »*- *-• g^^«^R»ss.5s: »■ «« <* 


Financial Times Tuesday November 14 1978 


* v' 1- - ■- 

; - ‘.:_N <- _) • • . - . 

Gilts more orderly after last week’s tap exhaustion 

Equities also edge forward awaiting today’s trade figures 


Snv. X««. 

"Vie. Nm. .Vac. . A W 

Account D^linfi Pales 


"First Declare- Last Account 
Dealings lions Dealings Day 
Oct. UO Not. » Nov. 10 Nov. 21 
Nov. 13 Nov. 23 Nov. 24 Dec. •» 
Nov. 27 Dec. 7 Doc. S Doc. l!l 

■"Hew time" dealing may lake place 
Pram VJfi a.m. iwe baxlwus. deays earlier. 

A more orderly market in L*ilt- 
cdped securities and luidcrJ.vmi: 
firmness in equities wm> Ihe 
theme m stock markets yester- 
day. the first day of a trading 
Account which is nsam likely to 
hp dominated by Ihe p:i> 
situation although some impor- 
tant economic and political 
pointers are scheduled for ihi- 

These include Ihe Prime 
Minister's Mansion House speech 
followed roday by The October 
rradc returns, the money supply 
statistics on Thursday and the 
retail prices indices on Friday. 

The Chancellor's warning that 
increased taxation ar> public 
spending cutbacks could follow 
excessive wage rises were noted 
with satisfaction in both majoi 
sectors, but failed tu promote 
any improved trade m (he 
industrial sections. Leading 
industrials opened around Fri- 
day's closing levels and edged 
slowly forward on a .small invest- 
ment demand coupled with some 

Several constituents of the 
FT 30-share index -were quoted 
in cx-dividcnri form anti this 
represented the bulk or the 
ID a.m. fall of 2.B. which was 
pvenlually transformed into a 
net gain of 1.3 at 474..1. 

Press news on the Iranian m) 
strike and of its eftecl on crude 
ml prices, aroused considerable 
interest in Oils. Trade was brisk 
and the lenders posted good gains 
ajthough late news of the suspen- 
sion of the Arab. Israeli pear 
talks fostered cfution and a mi j- 
■sequent reaction from the day's 

Slightly unfavourable comment 
on the prospects for British 
Funds, particularly the shorts, 
made little impression oil market 
sentiment. Indeed, the shorts im- 
proved marginally in the wake of 
the longer maturities which, after 
the antics of the last rwn trading 
sessions, became a more stable 

A limited flow of invert meiu 
funds enabled quotations to im- 
prove 1 generally and more in 
selected instances where »Toek 
was m short supply. Throueh 
switching and a small straig’nf 
demand, ihe Government broker 
sold supplies nf the short-medium 
lap Exchequer H» per cent WS3 
ar SSI. after having withdrawn ht 
SS on Friday. 

Following a subdued bu.»ines.$ in 
the investment currency market, 
the premium closed C easier at 
W per cent, after extremes or 
S3! and S2 per cenL Yesterday's 
SE conversion factor wa> 0.7223 
1 0.7271). 

The volume oT bii~jne. , 's in 
Traded Options left much to be 
desired although the closing total 
of Ii 04 was. higher than ia-t week’- 
daily average of 42 ( 1 . Follow ine 
Press comment, lit* attracted 
iniere>l and 14 k deals were com- 
pleted. v* title- 102 wore dniw in 
limits ahead or Thursday's imcrmi 

Inner 2 in 134p. Dn-ii-yoursclf 

concern Home Charm fell * i" 
20iip and A. G. Stanley reacted 3 
In 14Sp. after 144p. A small busi- 
ness was transacted in the leader.- 
which closed firm. 

Helped by favourable Press 
mention. (ilX pushed ahead l» 

CU please 

Commercial L'ninn gained li In 
I42p in reeponse lo the buller- 
ihaii-uxpectcd third-quarter profile 
ami helped lu induec a much 
firmer trend in «ilh«-r Composite:* 
Hopes Thai General Accident will 
oKo an no ii nee good figures when 
ihev report tomorrow helped 
them finish Id lo the good a I 
WSp xcL while Royals, irith iliird- 
quarter results due on Thursday, 
ended SI dearer at "4Sp xd. 

Nat West closed 4 better at 272 p 
loll owing the prompt decision in 
raise its base lending rale a poinr 
lu 12 V per cent. The oilier major 
i-learers, which are ex pec led lo 
follow suit roday. all moved H 
hi" her in sympathy. Elsewhere. 
.lomeijMc . niarkci inlluenccs 
prompted a fresh reaction of 13 
lo -34p in Hong Kmig and Shang- 

Stimulated hy cuuiinent on 
cetera! brokers' circulars on ihe 
sector. Brewery shares enjoyed a 
reasonably lively day's trading 
Bass encountered support at loHp. 
up 2. w hi le • Whitbread "A." and 
Guinness, bo Hi improved a similar 
amount to lfliip xd and 131 p. 

■selected Building descripiions 
improved on sporadic demand, 
tarmac firmed ■> in 14-vp aided 
hy contract news. Alfred Walker 
jumped 7: to 23 ip in response in 
an investment recommendation, 
while Norwesl Holst added a 
couple of pence to S7p following 
the interim results. Broun amt 
Jackson, however, slipped fi more 
in 214p .on lack of support. Ahead 
of today's trading statements. 
J.C.E.G. gave up 2 to I up and 
H.A.T. hardened a penny to 
27 !p. 

ICI improved from an opening 
level oT 3G0p to clo-e « up on 
ha lance at 3G7p and Fisons firmed 
4 to 3l6p xd. 

Cope Sportswear up 

Secondary issue? provided most 
of the interest in Stores. Cope 
Sportswear. became |)romineni 
w ith a rise of fi to -»p in response 
io the higher interim profits, 
while favourable comment helped 
bring about a rise of 4 to 63p 
in Rainer*. Further speculative 
interest in a. thin market helped 
Jas. Walker improve 2 lo lOSp 
.ind left the A N.-V 3 higher at 
Slip. while rises of 3 or so were 
seen in Peters. 42p. and Stein- 
berg. 22p. Adverse comment on 
the proposed merger prompted 
reactions iu Associated Dairies 
and Allied Retailers: the former 
cheapened 6 to I70p ,*nd ihe 



197fl| FT. -Actuaries Index I 

clo-r 7 dearer at 31 "ip. Occasional 
.support left Telephone Rental- 4 
to the good' at I32p 

The Engineering leaders made 
a liltle progress. Aided hy news 
«[ ihe ISUm worship contract and 
favourable weekend Press men- 
tion. Vickers edged up 2 to 1!H|> 
xd. Hawker Siddt-lry firmed 4 m 
22-Sp xd and <SKN closed a few 
pence dearer at 2D4p xd. Else- 
where. Lake and Elliot responded 
in ihe encouraging annual stale- 
meni and assets revaluation with 
a r i sc of 4 l o 34 1 p xd . while 
Wnlscley-Hughes. up 4 more at 
2Q7p. continued to benefit from 
the good annual .results. Favour- 
able Weekend Press mention left 
Babcock and Wilcox 3 higher al 
lolip and Edgar Allen Balfour 2 
lo the good at 3Sp. Richardsons 
Weslgarth rallied 4 to 43 xd. while 
Junks and Caticll picked up 2 to 
i»7p after last week's reaction on 
-the sharp fall in annual profits. 
Davy Corpora lion opened 7 higher 
at !48p following la 10 demand 
last Friday and held at that level 

News items were responsible 
for notable movements in quietly 
firm Foods. Favourable Press 
comment lifted F.M.C. 4 to 73p 
and Kwik Save Discount 3 lo 8-»p. 
Filch Lovell added a penny to <'<3p 
for a similar resnn. 

Unilever improve 

Miscellaneous Industrial leader? 
started the new Account on a 
quietly firm noie. The third- 
quarter figures reported by Uni- 
lever were deemed satisfactory 
and the close ate 8 better at 340p. 

. Ahead of tomorrow's interim re- 
sults. Bcccham eased to fiSftp but 
rallied lale to close unaltered at 
«33p. Elsewhere, news of last 
Friday's late 1 0p l»cr share 
bid from a private individual 

prompted a s*» if i upward adjust- 
ment in Kcau iiiid Will which 
I'lu-iL-d !• io the g'W'J -*i 23 i> on 
hopes uf a higher ■filer. Prc-.-: 
comment auracie'l buyer- io 
Law lex which finished l!;- higher 
,il fispxd. while Au»n It libber 
gained 4 io li>4|- for •’ sintikir 
li'lpnn. K. J. Itiley r> 4 fo 
on ihe results and -»i fmni of 
liifii lir-t -half figure? today. 
Smiths Industries added A to IINip. 
Details i»r ihe l'iii*te-*"iic 2 oil well 
report helped Rr»il.'**n Hill .Pro- 
prietary advance I-" 1 1,1 D*’3p. 

itiamnnd Stylus pul on - To 18p 
following an irr-e-u •neni roenm- 
niendalinn and llsindalls edged 
forward a penny :)■ on the 

annoimc-emoni ili:*: Ferguson 

Indiislrial. 4 up .»• l23p. had 

increased its sh.u ciudding in the 
group tn nearly 2«T r-ei reni. Deal- 
ing.- in both Tnllwx. I-'P. jod 
Hoskins and Hurion. l'^P. were 
suspended :ri S.rm a m. pending a 
fori her announcement' Talbex 
hold a near till pi-r i-ont -take in 
H Ac. H. and the two h*uv held 
merger discussion- h-tore Domcs- 
lic market inRuvne*.^ brotigh? 
about read inn? nf li and is in 
Swire Pacific, till* .md Jardine 
Mnlhcson. I Slip. 

In Hie Leisure -re: or A— ncialcd 
and Coral firmeri 2 m fi”.;p and 
1 1 1 j> respcciiicly Haiiaccnieni 
Agency and .llu'-ir improved a 
like amount in '■bile, m 

Televisions. Ulster A added St |o 
73 p xd in respor.-e I" an in\est- 
menl recnirnneniiaimn. 

Dowty featured tiMiors. rising 7 
tu 23Sp after comment 

concern me The chairman's 
assurance of profits from Chinese 
mininu equipment orders. Trading 
overall whs quiet in a thin market. 
Small buying helped Jona& 
Wood head put on 2 to 33p. Luca- 
cased to 2B0p on further reflec- 
tion of lart week's final resulis. 
but recovered io close unchanged 
on balance at 2U3p .xd. 

FoHuwins a Press mention. 
Sautchi an 1 Saalchi. at lD2p. 
regained k of Friday's fall of lb. 

Properties were marked higher 
following week-end Press com- 
ment. Awaiting today's interim 
results. 1 -und Securities firmed 4 
to 224p. MKPC improved 3 to 134 p. 
while Stock Conversion and 
Berkeley Hanihro added 4 to 260p 
and 131 p respectively and Bernard 
Suulcy advanced 6 to , 24Sp. 
Peachey Property. 7S!p. regained 
nearly all oT Friday's Tall of 2! 
which stemmed from reports of 
the company's failure to sell the 
Park West complex: the annual 
results are due tomorrow. A good 
market of laic following the 
annual results. Bell way ’ were 
buoyed forlher by bid suggestions 
and firmed 1! to 74ip while, 
ahead of Today’s interim results. 
Control Securities put on 2 to 33p. 
A dull Far-Eastern • market 
prompted London selling of Hong 
Kong Land which Fell 16 to 1264P- 

- Stimulated by Press comment 
un the profits outlook for ihe 
industry in the light of the recent 
upward movement in crude oil 
prices since the Iranian strike. 
Oil shares moved ahead on a 




• ■■i>i l.'niMQ 


» ••hi I. iil-ili 


> • .ii n <i it til - 

1. 1 1 ' 



■ ■mii‘1 tl-i. 

• i mill -hi. 

• •mu -1 Hi). 
I^ihi -i- -. 

Wtrl. \ -I- 
t|-is • i. S|.. 


I. lll I III i. 

p— I- 

II. — I- 

I ■ *1 • 

■ Ml 


‘ C-.-JUt 
offer • N ■«!. 



75 " 

38 49 

'21 2 


2i ; $ 


81 ; 25 

L'll'alllf S-JUll.V 

•■ffr-l- Vol. civic 

25 . 1 14}. 

-- , 3 15p 

- , KISfi 

- | 225|j 

- j BSo 

- i SB0|. 

50 - 


4i* 52 

25 I 69 p 
- ! 195p 



December 14 1978 

The Financial Times proposes to publish a Survey on the Gas 
Industry. The provisional synopsis is set out below. 

INTRODUCTION The rapidly growing gas supplier* from the northern 
North Sea arc confirming the gas industry’s position as one uf the most 
important energy suppliers in the U.K. With the southern North Sea gas 
fields the industry has already made a major contribution towards improv- 
ing the U.K. balance of payments. But how long can gas remain a majnr 
energy supplier and what are its prospects of making further inroads intn 
the U.K energy market at Iht* expense of the other fuels- 

SUPPLIES British Gas is confident of its ability in ,-upply premium sa 5 
markets well beyond the end of the century. 

PIPELINES A number of mini gas gathering systems have been suggested 
for the North Sea lo reduce flaring and collect gas. 

ONSHORE The network of pipelines making up ihe national tran«mis?i>.in. 
system is almost complete. 

MARKETS A look at the users of natural gas and the prospects of further 
growth in the gas market. 

CONSERVATION The industry has been actively promoting energy 

SAFETY What has happened since the publication of the King repuri 
into gas safety. 

GAS APPLIANCES The opportunities offered to gas appliance 
manufacturers by British Gas’s aggressive marketing campaign. 

THE FUTURE What happens when supplies uf natural gas begin in fair 

using modern technology lo improve relations with customers. 

For further information about advertising in this Survey please contact: 

Mark Skinner 

Financial Times. Bracken House 
10 Cannon 5treet. London EC4P 4BY 
Tel: 01-248 SOOO. Ext. 7152 



sri mblicJU'in itnyi of 5 o fii-* 1 iMEnti T:ni-; 1 .- u:i> 
?T -Itj-.T -Sian uf ih- Ldifor 


Ts- i;iio->-? — oi ;•€« • ii* 

S*ioi- : . -njl' : 1 a: %i'< .:>V"l4i 

4iu:noi nc/. hi; i -m *.«>«« i-' :9?6. 
STOr.ES iZ> 

Mi'l Wii'.-j 

FOODS «tl 

F..r W. J ■ 




R:l:'C09*. 4 to l.» 




H433»J .J I 


*40: 1?52 Excnmili 9 xj 
B-;;ei ~ -it T9-jI g.C t: r:- i?5: 
■>.4 : .at SS-co S AI-.M 9 ac T9-A1 

T*l ;Ss-. 1 33 ICFC 6 jkDi. XT-nt 


W 'C’"£ 14.;: 1S-9B 


5 ziz rv: « 


3fi: R :• 


B?f' P.-iim Fi’ ~ 

Um. Scn*n: At 
CiT’-” • -r -' tJWii: G'3 


••.i-ni.!. H. I C • 

C?l A lpd» LRC IMP' 

C e-** • H;«<» L:Bt« iFcb»i- 

r. -mie Hioa» T :or-iu *R. w.» 

PAPER 111 

‘i:rn Gi«:l 


E- sli»:i P»op. 1 ipcCn. 


► w' loml. 


RAT Ipos. S Hunter 


SUIT In... 

MINES (21 

R-*.:1r»'»p Corn. Kj-nuotina 


British Funds 
Corpps.. Oom. and 

F ircign Bands 
Financial and Prep. 


PI. Total i on* .. . . 

Mines . .. 

Recent Issues 

Up Dewn Same j 
SB 2 24 I 


fc IS 31 ; 
m 273 230 

122 It 305 
12 1 II i 

- * 25 

57 24 SS 

5 3 II 

MO fit 1.3M 





■H -;-n.|. li'iy h Figure. 
-itM <i F.rwsin dii-xii-nd 
II-J 11.,-M l.j-rd -JU ri'-NiM- 
1“ 4 - .ijifii-iJ ; r.inr »||niv. 

•r ra.iriiij f..r n.-iurr-il 

iili-ruiii , nil rc:< i. <| . r l--rn.i 

broad front. Trading in the leaders 
was reasonably brisk and. with 
stock in -hurl supply, prices were 
quick to respond .to buyinq 
interest. British Petroleum 
advanced lo 914p before ea.sinc 
back laie to finish 24 higher on 
balance ai flOSp. while Shell 
followed a .-fmilar pattern, closing 
13 higher at 57Tp. after 5S0p. A 
report that E-^ypi is to suspend 
ueaee talks with Israel and recall 
its delegation from Washington 
prompted >ome late profit-taking. 
Among rhe more speculative 
issues. Oil Exploration pushed 
ahead to close 10 dearer a( 220p. 
while gains of around 6 were 
marked against Lasrao, 136p. and 
TriccniroL 170p xd. 

Rothschild Investment rose 4 to 
1*11 p on the assets revaluation. 
Elsewhere in Trusts movements 
were limited to a few pence either 

A slightly belter trend in Ship- 
pings was reflected in a rise of 2 
ro Sip xd in P. and O Deferred. 
Staff Line gained 10 in tOOp ahead 
or the results due shortly. 

Following susDcnsion of deal- 
ings al the opening, dealings were 
resumed in Dawson International 
and John Hnegas after Ihe agreed 
merger terms wore announced: 
Dawson, ex the I -for- 1 scrip issue, 
closed 3 off at 87 p. with Uic A at 
8fip. Haggas touched a new peak 
of IOOd before closing a net 4 tip 
ai lS3n. David Dhton rose 4 to 
llOu. thc interim results are due 
on Wednesday. Sunbeam Wolscley 
rallied 4 to 41p foliowing an 
investment recommendation, while 
further consideration or Tburs- 
dav's excellent interim statement 
left Ash Spinning 41 better at 60p. 

Golds edge forward 

.\rtcr trading quietly for most 
of the day South African Golds 
began lo gather strength in the 
ofter-hours trade in line with the 
improvement in the bullion price, 
which closed S2.30 better- at 
5210.123 per ounce. 

The Gold Mines index, ihciuding 
the investment currency premium, 
put on 1.S to 1SS.U .while the 
ex-oremium 'index rose 0.6 to 

Most nf the late interest in : he 
share market came from Ameri- 
can sources and reflected a down- 
turn on Wail Street. 

Heavyweights Golds registered 
gains of up to J as in tland- 
fontcln. £29] and Hartebeest. £12. 
while Vaul Reefs hardened 1 to 
£12. Among the medium priced 
issues Klonf advanced 22 to 493 p 
while in the cheaper-priced stocks 
Stilfonicin put on 6 to 2S2n in 
response to favourable Press 

South African Financials mir- 
rored Golds. ■* Amgold ” rose 5 
lo £132. Dc Geers 6 to 336p. after 
being unchanged for most of the 
day. and Ando American Corpora- 
tion 4 to 302 p. 

Platinums edged up a penny or 
so with the exception of lmpala 
which fell 4 to ITOp m front of 
the chairman's slaiemenL 

Govern rnrot bcct 

Tlsed Interest-.....-... 



Gold Jlinev ih-Spm 

U"l. Lllv. YieWt 

P.K ICaik. <n*n Mi. .. 

Iren liu-i miu-kert .. .. 
fcj|U‘ly lurnowi L'ni 
Equity fonyi'ii- l.-i * 1 

Bays' too GoM 
Minus 12-0. jj- Ex- 

4i.i i it sni 172". «"1 2 I pm 4714. 

2 pm «T3i. 3 pm 4* <*. 

Latest Index 01-236 8026 . 

“.Nil = 7 9’. 

S^c-4 <3 |0g4. F|<.;4 IftS. I9K I nJ I GoM 

■S pill index Started June. 1D72. SE A«.fiviiy July. Doc. INC. 


I97e . SiniK L 6i1 i"H 
. ' Hiidi !<■« Hi"'' 

S.E. ACTIVITY*>... /u.aO 

Fixed Ini.... Ul.a 7 

Id>i. UuL....- 5aS.5 

li.-iiil Miuvr- . 
1 . 1-1 pin.*.. 

Ial7.4 ' 09. IB 
.9.1 J". ' . 3 I 431 

190.4 aO.44 

ddilfo;,; :a-I 75 - 
349. V! 49.4 
• i«-i ;i. -ik k 4u- 
44 2.3 4J.3 

>£i i 7 c IU 71 

S31.1 : 54.5 

1^14.74. - in. 

— Lta>iv 
II ill Hspi . 

In'i.i-iCHi- .. 

rtann.Pii** 1 - 

lalxvAv eraj* 

Gm b-i^eil . 

In lu' lru.- 
^le-u ntiv. 

I I.IM I" . .. 

211.0 187.5 

141.6. 142.0 

54.s: 55.5 

104.1 ioo.r 

178.4 164.9- 

140.6, 130.7; 
55.6 1 33.2 

98.3 99.5 

Last Last 

Deal- Declara- 
ings tion 


Pori land. Cooper Industries, 
p or Burmah OiL Corron, Associated 
c.h ip Leisure. Capital and Counties 
ment " P r ®Perty. Mount Charlotte, 
- . __ Pacific Copper. Hampson Indus- 

Nov. 7 Nov. 20 Feh. 8 Feb. 20 tries< dnd Allied 

— = See.' 18 Marian A P“t arranged 

Barker and Dobson, while 

For rate indications see end of double options were completed in 
Share Information Service Burton Warrants, Grand Metro- 
Money was given fur the call poll (an. Adda internal Iona! 

nf English Property. Town and Hotels. Hongkong and Shanghai 
City, Burton Warrants. Bath and Banking and Duple. 


Stock tion 
Shell Transport... 25p 

BP £1 

ICI £1 

Barclays Bank ... £1 
Marks & Spencer Sop 

Tarmac 50p 

Allied Breweries 25p 

Beechara 23p 

Dunlop 30p 


Mem! Box £1 

N'alVVesi £1 

P. & 0. Defd. ... 11 - 

RTZ 2.»p 

Royal Insurance 2op 

Activity in. Australian^ was 
minimal reflecting the continuing 
poor performance in overnight 
Sydney and Melbourne markets. 

Base-mcia) producers drifted 
easier with falls of 2 common in 
BH South and Mount Lyell at 112p 
and 28p respectively. 

Tins were lower across the 
board reflecting Ihe sharp falls in 


of Closing Change 
marks price ipj outlay 

Slxd 2 

Hone Kong and Singapore 
In diamond exploration issues 
Ashlun Mining hardened 1 to {Hip. 
Con/ine Aiotinlo 4 to 254p and 
Xii rl hern Mining a penny (o S6p. 
markets, coupled with continuing 
concern over possible state 
participation. Ayer Uitam. 31 Op. 
and Trnnuh. 210p were bolh 1(1 
off. while falls of .1 were common 
to Beriuntai. 21 Op. Soul hern 
Kinta. 2lWp and Sungct Besl. 2Pflp. 


These indices are the joint compilation of the Financial Times, the Institute of ' Actuaries 

and the Faculty of Actuaries 



F i cure* in parentheses show number of 
rtocks per sectlun 


2 Building Material* i27i 

3 Contracting. Construction (28).. 

4 Electricals ( 14) 

5 Engineering Contractors! 141... . 

6 Mechanical Engineeringf72) 

8 Metals and Metal Forming! 16) . 


11 < DURABLE)! 531 

12 LI. Electronics. Radio. TV i 16) .. 

13 Household Goods <12i 

14 Motors and Distributorst25) — 

21 (NON-DURABLE) (172) 

22 Breweries (14) 

23 Wines and Spirits 161 .TT— 

34 Entertainment. Catering f 17) :... 

25 Food Manufacturing ( 19)..... 7 

26 Food Retaiii ng (15>_ 

32 Newspapers. Publishing ( 12)..... 

33 Packaging and Paper (15) 

34 Stores (40) 

35 Textiles (25i 

36 Tobaccos 131-..- 

37 Toys and Games 16) 


Chemicals (19) 

Pharmaceutical Products (7)..... 

44 Office Equipment (6) 

45 Shipping 1 10) ! 

46 Miscellaneous (97) 

v m iam> Fn - Tburs . Weil. Tues_ Vow. 

Mon., Not. 13, 1978 *»• "»■ "g^ 

Ratio Index Index Index Index 
i Nell No. No No. No. 

227.96 +0.6 

193.67 +02 

534 8.01 22639 

5.85 7.54 19327 

449 6.97 350.11 

3.48 10.15 523.33 

6.15 7.60 355.34 

624 713 17727 

8 84 8.27 163.20 

22615 22690 
194.13 133.S 17184 
359.67 362.65 36219 
52192 523.19 52105 
353.24 355.17 357.04 
17702 17835 178.06 
162.40 162.44 

19636 19611 
24389 243.06 244.00 
170.10 17031 170 JH 
11679 11100 117.89 

202.33 20093 
22172 21937 
269.65 265.91 

19185 I 190.28 
173.46 I 17198 

12524 I 12664 
20692 20687 

Hggg KIJJ ESI ll&al BTrn n.,g ^ I'I.HjI iy i j 


62 BankstO) 

63 Discount Houses (10) 

64 Hire Purchase (5)... 

65 Insurance (Lifeil 10) 

66 rnsurance(Composite) (7) 

67 Insurance Brokers (10) 

68 Merchant Banks (14) 

69 Property i31) 

70 Miscellaneous (7) 

Investment Trusts i50i ; 200.49 

Mining Finance (4) 102.71 

Overseas Traders ( 19) 309.05 



_ . Mon.. tlajr'h 

British Government Nov change 
ia . 

Under ft years.. 

5- 15. '-ears. 

Over 15 years. , 
5 I aU stocks. ... „ 

+ 1.1 
+1.7 24.76 

34 I 12608 
13 11515 
70 31069 

536 10504 

\ 20076 









Br ImM. Av. Gross Rod 

215.43 | 21500 

Mon . Fri.. I Voir . 

Nm. N«n-. 1 

13 10 

964 9.64 

1130 U.52 

12 S 12.28 




1282 12.84 

1327 1128 

1332 13J3 

1236 [ 1235 

20-yr Red. Debi Loans (16i 
Investment Trust Prefs. (IS) 
Court, and iodi. Prefs. (20) 

| " 'l ; I 1 H,q h» IIU l»W» record, bwc date* ami valum anj cenwllwnit thanar' aw _ r— — : — 

isrirssK.'ssKiissL m&rjzxsrgzrs ?* t ”"”- •™ i "- 

fry, YJ& 


>■- '-'* — • • « H-: V~ »..■. -j-jr-r 1 ? *~ •**• t'. f -. 

• %-• -j.-a* -*r'-* .;■>.* •'.■ • .t . >■-.' • v. --v*- - ’ ' . •’-. -•• -. 

■ x ■'•'j . * •-j.a_'‘ - J.'i ;-.• ^ !_. 


gUfflOv -Tt rofingtyt U ott Mgt- m W Wntt r hirilbunnIJi r- 7I7Z ■- 

SS 25 £Ji£cr ^ iss^sss 

^-3 23 at |8i i£5H3 IS gsgfc:^ 

BBS 5 £Sfc* ,is 8 ~ » 5 iJ*S ^ «*»*. «* tSSfe.-- 



: P» 3 «B 7 ar 

AT* Int Growth 'f 

- >4 Pa Accum- 

Sm ft pwper continued 
Scotldts SeWrlMe* Ltd.? 

SeotMtaJ — ■■■-—-BN l?9f 

Scotyidd -—g” g | 

Scotehafef..- E, 4 _ ,^ 3 J 

Target Tst. Mgn. (Scotland) <oMb> 


JS. Athol Crescent. 'Ertin S. 

■if, [ 4 J* Target Ajner.Bagte|23 8 
“24 Mg Target ThtfUe-- -.39.7 
2S? F.xcra Income FA.JS94 

lonoi (WDi Alexander Food 

oai.saaasitt r i as, mu* street, eczvbje. 

-cJjLrtd iu n - n * Notrf D “w- rABcnsboon;. Foa»el«-..« IFrlJJ# 1518 

5atol 0M Alexander Fund _,.[ SU8&M ?....[ - ioa&wln (FrUSM BU§ 

«« ..1005 Net KW >nlue Not. 5 om. Assets Cap _. £13757 137.6d 

Allen Harvey ft Row Inv. Hgt. fC.I.i K****! ex Japan -IOZ20 i- I 
I.ChiTlniCnn.StHdltr.jn.Cl 0XH-73T41 King <t Sbaxson MsjTS. 
AHRGIItEds.FA..l£M.U 10.17| ... „| 1194 I rtorilwCn»,.P t H^Jerae-. 

Arbuth&« Securities <CJ 3 Limited Y ~ P nSST-r ?. rt « £5*- 

P.0. Box aw St. Hcl iff. Jersey. 033477177 GmFundiifr^i^lafe BWri 

k -»*JSs£±r^ 

gLInds. Fttndj— 

Mt A it*4. Hw, 


{gUK-7*m*9 _ 


use — 1 

eutad Fndr 

■■mammal. i 

eifle Fund- — } 
« Of Anier l c a. - 1 

' * i fdaHiit Panda ; 
kscbb Earnings. 

I^ CX UBit SuMUrB lift? 

4*2 liTSMteaJQitiaBCaKTDD 01-1 

'B.7*. G.T.C*p.Imi jttU • -S3 

**> *-- V 1BU 

5450 6J.Iac.Fd, On . IB a • 1U1 

. ... 6 .%U&A 6 o) H ^.UR 9 .. 12Mn .._ 

i 1 ■ f?.Tr Japew A 919 . - 977 ... 

dGtLPen&E’e.Fd-^. lS.9 M24 ._. 

■ Jffi- lUT.tntlFnnd..:. S3 1C3.E _.. 

•«* GX FcmrVdsFd— M.9 ' 5«4 .... 

a«dL Portfolio ihi ^ IS ~-l » 4 Allen Server^ KmkJhv m« ini 

r.rtiTTB T /-uen -.L ---■-: 7— .: ~^7 — *: — • — W^Cmta |«j 44.S ° | ^ Kolboni Bara.fccix=NH m-tmvsaa WbSirre. wb^. •.-■! i. 45 Trades Union Unit Tit. 3Can«*era¥ si n . *■ 

ktegwiawi; -yrtends* ftn o^. Unit Tr. MgaME ■ J5J52I K JohMt ® ne V.T. Mgat* W P * ud " l, * r ,1Z40 ^ Se^ln^ Troit Mngrs. Ltd. '“^‘^snw.E.O. AHRGii;Edr.Fd...!a8.u ' 16.17] 119* irhiiw 

‘ *od 0E73>-2iM5i :«*hBntBna^to£ • twwt ^5^.'? 1 m “' g i«»w-G==L 7 h iHl^aiSsai QoUtor Management C*. LhL¥ MO.SwKhStwevUorttes | T530®66 *ai TLLTNdv - 2 - ' 14,3 St*l .. ..I 548 Artath&tt. Seeuritteft <CJJ Limited i'S* 7 ™ 

toil j£ Transatlantic and Gen. Secs. Co.V p,o.Btw3M.St.Hciier.JtTw } -. 033472177 cutnmd 

J50J 7.. I 050 31-89 New UmdnalW. Chetmsfonl02«51®l Cap T*LUcraeyi_.|nS 0 U9.0| I 420 GtltTnuA 

Keyver UUmann Ltd. 
35. Milk Street. ECZVSJE. 
FodmIbX [Frl Jt* 

— Bondi*el«x IfrGSti 

Cent. Auetsfap _. £13757 

n . < KryMlci Japan . I n? ? n 

nSSSiSSi* ' 4*W 4 JSPMS to w-m mji iinlltw Management C*. Ltd.? itt.SauthSwuDwwos 


v™ 1 sr H 4__i .. “*7 rndlF- 0iudmtGea.FU.fUB2 1173^ 1 419 Ara Gtwia^ 

\ -SSJ??* ISf Mta * gCT * f Wtt> 13*3 ■! 756 ££$&&& 

'tat a££5s2itai: t S' raU - Kdlance Unit Mgn. U±f SjgKftL 1 

3^- Mutual mir^- - “ 4 7?J ^O.ij 7S Relieve Hi*., TunbndjtWcllj. KL 50023071 lorome DlsL. 

M S 5 bS OMwrWBttvFd — 164.7 njt . I in ins.ltFi Wdr-1 

510 s* Dtuw High VtdL..BSLB 59.4 +S3 SefiordeT. 'Arc. 1.. 1*4.7 *7j| rt5.ll 5 70 tnral GroeRti. 

Hi Nntieiul ud CammercUl .1*2.7 *574+02 ! stq Jnvnt. Units 

f^L^ dne ?' Squ ^ r - Mmhurth <BI-»«M51 Ridjefidd Management Ud ^Nd^eid"^ 

7 IB SSSSSair*-teJ [ *■» W*0.K* n aed S SL.K MC h«« tsaeett RS*S*Tg 

nr„!r. raSi ZzITI .... f s.m IBID Mat I an Property 5htf* 

n 4% iS lj 2 S Transatlantic and Gen. Sees. Co.V I "p.o. bot aot Sl Hd ier. Jerwy. 

01-99 NrwUtndflaRd. Chetiiisfortl02«51®llCap TsLUdsej-'—lUSO „ U9.01 1 420 Gilt Truu iLft It i_ 

8" — 09(_ 2JP% 

3.-rtJ,iL tu 

■' 1 : • >'• • • • 

&&&££ 5J2L, . SS£h^ 3 m m : : H IS HWKM* iSfl. l IK SSERu 

„ .34*4+021^5? National Provident Iov. Mngrs. Ltd.f *®ttoclilW Asset Management lei j’lfiSrSS 

• Jl _ 1 1 ' ~TTl nil Ml 1 «i rfi. r i m tmVmi ^GfMKliUNhSl., ET3P3HH 01-6534300 1M0. Gatehouse Rd. Aylesbury. 039S3MI fij FC2. 

-Garnnotie Fitaa Managers t UKgl NJ > i,Gthi;aT«...i*s.2 1 ik v.c E4uio'Fund-.l)64.2 17454 +o» 359 , 1 5:SfS¥ l T ^ni 

. .. { S3) 3440. Kennedy SL. Kan 
■■• f 5C Ridsefield Int. UT. 191.1 
■ •■j 393 Ridiefl eld Income. |94 

Karket Leaden 
■NilYleld ... - 
Pref. & Gill Tnirt 
Property Shares 

34*4+021 4M * Nal J OBal Provident Inv. Mngrs Ltd.f Rctiwchlld Asset Management w 

n m 1 IVtnriv.' 

SprtlalSIf TV.. 
,yl I K. lirih accuio 
., U.K-Grth-DI.T - 

J. Henry Sell 

27 34 ... IBS Barbican Not. .{73 0 

27 31*07 4.39 {Aecum. Unlu.i. JU2 

31.24 .. 9 45 Barb Eipt Pel. 33.. 90 7 

J 3.6j .. 9 fee HuekkiD Nov S .. .791 

33 01 , . lAceum Vhllsi 97.9 

50 J -0 2 340 CoItoN'oi. ID _ . 122.1 

Zfc 9j 4 70 iAccuir L’r.Irsi . ..150 7 

30.2 +0 31 *91 Giid'W.NVA ..SO* 

2*64 -Q 1 . . < *ccnm. Unim .... . 57.0 

75 ol 1234 Ginn Nov 7 . .. 51 B 

27 S -0 1 228 'Acrum. Lniui . .67 5 

3325 2 23 Marlboro V*. 7 ...49.0 

23 34 -Q1 ■ aceum. I'nltai . . 57 3 

, 70.14 613 v an.C«ih.Nov.T. 486 

w agg & Co. lild-V v'.'fM" 1 '. n '1' — ■ M * 

595 Next dealing d; 
SM GcrvlS «m T5t „>* 

4 04 X**i dealt nfl date November 2u 

sja EaKtimiTHucrnio* mi j 3H W3S3T Bi^iSr *wS? 

555 Nasi dealing data November 23L ™ wn " OtTntB 

J;Jg Australian Selection Fund NV Xleinwort Benson Limited 

dote November 2J. Gilt Fr.d. Guenwr!*?* 
” _ .. • jj iAOO I at! Gavt. S«st. Tat. 


-flJfll Mt_ 

0481) 24KB 
.. -1 1225 
— J 12J5 
.1 12.25 

Flnl Sierline K18.09 

First Tut I my!«n 

7.66 Market Opportunities '-o Imh Young ft 
7.68 OuUtmlte. 1ST. Kent SL Sydnej- 
S 12 USI! Share* ... JLSlSl J ..I - 

_ UtM£l SS I, Gth 17a Tit |u i mi-j ■ CA4 

•ller Co>Fd_ M6.0 2SS. -■=-■■ ifi 2.&; MaTy Axe^CSAREP. 01-3833531 iiS.™? 1 - UbiL#1-. '" 59 R ' 1 I* 

lSnSr.CosFd 4SJ . -JjS'rti'i ‘ f??. odAawl eanJgt ^ BJ.6 2St*| +031 OM ?2L° ■*?? Tten . . Di2 l»99n} j f* 

coverySlt*. 94J • ,BntS»D > T«£ArtJ..Si 992 -0J °o ( Aecum. Uruia)-- .. . VCB UBjl I 2JI 

t-3Hn .&Cdty M . . J52- CUMKKflty Store iS».7 . * Uftl -ML5 in -TSS? 00 ? n - «. Next rt^IJni'voe 3Q 

mcaBEamtngs. 575 . n .4jL»-*C2 .-Ag. c^n-i! tpeower 260m — 0J «at frlcaa on Ktr. t. ji r * • 

jt Sirdr Ctfo.-*®*-. 2«W -M 5 ^- ^arK*KTrw*+-^ ‘ Si 1*5 SS Nali * B * 1 Westmins 

(deem Unit Trust M»M8 k»'I«^;SS^Su!=:S 7*j 7^ c£ mi^K5 4e «W ‘ 

.FencbwehS^BPMOaA r . ««» jna^sencte*-^®^ 1*^ -HUB 3.g “J 

tSSS 1 — ©^SSfesf. is 43 IS St=: = ii 

SSSSS^.^I^-'^^SsSSi Ms - ^ paS 5 w=B 

JtOBtfUy Fund .1175 IBM —4- 9R9 3-FV^tK(cVsl^.CHa Jewvr S<2. 01-006411! Lolvareal Fd.14 . ka 

> n -fyiv~ r«- w-'inexi muu ju 

486 V ic ® , . OT »■ Neat Heal me Nov 15. 

ck N.C Equity FurnL. 1164.2 I' 
c ac VC. EoO-.Ret, Tstptl2-5 II 

VS N.r. Income Fund .144 0 
J3S N.C. tnG. F«L ilnc.HBl 3 

[ +0 3{ 3J9 
+15 268 
+Dj 7.62 1A4 

,SS iAcctna.1 — -}»2 

i m S Income Noi. * 

?c5 'Acrirm Units'- — gR^ 


N.C. Inti FA lActltal 4 07 fij +0 51 154 “ M5 

NCSmUri <S aFVl|S0.l 159.1} ...J 4.75 S*g ~ US iJ 

Rothschild A Lowndes MguL la) 

- Rothschild A Lowndes MguL la) .’SSSSS^iu.' U-» arai 12m -+ » 

V» JSS^SSSmi 1 ^ °W9P WR- M J W«*“ Lioai Lda.. EC4 0l««43S« -^Ch»F<K>ct24-^ 1E^ .\ .\ 5S Canysw Rand. Mad 

IS EhStmT”™' 1 1 — SS-I ■‘fj *■« NcwC't. Evempl „. [029.0 137.04 1 3J7 -SpecE*. Nor. 7 --fej 4 S55-3 • 3 2 Tncome Nov.8 .. .. «fl 

W Financial £■£ 70*3 ♦JA J£ ■ Pnees on Orl. IK Neal dealing Nov. ]} "Recovery No*. 203.4J .. .j 4 72 iAbcuhi. Umlsi.,,,., 1IL2 

8-® GiMhhv" g-S 3S^+a.; S.71 .. . Tor ta> esemirt fund- only Capital Nov.* 124.2 

S-! Si +B-6 5.25 Rowan Unit Trust Mngt. Lt«LV Tai .Scottish EHttltabte Fn«L Mgrs. Utd.V « Accuiil U niwi ... 175.6 

afi. ?-“^!i 0 . r Ki f 14 -'- 33^06 SM «tjG»t* H »P--R^«ryS9,EC=L 01 -BOB 10W SBSL AndrmwSq.. Bdlnlxush 03I-S560101 .A^nTumcfi — K40 

LiT^ Fd ' d, -^ KJ 547333 2J6 *?£& “-! IE tecomeUal.. \*2 Sljrf... s*fl i5T i^N^STT D9 2 

ft 2 >^EL Trust Manasent rid e faWm HSl 5H Accmtlmta.- r _ r g ^_ .. «3 __....! 5« lAceum. Unlia 27L4 


bntfanot Seemlties £td.;<aKc) 7 . . .'»>AG.GM«iwt-~s| «■! 

Korm.Unh4._E*> *3 GOTCtt tJo&BjF . 

ea IncnmeFft.— 004.7- Hlto -,-J 20.99 — * *— j— »-h + - . 


. ccnn UnmLJ. fi 

KT'.-pmfc 104201 
w . ::... 122.9 127N 
m"7 1B9* m3 

r«.fl — jj/, ,«.« . 

'nit«> J® ^ 109.8 .. 

qv. 2 — $X-/ 33 7o . ( 

SfiESfj SI-: 

?NO».7— S97J ^ 203.4] .. 

For l*» «en»pt fund.' only 

' , ' _ . ' Van H\ Nov 7.. . , 

tH W03«4 Vann Fee Nov. 8. 

Ml. Fcochurch Si.. Ed 
Eirrinneal Lux F 
Guernsey Inr ... . 65.. 

518 Nei «iki lalue November )] ‘ Do Acrum. HT 4 ~ 87tl ...... 4J 

lift Bank of America International S-A- KBlnff Fun-ff ’ . tb§iilS 20 

3.66 33 Boulevard Royal. Luxemboure G D KB Japan Fund^- IUS4L2B .... 06 

I# WldinveW ln«nBe_|fr>1l*.B U5i0| | 736 h? L ;^ c,>lh , M ViSfSf -• ?$ 

••• »« Pnces at So» - . 9. New «ub date N». 15. SSS.?®#-.- w^o* 4 * Z. I B 

6 *0 Banque Bruxelles Lambert „ . „ . 

In 2. Rue D* la Reffcnre B 1000 Brunei* Llosrds Bk. iC.I.l VfT Mgr*. 

" 8.46 Renta Fuad IrF.. . |U9B 1.957] -7| 7.91 P.O Boa lK.ftt. Heller. Jersei 0334 STV 

** Barclays Unicom InL iCh. Is.l Ltd. UnydaT^n^jM^ l5 J lz 

I.Cbann8Cro(s.St.ReUer,Jr«y. OSH 78741 

*rr>*rsA\ Overseas income ...]*fc.* «B | 12.1 Lloyds Bank international Geneva 

“ 7 r 3 f^ 1 Unidollar W-lgJM UgS lg p.o. Box *38. 1211 Geneve II .SwUerlawli 

.. 0.™ LinlboodTruai, ...llUWMi UV2d l 838 UertainLGTOulh.lSraUO K« . . I 13 


65.7 6*9i 

E4 . 87 

SU <11304 
1L«11 14 
SI'S* 89 

1 57 lArcwn ImU.i 463 4; 

2 57 WirirT.Vov B . . . 59 9 ti 

7 31 lAceum. t'nlui. . 71.9 71 

731 wickDn Noi. 10 . 666 69J 

3 S3 Do. Afcum 78? H 


Tyndall Managers Ltd-V 

423 18. Canynsr Read. BriaieL - 

3 99 Income Nov. 8 NB A 10j 

4.72 (Accum. Uniisi fl8L2 191 

Capital Nov.*. ....1124.2 131 

5f .. 121 

I d g 

a -i- 

oi-ffi3 (wm 
. J 3 U 

In Lem 1 1 Bd.Fd - ISt'SlIHI - j | — 

Lloyds Bk. iC.I.) VfT Mgn. 

P.O Box ll». SI. Heller. Jersei 0334 27181 

UojrdfTa Oseaj. 160 8 M.ld . 1 121 
Next dealing date No-.embrr tf 

. w L UlWUMr ft rilbi.. 

S'2S J LTnibond Trust m 

S u4» «w SBWSJiVrav itj :::::| tit "™ Ll "Egirw^™„a? : ; ■■' — ' P '!s“ v W»--|f&* 

^R-OJj 040 Coun . Dorklag. Surrey. Soil ift5Wt,& J lf rt — “ Sf *2 71 I 52 Sefcag Unit Tit. Managers Ltd-F »a» lAceum. L’SitS'Z." U3A 

NrisiarHlgtTrnc'.ilS* ^ t°.1 |jS XeeumUnil*"" .Uj lK.i| .""4 428 IV Box SI 1 . BCklbiy-Hse . E >1 .4 01 -338 SOOO «; £««ale ft_i EduiulTh. 

ni-38a«ai ■nS'T*®* 1 U 111 0,1 *»>sarancc Group fbi Royal TsL Con. FA Mgn. Ltd. Icbe* imMOTcFdl'fS-S :i.f tool **6 isos 

w3 H m'K«S W,cll ^ tls,,C ' «W32Saoo M-Jerapp Street. sw.1. 01-6398252 Security Selection Ltd. .Aco j m .l , nl^’- ll6Z.2 

5.J7 C.PWM W5> «J| L 3 77 iM BtU 3U.Ul«irWd fc »TB 01 -83! 0088 £$?! Gm B ?bT! 179 0 

t Co. Ltd. -aaWSLSs tS^VSL mmtedrn_ Mr:i c« 

Merlin Nov- 8 1 78 1 

12- . -57S-0.1 
i*;.. • 5?3 -.ii 
Efl. ■ 

T7, Lmdoo W*B,1LC2, ' 

Shir. NovJfc j 0342 

Da Aretnn. Untt>i.a6lZ 

Nditar im > U_«W 4*aI im MorhnNOv.a. 

NrisiarHIgh IneZlS* lit f Accum. Unit* 

ffS Futuf - ,.^... 

jmodlty Pu.-vl 
ID* rlnifral . _ _ ' 
i WdnfLU-l__ 
ftPwquFd. . 

. ltaFuad...-. 

■ ttm Unit*}- — 

■41) Fund 

omUntto k«.U- 

- HBrCtt'».ri±-.. 

i .Next a&Bag .day Nov. h. 
Wwiiw»lfaMi(qnest Co. Ltd. 

ilinFd. ~ ' . 
aaac ft Int: FA 

SO 27JU 

3.9 2A7 

B2 -.-.-..396 
om - '■ ■ 063 

- Afl'-aCGreahamStuECSPaiS. 

' -A &-• BnuXtodNOR. 8- — BBM 

■J* tAccum- Units)- 


:-2»: lAceunvUhltsl 
£57 Eodeav.Nov.7 
£61 MCcam. Units] 
y £6} emchar. Nov. 10 

% BSL».i 

-1-43 .rAceum Unlto 

4.W * , w. _ _ m '• vo 

■ Tn * rt Maw«ers Ltd. falCgKs) 

■ Holbom. WCIVTEB 01-406 8441 

Pref. Not. 8 1059 

— Uards Int. Jneome IffWM JUnj ... | S3i 

Barclays Unicom Int. II. O. Map) Ltd. ■ w 

i TbomavSt- Douxlaa. LaJL 0S448M «®n“5«nent I ntemat Sonal Ltd. 

I’nirorn Aun. Ext. .MU ' 52LB | 120 Bank of Bermuda Building. Bmntzda 

Da Amt. Min. 553 M*J 1* Cwuerbuiy Oct JT.|ji 51.05 ! .. 1 — 

82.8b ...... IBB Canterbury Oct & 

*l.oia &30 MAG Group 


*5^ --1*2 — W.5 *9.o| +6 Jl in 

-*2*23 — 2 * Pelican Units Adnrin. Ltd. (g)fx» 

91-4 Z.; • 1*6 MFoontabi St_ Manchester 061-3388086 

HI 3/46 Pelica n Lull* 184 2 90*g -Mlii 4.97 

‘ 773 5« Perpetual Unit Tmot Mngmtp (a) 

aKftjptfSfiBS-^ -- -33-+B^ i 35 Gnardifta £oyal lEx. ‘Unil Mgrs. Ltd. Fpetuali^^ i .* ,r .'jc!?" ,,, ”«2( O^fm Trt ^IiTK iiAM IoHV'i RojalRxehaiii*H3PaDfC Oi-O»80U PiccatHUy Unit Trnst (agb) 

.“I 4 ®* <*> AatooyCIbtoU^TWM.umemsLol 

SnSSr^Ki uk? i ^ Ttentexscm AdmlnstrationV (-HeXg) ' St Old Jewr,-. EC2R 8HD. 

U* ar Nov. a iWathJ N^-H. ; E*"*^***-- • S ***** SL^lniiL .. » mm 

01-0064433 Pearl Grnwrh Fd..._ 

I cn-Acnmliaili.. 

J 5jj Pearl Inc. 

_...J 17*’ P*" 4 CnitTH. 

J '8.78 'Aeeum L'nitsi 

S.U _. .. Sj 

9-3 +0 1 51 

S3 -02 7/ 

1 5- 

9.o| +ttl s; 

sot Save A P rotper Group 
50ft 4. Great SL Helens. London EC3P 3EP 
JS 00-73 Queen Si- Edinburgb EH2 4NX 
Dealings t« 01-854 8BBB or 031-236 7351 

Save ft Prosper Securities Ltdf 

.um InienMUaul Fuft 

Stewart Unit Tot Managers Ltd. (a> g^AMum--- — 

a&r=.BS 25 m 63 

Unit-. G ranch )67J 72j2| 

0*9120808 Increasing Income Fond 

4527 | 4 05 High- Yield [52 0 

irib) High Income Fastis 

iltn Lid. Ht*h Return 165 5 

*. for atm •««»*“« - W » 

43. Chsrlort* So- Edlnbarch 031-S 

tSwnit American Fa®« 

Standard Units..- -fg ® *J*I *1.7 

Accum. I'D Its fij-' T ’ o 

Withdrawal Unitt -(**-7 «77j+1.5 

*S6twart Brttt* OaalW Faad 

•-49 SfjnrisrH — — efi? 140-41 .. .. 

*A5 Accum. Units— — IU( . 

1.95 DeallM tTue* * Fn -Wetl 

Son Alliance Fond Mngt. Ud. 

Financial Pr rty... ..115 * 
°31-32fl327l Do. Accum. . Il. l 

M = 

HictHnc. Priority JUS 6fi 

158 Internatianal <27.0 :’S 

- Special Sim. 134.2 3ft 

~ TSB Unit Trusts <yi 

4 20 21. Chancy Way. .Andover. Hants 

4 ™ _ Dealinim :» WS04 SM 

"'J 5jo DaAmLHln. MJ 52JW ..... IBB Cwtierbuiy Cwt JT.|JL51.05 | 

■— ij ??S ^InU'lrnSneZI 3R1 41^d ijw M ft G Group 

"TWfiti iSassa&~E sld J.« TSSSSV^SS 9 ^' 

1 '..1 s.7t Blshapagate Commodity Sor. Ltd. AostCit Ntn.e. . «;s£j9 £5? . 

AN^O^NovV'&m 1 I2$*id Z *Acc«*n«Uu, to ... 182 2 196?. 

s hi ssasrsi* ^ 

1 s is Bridge Man ag ement Ltd. ApoitoFd.Nov.8 ism is «.sni 

-IC Kl vL^-^ &- 1 ,c vi?Si c T"i 1 ’ WS. c S 5 -.y :.S $ 2 : 

Jl H isfaete'J-- SU Jfl 

’2 Three Quays- Tower Hill EC3R fiBQ. □ 1-8234588 

Atlantic Nov. 7 RS2K SIM ... I - 

AustCx. Noi.e. . JI S214 JJP . ... — 

gm^lAcc.nov.b. n-5"5* iota) _ 

3811 Island .1264 *4 02 

— (Accum Units'. . 182 2 I96 0] -fl.6( f<02 

] 14. Old Broad SLEr; 01-5880404- 

ApoItoFA Xov. 8. I6F4115 WlSHI . 4 00 

JapfcmOct.31 . ... HUUW ltd 079 

JlfCreapNoY.l .. R51S30 1U« . .. 210 

117 Jersey Nov 1 £53* 582] .... 0 72 

HTJprO'fiOft 25 .. £9.84 lojftj .. . - 

* 01 l 3 -^ NipSiii W. ^/°pPsS« * 245] I 471 

Britannia Tst. MngnaL (Cli Ltd. Murray, Johnstone 

096462188 30 Baifc SY . St Helier. lKn*y . 063416114 ICS. Hope E4_. Glasgow. C! 

e&ys Unieorn U*Lr (wtei^ _ ; STr*!***'^ 

ini Ha 2Si Romford RdJTL. .01-3345544 tribot Recovery k 

■ere America—B9 V ' 32JW +0* 1.4* Cap Gnwtlilnc.-.J 

nut Act fel 77.91. +01] 1,91 • Cap Growth Are 

niltiitc ma 61#+0.y un 

l.n Income ft .Asms-. ..I 

643 hjj 

. U67 S3 

Income Funds 

Income 16] 

t Bair* Inc. _ffl 

^ assess?? 

v nd Cabm—: .» 

~-ori' 5* ■ imaroartonal | 

1 S26 WdLWWoMowiSIf 

+031 223 Ovontas Fluids - . 
4®j) 3A7 townrilan _-f 

Sector Funds ' 



*«"“ Small i.'o'jFd. . . . 57* jn'd _D 1 
Capital Fund . ... *2 7 2ft3 

i-JT Er0v - * Assets 44 4 4*3 +0.1 

iB JSSSCTjid. Si ul'-ST 

‘■&K! 95 ™-B! 

802 American Fund.. . 21 3 2Jfl +0 3. 

j|». Practical Invest. Co. LULP (yMel 
4*. Bloomabury Eky WCIA2RA 01423 
3jo Practical Nov. B. ..11*51 1S4JI I 

iS* Jawi ml z;:\ 

m. EC2R BHD. lWMme - 142 “ 

L'.fL Funds 

31.71 +131 10JO VK equity 1*2 7 

40.9 -0 7 30 OvenMM Fundaiz) 

WdSiTSi »S Si cSbipSiGiii”P8« ' si^ +53 1202- ‘‘““f L0 - (ynei 

00' ^..-ra.9 i9.«-pa kW 1 s-rt^ ■ Ponds ■ -•••-■ 4*. Bloomsbury Sq WC I A 2RA 01-82388 

■Wgdlj- - 3 M *3 »-.«Sls!yR- --.^a j is sasMs^-w m =j n 

5t1«o2SMr^t‘*a2?Sra3 w+lot 

s ■ INSURA] 

ng firodurs ft Ca Ltd.* faK*) Sgrtr^ S® S 

KtenhaRSURCR: 01^882830 *** "r* ^ L V ufes^y Life Assurance Co. Ltd. 

ssissK JKL =i--s afci 

, . ««^6iro. day kov. zz- =HUf SnooeHJWt TBt. Mm.t tit) KJ> .323 — - 

ep^^Pregre6rfveM^id-_Ca.» 4aBw ^ SUE G a > ai j r oi^sou^^^aStzz: iSI UK — Z 

bopsaae-ACR. - - - 0t-38S8M8 (1« British TrtuU—^tMTJ 157 JU] +0.71 5 j 63 Mecthm Fund. 90A qs * _ 

37.4 +83 107 EourertiWe Fund . 133ft M0.I . -.. — 

75-7 -Oil -2?B XMom? Fund L36.2 imi — 

• 3U - ....:. • 4.9B &Pnip. Fd. Ser.4.... 132.1 139a . ... - 

976 *02 5.02 Wtan-Fd Ser.4... SSj 141.4 ... - 
27-9 +GJ 7J9 ft&jiMtyFd Ser.4- M« 3ft3 . ... — 
52B-+0J 3.7S pCanvvFd. Scr. A- . 114.1 120J . - 

• J2Jr-tLl| *33 wHoney Fd. Ser 4 _ 112.1 llifl . _ 

Hae^ Kina WlUiam Sc .BC4. 01-0X1423] •> i.w.i ■ . I Price* ai Sor 7 'sluaiion nonoaRy 7ue>. 

6.40 Europe . 

tlo i‘n>; r i . 

710 US . 

Z-S Sector Fowls 
,±n I'counodliy - 


Financial Secs . 

ttjm, +V.M J..T9 DM larim v rn -«Ctt UjiTSB General ,144. 

Son Alliance Fond Mngt. Ltd. <bi Da Accum.. '.'...oft 
55 9a( +0.1] 7.75 Sun Alliance Hse,Horeb»m W0364141 't' 3?A I “™ a,e - -W? 

K 2 p-Eq.TjLNovJ_gl*9 22ft 35 . I 4.45 ™fc£E3T B 
7041-01 866 VTne Family Fd.— f9*0 "99|+0l{ 4 03 ,h! Do^^rrum. ‘ 

45.ll -0 j| 9.59 Target Tst. Mn*rs- Ud.» iaHg) 187 

„ , ... 31. Gresham St. ecs. Dcaim** MSW5B4I U later Ban ft* (a) 

45 9|+0 3| 5*1 Target CouunodiQ -RftS 3921. .1 3 « Waring StreeL Belfasi 
— „,i , _ Target Financial —igl* 447 ibm liter Growth. 1362 

B +0.41 421 a rd *- hi 

.■1 a vi Growtn invest .. 35 * 98: 

iSi 77# IniuL Fd. BZ1 88-1 

q") 7' 73? Jersey Energy Tst. . 116.3 125.1 

loi JB I'nh-sLSTST^i.... E203 2U 

+0 7 Is High IntftU+.Tst So95 8 91 

UJS. Dollar DeBenduud Fds. 

Ltd. Murray, Johnstone ilnv. Adviser) 

05341311* ICS. Hope EA. Gtasuuvi'. C2. 041-731 

•Hope St Fd. I 11-8*3 98 I. I — 

1 2.OB ‘Murray Fund. . 5US30J3 J — 

• I NAV October 31. ■ 

963] -0 71 323 
115 « -Hi 2 1.42 
41 U -7.5! 181 
71 3] +0 4] 0.64 

7981 •Oil <34 

71 S *1.1 1.81 

73.l| *0 i| 3.40 

Target Eoultj . — iJ*. 
Target DtMw. 8 - 197 * 
ftDa Acc. I’BMij. Ml 
Target Gilt Fund . 1169 
Target Growth — J 7 -* 

Tirtfl Puciflr Fd.. 
Do.Reinv Units . . 292 

UnivaLSTst .|iESJ-12 

023235231 Tr. . ..|SUSI.* 

-Hope Si Fd. I SUMS 98 I. I _ 

20a ‘Murray Fund. . 5US10J3 J _ 

IflO NAV October 31. ■ 

100 .’t'efK S.A. 

1124 10a Boulevard Roml. Luxembourg 

NAV Nov. 10 — I JU5«5fl I-0 56] - 

38.91 ...J 5*7 

Value Nov. IO. Next dealing Nov 20. 

in| :::::.i 940 Negit ha. 

Bank of Bermuda Bid*:*.. Hamilton. Rnwfi 

L&1 Tk>.R«fKn‘ Unit*-. 3L^ 

3.40 Target Inv ||.B J3J 

Tet-Pr Nov.8 —. . 160 Si 

. __ Tgl.Inc 30 ft* 

+- . Brown Shipley Tst. Cv. (Jersey! Lid. NAV N»- 3 |£6.46 - ]....] _ 

727 ^ Bl Account ft MgmL Ltd. p.o BasHB.St.HetLec.Jeney 063474177 , 

3 DO KmsBtUiambf.Eir+ROAR 0102349$ l Sterling Bond Fd. 9 #9 9.91]-0.i4| 12.00 UhOentX 1 nteroatioual 

4 76 FnaraHse Fund. .Jl3B9 41 0| .. ..I A71 T»,,„ , J r ; J ,i,i m na Ti. Si. Peier Port. Guernsej- 

i!S WielerGnftFnd. .[298 31 « - 1 if 4 84 Butterfield Management la Ltd. loter-DolIar Fund IS230 24* | 

162 Do Accum |35 a 3ft9| -1 j| 4 8* P.O Box IBS. Hamilton. Bermuda. winrrum imj. i 

JU Wider Growth Fund buttress a,uRy. . gl^Jt i«| - . | JH Quest Fond Mngmnt. (Jersey! Ltd. 

8.61 King William Si EC4R0AK 

2S67J ., I 1.00 TgLPref'r'--— -P3ft 
*34 . “I 8.05 rKspSiasSm:. 1M 

PO Bo* 77. St. Peter Port. Guerrwev 
Idler- Dollar Fund |S230 240] | — 

-ia .i 4 77 Income Units 1293 

20.91-03] 495 Accum. Units (35.0 

SSC r i B 'Ki“« 4 ji 0 TSf ffiltil-'r.* 1 - m 8 -#i iu km*™™***,* oi« 3 *«i l TSa , STIS:i , ffl , *hSw. u* SOSSitVmi^mm 

H=MB ttsesSjzH 1 W:.IUfte&mciA 3BStt:-U JIM.^ ® F “ S’- 12 

! ! ! ! Capital fotemational SJL Wcc at Nov ' a "« dealin * NcM ' ]S 


-... ——. .I I 11 I- — — I Do. Dlamood Bd. __ 92.4 100 3 1 _ 

r Life A rernmnui rw™ , /-. *7 Chartertumoe J^h«t DoJS»Jiu«neBd..}l65.0 173.5) -0.*J lift 

- . ■ - U**7 Life Assurance Co. Ltd. Crown Life Assurance Co. LttLV Lloyds Ufc Assurance 

%£& JS l-3a.PmPaChurcltirard.SC4. 0148488111 Crown Uto Hse, WoHn*, G021 1XW068E5033 20, CUfum St, ACZA 4HX 

Xli ^ — \ Z-« jqnjgFhmi [H.7 37ft| _ Slang'd Fund Are. -[1026 108-M -ill - Bint. CL Nov. 8 I UiM 

"®E J^and Managers ini (e)-^- - (btfiSiffCiJS: 

Bae- Kin* William 5c .EC4. 010234951 lat+L* ^ laMel ' 

« -Vi is 

Rlnc-t 161 383d — T 352 In!* 

ie.I._ TO3 «-* ...II 5-92 

a .— sv 

«A ;.- 18.0 <M Koy 

ifTuefc. tWed. tThacs. Price* Nov. 7Sra ” 

mu la Trust Managenieut (oKg) : , 

doa Wall Buildings, London Walt. . Key 
nSC2U5QL 01.8m0K8M39.kW 

., I&.GhrH*opberSp»«.eCi 01-^477243 ... . „ , . 

lid -‘.-t 3* -Intel. ‘inv. Fund. IBS3.'", \;919| +fl.9|. 780 Wi>«»»y Ltfe Assurance Ca Ltd. 

4SMI —171 3-92 -tf. ' r „„,, : r r ; rift f-rn. i 11. Old Burlington St_W 1. 01-01 

*7.9 5JD Fund Managers Ltd^UXgj prquityFd. Acc.... n.n.o ml« 

lid - 4 -?*. ».WIkSL.BX3V8n5. : .. - - - 01-006 TO7a rr IxedlnLAcc , 1*» 9 M»J .. . 

iB+t-^ *« iImSTAi-. in.*-:- mAJ-OiS 3S1 tetd Mane^FdAc Ufc* 1223 .... 

ftGeA.- M.9 743 +0J 5J3 OntUMan-FcLAciB 107 9 113 § 

ptFd._ XJSX M6 1 4 '5-45 rPropJALAcc. . . U29 118.7 ..._ 

. _ ueara6FuKl 4 J2.9-- 88J V0 2 9.6J pPpIe Iov. Act. 1681 176.9 .. 

ndaB Wall’ - \ Key Fixed lot. Fd.. .60.9 .-..662-.^.- T2J20 jEquity PenJcLAcc. 227.4 - 2393 

0I-6380478M79 ^ key Small Co's Fd7.|lWR ; - BHJ? 6.02 FIifcrfLPea Act _ 101.2 190.7 .. , 

?2S nehrawrt btn^ lhiltJihnpiee^f ml 

i ’V 

* ■ » 

■1 Act ... 

flirt y. 

?. ; Geu^al^-Jj 


omth :- u 

Fd Incm. 

,iy Fd. Acc 

— Equity Fd. Incm 

— Equity Fd In iL — 

— Property FcL Act 

. ... — Property Fd Incm. 

• •• — Property Fd-i clt 

. ... — lltV.TH. Fd Acc 

— Inv. T*L Fd- Incm. 

. —J — Inv.TaL Fd lull, 

ally Turn. Fixed lot Fd Acc. 

Fxd. Int. Fd Incm. 
Inter L Fd Acc . 
Ltd. latorl Fdlacm. 
ftic mow Honey Fd Acc 
ui-urwHz BTane* Fd teem 
I ~ Din Fdlacm. 

•| ~ Crown Brt Inv 'A 

Royal Insurance Group 

New Hall Place. Liverpool. 051221 

— BGtt.GLMov.8 L36W1J . — - Royal Shield Fd.... 11*2 9 1SU| J 

R08 OpjyATY NwR— 144-4 152.0 — _ ' _ ' H 

— Oph-AftiLNav.a.iaft 140 7 - Save ft Prosper Group* 

Tbs Seta?/- Jnva 1^? f • •• — *. GtAUielen a. Lndn_ EC3P 3KP 01-954 

■® a^^KSSSI'ISI nn'i " " - Bal lav. Fd 129.5 U7J 

— Op5 ATtepLNmrR. 1235 130.1]. - PvopvnyFd- . . 160.4 169.1 

9 75 Loudon Ind8lBnflyftGnI. Ins. Co, Ltd. cniFd-.j.- l»i iMj 

— 18-30. The Forburjr. Reading (■83511 CoTOpPvMFdt. 2d78 237! 

am Money! Manager - W.5 5511 .1 ~ EnuiD.-Penv.Fd. . . li’* 192.1 

K.M. Flexible gTl M 3 -0.1 - Prop. Pen*. Fd*. 23+.B 2*5' 

FL-ted Interact. 134.1 3o.0|-0l| — Gill Feni Fd 54.1 99! 

120 7 The London ft Manchester Ah. Gp-V Dv " rm .f%* 

g 0I WmaJadc Park. Enter 0302-52155 IW«ekl> dealing* 

SftfteSSltl ul? i I : Schroder LIT? Group? 

I +0.2 - 
*02 601 
+ 0.1 - 
+D.1 10.00 

Capital International SJL ’ at °“ un * J0 

S . 37 rue Notro-Dame, Luxembourg. Hi drawn <J Life Ass. Ltd. 

CapUal InL Ftnui— I SU 817.48 1-0241 _ ”^ ZWU 

F€t Cgl ! 1 " i - AMeU.Magt. LM M S3 = 

under Keyser Ullmon Ltd. do- P latinum Bd.„ ui6 159.9 -? vj 

Do. Diamond Bd.__ 92.4 10® 3 1 _ 

Lnartoiouie J apace rmEatlnctnueBd. 165 0 173.7) -0 <il lift* 

1. Paternoatar Row. DC*. 01-3(83960 _ „ .... , 

0512274422 Adi rope. MO040 SJd-oin 4,78 Bothschlld Asset Management <C.U 

J _ Adi verba UHtefAl S28(i-fl.M 446 pnjnr SR St. Juliana Cl ItiuimM 0481 9TO3t 

35 11 .1 ~ 

M7U0.1 - 
ToOj -01 - 

Bal Inv. Fd . 
Property Fd* 

Comp. Pens Fd.* . 
Prop Pen*.Fd*. 
Gill Feni Fd 


Fondak feiJIllM BJ^-a.2S| C98 

Fondls pmu* 2UM-0.U). 525 

Emperor Fund S3 20 3JH .._l — 

HUpano |»SdI7 I 2J» 

Clive Investments (Jersey) Ltd. 

P0. Bov 3».St.Helier. Jersey. 053437301 

5 *6 PD-Bax 38. Si. JulJ boi CL Guernsey. 0481 26331 

2379 - 

192.6 +0 2 - 
2*5 7 ... - 

991 -0.1 - 
137 2 . . — 

, OiveCihFd.iCLU.l9Jn „ . . , 

►od I CliwGUtFd«J«j.|»0i 9«M |l!J9* 

. • 1 — Com hill Ins. iGueruaey) Ltd. 

•0.11 — po Box 157. St. Peter Pori. Guernsey 

1 ~ IntnJ Man. Fd . .|17I0 18ft0| | - 

DU'S Deutsche Ges F. Wertpapiersp 
Gnineburgweg 113. 8000 Frankfurt. 

070527733 lnv * a,a [D3B7.28 M20)-45Oi — 

— Della Group 

P.O Bov 3012. Nassau. Bahama! 

~ Delta Inv. Nov lo. JSUS15J 1 U| | — 

.... — Deotscber Investment-Trust 

g jl Wuisladc Park. Exeter 
_ Cap. Growth FuucL I 
0.00 9Fl ex. Exempt Fd 

951 9 Exempt Prop. Fd 
_ OExpt. inv. T>L Fd. 
Flexible Fund-— 
Lnv. Tnim Fund.—. 

Crundrr Insurance Co. Lid. Lnv. Trust Fund— .1 

Vincula Hnuae-Touer PI. EC3 01-8368031 cS'iKSSi'lM "'1 

.2 Gth. Prop. Nw. 7 ....|73 9 83.8) | - 

rxv: Jl ■ . M ft G GrOUpV 

. Of aO^Fenctairch Sl.E.C- 3. 
-4.97- KB Umt Fd. Inc 
■ 4JQ +K B- UoltP 
7.66 XLBLFd.lnF. 

•SM KAFdrn-TslAcc 
3 JO KBMnlrCtfaraitrc- 
■4J6 •RR.S^xQncFcLAk.- 
331 Hi sbYldFd Idc_^ 


— ' — . jggi ’5-J5 Bine lnv J*en. acc -PO7.0 

- ' 320.9 ‘JJ.. "‘SL25 

• • Ir? Ii!Z AMEV Life Assurai 

5X2 Z'.~ 604 ftkaa Hae.. Alma RtL. Raj 

. . 532 r»M. AMEV Managed,— 142.6 

. i.-’SIU ..Ua ; 8MEVB6Bd.-B'Jir 119* 

jjw „atPUf»jp^c;<i.Acci*no : » .. 2SWI —tJi *21 amkv moovj Fdr— 1068 

to fc ft CTJuit Trust Management Ltd* ggSltogj «jP 

JOT The Stock Echonge. K3N 1HP. 01-688 2800 AMEVPtwFcL_ M2 

gt-ui&nsww- -ndfiiimv 

v c™. t<xa-i.v«i .. . -' v rienpian- — — — rau 

hPM-Acc . .11295 
e InvJPen. Acc - po7.8 

dcmal — 1 

-ty Share* . Jg.-r — RRaw.Hafertate. 

Change — .Sj 31_7| -3d 528 

“^-*■■1“ **** w:g£S£3£& 

British Life Office Ltd.? fa) -.:- 

teHae. Tun bndjie Wells. RL08BC 22271 -fiAccumUniSCT 

IV Life Assurance Ltd.V 
Hse.. Alma JttL Rmgate- Rel gate 40101. 
J Managed 1*2.6 15831.. - — 

ntgcL -B — r U94 1218 _ — 

If Mooes- Fdr... 106.8 112.4 .... — 

7 Emiit+Fd _ 1OT3 1152 - .. — 

If Fixed lot— 410 93.5 — 

I'PlWFd.— «Z 1845 ...... - 

L'MgdPi-n.Frt lie 5 lift* — 

7 MedPen-'B- n*.6 lifts — 

plan J9U3 103.6,.... — 

Easle Star InsuiYMidland Assur. Throe guavs. Tn. 

l.Threadneedle SL.EC2. 01-5881212 Amen ran Fd Rd' 

Eagleltfid. Units.. |52.8 54 8| +021 622 Conv . &jpoait*„ 

EqulD- * Law Ufe Ass. Soc. Ltdtf gS& SS&jV 

AmerrhamRoad Eigh Wycombe 040433377 Family 73*;— 

fiSSSte — HH SSSSifl- 

- En rerpF ye !■' tose. Portsmouth. 

- Equity! 239.6 

- Equicv* ... .217 7 22* 

- Fixed Int. 4 1373 W 

- ManaEwM . ... 132 7 131 

- Money* . . . 109 9 lli 

Cr..?raea*4 . B7J 9t 

Property 4 162-0 171 

'ZniS OJC-Bq.Fr. Oct 31 ... S3* 56.6s 2.88 

-0.1H. 525 QXL.Inc Fd Nov. L_ 1537 1633a 7.1ft 

! — 1 r— O.CIntLFd.t IL23 130 ..._. 1J5 

I *0® OCSmC oOrt-31 I4L5 148J 3.40 

Ltd. O C. CimunodllV _ IMA 153.6 *28 

(k-uttmi O.C. Dlr.Comdnr.t _ 528.68 M Jl 0.6ft 

-Prices mSct 31. Next dealing Nov. 14 
t Price}, on Nov. 7. Next dealing Nov. 21. 

1 1I-W 

td. Rothschild Asset Mngt. iBermadai 

mjev P.O Box 884, Bk. of Bermuda Bid, Bermuda. 

J _ Reserve .Asset* Fd||i;59Sl 903f . . J — . 

. . Pnce on Nov. 7 Next dealing Nov. 1*. 

.. . | 1154 

_ PoetfachSdBSBiebergaueB-lOmOOFrankhirt. Dealing to: 

Royal Trust (Cli Fd. NgL Ltd. 

P P. Box 1W. Royal Trt Hre, Jersey . 053427441 
R T Int'l Fd . . ISUS923 932cl . .. I 3 00 . 
RT.lnfl ,Jsr iFd..KLB 87M ..) 321’ 

Price* at Nov. V. Next dealing Nov. 34. 

Save ft Prosper International 

M^pT^rziimi ziBbi m - 

General Portfolio Life Ins. C. Ltd.? Property Bd" 

Throe Quays. Tonor HiQ EC3R ^F; y. 0] -026 4588 K i. S Gon. Sec* 4 

Amencai.Fd.Bd--.HU, «5 - B.S PenUy B 

Cunv. D-jposit* 1202 13c j — P. s V-S- ACl ! “ 

Equity Bond- 1350 1«L9 .. - H n S ( 3- £«■ 'l J,p S " 

ExYield"dBd.-_. IH.7 890 — A S C 3 x 

Family 7MC“._ .. lfit* - . ..1 - F Jht. Pea. tap. B 

Family PI -85* •.... 1891 - .. J — F Int Pen. Act B 

Gilt Bond— • . Uft? 7U1 - MoneyPen^ ■Cap.B. 

InternatnL Bond". 98.7 / 103.7 .. - ^oneyPen^Acc.B.. 

Japan Fd Bd-._.„»D0 :*>, 63.9 .. .. — EH? 1 B en H"5-S“ 

Maaaged Bd — IU72 l«4.fl — ***> Pnt - Ace. B— 

“ Scottish Widows’ Group 

iin Lwwod Secs. Ud.frUKC> - > ggn/FWai * 

•*2* 37. 4uee9-i5t, London BC4tt JBT. IMM53B1 American—. f3X» 75.71 -0 Jl - 

tSt *R»w. Materials — W0 *99- ft- u '-I; Sg - : l ~ ' 

46*1 ... 6-U Int Growth 1820 873j .. ..| — 

' fcL 3 - J 44 

*• .-JM •- jjj For Arrow Ule Anaranco «ee 
" ti-9 «S . PrarMnce Capitol Ufe Ainraaco 

mom- rw/ axxm, _t «r - nwto. rraure Barclay* Life Assnr. Co. Ltd. 

idend- .. . . !«0 . ot Si .. \ 977 Legal ft General Tyndall Fund? 232 Romlort Rd, E.7. 01-53*55 

ms Nov, a Next dealing Nov. 15. .- laCanynfioRoadBrirtoL . 027232241 Bartlayb0udi*-_. 124.4- 131* _ - 

^d tfgy ft Co. Ltd.? . / ■ ; ^^mit5r_p^p|' i «| .V "| Im sl^oi ~ 

.Founder* Cl. EC2 OI-8008S36 , Next sub. Szsg. Novethher 15. Property ._.._Uf 5 llo'fl . — 

ttNor.l* 1213.5 'SOM '-4.7] 408 . . a droii.iar.atu... IJid IniemaBanat S0 - 

4740V.14. _pSo mi -2.1] 4 88 Leonine. Al i nnnM tration IML Managed^ — i 1086 114.«J » 0 2 - — 

Gosmral Portfolio Life Ins. C. Ud.? Property m.--.... lose -wd ... - 

KS'!w'5', Wal S ft T Tf 0 “BBS 8 S+.t?-!!». fa+s! s ES!5£t5 

^Sk. U F^diS!lte5 S3 -• 1 - Merchant Investors Assurance? !s?J ? JP®:*'. 

PloliO.F=dlnL — 1*70 5U01 | — Leon Use. 233 nigh 5U Croydon. 0: 0880171 Ee Gt. Acc. Nov. 1 .. 

Gresham Life Ass. Soc. Ltd. Property - I 1598 J i _ « u Inc Nov I.. 

ICoacentn. ..... ID3I2I30 0.901.,, J - 37 Brood 5t.. SL Hi 

[Int Rentenlonds. „|WIUU 7I20H ...I — I'i Del lor -demon 

Dreyfus Intercontinental Inv. Fd. SfeJSSch 1 ?*.”' 

P.O. Box N3712. Nassau. BahanAs FsrEaxusrn*1 

NAV Nor. 7.... ISTS155I 1UI| . .. | — North American 1 

Emson ft Dudley TsLMgUtsyXtd. 

P.O. Box 13, SL HeUer. Jersey. 053*30681 cStSScS* 

EDJXT. 1121 2 1OT2I. .| 306 cSSSd IrtSndj* 

^^Association ffSEj 

•1 Poro Street. ECZ 01-3887081 SLFixed-*rt 


' Accum k 

■Income^ — f 

' ■ iDok* 6t- IxmdoaWlM 6LP 01-488 5OTI Hoora. — ng&7 -1B6K *0: 

13 ft «=— — EM 23^3 IS Si ■ 

1 U«J ds Bk: V»it Tit. Mips. Lld.V (» i'l 

is sr ,« 

*** S?+o3 2^ Beehive Life Asa or. Co. Ltd.? 

~ _ 19S - 
ZA9. . 

toxsdm" sS3"::J' & 

.. h lifcTJuit Tk Mhgrs. Ltir ■ 

irSt . PDClect Bor, Kert* P.BarSlCS DtxCAceum-j™ 

041 -tt u*?* '** ™ 


-oj] - Gresham Life Ass. Soc. Ltd. Property. 1598 

■ I — ' a Prince of Wale* Rd, B month. 002 707053 Fen ‘ - • Wg 

SBES^K M-\ z BBS?..’ wi 

r I S.M KcH • - Money Mi*. Pen* 39*6 

rf-SSr F vS?d — S m? ■" “ C«P0*il P-3 3 

G L Ppu. Fund 1*0*32 105JSI ...4 - DepaMtPwna 144.9 

4 - Growth ft Sec. Ufe Ass. Soc. Ud.r •• J2lf 

01-5345544 Weir Bank. Bray-on -Thame*. Berk*. 0828-34284 inti. Eqully... . 912 

Flexible Finance... I UJ66 ( ...I'- Do. Pena.!.. . 10€ 0 ' 

jVp, — - t-aodbank 5eC4- — I Hll J . . I — Inll Mimaged... . 96.5 

*5-5 — . . Landbank Scs. ACC.J116.7 U9.H . ..] — Do PkiS WOO 

= GAS. Super Fd | £7.903 1 .. . I - Li 

Si Z R4iyal Exchange *uum0ton.Dorw«R.5-i W . 

-i _ R*sjr«l Exchange. ECS. * 01-983 TrtE NrdexBo Can. .3*3 2a.' 

_ . Property Bonds .J1890 197.71 . | - Nrtex Eq. Acew .. U3 8 U9.' 

2 Hambro Ufe Assurance Limited? nSS^SSST^SS 

. ... — 7 Old Part lane. London, W: 01-4900031 NetexGthlacCap. 512 53 1 

„ Stag Pen. Nw 8 |244g HAM ... 

- Solar Life Assursace Limited 

Eurobond Holdings ft.V, 

Handelafcadr 24. vemcmxud. Curacao 
London Afro Ur Intel. IS rhristepbar St. ECS. 
TcL 01-54* 7S4X Telex: 88J448U 

NAV per share Nov. 10 SU52O0O 

: "BE Jir r f; f.c- «*“■ “A,,!,"- 

vuirJ.anagedP 1£* 3 
rolt.-pTop.rty* It* 8 
S:- .-rE 10:5-3 . ^ 4 

SolyrFxG. 'r* S. 
So:.rC.Ji3. . ..U 

■JV— - I ■ V IA. . • f .... ■ a' 

6p‘=r3r>uliy? . 

S>'ur r . •'« 

So’a.-T.'hP.. .III. 9 
. ]p* 

1K.H *C.4 
« -*0.4 


1.'. 7 . . . 

u:j +3i 
i::i +c.*‘ 
i:i3 +oj 


*2 9] +1 1 

-lntol +001 - 

-Current unite value No*-. 14 

71. Lombard St,£C3. 
623 Blk. Horae Nov. 1,-1. 

7 92 ^ j. 

Fixed Int Dep .... 1Z 70 

Equity . ..179 0 

Property — 278.4 

Managed Cop 1«3 

Kanaged Acc — — 176 5 
Orereea* 121 J. 

Nelez Gth Inc Ace [53 1 55.81... 

NeiUxd Fd. Cap. W9 4 53-3 . .. 

NdXxd.Pd.Acc. .150 Jl 53.? ... 
Next Sub day November 2ft 

Sun /.Traces FU-J TOangol. Ltd. v.'atcrluoF 
Sun Aliiance House. Hcesham. M03MI43 WJ* 27501 

ErpFd InLSov.e. ICUW2 159.61 ..I — fcrivsAili 

InLBnNov. 7. . “ I J - 

Sua Alliance Linked Life Ins. Ltd. Fipsr Vi , 
Sun Alliani-e House. Hm*hem 1*403 64141 „ tl ^ 

1-2. Laurence Fountney B11LEC4R0BA . ■Fartarti 

01-an 4080 1 

real Fd Nov 8 . | 51&508 |-0J«| - Schrodei 

Fidelia- Mfimt ft Boa. iBda.) Ltd. Entcrpria. 

PO Bov B7D. Hamiltui. Bermuda. , 

Fidelity Am. Asa... [ SLS22.46 I ... I — -KiSTiv 

Fidelity InL Fund . j IUS21.J5 _ f {£“■£- 

FltJeUtj-Pnc. Fd_ I 1UG5686 ... - 

.-IdellryWrldFd ) SUS24 0J }-0wJ - iniStmi 

Fidelity MgmL Research < Jersey) Ltd. ixa.-iaged 

37 Broad St.. SL Helier. Jeroey 0534-20561* 
I'A DMlar-denandnated Fund* 

Dlr.FxdlnL-n ... 19.11 9 6M 744 : 

Internal. Gr *9.. . . 7.79 0.4N ... — : 

Far Eastern “t. .. . 5371 58<J7| — 

North American t. 3.75 41« — 

Seprot. 11504 164S - 1 

Sterling -dromnlnxu-d Funds __ , 

Channel CapitaJA-.|230.9 243.U-+0 4 258 
Channel Islands*. 1469 154.3 +1J 520 
Commod— ;. _ 130.9 2463 ... — 

Sr. Deposit* 1010 161.3 .. 025 

SLFixed-*^: 1067 1120d tt» 

•Prices on Nov. 7 —Nov ft —Nov 9. 
tWcekly Dealings. ADaily Dealings. 

Schlesinger International Mngt. Ud. 
4L La MotteSt.SL Holier. Jersey. 00347358ft 
S A IX.. . - .[73 7gf .... 929 

S AO L 0.86 91 .... 4 95 

Gilt Fd 22.1 223 . . 1233 

Inll fdJcrstp-- ...» 99 . ... 371 

Jntnl.FdUmbrg 10 84 11.41 -6 01 - 

•FarEaH Fund 102 10$ 278 

•Next sub. day November ft 

Schroder Life Group 

Enterprise House. Portsmouth. 079377735, 

latentolaaal Ponds- 

EE.quil.v_ . .....1061 112 B .. . — 

5 Equity 141.0 i50ffl ( — 

IFiverflnteresI 137.6 1463 . ..} — 

SFivedTmeresJ . JB5.6 112 Jl .1 — 

loo Hit. Don Sl. SL Helier. Jervey 

01-023 1288 GitEdged lKftO 

NPI Pensions Mahagemem Ltd ^^SSST 1 '" ill! m'S “ 0J 

4ft Grorecburch St_ EC3P3HH. 01-8234300 inwnSooaJ Fd - 950 leS a-i.O 

Managed Fund — 11553 Ifi-BI .... | — D?posilFund 586 103.B .... 

Prices Nov. 1. Next dealing; Dec. 1. bsnaged Fund ... UHL7 U43| -0.2] 

New Zealand las. Co. a r .K.) Ltd.? Sun Life of Canada IUJL) Ltd. 

Maitland House. Southend SSI 2JS 070282005 2.3.A(.<Ktopur6L..6WiV5BrI 01-9 

3&4| J - Maple Lf.Grth. 1994 I .... 

JftJ -12 — Miplcli Jlangd .. 1329 -B 7 

K2-? ~ Maple LL Fmi,- 1283 *02 

3 IWj +41 — Fm-inL Fn rd *04.1 j . 

b 95.6 '+46 — Target LLie Assurance Co. Ltd. 

TT«« -1J “ T arret House. Gatehouse Rd . Ayle styi 

X054 }J0-? — Bucks AylcshuiyiPas 

UB3 p. 1M j las n 106 (If ( 

I -J - 

Canada Life Assurance Co. 

American Acc. 813 

Peo-FJ DepCap — 129.8 
PenJP.l.DepAcc. — 1S3J 
Pen. Prop Cab — 2123 

13121 +0.4 

110.| -0J 

mi .. 
160 1 -10 
1B3.H .... 
U43| -0.2 

41b U °5’ d ' S Lifc Uait Tst - Mngrs- Ltd. mgJl SUiPoaw Bar. Harts. P. Bar 91 US "gl! * 

7M 73-ao. tiatebouaeftd, Ayleabary. OTOTSM1 EqtyGthFdNov. l„| 
700 Equity Accum. P593 W7.7J 4 4.M ReUm.Fed.Nov0 l 

iOmaesMSagt. Ltdf " M -ft G Gnwp? QfNOW r— 

*H)«13t_BC2N IBfl - - . 01-8886010 Three Onys* Totor HUL BC8R-8BH 61ffl6 4588 [Connon ASaUJOBCe llftf 
g— ^._B3.9 8931 J 5.6S. • Sc* also Stock Exchan gaDrolU 

. Sp: 

J ; UattTd._Mgrs- Ltd? (aKe) 5ci( *a. 

EqnrGlhFdNov.L-.I U3 j - Pen. Han. Arc 275.7 

ReUm.FedNov0..( 114.4- | | — PenAHltEda.Cap _ 1218 

Pea- Gilt Edg. AM. 1210 

Connrai Assurance Ltd.? pS bJ acc.I'ZZ 1463 

L Olympic Wy_WombloyHASONB 61-4028878 Fro. D-A.F. Cap- - -. 1 

*.’ ?«n--Untt^lnc7 ...:1 408 

' atTIWd JJLft - -44*d 85 Crmversloo Inc. 

■ lln Dull* l '1539 5ft?. ...j 8.77 DlTidrotl..„.™ 

Wffi.fcifipg date 'November. 1ft. tAeeom. Uhitai- — 

fiesyWteial Invest m - gg gJSafM - ■■ 

bdM?aa,lscaN.iDa oi-esaieis 

r 3 | ri “ ' 

ob^bdy available H> Reg. Charities. * (Acciun. Unlta) 

J^tmeftphetsee JaiDes Ftakty jggjJ^jS^ 

; WtTniBt Maaagersf Ltd? (aKg) Geoerol 

5B5SC fc . , “ s .- So £00 

' 443a SM - 

'£qWEftU 1*02.9- - 247 -ft2 '.20ft 
- SBe-T* t- ®0 Z7J .+03 407 

«tata*£6z9 : M7j +ftii 738 jgsssai: 

... Suatfa* Funds MgL ; Ltd? <a> .-!*£»]£«■•« 

«SWteme.VK3A:iHE 01-2420388 tA^SuldSl 
■|&aiteL^.40,9 463J— ■ I 435 SfctmdGe*.^ 

. %#tea'.'Fdnd Managers. Smaller Cos- 

• -SfawSLlbodmiSWiXSEJ. 01-2358929. (Amun.Unltal 


Scries A ilninLi . .|£336 '{ : . J — 

Series Bi Pacific 1. ..tf538 - J ... .f-u. 

Series D 1 . |Il4 25 | ( - 

First Viking Commodity Trusts 
ft SL George's Su Douglas. Lo M 
OttM 4SB2 Ldn. Auln. Dunbar ft Co, Ltd. 

managed [1229 136 7}...! - 

J. Hexuy Schroder Wagg ft Co. Ud 

l20.Cheapsitle.EC3 01-5884000 

Maple U JCangd .. 1329 -D 7 

Maple LL Etff . ... U0 } ) -00 
PcrsnL Pn. rd. | IM.1 j. i 

Target LLis Assurance Co. Ltd. 
Tarret House. ‘Jalriioiise Rd . Ailesbu 
Bucks AlInhuiy'PH 

D« posit Bood - — UJ3 1199 ... . — 

Equity Acctuo ITS ; — .... — 

J2J Property Accum. 03^7 — ... — 

Mngd. Accum. , 1348 — 

2udSqnity JL». 983 +0-1 - 

Zed Property - ig?.6 113.5 ... _ - 

ajdMroaoS 980 .164.6 . .. . - 

22 Sad DepoSt 983 1B43 - 

875 2nd GOt——— 963 953 — 

5-5 Ind- American — JJ.6 - 84 2 +0.7 — 


ft» 2nd Gilt PmroAee. 903 4fttt .... . — 

gnUAuLPensJAM. gJ 87J +0i — 

_ „ Lft B K3F— »-5 " 4ld - 

ftg L* KtUfJ jz-. & S 29.3 +fij — 

237 - - .Ctaretm ndue .Niiy. 10. 

4 61 

4.61 Capital Life Assurance? 

7.10 rmisnn HocJUL CJmiwI irfkVin* 0009318! 

Pen.DAP.ACc — | 1069 | .. J - 

Hransr o! Oak Benefit Society ' *^o.Dep«uiFd.^.t983 W3i_..4 - Man. Fund fnc-. ,>950 108' 

15- 17, Tavistock Place. wctB 6SK 01-3879QOT Norwich Union Insurance Group? S5Jh^ u j^ 4c * : - iH- 

Hearts of Dak. &? 7 »J| ... .1 - POBcr* Nonvich VR1 3NG. 0803 22300 F4 4^ Ti' 1510 

Will Samnrt lif e Sonir IJUi ? Banudriuid [^50 gftM +0-*| — fTop. FU inv - 1150 - 

ZILA Tut.. A ddlacnttoe Rd.Cror. 01-«04355 P^S^ U ^d7'.l"(u4.9 1«| * H -■ 97 0 1*1: 

*“■? - 0824 4082 Ldn. Agt*. Dunbar ft Co, Ltd. 

“ 0J “ 53, Pall Mall. London SW 17 5JB. 0J-R30765 

;in - Fa-Vik.Cm.Ta _|»5 Mil.. I 2.4t 

... _ FsLVfcDblup.Tiq.l640 67.0| ..._J 4 50 

- 0-3 — Fleming Japan Fund SA. 

^td. 37. rue Moire-Dame. Luxembourg 

01-930 5440 FlwnlngNor.7 — 1 SUS6636 1 .... J _ 

... . I - Free World Fund Lid. 

”3 ^ Butterfield Bldg Hantil’rm, Rernmda 

r NAV Orl. 31. . ,.| SIS19805 | .... | _ 

^ 2:1 Mmagemect Ltd. 

Part Hae. 10 Finsbury Cirrus. Londni EC2 
Tct 01 438 8131. TLX: 886100 


.. | 2.40 Senby Assurance International Ltd. 

. — J 4 5i p q. Box 32ft Hamilton 5. Bermuda 

Managed Fund fSl SZ385 23351 J — 

* Singer ft Friedlander Ldn. Agents 

~ 30 Cannoo Sl . EC4 01-3489844 

[letafoncfc .. .... |[W»37 DJM-OJOI 632 

ada Trice T slOcl 91 ..ISIWIW -ld| . | 144 

London Aaeoi* for- 
Ancbor-BT. nils, l SlB 
Anchor Gilt Edge- E92S 

Anchor InL Fd STS5JB 

Anchor In. Jsy. Tel. 2ft6 
Beny Pac Fid _ IDS 

Berry Pac SI rig «70_ 

G T. Asia Fd.. SREU12 

G T. Alla Sterling- £14.95 
G.T. Auttralia FiT IA9 81 
G.T. Bond Fond-.. SL-S 
G T. Dollar Fd. JUS 

urn - . . .1 - i 

— ^Property Unitr 

— Property Seri a* A 

— Managed Unita 

“ Managed Serins A- 

— Managed ScrluC 

— Money Units 

— Money Series A 

Equity Son on A 
Pns. Managed tap 
Png. Managed Are. 
Pns. deed. Cap- 
Pn& GTeed. Are- 
Peas. Equity Cap 
Pena. Kuutcj Arc 
PnsEwUnLAcc — 
Peats Prop. Cap 
Pena. Prop. Acc 


M = 

Fixed Uu. Fond 150 6 15ft5 +OJ — 

Deposit Pund LUftl 113.7 +».l - 

Noc.Ubil0cL 13- ■ 22® 4 — 

Dcp-Fft, lnc. 197 0 

HefPloa Ac. Pro. . M 5 
RetPlunCop.Pon .1573, 

— , .lUM-i «a.ri +»JI — RetPimiCap.Pen.57a, 
U.-.I 226ft 1 | _ Man-Pen-FdAct.- 1233 

Phoeatx Assurance Co. Ltd. c uT j^T'dAcc - 1 1329 

4-fi. King; WUiiam St. EC4P 4 HR 01^36 B8T8 Gill Pen Fd. Cap .. 123.6 

'P 1, 862 U7 ^ 7 I = Ki^S..S88 

EbvPh^Ei .i'jTvi .. J _ gsiasiisssrSo 

SLK - in 

25 431 

S3J» 53t 

b 303 

70 _ 3421ft 

Tri«jpTsLOcL3i .pimm -id| . 1 14* 

Strungbold Management Limited 
I Frei P.G Box 315. St Helier. Jersey 0534-71460 
Cornmodiij Trim .. 195 46 160 43j J - 

in Surinvest (Jersey! Ud. IXJ 

13 W Queens H sc. Dt-n. Rd. Si Helier. J*y. 0934 27340 

J-W American Ind T« [£7.1fl 7 S3*6.I6| - 

-2Z Copper Till* _ .nil 30 U-57J -1 j — 

879 Jap, 7n de* Tst Ifjl 10 U J3/ +1 If - 

Prop. Equify & Life Ass. Co.? DA-ProjiiAcc. ., 963 

lift Crawford Street. W]H=AS. 01-4880897 D A-PenJ'd.Csp.. I960 

RSUiProp. Bd. I U6ft j ... f — Tnm&icteraatianal 

SSF® 1 - L r : i l = iwZZiFpZ 

Property Growth Assur. Ca Ltd.? rruiipMB.iid.Fd U29 

VMan. BotnfFd 11164 

GT. Asia Sterling., £14.95 1602nf 230 

iG.T.AuKraliaFdT IA9 81 102M .... _ 

G.T. Bond Fond... 3LS14.U 1-001 520 

GT. Dollar Fd. SUSftGS J 151 

IC.T Dir. iStrlg.1 Fd £043 ft79( ...... _ 

IG.TJ’aclllcFd. . — . SUS17.0B 1-00! 0 90 

jG T. Philippine Fd , plifUit 1LM| ... . _ 

Gartmare Invest. Ltd. Ldn. Agio. 

2 St . Mary Axe. London. EC3. 01-2883531 

Gartmere Fond Mngt 1CX1 Ltd laxhi 

41. Broad SL. Sl. Helier, Jersev 0S34-7S74I 

j 2 TS3 Unit Trnst Managers (C.I.l Ltd. ' 
_ Beeaielle Rd. St Saviour. Jersey (634 73484 
520 JerHT Fund ..... (47 7 503 | 4 78 

151 Guernsey Fund . |47 7 50 21 .1 *78 

_ Hirer on Nci. 8 Next sub. day No*. 15. ! 

|41. Broad SL. Sl. HcfTcr, Jenev 

Tnm&icterantianal Life Ins. Co. Ltd. G tit Fund Jereeyi ,|9Si)fi 

2 Bream Bldfa . EC41 N V 01 -40SC 497 ^ nnd H** 1 ',!.*', 

aafisftft- iMtt Jg| :8i| . - 

Tofcyo Pacific Holdings N.V. 

iuumi? Managr*menl Co NV. Curvgio 
NAV per share Nov ft SL'S6ft4B 

Tokyo Pacific Hldgs. 'Seaboard 1 VV. 

7^ ® £ f 385U Imperial Life Am. Ca of Canada te 

i’ll ScmmSwlW'jdlt iSSft | — Imperial Houre. Guildford 712S5 

— Leoc Hotise. Croydon. C RP ILU 

01-4050497 Gmjwpre Pbnd Mogt. iF>r East) LU. lanbi 
-0 jl — J ,S *P HutcblBCin Use-. 10 HarrCnirt Rd HJ£un 

..J 1225 InnfllD Mrniagemcnl Co N V . 

^IfrqA. London SW1XSEJ. 01-S3SBS23L (Aretun. 

WfoGdUdllTA . 1901 J .538 SpertaH) 

P>« |48L4 . 5L44- 4 IL27 Tnuare 

rail :j = 


wam.UuH. Tbt. Mgra. Ltd, 


■ CharIbondNov.7 

01*8069381 Cbarifd.Nor.7 

coma. [qftft • 493! ,..■ [ 9.75 fArenm-Unllai ■ .. .. fi g R - . 

•h»rtcan'._ 47.0 " 5fl3 +0 j| — Poos, E*. Kov. W„p367 
wmeuac.^Bg.- 906 HanpLlfe UteBagemenf Ltd. 

cro ChrUme Ep*rw — - 
fg M«na Managed— 

9.7 31.7 

*-0 . 3&.S 



Ka-vT » -. ... ... . miy 01 "w«iu«na ruaur. bu mb. maaKo. r □. aec. 

?CUnil Tst Mgrs. Ltd. Sfc George’S Wor.stntoaia ■ RintoteadHouad 6 VUnduna Road SSJffiJHS/ 

MOea,Editibii£ah3. . 031-2264401 Growth Unite— -^-^53-1 55?: — I 455 CrwdooCRO 2JA- : 030848864. 

MCrea, Edinburgh 3. - 

^atFW— .QZJl 23.7 


5ft4 47. 

001*2304831 Growth Units — ^-^53-1 55? — ^1 * 

ira Magflawer Management Ca. XM. 

Grt.FdNov.10 1733 MJI I — 

I Charterhouse Magna Gp.? P *“’ L ufe PonSS “ * ~ 

4<Z '|mJSrKOT»raS«^¥B Centro, Bletchley. Ma M^ d^tnd WJ . KM — j — 

ChrtfweEpergy— IHJ 39.3 ... - " '' “ 

Cbrthae. Money 29.7 31.7 — EqaUyFand |9ftl 1032} ., .4 — 

>u - —■ = Ivish life Assurance Co. Ltd 

M2^k?SotZ: 1 1345 :.::: -*w square EC2. 01-0883 

Magna Managed— 1513 - IMWg*- 743 «.« . . . U 

City of Westmutster Amor. Ca Ltd. HtocSTFdfec.'fiL Sj 6 Z'.!" - 

BUSfflBb &Kf: 1899 Sli z: = 

69? -Z3 -936 • 74/lBGrosham St., EJC2V 7AU. •01«wm» equity Furf 

473 516 Income Nov. 7 (2M3 . IWfl — - 1 ftg Farmland Fund — 

SasSSEfcriH S3 ::~J “ SSffll-- 

SS^rS^s:^.' JHjd = 

Equity Fond— ..... 603 65.H +0.11 — 

disbar Unit Fond Managers y * 

l *ohist,EC3Bt 7.U, . o i-«38 4483 Mercuiy Fund Managers uft 

Nor; 10— ^[170^ 1020«J I 5-48 30. Crv*bjmi SL.EC2P 2EB. m-O* 

Winchester Fund Mngt. Ltd. ™ Ssi 

9XSC2 01-8W21B7 Mare. InL New. ft — 663 70.7 

'jbebmoer'^liaO - 19 W -1 U 4 94 Are 'DlaNov.ft — 7LJ ^3 

tl 3BSBS!SS3&B3fcK S3 

SSiSSK— gg^^ss^SSSLtd:?!.. 

- tl ^IDL * 3-81 Ccurtwaod House. Slker Streiri. Head. 
tie; »juitag Securities Ud. . Sheffield, si aw>. T4L0743 

« JJjficy Unit Trust Mngrs. cornnadityfcGeamr WM — -I 

J PL'LA Food-- 

a - pens. Unad Cap.. _ 

Ol-CTKl 45.1; Porn. MO fid Are.,.. 

445 Pens. Monof Cap... 

4 43 pens. Money Are — 
291 Pena. eqoKyCaa- 
. 291 Pena Equity Are.. 

»67 - 

1273 ..... — 

1335 - 

M3 - 
527 . ... - 

571 +0.3 - 
590 +03j — 

4.40 Fund currently cloned to new mtestmeot. 
4.40 Perform Ute4— — ..] »M | | - 

King & Sfaaxson Ltd. 

S2.CornhIU.EC3. 07-8535433 

Bond Fd Exempt .. 1161.91 U302j . . . I — 
Next lie, ill tie date No*. 15 
Longham Life Assurance Ca Ltd. 
Lancham Ha. Hobnhrook Dr. S*Wft 01-2035211 
Langham 'A P1an.,|6ft J b9.a ...I — 
TPKrp.Bond,.-— J1463 154 «.... | — 

Wi*p .SPi 3l8it Fd|772 Hlij | _ 


71265 Aonmttural Fund 

I — AonaFiuidiA) 

... I — Auber Nat. Fund—; 

I — Investment Fund— 

,....] — tawRaneut Fd.(A>. 

.. ..) — Equity Fund 

. I _ Equity Funo t Ai ... 

. . Mon«v Fund 

US. Umar Fund (A, ... 

01-008858 ArturlalFuua. . 

530 SnttoBroFujal - 

^ GUt-Edged Fd-(Al 

„ *Retfre AnnuiQ. 

dimmed. Aun’o 

_ Prop. Growth hod 

_ All Wth er Ac. Uti 

*AU WemtherCap . 

•-■ z »w,Fd.Uta>.._. 

Pension FtLi'la . . . 

Coav. Pens. rd. 

07483S433 U ‘ 

Maa Peia Cap L I 
Prop Pena Fd , . 
P10p.PeaE.Cap Ut* 

Bite Soc. Pm. Ulr 
soc. cop ui 

190 7 

67 ft 

144 0 


00* & .Imntu 



135 8 
137 5 
135 8 


VMan. BotJifPd 1J64 1223 -0.2 - 

Men- Pro Fd Cop. U9 7 J25.g -02 - 

Man. Poo. Fd. Ac.- 1227.7 134.A -0.2 - 

VMngd lnv Fd lnJM.1 101^ -0.1 - 

VUngd lnv Fd Aer|969 1819| -Oil - 

Trident Life Assurance Co. LULV 
Rmslnde House. Glouoeater 045238 

Japan Fd .KU514II 2UH . 

N. .\xncrtcan Tst..,. Ill SMI M . 

InU. Bond Fupd._. IsimH U2<j . 
CuUHre iBTHtmeal aSnftL Ltd la) 

P O. Box 32. EMuclaaJqK. 

Lon more Inll. Inc.IMb ■ ZL9 | 

Gartmore InU. Grth|604 724 4 

hi NAV per share Nm 6 SV54991. 

iwf TvndaJI Group 

8-M po. Box 1256 Rami Hoe 5. Bemsida. 2-2766 
HS D'ro>» Nov. 8 . .. Ill 2111 1-25] | - 

*■“ fArrum. I'nitai. . Si'alBfi Hn J — 

3-Way InLOcl 18. UlSiJe 29331 _ | - 

0RM Z*ou 3-Way InLOcl I3. IllSiTE 
- ...I 11.60 2 Nri Sl- SL Heller. Jnwy 

+o.g - 

+B.9i _ 

— Managed 

_ Gld.Mgd- 

Providence Capitol Life An. Co. Ltd. 3.waj' Nor. 9. 
30, L'xbndfte Road W 12 SPG 01-74991 1 1 Equity _No» ft- 

_ UK Equity Fund- Uftt UtS 

_ Hlih Yield 13J9 148.2 

_ Gift Edged 121ft 1207 ... 

_ Money 1251 13LI ...... 

_ International 98.7 1S4.5 +0.2 

_ Fiscal 127.1 134.5 

Growth Cap 12*.l 1314 . . 

„ Growth Are. - _ 129.1 1360 

_ Penn Hned. Cap..- U&.I 1230 .... 
_ p«na M.UH& Art— 1224 1291 

_ Peni.Cld.Dep.Cap. . 1941 110.1 ... 

_ PetuiGtdDepAre.- 164 7 116 2 

Pons. Ppiy Cap .-116.9 123 6 .. 

_ Pros. Ply Are., 123 2 1365 . 

_ Trdt.Boad . ... 36 4 384 

_ *Trdt G.l Bond.., 46.8 

_ ‘Cash mine for £100 premium. 

2 Tyndall Assurance/ Pensions? 

. IftCanynge Road Bristol 021 

-* td - 3-Waj' Nor. 9. I 1251 I 
>111 Equity Non ft- ■ 163.5 

Legal St General lUnlt Assur.] U4 sSwuiFdBi? 

m£pm 5 «ariti« LuL . ^SSSSOST 

«AMbey Unit Trust Mngr& cenanoditrftGetL. 

'i uwGn. ik. M.¥ l«KbKcH«) S&&SZZZZ 

Wllk akh Wycombe. * 04« 33377 3SffiT H "ZZZr 
►LwZ (ftojB ’ 602] +0.4J, 4-45 Do. Acctun — — 

URtt Trust Mngt- Lid. tSxAceiS 

^WeKreet Glasgow. 0418041321 "gSff*-— 

- . 11=1 r« 

Ltd? (a) citj- Of Westminster Assur. Soc. Ltd. Sff&S™- J. J4ti . 

juj u*«d Telephone 01-08* 9564 Do. Acctnur . ' 96J 

"^074919842 Hr* 135 « I — Equity Initial. _... 1^7 

Surf-.- 5S9 Property UnJta,.,. J56.7- ^--1 - ™ ® 

S* +rn 318 1 - , „ . _• ' Do Accum „ ^ • U9I 

So +Sl Commerdal Union Group intLuuuai »« 

275 «■« Sl Helen * LDndarahofl-ECa. 01-207580 S&*gg gbg.3— 

30-2 J-g Vr.An-Ai.Not U.l A30 - I 1 - 

M-S tn Da Annuity Ub^_1 iws I *—T — loai 

1202 +0.7 
1323 +01 
1213 -0.1 
12S.4 -0.1 
943 -0.6 
«0 -0 7 
1232 -H12 

-m5 328 

iffieLffl. HI 

*s Not. & Neat dealing 

® «lv S 3 

19 H v 

3-S Confederattw Life Zusarance Ca 

5™ SO.Cbanrety Laao. WC3A3HE. 01-2420282 

Do. Accum. - .(320.7 127JJ +0^1 — 

Pr o pe r ty Initial — Dfflll 105.3 ... , — 

Do, Accum. - [1833 168.9 +0.1[ — 

Legal ft Gsecnl 1 toft PenrioBslud 

— Equity FA Cap. 

— Equtri-Pd Aee.. ,, 

— FULinLCap. 

— Fxd InL Are . _ 

— Jotni-Cap. 

Ima], Are .... 

— ManscedFdCap.. 

— Managed Fd Acc. _ 

— Property Fd. Cap. _ 

— PTopertyFd Are— 

CORAL INDEX: dose 474-479 



Do. Accum. _ . _ 
Do..Ucnm _. 

Emmipt Fixed 

Do- Aren m.. 

Exempt Mngdl 

Da Accum. 

Exempt Prop. IniL 
Do.Aretnn. — — — 

Provincial Life Assurance Ca Ltd. 

222, Bubopagate. E.C.2 .... 01-tt7BS33 

Fttiv. Managed Fd,|U?.4 .. — — • 

...... tsaf£=“Ki s « = 

■d - ■ !BE*ai-- Si 5 ® as = 

1 — Fxd. fiiL Fund (%-? — 

Bond Nov- 9— 166.1 

Propenj 1 Not 9. . MW 
DeposliNov.0 . . 1303 ... . 

3-Way Pn Del 19 152.1 . . . 

O'acaxlnv Non B . .75 5 

Mn.PtU-WOctJ. 176.4 

Do Equity Del 2 . 273 8 . .. 

Do. Bond Ocl. 2 . . 1S1.0 

Do. Prop. Oct Z .... 90 # .. . 

Vanbrugh Life Assurance 
41-43 Maddox »- Ldn W1R OLA. DM 
Managed FA. .,„.|M7 7 15501+0.4, 

Equity Fd ., 233 9 2463 +1.4 

Imnl.Fund .,..97.3 102.5 *0.9 

Fixed Intent FA.,. 1*4 8 173.5 HU 

Property FA 149.9 157.S 

rash Fund 1212 127 6j . ... 

Vanbrugh Pensions Limited 

MK 3©4l Hambro Pacific Fuad MgmL Ltd. 

— 2110. Connaught Centre. Hong Kong 

• ~ Far East Nov.8 BHK154J UM I _ 

3 Japan Fund IJl'SUUJ 1142J J — 

— Hambros Rank IGuernseyj LuL/ 

■ — Hambros Fd. Mgn. fC-I.) Ltd. 

— P.O. Box 8ft Guernsey 0481-28521 

h0.2 - C.I. Fund ... JWO0 150-lfil 3.70 

— tntnL Bond 5U5 188.44 1U?M *50 

. - irl Equity SUS 1103 UJM 53 

— Iol Svga. -A - SUS 105 LOB . _ _ 

— Ini Srgx. •?■ SUS L13 1 16| _ 

— Price* on Not. Nem dealing Nor. 15 

; ; Z Henderson Baring Fuad Mgrs. Ltd 

— 605. Gammon Ktauac. Hong Kong 

- Japan Fd. Nov 8 ..jU'SMQ SMI . I _ 

. .. - ParificFd* 0ei.2S 1 JV5I0.071 \ .. I ~ 

- Bund FA 'Nm. Ill _| SVS1D.686 I >00411 _ 

Jn ‘Exclusive of any prelim, charges 

? Hill-Samuel ft Ca (Guernsey) Ltd. 

0+7232241 8 LeFebiTC Sl . Peter Port Guernsey. C I 

I - liaernsej- Ts J347 2 1570^+0.71 3 77 

" I 3 Hill Samuel laves L Mgmt. Intnl 

2.40 TOrSL No*. 0 

» lu tAMum Stores* - QL5S 12A5 — 

*• “A AmcncanNm 0 . js3 84 5 . 2.00 

ng .Accum tbaresi. 785 84.5 .... - 

I _ Far East Nor 6 .—.. E£9 . 645 . 2H 

‘■"I i.yccum sharesi . Bao 945 . . — 

Jersey FA Not 8 213 6 226 6 6.95 

LuL/ iNoo J. Acc. L'ls ■ — M2. 4 320 6 . - . 

UL Cih Fund Nor. 8. ... IK S 107 0 11 21 

rmn-wrivi i Ac«um Sharesi _ (U9.4 142 o| - 

im flrtar* House. Donglac. Isle of Man. 0624 24111. 
Managed OcL19..-fl34.6 IAL8| .| - 

;■■■; ^ i ; niJUfe Assurance (Overseas) Lid. 

— pfi Box 1388. Hamilton 5-31. Bermuda 

Nor. 15 intend Mofid. Fd . ISLS100 - I . I — 

144 i nioH-Investment-Gesellschaft mbH. 

I posifarn 16767. D 6000 Frankfurt 10 

(■ ” AUantKfonds . 12 40 UlM-flM 12 40 

“ l odonds. ... 19 40 20.40-0 20 19.43 

. L mrenta . . 41 W 42 W H62 

y) Ud. I'nirpeciaJ 1 60JC 63 40j +0 10] 60 M 

3 77 i:i<t tC.I-i Lid. 

i.i H Mulca»ier Slrret. Si Helier. Jeraev 

Jntnl L 1B Fund. |!IS1MM lUDi I 750 

- PO.BosGUerfey. 053427181 . . 4 _ 

... . - ks cixuine] fa F. ...|U7.8 ut « -0.5 3.M United States Tst. SttL. Adv. Ca 

- Mg. Bern Svxriirr Lo o A Tela 33425 H . Rue Aldrmger. Luxembourg 

- cl.F.ra'SS'aSSsroS 33P? Z I' S Till ,nl Fnd. - 1-0021 

-- - CrtsfibowFAiAcc.) SF3.M 3 7d-fl.0l _ Nci .utsc-s Not 0 

— ,TF Pli iA«c.il5LTi7.B llSrft.03 — ^ (i, Warburg ft Ca Lid- 

International Pacific Inv. Mngt. Ltd. ^..irexhainMrrei.ECi 0i4W)*j?i 

PO Box R23T. 50. Plri 6t Sydney. Ana. ,- n i Bd NOT. 10 51.S9J3 1 J - 

0M08WC3 Jai din Equity TsL.[i42J2 2.42| J _ toff I?, ■ &'«»« N* , l- 

Gr Sl »F A Wt.SJ 5'.o7.1l! j ....I - 

Mere F-M Nor 8. . JT4KJ5 105V . 017M 

J.E.T. Managers (Jersey) Ltd. MereFjJdNov g. . {msiik ‘ »Jt!.""|eih 
-PO Box 98 Channel House. Jcraey 053473073 MercMnyMXlNo* fi.|£1910 10.111-001} ~ 

J “SWlTfhEf-it1!fc:-W“ Wgrtoi* Invest. Mag!. Jrsy. Ltd 

Jardine Fleming ft Co.' Lid. I - £l (e *? Tn 

— 41-43 Maddox SL. Ldn. \VLRBL.\ 01-40649231 Jardtnu Esut. Txt - 

4ttb Floor. Conuaughi Cenire. Hong Kong 

ice Co.- U<L 

property Growth- " 

Corn hill Insara 

32. Corn bill E.C3. 
Cap. F6b.OcLJ0.--t 


Credit ft Commerce Insurance 

120. BogenlSt,l4»don W1R3FE 014307081 
CfcCMBSAFA._UZ2J 1320} .—4 - 

y _-j.H z 

90 • lOTOj — .] - 

“4 — Prudential Pensions Limited? . Cuaramred ree ’itis. 
Legal ft Genera) Prop. Fd Mgrs. Ud Ho ,| »«b 5 «.KLv2NH. oihWkss Welfare insurance 

1L Otwsea Victoria St, £C4N 4TP 0*058 WIB F?A teT^Uft 8 ' ®.20 Hd; W| M ted»-Part.E«ter 

D^f - 1 - -B* mS| - j RntfSS?Lr 

... . ‘ ' Reliance Mutu£l Manclw-dv 

Jf-S? n$y ' , ^!5L«OT Tunbridge Well*. Kent. 0a8£=iS2n Windsor Life Assu 

|W4 Q 1 6231 ®*T"" ReJ , I I -- I - R* M Albert Hra.bhexl 

“V^r ” , "Z J m 1 J “ Rot bach i Id Asset MenM«a»nt ” uie iu« p 2 

*****£ Tst ‘ Hn * PB - si Svllhinr Lane London £«• 01«S43» FOT^A^SSlb, 

(I. Lombard S l.El 3 01«31!88 .N.c.Pnm. . ,1128.6 12U i SS v^ Tpenu ° ' 

^empu- 1%4 101.41 ....4 M» Buli dS » ffiiTSv Gwfii : 101i 

H2-3-WJ-2 — Hapagod -.-I988. lM.ffl *0.1 - 

7hx *“ 1015 30851 +0.4 - 

JM ^ — FixMlnlcrest 973 1025 -01 — 

IOL? ...„4 _ property mao — 

imited? Guarauiaed tee 'Ins Ease Rn«’ table. 

_ 01H059222 Welfare Insurance CO- Ltd.? 

Ilia — ■*■ Wlnatade Park. Exeter 0392-82163 

20 m Mrmeyiaaia , Fd..^| AO4.0 I | — 

— -i — Fm’wherfundx. pleaiieref.'rtB The London 4 

ManciKrit* Droop 

, 08M222TI Windsor Life Assur- Ca Ltd- 

Jardin«f*ra FA*._ 


Jardinc FleiulnL... 
inUTar.Sm- <100.1 
Cra.iAccum.1, _ _ 







NAV Oei 31. -Equivalent 1 
Next hid NOT- IS- 

0 ~ Warburg Invest. Mngt. Jrsy. Ud 

1 < 'naring frc>7. £1 Hdirr.Jay C7 0534 7374 L - 

CMFL:d OctK -pJ -HD V V . . - 

»S rvTLiAOci.SG I £14 62 15.00 - 

L90 He’ jI* Tbl Oei. 19 K12.90 U n ... — 
000 TWTNov .9 . 11119996 IP 11 . — 

■ 1 70 TMT Ud. Sot 8 . |£907 10-13 . .. — 

Z world Wide Growth Management 

— Vo. BoulOTord Rmal. LuicinHourg. 

L iiorldnide Gth Fd) 5VS1S.14 | J — . 


Prir-N Jo noi inrlmh- 5 premium, evcvpi whsrr r« OT" , I * and are in u^r.<. r untew i>;S , -ra".v? 

Financial ;Tu»«s 


contact- B. D.Kay 


Circus House. New England Rood. 
Brighton BN 1 4GX Tel: <0273) 609700 

Birmingham. Cardiff. Lggds. 

London. Manchastar. 

’& RAILS— Cont. 

Price 1+nrjDi-r. 'f Red. *t!W 
£ I _ I Grow VhW I H3eh Ifli* Nrrk 


i' Hi. 


U ( Murk ! Pri*. VI !<'\r|»ir*| FT I I *W* I Mr* I -^1 Wto*«|w 

ENGH«EaERlNG— Continued 

unnWiB- !SP4 


,vlnMer*£l . | 400 


Maud <f' Jur’tl 


37V 30 [j r«w)l>4pc 

371; 28*, V: u lMn3>ipc2 21 

3 qi 4 33 I'oro avpeFIAh.— 

28V 23 Fiwaiiy 3p.-fi8 Aft__ 

2*5*’ WAi romakVjpc .... 

24 19V ITreaaiiy^Vpc.-. 

[rrn £f 

K:>:fn'pKtr. ‘">*p 
K^riiicil-int. .. . 

191 FI 48 

105 109 




..w .Wole. Dudley — . 

|l29 lYounfiBrew'.VSOpI 157 



j'; t’Pj 


iiUihmiA • IUji-' -I 

otiitsisi-— M 





illik' 5 ..:. 
Laucfl *(f.Fl4-A.- 


[jonsJ.itl „«■ 
VaUhewGi-— ‘ 

Moreau Ed' T0p ' 



Vorri-i mlt.-lW 
northern -Fre*- 

21 ppniir r.'l'.to.u 

30 Pvke-WJ I.ifi|+- 
14- Rakri.-cni3u top 
45V RJI.M.r- - -- - 
120. RcKenneffKno*. 
16 345 RmSTUreeMS^j. 
161 Sairrf-irrs *1 v — 
U , 

j 2 Sriilfrt .- 


iquirrrT-fT n l?:p. 




.47 . 

'aelk Lj+etl. ;. 
fecnip^:.— '. 

L'nijjaie— : — , 
L'mtHfBurtsK - 
A'atsuifhlp. Iftp 


I ht Dj i-i Di 

M2 06 
1 hl.08 1 51 


lit!' 48 
& | 115 
145 1 5 a 
1661 34 


. „.mh, - 

! Z « [ 37/ 

Epicure op 

Prinreol Wales 

34 aj <u s./ m 37- » _i 268 * 11 2 9 i7n 

165 (3.42 7.3 3 1 6.7 ?7 li rSwqS'St' 5? dhLfl ?8 95 3.2 V Ji 

m, -J ll s§ JH » cSmSmSp" 19 ' ::: +102 10 ro 6.4 f? 

54 +6 +M-18 9.4 D5 3L8 g 15* cSpSSS; 20V -*i 0 89 3.9 6 4 5.1 $ 

7m -Vice Hi Ft u 72 45 Csanerouflaito- "65 ♦i4.21 14 97148 250 

174 -2 +4.63 t1.5MI.g-: g- S ^ L« l BA <>5 ” 

i =r s& k m I 9 ! assst iz n if 




- 102 81 
4.0 L64 138 

3.8 1812 13 

369 77 59 

3.7 » 3 203 

5.2 35 31 

17.7 16 10 

- 91 44 

6.3 128 93 

81 .UxTiteen '.'Jr..-! 
138 U-ertba-i ‘.'an 
13 A/lied naif /ftp 
59 ArmUa-jeShnK . 
203 BPS In* Sip- 
31 Rwrerrijeto-t. 

31 RasrenVeftA. 31 

10 Baite ten 1UP- 11 

44 BaiThercec; _ 74 

93 Earralt l*v. top 104 

2IM; Beechuiml top . 271' 

vfk (based on USSL9680 per £l 
radar 0.T223 (0.7271 1 F 

31V 13 07 - 

28V: •• ■ 1205 - 

Wj 1038 - 

23V . -13 09 - 

20 .12 67 - 

191? ..13 02 - 


791; |5pr Slack 77«. _ . | 79V |-V | fa 29 | 11 88 37N 


88 | 791; |5pr Slack THE. _ . | 79V |-V | 6 29 | 11 88 


98V I 91V iBiniflianSVK 7M1-I 91V I . ..11011 1 12.99 

oa} 111 — 

fador 0.7223 (0.72711 


'SI.... 14W+V 5112 

it 12V +V 5L04 

S5... 36 +\ SA2 

10S h5c 

930p +20 51.0 

: 17V +«* S1.48 

13ft +U 97c 
100. 301ME -1 4°o 

1*, +W S1.14 
Cam. 430p -a 40c 
■ _ 24V +i* sQS2.fe 

h> II — 12\ +h 69c 

2A 301? 201; Bcectiuiw/ top .| 

4 7 31 15 Bcn'.ovarp.. . ' 

3L6 57 45 nenlort.M. top-, 

5.1 69 5b EMtHi^Jip 

5.5 83 63 E!li»:kicv> 2lhj . 

2.1 303 220 Bluetinlo £1 _ . 

0.6 87 61 Blundell Pcrm_ | 

L7 lira 75 BrwrkfflLin* .. 

. ci 41 21 Bm Uredsirui . 

280 24 Brawn Jksm 3IW 

74 48i; Brownlee . ..-: 

58 36 BninL Hlrifi 

31 -3 t4 66 
143 nr +3 625 

231; tcD71 

70 4 ?7 

225 +1 7 74 

31 . . 157 

11 .. 0 6 
74 -2 2E 

104 -1 S 14 

271' 2 83 


47 -1 (1.55 
56 -1 Ml 7: 
63 . . 1 3 3G 
254 +2 1-9.48 

35 +1 t:\93 

92 +1 t5.35 
26 +1 - 
214xc -6 ml .02 
71>; .. .. 230 
45 +1- 152 

-1 (1.35 
-1 t.-u 7; 
. . >3 3G 
+2 r9.48 

+1 t:\93 
+1 t5.35 

Burnen t H _ _ f 203 l-l d2W; 

lE +i- 242 l\ ll li'% if gSSSg: 

ig =?p 

a.^-s 0 M n u i iSj 
**r±« s liiiis ^ 

35 th205 1.4 a71Z5 w 30‘. DMSStoer 

103 62.83 4 6 A1 R0 33 

154 +1 (2.89 5.6 IB 95 J? IK? Kg 

340 -5 (603 5.1 2.fJll.0 7*- ci. ni, M56 2 

% £85 18 112 7J jg Hg?(Hia^r 2^ 2 i”" kf 3. 

70 - • *417 14 9.011.7 162 89 342 +2 5 41. 4. 

qa 1 * +1 '^| °JL f, Sn fit ,2f £ BngCteiaoUiJ -95 ... 303 5. 

IS *7 ik In if S| & 55- §SS38£$'1I -1 t3J4 1 

2 «1 +z ti^ft H AO 148 116 ™»«r- -132 z 

«t 2 35 6.0 (5 4) ^ FlittOHJllOp..: - 34 ..-. 15 0. 

If ■ } - S'? “ S| _ 291; 20 PoltesHWtSp 23 -IV dU9 3. 

If f Ta SI Ta 81 55- Francis MxC .... (3 42 4. 

| K a *■ ± 2 * 1 

I : . a Miis^ 9 . a -s-.-a r 

a 1 *$8 S:8 i\ Si T f 1 5S 21 \ 

4 +■ h » § I % v. * as t 

170 Th2.93 63 16 9.4 ‘g g? gggEr* jy,. hd0 7 £ 

165 thZ93 63 2 6 9J ^ -H-'' -1 1® L 

Ig, t 

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5.5 26 20 ralndef'CV tup 23V +1 L 34 2 

02 51 40 1 an- ' John* . . 4a . 7 

4 9 68 40 i.'armr . . 69 :....| (363 J 1 

40 108 69; Cenwnt Rna*Tiwt 91 -2 

3 3 38 27 Cumtien'ip IPp 50 

13.1 258 157 Curtain P. . 232 . 

2.8 48 31 Caunlr-‘ide5p 42 

44 104 62 Crossle; BM; 104 

3.9 118 80 Craach<I«>3ftp„ 292 -1 

25 73 63 ijMch ilroup. . - 63 -1 

29 105 84 Dw«JasRoW.U 85 .... 

80 rroochil.-tftp.- 
63 1 Irooch ilraup. . - 
84 tXjujttoa Roht U 

100 Ii'wiungGH.f'flp 

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60 FalrcIoughr«i' 
19 Feb loll I0p - .. 
19 Da -A* idp 

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■2 th30 , 

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..... (4 19 0 Si 6 
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241 tta.0 2E 5.C 183 « a 

152at-l (296 3J Z.S 15J 34 

95 -1 (215 S3 3.4 82 % 

114 -1 t289 33 3.E1L3 g? 

Srtnri!iljrt.5p" 20 tl27 4/1 95 4.1 

^-sAMctaiub - 22 65 4.5 4.6 

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'-Sol +1 So 3 17 u\ ^5 121 

aas^ a = sg gig | f 

30Bs±-ar , 5 , -BP«7oM , B 

Span fell; (4.56 2 3l0.7 . 43 82 

d«5(Hktosl__ 235 635 3.8 4.4 6.6 131 

142 +2 5 41. 4.4 5.7 50 60 

i«C«ilCWhj -95 ... 3.03 5.1 48 50 IV, 

mj»to driw.L- - 92 . (4J7 3.0 8T 53 Z26 

SBBndalHelal- 71 -1 t3.74 18 7.8 91 64 

K&WV:-132 h759 U1TK12 

IrthtGMUOo : 34 25 0.2 HO 639 79. 

ultefflowSp 23 -IV dl39 3.0 9 0- 4.1 *35- 

tanaslafe^ ,60xd .... (342 4.W 8.5 3.4 1* 

HimnL-ajpi- • 80 -1 4.21 3.1 7.9 53 38 

HWn6seifp-- ■= 78 M6J7 28122 48 ‘25! 

epXheHiuW 14 034 — 3.6 — 52 

Bl+S. WO -2. 8.20 1.4122 19 f~ 

radges Kirn _ 775 -25 — — ~ — £ 

cepnbtoifclOpL- 39. -1 tiftia 32 46101 21 

iccn'sEconJ- 69 430 22 93 73 7V 

KBLtL.i^5± 264xc +2V 15.80 16 8.9 (88^ 27 

M 28‘. d203 1 3 J7.R 48 

BdenCmier^ 105- +1 +792 10112142 i6 

«BEnfi^to__ 100 14.5. 4 j0 67 55 74 

sUJSItew" 204 +2 7.19 3.4 53 8 5 175 

aSeadl 155 655 29 63 8.2 L09 

BBBSrate—i. 17V -V hd0.7 26 5.9 9.7 58 

atEltofci -22 -1 183 10125116 46 

vtterScT « 22aal +4 t4.14 6J 27 9.0 46 

mTS .yT C O 62 7.0 33 L«C 

ap«n«iQs39p- 96 (5.14 35 8 0 5.5 S6 

MltetiL 2B ±223 0.8 1 076. 42 

KdeaSwl 81 +1 (47 26 8.7 7.9 »5 

ontldBcnnbi ' 27 0.78 35 43 9.8. L61 

irS ZZ 55 (334 Zi 9.1 64 37 

cksnJtHBto- 331; -V M0.92 52 4.1 7.1 L27 

nfcsfcCatteal 67 +2 130 « 29 4 212 

iiosm&nith 69d +31? 476 17 10.8 ft® 89 

54tf -V P1.96 

5 41117 mu 

Ii'wningGH.Sflp 118 +2 H5.71 3 3 

Erith 94 (557 15 

FPAOoastn 161; +V 0 51 32 

Fain-lough On* 64 M3 55 3.4 

42 +4- 20 ♦ 73 T X 6PW 

80 1 -i" 286 3 9 53 5.6 |u, 21 

99 6.06 20 91 *65. |e> 2 S 

9 030 3 6 5.0 i63i S % 

S 3 HP ii li « ” 3 

42x£ +V +161 3.4 57 76 §Jf 

90 -t (29 4 2 4.6 76 AW ^ 

UuntKaserap^ 27 078 35 43 96 Lbl 

55 (334 25 9.2 64 37 

SactoJJ m&L 331; -V tdO-92 5 2 4.1 7.1 L27 

JenfesfteatteCl 67 +2 130 « 29 4 212 

Johns® & Fink. 69d +7 2 476 17 (6® 89 

JonerGreuiUOp: 64 3.63 4 85 * 74 

JaoaWK- 150 -8 +5.46 J.4 5.4 R1 U7 

iaMOguaT. 95V « 4.6 (7.4) *12>; 

IsteirfttiCZ VfhrC +5 39 * 10.7 * I2D 

lapeffereyilOp. +1 333 HflOff-fZ 39 

Leettofturriat 2»2 tl.47 2ig 9® 51 65 

WsRpm*iei. 61 (437 Sl0.H 85 60 



SJEL List PreniiiZD 38V% (based on 023033 per £) 


19® | I [+- or] Div T |T1d| 311 

m Lost | Stock j Price | - | Sd j Cvr |Cr s| WE 41 

* I I lmio.l V'l 1 ti 71 

282 tQiac 37 

235 1455 - 

ou agi 2 +4 jgPJ 23 

199pl +V " H8.0 — 
140 -2 10.23 - 
£17 ... . 094c - 
397a+3Vtl523 - 
Mftl'.— I 080 ..„.7Q10W - 

■ IE1 l 14 8 5 CMS 

(UK£1 [ 170 7.47 13 

•“ 548 +8 032c 4> 

278 +3 tllOS U 
£24> 2 +>4 6»ao - 

348 +6 0378 57 

ELJ 255 9.41 - 

O 250nl -1 thl7.1T _ 
nt20p_ 72 +1 (4.ffi - 

- r 1 196 -4 Q16c 29 
£17 +V JKBUh — 
ihui £16V ._... Q1244 — 

B_ 28 1+1.71 7.3 

+V Q9m _ 

.... -V™." - 

. 70 ..... t203 2.6 

lto— 5* - - 

"*83. 2 ..... — - 

pi- 12 - - 

,J a = 

..-212 ..... 15.41 - 

i>-5p 20 0.13 - 

119 ...... 279 7J, 

Peal..-. 110 -2 h5_15 - 

. 165 -2 9.76 — 

. 82aJ ..... +4.97 — 

. 200 - - 

i>. 254 -13 MK9c - 

_ 57 tiSiz — 

- 170 +8 874, - 

51 +1 0.67 x — 

58 3.44 - 

88 +4.18 -j 

253 +6 +923 4.8 


Telex: Editorial 886341/2, 883897. Advertisements: 885033. Telegrams: Finantiino, London PS4. 

Telephone: 61-248 8000. 

For Share Index and Business News Summary Id London, Birmingham, 

Liverpool and Manchester. Tel: 246 8626 

25 531; 34 Fed. Land 6 Bid 53 

4.0 36 21 rmbm'tou. liV 35 

2.4 21 11 V Francis Pkr JOp 18 

3.5 51 40 Fnnd'.GR. Wp. 47 

4J 42 26 French Kicr. . 34 

» 66V 52V GaUifcnJ Hr 5p 62 

® • 25 i»bbtir4AMp .'38 

_ 49 36 GlwswiiMj'lirp. 36 

E 68 48 GtossapSAJ .. 57 

86 69 Cghu<iper20p 70 

31V 221; RAT Grp lOp.. 27> 

W 41 21 HeliuiBar ... 22 

-. 95 59 fiends -V Mr 41 

7J 74i, 41 UcwdenSt top . 70 

■z. £385 £220 Da 7 k Com ?sa 

M 154 64 HcpdVrm »p 132 

— 93 64 Hiacs&Hjll ... 65 

— 93 66 Boienncham . 87 

— 90 55 DaRe- - Vjp 83 

22V 12V 
138 104 

7_ £385 £220 Da7pcfom 
M 154 64 Heyw'i^ni S0p 

— 93 64 HiBB&Hill — 

*■” 73 66 Boienncham . 

— 90 55 DaR^Viy 

— 22V 12V Howard Shut lop 

— 138 104 LD.CKp . 

— 197 125 IfetcckJohreeu 
145 108 InLTiralitsr . . . 

^ 66i 2 41V J. 8. Holding iio 
J, 30 19 J.rxc... ' r . 

*■* 197 160 JsrrisiJ.i .. . 
-. 123 73 JenninecSAOJW 

M 134 79 WuKtnvJ’jitif.i' 

— 17 10 JooesEdv.d top 

47-' dl95 

34 178 

62 V 342 

.•38 1 85 

36 +187 

57 «9Z 

70 536 

27i; +1 hdl-53 

22 - 

91 -1 +4 43 

70 thl 09 

£3KJ .... Q7*i 
132 +1 476 

65 +1 t3 5 

87 (211 

83 +1- t2.ll 

17 h) 0 

126 id9.12 

164 . ... (6 23 
123 -2 T7JL5 
57d +1V HIM 
19 -2 ±131 
160 5961 


1 102 67 765* 
8 3.910.7 89 
SS.*. 42 
4.6 4 1 

m *u» u ±,a7,„r w* 5ESfi^iS ^5 Bi 38 11 mi 

S. Ml 57 ISa&manSuH: 57* -2 2.10 « 55 * 42 

SJ* “ “ “ 51 232 134 Mafinair20p.._ 198 +2 6.03 * 4.£ 4 ' ‘61V 

ITS +l" h5.0S 29 4*310.6 X |L J ^ +z +041 ^4 y ° I9 *81 

271; +V (1 24 46 67 36 M* 47. ll 33 86 S 2 

£ :r:iB gumA 8 EKSS& ‘iB VBP 1 - ■B8«f r 
*5 ;1 « 15 & v d I Jt::: JM 9 ll m r\ S 

UDSGiaup . 

13 "' 3 i« =ld w J\i | ^cbSSF. 34»t;™; 

77 ‘ («BlJ 23 10 8 65 Ln,. F S., 

i 23 10.6 (?4il*4T. 

i - Q3.9 —• 

' I?.? I 85 

31 KentlMPHfl 

r- £41^ £14v Lafarge Sr. FlOfl £37T; +1V QitTT 
M 87 71 LalugiJahm’A- 72 -1 u25 


Amsierdarn: P O. Box 1298. Amsterdom-C. 

Tele+ 12171 Tel: 340 555 
Blrmiostiam: GeocEe House. George Road- 
Telex 338850 Tel: Q21-454 0922 
Bonn. Presshaua 11/104 Hens Bailee 2- UJ. 

Telex 8860542 Tel: 210039 
Brussel*: 39 Rue Ducale. 

Telex 23283 Tel: 512-9037 
Cairo: P O Box 2040. 

Tel: S38S10 

Dublin: 8 Fltnrilliam Square. 

Telex 5414 Tel. 785321 
Edinburgh: 37 George Street. 

Telex: 72484 Tel: 031-228 4130 
Frankfurt- in SachsenlaKer 13. 

Telex: 41(3283 Tel: 555730 
Johannesburg: P.O. Box 2128 
Telex 8-8257 Tel: 838-7545 
Lisbon; Praca da Ale*ri« 5&1D, Lisbon 2. 

Telex 12533 Tel: 382 508 
Madrid: Espronceda 32. Madrid 3. 

Tel: 441 6772 

advertisement offices. 

Birmingham: George House, George Road- 
Telex 338650 Tel: 021-454 0822 
Edinburgh: 37 George Street. 

Telex 72484 Tel- 031-226 4139 
Frankfurt: 1m Sachsenlwter 13. 

Telex 16283 Tel: 554887 
Leeds. Permanent House, The Ueadro*. 
Tel: 0532 454960 

130 84 Lalham(J.>£i ... 1C5 

109 88 Lawience-W- _ 93 

*95 70 Leech iTVm -LDp BTr 

99 57 LcylaDd P.nni ... E0 

B0 61 LiDerFJ.l 69 

80 61 London Bn.-fc_. 66 

la 74 LoreBiY J ■ .. . 106 

59 28 McNeill Croup . 2 Eu 

156 113 MarnefJcSlhn* . 123 

57 42'; Malinmn-Dennx 55';* 

106 84 ManderxiKId^ . irf 

166 107 March-fid 10S 

93 68 Harley ... 70 

138 71 Marshall* <H!x- X ! 9 

84 57 Maj i (h<-.-ll . 65 

31 U Wears Er-i'.. 15V 

48 38 Melulle L> & W 33 

9 9 73 Meyer 'M wilJ.j. 78 

60 32V Mil bur: 42 

18 9 M:Iler ■ ■•‘u. la L' 

75 52 Mixrom-ren £1 

55 35 Mod Eiui'm-w- 57 

107 79 tlcnk i V ._ »= 
141 103 M«leraJ- .. K*3 
185 138 Nwantiili! . l-'8 

108 79 Norwe-i He I-’. 27 

310 210 ’<M- Rr,.k.-<.;. 2-?: 

■ 5fi 40 r>n?^I"n - 1*7- 5a 

114 97 Farter TinKi 173 

175 138 PimenixTirB-*:: 14:1 

172 82 Pi*'hin5 . . . 135 

156 107 R.3H* 1IJ 

173 116 Redbnd 2=4 

% 70 Rcbrfc W.,11 i.ip ?6 

104 94 Botert-Adl.ird 10I*< 

112 80 RnhanGnjup- . 36 

33 20 RewtiriMin lupf 30 

45 2*8; RmcoCreui . _ 42 

48 30 Ruben-nd . - 40 

90 66 RuebpP.< emeni 74 

188 135 SGBGraup 152 
40 31V sabah Trmerl'lp 36 

50 30V Sharpe&Firtwr 49 

55 36 Smart -i mp. 36 

1 301; 6 Southern i.*ir. *ip 91 

38 20 Streeio» I'T 21 ‘ 

-174 124 rarnKjv Tip . . . 145 

Manchester: Queen's House. Queen Street. 

Telex 008813 Tel: 001-834 9381 
Moscow. Sadm-a-SanurtecbPWa 12-24. Apt. IS. 

Telex 1800 Tel: 200 Z748 
New York: 75 Rockefeller Plaza. fi.V. 10019. 

Telex 68390 Tel: (2121 541 4825 
Parts: 30 Rue du Sender. 79002. 

Telex 220044 Tet 23857.43 
Rio de Janeiro: Avenlda Proa Yarsaa 418-10. 
Tel: 253 4848 

Rome: Via della Mereede 55. 

Telex 61032 Tel: 878 3314 

Sloekholm: c,o Svens ka Dagbladet, Baalambaragea 7. 37 
Telex 37603 Tel: SO 60 88 147 

Tehran: P.O. Box 11-1879. 101 

Telex 215030 Tel; 682698 
Tokyo: 8rh Floor. Niboa Keical Shlmbim 
Bu Udine. 14J-3 otemaeU. Cbtyoda-ku. 

Telex J 27304 Tel: 241 2820 £31 

112 80 Rohan Group _ . 36 

33 20 RuwtinMin lop!- 30 

45 291; Rmcoilrvui . _ 42 

48 30 RubeiTarl . • 40 

90 66 Rughf-P.i emmi 74 

188 135 SGfiGreup 152 

40 31V Sabah Timer ]4p 55 

50 30V Sharpe&Firtwr 49 

55 36 Smart -J top. 36 

'301; 6 Southern i.'ib: 5p 9 k 

1 38 20 Streeter-- l(ip 21 ‘ 

174 124 rarmn-SIp.. . 1<J5 
474 330 TrnlnrKftrrtTir* 409 
318 233 rilbun-Oitl 280 
194 129 Tracis Ik Arnold 159 
314 225 Tunnel PSOp.. 270 
77V 64 L'BM Group . TlKcc 
38 24 Veiti-Stuneinp 3fl 

200 155 llbroplam . 183 
42 32 5Var.+ Hlifc' toF 35 

63 35 WanincUir. ... 47 

125 45 WallsEUr 116 

66 30 WeOmcUW 54 

116 56 Keown Biir . 31^; 

■16 38 WJiallin-MSp .. 38 

45 28 Whilihmrjia: 35 

37 22 Kijgiasiiir, l'»p 331, 

K/t s-1 1+674 2 C 

E0 -3 0.76 3 7 

69 +2.54 4 3 , 

66 ...... (3.28 4 dl 7 • 

06 -2 395 i« 

123 *1 h60 LSI 
55';xt +V 2.83 2-0 

Irf ...:.. t2.58 3 1 
108 .... 006 12.7 

70 +1 dii? 3 5 
1=9 _.. rif.86 J*? 

65 3 II 

15V *1-7* 

33 «74 

73 -1 4 74 

42 .. h? 44 

K +1 +d3 75 

cl 024 

S? .:... t2 74 
0= -1 356 

1(‘> .... 16.6 
l-‘3 u4 91 

27 +2 (4 65 
292 -3 (11 72 
5i ...r, ^'7 
ICS .... 603 

14:; 4 33 

135 ..... «I5 15 

114 ... rSSb 

1=4 +3 4.25 

75 «M57 

I91*c +1 (4 39 

Si 375 

50 ...:j»dli0 62 

42 (152 

40 . :. U29 

74 +1 6396 

152 .... +5.33 

36 ...:.. »I65 

49 ....: hi 92 

36 -1 d2.03 

tt.kranuwi Misses JK 

gi? -g* 1 . ?s • Is m iMi 

L AND RADIO ‘ 1 “' i». R'oMmes^n im: r5 a67 za 8.1 4.9|b? 

o aiw IHIWW 84 58 Ratcliff? Tods, __ fiZ 5^7 * 96* 036 

130 +1 563 171 6.51130 91 57 RatdiHsiGB.L_ - 74. +1 (L93 R7 3.9 4 2 

60 .... +4.19 2410.4(46i 90 73 Record RidgwM. 78 . 15.02 23 9.6 .7.7 

34a) +2 2J « 9.2 * 62 49»; RdamH iuinlfti 56 -2 (L84 5.! 4.9 3.9 « 

86 +2 (1.34 4.4 2J.l«5i 151 117 RenoldEl IK ...... 9.58 15 1L0 (7.7i 7?i a 

125 (7.36 LE 8.5 88 93 55 Richards of Leic. 86." 0.87 4 4 67.5.2 38 

87 +1 (4.84 2-5 8 3 5.6 66 42 RkhUsWestSOp- 45al «0 L7 15.3 60 82 

L24xc-1 14.34 4 3 5.2 5.7 83 62 HobinsrafTtatf 70 +3.43 3.4 73 61 73 

60 +1 309 * 7.7 * 68 44 RnterklOp 50- i'. hfiiLQ 7.2 3.6 4.9 TO 

63 ... (164 41 3.6 &1 W> 60 Sanderson Kavwr. 62V 445 L7 10.6 73 198 

68 +1 (3.45 U 7.617.6 32V 17t; RatilltC tlSnfc. 30 ....... dlA3 2J) 01 93 t 

30 . . tl 33 18 6.612.7 29 21 Senior En2 : gI0p Wi +V tU9 28 7.1 73-; 

73 -1 33 30 6 7 68 971; 79 Serck 80 46.63 1.7124 7.7 !»; 

125 ... 2 94 10 1 3.5 4 3 40 27 ShakespreJ.ap. -27V .-. 1« 2510 6 56 L40 

L14 +1 5 22 17 68 10.7 31V 25'; ShanFrareisWp. Z7 268. U14.8 64 mi 

28 . . OM 36 3.414.5 82 63 Sh«rtii*£L Wn! -1 (431 1710.2 85 W9 [68 

L29 -3 tbCH 46 2811.9 2% 198 hitrxmEncE— 254al -3 T7.89 46 4 6 69 £871; £72 

29 .1.47 24 7 6 82 106 691; »0 Group, '93,-1 4.14 1 29 6.6 7.9 U 4 

13 -2 _ _ is g SBilhi-wk.iV- ‘S- 2 ? 03 35 2344 17 ' 

151;.... If'. - 18.6 - 146 110 Spear* Jadeool 126 — d9.52 10 113 122> J09 

Derritren top 
PetdiuWA lop 
Uuwil:nc& ilap 
rveamlnnd I ftp . 


151; .... lrv. - fS.fc - 146 110 Spear* JadfflSo-. 126 — d9.52 10 113 122> J09 

L59 . 2 75 38 2.6149 38 29 Spencer Clk.Mn. 32 ’ d243 17113 7.8 ?122 

I20*C -IV 1195 2.1 4 2 17 0 21 15 spencer Geariap.: •‘•17af +V BA 4 5 5.5 45 85 . i 

105b) *31; 1L95 2.1 4 4 164 186 122 &aor4Sm>Z. 158 28 4312 0 c 

25 .0.74 32 4 4105 147 64 sGrmteajp_^. 125 ...... 3JN 6.2 5.0 4.6 52 

15 .. 1084 17 8.3 20.8 307 224; 268nl -2V H10.05 45 5^ 55 *38» 4 

29 .121 >( 62 * 129 98 Slaiw-ilaB 10T -V +366 4.8 53 4.7 L62 

33 +1 thl.29 3 ’ 5.£ 62 253 135 Stotbat*Pitt£l 225a;-? ft Z85 * 80 * 45- 

23 -1 9101 19 6 512.3 102 75 SvfcesiHenivi..... 75 -j- 140 3.7 80 64 

L51W *2 9 38 0.8 9 3 213 31 23 rare)0p..I^_ 26 ..... 12T 39 7.3 44 [60 

96V <W/> ll® 191 - 93 75 T»+or Pafiiiter.. 89 - 455 3.4 7 6 59 131; 

75 ... 1+1255 85 14 125 *160 105 TecalemL 130 ] +2 1556 53 64 73 39i; 

21 - - - ~ 70 rfc Tw.Abraa.lftp... 96 “1 3L03 3.9 9 8 3.7 ff 

123 +1 5 OB 2.5 6Zi75. £10‘ s 710 Thys*n Dmlftl. 890 ' Qll% 1.0 32 30.7 72 

15 tt . . tO 3 4.0 3 0 121 25>; 17 ToniWu?F.H.^i. 23 ft97 3.4 63 69 Iff 

L73 +3 H35 140 3.0 16.F 105 72 Triplex Fdritsl ffi ,.'....4.70 4.8 B3 4.1 109 

153 -2 +6 7 3 6 2 8 14 7 436 336 HifclmratE*!- 372 +2 +2L27 26 65 5.1 79' 



Group Wp 

.21 -2 t4 77 3.0 60 64 211 160 ticker, £ I . lffiaf +3 9.96 27 7.7 79*21 

* tl & \i u Ha s ssr'— ar-saf h 

"J 46 4 3 63 156 109 WadbnSDp 135- ...... +595 3.7 66 51 12V 

28 WhirjTml-JVF 
22 Wiaiasiiir. l»ipi 
99 WiUoD'Cminrillx • 
63 WlmpeytenJ- 

^ T. 8 .. 

47 : 338 

136 ... . +h2 84 

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31 *t +2' 1529 
38 2.61 

35 LD1 

33U 166 , 

125 ‘ -1 (d^ 4 1 
79 0.69 1 


m -i ** 6 6J 156 109 WadbnSOp 135.- ...... +595 3.7 66 51 12V 

gh (BID 4 0 17 164 155 110 iXt/L 138:. 772^ 2A 8.4 7.3 W, 

85 +1 J503 36 41 i3 7 132 TO KaAeriC.fcV.t- 117- -- :. H66 4.0 8 4 4 9 34 

® Jo0 625 II 2 37 82 55 ffard(TW.. 71" — . NJ4 2J, 87 8.4 163 

3 ::::: i£ Hi* S! SS S 9SSSX rr JSS u SS “ l g 

£ w; H u | s ssas?® a-' a s is h» 

IjTH « S ii tSS&li:&isri3m is u isl 

S *3 5.? *-3 52 291; W«4lancL._ -. V Q18 L 0 ct. 11 ft 172 

85 301 42 5J 69 97 bx Whero» ; • : 76 , +1 (4.67 3® 9.z 43130 

07 +2 54? 19 7.7(24. 24 12V hO.89 30 5 5 7 3 w • 

96 3.0 

78 362 

3. ?? H S W«4lanrf_:_ .57 +JV gl8 L 
42 53 5.9 97 b3 Whessne . . _ +1 «-67 3 

i 9 ll ,?5 12l i *h««ayffL‘a Wp: 2» ■ hO.89 3 

9 . J 7 f _ Ilf 75 WhlichmiseaOp- US 733 6 

jS 69 49 25_ 21 WilliansflBfc!^ 25. -1 a.— dL15 4 

5.4 4.8 '34 


Erode HldgaMpj 39 
EwerGOTgeiOpr 33 
— - _■{ 107 
rarbamlananiuL 62 

M 5 5 73 38 
69 11 7.9 » . 

78 36Z A5\ 6fl 49 25 21 25 -li— dL15 4J 6fl 44 LW 

17 +3 3 94 61 L9 12.7 -117 471; WlmESfe Tol' : (2.49 49 3 6 ' 85 

£ H S012^ 106 78 2 Wuiragfe S' hlZ9 76 2 5 If#* 

40 +1 tl .6 3 8 61 5.6 230 176 . Wolsl e Hughes.. .207 +4 7.48. * 65 .*. 61 

§S ,\|52 i- 5 W-5 33 18 WTm^lF^Wp 30.; 15* 58 67 ±7 1% 

« T ® 4 * 5 1 j, $ 35 fftaid/SwTaSi « ' -I' «J5 03 151 34J 133 

32 t-1 L32 111 61)1331 
32 +4 tS.93 2M bn 11. 4 j 
51 *1 11.62 3.3 4.« 8 8 


Washington: 2nd Floor. 1325 E. Street. 
N.W.. Waahlnfttoo D.C. 2000* 

Telex 440340 Tel: (2021 347 8070 

Manchester Queen's House, Queen Street 
Telex 600813 Tel: 061-834 9&1 
New York: TO Rockefollor Plaia. N.T. 10018 
Telex 238109 Tel: (212i 489 8300 
Paris: 30 Rue du Sentier. *75002. 

Teles 220044 Tel: 2368601 
Tokyo: Kasabara Building. 1-6-10 Uchikanda, 
ChiyOda-kU. Telex J 27104 TeL 286 4050 


» lAKZO 1 £10 !— ) -J 

>0 UI;;ma«e!nrL _ ( 221 j£ (-^ g (WMlfl 

146 84 Ali*P»+l'Jn.. 

90 61 Ail'd Ojlluirt iftp 70 

79 60 AiK-lwr iTvm 72 

£57 £401; Raj or VI TiM Si £52 
275 122 Blaster \ttAe- 24S 
•218 134 BrehtOenv Wp 137 
31 19 BniFerrellUp 3Q 

•66 45 RriLTarPM Mp 47 

14V 91; Burrell Sp 9: 

41 27 Cjifcj'jpci 31 

49 41 '.iCalir.. 43 

Oversea adv.jriiseuient representatives in 
Central and Sooth America. Africa, the Middle East, Asia and the Far East 
For further < Id ails please contact. 

Overseas Advertisement Department 
Financial Times. Bracken House, ID. Cannon Street. London EC4P 4BY 


Copies obtainable from newxagenfr mH boofcxtaHs worldwide or on regular •ubeertptloo from 
SubscnpUon Depantncni. Financial Times. London * 

31 19 BntBer.rel top % .. 

•66 45 RriLTarPrd l»lp 47 ... 

141» 9i; RuRelliip 9V — 

41 27 Talc j'^ipci Wp .. 31 +J 

49 41 UCilir. 43 , 

£95 £87 i-ibsn/^^l« £92i 

£99 £83 iNtFAirffH £D5V ■ 

£902 £83 TktlVdwASR 165V... 

SI 64 1'ialireiTwni 71 

79 59 i Vvtfe-Br-. _ 74 tr .... 

78 57 1J». V:%Y... . 70* .:. 

. 27 19 f.iiT'H'iTW .ip 19 

,65 40V > wtaint \% . 54 

34 30 '.rudilnL W-l. 32 +3 

'40 16 i r.dalalp.'i}' 32 

:illU 69 EHi'AE.eraM . 90 — 

65 ' 42 pi UinFia ln.'. . 65 ft J;... 

75 36 FarmFwd 70 . • 

394 313 n-.vrsi- - 316* *+ 

91 455 IS 76 79 ^ » ****** TT V0 ^6 4rf0 17.9 4.4 14 5 

24 -u rli5 a? 7i ll 71 39 Ar. F. Series . ‘ -3.0' 35 : 41 

57 (216 33 57 59 Avona'iroup5p. SBJjXS +1- (lJ .64 2.8 83 86 

210 589 4( 4.2 90 12 .. .»% .--■*< - -- 3|4 .« 

TTK 2 3 Q?jq 7. S' ” “WnACi A--....-. - 76 ,i~- tnzto 4J. 4.3 83 £?-- 

223 13 ,wi W « Banwwn^. - «r/ ;-i. KB334 17 222.42^. 

] il ”2 ■ 1W-" : — 582 26 7.6 rS® 

rnrmnTfi 5? ® BftlleT' York HJp • 86.' d366 2 6 64 6 6 125 

EERDVG ,^V teiam IHp._^ 6* lfi. 3.4 3.« i88. 58 

-w-t mnAt n 271 182 Dihhv.J ci - 27C .^T.. *6.70 6.7 36 53 72 ' 

E TOOLS L 2S B«^‘V<Jitores- 140' dZ63 3.9 2.8 9.9 ® 

I . 170 90 Ik) "V\ Y-* ' 94 d2.W 39 4.2 66 >9 

2 9| 4 5|11 9 86 575, BJucbi'dCad" -ffi Z . t ” * 42 y 49j 

44^ 4 6^ 70 159 104 Lot iS 1 W -1 +MS2 45 51 ‘ij 39- 

ihmi s. n niwm 



115 I [343 I 
190 1+3 (58 

Allen* I* Ballonr 

32 P b7 

» -• fg 

3I6vC +4 




it 2 271; 

15 5 I® . 

* 115 92 

SB W 1« 

3g» 54 6 2 34 W 33 ^ . W’ * £* 4 6 69 47 

H2.39 2 8 5 3.7.6 lg 73 CufleiwJOp.^ A25, -1 4.g 10 52 297 j* 

^ i« n s: m is i.s mhl 

$ W B K 1 4 ? 

Ji34 156 IUkCi. , «telc!i5ftp.| 212 — thj.all 7.«3,-^l 6.4J 9» 2 1 4 



* >•>?•>?< f | BSSsa'.*!?.’** »i>1 1% 

85 +1 t5.36 3 8 9 4 3* 14 S n!tan y^jT^ 1 5 ?.: oS 14 102104 S 

7M 5 TO 21 35 8! 74 F.,TLne& ; bT +1 4.D 15 9?ie5«|7 

170 . *59 3C 52 93 26 20 2* ^155 20 7£ aa 3? 

150 +* t® 12 MS 4? GoWrelKaiwt 100 . eaflJJ 3.S 4 1109 §?. 

13 &21S7 ^ 
1 5 9 7 ie5 I |7 
29 7i 66 55 . 
33 4 1 JO 9 g. ; 

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>Vj V '. „-?> V^. i :: 'T 

^3*3bvembBr'l4 1978 

<Wj, ^ M 3/> 

• : ^ ‘■iwftl' Ife-Msfe •«!? 

INSURANCE — Continued - 

«;.; sfc ftrtwpwa^- ittft* ■:..- tsa- % 
&r ftowmdTeoen?. 2SV +& Ml.- 1 
. S? MEk* Ihnrfinfl Assoc — 275 —3 iSt39 

f* |p £g§£fc 5 « - ■ Sf §«g p 
|| jfc- g&iEEa S’* 

^.22 iD^aapi..iep- ^29. —a. 187: 1 
.», '61 DiSdftroW- ■ Of, s-— .2. 

Mj 8 IntetatyWR^- ~y- «S; f 
L Sfc .39: SnwUaifaL-; "SL- 2 

.*gO 44 Tttn xiB llnrifTftl 12 ; ._i.. ti£02 .* 

t ®T 35 Modem MS- -» r 

'i 23»j tofcjuei^- SO 1 * «■?■■ «2 ' .♦ 

a JO lahmaiBBTies; M .— . - — - 

m'msk&zw i 

Hf 88 c KSafa-lZ « 328- 

o'-'. 23' KBBwfe'S'ftSp '36 . 1.6(1 3- 

•& 9». JSSiAiJ: .fife ^ tUM .Zj 
W* .62 KlflMMfHWs^ d|p 2. 

*•--. ,7b --IXPJ JWf_L_fa .SZ “ 7 - 5ft» J 2> 

^y^ontnmed- __ PROPERTY-^Con tinned _ INV. TRUSTS-Continued ^^^ 

Vr.ap.l lrT 1_7 , J!- H^I I “ I «■ 1-1 S |rj™|ws| aifu* I ' *"* I M» M S |or|S1]pffi [ aj^iw j 

rin.tfknll7d I 1 ti*?' I 2J. 8.0| 8.2 1 M? IWT rTTamiwTuui ‘V I un la.*a icu I i if l^&nifi I ftfl iRriLlsd k fi€ 0 _l 41nll w u linn i ▲ i l h * I 

FINANCE, LAND— Continued 

19TB I | f+ nr) Dh- ) |VMj 

fc Lw Stock I Wee | - | N« [rtr{(kr'*| P/E 

Javan i -caser m 
inlcm^lW SKvhhn a*«f 
imreBUnfn! jlftin? 

4.0 6.2 44 • 

36 4.7 83 I:-' 
li ,M ac •« 
66 W 46 .^2 W2 
Sl,i£-7J BL 
ZO 23 »0I “? . M 

M S3 5.9 “ 92, 

r. 11-4.76 ■ U:.PJW44L« '. £2l,!K 2-2 144 Si- 

.< \ , gfi?. lLK-InriT-Inra—J, 37'. trE,fct 3. Oil 1.1 .52 fS 45 

' Ivv. S i aKrotllbi: 3*2 -v 223 - ill &* « . g. 

V. . « LR£TnLlOCr ' 33>z -V 223 • i6 Iftl . (f 

* • *& . 53 5 uSbE-SI M« €Wz3J22 52 ,72 29 .g - « 
■S - 12S iSta£5CI «»■. r-l :t7.43 33 7.5 61 J« 

8 - S: i^SK ^ i «« :« iS :?S #.: |» 

; I f !3££S£® ® :H -« # f f 
i.ifl' f J > 

■■ ! ‘8 .»;: ?5 ^ -a li. :& ■■&, 

w 2 » S3-OS; 3*7 7ii . 44 l&r. B& 

■ . a- 228 - TrSaaS? 7£=' Sllfr- -J- c21 105 55 l® ?g. 

- i S ' afaSSfe l 1 ? £5 H is SI H 1= I 

- I S" awfe SZ ; * |BI -II M ’& f i: & 

*■ B- M5. LnrtBumrWp “5.; mJB p 9.8 4B M 4^ 

- % - -54. jrYngrt'tti^. \ 20- ■ 4- 67 <5 J*- ' w *z 

- ? 18 V24 ' 2,83- ■. Of 1Z6 [UL» 

S 86 :SW^Ph:a^"l —Vl^SL UTAT’l 

LEISURE ^‘2 36 NarjbwHglijp. 18 +i, bdOJ3 u 28 7.7 31’, 26 Ciiy tConlnf- 271^...."^ 10 10.0 14 4 TS in Kf 

fl3 ifl MirlwEMJW-. 34 ♦_ _ _ 76 DaC».<£l« __ 100 +1 _ _ _ _ SM " I* 

55. M.24 3U 64 50 34 Bflnanejlto- 35 ».... 7.2.03 20 82 61 90 W 2 CltJ*™ f .ln* „ 6V 2 +1. - _ - _ 

+2 t3B7 « 6.9 51 3 92 145 acfaySMsMtJ. ITS 159 6 0.9 6 114 85 Crty&MgroU- 93 4.7 LO 75193 g7 r % K 

k WAT. All® WM* 66 39 49 5S 3H Z XHlhurstWk.l^. 47 4- _ _ _ 76 62 rftyfitp*tonL. 71 -1 t3J5 10 7.0 20.9 87 1 65 I ' 1 

®»a t4.47 19 TRIOS 50 53 MoantneirSp.... 85 +1 7134 69 2.4 92 91 76*2 Cte»ofcooseSOp. 80 3.86 10 7 2 20 9 

J S5 tSJfc 4 6 4 8 65 337 103 MucUowiA.SJi 116b1 -1 248 23 32 1&0 12 b CUWOjWSlOp.. 7> 2 — _ — _ 

OTai -u 10 « 3‘2 3I 4* 44 NoH fin. 45 i03 * 6.7 * 93 58k dydadale Int._ 75 71.90 * 3 9 * 

+Z M66 28 gi) W 68 Peachey — „„ 78*2 +2 12.03 — 3 9 ~ 88 CT* D0t“B - — 71 ...... — — ^ — 

« +1 223 2.7 gj *0 347 280 MDfcllv. » ... Ul 12 3.4 373 270 212 WopidSen WI 240 822 12 5.1257 

,«# 04.23 25 65 93 Prop.Pan’ihi6_ Jtat +1 H25 28 3.0 20.7 36 160 C00W^161ik 1 179 +1 t650 10 5 5 265 

+1 9.0 IB 122 69 330 280 Pn P- tIte 'A- 305 . — 5.2« 16 26 37.0 129 94 . 107 ...._ 3.55 U 5.0 221 

36 2.44 17MJ 69 U9 81 P^SecImSOp. 108 Q.39 0.1 19 - 205 116 rrra'uU4*a»P~ 18Z -l _ — — 383B 

3^ M5.73 3.4 71123 & 3 Raglan Prop. 5p. 41, _ - - _ 85 67 Cronffigg 77 3 72 10 7.2 20.7 

.27 0.66 3.0 37 71 *£* -? RecaJmn _ 20 - — _ - 31 24 CowUmIiw-™. 28 0.81 10 4 3 35.7 

B3 t62fl j si B7 74 Regional Prt>p._ 74 113 29 22Z2_3 «5 38i, DaB*e{bc-»'50Bj 41U 3.15. 11 11212 0 

a = «4» \u TdaitfS ■ Sg'b.KSflii 

B* iS SBS2S5 1 S «- ,P, 3 H H»Ji2 'SI St H r.: *3, a f 

& iS BSES?- S “ 'SSS/r- iff' ;r f “ “““’a 1 IsES S H’J *H 

50 34 Urlnpfnpv lfm 35 7701 lit 01 fi on a£. ru*6for.Illt — Ml, j. 1. 5 ®.’ ^ SMOfEnplsnd. 47 ..... 154 45 4.9 5.7 

=J= 8 S 


VwigwealOp-. 1^«H 4^ H0.33 - J 3.4)292 
YditlatlolOp..- 66 +1 1.41 3.8) 3.6| 75 


70 JttAra3EiwTB , £3..j 70 I. 

Tho Nomura Sflcurilios Co., Ltd. 

Rarbar SorReons Hall. Monk well Square. London Wali, 
London ECi» BL Phone; (OT) 606-3411.6253 

MINES— Continued 

I |+ or) Dit. J |rH 

Stack | Price J - 1 Net |Crr}Cr» 


Bii^ Low 
15 I 9 

8WS8B W4 240 8^2 12 5.1257 % ^ AnSkaT - 864 *_ _ _ _ 340 64 

JSJJ5 1 }J3 +1 | 8 -50 10 5 5 265 1*3 134 flrit bS«10p. 15W + 6J> T6.84 15 6615.0 JfJ J 3 

SSamSta i» ■-•- 3.55 11 5.0 221 K6 720 BriL Ptfml'm. £1 908 +24 12243 3.0 3.7113 820 150 

faUffMwp- 182 -1 - - -»l THa 65 Dolft.Pf.n__ 7IU 5.6% «U 117 - 336 148 

Zl 3 72 10 7.2 20.7 89 42 BurmahU 71+2 _ _ _ _ ?7 Vi 

3 t628 25 71 84 82 |4 Regional Pi6p._ 74 L33 29 22 223 45 38k DaBarOnc-i^Op) 41l 2 . — 3.15 LI 13_2 120 nfu 750 

2 +2 T5.69 2B 9J 5* 78 59 Do. 'A 67 +1 Lll 29 25 202 6W 3U DftlCapiiOP- 51, — _ _ _ -jn^ 

9 hOJi 29 25 207 HI §2 Rusk £ Tompbns <Kvl +l 3 d2.91 27 4.6flll 73l 2 56 MegmW U.i 2 Th244 LI 5.9 23.1 *5 49 

4al +2 d425 3 8 5J 76 ??g U Saauel Props ffixd +1 234 * ± * 32 200 Deris W. tat fl 206 rl3.63 0.9 9 917.7 jq 21 

d2 76 L9I114I tSI 118 97 JS«*- Metrop 20p I 103 L97 4> 29 b 164 140 [DaCap.Mp — 156 ...”!l _1 

105 5!3 4'3 66 ,^ 1^2 ISCKOOdCiry 10p_| ,39»c -k hL75 28 6.7 60 213 172 g0^5*G«L 187 HBj 

5-95 27.4{12^ - ^ t23Q. 1.1 3.1268 145 106 1 ‘ ” 

MW + 2 dflS 3 8 SJ 7.5 

d2 76 L9 11.4 69 

9? I® 5.1 4.5 66 

iS If SS 274 71-5 - 
3 g +2 9.5 3.7 4 2 9.6 

S. *2-9 60 52 4 B 

4»a T287 29 87 60 

-Z. " 10 7.Z2D.7 89 42 BunnabEl 71+2 - _ - - « *1 

ZZSR Sfi DoffiLoffl*- £5812 QP2.% - d£3 - « « 

Wa 3.15 LI 1L2 120 oik 750 rtWPMb.Sea£l.. £104, - - - - “ " 

a E 1 1 % ±. | >1 

r^-r- 3fB — , - - — £2612 £123 4 C]eFV.FWn>lesB- £21J, +U QWJfr. If 81 95 22 10 

*^«L 187 HU L0 6.8 232 ISO 33 nClotfOUtl .. 350 +25 - _ _ _. 90 10 

68 18 IBaomidoldX. 

“ 340 81 

1.8) 3.1)268 145 |106 IDnUWCtatfel.. 121 4J7 12 66 227 3 "2 ' dSoiV"a- — J J_ _' 7 V> 

f? fM 165 123 Djgm- 1U4 5J • 5.0* 144 86 nO^MU 86 -2 1.02 66 18 22 143 7$ 

n* ITT 2 2 S H ?-§5 f 98 83 HuaUagParoU 90 +1 b4.65 3 0 7.8 62 

0.6 26 94.8 216 155 DaPWfflw.--_ 177 -7 680 12 5.7 24.6 w 24 SPA 33 +2 01 153 0 5 15 0 50 12 

* 5 2 4 66 59 DD8b«t.tac. r »P 59k +h t4.64 1.0 11.6 MZ W0 126 USM0 ' ' ” 136 +1 _ - _ _ 17B 117 

L2 1.7 722 244 163 - 1 - ■ 197 +2 - — — — 009', £97 LASWi £9 ® 2 . .. Q14% — eU1 — « in 

— — — 73 55 Dnodeeilan.- 59 1233 12 5.9 24.0 ns 254 LASMO tins- »r 360 +15 — _ __ 70 30 

L7 5215.6 142 86 i 2 BdWwgli Aa Ta 110 -1 L12 L4 15 71.9 £5 u Maewi tlSls 24 — dSk 750 

£2 ”4 ••!■■■ gj.® }■? i SIS'S 10 * 178 offE^LlOp 220 +10 214 3.0 L4 3L2 3 } 2 

LI 29 464- 127 96k J2ectramw.Tsi, 109 -1 H55 LI 7.7 19^ 19 tsi, premier Coos. So 15k _ 570 310 

L6 29 33.9 07 60 Etet-iG«_ 72k L57 L2 L2 39.6 a3», 713* SwOd 8M +23 - _ _ 300 50 

L2 3J 39.7 98 74 BtfAMnaiL 79rf -1 3.86 LI 7J19.4 2 V' 1U fEnSurfit 1e‘ 14. - - _ _ M* 84 

L6 5.6 03* 8712 g S£ts2Jj^- 2? -y- SS M M SH M9 £35k HyL Dutch FL2D_ £4*5;"“: 24 6J 7.0 70 33 

r= I? S2j£rEfrt“r ,S -1 J-S 5-2 120 720 so-pm- r«. 374+3 - — — 

1-5| 4.8(2L8 127 91 J25 £®Z “ ?.8 151 yj2 484 Sbell Tnuia Refi. 577 +15 tl5.94 41 4.1 5.9 

« ffSTtil 961&, 75 JPiw***** 'arad-idauKhSafil — ~ |i £5 tin fDagwa. mad Z:: Ti *1 5:9) *■ U& I & mStnmiia & -2 " 1 02 I ial 82 143 

t2.4 60 53 48 ill SI »oefcCtaw™_ 260 +4 1 203 \ 5 J L2 242 47ly 27 | Dagta-Easlem 39k 0.91 12 3.H39.2r« I? HunLMrSSu 90 +1 M 65 30 7 3 62 

72-87 1 29I 271 60 R? VP, ffisff-'jg.- *55, | + p |5s2 94.8 216 155 177 Tr *■??. M 24 SCA *. . ._ 33 +2 0.1 15 3 O.sjlS.O JO L 

t£*7 aj ill BO A 'V □•HEiiourmo —a wup; 

14ia ....? hdO 44 42 4 6 /0 77 56 7ownC«in» 72 +1 3.83 

29 tLM 19 ftj Q3 77 ll*a ToantCifflOp. 13 +k 0.01 

52 L3 5^7 37 J-g 139 82 Traffwd Park-1 117 +f 4.09 

ir 21 *> 10HHKI.II> ITO. + , 7 U.lli 4 73 Sh 

139 82 Traff oid Park — 117 +1 4.09 L7 52ll51 142 86k 

241* 18 L'XPrwe.iy — 22 033 3.1 2J1165 250 194* 

31D 240 (ltd. RcalProp— 288 +2 5.62 LI 2^(464- 127 96k 

I iS 

^ g 

5 *:» 

•- 22 £86*j| 

: n 

4 288. 

• P H 

•S: -w «« ls 7.4 ill r MOTORS, AIRCRAFT TRADES l £l «2 -J^Z 0 u 2 9 339 b? «j 

•a*T -ft , 10.2S J_ i4 i_. ’ . x a awitiiM 365 262 Wantorilar.SDp- 338 7.06 L2 3J 39.7 98 74 

bIR&WJ -23 ‘sA L38L-; ‘M -U 25.7 ’ Motors and TvHpc I?, ^ IP* -t- L0 L6 5.6015k 87k « 

S '-73r -2 ■ +2-68 37 53 jq juwuib duu tycies 28k 16 Wminrier P. 3Jp. 21 -k — — _ _ 86 58 

Ttw •— - - 46 30 Wuraoo ESi.— 40k ._.. L29 1 5 4.8 2L8- 127 91 

ilpCaa.£iI 263. ^5 JiBft) L3l SJ 
ffi&dHt.- 34 _— riUH 53 4.1 

hxxfjL. ..« .^tAsatSa-u 
338 «.«!** 7J 

i-Btact— •: 46' +1 ; ±4.06 } — f 1 
amft , £3ffi — ; QT 3 ,^ 23lff.l 
i*2ta__ 132 543 .T Z7j 6: 

\mterW: ’3&al ,+L. 2.03J 2.4) S' 

66 25.7 

|j 1? 30^20 
8^ 12.9 272 te 
4.6 7J SM 37 

5S jii 

_ _ _ 300 50 

_ _ _ 164 84 

24 63 7.0 70 33 

117 tQ8c 14 4.3 

112-2 _ _ 

325 +25 

254 +4 101 Or 2 .2 i. 

16>i +N 

60 — — — 


122 +1 13 55 2.0 43 

2b - - - 

107 +1 Q9c L7 3.0 

15 . ... 

28-2 — — — 

4k -t, — - — 

105m +2 gSr 13 4.7 

12k • • - - - 

20 . .. 

124 .. QI2c 1.911S 

26 - - - 
56 — - - 

900 +25 — - - - 

IS — k - - - 

454 . . i}15r «f> 2 0 

125 -5 

132 6f3e 0.7 1.4 

50 _ _ _ 

t 127 91 

157 102 

.-226 170 

ifrCammU 105 687 L0 9.H15L 

iDrfd5to_J 136 ...."5 69 

tre Res. 374 +3 — I — I — I — 

I TraiUL Re£. 577 +Z5 tl5.94| 4 l] 4.ll 5.9 


22.4 69 57 Do.T’APLil 62k 4.9% 11MI1.7 - i 30 73 

*144 1226 ■ TOebrnfriifl. 244 +4 420 240 

,3£4 i64 £52 Tex sco W Cm. £53 ...._ Q4k% — 1 19.1 — M 43 

. Nigeria 

12 31 1 l^lT.e 

yer Allan 5S1 — 310 -10 Q300c 0.5 20.8 
wall Tin 55 14 0 4.4)il 4 

• 7 SO* MHUnweS'— iSsal — MD« L3 90133 W 49 FOdmiSOpi. - ■ 56 .. 3 35 89,2c, 

I’ 4 - 2B8, SSStefl— 31T *4 1510 31 1.2 -SO '12%' A Peak taveflt lOp 9 .... fol I 2« * 62 SHIPPING 

' % 77 SckBaras-. IBO . -1 tl27 2.5 £4 S3 « ' 57» 2 PJaxtoii , _. . 93 rh3%| h A 5 104 , 

• K 36 ■ -L- .^IS .52 4.9 4.6 73 45 YoATrakrlOp. 46 td2l7 5 5 71 39 209 252 fBm £ CdniSOp- 286 9 40 

k OOT tfsww-SpcRWL £103 -1. -Q5% H J J4.9 - ••. CmmKlRente ^ US E™“ , Bnu » +l'i AS2 

rk 6 MomihiewlOp „ . 6 ,..._ :■-+•• ■* — 4 UimpoiseBlS 1E0 112 Hsew-Ji . 175 tl.S 

Mcr^.OpcXta 'llfar -k t536 |s..?0 7 7 58- H6 -UbbwfkncJ. .„ | 50.1 J <f-_63 ( J 8) 8 Of 5 0 ir? US Zl I?? 


1 — 


+i £96 


-4 t5.0 


1 535 

K52 (Texaco tt'Si Cm £53 0«,% — f9U — I 60 45 Bwauiw » I mu 1 u J 

p H-SS_ lram +7 W sJ iaisj ms 200 mmsm— 210 -5 buoc U 113 

1B2 UUramar 236 +8 — —I __1 66 1 1B5 111 Cewor_ - r — ■ 170 )..._. IS 04 5.8 4.4 

120 [DaTpcOn - . £1 _ I 136 +3 
B6 Weeks Nat-lOcts. 160 .... 

7.4) I 11 |8Jj Cold * Base lffip- 

.m ■_ - - 

E6 j Da.PM.Hrd. 10c ( 160 — Q157+C — I 5.0 - 310 130 Hongk»E— • 

eCous. 310 1-5 T1536 0.«« 7.3 

' 73 49 Da Cap 57 _____ 

193 98k G.T. Japan 181 202 LO L7 8S.4 

4 9160 157 120 Gen iCoramd. 137 591 LI £4223 

^1 uu “• " ^-uC«uolilid._ 79 t3.81 ’ 51 - 

82 56 lWdodudeASOc.. 59 

5 I 7 7) 13 103 [}90 Hf ' • — 4 77 LC 4 2 353 ^0 |224 lAlricar Lakes .. | 2ES { | h3 57(190) 1 9) 18 I 7 f 2® ^“.4-jr^ — 

5 40 53 5 9 WO 97 Dn ffSLl?E “ ,7^ T, T, ,7, ^0 60 U* AgntaOc_ 103 +1 MLOe] LI z343 8 7 5 ,5g KTifeiVu 1 ?® ' “ 


__ 295 — — _ 

63 78 IdriilOpI S3 J12.0 L6 ±. 

11 7 Iantarl2>jP 9k — — — 

84 67 tomiinting 5M50. 67 -1 012'iC 2.1 40 

640 450 KilUnghal! 630 .... 0125 d> 19.3 

' 470 280 MahiPredfimsUll. 400 -5 lQ95c O B 51 

PtfaJingSMl 230 -5 K 

gtf.62c 4 0? 

b.60 13145 

Sami P'ran 

SmiiSCrafij I0p .. 

83 -3 2.03 bj 3 b 
68 4.19 2.9 9.2 

utbKiaiaiUfiaO 200 -5 Is0]45r) Oc/15.5 
tellatajaaSMI.. 300 -5 M13i3r ll] 9 4 

SthcUala>2aS3ll.. 300 
SungeiBc£iSMl . 209 

Supreme Ccrp S'-Il 70 

TanjoneJjp ' 90 

TcmKtahHrbr «yj 85 

Tiwioh.'ML. . . 210 

300 -5 I v 131 3c 11 9 4 

200 -5 C'65c 5.31 7.0 

70 3010c — 3 1 

' 90 6.M O.G 10.9 

S3 Q4(Pi 4 10.5 

210 -10 +QS8C L6 ± 

__ tLO 5j 
J..-.. faZ41 . 5 .: 
....... F6.60 3.1 

Garages and Distributors 

jlronohSMl. . J 210 |-20|+QS8c| L6| : 


Ulcssina BOM -I 64 1 ....|;Q30c] L9) * 


|Bannun _J 49 |+1 | H — ] — 

(EunnaMfnoiiTip.l 14i 2 .. .. | — — — 

W. HT9S I 63 Udanu Gibbon -i 7D 

65 50 Bnoihilntn 11 .. 50 -1 4 46 3.4 133^ 3 J 204 160 HHJlPfciUpt— . 169 +B.02 1.<H 7.U21.4 “-S sanwii f.lto 34 M« lit 3 61 >si duiub mm . +jp. .. . . — - 

5 ,» « ffl-B U8 Si S.- s! WP 4 *-- 3_;J, « 5 £5S3£ .3. “ » % SaSS&t Iffi a w i' - 

4-il a 

108 9? GamarSceiblair 101 | . ..) T4.57 4.1 6 a 4.8 K»k 63 Do.'B"_ . 70«c 

I Ml ! Ruil’m CimiXn I U1 7 I 7 ol C J1 t O I CO’.I «0- Jlfn/nnrf ill 1 Vtim 

- I. 

: t bt 

2 fn 2o In "{LlR APPl«ranlGrp_ 83 -2 M£34 2 5llL4 £7 81 47 R Shoes. .... 69 t2J0 5.0 5.0 4.8 60k bdiuirialLGea. 49k +k tL' 

TiiL In ?-8 5? jgt|US AffingtMJTolw. 103 ...787 2510.9 43 54 56 LamrenHib »r.. 51 7322 2.5 9.4 £5 8* 65fc IMOHtllnr.. . 72k .. f2j 

iJX-' in 171 It- 155* IS 1 ■Whll.H^r— Ipa -U t216 3.4 8 6 33 59 ?3 N«iv>M6Bunp 51 ... . tZS4 3.0 86 5 8 176 107 tar.aiSuceeu _. 156 . ..2 9- 

L4IU W 44k j 35k Braid G«Hip5p.. 36l 2 .... +140)48 5.7 S3 65 49 Oliver iG A 54 ...Tl9 2.7 5.210.7 93k 62k faverton’Cap 77 -rk tl.i 

LAlexandersajv— 17l a .. _ _ _ 2L4 

442 | 3.0) 9 4) 5.2 ) 60 30 ^Md.-uiLSimiiB. 47*d -k HI. 7 5.4) 5.8 S9->, Sff 2 Icofundi*.. . S9k 

WJ»r- Bramidjic.D)I * J‘“. tft 

«T. S2- ti'feSL S' 58 BrtlCwAaaWp- 47xd +k 2,51 

6» raihonf»r. 104 -1 r<97 2.3 7.1 9.2 775 

Da If i 630 

nw *# y/i M bi +'j “liver «, a v* ...tit Z.7 5.ZI10.7 1 v>k w>i rarewn up u Ti.b/ j-' *<_. 

d!4.5 | 31) 82 4.6 58 . -t-k P-.itaidGip ,. 51ri +1 1 1’81 4 2 8.2) 43 US2 103 pardtae Japan . 166 +2 0.86 L2 0.8 liL 

8 0 £0 48 33 Sited £ Sin . 37 

2.16 171 B7'05 ISO 70k 1 udine Sec. ETKS5. 90 -10 iQ47c LI £1155 

4.73 L«11J 9.9 2M 103 JmevEiLPilp 165+1 - - - J - 

L75 3 J 4.2113 263 224 Jersey Gee £1. 224 .... TQI3.0 LI 5 8jl5 5 

thl.lE 3.S 4 3 93 53 41k iMHaldinjis. . 44 . 139 1.0 81 183 


f dob so* m 0 B35 ;IJ| Hlipsi-B 

[WmJ5p_ - 26 ■ — 10.85 4.3 4.9T 68. S 1‘39 

loi ! Mliiiiiii ^Essrsr* s^u >s \tMm Lw 


London quotations for selt-clod South African gold mlninc 
shares in L.S. currency crcluding the invo Anient dollar 

_ g 28 Pritchard SvsJp. 371^ 37 6.0 W : 3B 73i. 

6 9|.- Ptar LaandstSp: MX’, -i, -W ■>.: 1? " a^. 

1 Fi 3s -* — - M 36 M.i2fc ^ 

: h S. SSSSff&r 3f 4 rr i.«\ Ti ti 'S ^ 

64 DoradJL 70 1+1 15.1 2?20.9 5 7 

39. Datum Eor&haur- 44 hI ... 12 a5 1 5 6l a 7 i32i 

44k.CatasiF.Gj 45k +k 155 ) 64^ 51 46 

29c. danfieldUwT.- 33 _. 127 15' 5.7174 

21.. Hanger hr» 10p 47> 2 . .. .. dO 47 jl7.4| L5 5 2 
92: Hamsun (T.C. 1 lOOrt -k. td4.18| 3.8 6.2 64 
74k BaxtveHs... _. 97xd +1 168O 5 SlO.5 3.0 

trl ?3 | 2.6) 74) 7.9 8k ^ 

Ji •« 

t -rr- 21 *118 74k HaxtwBs .*. 97ri +1 

L93_> 35 -8.9 4? *135112^ Henta2to. 120k - . 

+V. M&grri 2-0 - ig® fggiSa Gw .. w a -1 

Vt- H II ii?. “35 £128 DcTtfpcCnr.-- £130 .... 

* +1. It 11 f 95(ri 72» flurf&wi- 88 ... 

* m 1! :2» S SSS?: ■ 

DO. Cap 2? 6k +1, 

gmumelat sOp 133 . . . 

Lake View Inv 85 xD 

te:c.6Lon Inv 43 

Law Debenture 94 

UuidStlgSMlp £llk . ... 
Ledatav.tac3)r 36k .. . 
Do. Cap. 5p 23 ... 

LeVallane; lnv 33 ... . 

. — ~ . ~ — L(M 75 Anglo- indonti n . 

609 11 6.9 19.9 137 b j BenamConiJtp. 

4 j 17 12k BitdiAIncai 

1.83 1J £3 22.6 jj 31 8radwal!10p 

T4.57 LI r> 19.6 J05 165 Casdefidd lOp. 

2-74 — — — 57 26 Cherwoeri? lOp 

T2.81 1011512.7 52 23k Can;. Plants llip 

— « — — — 12k Grand Central lOp 
dl-52 5.2 69 4 400 Zll GuihneO - - 

I arl Hi, | Iv-m premium. These prices are available only to non-L^K 
| S« CM Crt reMdcals 

.... | _ _, . _ S15',|nU*,|BufletsR! | Jllk J+k [Q170c| igi6.9 

- a.J9 43^2 ill ; 4 850c EuitDnem _ TCOc +15 1rJ7Bc LTllO.O 

102 [355 ] 1.7) 5 2 | 585,- 1 330c iE»i R and Piy Rl 

" *■* J *- ?wi* ’Jw c_3i r_inu ri.' ni <10c _ _ _ 

17 .... - _ - 528k SI0S1 FS GeoildtOr .. S18U -U Q515c C 19.‘i 

58 . . *1 73 1.0 4 4 S15k 975c Pres Brand Stic. . Jll>, +'* Q150e 6 15.4' 

255a) -5 s2.84 1.0 1.7 S13’, 900c S: HeieaaBI 510!, +k Q190c 6 22.6 

50 £hl4 1 2 4 2 465c 313c SiiltoniemWc . . . 400c +5 lQ22c 2 3 6 3 

39 -11’ 03 0 11 7 7 522k S16*» VaalReeDSOc — SIS', Q115e 3.3 7.3 

1X1, 056 6 7 2 S” S25 WcsrDnvBl .. S29:, +1, 0385c 1714.9 

330* ' 15+3 ir, to 531', S19U Vefl Hide* Xe . S21’, -k 0415c * 21 9 

JJU ■ ••• V V 1 b 0 7 J-.TI DAE* - la-i C1R4 1.' I.D7 If DR 

SIQ), +k ijl 90c 4> 21.6 
400c +5 lQ22c 23 6 3 

SIS', Q115e 3.3 7.3 

529:, +i p 0385c 1714.9 
S21's -k 0415c « 2] 9 
SIOS + ! -i 082 Sc 2 4 9.0 

;87 -73k Lpwfcljw— 75- .. £09 19 12JJ 58 
UU 5k NebOBDwidto: 8k -■« 1221 

< rpmKTneBta^ . iv +•; t -■ — “ 

i SVSafiV-lMX' 77 Perij.(HlHns -’'lDb +1 Itil273f 75 s.S 3.7 

Wfffl.6J.rl9fi--. W- -k !-*L67{ £0 £4 3 3 

392. ^ '.VI®: «*! 2£ 0nitkiHiJrl9p>- 39 

M - ill ® f . 9J» 43, Rlxtl'oitxi Ju-' J 

^ te Tare of Leeds _ 70 

40 216; .3 4 ; |1 55 54k 33 WadhamStr.lOit 42 

^ |§ : »* 115 

vl -Z: «yS o| I??!? . newspapers 


210 157 L«L&ibntrase 175 
125 93 LfHLiftw. . 104 

87 64 Um.Pindentia! 74 

48k 34 IxiLkSfjydc 39 

116 B6k Lem. TiL Kd . 99 

75 . 5.9 * 5.0 * ; e3 30k MuarRircrlOp 

04 f3-45 10 5.0 30 6 81 55 PlaaianwiHWjf.lOp 

74 . ... 189 1.0 T.E25.8 93 37 Sunte.Knan IOp. 

39 .. 1-6 12 £1212 

99*d +2 H4.65 1 0 7.2 22.7 
54 . .. 25 ♦ 69 * 

10 . ...M1279 1.0 9.2 135 
10+2 - - - - 
71 ... 5.10 1010.7 14.0 


tafidHA.II0p_I 87 -i 2.27 59 3 

1 Group — 


- 1130 L-Vgar llro. ._) 180 |+2 |5.90 J 391 4 9) 

?5k 28 )3o;<iSLFab lOp 29 i 264 j ZflBS M % B&thJtewhd M ~ 

.42 28 Brig.T. taha .. 32d 24b LM 11.3 5.8 « 40 Xeldromlm ) 45 .. .. LB8 

- I - I — 2b5 175 AfsnDwwiU.. 

- - - 335 Zffl AsamFronKerll 

1.(8 6 2 23 4 123 “3 Aaamtaf»£l - 

ScotBaifable- .®tf ^2 tlip.9| £1 3.2 54 398 -265 naiJyMiiJ-.VSOj.. 355 -5- 12.8 14 5.4(19.8 nl ‘ im* CnaHaai^ 

m -f gir It 9.0 77 70 . 38 EttAAlhed V 61 62. M 33 5.| SflgDi,™ DT-SDebkl 

ScetsHh^s— ' 36k thI31 3.0 J63L1 .92 65 Gordon *G«ch_ 85 ...... m268 4J7 4.3 £7 30 ''-l r^vM-7 

SensiicwGp. jL 116 -2 3.1 33 14.7 92" '55 Rome Counties 75 T4 57 Z8 9.1] £0 ins so;, 

ta‘A'N.V_ 122 +6 fe.54 3.1 3.1 155 1® 115 Independent* 103 1£60 L6 5Sl0 7iS 49* 

SerantrServirw. 2g; .«* *3 55 4T 4 3 -60 JW 245 tat.tbomwna . 245 blOc 3J.3»77ii| 5’ D -c-«Dard'.' 

.Da‘AX-V_ — 120 <355 42 4 4 59 249 203 do Com -- 205 '....105 35 f£5 - 7? |j .- Tv 

SbarMffareaOp 128 +d2 44 77 2.8 .7.0 152 122 L'poolD Pcs58q . 123 ....:. +7.37 2.4 £9) 71 jo 7= E£' m ,£f 

Seberiknwn— 196 567 4 C 43 7.4 59 46» 2 Marshall Cav.lOp 48 -1 t4.43 U130 Jfl(i9Q Ea«ai',JiMhi 

aienhrightlOpl 92 V th271 . 5J 4:4 4 l 9 283 228 Hews tat . . 250 ... f9.03 4.{ 53 5.9 nr % KiJI 

IfflBcwae-.vaip- jPhC -4i 332 L8 10.1 7.4 668 174 Iftanon Lwnnun 21« _ £08 4JJ 4 2) 8 1 >131, 'leu 8Sw*rJ 5n 

" Ihomeiep, 23 . . d!Z2 26 75 73 

65 Gordon ft tiotclt- » ..... maw 9J <U 39 • 31 -"rather :J . 34 d066 - 29 _ 82 61 IflM !«:«. _ 65d -1 16296 10 6.82LB 

55 Rome Contties . 75 74 57 20 9.1 £0h(]3 40 :, D^tji-dIeU.. - 87*cl-2k b®7 0 25120 5 0 106 7Bk N16 AUaaticSec 82al-k 3.07 6 5.6 6 »-? ;? n I'-lJnijreil 

15 Independent* 183 t£60 2.6 5 518/npj 49“ r<a - ^ . S6xci-3* P14.0 25 24 J L4 77 4k 7*r. 2 N'ltxii .\rterican.. 92 +k 2.89 10 4731518; |l2D . IBuoEsraics.. 

!45 tat.TbomsonJ . 245 blOc 35 30 -7 7hl5 55 D:=C2iDaridi . ” 110 +4 3.73 4.7 5.1 a 6 131 95k Voncem Sees.— 120xd -1 350 12 4.4);3S 


• r; 5& 

174 (FnnonLmunu 21« . . _ £08 42 


rnelto, 23 | .. dl 22 2« 74 73 75 49 PBnsn'taftSiuid- 75xd -L ; t3.15 4i £4 6.7 55 1 45 fecham ' 5D 

.S/aL 102 x 01—1'- J 4.26 * j £2 * 46 40 PjTwnidlOp- .- 40 |.. ._ d2.49 23 9J 70 72 53 B^GraSi " 64 

v ....... U£.= .... «49 1« 7 1 8.8 193 153 RomJedgel KP. 193 +3 421 4.S 32h0 9 3« H^a^- 39 

J&gtwp «i+l td2.47 2.55.7 6.7 155 ■* 64 ShapcW \ »Hdp 140 -3- td3.4p^ 5^ .3^ 72 3? • 27 nig^itttWp 50 

, . , .44 T7J6 29 5.6 94 W3 306 £td. Newspaper! 340 14.W 33 62^ £8 32 , _ - , ^ 

: ]48 teofir.IawSOp.J 52 -2 *3.92 L0 112 14.0 60" 23k Webs enPab 5p 55 ...-. tl36 3.fl 3.7^ 96 h I 36 ira p'ih 2? 

- -1 30. +1 . 16 afl 47 | 35k I Wilson Bra. »p 36*a I. L42 | 3.9) 5.9 5$ | Sf )jS«d C T'.' 50 

HTO SotfiefcyPJI — _] J17 +2 b&37 4.4 4.013.4 • 72/36 Leeds Iher;.. ._ 68 

27 IBgoorj M. Dp 50 
26 Do*.V20p.. .. 29 

2b LeValion«= Inv 33 ... . d!52 5.2 64 8 inn 4 -n J GuS?e£» ^ 330* " 1523 16 69 531 G S19U We3 Hide- 3Cw . S21’ s -k Ct415c ♦ 21 9 

55 Lcn.Atlannr 65m + lk H3.5 10 8 2 206 1:9 65 Hm-.uiffr E* 10? 110 "" d4 0 1 3 5e il-kl B95c |w«ifn. Wv? | S10k(+:, Iw8i Sc) 2o| 9.0 

53 LoaiCartoOp. 74 s0.51 27 10 53.5 135 5£> Htail2mls'M5flc . 102 -2 ni203r — 4.4 

95 LufalHnbiml 108 t3.65 LO 5 .0 30 l'ffi 41k Ruilt KepongMSI 65 -2 Q12l« 15 41 

40i 2 Lon. & Lennox .. 50 hl.70 LC 5.0 30 2 591- 29 HEutimKMc. . . 47 -1, QllSc 08 5.4 NOTES 

16 len.fcljv. !Bp 27 . 0.60 1.3 3 - 352 197 b9 Ldn Sumatra 10p. 178 *4.0b 1.1 3.4 

a91 2 jlanSlxnnond . _71k +k Ti-44 LI 51*33 03 36 MalatoHMSI 66-1 hC[15e 19 5.2 Co less arheraise imUcated. prices end nrt dividend, sre In 

5.9 J 3.0 ♦ c3 30k Muar River J0p 57 . . +0.48 3.9 1.3 pence and dciursnsarimm arc Sfip. Ksttmtcd ?rl ccfearn Iny- 

3.45 LO 5.0 30.6 81 55 PlaaiaiiM Hides. I0p 67 +42 21 2 0 4 9 rat Im an decrees are based on Ixim cnnmd nTwrUandaccouct, 

,89 1.0 3.8 25.8 9J 37 SunteiKnan 19p. 83 *h!5c L9 2.7 and. where txmibie. a--e updaifd on tiiif ? ewk fignres. PfEs ire 

1.6 12 61 212 calculated on the basis rt b« distribution: h me faded figures 

4.65 1 0 7.2|22.7 lndientc 16 per cent, or more aifferroer if cdeulat+d on “nir’ 

25 ft 69 ft TITi C .. dHstriUUioa. Coren arc ha^d 03 "ama_nn:rr. , ‘ d>critnlia=. 

17 79 1 0 qliag X JU/7LO Yields arc based on middle prices, arc gresv. Jdjam+4 ra ACT of 

_1* * . . .. , 13 Per ceaL and allow for talur of declared d^ributloos and 

in inm7140 lilCia ana oangiauCSD rlgbu. Securities With denwalnarlana orlwr than sterDcfi are 

- - - - 2b5 175' Attain Dn^r* £1 . . 260 49 65 5 9j 5.5 v, “ w ' icc!uil ‘ P d ,h * * ,Mar 

” — T__7« *-?? AwamFronKerl] 10.15 44 5.4 a S:crl:r.s dcnonunaicd securilits which include investment 

,B8 1.0 6 2 234 123 °3 Assam Inn £1 . 93 ... 7.11 3 7 1L4 dollar premium. 

27 1 4 4 9 22.4 30k 20k Empire PtanlsIOp 25k *2.01 1.6118 • Tap' ?>ecii 

2.9 1.0 6 4 255 350 325 LaxRePbntsil. 352 .. bl5 — 67 ■ High-, r.nd Low* marked thus bare been adjusted to all ox 

.62 L0 5 2 28 1 2«5 150 VcLeod fdissel £i . 215 13 5 2.6 9.4 lor rrcliK :• sues lor cash 

,89 L2 2.7 462 420 535 - Horan £1 335 15.0 41 67 r Interim since -ncrcased or resumed. 

— _ — - 291 1 22 5incloP.ld;s I0p *6 .. 4F175 32 10.4 J Interim s-.nve reduced, passed or deferred. 

38 13 £0 23.6 150" 9C Warren Plant! 111 . H744 4.9 10.0 ? Tf* ^ ;t * r ' ra residents on application. 

4.82 10 7.7 194 163 I.MT Williamson tl 158 12.5 4.2 11 £ * , repnn awaited. 

Tlr 0 9 06 177 5 1f unlisted .ccuril, 

cj. i n i i f. n s Sri I.anka p Pnce a: umv of su=pension. 

L0 1AGU.4 WU1 ‘“ T Indica'.od d.vido-id a.‘:er pending scrip andL'or rights issue: 

— 225 |I23 iLund’.ai! | 217 | ] 5.58 ] 13) 3.B cret-r relate? to previous dividends w forecast a 

— , T-j T, ,«■ _ . . * Mercer hid or reerganrsnuoa m progress 

B41 0.9 13BLj Africa * M tichpsraM*. 

Z9o III b.o-i.U . . + Same micnci reduced final reduced earning! 

07 0 5.b 6 »+0 ;39 |r.tjnljre:l 600 }. . . 50.76 ft 12 6 indicaiod 

89 1 0 4 7 315 Id; |13B . (BucEsta'cs.. 140 |.._..| 113.2 | 2 4) if Forecast dividend, cover oa corntngs updated b> latesL 

50 1J: 4.4123 3 inii-nm staicmv-ni. 

15 11 5.9:23 4 • 1 L’cvcr s!l'f” for conversion of shares n« new ranking fer 

L55 L2 4fc‘27 7 TtTINFfS dividend - <r ranking only for restricted dividend. 

11 10 5 6125 i .‘iXl+aJO ft Cost.- no: allow lor shares which may also rar.k for 

bj 1171 To ft dividend at a future date. No PrE ratio usutdlv- prorided. 

k ? lUs CENTRAL RAND ; di ^ nd dKlara:iOT - 

24 1.3 5.!21.9^g 1^5? ifMtotldPrtRl.i 289 j+3 I - \-\— * T « “tT _f .iures_basea on proaperlus .vr other mGciBl" 

----- 29U 22 SincloRld^s lOp 26 
3.38 10 £0 23.6 150 % Nvarren Plants . _ 111 
74.82 1 0 7.7 194 133 |i58 ' (Williamson El 158 

tiHc 0 9 0.6 1771 c - Tm . 

136 louche Sn Lanka 

... *041 0.9] 13 1311 
-1 162 96 1 m 6.8 215 




mrtsiweop. 92 *218 63 3.5 43 

ciJW.). — - 2 20 190 1 £Q 13 £6 

5 - Potts , 12Qxc h3J:6 43 4.9 6.4 

VbChKb?. Oio -15 3.0 4163 02 — 


21 15 tanshtflls ... 21 
16-V 7 he=er5p. . .. 15J, 

i. d!31 CJ 7 0 283 £65k £464, Robeto'Br.iFlaO £56 +k Q256% LD 5.6171 _ . 

.. 3E02 3.6 £4 5.B 467 DoScbShaFB 5M +3 LO 5.717 0 EASTEI 

.. cL53 5.£ 3.4 7.7 £36', KoLnfoNv FK0. £«i s -»« 5 — — — — , 

.. dLLH9 2.0 92 (£3i 520 325 Do Sv-t SasFtt 451 -2 s— — — — 106 1 5<k jSrackcnfth . 

.. _ _ _ _ 105 73 ilomnev Trust 81k +k 2.69 11 4.9 28 2 37 j 13 Eart Lajeani — 

-,R,„dRt I Si II iSrC iS <* «ri’.al. tover b.-;cd on dividend on lull capital. 

3 Rand KI , 9S1,|+1 l+Qix! 67J 7.9 r Redcrap:ur vndd. f Sial;idd g Assumed dividend acd 

yield, h 'assumed dividend and yield after scrip issue. 
77 A S' t ' Hi 1 W N P AThTTk i Payimm: from capital seHjrris- k m iDLenm higher 

EiAOIEiXUII XU&191X Lhan prtr.iuur taai a Rights issue pending q Earamg.-. 

34 Lister 50 -1 dl.O 7.0 31 £4 59 52 Rosedinwadlnc. 53 74.24 1 0 12.0 12 7 416 235 £JLG<> B0 50 — 306 +6 FQ50c - M ,‘ , &diiHiS«Xtr*iS^" 

55 Lyles'S : 20p — 63 4.99 1.113.1102 §5 *- ®P - 7 f •••••• “ r - T" t - n 7 J Grooivie.30c.- . 91k +2 ^Q19e vaminis 1 7jv fr.-j up to 20p in the i w Y'ield aiinu-s for 

42 MacUvRjgh. _ 45 ... . d3.35 0.9 10.9 15.6 223 159 BoUikIiiMI." 191 +4 t7 11 1311.9 9 3 444 244 hmiwsKl . 253 +2 y;5c ft 1>.Q Jeurrenc; •-■l.iii'v y l seas and yield based nr racr erae 

23 Mariumtcn hratr ^6k 3 67 5.4 5.4 £1 78 67 Safeguard Inn — 69x0 4 0 ft 3.7 ft is 7a [csbecSr.- - 42 +1 w21c ft a9.9 r Dtridemi aiJjivid icoludca Fpoeial payment Corardoeanot 

73 liamiti.-YiSto-. S3 ... t5.76 4 8 6.9 35 3K 101 SL Andrew T sl._ 111J 2 ... t4J7 10 6.12b3 105 52 MantraleFolia 84i 2 +k t(J46c 1.0 42.0 apply iu <|k.-.i.<I pa f mt..nL A rret dlviaend and yield B 

29 |Miller'F.)ll>0_... 46 .... HL62 15 5jj 9.0 101 L.74k Scot. Aa iav.50p _J 81 1264 1.0 4 8)323 73k | 37 S Afnciin Ld ^5c 55*; +1 — — — Preference dr tdend pm cd or del-rre-i C Canadian E Isrue 

43 Q25c 0.4 34.7 price, r Dtvnlcad arid yield basc<l u.i prospectus or other 

5M +15 Q129i- ft 13.2 official e.'iauio for 13TG-a) G A jjian-l dividend and yield 
371, _ _ _1 filler pending iwrip nnd/or rigbLi iwut H Dividend and yield 

based cn prosper: us or other uffiriaJ en unruev .'or 

KT: UWBumneriWWp- : 13T 2 hO 72 74 8 0 6 8 68 54 - Oo Beane Ytt_ 56 

,1 25 EwiieUHefi I*. 31 . .fU6 3.8 5.6 72 U0 92 BntuJPulp 92 

ft- 33UlSabhVfeSpc^. 51 -3 12.66 4.4 7.8 - 6 0 48 38 Cspstal*5p 38 

' St 875 Seeded JtohKSl £10i a + i a Q10% 1.4 5.J 2Z7 27. 15 . rnustan iSirX.t— 21 

* " ■ - ‘ 1.4 3.423 1 86 65 . nupm«B*LM|«_ 86 

8 =388 li 

38 I ! L95 L 

... t;.76 4 8 6.9 35 IK 101 SL Andrew T sl._ 1U1 2 

FLL62 15 53 9.0 101 74i 2 ScoL.Aa i3v.3)p_ 81 

+1 T3i4 22 7.1 9.3 ??1 13J A'._. 152 

Tj. 29 5J 3.9 £5' 1*>1 U* Scot, tasu tat-- 129 

1.5 0.6 £0 44.6 <5 34 Scol Euwpen.. 41 

t4J7 10 6.1 2b 3 105 I 52 M antral eRAIS 
| L2 64 LO ft 6 313 73k 3 7 S African Ld 05c 

812 11 8 0171 56k 31 Vlskimiwn*c ... 

14.57 LI 5 3 303 865 517 Winlcihiak Rl — 

11 52 1.1 5 5 240 0 } 51- Kit WgcliV 

wai .naxii mi uiPa +^8 vaiutu u.*» muj xi . « , 1 auwou . sir,..— “ — — . « y D Sjcit-t-raii!! 

sire Pacific 60c 111 -11 tSjbe 1.4 3.4 232 86 65 Cluirati 3 /^ c _ *5b 74-V Secure Kan 2 

itane 143 -1 d£7 3.7 5 9 5.4 100 46 Clvt8iehu« - W ^257 35 4.6 « 25 13 Slf hards ttrp 

ibexSp 15UH ...... 855 * 5.5 ft' 102. .50 CnUenDamlOp 73 t3v32 4.4 £8 5J 91 M HMngtmP^i 

iitattlfc) 8 +k - — — — 27 18 CultcrGuard — 22 L02- 33 £9 67 74 43 S.EJEL7.2&T... 

iwmal&iid— 99 ib 7 2.1 i I5.6i 22 1 12 Delyn®P .J? ^rr_ ~ ~ 5 3 25 SconRnber^ 

uTtmes\'n.5p 9 — . d042 3.6 6 9 43 L42 lU DRC.. 1M +L J7.U LB 9.3 9.0 M la setmlnLlO; 

urdSfiletaT- 20 ..— 1.00 M 7.5 78 69 43 fiBaLanca Ppr.. 68 t335 2.9 7.4 7 73 j, ShatrCarpeuli 

IhiwT«n 119 +1 t439 3.4 5i 6.5 70 - 55 EueaiypUU 58 425 L7 10.9 55 w on chilnh Sninne 

?- 36 rooRnll R 
i W* Toye — _ 

oz T 20p — 

... 119 +1 t439f 3.4T 5JI &5 70 55 Enealyptakr 

?! 15 « 10 SecersInHOpJ 31 — . 133 
1% H| 73 20 5iuir Carpets 10p_ 67 255 

7. 111? 


60 ...... dL28 4.4 3.2 7.6 51 -39 GemCnmlop. « — r KJ» H ^ 99 50 Sirdar « +1 d315 5. 

earHajp. 114 +2 J£24 3.7 69 52 71 60 HamsoniScM. 60 — . .426 iimfiSa 45 20 Small 4 Tidms _ 45 ...._ f2.D3 L 

Pn.rSSL_ £22k +k - 4.9 - 81 62 tawre*kGrp-5^_ 63 ...... +4.93 Z3 117 tA5\ 106 37, 5c . C^«hL1200_ 681 2 +2 _ _ 

wrtPev.- 68 1A24 2_2 7J 9.8 217. 168 LjtB Poster »P -3 W.B IB 73 75 ^ 3% Da Prii. Ll2fX].. 41k +1 - - 

oodGp.Sp 3*4 - - -r ft 315 220 ^ fS f-g M 48 36 Spencer (Geo. )_ 37 tZJ L 

6New£l_ 174 •. — 1 #1167 .UHkO 73 110 68 Mdody ^dls— s. 96 ...... 3.2 4 42 5.0 7J 37 26 Stoddard -A' — 30 -l a dl33 2 j 

r Cun. 5p -8k *031 ft 5:6 .206 U0 Mills* Allen Sip 197 -1 J.0- £2 3J 53 34 23 StrmulHaeyDrd. 31 L52 5.: 

itL ISO 8.93 L7 a9 («a 92» 2 ^ MoreOTar lOp 76 .-■■■ 3.D £0 8.4 43 33 Sunbeam Woisey 41 +4 03.75 2. 

aMosfx- 96 &56 23 8f 6.8 EZ3i o£ivy4M.e— CWAtBl +V KJTOc 4.1 2.4 102 79 *3 TenrfOT sulate_ 70rf -k 93.6 5. 

£S AV7V n at S3 46 *24 Olive* Paper 20p 43 ...... t?J8 LJ 7.910.5 « m tmWJ™ lih. tx till A-. 

Pick lOp — 88 

Gross lOp- 41 

P'S a e xi 36 20 Shiloh Spinner*. 35xd +k L66 13^7.1^16.9 

15k fill? I? 99 84 Sidta*tadsSOp_ 85 _.... £11 1310.3 9.7 

99 50 State.-- « +1 d3 15 5^ f.7 61 

ws»b% scstfflif » faiuwg « ssaai**. 

mm ik&AStg L0| 5.9276 gj S BSSf/.t: 493 +72 

3^:£9)-5ij71 | 60 LKnrwroiSmJ 60 426^ j 28|10.6(a8>J. 45 ) a, Ifmali & Titoaa - j 4S }..„_) f2-03 | it] &7]X3^ I 5? l§L“ ,f 5 1 l_ I . 0p 

pjo j|2| c -s!,r-!«2 |432 JtibanwiRI. 

18 Shires tar. 50p- 131 

??? 255 1614 419 Swih.aalSJi. 

■ -8k ft031 ft 

150 833 r 13 

96 t556 23 

j^S^'poe 27k kd TjrosaLUOO li 68k +2“ — ‘ 
1 19 s , [Da Prh.LUW J] 41k +1 - 

43 38 [Sunbeam Wcfacy 41 +4 Q3.7; 
79 23 (TerMTOTSulatru. 70rf -k 93 6 

5'3 H 54 44 frootal — 

f 06- Ihftw r 540 +8 712169, 23. 3.6 73 75- AST- pxJeyftinlGtp- 

?a E Sh UnVX.V.FLJL— £24% +% QC.8% 2.4 SJ 83 132 65k Satt&ift5»Ml~ 103 

■ 53* LtdCarierslOp 90rt ___ }2J7 5:1 3.6 63 85 . 48 Smith fDwd)20p. 80 

49 UiitedUBtatS 59 ..-.3.68 12 93 £4 U0 164 SnmrfltUettaLL. 1« 

iVk C.Gaaraiitee5n. 27 0JS 133 3.0 1L1 76 65 Transparent Ppr. 65 

la . 121, d0.49 3.4 5.8 73 102' 48 Tridatt Group.- 1® 

32 50 +1 2.17 3.7 65 48 78 « UAer Writer I0p- 6® 

: TR trwSukT^ 251, 0.96 0.2 S.6 - 65 22k WaeeGr«ip»p- _3 

- 4«, m, +1 JnH.04 7.6 12 14.4 232. 186 Weddhtglonfll- 1« 

KonsuiatCL. nm 

rdJny.lOp. 32 +1 1.01 
jdnsais — . 60 3.81 

811. rogftv-' in *i Abbreviations aei dividend. « ei senp itsvc: cm rights: s e: 
£12 * *> s Q250ol 1 6 124 ••I- * v+ tap'ia* disinbutioa. 

493 +22 QftOc Zb 5J 

440 QlODc 2 0 14 2 “ Recent Issues" and “ Rights ” Page 3R 

433 . . Q21c 1 0 29 

!“-» +? JSue I j 5 I This service Is available to every Company dealt in rtn 
169 +1* ijifc 2.7 93 Slock Ex changes throughout the I'niteti Kingdom hr a 
£21 +k Q585c L7 113 fee of £480 per annum for each security 

in? li'' thWfi a li 66 46 Temitastms 60 3.81 

^ ** wn ia ft 3 fa 54 44 Tootal 45* +k t2.7 

iS «'« iS friin n 31k TcrjrWO 60 +1 QlO 

itUefiro-l- 1?| -y | 7 -J5 HU$ b 3 1 £{ 32 1 ! Z& tlr^crfCaipett 26 1.69 

I S 90 48 

3» DC tl^ W - 121> d0.49 3.4 S3 73 IK 48 

r : 37 2 50 +1 2-11 3-7 6-5 4^ 78 49 

' 18 viwouin p 25*? 096 0.2 5.6 - 65 22> 

. 1. 4% Virtai QpSpI 126 +1 bdl.B4 75 12 14.4 232 186 

i- $6 WJUbbS]®!! 58 #335 3.7 8b 4.7 *106 72> 

I. 22 Wade Mix. 10p_: 27 ...... fill2 3.1 £2 58 16 11 

>. 11 Walter Hnr.5p_ 12 +% dD.9 — 1L < - 

L 42 : Waterfcrdap 55 — 1QL75 27 3.2 1L8 

J' 203 Watriram’s L 313 -1 «3 B 44 L9177 

J 48 WabmBlLlfipt- 104 g-40 33 34123 , _ 

\L 89 Wedgwood 1 107 .._.. h3.80 3.6 53| £11.5? Hi 

1L1 76 65 rranaparenlPpr. M -2 Ml 13113 9.0 
48 « StoWriteS- ||<rf |3 73 £j 

ii A & S>'BaSSSt i” u MiB 

rd Carpets 
iDe lOp — 

45xd +k 12.76 
60 +1 |qio%| 

82 1-2 2J5 

5.0? aO £1 110 80 Technology 97l 2 2.64 L0 4.0 36.9 

42 43 70 105 81k Temple Bar— 88 h4.8Z 11 82 172 rime* 

13 93 22.0 26 21k Hum. Growth— 24k -- - 2.0 13 122 113 O.F.S. 

B llslo Ti Zi 4.45 10 93 3£2 j 73 feSQteDw.SOcl 95 

M 9J0» 6^1 £105 Da^. Loan_ £117 Q8> 2 % 20.6 f7.3 - fS " ^ £ ™f 

W 41 HwmSOpir -S -1 335 

H M 49 34 h’oriaFincWJSp. 43 L85 

ooiH 59 29 Ivoughal 30 ._... J2.0 

id* 1* n )Tor. 

XUi| “i vajau— i taa/ i i«o>v 

Invest, tac—l 80 ...... 5.7 


SOrl 95 I 1 012r I 7*t The following is a selection of London nuotatjona of sbari; 
fl?-*. -i'." J31S. * Jiif Prwiousty lined only id regional riarte s Pnoes of lrt«-li 
* |««315c| ft 114.6 —OS! ot which are not officially listed in London. 

la_ Pi 

30 | IJ2.08! - | l) _ 


25 95 Da Cap 102 . — 057 

L92' 142 rrteiur«nie_ 158 5.08 

81 56 Tribune Invest— 59 -1 hi 32 

* £* *SS£ JS ,4 -“ 

J7 91 Trust rnim 96 -1 t3.45 

Board 1 On 70 d3.76 

LlUUESr 40*2 

nR Angel- 267 ....... M4.52 

1 J WtittOtiW&a: 108 ...... dM7 |: 

\ 1 03 WbitecrofL. 106 -1 H7.48 2.1 

26 Wv!deyaSAff._ 27 — — — 

80 87 “4 
3.8125 12 ^ 

2,5 6.9 93 66 

63 73 S & 

PROPERTY 1 : . IS i? b d^ t & 1= ^ ti I™ 

„ , 400 330 nimtulllA.i 10p_ 380 ...._ 8BS 

A-NSM U\Ui S, a SsSSiSfis: SL 5. IS 

wntesul.) 60 

Wilkins Ulchell. 37 
WittsnJnrtill. 177 
Do lOpcCnv.— £89 
Willi sms (J.' 45 

ius itmi c.7 M eft- 

106 -1 H7.48 2.0 108 62 ^ W 

60 !!'!" t3~81 L9 4.S 8A ^ 47 

177 100 If 8.4 7.9 « .5 

£89 QHPi 13.9 flW - gl 

45 _.... &79 3 5 9 3 58 ™ 

u +1CT fca an 92 28 _ 

r ; S SbSP*{st M — is 7 if iS I 39 an 

i ■$ S "i'," «84 Zb 92 59 U6 89 

» 2 WHmlndfi.2Dp_ 46 -k R-» fi ini ii i 60' 4Sk 

7 :|4. WtonTborras). 47 ...... J19- L3 U-l U1 L g g® 

l 39 pPood & Sons 5g_ 41 -1 M 167 £g 6.1) 7J|* OT m 

am a 

55 ... . M 3 a J 5 « S 

km BBSS-- - 87xdl+®a5.40 » » 

' 363 272 

. . . . 330 Z33 

...INSURANCE | || 

5.7 7.9 34 21 ICntriNewT.J 

9.0 - 119 75 

4-5- 120 60 

57 206 *’ ' 5.61 ft 89 71k thnperial 1-81 +k 15.75 

23M +ld4J7 42 3.0 217 65k «5ij ptoaalta. 59k L*. 207 

8S M ™.. hill L4 L3 4£9 66 J 53 J » |-1 1 128 

20 £69 _ 1-2 5J24J 

S r:^7 ii IVit TRUSTS, FINANCE, ] 
74k +ik I91 * • £0 t Investment Trusts 

^ !a Hir ii H?22 W J 49 {Aberdeen Inn. _ | 56ri| — J+2J 

125-. rf li SI 1 !®® im MtadMikut. umK sj? 

117 91 Trust rnim 96 -1 t3.4S LI 5.4 26.6 

IS4 120 TiMWesCorp— 131 4.B5 11 53 25.4 

733)73) 4:6.126 94 Tmeside lev 101 3.9I LI $.8 23.9 

~ I — 41 144 1061, Lfid-BriL Sees.- 118k +k 4.46 L0 5.6 2£7 

3-5 7 -9 21 18 CKL Capital*- — ' 19 T0.95 L0 73 2LO 

11 5't f 1D5 8 565 Pres. Steyn 50c — 634 +6 O80c ft 7.5 gwyan* ,i2 — 

13.7; n0J H6 SLHejeoaR] 733 +15 + 35, Bde'mr.EsLMp 323 

Til 7a 249 144 U nisei ; 183 +1 - 1 _ Sjy_<S*77 M mm 

H 25 4 374 190 WeJkotB50c 225 +2 465c ft 17.3 37 " 

5J 23.9 W EUkJWRnldingsaOc^. £35k -k Q415c ft 1£1 gfitat UcHd?.' 66 d *S 

5 6 26.7 Evered 

75 2L0 ITTVANrit! | Fife Force- •• - 52 . 


Finlay Pkp.Sp 
Rn.«Gk,n f . 140 

.. . . v’wiv V* SO 32 £99 

+3 Alliance Gas. .. 95 

Arnntf 140 

. Cjt'-.'IiM.i ■ 95 

.. . (,' CG 

.... Coni i'r . 135 
+2 Hc::..n<HI.Us.i 44 

In' t nrp . . . 160 

. . i.-i-n llnno . . 105 

+ 1 55 

140 .... 


C5 , 



160 -2Z 

Z44)d +1 t6.41 42 42 £5 
40+1 — — _ _ 

Inr. 111 

icbIqv.__- U>4 

*- J?9 ri+1 * H? ? « * 34i 2 26 h-orki61iii»-{ 29 glS2 li 7.1 21.1 £10 £10 JoburfiCms.RS-. 

- 1SI 7.0 £5 22J 89 69 YoongCfi'a^-^-l »4ri +k t3.71 L« £6^23.7 235 138 Middle Wit 25c — 

.- 104 3U5 L0 4.4 33.7 60 22 Mtncoip 121m 

... 206 +k 721 10 5.2 28.0 207 126 Mraorro£BDL40_ 

k JM +} tB-C 18110133 T __ j . 158 95 NarWilSOc 

p_ is? +1 to.43 — oj _ finance, Land, etc. C121, seo patinownsj __ 

u,. 77 Alliance IDC.__- UK 3.05 L0 4,4 33 7 

5S 6 u m 250 193 Alliance Trust— 206 +k 721 10 5.2 28.0 

f 7 UZ&m 113 AliiftmdtacJOp 114 +f t843 10110133 

2 + ? H iiH-gZIS 129 DaCaptalSOp. 18? +1 «.43 - 03 - 

99 . — d228 12 3.4 37.0 ^ fltj Aniswelw.IiiL-. S6d -1 7437 12122104 

j? — _ “ ■ — ~ — 82 47 Pol Cap 76 — — — 

I? Ti" — • — — — 52ft, 3ft, American Trust. 40k fU7 JJ 

J* *A ,1 T b ^, 51 36 ADenemTst a' 3?k +k ~ - 

Im - i‘%. H HfK 119 w AnslDAniSecsL. 90 3.05 1J 

^ rrliw H 50 40 AaglMnLKv.- 40 ..-.325 1( 

S k to? ii cfnftMZ 1M Da Asset Siu — 150 - ^ 

S +1 nS 52k 36 AnpifrSnjLlnv.. 18 ft 

33 Is. S-! 3 f£* a 64 AitilnwfcslK- 76 — 523 If 

£12^ +k 6170c 3.6 79 

160 Q2Sc L5 93 

60 U.27 19 3.2 

152 -2 012c 15 4.Q 
98k -2k m<k ft 12.3 


3-mssth C2II Rates 

158 95 N'ewWilSOc ' 98I 2 -2J 2 QlA9r ft 1Z3 . „. nM - 

£l2k 860 Patino NVFlsi __ £12 QC50c ft 24 , . B ^ l “ nlb 

'5612 39 RandLoDdMl5c- 39 tlOc 3.0153 ■" 

(202 [AkroydSnuttoW 207 +5 17.0 5.6112.3) 2.2 5^ 375 SriMUon^ufl^Z 440 

5 ArwarTsL 1W- 8k . — — — - 23 237 161 ScntriS I Of. IS (+1 

1 26k A«to«WiyJ2' 55 ..... - - - 7.0 59 T29- sfiv ermines 2kp._ 37 

14 BntamiaA/Ttw. 14 _ — — — 189 122 TanfesC«.j00— 164 

93k ChineMcChun 117 -3 Qftllfc 2.2 53 83 93 78 DaPretfljp_ 90 

56 CbanerfiouteGp 5? — T3.41 14 86 Hi £15 Ql' ’ TreaLCbns.LdJU.. £12 
£10k CoounopMti-lp- 041, Q4L5 10 3.0 * 278 IK VjC. Invest RL— _ 200 

5 0 271 12 5 AramirTjL 

_ _ 55 26k AuthcnJylat, 

5.0 273 2 s 14 Britannia.' U 
12J12J 136 93k ChaGeftaeF 

— — 69 56 Chanerfious 

6.4 ft Q4k £lff« ComnopMki 
103 14L7 '324 Z15 Daigetril- 

£12 * QC50c ft 74 ,ndn “rial* I.C.I. 

440 +b IR 95 11 £4 A.P. Cement 18 [l.C.L 

ta ri Mb no B.S.FL_ ? . Iwww*... 

:0 Tube Invest. . 30 
6 Vrtlever .. 35 
:C I’td Drapery. T-j 
it Vickcrr L> 

- 8.2 - 21k 13% 

— : -7.1 - a 46 

- - - . 51 27 

- 17.6 - £103 £60 

- 6.0 — £100 £77 

62 - 54 38 

- 73 - 23 k 17 

- 51 t, 71 

5.1 2.9 93 108 76 

33 4.9 J?140 .88 

23 7.6 7-6 20k -16 

- 6-2 *— 9*1 " ‘6 

21 55 13-6 222 170 • 

- 7.9 45 30 

43 3JMJ IQ- Hz 

2* & HP 43k S-fcWT K « 27k 2 --L75 

■3a ■ I’m 7a Hnt 158 156 Axgotav.IS.AIi_: 155 Q12% U 53 18.6 * 22 rtDoiwrei^— 22 - 

Sw IS 106 AfMDwntav.— 119 -1. t4.I0 12 53 253 20 7 Edin.tad.U2to. 9 ..... - 

^ ““" Kti JMJJ1 74 49 Atlanta BnlLlOp. 54 ..._ 031 li L4tti ^ 50 0OroMiwu«%-. 54 -1 

17l a _„.t031 6.9 4JA2U5 H Atlantic Assets.. 97 +1 041 12 0.6OTJ 48 36 MdnrM- 39 1.92 

S-irTilaw 4 ¥, ini 69k 51k Aiks Ceci 58 ..... 193 U 50 SJ 13k 12 ExLandsltta M — 12 

l&^Mnmc !20A ' 1 95 11 AusLfttaLlMp). 96 -k 3^ U 4.7 03 » 24 fljo 

“ — h58 106 Argo Inv. fSAli_ 185 Q12% d 5318.6 32 22 rtDoioswl^— 

an IM M3 106 AfMtwnlnv — 119 -1. t4.10 l3 5^253 20 7 Edin.tad'U2to 

sMSJ 5| 74 49 Atlanta B eIl 10c. 54 031 !3 l^68.6I“ 50 0OroHiwngM&- 

" r , P ‘ « J-9 |-S„i 278 (l52 I U.C. Invest Rl 200 — |tO30c L2 9.D Bjlt.... . - ■■ ■ 74 ;L 

i ! - +1 H16.08 2.4 7.9 (7» 340 2»- juhidn'C<i,-pn.a25c.j 260 . — tw38c L6 8.7 British 0»ge.i 6 

D ff, — 37 -— 1.75 £9 73 53 73 | 40 Vugeta2kc-_ — I 60 ......itQTkc LO 73 Sijjwii «J S 

2? — — - — — Burton 'A' O U 

9 ft 

54 -1 dlJW £8 2.S 8J 

±0 uu' uacanii _ — cap.i.oitnues 4-'; 

24 “Lo is. - ' 4 JLy 5 

6 tandon Brick [ 5 imreuropeau 4 

20 Lonrhn | 5_ Ledgers .... 16 

12 Lucas Icda • j MEPC - 22 

5 Lyon., 1 J • 1 *0 p^acb-lv' ! "!! 8 ' 

34al +1M233 

Lands 10P-- M 12 lau.-fi 314 

plwitioaCASpJ 24 03fl fj) 3.1 7.7 

88 (032 3.1 

117 £31 3.1 

19k 102; V 

lu -, j j Aas.aim.rmpf. m -u aji 1,7 2S 9 eo ££ axpimunu » uju «u j.i 1.1 rili. o?c rtn iftw p* bc 

^9 — 65 48 Back are' Inv. — 54 235 L0 7.2 202 180 l® 8 rasinooftb»S|>. 114 -1 5.01 12 £6186 

77 «5k BeriiTroa 70x4 L06 ft 23 ft « 9«a Fitzroy Inreri- 20 +k - _ _ _ ^ 3 || 

ifS! *9 ^ BBtapsjawPtap. tt, . ._. _ _ _ _ 34 25 HanbroTnist-. 30 203 ft 10.1 ft if? In 

li £9 jqig 140 aishtgsaeTtt. lJV Id£34 LO 53 26.9 13k Tlj BampuBiTri-Sp. 9% - - - - U i ,0 R “ tPULl0c 

n§?oo w 47k BorSarSahalDo 55d ,„ M L70 ft 4.6 ft 85 25 Hau Par, .8.11--. J7 -3 - - - _ . . 

5 |» 9 S 10k S9.”4 Brain FuitfCtM SUH* M0.93 * 92 ft ?50 147 InL lnv.T«Jy. « S3 04.0 2J 1.7 296 CENTRA1 

|3 rt.4i S139 S95 Braoi tav.Crfl., 5125 ..... ZSil Ifl 422§,7 22 18 InvefloentLa.. 18 ._... S.06 2.5 88 £1 __ „„ 

3.4 9.9 26 S ErenarTa. 24 131 L6 94 9J ^35 80 Katie- kS-'— ■ — 130 fQlDQc 2.3 5.2 7.0 2 J2 l^§ Falcon Rh.50r.. _ 

r 5 - 9 6 Bridapraer 7 __ ____44 25 ttKeficklOp— 44 tfl3 - L 7 14.7 SJ If. B.hodntorp I6?;P 

Tin *46k 34Jj BnuAmiGen- 39 tL67 LI £4 223 4 3 25 S 103 - 18 M.l ® 52 Roar iCW K4„: 

ZbIbIi diamond and platinum CoJrtS ■■ 10 In PiW' I 9 

lAl!'! 14 £49 DB [Angl»Amlnr50c.. £35k +k W00c| 11)102 SfiSle^-' « ‘.fidtaSdBank 25 ,t ' wn & j 1 1 

3 -® 13 ? 77 488 285 DcBeersOLSc — 356 +6 tQ525c 3j 8.8 Dunlon - ■ 7 NEI 12 Oils 

11 a a ill £U J , 925 Do 40wPf.R5._- 950 .._. Q200c| 3916 12.6 RaSe?tnr - « S« Vrei.Bnk 22 , 

12 £6 Mb -nn 17ft ImualaPkLJOc— 170 -4 01ft4c 3 3 A 4 F_vt 1 .. M Do. 'A nrrj 1C 5 n .Pcirticira I «5 

n? *T<£* 22 2 i£b ? “ S5»- 7 25 nSfic-kiopZ g ™' tEs - LI mj g fT&Lfr 

« • k ah 113 -4 *a BBLAjcSGen- 39 ._.. tL67 LI £4 223 4J 25 «0aftt Ltlft- « 103 - 18 14.1 M S 5. 0B ?> < S*i%- : ~ 

33 — - «:49 > £0112 57 60 ' British As**— 68k«! +k 2.4 ft 5^ ft 95 <4 mdftfaferUfc 87 +2 1.02 JM 17 3.8 j 1 , 1 29 Wanbe«.o? Bhl.. 

Bk— 4-.— b~ — .— 12ii T-i jsnt£gsj.5«£flij li QJ ft 9if | 25 28 /KaatailOp— 21 — 1« ft lli] ft j ^k ^-paaCprSBUOJi-. 

CENTRAL AFRICAN ' | g | f L h 

jFalcon Rh.51c.. _| 160 | |Q60c| ft |22.7 cSn ! a TiW-L. " M . hi 





-*2 0.57 




..... Q9c 



-k - 

S ja Tff» .... M . harterCr.ns \ 12 1 

ikor'Jidd ] 20 ]Th^rn. ............. _2 Irr.ns <jn!d j 14 j 

*f4 Fr**r. 1 12 fTnist House?.. I 15 iKioT. Sire, . .[ li j 

A scIerUrtn of Options trartcri i, given or. the 
Lundon Slick cxchacse Report nuge 



- jvA'jfEiH BUlLDGfiS -- ' 

known for quality 

Tuesday November 14 1978 

*We ought to Jknow more . 
about therompaqies with 
which wa do twsfness. rr 

Tel ■ Ot -253 3400 Taiex ;263437 

W* 'I 

Ford and VW j|j talks With 

“ s computer group 


BONN. Not. 13. 

By Alan Pike, 

Labour Correspondent 

MORE TALKS on the Ford 
strike, now nearly two months 
old, will take place tomorrow 
at the request of the union 

Since mass meetings of Ford 
workers rejected what the 
company described as Us final 
offer at the beginning of this 
month neither side has been 
conspicuously anxious to he 
the one to get talks going 

The deadlock was broken 
yesterday afternoon when Mr. 
Ron Todd, chairman of the 
union negotiators, telephoned 
Mr. Paul Roots, Ford's em- 
ployee relations director,, and 
made a formal request Tor a 
meeting of the national joint 
negotiating committee. 

Mr. Todd, national organiser 
nr ifac Transport and General 
Workers Union, said: “There 
are 57.00ft people on strike and 
if someone has got to make 
the first move ant! ask for a 
meeting 1 have done it.” 

The offer rejected by mass 
meetings at the Ford factories 
was worth about 17 per cent. 
It. consisted of an average of 
9.75 per cent on basic rates. 
1.9 per cent in an improved 
holiday pay system and 5.15 per 
cent in the form of an attend- 
ance allowance. 

Although union negotiators 
wilt again press for an improie- 
ment in the basic rate, much of 
the objection to (be offer at the 
mass meetings was based on 
what workers saws as penalty 
clauses in the attendance allow- 
ance. .Mr. Roots suggested in 
a letter to the strikers last 
week that H might he possible 
in negotiation to agree more 
acceptable rules on the late- 
ness and absenteeism aspects 
of the allowance. 

The company is likely to 
insist, however, in retaining 
the principle of such an allow- 
ance in its eventual pay 
settlement and will remain 
determined that it should not 
be paid to workers during any ; 
week in which they have been \ 
in' oiled in a strike. 

Ford lias said that its exist- 
ing offer would mean that 
everyone on production shin 
work including Tour hours a 
week overtime could earn more j 
than £100 a week. It is possible j 
that a modest increase in the 
basic rate coupled with some 
reorganisation of the attend- 
ance plan could produce a 
different reaction from mass 
meetings after a strike lasting 
nearly two mouths. • 

Mr. Todd said he had noted 
the company's indication that 
it might be prepared to agree 
different rules on lateness and 
absenteeism but the unions 
would not want to discuss these 
points in isolation. 

Two Vauxhall plants refuse to 
strike. Page 10 

i ^ v ’ 

VOLKSWAGEN and Nixdorf Nixdorf amounts to DMllOru. By choosing Nixdorf, VW 
: have been holding talks which m o*t of it in the hands of the would involve itself with an 
j could lead West Germany* Ntedorf faiul ,y r with 5 per cent enterprise - with an nutstanding 

bisgcst motor vehicle manufac- -u-IY. v,^ij success record over -T >edrs. 

J Hirer to take a stake in one of ° F ^ The company is virtually the 

on Namibia 
brings UN 
closer to 

By Our Own Correspondent 


■ \ r * ■■■ ’ 

01 * 

; >,;™r to taiv a slake in one* ° F ,h ”“ 1-4 IW.SSS.'T I »»» NATIONS. Nov. a- . - . " " ' J ' wMeh -jjjfcTii 

111,, country's most vigorous, by Nixdorf employees. personal creation of Herr Heinz JTHE UNIXED Nall0QS Security Jura of '- w »tinnaI whlCh Y c S 

privately-owned computer busi- However, such a participation Nixdorf, who identified a grow- co Ut , ci ] came a steD c r oser t0 Westminster Bank yesterday to Index rose 1.3 to 474.5 yeai u ^ WI ! 1 ^ b Y SCT ^ rai 
n S*T ■ w « • ™ld fit in well with the known 1"? market for small compilers. Sections %5 sSuS lake £. e ,. le ? d » ** Merest- inCeX TOht5 - 1070 «*“~* “"* 

The move w the first lndna- aims of bolh <, 0QPer0S . suited in particular by t^ and AWea today when it pasBed a rate whirligig. Up went its base 

Uon of how \w intends invest- price, to the needs , of *“ aUer resolution catling on South rate to 121 per cenL, and as it 

mg its profits so as to diversify It is already clear that VW s and medium-steed b U s, iL ess S? ( : rth Africa to cancel immediately its is the monthly banking imTce^up 

into sectors not immediately net earnines for this vear will he Based in Parierhom. NOrtO- j v ilj: .. * «T7 _ 

which could reach -flint fMif 

The move is the first indica- 
' Uon of how VW Intends invest- 

I into sectors not immediately net earnings for this year wilt be Based in Paderbora. North- 
• affected by the fluctuations of the higher than those in 1977. First Rhine Westphalia, the company 
I tar .market. half group net profits were a now has. more than 9.000 

planned elections in Namibia. - day tomorrow the pressure will Hgg" r! l|1ll ™’f 7," ! I .' I !! 11I .'L !ga * ' . . ' 
The five Western .members of be on the other clearing banks 
? Secunty^Council, including t0 foUow Sllit this momink or 

! VW has made it clear this JhiVd tp on s^me period last employees. iSst year sales grew ^ ib^SST the *? foU ^ f Suit ™ JW or or so. - 

: year that such diversification is year at DM2G5ra. by more than 20 per cent to “te.^ich ttSSned So5h .JJce problems with their, corsets. S ^ solvency mari&whic^^ 

i its aim. bur rumours of imminent w ... .. =. about DM-S40m and new orders Africa with “anoroDriate actions'* There were those in the money ^pj ^ ■ Ai3 ® solvency 

i investments, for example in the . ” LifS b Y IS per cent to DM «3m. • if i J did not aerS S uN sJir^r- markets yesterday' who St 13 eo^hj j * flS # has risen to neariy W-^r cenfe 

r mechanical engineering sector, dritshted. it says that such profit Orders in hand rose by almost piper ion-; 8 for Namibia. ^ per cent rather'than isfi-oar 'll « Bpi ‘ 32 '—is' no longer -a -worry for -<50; • 

■$? .SsroW-iSUr 41 * - ^a B! £|Jiaas» , S«i!i oil I 

I VW said that the matter might and the support of a highly ifSLTwhS! not last too lone. ^7 ** ‘ ie» .are unlikely to see.- muritex^fr 

I be discussed by the company's n thc face of c > cbcai fluctua ' Uquid company like VW. “closed the doors to the . . ment at this stage in thfr.cyri& 

• supervisory board on November uons - Herr N'ixdorF is not expected A frieans fD _ n eeotiations ” Unilever 

1 24. but refused to give further It has been suggested that VW simply to sell out and retire, * Th Pretoria Government '-' lure ’ cl this has had little impact on Dawonn /HaffffflS -' ‘V 

delays. is keen to make its investment but rather to use VWs engage- a d afler lJjlkg with the Bve The surprisingly fast. upturn profits at this stage.' Elsewhete ; , : 

; There was nn direct confirma- relatively soon— at least before ment as a springboard to further Western members of the Security in European consumer demand UAC the African trading arm, . Originally John. r-Haggas— 

; \'w er . f lbe w . a f e - hargaining for next business development. _ Council to work towards a UN- which was a feature of Uni- once again did well, but Uni- settled for just under" 28 "per 

r.iM i*tx that \ V\ wa* coo^ideung year begins m earnest V\v it is felt that pari of this S p 0nsorec j election in Namibia — lever's second quarter has- eon- lever is striking a warning note cent of ■ the ■ combiaed-'emij# 

taking a 50 per cent stake in profits are almost embarrassingly would involve the application of onlv after its Qwn i n t erna Uy - 00 lever is strucuig a ^ »•«*« 

Nixdorf lor about DM50ftm high as the management goes computers and micro-processors organised elections took nlaee on n B^t through the latest about profit growth prospeeb* v/bteh would liave 

• » £133m). into talks with labour represen- to VW’s vehicle-making opera- The five were three months. This is the mes- in Nigeria from now on. after the moofod -.takmavttE 

The present share capilal of tatfves. lions. trvin«. to rp-seue their oronosaT sa S e f«»™ yesterday’s' -third - Altoeether. ' Unilever now Dawson - fateraatiOnaL ..--Now T 

j i « i i i a 
1977 197S 

lions In 1979, when there wifiN f 
1 also bfe scope for Canada. ^In-'additJfciiij ^g^}*^" 
growth in investment 
gently accelerating. This yea^ 
it cbnld rise -by a tenth tor$l€Ora>|flr 
or so. - . - . .v. ; 4v; .-:4|U^ 

The solvency margitt— which 
has risen fo nearly ^ -W per cent . 
— is no longer -a. : w<MTy for.GU;' ' 
And the shares at . ■ K2J»-. yield:- 
almost 9 per cent on the ba^s 
of the likely 1978 _ dividend, 
which could be covered ^rtnigiUy. 

24 times by proapective^eOTK 

ings of 22p per share. 0J8t. they; 

. a re unlikely to see -mucltexc&eT 
ment at this stage in thfr. cyriet 

with labour represen- to VW's vehicle-making opera- nffihi S 4e five were three months. This is the mes- in Nigeria from now on. after the nioofod ■ takeover. 'by 

- -d T7~ * 1 * B_ ^ a patlon of the South ‘ -West September, against a corres- aT540p this puts Ltd’s* shares settled, new terms hare: been 

fic Iim Jl. 1T V |Z P n'V PAmAH -^«r C *Sr., PeopIe s 0r 8 anisation ponding £I45m.,iIii : volume on a prospective fully taxed p/e agreed which givi'Ha^s^tiiiiy 

IVVlUIll illi IV Hr T vU ulf IV resolution warns tenns ’ ®?S quarter ^ of about 7, but the yield is only 244 per cent of the joint equity-' 

* ^ Soufo Africa Sat failurr^o f 6 ®? 01 6 “ nt - fol ‘ 3.8 per cent (together wftta--'.u Unchanged' 

m J m -m corapfv With foe September lowin 2 a 4 per cent improvement . cash element 0f £12^m), : rSo 

nflflnCI yAt%Al>r resolution to hold UN super- second quarter, and “ Commercial Union the effect of the hl^eri-Dav^fi . 

IlSTlV^llc IU H OH- rGIIlllT S51 vised elections “would compel slight dedine in the first How- Quarter from share price achieved- thanks^ tu - 

R 1 llUllUiJa J. %/|#VrJL t, T kj the Security Council to meet ever,. _ this., impressive third A strong Uurd quarter irorn ^ UMUCCettfa , ^ ^ . 

. w forthwith to initiate appropriate quarter performance haa to be Commercial union points u ‘“ its^major ^harehplder. ^ that 

BY JOHN ELLIOTT. INDUSTRIAL EDITOR actions under the charter of the seen 7 in the ttrtit&T" 6f ~ a~ very way to profits for^the yew^oi jj awion to fe^ie^2Bin - 

United Nations, indudine poor corresponding period — roughly £14Uip pre-tax, up from Qew 5h are £ ■ x'in' : their ne* 

THE TROUBLED Kirk by Mann- ment subsidy. A further £150.000 concerns which have studied the S'f r Africa? lorn- ^ ain, * v in , t ? e . ^‘SSLiwiitv of fortSr *0™) worth £2.4m. More-: . ' 

ractuiin? and Engineering was awarded last month to tide co-operative S w f th t he aforementiS And^thepre-tax- ^ Promised ' 

workers' co-operative will be it over till a new solution was The company has also said it resolutions.” margin for foe- period -is only progress in ■iT™! 14p a share rather than foe ^8p’ 

returned lo the private sector to found. would wan', j, rk-woek «p Vlt empower, half point .Hitter; »t6S per rieap.te thelnereui^taUc^ SMlyJSoSSTr^SS^ 

be built up as a central heating a month ago the Department between its offer being accented Security Council to call on all «» n t. . tions of a downturn to come in ^ ase' 

equjpment factory if the Gov- of ilM j us t ry se t up a working and finalisation of the takeover UN members to cease diplo- The European improvement the U.S. underwriting cycle. th & device of a new holdin^ 
e in ment accepts foe terms of a parf t0 see if a wav could be to give it time to make sure iis m3tSc and lrade re | at i 0 ns with extends across fater frozen foods Profits after now months are « Jcmeffil 

nr^’sxr' report “ ,-s ~ pr »^ Bns-% -zjk ^«xssi 

The report will propose that 
a small Midlands central heai- 

I BY JOHN ELLIOTT, INDUSTRIAL EDITOR actions under the charter of foe seen 

| United Nations. includine poor 

(THE TROUBLED Kirk by Alarm- inent subsidy. A Further £150.000 concerns which have studied foe eivfifrp F South^ 6 Africans ^om- 
jfacturin? and Engineering was awarded last month to tide co-operative. pliance with the aforementioned pea - 

j workers' co-operative will be it over till a new solution was The company has also said it resolutions." marg 

, returned lo the private sector to found. would want a sap Chapter VII empowers the haIf • 1 

be built up as a centra! heating a month ago foe Department between its offer being accented Security Council to call on all C6 n t- 

, equipment factory if the Gov- 0 f industry set up a working and .finalisation of the takeover | ujj members to cease diplo- TTu 

. e in ment accepts foe terms of a . . jf [d b to give it time to make -sure HSj maUc and lrade re | at ions with extea 

, f ana auier The main recommendation i c ex- is expecting a total turnover of;: h _ t 
1™^“ tb « hc, P of peeled to be foe Worcester £4.75 ra this* reur. SSmfi rlSSX 

about — m lo i-iin government Engineering takeover although It is a privately owned com-: Lrnl^iPar,{fit 
ca ' ,h - there have been alternative sug pany with iLs directors bolding j jjr ' “ j! 

This v-uuld mean the end for gestions that the National Enter- most of its shares. The only: V>w asi n roni 

foe second of the three contro- Prise Board should be instructed outside shareholder is Security ; w _ o OV veri 

versial workers' co-operatives set to run the co-operative. There Selection, a dealer in securities | couth?! i and wirj 

„»b"nr n ,‘" lP "' * dll “ toiIet74p7raUo» prada^rh,v. Impact could be ironed out by for e^y muej^gaa 

! Mr Pik Botha, the South fared weak martrete. while lb? end of the year however. the_ latter’s shares at artwi^ 

! African Korr-tsn Minister said results of paper. plasBcs « n d » ln M sterling wai already up 1«P- ■ . . .3; 

jtbat the Security Council com- packaging are down in Ifoe with to by the end of. last So. utith the -Dawson . '-sha|| 

U . . -- 1 . ,v. c _. 'Mutt UI a juujui ucn auvciur r - — . — . i— < — - ■* 

l?«o«,S ins campaign to put Lever 10 produce a small underwriting, well’ wortbwhtie — e 
estern powers in the Security .l. nrnftt riiirinfl fhp third niun-ter. cinro “ifer .orinil fil vmt ■ 

! Owincil and wifo Dr.KurtwSd- Brothers back on the map in the thiird quarter, since -'its £hnu£ net diric 

MMK iu‘ own' uJtSSrt. " vST ' woufo have had a flat period at CUa is -already nortemg signs forma. But ^oughit :M m 
■te Meriden motor cycle co- the Department of Industry by Exchange sent its findings to JJJ7J 1 aTS-.J « it best On the other hand. Lip- a f inerearing competition m- the own ; more jtfian a - ffib of 4l»e: 

rui r>i if <•«;!) i. Lnpin^.-^ Luf iiT—^ « t?-*: ikn T TV*iWn | OUulU ALIlLiUl ViUVCLUiUtrul U fATic hoc onhiAUAil tufiaf TTniJovAi* TT fs PCTnoM^lhr in Hip onmniAt*. Pflnihr of tTht tWV AAmnamf rf 

operative, is still in business but Worcester Engineering which the Department of Trade. . 

| is facing financial problems. would want to declare substan- Mr. Peter Walker, foe Con- ti0 

| Since its creation, the Kirkby tial redundancies at Kirfcby. The servative MP for Worcester, is 

ccwopcrative has received £49m total to be made redundant a close friend of foe company’s 
in general Government grants would however probably be less managing director, Mr. Cecil 
plus £700.000 temporary employ- than foe 350 proposed by some Duckworth. rCODti 

nn? nnm?»S n ^in»Thr I t0I,shasach ieved what Unilever U.S^ especially in the eommer- equity of theiiew company^ it 

tions 0 '* 6 J describes as another good eial lines; and it is expecting is questionable whether It wHf 1 

result. The same is said to foe climate to get tougher next any longer be able-, to (Satm.thfe- 
apply to the new acquisition, year. Against that, there is a degree of Boardroom influent 

More U.S. airlines may quit 
world fare fixing arrangements 

/~t_„x- 1Q/ j * -pnrrn 1 National Starch, though after real chance, that underwriting which could justuy eohsiriiait*. 

l>ulilluUcu ironi rdge l initial heavy interest charges 'losses in the Netherlands — ing its share of rprofits. ' .- ■/ 

UK economy , . . ■ ■ ■ - • : • 

remained at much foe same level 
during the summer months after 
rising sharply as between the 
first and second quarters. 

The all-industries index be- 
tween July and September was 

RAINY except in S. BY MICHAEL DONNE, AEROSPACE CORRESPONDENT GENEVA. Nov. 13. j fho “pVeViSuS foree moSfo^hllc 

London. S.E._ England. E. Anglla,! • manufacturing output showed 

S.W^Ci'iil. S. Kngland. Midlands,- MOKE AMER1C.YN airlines are of the U.S. Civil Aeronautics ‘Whether tbts - argument tittle change. Production of foe 
Channel Isles, S. Wales | expected tu withdraw in foe Board to such practices. satisfies foe Cjvil Aerenautics' consumer .and intermediate 

Dry: bright intervals. Max.; coming weeks from the fares- The Board, in a recent “Show Board remains to be seen. But goods industries seems to have 
11C <5_K>. .fixing activities of the Inter- Cause” Order, made clear tbat it is dear that the. Ui>. airlines | fallen slightly, offsetting a 1 per 

E., N.W.. Cent. N. England,; national Air Transport Assoua- it would declare the association's are carefully considering their- cent rise in the output of 
N. Wales Hon. fares-fixing methods contrary to position. ‘ investment goods industries. 

Occasional rain. Wind S.W., They are not expected to go as the II.S. public interest unless Even if they do pull out of the In September the all-industries 
fresh or strong. Max. 10C taOF). far as Della Air Lines of the the association can prove other- fares-makin" process enough I index stood at 109.8 (1975=100). 

Isle of Man. N-E. England, U.S. in leaving the association. wise. orber airlines will be’left in to i foe lowest level since March, 

Borders. Edinburgh. Dundee. They will probably seek to The association's executive ensure that the association does compared wifo 110.9 in August. 

S.W. Scotland. Glasgow, N. ire- remain members under a two-tier committee said here today that no t breakup About half a point of the 

land membership scheme drawn up this “would have foe most M v = , j „ in lhe Thi rd decline is explained by a 

Rain at times. Wind S.W., by IATA. participating in its serious repercussions and place 1Vnr « ri h „_ e ,J* em , n p teams to dro P in car * commercial vehicle, 

strong to gale. Max. 9C (4SF). various other activities, includ- i n hazard every aspect of the n on Iva ^ iakp a and P arts Production, mainly 

Aberdeen. Cent. Highlands, ing technical, legal, and safety worldwide multilateral airline ri}p ® tl 7: »hat of associated with the Ford dispute. 

Moray Firtb. N.E„ N.W. Scotland, affairs as well us in the big framework built up over the past lit Itmnoiv and in The overall picture of a .patchy 

Argyll, Orkney clearing house through which the 30 years.” 2*, ,~?«2 recovery is in line wifo foe 

Rain, heavy ai times, wintry on world s airlines handle all their , , thp pc savs {f . *?™„ A _ c ca recent Confederation of British 

hills. Wind S.E., strong to gale, complex financial affairs worth . ,n ^ t0 S2SSSP* ^ associations mam s Qf industria i 

m™.- rrr t .axttx & several billion pounds a year. nas_aireaay movea to revise. 11s methods. ... «.h«.h -k j -r.__ 


• fc a : 

r 5; tsck 

Max. 7C (45F). 


Rain, squally showers later 
Wind S.W., strong to gale. Max. 
6C ( 43F). 

trends, which showed that, after 



perhaps also United. All three Governments of air airline clear that they see foe associa- W h ic b i 5 assoriated trifo rerefr 

_ K h” domestic operators, but »' ,^ e ^ociutton. tion as e form of . protectiou si „„ D ,s ™«- 

have few international routes, tftc 10 * 1111 ® foe u -«- against foe bigger airlines and However, the survey cautioned: 

Others, such as Pan American If approval were given the air- o° not intend to see it oroRen -F or manufacturing as a whole 

vdo7 and Trans World Airlines, arc tines could opt out of the fares- up by the actions of the u. a., no improvement to date in new 


With aResidential Content 

, . . £ c - s fares conferences useful in some while remaining members of the cnea per lares. . months to September the all- 

F- < ‘irafl° n- k « of ,h c world. association for its other activities. U is these airlines that Mr. industries index was about- 4 per 

Belgrade t. j - 1 i:o U.S. airline executives attend- The association says that fares- Knut Hammarskjold. director- cent higher than in the same 

Berim s > 4 1 -!. Munich s i, az jpg the associations annual fixing accounts for only 20 per seneral of the na .° period a year ago. while munu- 

pmnM™' s it v" NVu^orih. ? *1 ?! ] meeting here have said cent of its' activities, its “pub- WW.fof " 1 *® 1 - ; facturing output was li per cent 

Esnusrh r- m a.'jirw von, c "s 41; privately that they believe they liciy visible face.” and tbat the m< \ t0 ,day that he believed the up s 

Budas.’si t; i; r'osio < *1 -»!wiU have no option but to with- ottapr Sfi per cent lies in ensur- majority of Governments wouio The difference is largely ex- 

”alro e “ s '1 tu p-nh s "i ^ ! draw from its fares-fixing con- ing that the world air transport continue to support it. plained by foe growth of North 

Cardiff s i-: .vi, prazu.' c "u ; 'r” ’ ferences. in view of foe hostility system runs smoothly and safely. Men an Matters Page 22 |Scu production. A distinct 
rhica&o c n 5/jp.ejHavii: sn -:i 27 i — — — — i — ■ — 1 — 'slackening in the growth of this 

d£ £ l : 121 S;55i eJ ' # s "Si ! SSU 01 * i w o^ 0ne reas i°, a f ® r * e 

e -i? Singapore c :i p * j 1 l f natter trend in overall output in 

BudaD-’Si C i) :i? Oslo •« "i 4* I 

R. -Vires s I is <_■ Pan-. ■; 11 i" 1 

r.alro s -l "U-P-nii S 70 ; 

Cardiff S i- M.Prasui* C u :ti. 

chicafso C N a/iReiliavik Sn — :i -7 i 

Cologne r lu 50. Rio dr- J o C -li 79 

Doblin I-" 19 jOJRiime S 17- Cl 

Edinburgh K P -l?;SinHapare C 51 S7 

i- rank fur: r: a :i7 .sukKIioIsb P k « 

fltncva C 7 s^lsirstsbn:. C S «! 

illa&aow C S 48 Sj-dnry C 17 

Helsinki R 5 41 Tub run c fi 44 

p. Kong S 2: 75 Tel Aviv S 5« 63 

Jo burg S 25 77 Toltj-o R ID 50 

Lisbon C 1J 5fl Toronto C 2 M 

London v 11 .12 Vienna l* O 32 

Luxernb'g F 9 43 Wareasv S 4 39 

Gatwick switch may be delayed 


Luxernb'g F 6 43 Wareaiv | 
Madrid F 10 SOlZunth ! 


* ® BRITAIN MAY be prepared to the International Air Transport Government's airport’s strategy 
postpone the April 1 date for the Association. intact, provided the de Ja y k no{ 

transfer from Heathrow Airnort 1116 air,ine vas dependent on too great. _ 

_ nertiuruw rurpuri . n _u t 4 -Via Mnapitv tn 

foe last three months. 

Continued from Page 1 

BL closure 

addition to those at Southall, 

to Ga ,1 Heathrow and could lose £20m u Gal wick has the .capacity to according to unofficial estimlto! 

Ajareio s TS wjJcTws- f 13 S5 . , of all scheduled air a year jf forced to .move, he handle more than twice as many some 250 employees at 

AUJere p 20 esjijspims. s a p services between London, Spam sa jd. This would be the cost- of passengers as foe 7.5m who Southall have alreadv voluntered 

IlSSwo] f 11 52 Muorca s so as an S ?°,” usaL , ^ „ lost interconnecting business went through it last year. With f or redundancy under proposals 

Bordeaux F io 3B> Malaga s jo 6S fiut Iberia, the Spanish flag- with other airlines and the loss the 30m passengers a year pu t forward in August this year. 

Boulogne c ii g; Malta c 17 g earner, is determined not to of investments at Heathrow. capacity at Heathrow expected Details were also eiven yester- 

ra» h Town^ Ah' \aoirf 1 s \!i ki p 10 ^? unless ordered to do so by The idea of a possible post- to be used folly within two day of compensation terms, in- 

s in s is m its Government. ponement of the transfer would years, the Government insists ! eluding those for the work- 


;; - ^ 

Blackpool F 11 52 Majorca 
Bordeaux F 15 58 1 Malaga 
Boulogne C 11 32; Malta 
Ca&ablnca. S 20 G8t Nairobi 
Cape Town *7 19 *"»> NaOlrf 
Cflrfu S U> 

isle of Man >• M s-'ivomctf s u 4s . we. are." neither government has replied, each year from Heathrow on; side, where they ranged froin 

SI r-riuudy. k-kjiii. • . Sr prado in Geneva presid- An agreement on postpone- scheduled flights to all Iberian j £1-300 to with an average 

sn-suuw.- .102 0Vt * 1 ' foe annual meeting of meat would still leave the destinations. j°* -‘•-•oW. 

C I 

andin the City ofLondon-Kensmgton -HydeBai^: - 

Hcfitscr^o at the- Po« Office. Pruueo tW-.SL annenfs TPttSt 
v y ^ Facial. Times Lid.. Bracken iioqsp, _Cai»«i' Sfrerfi LoodmLi'B'Otf -JST T. 
* © The Fiuanctel Thaeslid., 1S73 .